Company No: 04462630
Solihull Community Housing
Limited
(a company limited by guarantee)
Annual Report
Year ended 31 March 2005
Solihull Community Housing Limited
Contents of the Annual Report
Page
Company information 1
Report of the directors 2
Chairman's Statement 4
Statement on Internal Control 5
Independent auditors' report to the shareholders of Solihull Community Housing Limited 6
Profit and loss account 7
Balance sheet 8
Cash flow statement 9
Notes to the financial statements 10
Solihull Community Housing Limited
Company Information
Directors
B J Kellie (resigned 21
June 2004)
K L Hawkins
S M Pittaway (resigned 21
June 2004)
A F Hill (resigned 21 June 2004)
R W Reeves
P L Smith
W A M Blackburn
D H J Dixon
M O’ Gorman
P W Sanders
P A Brandum
N A Grace
S B Partridge
I Courts (appointed 21 June 2004, resigned 1 June 2005)
H R Hendry (appointed 21 June 2004)
S Gomm (appointed 21 June 2004)
G Dawson (appointed 17 August 2004, resigned 15 September 2004)
C J Horrocks (appointed 17 August 2004)
D Cusack (appointed 15 September 2004, resigned 16 January 2005)
A M Mackiewicz (appointed 1 June 2005)
Secretary
K A Preece
Registered office
Endeavour House
Meriden Drive
Solihull
B37 6BX
Registered number 04462630
Auditors RSM Robson Rhodes LLP
Chartered Accountants
Centre City Tower
7 Hill Street
Birmingham
B5 4UU
Bankers Barclays Bank plc
Corporate Business Centre
PO Box 333
15 Colmore Row
Birmingham
B3 2WN
1
Solihull Community Housing Limited
Report of the Directors
The directors present their report and the audited financial statements for the year ended 31 March
2005.
Principal activities
The principal activity of the Company is the management and maintenance of social housing stock and
other related activities.
Business review and future developments
The Company was incorporated on 17 June 2002, but did not commence trading at that time. In
January 2004, Solihull MBC received the necessary approvals from the Office of the Deputy Prime
Minister to set up an Arms Length Management Organisation (ALMO). On 30 March 2004, Solihull
MBC became the sole member of the Company and on 1 April 2004, the Company formally
commenced trading as an ALMO. The Company has taken over the management of the social housing
stock belonging to Solihull MBC as well as the provision of other related services. The Housing
Department of Solihull MBC had previously provided these services to the tenants.
During the year, the Company was rated as a 2* organisation with promising prospects for improvement
by the Audit Commission. It was therefore able to secure an additional funding allocation of £63 million
for Solihull MBC over the next 5 years. This will enable the Company to carry out a Decent Homes
programme for tenants on their behalf.
The Decent Homes programme will ensure that all properties managed by Solihull MBC meet the
decent homes standard as set down by the government by the deadline of 2010. During the year, the
Company entered into partnership with 4 major contractors to help them deliver the programme as well
as seeking to leave a lasting legacy for Solihull in terms of improved employment prospects and skills for
its residents.
Work to deliver the improvements to tenants properties commenced in full in April 2005 and will follow a
detailed schedule across the borough over the next 5 years.
Directors
The directors of the company during the year and subsequently are set out on page 1.
Those directors serving at the end of the year had no interests in the share capital of the company at 31
March. The directors had no other disclosable interests under the Companies Act 1985 in the
debentures or preference shares of the company or of any other group company.
Statement of directors’ responsibilities for the financial statements
Company law in the United Kingdom requires the directors to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the company and of the profit or
loss of the company for that period. In preparing those financial statements, the directors are required
to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the company will continue in business.
2
Solihull Community Housing Limited
Report of the Directors
(Continued)
The directors are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the company and enable them to ensure that the financial
statements comply with the Companies Act 1985. They are also responsible for safeguarding the
assets of the company and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
Auditors
The auditors are willing to continue in office, and a resolution to reappoint them will be proposed at the
forthcoming annual general meeting.
