Cosalt plc Annual report & financial statements 2008
Cosalt plc Annual report & financial statements 2008
Cosalt plc Annual report & financial statements 2008
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Financial <strong>statements</strong> Notes to the <strong>financial</strong> <strong>statements</strong><br />
Notes to the <strong>financial</strong> <strong>statements</strong><br />
continued<br />
26. Operating leases<br />
The future minimum lease payments of commitments due under non-cancellable operating leases are:<br />
(i) Land and buildings<br />
<strong>2008</strong> 2007<br />
£000 £000<br />
Leases which expire within one year 1,821 1,599<br />
Between two and five years 5,313 5,009<br />
In five years or more 2,311 2,623<br />
9,445 9,231<br />
(ii) Plant<br />
<strong>2008</strong> 2007<br />
£000 £000<br />
Leases which expire within one year 393 159<br />
Between two and five years 2,742 1,074<br />
In five years or more 17 –<br />
3,152 1,233<br />
Total leases 12,597 10,464<br />
The majority of leases of land and buildings are subject to rent reviews.<br />
(iii) Operating lease receivables<br />
The Group both rents out its Investment properties and also sub-lets various leased buildings under operating leases.<br />
At the Balance Sheet date, the following future minimum lease payments are contractually receivable from tenants:<br />
<strong>2008</strong> 2007<br />
£000 £000<br />
Within one year 62 107<br />
Between two and five years – –<br />
After five years – –<br />
Total minimum lease payments 62 107<br />
27. Retirement benefit obligations<br />
As at 26 October <strong>2008</strong>, the assumption adopted regarding the life expectancy of Members was in line with the following tables:<br />
Deferreds/actives: PA92 (YOB=1965) mc rated up 1 year.<br />
Pensioners: PA92 (YOB=1935) mc rated up 1 year.<br />
The above equates to an average life expectancy from age 65 for male deferreds/actives of 22.5 years and an average life<br />
expectancy from age 65 for male pensioners of 21.2 years.<br />
The assets of the defined benefit scheme have been calculated at fair value and the liabilities, at each balance sheet date under<br />
IAS 19 (revised) have been calculated based on the following <strong>financial</strong> assumptions:<br />
26 October 28 October<br />
<strong>2008</strong> 2007<br />
% pa % pa<br />
Discount rate 7.4 5.8<br />
General pay increases n/a n/a<br />
Inflation assumption 3.5 3.3<br />
Pension increases – Limited Price Indexation<br />
Expected return on Scheme assets<br />
3.4 3.2<br />
Equities 8.2 7.8<br />
Bonds 4.7 5.8<br />
Cash 4.0 4.8<br />
Property 7.2 7.3<br />
68 <strong>Cosalt</strong> <strong>plc</strong> <strong>Annual</strong> <strong>report</strong> & <strong>financial</strong> <strong>statements</strong> <strong>2008</strong>
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