Financial Statements
Strategic Report
Governance
Additional Information
6. Administrative expenses/ Continued
2023 £000
2022 £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 87
92 82
16
16
195
190
Non-audit fees: Additional controls testing
– –
16 16
195
206
7. Director and staff costs
2023 £000
2022 £000
1,879 275 425
Wages and salaries
1,765
Non-Executive Directors’ fees
275 402 201 745 27
Social security costs Other pension costs
34 142 732
Share-based payments – cash settled Share-based payments – equity settled
3,487
3,415
The emoluments of the Directors are set out in detail within the Remuneration Committee report, including the audited totals on page 115. 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 17 June 2022, awards of 500,905 notional shares were made which vest in June 2024 (2022: 531,108 notional shares). The next awards are due to be made in June 2023 for vesting in June 2025. 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 2023 9,755 531,108 500,905 – 1,041,768
Units redeemed in the year
Units cancelled in the year
Units granted in the year
Units at 31 March 2022
Units redeemed in the year
Units cancelled in the year
Units granted in the year
Units at 31 March 2021 438,907 599,534
Vesting date
19 June 2021 29 June 2022 22 June 2023 17 June 2024
– –
– – – – –
(438,907)
–
– – –
– – – – –
–
– – –
599,534 531,108
(589,779)
– –
531,108
– –
–
–
500,905
1,038,441 531,108
(438,907) 1,130,642 500,905
(589,779)
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 17 June 2022, awards for a maximum of 1,174,589 shares were granted to employees in respect of the three-year period ending on 31 March 2025. In the previous year, awards of 1,107,155 shares were made on 22 June 2021 for the period ending 31 March 2024.
Picton Property Income Limited Annual Report 2023
141
Powered by FlippingBook