Keele statement of accounts 20/21 | Page 57

Statement of Accounts 2020 / 21

Notes to the Accounts For the year ended 31 July 2021

22 Provisions for liabilities ( continued )

KSS deficit

This relates to pension scheme obligations that have been calculated by actuaries . See note 32 for further details .

LGPS

This relates to pension scheme obligations that have been calculated by actuaries . It must be noted that the position for LGPS as at 31 July 2021 shows a surplus of £ 77k . As no change in contributions will immediately arise from this actuarial surplus , then FRS102 does not allow the recognition of the surplus and so no asset or liability balance is recognised on the Statement of Financial Position for LGPS at 31 July 2021 . See note 32 shows the details for LGPS , and assumes the nil balance position by reducing the assets from £ 5,237k to £ 5,160k to eliminate the £ 77k surplus .

Pay and severances

The University has recently completed a voluntary severance scheme . The provision of £ 859k ( 2020 : £ 868k ) relates to severance payments that the University and individuals have agreed by 31 July , but the University had not paid by that date .

23 Endowment Reserves Restricted net assets relating to endowments are as follows : Consolidated and University

Restricted permanent endowments

Unrestricted permanent endowments

Balances at 1 August 2020

At 31 July 2021 331 - 725 1,056

331 - 725 1,056

1,056 1,042

The funds are held as cash and cash equivalents . There are no deficit balances as at 31 July 2020 or 31 July 2021 .

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