Keele statement of accounts 20/21 | Page 66

Keele University
Notes to the Accounts For the year ended 31 July 2021
32 Pension Schemes ( continued )
The scheme ’ s assets , which are not intended to be realised in the short term and may be subject to significant change before they are realised , and the scheme ’ s liabilities , which are derived from cash flow projections over long periods and thus inherently uncertain , were :
At 31 July 2021
At 31 July 2020
£’ 000
£’ 000
Analysis of the amount shown in the balance sheet for KSS Scheme assets
33,779
30,558
Scheme liabilities
( 70,600 )
( 70,700 )
Deficit in the scheme – recorded within pension provisions ( note 22 ) ( 36,821 ) ( 40,142 )
Total operating charge
Staff costs and administrative expenses
316
261
Analysis of the amount charged to interest payable for KSS
Interest on net deficit
592
766
Total profit and loss charge before deduction for tax 908 1,027
Year to 31 July 2021
Year to 31 July 2020
£’ 000
£’ 000
Analysis of other comprehensive income for KSS : Experience gain on assets
1,976
585
Loss on liabilities
556
( 5,803 )
Total other comprehensive income before deduction for tax 2,532 ( 5,218 )
At 31 July 2021
At 31 July 2020
£’ 000
£’ 000
Cumulative actuarial loss recognised as other comprehensive income for KSS Cumulative actuarial losses recognised at the start of the year
20,425
15,207
Cumulative actuarial losses recognised at the end of the year
( 17,893 )
( 20,425 )
Analysis of movement in deficit for KSS Deficit at beginning of year
( 40,142 )
( 35,461 )
Contributions paid by the University
1,447
1,363
Administration expenses paid by the University
250
201
Total operating charge
( 316 )
( 261 )
Other finance charges
( 592 )
( 766 )
Deficit at end of year ( 36,821 ) ( 40,142 )
At 31 July 2021
At 31 July 2020
£’ 000
£’ 000
Analysis of movement in the present value of KSS liabilities Present value of KSS liabilities at the start of the year
70,700
65,200
Total operating charge
316
261
Interest cost
1,046
1,416
Actuarial loss
( 556 )
5,803
Actual benefit payments
( 1,992 )
( 1,719 )
Recognition of insured pensioners
1,402
-
Administration expenses paid by KSS
( 316 )
( 261 )
Present value of KSS liabilities at the end of the year 70,600 70,700
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