Savills plc - Investor relations

NOTES TO THE ACCOUNTSyear ended 31 December 20037. Pension scheme (continued)31 December 2003 31 December 2002Movements in deficit during the year £’000 £’000Deficit in scheme at the beginning of the year (25,302) (16,448)Movement in the year:Current service cost (2,394) (2,541)Contributions 3,185 2,814Past service costs (42) -Other finance income (811) (531)Actuarial loss (164) (8,596)Deficit in scheme at the end of the year (25,528) (25,302)The Group contributions during the accounting year amounted to £3,185,000 and the agreed current Company contribution rate from 1 January 2004 is 18% of pensionable salaries subject to review at the nextactuarial valuation as at 5 April 2004. The company made an additonal contribution of 3% of pensionable salaries during 2003 (included in the above amount). Active members of the Scheme contribute at the rateof 5% of pensionable salaries, rising to 7% on 1 April 2004.The scheme was closed to new entrants with effect from 1 April 2000. In accordance with FRS 17, the valuation of the schemes’ liabilities has been determined using the projected unit method.In these circumstances the use of this method can lead to the contribution rate underlying the current service cost increasing in future years.31 December 2003 31 December 2002History of experience gains & losses £’000 £’000Difference between the expected & actual return on scheme assets:Amount (£’000) 3,378 (7,565)Percentage of scheme assets 9% 26%Experience gains & losses on scheme liabilities:Amount (£’000) 658 717Percentage of the present value of the scheme liabilities 1% 1%Total amount recognised in Statement of Recognised Gains & Losses:Amount (£’000) (164) (8,596)Percentage of the present value of the scheme liabilities 0% (16%)Year toYear to31 December 2003 31 December 20028. Net interest £'000 £'000Bank interest receivable 1,482 1,296Other interest receivable & similar income 45 48Group interest receivable 1,527 1,344Associated undertakings’ interest receivable 4 11,531 1,345Finance charges in respect of finance leases (1) (9)Bank interest payable (1,732) (1,605)Other (2) (19)Group interest payable (1,735) (1,633)Joint venture interest payable (2) (13)Associated undertakings’ interest payable (11) (112)(1,748) (1,758)(217) (413)54