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Financial Statements / Continued
Notes to the consolidated financial statements / Continued
6. Administrative expenses
2024 £000
2023 £000
4,191 248 2,780 7,219
Director and staff costs Auditor’s remuneration
3,487
195
Other administrative expenses
2,273 5,955
2024 £000
2023 £000
Auditor’s remuneration comprises:
Audit fees: Audit of Group financial statements Audit of subsidiaries’ financial statements Audit-related fees: Review of interim financial statements
120 103
92 87
25
16
248
195
7. Director and staff costs
2024 £000
2023 £000
2,422 287 435
Wages and salaries
1,879
Non-Executive Directors’ fees
275 425 142 732 34
Social security costs Other pension costs
47
189 811
Share-based payments – cash settled Share-based payments – equity settled
4,191 3,487 Employees participate in two share-based remuneration arrangements: the Deferred Bonus Plan and the Long-term Incentive Plan (the ‘LTIP’). For all employees, a proportion of any discretionary annual bonus will be an award under the Deferred Bonus Plan. With the exception of Executive Directors, awards are cash settled and vest after two years. The final value of awards is determined by the movement in the Company’s share price and dividends paid over the vesting period. For Executive Directors, awards are equity settled and also vest after two years. On 14 June 2023, awards of 834,885 notional shares were made which vest in June 2025 (2023: 500,905 notional shares). The next awards are due to be made in June 2024 for vesting in June 2026. The table below summarises the awards made under the Deferred Bonus Plan. Employees have the option to defer the vesting date of their awards for a maximum of seven years.
Units at 31 March 2024
Units at 31 March 2022 599,534 531,108
Units granted in the year
Units cancelled in the year
Units redeemed in the year
Units at 31 March 2023
Units granted in the year
Units cancelled in the year
Units redeemed in the year
Vesting date
–
29 June 2022 22 June 2023 17 June 2024 14 June 2025
– –
– (589,779)
9,755
– – –
–
(9,755)
139,956 498,788 832,580
– – –
– 531,108 – 500,905
– (391,152)
– 500,905
(2,117)
– –
–
–
–
– 834,885 (2,305)
1,130,642 500,905 – (589,779) 1,041,768 834,885 (4,422) (400,907) 1,471,324 The Group also has a Long-term Incentive Plan for all employees which is equity settled. Awards are made annually and vest three years from the grant date. Vesting is conditional on three performance metrics measured over each three-year period. Awards to Executive Directors are also subject to a further two-year holding period. On 14 June 2023, awards for a maximum of 1,219,010 shares were granted to employees in respect of the three-year period ending on 31 March 2026. In the previous year, awards of 1,174,589 shares were made on 17 June 2022 for the period ending 31 March 2025.
Picton Property Income Limited / Annual Report 2024 144
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