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Phoenix directors' trust fund revealed in notes to accounts

Notes to the 2002 Companies House accounts of MG Rover owner Phoenix Venture Holdings reveal that a trust fund worth £12.95m was set up during the year, raising the group's total directors' remuneration from £3.7m to £15.1m.

The notes explain that the trust fund is intended for the provision of long-term and post-retirement benefits for directors, senior managers and their families". Last week it was reported that Phoenix's four founding directors had received shares of a £10m loan note payable in May 2005, which paid them £625,000 in interest payments in 2002.

Phoenix's report to the financial markets on 20 October noted that MG Rover, having reduced its losses, needed to contribute positive trading results to group profits.

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