Approval
The report of the directors was approved by the Board on 15 December 2005 and signed on its behalf
by:
Secretary
3
Solihull Community Housing Limited
Chairman’s statement
Solihull Community Housing, an Arms Length Management Organisation (ALMO), was launched on 1
April 2004 with big ambitions to improve services for our customer and to deliver substantial
improvements to council homes.
Awarded a two-star rating in January 2005, with promising prospects for improvement, we are well on
our way to keeping our promises. Here is just a small sample of our achievements.
We have:
• appointed our Decent Homes Partners – Excelsior Lifts Limited, Frank Haslam Milan & Co
Limited, Mansell Construction Services Limited and Radway Door and Windows Limited
• restructured into service-specific teams to improve efficiency and ensure clear customer focus
• increased accessibility to our services with the launch of our website. Our Contact Centre
continues to develop and plans are underway to relocate to a building appropriate for our needs
• introduced a number of new initiatives including money advice and mediation services. We have
also established close working links with the North Solihull Regeneration Partnership, and are
committed to making a significant contribution to the ambitious agenda to tackle deprivation,
health inequality and crime. We are also developing new work opportunities through our training
and employment venture, “Pathways”.
We are proud of our achievements and we would like to thank all staff, board members and partners
for their hard work, enthusiasm and commitment. We are determined to continue to improve and
achieve our aim of becoming an excellent, three-star organisation by 2007.
Chairman
4
Solihull Community Housing Limited
Statement on Internal Control
The board acknowledges its overall responsibility for establishing and maintaining a system of internal
control and for reviewing its effectiveness.
The system of internal control is designed to manage, rather than eliminate, the risk of failure to achieve
business objectives, and to provide reasonable, and not absolute, assurance against material
misstatement or loss.
The process for identifying, evaluating and managing the significant risks faced by the company is
ongoing. The key elements of the control framework have been developed throughout the year from 1
April 2004 up to the date of approval of the annual report and financial statements. The board receives
and considers reports from management on these key risk management and control arrangements at
scheduled meetings throughout the financial year.
The key elements of the control framework in place during the year include:
• Board approved terms of reference and clearly delegated authorities for the Finance & Audit,
Human Resources and Decent Homes sub-committees
• Formally adopted Standing Orders (incorporating Rules for Contract and Financial Regulations)
setting out the arrangements for the supervision and control of the finances, assets and other
resources of the company
• Robust strategic and business planning processes
• Formal quarterly reviews of the company’s risk register, which sets out the identified risks and the
mitigating actions in place to deal with these risks as well as clearly defined management
responsibilities for their identification, evaluation and control
• Detailed financial budgets and a three-year rolling financial forecast
• Established authorisation and appraisal procedures for all significant new initiatives and
commitments
• Regular reporting to senior management and the board of key business objectives, targets and
outcomes
• Continuing Board Governance and member training programme
• Formal recruitment, retention, training and development policies
• Board approved anti-theft and corruption policies
• Detailed policies and procedures in each area of the company’s work
The year ended 31 March 2005 was the first year of operation of the company and as such some of the
elements of control were not in place for the whole of the financial year. The company is continuing to
develop additional key elements including a performance development programme covering both staff
and members of the board, a written Code of Conduct for Board members and a policy on whistle-
blowing. The processes in place to monitor financial performance are being strengthened and made
more formal to further improve the quality of information available.
The board cannot delegate ultimate responsibility for the system of internal control, but it can, and has,
delegated authority to the Finance & Audit sub-committee to regularly review the effectiveness of many
of the key elements of the control framework. The board receives quarterly reports from the committee
together with the minutes of their meetings. The board has reserved the review of the remaining key
elements to itself and receives reports on a quarterly basis. In particular, this includes reviews of the full
risk register for the company.
