HEATHROW T b Guarantee No: 020560 ri REPOR FINAN ATEMEN MAR 24 Report of the Trustees Ito4 Indepdlt Examlnerfs Rqyjt stataw)t of Financial Activthes Summary Income and Expdilure Accourt Balance Sheet Notes to the Flnandal Ststements 91D18
HEATHROW TRAVELURE REPORT OF THE TRusfEES FOR ThE YEAR ENDED 31ST MARCH 2024 Re rt of the TTh$ for the Year Efflded 31st March 2024 The Trustees are pleased to present thdr Annual Report ts)gether wth the Ftnanclal StstWnts of the arity for the Year Enda 3tst March 2024 whlch are also prepar to meet the requirements for a Directixg Report and Accounts for Companies Act purposes. The Financial Ststements comply wth the Charlties Art 2011, the Ccwnpanies Act 2006, the Memorandum & artldes of Assoclatlon, and Account & Reportrng by Charities: Statement of Rlmende Practice appllcable to Charrfaas weparing their Accounts in aC£Ordan with the Financial Rewting Stsrxlard applicabk in the UK and Republic of Iretand (FRS 102) (effecOve tst January 2015). Reference and Admlnlstrntlve D•talls The Dlrectors of the charltsble company (the Charlty) are its Tnts for the purrM)se of Charity law. The Trustees are pn)pos&J and appointed by the Board of Trustees at their medings throug1t the year or othernlse at the Annual General meetlng. Trustee5lDlrect(Ks: Steve Porther R055 Erlam Simon Trevor Eastbum Paul Davtd Stonehouse Jeanette Truel¢)ve Rhiannon Jane DOrIall Ross Ertam Room 142, North Wing Temiinal 3, Heathrow Atrpxt Hounslow middle TW6 IBZ Rsjisterl Nuffthr.. 02056086 Accountsnts: Cole & Co tharter& kcountsnts 4(10 Harrow Road London V19 2HU Banktrs: Bardays Bank Ptc Cardinal Poin¢ FkathrcAY Arpcrt HjnS1OW Mlddlesex TW6 2RA
HEATHROW TrAVEL.C4RE REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 31ST MARCH 2024 H&ithrow Travel Care c(¥rtinues to have 1400 contscts vutnerable p8Jple annually. Our referrals are tsken fr(¥n a varfety of agencles induding Poll, srty, mental health teams, k)cal aLrthoritles, Brrfath Embassi85 worldwide, various charltles, various airp¥xt t&ims ar sdf-referrals. l>Jr work consis of the following 3 main areas.. Cxisis ScKlal Worf(: De¥tee5, those werienring Memtal Health concerns, homele55ness, desiitutson, repatriations, older vulnerable people, chlld and famlly conwns, those with learnlng dlsabllltles, victims of intemet scam5, forced marriages, vlctlms of domestlc Vrolen. We work with anyone in crisis or di5tre55 Heathrow. Emergency Planning - for Inltlal Humanitsrian AlSn avnear H&ithrow.' We continue to coordinatelprovide Initial Humanrfrarian Asslstance fdlowlng any major incident or disaster affecting the Heathrow area. We traln and co CCL)rdinate the team, alrport chaplains and 30 vduntr4 to be prepared for any major inadent at LHIi Monthly desktops tralnlngs provlded to airport and airliie staff throughout 2023124. Social Wtxk AdvKe to the Foreign and Commonwealth offi (F.C.O.) Pathership projert with Centrol Govt providing siKial work adv1 to conlar casewoTkets In London a1 Embassies abroad to assist reLurning Vulnerab Brilish natialS. Supportlng and advising on 1655 UK Nationals in dlstress abroad. Travel Care are 5UPPOrted financial by our three fijnders: Heathrow Airport Ltd (FL4L), the London Bcffough of HIllIdOn and the Foreign, Commonwealth & Development Offi. Prunlses We are estsblished in our Lurrent prsnlses In Terminal 3 arrivals, provided by HAL Governln The organis*ron is a dwritable comFony Ilmlted by guarart, fomed in 1972 arml is ests1AlSh under our Artlde5 of a551yiatson. Travel ca has a tx)ard of trustees who meet quarterty and who are reSnsIble for the stratsgic dir&tion and policy of the charty. At present there are 6 trustees from a variety of professional backgrounds appr(yriats to the running of the charty. The objective5 of the charity are to assist and advEe anyfme In crlsls or dlstress at Heathrow. This indudes the various cliert groups Ils& above under'demand..
