Operating expenses include the following amounts:
2006 £m |
2005 (as restated)* £m |
|
---|---|---|
Depreciation of property, plant and equipment | ||
Owned assets | 4 | 3 |
Under finance leases | - | 1 |
* As restated for the adoption of IFRS.
During the year the Group obtained the following services from the Group's auditors, Ernst & Young LLP:
2006 £m |
2005 (as restated)* £m |
|
---|---|---|
Audit services | ||
Statutory audit - UK | 0.9 | 0.7 |
Statutory audit - overseas | 0.4 | 0.3 |
Audit-related regulatory reporting | 0.1 | 0.1 |
Total | 1.4 | 1.1 |
Non-audit services | ||
Investment due diligence | 0.9 | 0.2 |
Tax services (compliance and advisory services) | 0.1 | 0.1 |
Total | 2.4 | 1.4 |
* As restated for the adoption of IFRS.
The Group's auditor received £0.3 million (2005: £0.2 million) for the statutory audit of the Company.
These services are services that could be provided by a number of firms, including general consultancy work. Work is allocated to the auditors only if it does not impact the independence of the audit team. Due diligence provided by the auditors is carried out by teams which are independent of the audit process.
Tax and further assurance services are services which it is most efficient for the auditors to provide and are allocated to them subject to consideration of any impact on their independence.
Included in the above are fees paid to the Group's auditor in respect of non-audit services in the UK of £0.4 million (2005: £0.2 million).
In addition to the above the Group has identified £0.4 million (2005: £1.3 million) of investment-related fees paid to Ernst & Young LLP by investee companies, where the Group's investee companies and investment teams have appointed the service provider. It is estimated that Ernst & Young LLP receive less than 10% of the total investment-related fees paid to the four largest accounting firms. Ernst & Young LLP also acts as auditor to the 3i Group Pension Plan. The appointment of auditors to this Plan and the fees paid in respect of the audit are agreed by the trustees who act independently from the management of the Group. The aggregate fees paid to the Group's auditor for audit services to the pension scheme during the year were less than £0.1 million (2005: less than £0.1million).