The means by which the Finance & Audit sub-committee and full board reviews the effectiveness of the
system of internal control includes the consideration of the results from regular reviews of the company
risk register, internal audit reports, management assurances, the external audit management letter and
specialist reviews on areas such as health and safety, efficiency and operating structures. The Finance
& Audit sub-committee has received the formal assurances of the Senior Management Team with
regard to the system of internal control operating within the company together with the annual report of
the internal auditor, and has reported its findings to the board. The board has considered all of this
information in assessing the effectiveness of the system of internal control being operated by the
company.
Chairman Chief Executive
5
Independent Auditors' Report to the Shareholders of Solihull
Community Housing Limited
We have audited the financial statements on pages 7 to 20.
This report is made solely to the company’s shareholders, as a body, in accordance with Section 235
of the Companies Act 1985. Our audit work has been undertaken so that we might state to the
company’s shareholders those matters we are required to state to them in an auditors’ report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company and the company’s shareholders as a body, for our audit work, for
this report, or for the opinions we have formed
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards are set out in the Statement
of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory
requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are
properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion,
the Directors’ Report is not consistent with the financial statements, if the company has not kept proper
accounting records, if we have not received all the information and explanations we require for our audit,
or if information specified by law regarding directors’ remuneration and transactions with the company is
not disclosed.
We read the Directors’ Report and consider the implications for our report if we become aware of any
apparent misstatement within it.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts
and disclosures in the financial statements. It also includes an assessment of the significant estimates
and judgements made by the directors in the preparation of the financial statements, and of whether the
accounting policies are appropriate to the company's circumstances, consistently applied and
adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we
considered necessary in order to provide us with sufficient evidence to give reasonable assurance that
the financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of
information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the company as
at 31 March 2005 and of its result for the year then ended and have been properly prepared in
accordance with the Companies Act 1985.
RSM Robson Rhodes LLP
Chartered Accountants and Registered Auditors
Birmingham, England
6
Solihull Community Housing Limited
Profit and Loss Account
for the year ended 31 March 2005
Note 2005
£’000
Turnover
2
29,632
Change in stock 80
Other operating income 316
Staff costs 5 (8,053)
Other operating charges 3 (22,032)
Operating loss
3
(57)
Interest receivable 4 57
Profit on ordinary activities before taxation
-
Tax on profit on ordinary activities 7 -
Retained profit for the year
12
-
The Company did not trade during the year ended 31 March 2004 and had no recognised gains or
losses.
There were no other recognised gains and losses in the year and there is no difference between the
reported result for the year and the result restated on a historical cost basis.
No operations were discontinued during the year and all operations are continuing beyond 31 March
2005
7
Solihull Community Housing Limited
Balance Sheet
at 31 March 2005
Note 2005
£’000
2004
£’000
Current assets
Stocks 8 80 -
Debtors 9 2,181 -
Cash at bank and in hand 752 -
3,013 -
Creditors: Amounts falling due within one year 10 (2,763) -
Net current assets
250 -
Total assets less current liabilities
250 -
Creditors: Amounts falling due after more than one
year 11 (250) -
Net assets
- -
Capital and reserves
Profit and loss account 12 - -
Shareholders' funds - -
The financial statements were approved by the Board on 15 December 2005 and signed on its behalf
by:
P Brandum
Chairman
8
Solihull Community Housing Limited
Cash Flow Statement
for the year ended 31 March 2005
Note 2005
£
Net cash inflow from operating activities
15
445
Returns on investment and servicing of finance
Interest received 57
Cash flow before financing
502
Financing
New loan from parent undertaking 250
Increase in cash
16
752
The Company did not trade during the year ended 31 March 2004.
9
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements are prepared under the historical cost. The Company’s parent
undertaking, Solihull Metropolitan Borough Council has committed itself to the ongoing support
of the Company, particularly when the liabilities arising as a result of the implementation of
Financial Reporting Standard (“FRS”) 17 – Retirement Benefits are recognised within the
accounts of the Company. The directors have relied on this support in order to enable them to
prepare the statements of the Company on a going concern basis.
