Picton Property Income Limited Annual Report 2022

Financial Statements

Notes to the consolidated financial statements continued for the year ended 31 March 2022 6. Administrative expenses continued

2022 £000

2021 £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 82

16

16

190

190

Non-audit fees: Additional controls testing

16 16

16 16

206

206

7. Director and staff costs

2022 £000

2021 £000

1,765 275 402

Wages and salaries

1,724 250 358

Non-Executive Directors’ fees

Social security costs Other pension costs

27 201 745

28

Share-based payments – cash settled Share-based payments – equity settled

166 693

3,415 3,219 The emoluments of the Directors are set out in detail within the Remuneration Committee report, including the audited totals on page 101. 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 22 June 2021, awards of 531,108 notional shares were made which vest in June 2023 (2021: 599,534 notional shares). The next awards are due to be made in June 2022 for vesting in June 2024. 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 2022

Units at 31 March 2020 242,509 438,907

Units granted in the year

Units cancelled in the year

Units redeemed in the year

Units at 31 March 2021

Units granted in the year

Units cancelled in the year

Units redeemed in the year

Vesting date

– –

31 March 2020 19 June 2021 29 June 2022 22 June 2023

– –

– (242,509)

– – –

– – –

– 438,907 – 599,534

– (438,907)

599,534 531,108

– 599,534

– –

– –

– 531,108

681,416 599,534 – (438,907) 1,130,642 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 22 June 2021, awards for a maximum of 1,107,155 shares were granted to employees in respect of the three-year period ending on 31 March 2024. In the previous year, awards of 860,740 shares were made on 29 June 2020 for the period ending 31 March 2023. – (242,509) 1,038,441 531,108

Picton Property Income Limited Annual Report 2022

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