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Carphone Warehouse Group plc Annual Report 2011 57
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
5 EMPLOYEE COSTS
As the Group did not exist in its current form prior to the Demerger, the employee costs for the year ended 31 March 2010 represent
an allocation of the cost of a number of Old Carphone Warehouse employees (including directors) for the year. The aggregate
remuneration recognised in the income statement in each year is as follows:
2011
£m
2010
£m
Salaries and performance bonuses 3.9 2.8
Social security costs 0.7 0.4
Other pension costs 0.1 –
4.7 3.2
Share-based payments (see note 6) 1.9 2.4
6.6 5.6
The average number of employees (including directors) during the year ended 31 March 2011 was 18 (2010: 19).
Compensation earned by key management, comprising the Board of Directors (an allocation of the compensation of Old Carphone
Warehouse directors in the year ended 31 March 2010) and senior executives, was as follows:
2011
£m
2010
£m
Salaries 1.4 1.0
Performance bonuses 1.5 1.3
Share-based payments 1.7 2.4
4.6 4.7
Amounts of £0.3 million were paid to HMRC during the year ended 31 March 2009 on behalf of a number of key management; these
amounts were outstanding at 31 March 2011 and 31 March 2010. Interest is charged on these loans at market rates; however up to
5April 2011 this interest has been waived at the discretion of the Company’s Remuneration Committee. At the discretion of the
Company’s Remuneration Committee, these loans were forgiven in May 2011.
At 31 March 2011 the Group had made loans to key management in relation to the Best Buy Europe VES, TalkTalk VES and the share
gift (see note 6) of £10.2m (2010: £7.9m) of which £7.3m (2010: £5.6m) related to directors of the Company. Interest is charged on the
loans at market rates and interest of £0.5m (£0.4m relating to directors of the Company) has been recognised during the year ended
31 March 2011.