RWS Annual Report 2022 web - Flipbook - Page 122
Notes to the Consolidated Financial Statements (continued)
7. EMPLOYEE COSTS
Accounting policy
Pension cost
The Group operates a defined contribution pension scheme, for its employees. The assets of the scheme are held
separately from those of the Group in independently administered funds. Contributions to defined contribution
pension schemes are recognised in profit or loss in the Consolidated Statement of Profit or Loss in the period to which
they become payable.
2022
£m
2021
£m
Wages and salaries
Reorganisation costs
Social security costs
Pension costs
Share-based payment expense (note 22)
276.6
1.6
37.0
10.0
3.2
253.4
13.4
34.5
8.4
1.4
Total employee costs
328.4
311.1
Details of Directors’ remuneration and pension contributions are disclosed in the Directors’ Remuneration Report
on pages 84 to 91. Key management remuneration disclosures are disclosed as part of Related Party Transactions
in note 25. Staff costs above are stated before the capitalisation of staff costs in respect of the Group's research and
development activities, the total value of staff costs capitalised were £22.6m (2021: £19.7m).
The Group operates a defined contribution pension scheme, making payments on behalf of employees to their
personal pension plans. Payments of £8.8m (2021: £6.7m) were made in the year. The amount charged to profit and
loss in the statement of comprehensive income in the period was £9.5m (2021: £8.4m). At the year end there were
unpaid amounts included in other payables totalling £2.5m (2021: £1.8m). The monthly average staff numbers were:
2022
£m
2021
£m
6,193
1,787
5,671
1,989
7,980
7,660
2022
£m
2021
£m
0.2
-
0.2
-
Finance costs
- Bank interest payable
- Other interest payable
- Lease interest
- Amortisation of borrowing costs
(1.4)
(1.3)
(0.3)
(0.8)
0.5
(1.5)
(0.3)
Finance costs excluding exceptional amortisation
Amortisation of borrowing costs - Exceptional (note 6)
(3.0)
(0.3)
(2.1)
(0.3)
(3.3)
(2.4)
(3.1)
(2.4)
Production staff
Administrative staff
8. FINANCE INCOME AND COSTS
Finance income
- Return on short term deposits
Net finance cost
On 3 August 2022, the Group completed a refinancing of its term loan (see note 16 for further details). The debt refinancing was
accounted for as a debt modification without extinguishment resulting in a nominal debt modification gain being recognised in
the parent company's statement of comprehensive income of £5k.
122
RWS — Annual Report 2022
NOTES TO THE CONSOLIDATED STATEMENTS
