Jockey Club Racecourses Limited Notes to the financial statements Year ended 31 December 2021
18. Pension schemes (continued)
The company therefore expects to pay £1,500,000, to the Scheme during the accounting year beginning 1 January 2022 and £18.4m over the period to 1 August 2020 to 31 December 2029.
In addition to the contributions set out above, all expenses involved in running the Scheme and the cost of any levies (including the PPF levy) will be paid directly by the company as and when they fall due unless otherwise agreed by the Trustees. Reconciliation ofScheme's assets and defined benefit obligations
Liabilities £m
Total £m
Assets £m
62.7
(22.6)
(85.3)
At 1 January 2021
(1.7)
1.7
Benefits paid
1.1
-
1.1
Employer contributions Administrative expenses Interest income/(cost) Remeasurement gains:
(0.3) (0.3)
(0.3)
(1.1)
0.8
- -
5.4
5.4 5.6
Actuarial gains
5.6
-
Return on assets excluding interest income
(79.3)
(11.1)
68.2
At 31December 2021
Scheme assets The fair value of the assets of the scheme were:
2020
2021
£m
£m
Asset class
' 27.1
24.8 17.1
Equities
Gilts
20.7
Secured property leases Diversified growth funds Diversified credit funds
6.3 4.3 9.2 0.6
5.8 6.9 5.5 2.6
Cash
62.7
68.2
The return on assets was:
2020
2021
£m 0.8 5.6
£m 1.2 3.8
Interest income
Return on assets excluding interest income
6.4
5.0
33 377
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