44 ASSOCIATES AND JOINT VENTURES.


Associates are entities over which the Group has significant influence but which it does not control. Consistent with IAS 28, ‘Investments in associates’, it is presumed that the Group has significant influence where it has between 20% and 50% of the voting rights in the investee. Joint ventures are entities where the Group and other parties undertake an activity which is subject to joint control. The basis by which associates and joint ventures are consolidated in the Group financial statements is outlined in the basis of preparation (Note 1).

The Group has the following significant holdings which have been included as financial investments or investments in associates. The gross assets of these companies are in part funded by borrowings which are non recourse to the Group.

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Company name

Country of incorporation

Accounting treatment

Year end reporting date

% of equity shares held by the Group

1.

The Bracknell Property Unit Trust is not consolidated as the Group does not have the power to control the entity.

2.

Legal & General Gulf BSC and IndiaFirst Life Insurance Company Limited are joint venture operations. During the year, the Group provided a further capital contribution to IndiaFirst Life Insurance Company Limited of £5m (2010: £4m).

3.

Investment Discounts Online Limited was acquired on 1 November 2010 at a cost of £4m.

Bracknell Property Unit Trust1

Jersey

FVTPL

31/03/2011

50.4

Central St Giles Unit Trust

Jersey

FVTPL

31/12/2011

50.0

Legal & General Gulf BSC2

Bahrain

Equity method

31/03/2011

50.0

Mithras Capital Fund Limited Partnership

Scotland

FVTPL

31/12/2011

50.0

Warrington Retail Unit Trust

Jersey

FVTPL

31/12/2011

50.0

Meteor Industrial Partnership

England and Wales

FVTPL

31/12/2011

49.9

Investment Discounts Online Limited3

England and Wales

Equity method

31/12/2011

49.0

Legal & General Global Emerging Market Index Fund

England and Wales

FVTPL

31/07/2011

48.9

Legal & General Ethical Trust

England and Wales

FVTPL

12/12/2011

48.6

Legal & General US Index Trust

England and Wales

FVTPL

05/12/2011

48.5

UK Logistics Fund Unit Trust

Jersey

FVTPL

31/12/2011

42.7

Arlington Business Parks Unit Trust

Jersey

FVTPL

31/12/2011

41.3

Legal & General Japanese Index Trust

England and Wales

FVTPL

24/10/2011

40.3

English Cities Fund

England and Wales

FVTPL

31/12/2011

37.5

The Leisure Fund Unit Trust

Jersey

FVTPL

31/12/2011

37.2

LGV 2 Private Equity Fund Limited Partnership

England and Wales

FVTPL

31/12/2011

37.1

Legal & General UK Alpha Trust

England and Wales

FVTPL

18/06/2011

33.1

IndiaFirst Life Insurance Company Limited2

India

Equity method

31/03/2011

26.0

Cofunds (Holdings) Limited

England and Wales

Equity method

31/12/2011

25.4

Legal & General Fixed Interest Trust

England and Wales

FVTPL

05/09/2011

24.5

Summarised financial information for associates which are classified as FVTPL is shown below.

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2011

Private equity
£m

Property partnerships
£m

Unit trusts
£m

Total
£m

Aggregate revenues

6

112

200

318

Aggregate profit

5

76

90

171

Gross assets

86

2,417

3,618

6,121

Gross liabilities

939

59

998

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2010

Private equity
£m

Property partnerships
£m

Unit trusts
£m

Total
£m

Aggregate revenues

59

209

653

921

Aggregate profit

52

63

112

227

Gross assets

98

2,624

3,476

6,198

Gross liabilities

4

1,171

61

1,236

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