24. Deferred taxation
Group Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
2024 £’000
2023 £’000
2024 £’000
2023 £’000
2024 £’000
2023 £’000
Decelerated capital allowances
(3)
(4)
– – –
– – –
(3)
(4)
Unrelieved tax losses
(1,961) (1,964)
(1,961) (1,965)
(1,961) (1,964)
(1,961) (1,965)
Net tax assets
Association The Association deferred tax asset is £nil (2023: £nil) and the Association deferred tax liability is £nil (2023: £nil). The Group has unrelieved tax losses of £7,842,758 (2023: £7,842,758) that are available indefinitely for offset against its future taxable profits. The net deferred tax asset expected to reverse in the year ending 31 March 2025 is £1,961,000. This primarily relates to the reversal of timing differences on capital allowances and the utilisation of tax losses.
25. Pension obligations - Group and Association
As at 31 March 2024, Anchor Hanover Group operates or participates in one defined benefit pension scheme for its employees: the Anchor Trust Final Salary Scheme. The assets of this scheme are held separately from those of the Group and are managed by trustees. The contributions are determined on the basis of triennial valuations using the projected unit method. This scheme is closed to new members. Anchor Hanover Group participated in the Surrey County Council Pension Fund until it exited the scheme on 31 July 2023. Anchor Hanover Group also operates a defined contribution scheme.
2024 £’000
2023 £’000
Anchor Trust Final Salary Scheme Surrey County Council Pension Fund Deficit in defined benefit schemes:
Note 25.2 25.3
– – –
– – –
Total deficit in defined benefit schemes to be recognised
25.1 Defined contribution scheme Anchor Hanover Group operates one defined contribution pension scheme. This scheme provides benefits directly determined by the value of the contributions paid in respect of each member. The pension cost for this scheme, which represents contributions payable by the Group, was £14,978,000 (2023: £13,647,000).
100 Anchor Hanover Group Annual Report & Financial Statements 2024
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