Page 122 - 86395_CCB - 2024 Annual Report (web)

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2024 Computer 33 Commitments
Lease liability Hardware At 31 December 2024, the Bank had undrawn credit
(£’000) Property – Printers Total
line commitments of £150.1m (2023: £67.5m). A
Balance at 1,847 72 1,919 commitment is defined as an application that has
1 January 2024 been approved by the Bank’s credit function within
the last 6 months. The Bank had capital commitments
Additions – 6 6
of £nil (2023: £nil).
Disposals – – –
At 31 December 2024, the Bank had contingent
Interest charged 110 7 117 liabilities of £nil (2023: £nil).
to P&L
34 Related parties
Lease payments (228) (21) (249)
Related parties of the Bank include key management
Balance at 1,729 64 1,793 personnel and entities that have a significant voting
31 December 2024
power. The following transactions with related parties
are included in the income statement for the period.
2023 Computer • Transactions with Controlling parties
Lease liability Hardware
(£’000) Property – Printers Total £’000 2024 2023
Balance at 1,956 39 1,995 Cambridgeshire
1 January 2023 County Council
Additions – 77 77 Interest payments on perpetual 2,459 2,191
Disposals – (29) (29) subordinated contingent
convertible loan notes
Interest charged 119 4 123
to P&L Trinity Hall, Cambridge
Lease payments (228) (19) (247) Hospitality services 5 4

Balance at 1,847 72 1,919
31 December 2023
The Bank used the services of Aula Hospitality Ltd for
hospitality and conference facilities in 2024 and 2023.
Most of the Bank’s lease costs relate to its Leicester Aula Hospitality Ltd is part of Trinity Hall.
Head Office. This lease is for a period of 15 years,
ending on 13 August 2034. The rent was fixed for • Key management personnel compensation
the first five years and was reviewed in 2024.
The key management personnel of the Company
The Bank has not recognised right‑of‑use assets comprised the Executive and Non‑Executive Directors
and liabilities for its Regional Office leases where of the Bank. The compensation of key management
the lease term ends within 12 months of the date of personnel is shown in the following table (see also
initial application. The short‑term nature of these Note 11).
leases provides the Bank with the flexibility to move
premises as business needs change. The offices £’000 2024 2023
are located in a major UK cities and towns and Directors’ remuneration* 2,559 2,473
alternative premises are readily available should
the Bank require larger or smaller offices. Whilst Social security costs 302 316
the leases include renewal options, the renewal Total 2,861 2,789
is not certain and therefore no value for the lease
is recorded within the Bank’s property, plant, and * Director’s remuneration includes employer pension costs totalling £14k
in 2024 (2023:£9k).The emoluments of the highest paid Director were
equipment balance sheet category. During the year,
£1,012k (2023: £693k). No Directors received any shares as part of their
the expense incurred on all the Bank’s short term remuneration. There were no Directors’ loans in 2024 (2023: nil).
property leases was £127k (2023: £39k).
• Transactions with key management personnel:
The maturity profile of the Bank’s lease liabilities is
shown in the table below: Mike Hudson, an Executive Director, is a trustee of a
not‑for profit organisation that had £78k (2023: £86k)
£’000 2024 2023 on deposit at the end of the year. The account earns
interest at the standard rate for this type of account.
Less than one year 248 248
There were no other transactions with key
Between one and five years 1,227 1,213
management personnel in 2024 (2023: nil).
More than five years 895 1,151
There were no loans outstanding to any Directors at
Total 2,370 2,612 31 December 2024 (2023: nil).