GPG Report & Accounts 2003 - Guinness Peat Group plc

28 • GUINNESS PEAT GROUP PLC • ANNUAL REPORTNotes to Financial Statements – continued10. Pension Costs - continuedThe assets in the only Group scheme as at 31 December 2001 and the expected rates of return were:Long termexpected rateValue as atof return at 31 December31 December 20012001 £000Equities 6.9% 52,924Bonds 5.4% 114,729Other 4.0% 7,265Total market value of assets 174,918Present value of scheme liabilities (174,607)Surplus in the scheme 311Related deferred tax liability (93)Net pension asset 218Analysis of amount that would be charged to operating profit under FRS17:2003 2002£000 £000Current service cost 2,908 3,127Past service cost – –Total operating charge 2,908 3,127Analysis of amount that would be credited to other finance income under FRS17:2003 2002£000 £000Expected return on pension scheme assets 16,301 10,383Interest on pension scheme liabilities (16,922) (10,577)Net return (621) (194)Analysis of the amount that would be recognised in statement of total recognised gains and losses under FRS17:2003 2002£000 £000Actual return less expected return on scheme assets 7,074 (13,934)Experience gains and losses arising (4,396) 7,404Changes in assumptions (15,919) (7,782)Actuarial loss recognised in the STRGL (13,241) (14,312)Movement in FRS17 (deficit)/surplus during the year:2003 2002£000 £000(Deficit)/surplus at beginning of year (27,143) 311Current service cost (2,908) (3,127)Contributions 2,384 2,530Deficit attributable to acquired business – (12,351)Other finance income (net) (621) (194)Actuarial gain/(loss) (13,241) (14,312)Deficit at end of year (41,529) (27,143)