STRATEGIC REPORT
GOVERNANCE
financial statements
35 GROUP ENTITIES continued The investment includes the right for the Group to appoint a Director to the board of Comentis Ltd and as a result the investment has been classified as an Associate and accounted for using the equity method in the Group accounts. Comentis Ltd has a reporting period ending 31 March which is different to the Group’s year end of 31 December. Given the timing of the acquisition, there is no impact on the application of the equity method in the Group’s 2022 financial statements. Summarised financial information for associates Year ended 31 December 2022 £m Assets Investment properties 212.0 Trade and other receivables 52.0 Cash and cash equivalents 6.0 Total assets 270.0 Equity Partners capital 327.0 Retained earnings (57.0) Total equity 270.0
Reconciliation of carrying value
Year ended 31 December 2022 £m
196.2
Investment in associate - GPUT
(2.9)
Share of associates net income - GPUT
Carrying amount - GPUT
193.3
1.0
Investment in associate - Comentis
Carrying amount
194.3
36 RELATED PARTIES The Group has related party relationships with its key management personnel and subsidiary undertakings detailed in note 35. Key management personnel comprise the Directors of the Company. There were no material transactions between the Group and its key management
personnel other than those disclosed below. Key management compensation is as follows:
Year ended 31 December 2022 £m
Year ended 31 December 2021 £m
3.0 1.7 4.7 0.4
Short-term employee benefits
3.9 1.5 5.4 0.4
Share-based payments
Total key management compensation
Loans owed by Directors
The loan advances to Directors accrue interest fixed at 4% per annum and are repayable in whole or in part at any time.
37 ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY The Company is the ultimate Parent Company of the Group and has no controlling interest.
38 POST BALANCE SHEET EVENTS Subsequent to 31 December 2022, the Directors proposed a final dividend for 2022 of 1.23 pence per ordinary share (2021: 1.0 pence), amounting to £17.9m (2021: £10.4m) in total. Subject to approval by shareholders at the Company’s 2023 AGM, the dividend will be paid on 17 May 2023 to shareholders on the register of members at the close of business on 14 April 2023, and will be accounted for as an appropriation of retained earnings in year ending 31 December 2023. There are no other material post balance sheet events that have taken place between 31 December 2022 and the date of this report.
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