RNLI ANNUAL REPORT AND ACCOUNTS 2011

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RNLI notes to the accounts (continued)FOR THE YEAR ENDED 31 DECEMBER 201114 Pension schemeS (continued)a) The following amounts were measured in accordance with the requirements of FRS17:Pensionscheme£M2011 2010Dependants’pensions£MTotal£MPensionscheme£MDependants’pensions£MTotal£MTotal market value of assets 213.9 - 213.9 203.7 - 203.7Present value of liabilities (247.3) (5.2) (252.5) (241.8) (5.6) (247.4)Net pension liability (33.4) (5.2) (38.6) (38.1) (5.6) (43.7)b) Changes in the present value of the defined benefit obligation are as follows:Pensionscheme£M2011 2010Dependants’pensions£MTotal£MPensionscheme£MDependants’pensions£MOpening defined benefit obligation 241.8 5.6 247.4 217.6 5.6 223.2Service cost 7.5 - 7.5 7.0 - 7.0Interest cost 12.8 0.3 13.1 12.2 0.3 12.5Employee contributions 1.9 - 1.9 2.0 - 2.0Actuarial (gains)/losses (8.9) (0.4) (9.3) 10.1 - 10.1Benefits paid (7.8) (0.3) (8.1) (7.1) (0.3) (7.4)Defined benefit obligation247.3 5.2 252.5 241.8 5.6 247.4at the year endTotal£Mc) Changes in the fair value of the scheme assets are as follows:Pensionscheme£M2011 2010Dependants’pensions£MTotal£MPensionscheme£MDependants’pensions£MTotal£MOpening fair value of scheme assets 203.7 - 203.7 177.3 - 177.3Expected return 12.8 - 12.8 11.8 - 11.8Actuarial (losses)/gains (6.5) - (6.5) 9.6 - 9.6Employer contributions 9.8 - 9.8 10.1 - 10.1Employee contributions 1.9 - 1.9 2.0 - 2.0Benefits paid (7.8) - (7.8) (7.1) - (7.1)Fair value of scheme assets at the year end 213.9 - 213.9 203.7 - 203.7The actual return on scheme assets was £6.3M (2010: £21.4M).32
d) The amounts included within the Statement of Financial Activities are as follows:Pensionscheme£M2011 2010Dependants’pensions£MTotal£MPensionscheme£MDependants’pensions£MCurrent service cost 7.5 - 7.5 7.0 - 7.0Past service cost - - - - - -Expected return on scheme assets (12.8) - (12.8) (11.8) - (11.8)Interest on pension 12.8 0.3 13.1 12.2 0.3 12.5Total amount charged within net incoming7.5 0.3 7.8 7.4 0.3 7.7resourcesActuarial (gains)/losses (2.4) (0.4) (2.8) 0.5 - 0.5Total amount charged to the Statement ofFinancial Activities5.1 (0.1) 5.0 7.9 0.3 8.2Total£MContributions in 2011 were £11.7M (2010: £12.1M) and a further £12.0M is expected to be contributed to the defined benefit schemein the 2012 financial year. The cumulative actuarial loss recognised via the SoFA at the end of December 2011 is £64.8M (2010: £67.6M)e) A history of gains and losses experienced in the pension scheme and in relation to the dependants’ pensions is:Amount£M2011 2010 2009 2008 2007% ofassetsAmount£M% ofassetsAmount£M% ofassetsAmount£M% ofassetsAmount£M% ofassetsTotal market value of assets 213.9 203.7 177.3 148.6 175.0Present value of liabilities (252.5) (247.4) (223.2) (156.0) (185.1)Net pension liability (38.6) (43.7) (45.9) (7.4) (10.1)(Gains)/losses experienced on assets 6.5 3.0 (9.6) (4.7) (13.1) (7.4) 44.4 29.9 7.6 4.3(Gains)/losses experiencedon liabilities(Gains)/losses on liabilities on changeof assumptions2.7 1.1 0.3 0.1 8.2 3.7 (1.6) 1.0 (3.6) (1.9)(12.0) (4.8) 9.8 4.0 48.1 21.6 (41.4) (26.5) (5.5) (3.0)No (gains)/losses experienced on assets relate to dependants’ pensions (2010: nil); £(0.4)M (2010: nil) of gains experienced on liabilitiesrelate to dependents’ pensions.f) The defined contribution pension schemeThe defined benefit pension scheme was closed to new entrants from 1 January 2007, and a defined contribution pension schemewas established for new staff joining after that date. In 2011, the RNLI paid contributions of £1.3M (2010: £1.0M) in respect ofmembers of the defined contribution pension scheme.15 Value added taxIncluded in the accounts is a cost of £2.0M (2010: £1.8M) in respect of irrecoverable VAT incurred in 2011 on both revenue andcapital expenditure.16 Connected charityThe RNLI’s Trustees are also Trustees of the Royal National Lifeboat Institution Lifeboatmen’s Benevolent Fund. The principal activityof the Fund, which as at 31 December 2011 had net assets of £0.9M (2010: £1.0M), is to make grants to relieve distress among pastand present members of crews of lifeboats, their families, relatives or dependants. Copies of the Fund’s accounts can be obtainedfrom the registered office of the RNLI.33
Page 1 and 2: RNLI ANNUAL REPORTAND ACCOUNTS 2011
Page 3 and 4: Annual Report of the Trustees of th
Page 5: Beach safety advice has also been d
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Page 19 and 20: RNLI consolidated statement of fina
Page 21 and 22: RNLI balance sheet*AS AT 31 DECEMBE
Page 23 and 24: RNLI notes to the accountsFOR THE Y
Page 25 and 26: The internal supplies of RNLI (Trad
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RNLI ANNUAL REPORT AND ACCOUNTS 2011

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