Annual Report and Accounts 2010-11 - Manchester Airport

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68 Notes to the Consolidated Financial Statements for the year ended 31 March 201124. Retirement benefits continuedDetails of the net pension liability by scheme is as follows:Total Present (Deficit)/market value of surplusvalue scheme in theof assets liabilities scheme£m £m £mGMPF (Note 1)2011 297.7 (335.3) (37.6)2010 288.5 (354.9) (66.4)2009 216.1 (236.9) (20.8)2008 263.1 (254.2) 8.92007 279.2 (293.0) (13.8)EMIA2011 38.7 (45.8) (7.1)2010 35.7 (42.7) (7.0)2009 26.0 (29.6) (3.6)2008 31.4 (33.4) (2.0)2007 31.1 (41.2) (10.1)East Riding (Note 1)2011 9.3 (9.7) (0.4)2010 9.3 (12.0) (2.7)2009 6.5 (7.4) (0.9)2008 8.4 (8.2) 0.22007 8.4 (9.1) (0.7)Airport Ventures (Note 2)2011 3.0 (3.0) –2010 2.8 (2.8) –2009 1.9 (1.3) 0.62008 2.4 (1.7) 0.72007 2.5 (1.9) 0.6Total2011 348.7 (393.8) (45.1)2010 336.3 (412.4) (76.1)2009 250.5 (275.2) (24.7)2008 305.3 (297.5) 7.82007 321.2 (345.2) (24.0)(Note 1) The figures as shown represent the proportion of the schemes which are attributable to the Group. £6.5m (2010 £6.7m) of theliabilities are unfunded.(Note 2) The Airport Ventures Scheme has a surplus of £1.1m (2010: £0.8m). This surplus has not been recognised in line with ‘IFRIC14’ as this cannot be recovered by reducing future contributions.The Manchester Airport Group PLC Annual Report and Accounts 2010-11
Notes to the Consolidated Financial Statements for the year ended 31 March 20116924. Retirement benefits continuedAnalysis of the amount charged/(credited) to operating profitEastGMPF EMIA Riding Ventures Total2011 2010 2011 2010 2011 2010 2011 2010 2011 2010£m £m £m £m £m £m £m £m £m £mCurrent Service Cost ofDefined Benefit Schemes 3.8 2.3 1.4 0.9 0.2 0.1 – – 5.4 3.3Past service cost (41.3) 1.3 – – (1.2) 0.1 – – (42.5) 1.4Expected return on pension scheme assets (19.7) (13.5) (2.4) (1.5) (0.7) (0.4) (0.2) (0.1) (23.0) (15.5)Interest on pension scheme liabilities 18.2 16.1 2.4 2.0 0.7 0.5 0.1 0.1 21.4 18.7Net amount charged against income (39.0) 6.2 1.4 1.4 (1.0) 0.3 (0.1) – (38.7) 7.9The above charge has been included in operating expenses.Movement in deficit during yearEastGMPF EMIA Riding Ventures Total2011 2010 2011 2010 2011 2010 2011 2010 2011 2010£m £m £m £m £m £m £m £m £m £mSurplus/(deficit) in scheme atbeginning of year (66.4) (20.8) (7.0) (3.6) (2.7) (0.9) – 0.6 (76.1) (24.7)Movement in year:Current service cost (3.8) (2.3) (1.4) (0.9) (0.2) (0.1) – – (5.4) (3.3)Past service cost 41.3 (1.3) – – 1.2 (0.1) – – 42.5 (1.4)Contributions 3.9 4.9 1.7 1.7 0.1 0.3 – – 5.7 6.9Other finance (expense) 1.5 (2.6) – (0.5) – (0.1) 0.1 – 1.6 (3.2)Actuarial gain/(loss) in SOCI (14.1) (44.3) (0.4) (3.7) 1.2 (1.8) (0.1) (0.6) (13.4) (50.4)Deficit in scheme at end of year (37.6) (66.4) (7.1) (7.0) (0.4) (2.7) – – (45.1) (76.1)The total actuarial (loss)/gains for the 2009 and 2008 periods were (£31.6m) and £30.3m respectively.Amount recognised in the statement of comprehensive income (SOCI)EastGMPF EMIA Riding Ventures Total2011 2010 2011 2010 2011 2010 2011 2010 2011 2010£m £m £m £m £m £m £m £m £m £mActual return less expectedreturn on pension scheme assets (3.3) 63.4 0.3 7.7 (0.7) 2.2 0.1 0.8 (3.6) 74.1Experience (losses)/gains arisingon scheme liabilities – – – – – – (0.4) (1.4) (0.4) (1.4)Changes in assumptions underlying thepresent value of the scheme liabilities (10.8) (107.7) (0.7) (11.4) 1.9 (4.0) 0.2 – (9.4) (123.1)Actuarial gain/(loss) recognised in SOCI (14.1) (44.3) (0.4) (3.7) 1.2 (1.8) (0.1) (0.6) (13.4) (50.4)The Manchester Airport Group PLC Annual Report and Accounts 2010-11
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03Chairman’s StatementIt has been
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07Manchester Airport was also very
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09Such increases have compensated f
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11PropertyMAG’s investment proper
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13Adjusting for the impact of the v
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15Car parking yields have improved
Page 21: Corporate Responsibility19In all ou
Page 24 and 25: 22Corporate ResponsibilityOur commu
Page 26 and 27: 24Corporate ResponsibilityOur desig
Page 28 and 29: 26 Corporate ResponsibilityEast Mid
Page 30 and 31: 28Corporate ResponsibilityServing o
Page 32 and 33: 30Report on Corporate GovernanceThi
Page 34 and 35: 32 Report on Corporate GovernanceTh
Page 36 and 37: 34The Board of DirectorsChairmanMik
Page 38 and 39: 36Directors’ Remuneration ReportE
Page 40 and 41: 38 Directors’ Report for the year
Page 42 and 43: 40 Statement of Directors’ Respon
Page 44 and 45: 42Accounting PoliciesBasis of accou
Page 46 and 47: 44Accounting PoliciesInvestment pro
Page 49 and 50: Consolidated Statement of Comprehen
Page 52 and 53: Conseil Economique et Social2. Cons
Page 57: Notes to the Consolidated Financial
Page 66 and 67: 64Notes to the Consolidated Financi
Page 68 and 69: 66 Notes to the Consolidated Financ
Page 72 and 73: 70 72Notes to the Consolidated Fina
Page 74 and 75: 72 74Notes to the Consolidated Fina
Page 76 and 77: 74Independent Auditors’ Report to
Page 78 and 79: 76Company Balance SheetNotes 2011 2
Page 80 and 81: 78Notes to the Financial Statements
Page 82 and 83: 80Principal Subsidiary Undertakings
Page 84: The Manchester Airport Group PLCReg
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Annual Report and Accounts 2010-11 - Manchester Airport

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