Turnover
Turnover consists of the invoiced value (excluding VAT) for goods and services supplied.
Leased assets
Rentals payable under operating leases are charged to the profit and loss account on a straight
line basis over the terms of the leases.
Government grants
Grants in respect of revenue activities are credited to the profit and loss account in the same
period as the expenditure to which they contribute.
Stocks
Stocks are valued at the lower of cost and estimated value in use. Cost is determined based on
the last purchase price by item coupled with a strict stock rotation policy and regular write-offs.
Taxation
The relationship between the Company and its parent undertaking has been recognised as one
of Mutual Trading. Consequently, any activities that the Company carries on with its parent are
not liable to corporation tax.
Deferred taxation
Deferred tax is provided, except as noted below, on timing differences that have arisen but
not reversed by the balance sheet date, where the timing differences result in an obligation to
pay more tax, or a right to pay less tax, in the future. Timing differences arise because of
differences between the treatment of certain items for accounting and taxation purposes.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that
they will be recovered.
Deferred tax is measured at the tax rates that are expected to apply in the periods when the
timing differences are expected to reverse, based on tax rates and law enacted or substantively
enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Where law or accounting standards require gains and losses to be recognised in the statement
of total recognised gains and losses, the related taxation is also taken directly to the statement
of total recognised gains and losses in due course.
Pensions
All permanent employees of the company contribute to a “defined benefit” pension scheme, the
West Midlands Metropolitan Authorities Pension Fund, which is administered by
Wolverhampton City Council and provides members with defined benefits related to pay and
service. During the year, the company paid an employer’s contribution rate of 13.1% into the
fund in addition to meeting all pension payments relating to added years benefits awarded
during the year, together with any related increases. Full details of the Company’s obligations
under the scheme are set out in note 18 to the accounts.
10
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
2. TURNOVER
Turnover is wholly attributable to the principal activities of the Company and all arises within
the United Kingdom.
2005
£’000
Fees paid by Solihull Metropolitan Borough
Council in respect of:
Management and maintenance of properties 28,890
Other related services 742
29,632
3. OPERATING LOSS
Operating loss is arrived at after charging/(crediting):
2005
£’000
Operating lease rentals – plant and machinery 164
Auditors' remuneration 18
Analysis of operating charges by directorate
2005
£’000
Property works 16,658
Housing Management and Maintenance 3,407
Finance 301
Corporate Services 1,666
22,032
4. INTEREST RECEIVABLE
2005
£’000
Bank interest
56
Other interest 1
57
11
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
5. EMPLOYEES
Average monthly number of employees, including executive officers:
2005
No
Executive Management Team 5
Housing Management and Maintenance 249
Finance 20
Corporate Services 44
318
Staff costs, including directors:
2005
£’000
Wages and salaries
6,805
Social security costs 502
Other pension costs 746
8,053
6. DIRECTORS REMUNERATION
The directors are defined as being the members of the Main Board of Solihull Community
Housing.
None of the directors received any emoluments but were entitled to reimbursement of
incidental expenses incurred when attending Board meetings and other formal events in their
capacity as Board members.
7. TAXATION
Taxation charge for the year
The taxation charge for the year is analysed below:
2005
£’000
Current taxation
United Kingdom Corporation tax -
With the exception of bank interest and some small amounts of trading with third parties, the
activities of the Company can all be classified as arising from the mutual trading relationship
with it’s parent undertaking. Consequently, no provision has been made for corporation tax in
the year.
12
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
8. STOCKS
2005
£’000
Raw materials and consumables
80
The replacement cost of the above stocks would not be significantly different from the values
stated.
9. DEBTORS
2005
£’000
Trade debtors
75
Amounts owed by parent undertakings 1,877
Other debtors 18
Other taxation 211
2,181
All debtors fall due within less than one year.
