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Notes to the financial statements21. Analysis of changes in cash in the yearGroup and company 2011 2010£m £mAt 1 April 38.9 32.2Net cash (outflow)/inflow (24.9) 6.7At 31 March 14.0 38.922. Analysis of cashGroup and company 2011 2010Change in Change in2011 2010 year year£m £m £m £mCash at bank and in hand 14.0 38.9 (24.9) 6.723. Reconciliation of net cash flow to increase in net debt2011 2010£m £m(Decrease)/increase in cash as per cash flow statement (24.9) 6.7Long term loans - (240.0)Bonds issued - (965.0)Issue costs and discount 0.1 37.5Amortisation of issue costs and discount (3.7) (18.3)Index linked swap liability paid - 77.9(Increase)/decrease in index linked swap (50.7) 10.3Increase in index linked bond (5.3) -Bank debt repaid - 1,044.0Increase in net debt (84.5) (46.9)At 1 April (1,105.6) (1,058.7)At 31 March (1,190.1) (1,105.6)2011 2010Note £m £mGross debt 20 (1,204.1) (1,144.5)Cash 22 14.0 38.9Net debt (1,190.1) (1,105.6)24. Directors' and officers' loans and transactionsNo loans or credit transactions with any directors, officers or connected persons subsisted during the year orwere outstanding at the end of the year.Wales & West Utilities Limited38Registered number: 05046791
Notes to the financial statements25. Pension schemeThe Group operates one pension scheme which has defined benefit and defined contribution sections.Defined benefit sectionThe Group operates a defined benefit pension scheme, the Wales & West Utilities Pension Scheme (“theScheme”). The Scheme funds are administered by trustees and are independent of the Group’s finances.Contributions are paid to the Scheme in accordance with the Schedule of Contributions agreed between theTrustees and the Group.A full actuarial valuation as at 31 March 2006 was completed by Lane Clark & Peacock. This valuationshowed a deficit of £37m. The calculations carried out to produce the results of this valuation were updatedto the accounting date by an independent qualified actuary in accordance with FRS17. As required byFRS17, the value of the defined benefit liabilities has been measured using the projected unit method.The key FRS17 assumptions used for the Scheme are set out below, along with the fair value of assets, abreakdown of the assets into the main asset classes, the present value of the FRS17 liabilities and the netdeficit of assets below the FRS17 liabilities (which equals the gross pension liability).Financial Assumptions 2011 2010Price inflation 3.55% pa 3.95% paDiscount rate 5.65% pa 5.80% paPension increases (LPI) 3.55% pa 3.95% paSalary growth 4.30% pa 5.20% paMortality AssumptionsLife expectancy of a male aged 60 27 27Life expectancy of a male currently age 40 from age 60 30 28Wales & West Utilities Limited39Registered number: 05046791
Page 1: Registered No. 05046791Wales & West
Page 4 and 5: Report of the directorsThe director
Page 7 and 8: Report of the directors (continued)
Page 15 and 16: Independent auditors’ report to t
Page 17 and 18: Consolidated statement of total rec
Page 19 and 20: Consolidated cashflow statement for
Page 21 and 22: Principal accounting policies (cont
Page 23 and 24: Principal accounting policies (cont
Page 25 and 26: Notes to the financial statements2.
Page 33 and 34: Notes to the financial statements12
Page 39: Notes to the financial statements17

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