PA HEATHROW TRAVEL<A REPORT FTHETR (Continued) Achlevem•ts and Perforniance We achied many successful dient outcomes thn)ughout the year, including many comtAex cases Involvlng mentsl health admISOnS to h¢)5pitals for the vulnerable clients. Our work %Mth vulnerable arrivals at Heathrow as result of the Sudanese and Ukrainian conflicts has been a huge success. Inltlatfves for 202 Full scale night-ume emgencY exer¢i to tast our emergency resrtse. We VAII contlnue to try arKI engage wth hard-to-reach dknt groups. As part of our multl-agency wothng we are Increagng our training and presattakns to our many partner agencie& Detslls of trustee recrultmen¢ format (Y trustee mn95 and AGM'S are ILtsJ In the drty Arbdes of Asgxiatton. To provide a mlnlnJJm of 20 overliew training sts5ions to Yeam Heathrovl oleagUeS, multtpie vlsits from UK Embasges from abroad, large xale Frrc meeting many Non-UK London embassies, provide talks to various unlsity social work teams, provlde I day strjdent shadowlng placements. nduLtlon All trustees a famlliar with the practal of the tharity and ktv)w the sLaff team wetl. have direct contsrt wth the team when visitsng the Travel Care Offi and durfng annual team d Prlnd l Fun In Heathrow Airp)rt Ltd, Lond Borough of Hlllingdon and Forelgn & cMweath offi ConnUe to be our main fvnding 9)urces Sufficient owatlng cc6ts Ilsted as restrlcted reserve5 enable us to have enough reserves to q)erate in the event of losing a major stream of funding, allowing Frrc time to identify, arrange and gentsate an arnative fundirwJ stream. To c£a aCtIty wfth loss of fundlng Is not constder&J feaslble Sin we are an embe(kled part of Heathro$ emergency re4se process - he additional reserrfes will enable us to uphold our resFMJnslbilities to our stsktholders at one of the world's busiest international airports, whilst tying to seojre altemative funding shId thls sthakn arls& Rlsk Mana ent The trust and Servi manager have reviewed the major risks to vthkh the charlty are ex[. Procedures are in Pla to ensure Complian wth health and safety of stsff and clients to Travel Care. Al procedures are regularty rev6&ved to en we meet the high stsndards of the tharity.
HEATHROW TRAVEL REPORT OF THE TRusfEES (Continued) R THE Y64R ENDED 315r MAR 24 "billtleg In relatlon the Hnandal Ststements The Charity trustees (who are also the directors of Heathrow TraveKare for the purposes of the company law) are re5r)iLle for preparing a trusteg annual rewt and finandal statemats in accordan wlth applicable law ar Unl1 Ktngdom kcounttrwJ Stsndords (United King(kni GerallY Accepted AccourtlThJ PraGtice). Ccmnpany law requlres the Charlty trustee5 to prepare financial statement for each year whith give a true and fair view of the state of affairs of the charitable company and of the incomlng resour and application of rQurS Induding the Iorne and the eXpend[re, of the charitsble group for that lOd. In preparlng the finan statwnents, the trustees are rquird to: Select suitable accountSng wlicies and then apply them consiently' Observe the methods and prinaple in Charities SORP; Make judgana)ts and esdmate that are reanable and wudent; state whether applicable UK aceountlng standards have been ftjllowed, subject to any mtsl departsjres disclosed and eJplained in the financial Statem. Prepare the financlal ststements on the going concern basis unless it is inapproprrate to prewme that the Charity will Contin In buslness. The trustees are respongble for keep1j rryjer ar)untIng ordS that di10Se th reasonable accuracy at any time the finanaal ption of the Charity and to enable them to ensure that the flnan Staternts comply the companies Act 2006. They are also responsible for safeguarding the assets of the Charfty and the group and herKe tsking the reagjnable steps for the Preventi and detecbon of fraud and other IrregularleS. The trustee5 a r&nble for the rnaintenan and integrty of the corporate ar#J financial infomation induded on the charltable company website. Legislatlon in the Unlted Klngdom goveming the preparation and dissemination of finanaal ststements may differ from legislatlon In ottr jurisdictions. as to Dlsdosure nt Examln In so far as the Trustees are aware at the time of approwng our Trustees, Annual Report: There is no relevant infmation, belng Informatlon needul by the Independent Examiner In connectlon wtth preparing ttwr rertht, and The Truth, hawng made erUIrieS of fellow Trust, hwe each tsken all steps that hqlshe Is obliged to tske as a Trustee In order to make theMsee5 aware of any re1Vnt infonnation and to establish that the Independent Examiner is aware of that infom]ation. This report has been ppared In accordan wlth the special provlslons relating to companies subj'ect to the small companles reglme wSthin Part 15 of the Comparmes Act 21)06. Approved by the trustees on the tst AUgt 2024 and 9g1 on Its bthlf ty: Ross Erlam