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2005
£’000
Trade creditors 1,358
Amounts owed to parent undertaking 885
Other creditors 1
Accruals and other deferred income 519
2,763
13
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2005
£’000
Loans repayable in more than 2 years, but not more
than 5 years
Loan repayable to parent undertaking
250
The loan is an interest free loan made by the parent undertaking at the commencement of
trading on 1 April 2004 as set out in the Management Agreement. The Loan is repayable on
the termination of the management Agreement or 31 March 2009, whichever is the earlier.
12. RESERVES
Profit
and loss
account
£’000
At 1 April 2004
-
Retained profit -
At 31 March 2005
-
14
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
13. RELATED PARTY TRANSACTIONS
Solihull Community Housing Limited is a local authority controlled company of Solihull
Metropolitan Borough Council, established with no share capital and limited by guarantee.
The Council has delegated responsibility for the management and maintenance of its
residential stock to Solihull Community Housing in accordance with a 5-year Management
Agreement effective from 1 April 2004. As part of the agreement, the Company is also
responsible for meeting all costs in respect of works carried out to properties either by the
Company’s own staff or external contractors. The Council pays the Company a monthly
management fee to meet all of these costs in accordance with the management agreement
and any variations subsequently agreed. In 2004-05, the management fee amounted to
£28,890,000.
Solihull Community Housing also provides a number of services to the Council that are
covered by Service Level Agreements rather than the main Management Agreement. These
include the provision of a Homelessness service and the administration of the Right to Buy
Scheme on behalf of the Council. In 2004-05, the income in respect of these services
amounted to £742,000.
Solihull Community Housing utilised Solihull MBC’s payroll system for all staff during the
period under a Service Level Agreement. The net payment of salaries to staff together with
the payment of deductions (PAYE, NI and pension) are deducted from the Company’s own
bank account.
Solihull MBC charged Solihull Community Housing £1,276,000 in 2004-05 for the provision of
support services and the Company’s share of the costs of shared services.
The balance owing to Solihull MBC at 31 March 2005 included £529,000 in respect of
expenses met by the Council that are to be reimbursed by the Company.
15
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
14. FINANCIAL COMMITMENTS
Capital commitments
Capital expenditure commitments were as follows:
2005
£’000
Contracted for, but not provided in the accounts
-
Operating lease commitments
The payments that the company is committed to make in the next year under operating
leases are as follows:
2005
£’000
(i) Land and buildings, leases expiring
beyond five years 128
(ii) Plant and machinery, leases expiring
within one year 31
one to five years 156
187
15. RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
2005
£’000
Operating loss
(57)
(Increase) in stocks (80)
(Increase) in debtors (2,181)
Increase in creditors 2,763
Net cash inflow from operating activities
445
16
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
16. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2005
£’000
Increase in cash in year
752
Decrease in net debt from cash flow in year
New loan advanced to Company in year (250)
Increase in net cash
502
Net cash at 1 April 2004
-
Net cash at 31 March 2005
502
17. ANALYSIS OF NET CASH
1 April
2004
£’000
Cash
flow
£’000
31 March
2005
£’000
Cash at bank and in hand
- 752 752
Net cash
- 752 752
Loans
- (250) (250)
Borrowings
- (250) (250)
Net cash
- 502 502
17
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
18. PENSIONS
The West Midlands Metropolitan Authorities Pension Fund (WMMAPF) is a multi-employer
scheme with more than one participating employer, which is administered by Wolverhampton
City Council under the regulations governing the Local Government Pension Scheme (LGPS), a
defined benefit scheme. Triennial actuarial valuations of the pension scheme are performed by
an independent, professionally qualified actuary using the projected unit method. The most
recent formal actuarial valuation was completed as at 31 March 2004.
