LucyGroup-ARA2024_spreads web ready_FINAL

NOTES TO THE ACCOUNTS CONTINUED

LUCY GROUP LTD PARENT ACCOUNTS

BUSINESS OVERVIEW STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION

31. Related parties The Group’s related parties include post-employment benefit plans for the Group’s employees and others as described below. Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received. Outstanding balances are usually settled in cash. Transactions with key management personnel Key management of the Group are the Executive and Non-Executive members of Lucy Group Ltd’s Board of Directors. Key management personnel remuneration includes the following expenses:

2024 £000

2023 £000

1,991

Short-term employee benefits Post-employment benefits

1,919

33

54

2,024

Total key management remuneration

1,973

520

Emoluments of highest-paid Director

520

–

Pension contribution

–

520

520

The Group does not operate share option or other long-term incentive schemes for the Directors. Two Directors are members of the defined benefit section of the W Lucy Pension Scheme. The Company also operates unfunded, unapproved retirement benefit arrangements for one of these Directors. The Group made contributions of £33k (2023: £54k) to defined contribution schemes in respect of two other Directors and operates unfunded, unapproved retirement benefits for one of these. At the year end, the highest-paid Director had accrued pension benefits totalling £120k p.a. (2023: £116k p.a.), which are currently in payment from the W Lucy Pension Scheme. Transactions with the defined benefit plan The defined benefit plan is a related party and does not hold shares in Lucy Group Ltd. The Group’s transactions with the defined benefit plan include contributions to the plan and trustee, accounting and administrative services. Parent and ultimate controlling party Lucy Group Limited is a subsidiary of WL Shareholding Company Limited, a private limited company incorporated and domiciled in England, which holds 53% of the issued ordinary share capital of the Company. The consolidated accounts of the ultimate controlling party are available from their registered office at 30 St Giles, Oxford OX1 3LE. 32. Analysis of changes in net cash

Exchange loss £000

1 January £000

Cash flows £000

31 December £000

Cash at bank and in hand

57,865

7,584

– – – –

65,449

Liquid resources Cash on deposit

18

3

21

15,208

31,248

46,456

Loan capital under one year Loan capital over one year

(293)

293

–

(13,952) 58,846

2,006

(83) (83)

(12,029) 99,897

Net cash

41,134

Cash on deposit at 31 December 2024 includes four deposits over 90 days totalling £30.5m (2023: one deposit totalling £10.0m) disclosed under other financial assets (Note 15).

118

|

Lucy Group Ltd Annual Report & Accounts 2024

LUCYGROUP.COM

|

119