INDEPENDE E¥AMINER' REPORT TO THE TRusfEES OF HEATHROW TrAVEL£4RE R THE YEAR ENDED MARCH 2024 I report on the flnandal statements of Heathrow Travel<are for the Year End 31st Marth 2024 whith are set out on Pages 6 to 18. nslblll mln The trustees (who are also the directors of the ccffipany for the pUrSe5 of company law) are respcA)sible ft the preparauon of the accounts. The tnjstees consder that an audit is not requlred for thls year under section 14412) of the iae5 Att 2011 (the 2011 Art) and is elwjible for an Independent examlnation. gross Inc(Mne dld not exceed £500,000 and l am qualified to undertake the examlnatlon by being a qualified memb¥ of The InStite of awrtered Ac£oUnts in England & Wales. Havlr¥J satisfied myself that thanty is not subject to audit under company law and is eligible for independert examlnSon, it is my respmsibilty to: eyamine the financlal ststements under s&tion 145 of the 2011 Act: follow the pre<eduS laid down in the generdl DlrKdons gNen the Iarfty Commlsslon (urKI section 145(5)(b) of the 2011 ACL" and state whether particular matth have come to my atkntion. sofIn Examln My exarnination was carried out in accordan wlth the general Directkns gwi by the Charity Commissk)n. An examination indudes a revlew of the accounting CordS kept by the Charity and a comparison of the accounts pr&ted those rerords. It also IrlU1S consideratk)n of any unusual items or disdosures Sn the acrounts, and seeking expknation5 from you as trustees nrnIng any wch matters. The procedures undertaken do not provlde all the eviden that wouhl be reld in audit and ConseqUty no oplnlon is gr7 as to whethw accourts pret a and fair vieYK and the report is limital to those matters set out in the statement below. Inde t Exarnlnerfs Stat•m In connection wth my examination, no matter has come to my attenti(. (l) Which gives me rehsonoble cause to tsle thaL in any material rBspe¢ the r4uirements: to keep accounting rÉrords In accordano with stk)n 386 of the mpleS Act 2006 and to wepare accounts which aord with the acrnuntlng records, comply wth the accountlng requ1mertS of seLllon 396 of the Companies Act 2006 and with the methods and prinaple5 of statement of RKommendaJ Prattl. P£countlThJ and Ryirting by tharities have nrt been met or (2) to which, in my opinm, attentlon should be drawn in order to able a proper undethding of accounts to be r&iched 400 Harrim Road LON Mlthael B&tlnson F For and on behalf of: Cole & Co Charter1 ACCIntants arKI RerKJrtlng Accountsnts ND
HEATHROW TRAVEL-C4RE F FINA IIAL4¥- Donations and Legacles Inc(Kne from Charitable P£tlvlttes Investsnert incoff 7,205 528,181 13,437 555,180 535,3B6 568,617 Expendlture on Charitsble ktivibe5 (4H,123) (23.184) (448,530) (23,982) (467,307) {472,S12) in Funds 68,079 96,105 Totsl Funds Browht R)rward 370,396 Totsl Funds Carrfed Forward 438,475 96,105 The Statanent of nanCIal ktivlties IndLMles all galns and los recognised in the year. All Income and Exp(¥tUre derived from continuirKJ actiwties.
HEATHR VEL- MMARY INCOME & EXPEN0uRE A UTr R ThE YEAR ENDED nra5tricte4J Funds 2024 Donatk)ns a1 Legacies 7,205 13,437 tncome from Charitsble Actiwties Grants., Heathrow T)rt Limited London Borough of HillirKJdon Foreign and Commonweaith Offi 185,512 134,872 207,797 169,883 107,689 277,608 528,181 555,180 Invesirnent Inojme TOTAL INCOM 535,386 568fi17 EXPENDrnIRE Charitsble Activi Sarles and National Insuran 346,986 49,530 354,173 48,878 staff Tralnl Trnvel and SubslstaKe Consultancy Fee5 Assistan to aients offi Equipment arKI sUles untaKy Fees 3,045 2,727 35,890 1,385 4,560 3,160 2,277 31,128 1,986 444,123 23,184 448,530 23,982 AL EXPEND (467,307) (4n,512) 68,079 96,105 All Income aTrJ E¥pdire dwived from continuing acbvibes
