The Edinburgh Investment Trust Plc Annual Financial Report 2022 - Flipbook - Page 64
62 / FINANCIAL REVIEW / THE EDINBURGH INVESTMENT TRUST PLC
Notes to the Financial Statements / continued
4. OTHER EXPENSES
The other expenses of the Company are presented below; those paid to the Directors and the auditor are separately
identified.
2022
Other expenses
2021
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
977
9
986
814
13
827
184
–
184
187
–
187
41
–
41
33
–
33
–
–
–
8
–
8
–
–
–
3
–
3
Other expenses include the following:
Directors’ remuneration (i)
Auditor’s fees :
(ii)
– for audit of the Company's annual financial statements
– additional fees in respect of COVID-19 audit procedures
in prior year
– audit related assurance services in respect of the
Debenture Stock
The maximum Directors’ fees authorised by the Articles of Association are £250,000 per annum.
(i)There were seven directors for a period during the year and the Director’s Remuneration Report on page 44 provides further
information on Directors’ fees.
(ii) Auditor’s fees include expenses but excludes VAT.
(iii) Other expenses include:
–£17,000 (2021: £18,000) of employer’s National Insurance payable on Directors’ remuneration. As at 31 March 2022, the
amounts outstanding on Directors’ remuneration and employer’s National Insurance was £nil (2021: £42,000); and
–
custodian transaction charges of £9,000 (2021: £14,000). These are charged to capital.
5. FINANCE COSTS
Finance costs arise on any borrowing facilities the Company has used. Borrowing facilities are the £100 million debenture stock,
£20 million loan note and a £25 million bank revolving credit facility.
2022
2021
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
18
42
60
38
89
127
–
1
1
–
–
–
2,325
5,425
7,750
–
–
–
–
–
–
2,325
5,425
7,750
– Unsecured Senior Loan Notes repayable after 5 years
73
171
244
–
–
–
Amortised debenture stock discount and issue costs
76
176
252
75
176
251
2,492
5,815
8,307
2,438
5,690
8,128
Interest payable on borrowings repayable not by
instalment:
– Commitment fees due on loan facility
– Interest on overdraft facility
– Debenture stock repayable within 1 year
– Debenture stock repayable within 2 years