Page 126 - CCB_Annual Report_2022

126 Notes to the Financial Statements 127

Trinity Hall held a 31-day business notice account 33 Ultimate parent company
2022 Computer Hardware with the Bank. The account was closed in February The legal title to the ordinary share capital of the
Lease liability (£’000) Property – Printer Total 2022. The account earned interest at the standard company is held equally by:
rate for this type of account.
Balance at 1 January 2022 1,993 63 2,056 – Cambridgeshire County Council as Administering
The Bank used the services of Aula Hospitality Ltd
Lease additions 52 – 52 Authority of the Cambridgeshire Local
for hospitality and conference facilities in 2022.
Interest charged to P&L 122 4 126 Aula Hospitality Ltd is part of Trinity Hall. Government Pension Fund; and
– The Master or Keeper, Fellows and Scholars
Lease payments (211) (28) (239)
• Key management personnel compensation of the Hall of the Holy Trinity in the University
Balance at 31 December 2022 1,956 39 1,995 of Cambridge (commonly called Trinity Hall,
The key management personnel of the company Cambridge).
comprised the executive and non-executive
directors of the Bank. The compensation of key 34 Subsequent events
2021 Computer Hardware management personnel is shown in the following
Lease liability (£’000) Property – Printer Total table (see also Note 11). There have been no significant quantifiable events
between 31 December 2022 and the date of
Balance at 1 January 2021 2,116 86 2,202 approval of the financial statements which would
£’000 2022 2021
Lease additions/modifications/disposals – – – require a change to, or additional disclosure, in the
Directors’ remuneration 2,286 2,202 financial statements. Management and the Board
Interest charged to P&L 127 5 132 continue to monitor the economic outlook across
Social security costs 284 246
Lease payments (250) (28) (278) the UK and globally on a regular basis. As part of this
Amounts receivable under monitoring the Bank aims to identify and address
Balance at 31 December 2021 1,993 63 2,056
long term incentive schemes – 50 the likelihood of any financial impacts materialising.
Amounts paid to third Standards issued but not yet adopted
parties in respect of
The majority of the Bank’s lease costs relates to its 31 Commitments Directors’ services 13 53 A number of new revised standards issued by the
Leicester Head Office. This lease is for a period of At 31 December 2022, the Bank had undrawn credit Total 2,583 2,551 International Standards Board have not yet come
15 years, ending on 13 August 2034. The rent was line commitments of £103m (2021: £111.5m) and into effect. None of these are expected to have a
fixed for the first five years and is next subject to a capital commitments of £nil (2021: £nil). * Emoluments of the highest paid director were £591k material impact on the Bank’s financial statements.
rent review on 14 August 2024. (2021: £596k).
At 31 December 2022, the Bank had contingent
The Bank has not recognised right-of-use assets liabilities of £nil (2021: £nil). • Transactions with key management personnel:
and liabilities for leases for which the lease term COUNTRY‑BY‑COUNTRY REPORT
ends within 12 months of the date of initial 32 Related parties The amounts paid to third parties in respect of
application – namely its Sheffield regional office. director’s services relate to the non-executive DISCLOSURE REQUIREMENTS UNDER CRD IV
The short-term nature of these leases provides Related parties of the Bank include key director fees for Richard Perry in 2022 and 2021. COUNTRY‑BY‑COUNTRY REPORTING
the Bank with the flexibility to move premises as management personnel and entities that have a These amounts were paid to Cambridgeshire
business needs change. The Sheffield office is significant voting power. The following transactions Local Government Pension Fund for the period The Bank is required to disclose the following
located in a major UK city and alternative premises with related parties are included in the income January to March 2022 (January to April 2021 information in the Annual Report and Accounts
are readily available should the Bank require larger statement for the period. to Cambridgeshire County Council, May 2021 to comply with the Regulations of Article 89
or smaller offices. Whilst the leases include renewal to December 2021 Cambridgeshire Local of the Capital Requirements Directive IV (CRD
options, the renewal is not certain and therefore • Transactions with Controlling parties Government Pension Fund). IV) country-by-country reporting (CBCR). This
no value for the lease is recorded within the Bank’s regulation requires us to disclose financial
Caroline Fawcett, an Independent Non-Executive
property, plant, and equipment balance sheet £’000 2022 2021 Director, is the Director of a company which had information by country.
category. During the year, the expense incurred on
a balance of £48k on deposit at the 31 December Cambridge & Counties Bank operates as a single
all the Bank’s short term property leases was £39k Cambridgeshire 2021. The account was closed during 2022. The entity exclusively in the United Kingdom. Therefore,
(£79k). The Bank is expected to make payments County Council account earns interest at the standard rate for this total income and profit before tax shown in the
totalling £38k in respect of the Sheffield lease in Sums paid in respect of type of account. Income Statement and corporation tax paid shown
2023. These payments are recorded as an operating Directors’ services 13 53 in the Statement of Cash Flows, as well as the
expense in the income statement. Mike Hudson, an Executive Director, is a trustee average number of employees disclosed in note 10
Interest payments on of a not-for profit organisation that had £83k
The maturity profile of the Bank’s lease liabilities is perpetual subordinated (2021: £81k) on deposit at the end of the year. to the financial statements, are related to the United
shown in the table below: Kingdom. No public subsidies were received in
contingent convertible The account earns interest at the standard rate 2022 or 2021.
loan notes 1,439 1,283 for this type of account.
£’000 2022 2021
Trinity Hall, Cambridge There were no other transactions with key
Less than one year 256 228 management personnel in 2022 (2021: nil).
Hospitality services 4 –
Between one and five years 921 905 There were no loans outstanding to any directors
Interest on 31-day at 31 December 2022 (2021: nil).
More than five years 1,616 1,843 business notice account – 1
Total 2,793 2,976