16 Pension Schemes (continued)
Effect of the Scheme on the Company’s Future Cashflows Te Company is required to agree a Schedule of contributions with the Trustees of the Scheme following a valuation which must be carried out at least once every three years. Te next valuation of the Scheme is due as at 31 December 2015. In the event that the valuation reveals a larger deficit than expected the Company may be required to increase contributions above those set out in the existing Schedule of Contributions. Conversely, if the position is better than expected contributions may be reduced. Te Company expects to pay contributions of £100,000 in the year to 30 June 2015. Te projected net interest charge to the Consolidated Statement of Profit and Loss for the year to 30 June 2015 is £154,000, this projection assumes cashflows to and from the scheme are broadly unchanged from the current year figures and that there will be no events that would give rise to a settlement/curtailment/past service cost.
Te history of the plans for the current and prior periods is as follows: Consolidated Statement of Financial Position
2014 £000
Fair value of plan assets
Present value of the defined benefit obligation Deficit
Experience adjustments on plan assets as a percentage of plan assets
Experience adjustments on plan liabilities as a percentage of plan liabilities Total remeasurement (losses)/gains as a percentage of plan liabilities
19,741
(23,371) (3,630)
927
4.7% -
0.0%
(726) 3.1%
2013 £000
18,728 332
1.8% 339
1.6%
(543) 2.5%
2012 £000
(21,571) (21,424) (20,274) (21,287) (2,843)
18,349 (3,075) (1,772)
9.7% -
0.0%
(2,357) 11.0%
19,102 (1,172) 644
3.4%
(561) 2.8% 2,224 11.0%
17,658 (3,629) 682
3.9% -
0.0%
(3,046) 14.3%
Projected costs to the Consolidated Statement of Profit and Loss for the year to 30 June 2015 is estimated to be a net interest cost of £154,000. Tis is assuming that the cashflows to and from the Scheme are broadly unchanged from the current year’s figures and that there will be no events that will give rise to settlement, curtailment or past service cost or credit.
17 Inventories
2014 £000
Raw materials and consumables Finished goods
Inventories recognised as an expense Opening inventories
Purchases
(Decrease)/Increase in stock provisions Closing inventories
Expensed during the period 18 Trade and Other Receivables
2014 £000
Trade receivables due from third parties Other debtors
Prepayments and accrued income
22,410 1,125 1,297
24,832
2013 £000
21,864 1,566 1,907
25,337
Within prepayments above is an amount for £nil (2013: £10,000) relating to contract renewal fees and prepaid pension costs of £33,000 (2013: £43,000). Specific provisions are made against doubtful debts taking the value of trade receivables to an estimated value based on the most likely outcome.
Cash received under the invoice discounting facility, amounting to £2,959,000 (2013: £3,259,000) is shown within current liabilities and is secured on the trade receivables above. All the risks and rewards of the trade debtors lie with the Group.
48
2,612 1,918 4,530
4,400 84,621 (352)
(4,530) 84,139
2013 £000
2,662 1,738 4,400
5,380
90,183 670
(4,400) 91,833
2011 £000
2010 £000
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