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Financial statements Notes to the financial statements
The major categories of Scheme assets as a percentage of the total fair value of Scheme assets are as follows:
Cosalt plc Annual report & financial statements 2008
2008 2007
% %
Equities 37.4 48.0
Bonds 55.2 43.5
Property 7.0 7.5
Cash 0.4 1.0
The amounts recognised in income are as follows:
2008 2007
£000 £000
Current service cost – 200
Interest cost 2,372 2,239
Expected return on Scheme assets (2,222) (1,998)
Total interest cost (included in Staff costs 2007) 150 441
Actuarial gain (1,420) (3,602)
Total credit recognised in the SORIE in the period (1,420) (3,602)
Total defined benefit Scheme gains recognised in the period (1,270) (3,161)
The overall expected rate of return on Scheme assets is a weighted average of the individual expected rates of return on each
asset class.
The cumulative credit to the SORIE since the adoption of IAS 19 (revised) is £1.8 million (2007: credit of £0.4 million).
2008 2007
£000 £000
Expected return on Scheme assets 2,222 1,998
Actuarial loss on Scheme assets (7,597) (1,374)
Actual return on Scheme assets (5,375) 624
The amounts included in the balance sheet arising from the Group’s obligation in respect of its defined benefit scheme is as follows:
2008 2007
£000 £000
Present value of funded obligations 32,672 41,529
Fair value of Scheme assets (26,392) (32,733)
Deficit in the Scheme and net liability in the balance sheet 6,280 8,796
A deferred tax asset totalling £1.76 million (2007: £2.46 million) has been recognised on the balance sheet in relation to the net
pension obligation.
Movement in the liability recognised on the balance sheet is as follows:
2008 2007
£000 £000
At 28 October 2007 8,796 13,179
Total expenses – as shown above (1,270) (3,161)
Company contributions paid in the period (1,246) (1,222)
At 26 October 2008 6,280 8,796
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