27 Called up share capital and reserves continued Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss or directly included in the initial cost or other carrying amount of a non-financial asset or non-financial liability. Merger reserve The merger reserve arose in 2015 from the acquisition of Accumuli plc through a share-for-share exchange in part consideration for the business. Currency translation reserve The results of overseas operations are translated at the average foreign exchange rates for the year, and their balance sheets are translated at the rates prevailing at the Balance Sheet date. Exchange differences arising on the translation of opening net assets and results of overseas operations are recognised in the currency translation reserve. All other exchange differences are included in the Income Statement. Retained earnings Retained earnings for the Group are made up of accumulated reserves. For the Company, retained earnings are made up of accumulated reserves and are considered distributable reserves.
28 Profit attributable to members of the Parent Company The profit for the year dealt with in the accounts of the Parent Company was £25.0m (2020: £6.0m).
29 Other financial commitments Non-cancellable lease rental costs are payable as follows:
2021
2020
Land and buildings £m
Land and buildings £m
Other £m
Other £m
–
–
Within one year or less
0.1
–
The lease commitments disclosed above represent short-term (less than one year) leases only, for which the Group has taken the exemption from accounting for under IFRS 16.
30 Contingencies There are no contingent liabilities not provided for at the end of the financial year (2020: £nil). Similarly, there are no contingent assets (2020: £nil).
31 Pension scheme The Group operates a defined contribution pension scheme that is open to all eligible employees. The pension cost charge for the year represents contributions payable by the Group to the fund and amounted to £5.3m (2020: £5.6m). For the Company, the pension cost charge for the year represents contributions payable by the Company to the fund and amounted to £nil (2020: £nil). 32 Related party transactions The Group’s key management personnel comprise the Directors of the Group. Details of the remuneration paid to key management personnel are as follows:
2021 £m
2020 £m
Group
1.8 0.4
Salary costs (including bonus)
1.3 0.2
Share-based payments
Total
2.2
1.5
There were no other related party transactions during the year.
NCC Group plc — Annual report and accounts for the year ended 31 May 2021
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