Financial Statements 7
Reconciliation of opening and closing balances of the fair value of scheme assets
Year ended 31 March 2024 £’000
Year ended 31 March 2023 £’000
Fair value of scheme assets at start of year
169,991
245,623
Interest income Actuarial losses
8,090 (9,941)
6,708
(73,642)
Contributions by the sponsoring employer
310
297
Benefits paid and expenses
(8,143)
(8,995)
Fair value of scheme assets at the end of year
160,307
169,991
Defined benefit costs recognised in income or expenditure
2024 £’000
2023 £’000
Expenses
424 (499) 499
431 (735) 735 431
Net interest cost
Interest on effect of asset ceiling
Defined benefit costs recognised in income and expenditure account
424
Defined benefit costs recognised in other comprehensive income
2024 £’000 (9,941) (1,496)
2023 £’000
Return on scheme assets (excluding amounts included in net interest cost) - (loss) Experience gains and losses arising on the scheme liabilities - (loss) Effects of changes in the demographic and financial assumptions underlying the present value of the scheme liabilities - gain Effect of changes in the amount of surplus that is not recoverable - gain Total amount recognised in other comprehensive income - gain
(73,642) (10,707) 67,543 16,940
1,126
10,425
114
134
103
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