REGISTERED NUMBER: |
RUBICON LEISURE LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
RUBICON LEISURE LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RUBICON LEISURE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
9-11 Vittoria Street |
Birmingham |
B1 3ND |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
RESERVES |
Retained earnings | 8 | ( |
) | ( |
) |
( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Rubicon Leisure Limited is a private limited company limited by guarantee, incorporated in England. |
The registered office address of the Company is Town Hall, Walter Stranz Square, Redditch, United Kingdom, B98 8AH. |
The principal activity of the Company is to provide leisure, sports, cultural and heritage services for the benefit of the Borough of Redditch and the wider area. |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments. |
These financial statements summarise the Company's transactions for the 2023/24 financial period and its position at the period end of 31 March 2024. |
The financial statements are prepared in sterling which is the functional currency of the Company. |
Monetary amounts in these financial statements are rounded to the nearest £ unless otherwise stated. |
Rubicon Leisure Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. |
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below: |
Revenue and Expenditure Recognition |
Income from trading activities |
Revenue in respect of services provided is recognised when (or as) performance obligations are satisfied by transferring promised services to the customer, and is measured at the amount of the transaction price allocated to that performance obligation. Where income is received for a specific performance obligation that is to be satisfied in the following year, that income is deferred. |
Income from investments |
Interest receivable on investments and payable on borrowings is accounted for respectively as income and expenditure on the basis of the effective interest rate for the relevant financial instrument rather than the cash flows fixed or determined by the contract. |
Government Grants Policy |
Grants are accounted under the accruals model as permitted by FRS 102. |
Grants relating to expenditure on tangible fixed assets are credited to the Profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
Grants of a revenue nature are recognised within the Profit & Loss Account on an accruals basis. |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
Expenditure |
Supplies are recorded as expenditure when they are consumed - where there is a gap between the date supplies are received and their consumption, they are carried as inventories on the Balance Sheet. |
Expenses in relation to services received (including services provided by employees) are recorded as expenditure when the services are received rather than when payments are made. |
Cash and Cash Equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Cash Flow Statement, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. |
Prior Period Adjustments, Changes in Accounting Policies and Estimates and Errors |
Prior period adjustments may arise as a result of a change in accounting policies or to correct a material error. Changes in accounting estimates are accounted for prospectively, i.e., in the current and future years affected by the change and do not give rise to a prior period adjustment. |
Changes in accounting policies are only made when required by proper accounting practices or the change provides more reliable or relevant information about the effect of transactions, other events and conditions on the Company's financial position or financial performance. Where a change is made, it is applied retrospectively (unless stated otherwise) by adjusting opening balances and comparative amounts for the prior period as if the new policy had always been applied. |
Material errors discovered in prior period figures are corrected retrospectively by amending opening balances and comparative amounts for the prior period. |
Charges to Revenue for Non-Current Assets |
Expenditure includes the following amounts to record the cost of holding fixed assets during the period: |
* Depreciation |
* Revaluations and impairments. |
* Amortisation of intangible fixed assets. |
Employee Benefits |
Benefits Payable During Employment |
Short-term employee benefits are those due to be settled wholly within 12 months of the year-end. They include such benefits as wages and salaries, paid annual leave and paid sick leave, for current employees and are recognised as an expense in the year in which employees render service to the Company. An accrual is made for the cost of holiday entitlements (or any form of leave e.g. time off in lieu) earned by employees but not taken before the year-end which employees can carry forward into the next financial year. The accrual is made at the wage and salary rates applicable in the following accounting year, being the period in which the employee takes the benefit. |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
