Financial Statements/Continued
Notes to the consolidated financial statements/Continued
19. Contingencies and capital commitments The Group has entered into contracts for the refurbishment of five properties with commitments outstanding at 31 March 2023 of approximately £2.9 million (2022: £2.4 million). No further obligations to construct or develop investment property or for repairs, maintenance or enhancements were in place as at 31 March 2023 (2022: £nil). 20. Share capital and other reserves
2023 £000
2022 £000
Authorised: Unlimited number of ordinary shares of no par value
–
–
Issued and fully paid: 547,605,596 ordinary shares of no par value (31 March 2022: 547,605,596)
–
–
164,400
Share premium
164,400
The Company has 547,605,596 ordinary shares in issue of no par value (2022: 547,605,596). No new ordinary shares were issued during the year ended 31 March 2023.
2023 Number of shares 547,605,596
2022 Number of shares 547,605,596
Ordinary share capital
(2,388,694)
Number of shares held in Employee Benefit Trust
(1,974,253)
Number of ordinary shares
545,216,902
545,631,343
The fair value of awards made under the Long-term Incentive Plan is recognised in other reserves. Subject to the solvency test contained in the Companies (Guernsey) Law, 2008 being satisfied, ordinary shareholders are entitled to all dividends declared by the Company and to all of the Company’s assets after repayment of its borrowings and ordinary creditors. The Trustee of the Company’s Employee Benefit Trust has waived its right to receive dividends on the 2,388,694 shares it holds but continues to hold the right to vote. Ordinary shareholders have the right to vote at meetings of the Company. All ordinary shares carry equal voting rights. The Directors have authority to buy back up to 14.99% of the Company’s ordinary shares in issue, subject to the annual renewal of the authority from shareholders. Any buy-back of ordinary shares will be made subject to Guernsey law, and the making and timing of any buy-backs will be at the absolute discretion of the Board. 21. Adjustment for non-cash movements in the cash flow statement
2023 £000
2022 £000
–
Profit on disposal of investment properties Movement in investment property valuation Revaluation of owner-occupied property
(42)
110,433
(129,801)
382 675 165
–
Share-based provisions Depreciation of tangible assets
668 165
111,655
(129,010)
Picton Property Income Limited
148
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