Share based arrangements existed during the period.
The company has 80,000 options granted and vesting at the period end date to be settled via equity. All options start to vest after the employee has completed 1 year of service for a period of 3 years (4 years in total). Options can be exercised after the 4 year period.
21,660 options (2023: 20,416) vested during the period.
Details of movement in the number of options:
(i) outstanding at the beginning of the period; 80,000
(ii) granted during the period; 0
(iii) forfeited during the period; 0
(iv) exercised during the period; 0
(v) expired during the period; 0
(vi) outstanding at the end of the period; 80,000
(vi) exercisable at the period end date: 42,076
Management has determined the fair value of the equity instruments based on the most recent transaction in the entity's shares. An expense of £88,373 (2023: £83,297) has been recognised during the period, representing the fair value of the share-based awards vested during the accounting period.