Financial statements
Notes to the financial statements
6 Operating expenses
Operating expenses include the following amounts:| 2007 £m |
2006 £m |
|
|---|---|---|
| Depreciation of property, plant and equipment | 6 | 4 |
| Audit fees | 1 | 1 |
| Staff costs (note 7) | 154 | 128 |
During the year the Group obtained the following services from the Group's auditors, Ernst & Young LLP:
| 2007 £m |
2006 £m |
|
|---|---|---|
| Audit services | ||
| Statutory audit – Company | 0.3 | 0.3 |
| – UK subsidiaries | 0.6 | 0.6 |
| – Overseas subsidiaries | 0.4 | 0.4 |
| Audit-related regulatory reporting | 0.1 | 0.1 |
| 1.4 | 1.4 | |
| Non-audit services | ||
| Investment due diligence | 1.0 | 0.9 |
| Tax services (compliance and advisory services) | 0.1 | 0.1 |
| 2.5 | 2.4 |
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.
In addition to the above, Ernst & Young LLP has received fees from investee companies. It is estimated that Ernst & Young LLP receive less than 20% 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 the 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 auditors for audit services to the pension scheme during the year were less than £0.1 million (2006: less than £0.1 million).