ANNUAL REPORT 2011 - Horse Racing Ireland

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)27. Pension commitments (continued)Changes in the fair value of scheme assets are as follows: 2011 2010€’000 €’000Opening fair value of scheme assets 27,189 24,596Expected return 1,696 1,619Actuarial (loss) / gain (2,769) 700Contributions by employer 739 1,044Contributions by scheme participants 389 401Benefits paid (1,176) (1,171)Closing fair value of scheme assets 26,068 27,189Analysis of the amount which is recognised in the statement of 2011 2010total recognised gains and losses (STRGL) is as follows: €’000 €’000Curragh / Others actuarial loss for the year (377) (13)HRI actuarial loss for the year (2,523) (167)The actual return on scheme assets in 2011 was a loss of €1.073m (2010: gain of €2.319m). The cumulative gains andlosses recognised in the statement of total recognised gains and losses at 31 December 2011 is a loss of €10.507m (2010:cumulative loss of €7.607m).Amounts for the current and previous four periods are as follows:Year ended 31 December 2011 2010 2009 2008 2007€’000 €’000 €’000 €’000 €’000Present value of scheme liabilities (38,144) (36,651) (36,265) (36,717) (37,014)Fair value of scheme assets 26,068 27,189 24,596 20,737 29,828Deficit in the scheme (12,076) (9,462) (11,669) (15,980) (7,186)Net deficit in pension scheme in relation toHRI and Turf Club funded employees of theHorse Racing Ireland and Racing RegulatoryBody Superannuation Scheme (10,941) (8,667) (10,634) (14,629) (6,576)Experience adjustment arising on- the scheme liabilities 876 597 2,119 (353) (890)- the scheme assets (2,769) 700 2,265 (11,411) (3,105)Defined Contribution Scheme / PRSAa) Horse Racing Ireland operates a Defined Contribution Scheme for all other eligible employees not in theDefined Benefit Scheme. At 31 December 2011 there were 90 active participants. Horse Racing Ireland also offers a PRSAto employees not eligible to join the scheme.b) The pension costs for the year ended 31 December 2011 was €321,424 (2010: €319,000).52 Horse Racing Ireland Annual Report 2011