Termination Benefits |
Termination benefits are amounts payable as a result of a decision by the Company to terminate an officer's employment before the normal retirement date or an officer's decision to accept voluntary redundancy in exchange for those benefits and are charged on an accruals basis to employee costs at the earlier of when the Company can no longer withdraw the offer of those benefits or when the Company recognises costs for a restructuring. |
Post Employment Benefits |
Employees of the Company are members of the Local Government Pensions Scheme, administered by Worcestershire County Council known as the Worcestershire Pension Fund (WPF). The scheme provide defined benefits to members (retirement lump sums and pensions), earned as employees working for the Company. |
The liabilities of the WPF attributable to the Company are included in the Balance Sheet on an actuarial basis using the projected unit method - i.e. an assessment of the future payments that will be made in relation to retirement benefits earned to date by employees, based on assumptions about mortality rates, employee turnover rates, etc., and projections of projected earnings for current employees. |
Liabilities are discounted to their value at current prices, using a discount rate based on the indicative rate of return on a basket of high quality corporate bonds, government gilts and other factors. |
The assets of WPF attributable to the Company are included in the Balance Sheet at their fair value: |
- quoted securities - current bid price |
- unquoted securities - professional estimate |
- unitised securities - current bid price |
- property - market value. |
The change in the net pensions liability is analysed into the following components: |
Service cost comprising: |
* current service cost - the increase in liabilities as a result of years of service earned this year. |
* past service cost - the increase in liabilities as a result of a scheme amendment or curtailment whose effect relates to years of service earned in earlier years. |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
Post Employment Benefits (cont'd) |
* net interest on the net defined benefit liability , i.e. net interest expense for the Company - the change during the period in the net defined benefit liability that arises from the passage of time - this is calculated by applying the discount rate used to measure the defined benefit obligation at the beginning of the period to the net defined benefit liability at the beginning of the period - taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. |
Remeasurements comprising: |
* the return on plan assets - excluding amounts included in net interest on the net defined benefit liability. |
* actuarial gains and losses - changes in the net pensions liability that arise because events have not coincided with assumptions made at the last actuarial valuation or because the actuaries have updated their assumptions. |
* Contributions paid to the WPF - cash paid as employer's contributions to the pension fund in settlement of liabilities; not accounted for as an expense. |
Events After the Reporting Period |
Events after the balance sheet date are those events, both favourable and unfavourable, that occur between the end of the reporting period and the date when the Statement of Accounts are authorised for issue. Two types of events can be identified: |
* Those that provide evidence of conditions that existed at the end of the reporting period - the Statement of Accounts is adjusted to reflect such events. |
* Those that are indicative of conditions that arose after the reporting period - the Statement of Accounts are not adjusted to reflect such events, but where a category of events would have a material effect, disclosure is made in the notes of the nature of the events and their estimated financial effect. |
Events taking place after the date of authorisation for issue are not reflected in the Statement of Accounts. |
Financial instruments |
The Company only has financial assets and liabilities of a kind that qualify as basic financial instruments and are not considered to be of a financial nature. Such financial instruments, except for investments classified at fair value through the Profit and Loss Account, are initially recognised at transaction value and subsequently measured at their settlement value. |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
Trade and other debtors/creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financial restriction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at market rate of interest for a similar debt instrument. |
Impairment of financial assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss. |
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
Inventories |
Inventories are included in the Balance Sheet at the lower of cost and net realisable value. The cost of inventories is assigned using the weighted average costing formula. |
Operating Leases |
