BT 1997 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 1997 BT annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 72

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72

NOTES TO THE FINANCIAL STATEMENTS
60
26. Employee share schemes (continued)
At 31 March 1997, 3.5 million shares in the company (1996 – 1.8 million) were held in trust for the PSP and 2.7 million shares
(1996 – 1.5 million) were held in trust for the LTRP. Dividends earned on the shares during the conditional periods are reinvested
in company shares for the potential benefit of the participants. Additional information relating to the plans is as follows:
PSP LTRP Total
1997 1996 1997 1996 1997 1996
£m £m £m £m £m £m
Value of range of possible future transfers: nil to 15.6 6.5 11.6 4.7 27.2 11.2
Provision for the costs of the plans charged to the
profit and loss account in year 0.1 2.0 0.9 0.7 1.0 2.7
Nominal value of shares held in trust 0.9 0.4 0.7 0.4 1.6 0.8
Market value of shares held in trust 15.6 6.6 12.0 5.5 27.6 12.1
The values of possible future transfers of shares under the plans were based on the company’s share price at 31 March 1997 of
445.5p (1996 – 369p). The provisions for the costs of the plans were based on best estimates of the company’s performance
over the plans’ performance periods, relating to those portions of the plan performance periods from commencement up to the
financial year end.
27. Auditors
The auditors’ remuneration for the year ended 31 March 1997 for the group was £2,135,000 (1996 – £2,138,000), including
£1,167,000 (1996 – £1,170,000) for the company.
The following fees were paid or are payable to the company’s auditors, Coopers & Lybrand, in the UK for the year ended
31 March 1997:
1997 1996
£000 £000
Audit of the company’s statutory accounts 1,167 1,170
Audits of the UK subsidiary undertakings’ statutory accounts 396 349
Other services, including regulatory audits and tax compliance work 4,620 4,004
Total 6,183 5,523
In addition, fees of £1,888,000 (1996 – £1,395,000) were paid or are payable to other members of Coopers & Lybrand
International for the year ended 31 March 1997 in respect of audit and other services to the company’s overseas subsidiary
undertakings and in respect of other services to the group. 1996 figures have been restated on a comparable basis.