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22 Transco plc_Annual Report and Accounts 2003/04
Notes to the Accounts_continued
4. Payroll costs and employees
a) Payroll costs
12 months 12 months
ended ended
31 Mar 2004 31 Mar 2003
£m £m
Wages and salaries 350 402
Social security costs 31 31
Pension costs 93 71
474 504
Less: Amounts capitalised (14) (9)
Payroll costs included in replacement expenditure (59) (56)
Payroll costs included in exceptional operating items (6) –
395 439
b) Number of employees
12 months 12 months
ended ended
31 Mar 2004 31 Mar 2003
Average Average
Number Number
United Kingdom 11,792 13,489
31 Mar 2004 31 Mar 2003
Number Number
United Kingdom 11,341 12,397
In addition to the payroll costs above, there were severance costs of £62m (12 months ended 31 March 2003: £104m) included within other
operating charges – exceptional items.
5. Directors’ emoluments
The aggregate amount of emoluments paid to Directors in respect of qualifying services for the 12 months ended 31 March 2004 was £2,040,131
(12 months ended 31 March 2003: £2,015,408). The amount paid in respect of compensation for loss of office in the 12 months ended 31 March
2004 was £599,011 (in the 12 months ended 31 March 2003: £nil). Directors’ emoluments include amounts in respect of accrued bonus which
had not yet been approved at the date of these accounts.
A number of the current Directors are also directors and employees of National Grid Transco plc or a subsidiary undertaking of that company and
are paid by these companies.
As at 31 March 2004, retirement benefits were accruing to 6 Directors under a defined benefit scheme and one Director under a defined contribution
scheme. The aggregate emoluments for the highest paid Director were £492,004 for the 12 months ended 31 March 2004 (12 months ended
31 March 2003: £332,241); and total accrued annual pension at 31 March 2004 for the highest paid Director was £188,600 (31 March 2003:
£91,700). The amount of contributions paid in respect of defined contribution pension schemes was £19,800 (12 months ended 31 March 2003:
£12,960).
Details of Directors’ interests in shares are contained on pages 12 and 13.