|
| |
 |
Group |
|
Group |
| |
|
2004 |
|
2003 |
| |
|
£000 |
|
£000 |
| 2. Profit on ordinary activities
before taxation is stated after charging: |
| Depreciation of tangible fixed assets |
|
13 |
|
15 |
| Fees paid to auditors : |
|
|
|
|
| - for audit |
|
58 |
|
47 |
| - for other services |
|
17 |
|
12 |
| Operating lease rentals : |
|
|
|
|
| - plant and machinery |
|
6 |
|
11 |
| - other |
|
60 |
|
60 |
| All administrative services for the Group are provided
under management agreements with THFCS. |
| |
|
Group |
|
Group |
| |
|
2004 |
|
2003 |
| 3. Staff numbers and cost |
| Average number of persons (including Directors) employed
during the year (monthly average): |
| Directors |
|
7 |
|
6 |
| Management and administrative |
|
7 |
|
7 |
| |
|
|
|
|
| The aggregate employee costs amounted to: |
|
£000 |
|
£000 |
| - Directors' fees |
|
89 |
|
146 |
| - Salaries |
|
641 |
|
554 |
| - Social security costs |
|
62 |
|
71 |
| - Other benefit costs |
|
38 |
|
39 |
| |
|
830 |
|
810 |
| THFC employed no staff during the year and so had no
employee related costs. |
| |
|
2004 |
|
2003 |
| |
|
£000 |
|
£000 |
| 4. Directors' remuneration |
| Non-executive directors: |
|
|
|
|
| - Fees |
|
89 |
|
146 |
| Executive and highest paid director: |
|
|
|
|
| - Salary |
|
130 |
|
25 |
| - Pension contributions |
|
10 |
|
2 |
| - Bonus |
|
20 |
|
- |
| - Benefits |
|
9 |
|
1 |
| |
|
258 |
|
174 |
The fees of the chairman were £21,548.
Each non-executive director received £13,468 per annum.
No costs were borne directly by THFC.
No pension contributions were made by the Group in respect of non-executivce
directors.
There are no long-term incentive schemes.
Director's fees in 2003 included £57,600 paid to David Creed
for executive services. |
| 5. Directors' consultancy services |
| The Group procures the services of one of its Directors,
M.Boohan, in a financial consultancy capacity. Payments for the service
provided are made to a private limited company of which the Director
is the sole shareholder. During the year the Group was charged £2,717
(2003: £3,479) in relation to this arrangement. None of this
cost was borne directly by THFC. |
| 6. Interest rate hedging instruments |
| The Group enters into certain hedging transactions as
part of its normal treasury activities in order to protect its investment
income against a possible drop in interest rates. The current arrangements
protect income on reserves until September 2006. |
| |
|
Group
& |
|
Group
& |
| |
|
THFC |
|
THFC |
| |
|
2004 |
|
2003 |
| |
|
£000 |
|
£000 |
| 7. Provision for liabilities and
charges |
| Deferred Taxation |
|
|
|
|
| The potential liability for deferred taxation is as
follows: |
|
|
|
|
| - Difference between accounting and taxation treatment
of discounts |
|
3,063 |
|
3,063 |
| - Less: taxation losses available for future relief |
|
(1,322) |
|
(1,316) |
| Amount provided |
|
1,741 |
|
1,747 |
|
 |
