Experian 2009 Annual Report Download - page 143

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141Experian Annual Report 2009
Introduction
2 – 7
Business review
8 – 43
Governance
44 – 72
Financial statements
Company nancial statements
B. Basis of preparation and signicant accounting policies (continued)
Deferred tax
Deferred tax is provided in respect of timing differences that have originated but not reversed at the balance sheet date and
is determined using the tax rates that are expected to apply when the timing differences reverse. Deferred tax assets are
recognised only to the extent that they are expected to be recoverable.
Own shares
The Experian plc Employee Share Trust and the Experian UK Approved All-Employee Share Plan are separately administered
trusts. Liabilities of these trusts are guaranteed by the Company and the assets of the trusts mainly comprise shares in the
Company. The assets, liabilities and expenses of the trusts are included in the Company’s nancial statements as if they were
the Company’s own with shares in the Company held by the trusts shown as a deduction from total equity shareholders’ funds
at cost.
Share-based payments
The Group has a number of equity settled, share-based employee incentive plans. These include options and awards in respect
of shares in the Company made at or after demerger in October 2006 together with options and awards previously granted in
respect of shares in GUS plc which were rolled over into options and awards in respect of shares in the Company at demerger.
The fair value of such options and awards granted to employees of the Company is recognised after taking into account the
Company’s best estimate of the number of options and awards expected to vest. The Company revises the vesting estimate
at each balance sheet date and non-market performance conditions are included in the vesting estimates. Amounts are
recognised over the vesting period. Fair value is measured at the date of grant using whichever of the Black-Scholes model,
Monte Carlo model and closing market price is most appropriate to the award. Market based performance conditions are
included in the fair value measurement on grant date and are not revised for actual performance.
The issuance by the Company of share incentives to employees of its subsidiaries represents additional capital contributions
and the fair value of such options and awards is therefore recognised as an increase in the Company’s investment in group
undertakings with a corresponding increase in total equity shareholders’ funds.
C. Operating loss
The Company’s operating loss is stated after charging:
2009 2008
(i) Staff costs £m £m
Directors’ fees 1.1 1.1
Wages and salaries 0.8 0.4
1.9 1.5
The Company employed an average of two (2008: two) employees during the year. Executive directors of the Company are
employed by other companies within the Group.
Details of the remuneration of directors are given in the audited part of the report on directors’ remuneration.
2009 2008
(ii) Fees payable to the Company’s auditor and its associates £m £m
Audit of the Group nancial statements 0.3 0.3
Other services – –
0.3 0.3
Fees payable for the audit of the parent company nancial statements were £40,000 (2008: £40,000).
2009 2008
(iii) Net operating lease rental expense £m £m
Costs incurred relating to a property lease 0.3 0.3