Financial Statements 7
Reconciliation of opening and closing balances of the defined benefit obligation
Year ended 31 March 2024 £’000
Year ended 31 March 2023 £’000
Defined benefit obligation at start of year Cessation of defined benefit pension scheme
48,972 (48,972)
65,139
–
Current service cost Interest expense Members' contributions
– – – – – – – –
378
1,737
54
Changes in demographic assumptions Changes in financial assumptions
(862)
(18,387) 2,847 (1,934) 48,972
Other experience
Benefits paid and expenses
Defined benefit obligation at end of year
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 Cessation of defined benefit pension scheme
49,726 (49,726)
56,928
–
Interest income Actuarial losses
– – – – – –
1,514 (7,059)
Contributions by the sponsoring employer
215
Members' contributions Benefits paid and expenses
54
(1,926) 49,726
Fair value of scheme assets at end of year
105
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