BALANCE SHEET as at 31 December 2009 - Joseph Rowntree ...

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Joseph Rowntree Housing Trust Registered Charity 21 Trustees' and Directors' Emoluments (continued) All of the Directors are ordinary members of the pension scheme. Staff are employed by the Joseph Rowntree Foundation (JRF). Costs are apportioned between JRF and the Trust on the basis of an estimated division of time. Total staff costs, including those shared with JRF, during the year, were:- The number of Directors of the JRF for whom a percentage of emoluments (excluding pension contributions but including benefits in kind) was apportioned to the Trust fell in the following ranges was:- 2009 2008 £55,001 - £60,000 - 1 £65,001 - £70,000 2 - £70,001 - £75,000 2 2 £85,001 - £90,000 1 - £90,001 - £95,000 - 1 £115,001 - £120,000 - 1 £145,001 - £150,000 - 1 £150,001 - £155,000 1 - A loan to one of the Directors for a car required for business purposes was outstanding at the beginning and end of the year. The details of the loan, for which a commercial rate of interest is being charged are:- Sum advanced 4,865 Repayments (2,820) Balance at 31 December 2009 2,045 £ 22 Staff Costs 2009 2008 £'000 £'000 Wages and salaries 10,620 9,229 National Insurance contributions 760 674 Other pension costs (Note 23) 663 666 12,043 10,569 The average weekly number of persons, including part time staff, employed by JRF in conjunction with the Trust during the year was 590 (2008: 494). £9,553,000 (2008: £8,116,000) of the staff costs was apportioned to the Trust. The average number of full time equivalent employees, based on a working week of 35 hours, was 446 (2008: 396). 23 Pension Costs The Trust participates in the Social Housing Pension Scheme (SHPS). SHPS is a multi-employer defined benefit scheme where the share of assets and liabilities applicable to each employer is not identified. Accordingly, the Trust accounts for its pension costs on a defined contribution basis in accordance with Financial Reporting Standard 17. 22
23 Pension Costs (continued) Joseph Rowntree Housing Trust Registered Charity Contributions to the scheme are based on applicable pension costs across the participating organisations taken as a whole and are charged to the Income and Expenditure Account so as to spread the costs over the members' working lives. The pensions charge recorded by the Trust during the account period was equal to the contributions payable. The results and assumptions of the most recent valuation of the scheme are as follows:- Valuation date 30 September 2008 Valuation method Projected Unit Credit Value of assets £1,527m Value of liabilities Funding level for accrued benefits £2,190m 70% Investment return on future contributions per annum:- Pre-Retirement 7.8% Non-Pensioner Post-Retirement 6.2% Pensioner Post-Retirement 4.7% Pensionable Earnings Growth 5.6% Pension increases per annum:- Pre-1988 Guaranteed Minimum Pension 0.0% Post-1988 Guaranteed Minimum Pension 2.8% Rate of Price inflation 3.2% As a result of this valuation, the Trust has elected to maintain the following benefit structure. Staff who were employed before 1 April 2007 have the option of remaining in the final salary arrangement, where the average employee contribution rate will be increased from 9.1% to 11.3% from 1 April 2010, or to transfer to a Career Average Revalued Earnings (CARE) arrangement, where the average employee contribution rate will increase from 5.6% to 7.8%. From 1 April 2010, all staff regardless of their date of employment, are only entitled to join the CARE arrangement. The Trust's standard contribution rate will be increased from 1 April 2010 from 12.9% to 14.0% for the final salary arrangement and from 12.9% to 14.6% for the CARE arrangement. 24 Interest Payable and Similar Charges 2009 2008 £'000 £'000 Interest Paid: Orchardbrook Ltd 141 149 Joseph Rowntree Foundation 117 334 Lloyds TSB plc 1,118 1,721 Bank Overdraft - 45 1,376 2,249 Interest Applied to: Income received in advance 36 101 Bonds and Loan Stock 90 306 Recycled Capital Grant Fund (Note 10) 1 29 Disposal Proceeds Fund (Note 11) 1 8 Other - 19 1,504 2,712 Less Capitalised: Housing Land and Buildings (Note 2) (192) (1,380) Other Freehold Land and Buildings (Note 5) (1) (154) Hartrigg Oaks (Note 3) - (11) 1,311 1,167 23
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BALANCE SHEET as at 31 December 2009 - Joseph Rowntree ...

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