Shaftesbury AR 2017 LR

FINANCIAL STATEMENTS NOTES to the financial statements Shaftesbury Annual Report 2017
4 Operating profit continued
Group and Company
EMPLOYEE COSTS
2017
£M
2016
£M
Wages and salaries 4.5 4.3
Annual bonuses (including social security costs) 2.7 3.0
Social security costs 0.6 0.5
Other pension costs 0.3 0.4
Equity-settled remuneration (note 5) 1.8 2.5
9.9 10.7
AVERAGE MONTHLY NUMBER OF EMPLOYEES
2017
NUMBER
2016
NUMBER
Executive directors 4 4
Head office and property management 22 20
Estate management 1 1
27 25
A summary of directors’ emoluments, including the disclosures required by the Companies Act 2006, is set out in the Annual Remuneration Report on
pages 92 to 100.
5 Equity-settled remuneration
Charge for share-based remuneration 1.4 1.9
Employer’s national insurance in respect of share awards 0.4 0.6
2017
£M
2016
£M
1.8 2.5
A summary of the principal assumptions made at the last grant date is set out in note 20.
6 Profit on disposal of investment properties
2017
£M
2016
£M
Net sale proceeds 13.4 -
Book value at date of sale (12.3) -
1.1 -
7 Finance costs
2017
£M
2016
£M
Debenture stock interest and amortisation 0.1 5.0
Mortgage bond interest 7.4 -
Bank and other interest 23.8 27.7
Issue cost amortisation 1.5 1.0
8 Tax charge for the year
32.8 33.7
The Group’s wholly-owned business is subject to taxation as a REIT. Under the REIT regime, income from its rental business (calculated by reference to tax
rather than accounting rules) and chargeable gains from the sale of its investment properties are exempt from corporation tax.
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