Savills plc - Investor relations

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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
NOTES TO THE ACCOUNTSyear ended 31 December 20039. Tax on profit on ordinary activities Year to Year to Year to Year to31 December 2003 31 December 2003 31 December 2002 31 December 2002Analysis of tax charge in year £'000 £'000 £'000 £'000United Kingdom:Corporation tax at 30% (2002 - 30%) 9,963 8,086Adjustment in respect of previous years 912 (109)Share of joint ventures 12 (7)Share of associated undertakings 120 (599)11,007 7,371Foreign tax:Corporation taxes 2,592 3,043Adjustment in respect of previous years (212) (269)Share of joint ventures 10 (2)Share of associated undertakings 41 1582,431 2,930Total current tax 13,438 10,301Deferred tax:Origination & reversal of timing differences (1,029) (186)Representing:United Kingdom (731) (97)Foreign tax (298) (89)Total deferred tax (1,029) (186)Tax on profit on ordinary activities 12,409 10,115Included in the tax charge for the year was tax on the profit on sale of trading properties of £1,414,000 (2002 - £380,000).55
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ANNUALREPORT &ACCOUNTS2003Savills p
Page 5 and 6: FINANCIALSUMMARY• Pre-tax profit
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Page 33 and 34: REPORT OF THE DIRECTORS CONTINUEDRE
Page 39 and 40: DIRECTORS’RESPONSIBILITIESThe fol
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Page 44 and 45: BALANCE SHEETSat 31 December 2003Gr
Page 46 and 47: STATEMENT OF TOTAL RECOGNISEDGAINS
Page 48 and 49: NOTES TO THE ACCOUNTSyear ended 31
Page 56: NOTES TO THE ACCOUNTSyear ended 31
Page 71 and 72: FIVE YEAR REVIEWyear ended 31 Decem
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Page 75 and 76: RegistrarsLloyds TSB Registrars, Th
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