Rentals paid under operating leases are charged as an expense. Charges are made on a straight-line basis over the life of the lease, even if this does not match the pattern of payments (e.g., there is a rent-free period at the commencement of the lease). |
Leasehold land and buildings transferred to the company from Redditch Borough Council the ultimate beneficial owner, at little or no consideration are classified as operating leases as the lease term of 30 years is significantly less than the useful economic life of the assets transferred as the leases do not transfer: |
* substantially all the risks and rewards incidental to ownership; |
* ownership of the land and buildings to the company by the end of the lease term |
Materiality |
Materiality is an expression of the relative significance or importance of a particular matter in the context of the financial statements as a whole. A matter is material if its omission would reasonably influence the reader of the accounts. Notes are only included where items are considered to be material by value or nature. |
Property, Plant and Equipment |
Individual fixed assets costing more than £1,000 are capitalised at cost. Fixed assets are stated at historical cost, less accumulated depreciation and any provision for impairment. |
Depreciation is provided on all tangible fixed assets including fixtures and fittings at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as a percentage of value of each class of asset as advised by a suitably qualified officer. |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
Provisions |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefits or service potential, and a reliable estimate can be made of the amount of the obligation. For instance, the Company may be involved in a court case that could eventually result in the making of a settlement or the payment of compensation. |
Value Added Tax |
VAT payable is included as an expense only to the extent that it is not recoverable from HM Revenue and Customs. VAT receivable is excluded from income. |
Current and deferred taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. |
Current tax is expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date. |
Deferred tax is provided on the timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller that the corresponding income or expenses. |
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going Concern |
The directors believe that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from Redditch Borough Council will be adequate to meet the company's needs for a period of at least 12 months from the date of approval of these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors | ( |
) |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 | ( |
) |
Deficit for the year | ( |
) |
Actuarial gain | 6,000 |
At 31 March 2024 | ( |
) |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for disclaimer of opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In February 2021, the company and its parent, implemented a new accounting system. Issues identified with the recording and processing of transactions resulted in a disclaimer of opinion being placed on the financial statements for the years ended 31 March 2022 and 31 March 2023. |
During the year ended 31 March 2024, errors and omissions with regard to the accounting transactions processed within the accounting system have been identified and these are pervasive to the financial statements. The extent of these issues could not be substantiated through our audit procedures, but does relate to (but is not limited to) the following balances and classes of transactions; bank & cash, trade debtors, trade creditors, amounts owed to/from group undertakings, turnover, other creditors and taxation and social security. |
The material amounts included in the balance sheet as at 31 March 2024 which we have been unable to obtain sufficient, appropriate audit evidence to substantiate are: |
- Trade debtor balances of £82,935 |
- VAT balance of £229,539 |
- Amounts owed to group undertakings of £262,452 |
Other balances in bank & cash, other debtors and deferred income included elements which could not be | substantiated but were individually less than materiality. |
Management are still in the process of rectifying system deficiencies and correcting the errors within both the | company and its parent. |
As a result of these matters, we were unable to determine whether any adjustments might have been found | necessary in respect of recorded or unrecorded trade debtors, amounts owed to group undertakings, VAT and | the elements making up the statement of profit and loss. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate controlling party of the company is Redditch Borough Council by virtue of its 100% controlling interest in the company. |
The smallest and largest entity to prepare consolidated financial statements that include this company is Redditch Borough Council, copies of which are available from Redditch Borough Council, Walter Stranz Square, Redditch, B98 8AH |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | PENSION AND SIMILAR OBLIGATIONS |
