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CONSOLIDATED NOTES TO THE ACCOUNTS
11. PENSION COSTS
The Society operates a money purchase scheme providing benefits on a defined contribution basis. For those current
members who had service prior to the 31st December 1991 the scheme aims to provide similar benefits at normal
retirement age to those previously provided under the Holstein-Friesian Society defined benefits scheme but these
target benefits are not guaranteed. These members have individually calculated employer contribution rates calcu
lated so that, on the basis of assumptions regarding future experience, the target benefits provided from the money
purchase scheme will be similar to those which would have been provided had the previous defined benefit scheme
continued. These contribution rates are subject to regular review by the Society and Royal & SunAlliance although the
Society is under no obligation to amend these contribution rates. For the 2009 Scheme Year employee contribution
rates for all employees and employer contribution rates for new and previous members who joined the scheme were
5% of pensionable earnings.
2009 2008
£ £
12. NET INCOMING RESOURCES ARE STATED AFTER:
Auditors Remuneration 17,640 17,400
Operating Lease Costs 231,008 199,598
Depreciation 54,427 57,971
Directors Remuneration 5,000 4,000
Audit fees for Pension & Associated Companies
Pension Scheme 1,250 1,250
13. TRUSTEES EXPENSES
The amount of expenses reimbursed to Trustees during the period was £56,970 (2008:£50,456)
The Charity is governed by 16 (2008:16) Trustees. During the period there were 10 (2008:7)
Trustees meetings, which achieved a 80% attendance. (2008:93%)
2009 2008
£ £
14. DEFERRED INCOME
Opening Balance 12,339 60,201
Fees Received 13,222 12,339
Released to Incoming Resources (12,339) (60,201)
_______ _______
Balance Carried Forward 13,222 12,339
General Fund Revaluation Investment Revaluation
Reserve Reserve
15. MOVEMENT ON RESERVES 2009 2008 2009 2008 2009 2008
As at 1 April 2008 3,043,927 3,012,262 2,313,120 2,313,120 446,084 446,084
Net Incoming Resources 9,067 127,163 - - - -
Realised Gains / (Losses) 86,023 107,867 - - - -
Unrealised Gains / (Losses) (559,444) (203,365) (250,000) - 90,000 -
_________ ________ ________ ________ _______ _______
As at 31 March 2009 2,579,573 3,043,927 2,063,120 2,313,120 536,084 446,084
15. LEGAL STATUS
The Company is limited by guarantee and has no share capital.
ANNUAL REPORT 19
2008-2009 Annual Report.indd 21 22/09/2009 16:19:53
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