Annual report and accounts 2009 (PDF) - Coventry Building Society

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NOTES TO THE ACCOUNTS(continued)12. PENSION SCHEME (continued)The principal actuarial assumptions used are as follows:Weighted average assumptions used to determine benefit obligations at 31.12.2009 31.12.2008% %Discount rate 5.8 6.1Rate of pensionable salary increase 4.8 4.3Weighted average assumptions used to determine net pensioncost for the year endedDiscount rate 6.1 5.5Expected long term return on fund assets 6.2 6.2Rate of pensionable salary increase 4.3 4.4Rates of inflation 2.8 3.4Weighted average life expectancy for mortality tables used to determinebenefit obligations at31.12.2009 31.12.2008Male Female Male FemaleMember age 60 (current life expectancy) 25.4 28.0 26.8 29.8Member age 45 (life expectancy at age 60) 26.8 29.1 27.7 30.6The assumptions on mortality are determined by the actuarial tables known as S1PXA (YOB) medium cohort for current andfuture pensioners (2008 – PA92 (YOB) medium cohort for current and future pensioners).Financial year endingFund history 2009 2008 2007 2006 2005Fair value of fund assets at end of year (£m) 95.9 80.4 94.1 88.7 73.6Benefit obligation at end of year (£m) 89.0 71.5 82.5 87.8 81.7Surplus/(deficit) (£m) 6.9 8.9 11.6 0.9 (8.1)Difference between expected and actual returnon fund assetsAmount (£m) 9.5 (20.8) (1.2) 0.6 7.7Percentage of fund assets 9.9 (25.9) (1.3) 0.7 10.5Actuarial losses/(gains) on fund liabilitiesAmount (£m) 12.8 (16.4) (11.1) 0.3 13.8Percentage of fund liabilities 14.4 (22.9) (13.5) 0.3 16.948
13. IMPAIRMENT PROVISIONS ON LOANS AND ADVANCES TO CUSTOMERSGroup Loans fully secured on Otherresidential property loans Total£m £m £mAt 1 January 2009Individual impairment 11.5 3.9 15.4Collective impairment 4.7 0.8 5.516.2 4.7 20.9Charge for the yearIndividual impairment 15.8 4.0 19.8Collective impairment 0.6 (0.5) 0.116.4 3.5 19.9Amounts written off individual impairment (12.0) (5.4) (17.4)At 31 December 2009Individual impairment 15.3 2.5 17.8Collective impairment 5.3 0.3 5.620.6 2.8 23.4SocietyAt 1 January 2009Individual impairment 9.8 3.5 13.3Collective impairment 4.3 0.7 5.014.1 4.2 18.3Charge for the yearIndividual impairment 12.1 3.3 15.4Collective impairment (0.7) (0.4) (1.1)11.4 2.9 14.3Amounts written off individual impairment (10.2) (4.6) (14.8)At 31 December 2009Individual impairment 11.7 2.2 13.9Collective impairment 3.6 0.3 3.915.3 2.5 17.849
Page 1 and 2: ANNUAL REPORT & ACCOUNTS 2009
Page 3: ChairmanDavid HardingDeputy Chairma
Page 11 and 12: DIRECTORS’ REPORTBUSINESS OBJECTI
Page 13 and 14: Financial performanceThe Society ac
Page 15 and 16: ASSETSThe assets of the Group incre
Page 17 and 18: KEY PERFORMANCE INDICATORSNET MORTG
Page 19 and 20: Remuneration CommitteeConsisting of
Page 21 and 22: RISK MANAGEMENT REPORTPRINCIPAL RIS
Page 23 and 24: CORPORATE GOVERNANCEThe board is ac
Page 25 and 26: APPOINTMENTS TO THE BOARDThe appoin
Page 27 and 28: DIRECTORS’ REMUNERATION REPORTINT
Page 29 and 30: STATEMENT OF DIRECTORS’RESPONSIBI
Page 31 and 32: OPINIONIn our opinion:the Annual Ac
Page 33 and 34: BALANCE SHEETSas at 31 December 200
Page 35 and 36: CASH FLOW STATEMENTSfor the year en
Page 37 and 38: Improvements to IFRSThe improvement
Page 39 and 40: FINANCIAL LIABILITIESFinancial liab
Page 41 and 42: PENSION COSTSThe Society operates b
Page 43 and 44: Loan impairment and other provision
Page 45 and 46: 7. OTHER OPERATING INCOMEGroup Soci
Page 47 and 48: 11. DIRECTORS’ EMOLUMENTS (contin
Page 49: 12. PENSION SCHEME (continued)2009
Page 53 and 54: 14. PROVISION FOR FSCS LEVIESAll de
Page 55 and 56: 20. DEBT SECURITIESGroup Society Gr
Page 57 and 58: 21. DERIVATIVES AND OTHER FINANCIAL
Page 59 and 60: 24. INTANGIBLE FIXED ASSETSGroup So
Page 61 and 62: 26. DEFERRED TAXDeferred tax assets
Page 63 and 64: 32. OTHER LIABILITIESGroup Society
Page 65 and 66: 38. FINANCIAL COMMITMENTSGroup Soci
Page 67 and 68: 40. FINANCIAL INSTRUMENTS (continue
Page 75 and 76: 41. RELATED PARTY TRANSACTIONSULTIM
Page 77 and 78: 42. NOTES TO THE CASH FLOW STATEMEN
Page 79 and 80: 2. OTHER PERCENTAGES2009 2008% %As
Page 81 and 82: 3. INFORMATION RELATING TO DIRECTOR
Page 84: www.thecoventry.co.ukCoventry Build

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