267694 EdinburghIT AR 2024 WEB - Flipbook - Page 67
THE EDINBURGH INVESTMENT TRUST PLC / FINANCIAL REVIEW / 65
3. INVESTMENT MANAGEMENT FEE
This note shows the fee due to the Manager. This is calculated and paid monthly.
2024
2023
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
1,493
3,483
4,976
1,492
3,482
4,974
Investment management fee
Details of the investment management and secretarial agreement is disclosed on page 42 in the Directors’ Report.
At 31 March 2024, investment management fees of £411,000 (2023: £429,000) were accrued.
4. OTHER EXPENSES
The other expenses(i) of the Company are presented below, those paid to the Directors and the auditors are separately identified.
2024
2023
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
1,182
14
1,196
1,092
7
1,099
168
–
168
189
–
189
51
–
51
48
–
48
Other expenses
Other expenses include the following:
Directors’ remuneration(ii)
Auditors’ fees(iii):
– for audit of the Company’s annual financial
statements
The maximum Directors’ fees authorised by the Articles of Association are £250,000 per annum.
I.
Other expenses include:
–
£300 (2023: £18,000) of employer’s National Insurance payable on Directors’ remuneration. This has been reduced
from the previous year due to the release of prior years’ accruals in the current period. As at 31 March 2024, the
amounts outstanding on Directors’ remuneration and employer’s National Insurance was £nil (2023: £64,000); and
–
custodian transaction charges of £14,000 (2023: £7,000). These are charged to capital.
II. There were six directors for a period during the year and the Directors’ Remuneration Report on page 46 provides further
information on Directors’ fees
III. Auditors’ fees include expenses but exclude VAT.
