45 Associates and joint ventures.

45 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, investments in associates or joint ventures. The gross assets of these companies are in part funded by borrowings which are non recourse to the Group.

(XLS:) Associates and joint ventures – The Group's significant holdings

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 £nil further capital contribution to IndiaFirst Life Insurance Company Limited (2012: £nil).

Bracknell Property Unit Trust1

Jersey

FVTPL

31/03/2013

50.4

Central St Giles Unit Trust

Jersey

FVTPL

31/12/2013

50.0

Legal & General Gulf BSC2

Bahrain

Equity method

31/03/2013

50.0

Mithras Capital Fund Limited Partnership

Scotland

FVTPL

31/12/2013

50.0

Warrington Retail Unit Trust

Jersey

FVTPL

31/12/2013

50.0

Meteor Industrial Partnership

England and Wales

FVTPL

31/12/2013

49.9

Legal & General Ethical Trust

England and Wales

FVTPL

12/12/2013

47.6

Legal & General US Index Trust

England and Wales

FVTPL

05/12/2013

47.6

CALA Group Limited

Scotland

Equity method

30/06/2013

46.5

Legal & General UK Alpha Trust

England and Wales

FVTPL

18/06/2013

45.8

Legal & General Japanese Index Trust

England and Wales

FVTPL

24/10/2013

45.7

Arlington Business Parks Unit Trust

Jersey

FVTPL

31/12/2013

41.3

Novus Leisure Limited

England and Wales

FVTPL

30/06/2013

40.5

Legal & General Fixed Interest Trust

England and Wales

FVTPL

05/09/2013

37.9

English Cities Fund

England and Wales

FVTPL

31/12/2013

37.5

The Leisure Fund Unit Trust

Jersey

FVTPL

31/12/2013

27.6

IndiaFirst Life Insurance Company Limited2

India

Equity method

31/03/2013

26.0

Summarised financial information for associates and joint ventures are shown below.

(XLS:) Associates and joint ventures – Summarised financial information for associates 2013

 

Equity method

Classified as FVTPL

 

2013

Associates and Joint ventures
£m

Private equity
£m

Property partnerships
£m

Unit trusts
£m

Total
£m

Aggregate revenues

424

124

139

388

651

Aggregate profit/(loss)

5

(4)

66

72

134

Gross assets

840

155

2,009

4,769

6,933

Gross liabilities

688

130

671

374

1,175

(XLS:) Associates and joint ventures – Summarised financial information for associates 2012

 

Equity
method

Classified as FVTPL

 

2012

Associates and Joint ventures
£m

Private equity
£m

Property partnerships
£m

Unit trusts
£m

Total
£m

Aggregate revenues

267

142

104

154

400

Aggregate profit/(loss)

(5)

(6)

50

78

122

Gross assets

418

206

1,983

1,958

4,147

Gross liabilities

313

133

770

46

949

The value of the Group’s share of investment in associates and joint ventures disclosed in the Consolidated Balance Sheet is £101m (2012: £87m).

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