Annual Report 2006-2007 - Cafcass

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Other commitments Cafcass had a three-year contract with Unisys Ltd, ending 31st March 2006. Cafcass has exercised the option of a twoyear extension to continue to provide finance, payroll and IT managed services. The commitment in 2007–08 is £2.872m (including VAT). 20 Pension liabilities (FRS17) WYPF’s actuary, Mercer Human Resource Consulting carried out a FRS 17 valuation for Cafcass as at 31st March 2007. The scheme provides funded defined benefits based on final pensionable salary. The assets of the scheme are held separately from those of Cafcass and are invested in managed funds. Employer contribution rates are determined by a qualified actuary on the basis of triennial valuations. Cafcass accounts for scheme liabilities in accordance with FRS 17 – Retirement benefits. This is the second year a FRS 17 disclosure has been made and as such there is limited history of movements in liabilities. The in year service cost has been reflected in the Income and Expenditure Account. In addition to the disclosure contained in the primary statements, the following disclosures are in accordance with that standard. Financial assumptions: The major financial assumptions used in the valuation were: 31st March 2007 31st March 2006 Rate of inflation 3.1% 2.9% Rate of increase in salaries 4.85% 4.65% Rate of increase in pensions 3.1% 2.9 % Discount rate 5.4% 4.9% The assumptions used by the actuary are chosen from a range of possible actuarial assumptions, which due to the timescales covered may not be borne out in practice. Scheme assets: The fair value of the schemes assets which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the schemes liabilities, which are derived from cash flow projections over long periods and thus inherently uncertain were: As at 31st March 2007 As at 1st April 2006 Expected rate of return £000 Expected rate of return £000 Equities 7.5% 144,233 7.0% 122,967 Government bonds 4.7% 14,306 4.3% 11,481 Other bonds 5.4% 8,035 4.9% 7,987 Property 6.5% 10,386 6.0% 8,486 Cash/liquidity 5.25% 10,190 4.5% 10,316 Other 7.5% 8,819 7.0% 5,158 Total market value of assets 195,969 166,395 Actuarial value of liabilities (243,716) (224,844) Deficit in the scheme (47,747) (58,449) Related deferred tax asset - - Net pension liability (47,747) (58,449) 64 | Cafcass Annual Report and Accounts 2006–07
The FRS17 valuation as at 31st March 2007 includes assets and liabilities in respect of the deferred members whose employment was transferred to Cafcass Cymru with effect from 1st April 2005. Analysis of other pension costs debited to the Income and Expenditure Account: £000 Current service cost (10,546) Employer’s contributions 7,310 Past service/curtailment/settlement gain (790) Net interest/return on assets (295) Total (4,321) Analysis of net return on pension scheme: 2006–07 £000 Expected return on pension scheme assets 11,201 Interest on pension liabilities (11,496) Net gain/(loss) (295) Analysis of amounts recognised in Statement of Total Recognised Gains and Losses: 2006–07 £000 2005–06 £000 Asset gain/(loss) 2,054 23,281 Liability gain/(loss) 0 (27,594) Change in assumptions 12,969 (17,737) Net gain/(loss) 15,023 (22,050) A five-year summary of experience gains and losses is not available, as Cafcass has only adopted FRS17 in the last two years. Movement in deficit during the year: £000 Deficit in scheme at beginning of year (58,449) Movement in year: Current service cost (10,546) Employer’s contributions 7,310 Past service/curtailment/settlement gain/(loss) (790) Net interest/return on assets (295) Actuarial gain/(loss) 15,023 Deficit in scheme at end of the year (47,747) Section 6: Accounts 2006–07 | 65
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Annual Report and Accounts Children
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Our purpose Cafcass has a statutory
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Overview by the Chair Chairing a no
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Section 1: Management Commentary Se
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Private law Our approach to working
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case study Managing our resources:
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case study Cafcass Legal and the Hi
Page 17 and 18: Transforming services and modernisi
Page 19 and 20: case study North East Children’s
Page 21 and 22: Diversity conference We held a nati
Page 23 and 24: staff easy access to their collecti
Page 25 and 26: Family Justice Councils Cafcass con
Page 27 and 28: “This excellent practice guidance
Page 29 and 30: This year we also produced three DV
Page 31 and 32: Diversity Our workforce is ageing,
Page 33 and 34: upgrade will be completed by the en
Page 35 and 36: KPI 2 - At least 98% of all public
Page 37 and 38: KPI 5 -The percentage of Section 8s
Page 39 and 40: Section 1: Management Commentary |
Page 41 and 42: The Parliamentary and Health Servic
Page 43 and 44: Members of the Board at an open Boa
Page 45 and 46: Section 4: Statement on Internal Co
Page 47 and 48: and advice on best practice. The co
Page 49 and 50: Board members’ remuneration (audi
Page 51 and 52: Section 6: Accounts 2006-07 Section
Page 53 and 54: Additional meetings between the tra
Page 55 and 56: the Secretary of State for Educatio
Page 57 and 58: Balance Sheet as at 31st March 2007
Page 59 and 60: Expected useful lives are as follow
Page 61 and 62: The total staff cost includes a cos
Page 63 and 64: 7 Tangible fixed assets Freehold la
Page 65 and 66: 13 Analysis of changes in cash 1st
Page 67: 18b Analysis of capital expenditure
Page 71: General contact details We can be c
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