Key management personnel

Only the Executive and Non-Executive Directors are recognised as being key management personnel. It is the Board which has responsibility for planning, directing and controlling the activities of the Group. The key management compensation is as follows:

27 November
2016
£m
29 November
2015
£m
Salaries and other short-term employee benefits3.23.2
Share-based payments3.1 5.6 
6.38.8

The share-based payment charge in 2016 was the charge arising for each of the share schemes in which the directors participate. Further information can be found in the Annual Report and Accounts, which we anticipate will be available on 9 February 2017.

Other related party transactions with key management personnel made during the period related to the purchase of professional services and amounted to £900 (2015: £6,000). All transactions were on an arm's length basis and no period end balances arose as a result of these transactions.

At the end of the period, there were no amounts owed by key management personnel to the Group (2015: None).

There were no other material transactions or balances between the Group and its key management personnel or members of their close family.

Investment

The following transactions were carried out with Paneltex Limited, a company incorporated in the UK in which the Group holds a 25% interest.

27 November
2016
£m
29 November
2015
£m
Purchase of goods
— Plant and machinery0.1
— Consumables0.50.5
Sale of goods0.1
0.60.6

Indirect transactions, consisting of the purchase of plant and machinery through some of the Group's finance lease counterparties, were carried out with Paneltex Limited to the value of £11.8 million (2015: £12.2 million). At period end, the Group owed Paneltex Limited £57,000 (2015: £31,000).

Joint Venture

The following transactions were carried out with MHE JV Co, a joint venture company, incorporated in the UK, in which the Group holds a 50% interest:

27 November
2016
£m
29 November
2015
£m
Capital contributions made to MHE JVCo1.1
Dividend received from MHE JVCo8.48.1
Reimbursement of supplier invoices paid on behalf of MHE JVCo4.96.1
Lease of assets from MHE JVCo3.13.0
Capital element of finance lease instalments paid to MHE JVCo13.814.3
Interest element of finance lease instalments accrued or paid to MHE JVCo5.86.2

During the period the Group paid lease instalments (including interest) of £19.6 million (2015: £20.5 million) to MHE JVCo.

Of the £19.6 million, £10.7 million (2015: £10.6 million) was recovered directly from Morrisons in the form of Other Income and a further £8.4 million (2015: 8.1 million) was received from MHE JVCo by way of a dividend. The remaining £0.5 million (2015: £1.8 million) represents capital expenditure requirements of MHE JVCo for which no additional funding was required from Ocado. The net result is the termination of £13.8 million of MHE JVCo debt during the period (2015: £14.3 million) with no corresponding net cash outflow.

In the current period, the Group made capital contributions of £1.1 million to MHE JVCo (2015: £nil).

Included within trade and other receivables is a balance of £5.3 million owed by MHE JVCo (2015: £5.6 million). £0.8 million of this relates to a finance lease accrual which is included within other receivables (2015: £1.0 million). £4.5 million (2015: £4.6 million) relates to capital recharges.

Included within trade and other payables is a balance of £3.8 million owed to MHE JVCo (2015: £1.0 million).

Included within obligations under finance leases is a balance of £108.7 million owed to MHE JVCo (2015: £119.5 million).

No other transactions that require disclosure under IAS 24 "Related Party Disclosures" have occurred during the current financial period.