The employers’ contributions to the WMMAPF by the company for the year ended 31 March
2005 were £746,000 and the employers’ contribution rate was revised following the formal
actuarial valuation as at 31 March 2004, from 13.1% to 10.2% of pensionable salaries from 1
April 2005.
The market value of the total scheme assets at 31 March 2004 was £14.707m and the level of
funding was 89%. The main actuarial assumptions used in the valuation were:
Investment returns 7.0%
p
er annum
Salar
y
increases 4.3%
p
er annum
Future
p
ension increases 2.8%
The additional disclosures that follow are given in preparation for FRS 17 being adopted. In
order to assess the actuarial valuation of the WMMAPF’s liabilities at 31 March 2005, the
actuaries have rolled forward the actuarial value of the liabilities reported in the triennial
valuation as at 31 March 2004, allowing for changes in financial assumptions as prescribed
under FRS 17.
The full implementation of FRS17 in the accounts for the year ending 31 March 2006 will result
in a deficit on the balance sheet equal to the FRS17 scheme deficit at that date. Work is
currently underway in order to establish whether there is a need for a future increase in the level
of contributions and to ensure that the company manages any legal or audit issues arising as a
result of recognising the deficit in its balance sheet.
Assumptions
The major assumptions used by the actuary in assessing scheme liabilities on an FRS 17
basis were:
31 March 2005 31 March 2004
% per annum % per annum
Rate of increase in salaries 4.4 4.3
Rate of increase in pensions in payment 2.9 2.8
Discount rate 5.4 5.5
Inflation assumption 2.9 2.8
18
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
18. PENSIONS (continued)
Fair value and expected return on assets
The fair value of assets in the WMMAPF related to the Company and the expected rates of
return were:
Expected
return
Fair value Expected
return
Fair value
31 March
2005
31 March
2005
31 March
2004
31 March
2004
% £000 % £000
Equities 7.5 13,042 7.5 11,250
Government Bonds 4.7 1,723 4.7 1,427
Other Bonds 5.4 738 5.5 603
Property 6.5 1,266 6.5 1,074
Other 4.0 809 4.0 353
_______ _______ _______ _______
6.9 17,578 7.0 14,707
Value placed on liabilities (19,698) (16,502)
_______ _______
Net pension liability (2,120) (1,795)
Reserves
2005 2004
£ ’000 £ ’000
Profit and loss reserve excluding pension liability - -
Pension reserve (2,120) (1,795)
_______ _______
Profit and loss reserve (2,120) (1,795)
Analysis of the amount charged to operating surplus
2005
£ ’000
Service cost (993)
Past service cost (183)
_______
Total operating charge (1,176)
Analysis of the amount charged to other finance costs
2005
£ ’000
Expected return on pension scheme assets 1,067
Interest on pension scheme liabilities (945)
_______
Net return 122
19
Solihull Community Housing Limited
Notes to the Financial Statements
31 March 2005
18. PENSIONS (continued)
Analysis of amount recognised in statement of total recognised surpluses and deficits
(STRSD)
2005
£ ’000
Actual return less expected return on pension scheme assets
688
Experience gains and losses arising on scheme liabilities
-
Changes in assumptions underlying the present value of scheme liabilities
(901)
_______
Actuarial surplus/(deficit) recognised in STRSD (213)
Movement in deficit during the year
2005
£ ’000
Deficit in scheme at beginning of year (1,795)
Movement in year:
Current service cost (993)
Contributions 942
Past service costs (183)
Other finance costs 122
Actuarial gain/(loss) (213)
_______
Deficit in scheme at end of year (2,120)
History of experience gains and losses
2005
Difference between expected and actual return on share of scheme
assets:
Amount (£’000) 688
Percentage of share of scheme assets 3.9%
Experience gains and losses on share of scheme liabilities:
Amount (£’000) -
Percentage of present value of share of scheme liabilities -
Total amount recognised in statement of total recognised surpluses
and deficits:
Amount (£’000) (213)
Percentage of the present value of share of scheme liabilities 1.1%
20
