Financial Statements 7
6. Directors’ emoluments
The key management personnel are defined as the members of the Board and members of the Executive Management Committee. Members of the Board are defined as directors for the purposes of the FRS 102. Members of the Executive Management Committee are not classified as directors under FRS 102.
2024 £’000
2023 £’000
Payments to non-executive Board Members during the year
316
290
Total aggregate remuneration payable in respect of the Executive Management Committee including Executive Directors was: Emoluments (excluding benefits in kind)
1,555
2,068
Benefits in kind
10
6
Pension contributions
150
171
1,715
2,245
Payments to the highest paid director: Total emoluments, excluding pension contributions
347
370
The highest paid director was the Chief Executive who received a base salary of £300,000 (2023: £280,457 which included contractual payments for outstanding holiday and long service recognition). A bonus for the year of 10.0% of base salary (2023: 6.3%) was also received. The Chief Executive was entitled to a car allowance and private medical cover. The value of the car allowance paid was £15,000 (2023: £10,242). The value of the private medical cover, as a benefit in kind, was £1,986 (2023: £938). Employer's contribution in respect of the Chief Executive's pension in the year was £30,000 (2023: £60,300 which was taken as cash). The 2023 comparative figures relate to the former Chief Executive who left their position on 31 July 2022.
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