(b) Scheme assets and net defined benefit pension liability:
Investment assets Insured pensions
Fair value of plan assets Value of funded obligations Derecognition of surplus
Net defined benefit pension liability
Proportion 70% 24%
At 31st March 2022 £’000
9,134 2,910
12,044
(11,909) (135) -
Proportion 75% 25%
At 31st March 2021 £’000
9,566 3,249
12,815
(13,154) -
(339)
The assets of the defined benefit scheme exceed the liabilities at 31st March 2022, giving a net surplus of £135,000. In the opinion of the Directors this surplus will not be recoverable in the future so it has not been recognised as an asset in the Statement of Financial Position.
(c) Analysis of the change in the fair value of plan assets:
2022 £’000
Opening fair value of plan assets Interest income Asset gains Contributions Benefits paid
Closing fair value of plan assets Expected contributions to the scheme in the year to 31st March 2023 are £21,188.
12,815 252
(635) 162
(550) 12,044
2021 £’000
11,598 261
1,449 30
(523) 12,815
(d) Analysis of the change in the defined benefit obligation:
2022 £’000
Opening defined benefit obligation Current service cost Interest cost
Actuarial (gains)/losses Benefits paid
Closing defined benefit obligation
13,154 22
258
(975) (550)
11,909
2021 £’000
11,902 30
268
1,477 (523)
13,154
(e) Amounts charged to Statement of Comprehensive Income:
2022 £’000
Current service cost - charged to staff pension costs Net interest expense - charged to finance expense Total included in surplus for the year
22 6
28
2021 £’000
30 7
37
RYA ANNUAL REPORT AND ACCOUNTS 2022
29
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