• Independent auditor’s report
• Consolidated income statement
• Consolidated statement of comprehensive income
• Consolidated and Parent Company balance sheets
• Consolidated statement of changes in equity
• Parent Company statement of changes in equity
• Consolidated and Parent Company statement of cash flows
• Accounting policies
• Notes to the financial statements
• Group financial history
• Shareholders’ information

Notes to the financial statements

28 Related party transactions

In June 2010, the Group disposed of its controlling interest in Wexford Creamery Limited (‘WCL’). WCL has been treated as an equity accounted associate from June 2010 to 31 March 2014. On disposal, the Group contracted to purchase guaranteed minimum volumes of cheese from WCL for a period of five years from the date of disposal. In the year ended 31 March 2014 the cost of cheese purchased was £6.4 million (2013: £7.5 million).

Compensation of key management personnel of the Group and Company		2014 £m		2013 £m
Short-term employee benefits		3.4		2.8
Share-based payments		0.3		0.5
Total compensation paid to key management personnel*		3.7		3.3

Key management personnel comprise Executive and Non-executive Board members of Dairy Crest Group plc. The senior management team is small and all key decisions are made by either the three Executive directors in the Executive Management Committee or by the Group Board which meets regularly.

Further details relating to compensation of key management personnel are set out in the Directors’ Remuneration Report. This includes a description of pension arrangements and any cash supplements paid.

Dairy Crest Limited, a subsidiary company, incurred costs of £3.4 million (2013: £2.8 million) from the Company for the provision of management and administrative services carried out on its behalf. Dairy Crest Limited received £3.2 million (2013: £2.1 million) for the remuneration of the Company’s employees which had been paid by Dairy Crest Limited.

Interest charges of £2.9 million (2013: £0.2 million) were incurred by the Company from Dairy Crest Limited loans reflecting an interest rate of LIBOR+100 basis points. Interest income of £11.3 million (2013: £12.1 million) was received by the Company from Dairy Crest Limited on loans reflecting an interest rate of 5.3% (2013: 5.3%) and a further £0.3 million was received by the Company from Dairy Crest Limited on floating rate loans paying LIBOR plus margin (2013: £0.3 million). The Company paid no interest (2013: £0 million) to Dairy Crest Limited on cross-currency swaps paying LIBOR and receiving EURIBOR.