ANNUAL REPORT 2011 - Horse Racing Ireland

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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)27. Pension commitments (continued)Life expectancy at 65: 2011 2010Year YearCurrent pensioners (currently aged 65) - male 87.2 87.0Current pensioners (currently aged 65) - female 88.6 88.5Future pensioners (currently aged 45) - male 89.8 89.7Future pensioners (currently aged 45) - female 90.8 90.7The life expectancy assumptions are based on up to date mortality tables as set out in actuarial guidance and include anallowance for future improvements in life expectancy.The expected rates of return on assets and asset distribution of the pension scheme were as follows:AssetAssetDistributionDistributionRate of as percentage Rate of as percentageexpected of total expected of totalreturn at scheme assets return at scheme assetsClass 31/12/2011 at 31/12/2011 31/12/2010 at 31/12/2010Equities 7.25% 56% 7.50% 63%Fixed Interest 4.00% 40% 4.00% 33%Cash 2.00% 1% 2.00% 1%Property 6.25% 3% 6.25% 3%Total 100% 100%The expected return on scheme assets assumption is determined based on the weighted average expected return of theunderlying asset classes. The expected return on assets assumption for 2012 allows for the Government’s Pensions levy of0.6% of the plan’s assets.50 Horse Racing Ireland Annual Report 2011
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)27. Pension commitments (continued)Analysis of the amount charged to HRI Administration costs 2011 2010before amounts deducted for Curragh / Others are as follows: €’000 €’000Current service cost (136) (223)Analysis of the amounts charged to other finance expense 2011 2010before amounts deducted for Curragh / Others are as follows: €’000 €’000Expected return on pension scheme assets 1,696 1,619Interest on pension scheme liabilities (2,013) (2,089)(317) (470)Analysis of the amount credited to exceptional items 2011 2010before amounts deducted for Curragh / Others are as follows: €’000 €’000Gain on curtailment - 2,036The amounts recognised in the balance sheet are as follows: 2011 2010€’000 €’000Present value of wholly or partly funded scheme liabilities (38,144) (36,651)Fair value of scheme assets 26,068 27,189Total Deficit in Plan at end of the year (12,076) (9,462)Curragh Racecourse / Others deficit included in total deficit for the year (1,135) (795)Net HRI liability recognised in the balance sheet (10,941) (8,667)Changes in the present value of scheme liabilities are as follows: 2011 2010€’000 €’000Opening present value of scheme liabilities (36,651) (36,265)Current service cost (136) (223)Interest cost (2,013) (2,089)Contributions by scheme participants (389) (401)Actuarial loss (131) (880)Benefits paid 1,176 1,171Gain on curtailment - 2,036Closing present value of scheme liabilities (38,144) (36,651)Horse Racing Ireland Annual Report 2011 51
Page 1 and 2: Horse Racing IrelandANNUALREPORT201
Page 3 and 4: MISSION STATEMENTTo develop and pro
Page 5 and 6: FINANCE COMMITTEEDenis Brosnan Chai
Page 7 and 8: The Minister for Agriculture, Food
Page 9 and 10: major contributor to the national e
Page 11 and 12: Payments made to Racecourses for va
Page 13 and 14: acecourse turnstiles. Similarly, HR
Page 15 and 16: HRI RACECOURSE DIVISION2011 was the
Page 17 and 18: NavanNavan raced 19 times in 2011,
Page 19 and 20: also continued its association with
Page 21 and 22: Mullins. Ian Ferguson sent out Zems
Page 23 and 24: causing a 25/1 shock in the Group 1
Page 25 and 26: Members AND OTHER INFORMATIONMember
Page 27 and 28: Comptroller and Auditor GeneralRepo
Page 29 and 30: STATEMENT ON INTERNAL FINANCIAL CON
Page 31 and 32: STATEMENT OF ACCOUNTING POLICIES (C
Page 33 and 34: GROUP INCOME AND EXPENDITURE ACCOUN
Page 35 and 36: GROUP BALANCE SHEETAS AT 31 DECEMBE
Page 37 and 38: GROUP CASH FLOW STATEMENTFOR THE YE
Page 39 and 40: NOTES TO THE FINANCIAL STATEMENTSFO
Page 51: NOTES TO THE FINANCIAL STATEMENTSFO

ANNUAL REPORT 2011 - Horse Racing Ireland

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