NOTES TO THE ACCOUNTS
NOTE 30 – PENSION SCHEMES continued
History of experience gains and losses: 2011
2010
2009
2008
2007 Restated *
- Amount (£’000)
6,428
6,840
(8,690)
(7,212)
3,003
- % of scheme assets
8.0%
9.9%
(14.5%)
(11.2%)
4.5%
–
(5,117)
(3,234)
(997)
3,039
0%
(6.2%)
(4.0%)
(1.4%)
4.3%
Experience gains/(losses) on scheme assets:
Experience gains/(losses) on scheme liabilities: - Amount (£’000) - % of the present value of scheme liabilities
Total amount recognised in the statement of total recognised gains and losses: - Amount (£’000)
(1,024)
7,153
(15,415)
(3,354)
12,120
- % of the present value of scheme liabilities
(1.1%)
8.7%
(19.3%)
(4.8%)
17.3%
* Restatement due to retrospective implementation of the 2007 SORP: “Accounting for Further and Higher Education” and to reflect consolidation of the Exeter University Foundation (first consolidated in financial statements 2007/08).
(iii) Total Pension Cost The total pension cost for the University was: 2011 £’000
2010 £’000
11,595
10,348
1,584
2,436
215
213
13,394
12,997
39
8
135
492
13,568
13,497
2011 £’000
2010 £’000
Commitments contracted at 31 July
15,242
43,931
Authorised but not contracted at 31 July
56,452
28,887
71,694
72,818
Contributions to USS – regular cost Contributions to ERBS – current and past service cost Contributions to other pension schemes
Supplementary pension costs Early retirement pension enhancement costs Total pension cost
NOTE 31 – CAPITAL COMMITMENTS – Group and University
During the year expenditure was incurred on academic buildings, student accommodation, conference facilities and student amenity buildings. Capital commitments will be funded by a mixture of grants, loans, donations and internal working capital. See note 32 for the capital commitments of Group undertakings. 64
UNIVERSITY OF EXETER:
F I N A N C I A L S TAT E M E N T S F O R T H E Y E A R E N D E D 3 1 J U LY 2 0 1 1