Annual report and accounts 2023 - Flipbook - Page 190
A.G. BARR p.l.c. Annual Report and Accounts 2023
Notes to the Accounts continued
27. Retirement benefit obligations continued
Defined benefit scheme: IAS 19 information
The full actuarial valuation carried out at 5 April 2020 was updated to 29 January 2023 by a qualified independent actuary.
The valuation used for the defined benefit schemes has been based on market conditions as at the Company year end.
The amounts recognised in the statement of financial position are as follows:
Group
Present value of funded obligations
Fair value of scheme assets
Deficit recognised under IAS 19
Company contribution made to pension scheme in the year to 26 January 2014
Surplus/(deficit) recognised in the statement of financial position
Company
2023
£m
2022
£m
2023
£m
2022
£m
(76.9)
79.3
(114.9)
113.9
(76.9)
79.3
(114.9)
113.9
2.4
(1.0)
2.4
(1.0)
–
–
15.3
16.1
2.4
(1.0)
17.7
15.1
Present value
of obligation
£m
Total
£m
The movement in the defined benefit obligation over the year is as follows:
Group and Company
Fair value of
plan assets
£m
113.9
(114.9)
Current and past service cost
Interest income/(expense)
–
2.4
–
(2.4)
–
–
Total cost recognised in income statement
2.4
(2.4)
–
Remeasurements
– changes in demographic assumptions
– changes in financial assumptions
– experience
– actuarial return on assets excluding amounts recognised in net interest
–
–
–
(37.1)
4.4
34.5
(3.3)
–
4.4
34.5
(3.3)
(37.1)
Total remeasurements recognised in other comprehensive income
(37.1)
35.6
(1.5)
4.9
(4.8)
–
4.8
4.9
–
At 30 January 2022
Cash flows
Employer contributions
Benefits paid
Total cash outflow
At 29 January 2023
(1.0)
0.1
4.8
4.9
79.3
(76.9)
2.4
This table excludes the Company contribution made to the pension scheme through the asset-backed funding arrangement as described below and reconciled in the table
above.
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