Financial Statements Notes to the consolidated financial statements continued for the year ended 31 March 2021
4. Property expenses
2021 £000
2020 £000
2,384 2,199 5,294 9,877
Property operating costs Property void costs
2,293 3,005 6,729
Recoverable service charge costs
12,027
5. Operating segments The Board is responsible for setting the Group’s strategy and business model. The key measure of performance used by the Board to assess the Group’s performance is the total return of the Group’s net asset value. As the total return on the Group’s net asset value is calculated based on the net asset value per share calculated under IFRS as shown at the foot of the Consolidated Balance Sheet, assuming dividends are reinvested, the key performance measure is that prepared under IFRS. Therefore, no reconciliation is required between the measure of profit or loss used by the Board and that contained in the financial statements. The Board has considered the requirements of IFRS 8 ‘Operating Segments’. The Board is of the opinion that the Group, through its subsidiary undertakings, operates in one reportable industry segment, namely real estate investment, and across one primary geographical area, namely the United Kingdom, and therefore no segmental reporting is required. The portfolio consists of 46 commercial properties, which are in the industrial, office, retail and leisure sectors. 6. Administrative expenses 2021 £000
2020 £000
3,219 206 1,963 5,388
Director and staff costs Auditor’s remuneration Other administrative expenses
3,273
191
2,099 5,563
2021 £000
2020 £000
Auditor’s remuneration comprises:
Audit fees: Audit of Group financial statements Audit of subsidiaries’ financial statements Audit-related fees: Review of half-year financial statements
92 82
92 67
16
16
190
175
Non-audit fees: Additional controls testing
16 16
16 16
206
191
7. Director and staff costs
2021 £000
2020 £000
1,724 250 358
Wages and salaries
1,688 250 394
Non-Executive Directors’ fees
Social security costs Other pension costs
28 166 693
45
Share-based payments – cash settled Share-based payments – equity settled
473 423
3,219 3,273 The emoluments of the Directors are set out in detail within the Remuneration Committee report, including the audited totals on page 90. 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.
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