16 Pension Schemes (continued)


Effect of the Scheme on the Company’s Future Cashflows The 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. The 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. The Company expects to pay contributions of £100,000 in the year to 30 June 2016. The projected net interest charge to the Consolidated Statement of Profit and Loss for the year to 30 June 2016 is £148,000. 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.


Consolidated Statement of Financial Position


2015 £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


17 Inventories


2015 £000


Raw materials and consumables Finished goods


Inventories recognised as an expense Opening inventories


Purchases


Increase/(decrease) in stock provisions Closing inventories


Expensed during the period 18 Trade and Other Receivables


2015 £000


Trade receivables due from third parties Other debtors


Prepayments and accrued income


42,845 2,888 2,648


48,381


2014 £000


22,410 1,125 1,297


24,832


Within prepayments above is an amount for £nil (2014: £33,000) relating to prepaid pension costs. 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 £3,397,000 (2014: £2,959,000) 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.


5,872 5,396


11,268 4,530


90,839 443


(11,268) 84,544


2014 £000


2,612 1,918 4,530


20,587


(24,424) (3,837)


656


3.2% -


0.0% (153) 0.6%


2014 £000


2013 £000


2012 £000


2011 £000


19,741 18,728 18,349 19,102 (23,371) (21,571) (21,424) (20,274) (3,630)


(2,843) 927


4.7% -


0.0% (726) 3.1%


1.8% 339


(3,075)


332 (1,772) 9.7% -


1.6% (543)


0.0% (2,357)


(1,172) 644


3.4% (561) 2.8% 2,224


2.5% 11.0% 11.0%


4,400


84,621 (352)


(4,530) 84,139


63


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