The company's employees belong to one principal pension scheme: the Local Government Pension Scheme (LGPS) which is managed by Worcestershire County Council Pension Fund. The scheme is a defined benefit scheme. |
Following the transfer of employees from the local authority, Redditch Borough Council, to the company on 1 December 2018 there was a transfer of employers LGPS liabilities of £1,113,000 under Transfer of Undertakings (Protection of Employment) Regulations 2006. |
The total pension cost to the company during the year ended 31 March 2024 was £148,000 (2023: £377,000). |
The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the LGPS 31 March 2016. |
Contributions amounting to £Nil (2023: £ Nil) were payable to the LGPS scheme at 31 March 2024 and are included within creditors. |
Local Government Pension Scheme |
The LGPS is a funded defined benefit scheme, with the assets held in a separate trustee administered funds. The total contributions made for the year ended 31 March 2024 was £129,000 (2023: £208,000), of which employers contributions totalled £86,000 (2023: £160,000) and employees contributions totalled £43,000 (2023: £48,000). The agreed contributions for future years are on average 16.6% (2023: 16.6%) for employers and 5.5% (2023: 5.5%) for employees. |
Principal Actuarial Assumptions |
The major assumptions used by the actuary were: |
2024 | 2023 |
% per | % per |
Annum | Annum |
Discount Rate | 4.9% | 4.7% |
Salary increases | 4.3% | 4.2% |
Pension increase | 2.8% | 2.8% |
Sensitivity analysis for the principal assumptions used to measure the scheme liabilities were as follows: |
2024 | 2023 |
Approx | Approx |
£ | £ |
Discount rate reduced by 0.1% per annum | 120,000 | 103,000 |
Pension increased by 0.1% per annum | 107,000 | 1,152,000 |
Salary growth increased by 1.0% per annum | 15,000 | 216,000 |
Life expectancy at retirement increased by 1 year | 189,000 | 89,000 |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
PENSION AND SIMILAR OBLIGATIONS (cont'd) |
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are: |
2024 | 2023 |
Longevity at age 65 retiring today | Years | Years |
- Men | 21.3 | 22.0 |
- Women | 23.6 | 24.2 |
Longevity at age 65 retiring in 20 years |
- Men | 22.6 | 23.3 |
- Women | 25.5 | 26.1 |
The Company's share of the assets in the scheme were: |
Fair value | Fair value |
at 31 | at 31 |
March | March |
2024 | 2023 |
£ | £ |
Equity instruments | 3,350,000 | 3,902,000 |
Debt instruments | 142,000 | 141,000 |
Property | 1,133,000 | 465,000 |
Cash | - | - |
Other | 94,000 | 173,000 |
Total market value of assets | 4,719,000 | 4,762,000 |
2024 | 2023 |
£ | £ |
Present value of scheme liabilities |
- Funded | (4,719,000 | ) | (4,762,000 | ) |
- Unfunded | - | - |
Total liabilities | (4,719,000 | ) | (4,762,000 | ) |
Deficit in the scheme | - | - |
The actual return on the scheme assets in the year was £673,000 (2023: £47,000). |
Amounts recognised in the Statement of Profit and Loss |
2024 | 2023 |
£ | £ |
Current service cost | 126,000 | 292,000 |
Past service cost | - | - |
Curtailments | - | - |
Interest income | (254,000 | ) | (136,000 | ) |
Interest cost | 220,000 | 218,000 |
Administrative Expenses | - | 3,000 |
Total operating charge | 92,000 | 377,000 |
RUBICON LEISURE LIMITED (REGISTERED NUMBER: 11654259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
PENSION AND SIMILAR OBLIGATIONS (cont'd) |
2024 | 2023 |
Changes in deficit during the period | £ | £ |
Balance at 1 April 2023 | - | 3,039,000 |
Movement in year: |
- Employer service cost (net of employee contributions) | 126,000 | 292,000 |
- Employer contributions | (86,000 | ) | (160,000 | ) |
- Expected return on scheme assets | (254,000 | ) | (136,000 | ) |
- Administrative Expenses | - | 3,000 |
- Interest cost | 220,000 | 218,000 |
- Actuarial (gain)/losses | (722,000 | ) | (3,899,000 | ) |
- Restriction on scheme assets | 716,000 | 643,000 |
Deficit in the scheme at 31 March 2024 | - | - |
Changes in the present value of defined benefit obligations were as follows: |
2024 | 2023 |
£ | £ |
Balance at 1 April 2023 | 4,762,000 | 7,886,000 |
Current service cost | 126,000 | 292,000 |
Past service cost | - | - |
Curtailments | - | - |
Interest cost | 220,000 | 218,000 |
Contributions by scheme participants | 43,000 | 48,000 |
Benefits paid | (129,000 | ) | (206,000 | ) |
Actuarial (gain)/losses | (303,000 | ) | (3,476,000 | ) |
Scheme liabilities at 31 March 2024 | 4,719,000 | 4,762,000 |
Changes in the fair value of company's share of scheme assets: |
2024 | 2023 |
£ | £ |
Balance at 1 April 2023 | 4,762,000 | 4,847,000 |
Interest on plan assets | 254,000 | 136,000 |
Actuarial gains / (losses) | 419,000 | 423,000 |
Administrative Expenses | - | (3,000 | ) |
Contributions by employer | 86,000 | 160,000 |
Benefits paid | (129,000 | ) | (206,000 | ) |
Contributions by scheme participants | 43,000 | 48,000 |
Restriction on scheme assets | (716,000 | ) | (643,000 | ) |
Fair value of scheme assets at 31 March 2024 | 4,719,000 | 4,762,000 |
The estimated value of employer contributions for the year ended 31 March 2025 is £93,000 (2023: £91,000). |