PAGE HEATHR W TRAVEL.CARE AT MAR 2024 NOTE 24 RRENT ASSETS Debtors Cath at Bank and In Harnl 89,872 364,8H 387,354 454,716 387,354 CREDITORS: Amounts falllng due wthln One Year {16,241) (16.958) 438,475 370,396 THE FUNDS OF THE CHARrrY Unrerfcted IoMe FurKIs io 438,475 370,396 For the Year Ended 31st March 2024 the Compary VRS entlued to exempkn under sthn 477 of the Companies Act 2006. No TriL5tees have required the Compary to obtsln an audlt of Its accounts for the year in question In a¢)rdan vAth sertion 476. The Truts acknge their resN)n9bilty for: (i) Ensuring the Company keeps a(roUnti reLY)rds whith comply with SertK 386; a1 (li) PparIng accounts vthich give a true and fair view of the state of affairs of the Company as at the end of its financial year, and of Its pfft and loss for the flnanaal year in accordance vrith secbon 393, and which otheJw COM with the requirements of the Companies Act relating to ac£ounts, so far as appliGible to the Company. These accounts have Lw prepared In aCcdan wtth the provisions applicable to cijmponies sub]'eLt to small companles. regime. These Accounts were approved by the Board of Trust$ on the 1st Augu 2024 and signed on its behalf Ross Etlam Company No. 02056086 (England & Wale5)
PA EATH TRAVEL- THE FINAN(JAL STATEMEMrs RTHE MARCH 2 24 nti principal accounting poliaes adoptedi judwents and key of tstimation uncertainty in the preParatk of the finandal ststements are as follows: 1.1 Basis of Pre ration Flnandal Statements have bn prepared in accordan wth Acajunting and Rwrting by arltjes.. Statement of Recomended Practice applicable to Charities pparIng their accounts in aCcOrdae with the Financial Repordng Standard applicable in the UK and Republic of ]land (FRS 102) (effecti 1st January 2015 - (tharities S(XiP (FRS 102)), and the Companles kt 216. Assets and Llabtltties are initi31ty recognlsed at Historiol Cost or Tt3nsactlon Value unless othaivfse stated in the relevant acrounting policy note(s). 1,2 ID£QtDR Voluntsry income, suth as donations and grBnts are induded in income are 1V&. Income from fund ralslng venture5 is Sh gross, with the associatejj costs induded in fund raising events. iture Resources expended are Incluthd in the Statefflt of Flnanaal P£Lrvities on an accrual basls, indusive of any VAT whlch cannot be recovered. Expenditure vthKti 15 dIrdY attributable to spedfk [VleS has been Induded In these cost categories. 1.4 Fund Stnjcture The Funds hekl by the Charty are Unrestricted ger01 funds - these are fvnds whith can be used in accordan with the charrf(able obiectlve5 at the discretion of the trustees. 1.5 YAT The Charity is not registered for VAT and Kccydingly expwKlitwe indudes VAT where appropriate. 1.6 Taxatlo Heathrow Travel.Care is a registered Charty and is exempt from Qpat1[ Tax to the extert that tts Income Is used for its diaritable obJlIVe The Charfty has no fixed assets arKI operates from offices made avallable by Heathrow Alrt Limited. No drge ts Ied on the Charty use of these faalities. The best estimats to this cost Is induded withln the stateMt of Flnanclal Actlv5Ue5 as a donation.
H84THROW TRA (Continued) FOR THE YEAR ENDED 24 The Charity is incorpora1 as a cxjmpany limiteA by guarantee havlr¥J no share ca1 and In acrordarKE with the Memorandum of Association, the two mb&S of the company are Ilable to contributs up to £1 eath in the event of the ojmpany being wourKI up. The Charity 15 a public benefft entity. 2024 2023 cli& ReiMburent Other 3,861 6,641 7,205 13,437 e from Charltable Actmtles Heathrow Alrport London Borwgh of Hillingdc Foreign arKi Commonwealth (Xfice 185,512 134,872 207,797 169,883 107,689 277,608 528,181 555,180 Investment Income of £0 (2023: £0) from rrthles held In bank a(rounts.
EATHROW E FINAN ATEMENTS (Continued) Unr "cted Fur$ e Acbv Salaries artd National tnsurance Pensk)n Stsff Training Travel and Subslsten Consultancy Fees A54Stan to Cllents 346,986 49,53Q 354,173 48,878 3,045 2,727 35,890 3,160 2,277 31,128 438.178 442,104 Governan Costs Office Equipment and Supplies AccountarKy Fees 1,385 4,560 5,945 6.426 444,123 +18,530 Trustees and Em Staff costs Incurred durlng the Year were: Wages & Salaries Srfial Security Cos15 ps1On costs 315,023 31,963 49,530 317,614 36,559 48,878 396,516 403,051 Averdge number of pers$ employej li li
HEATHR W TRAVEL-CJRE ThE FIW4 STATEMENTS (Cnntinued) 024 Sundry Credit(Ys and Accrued EXpse5 16,241 16,958 Totsl Salaripens)r Average Number 31.03.20 mnbl Ststistics 258 17 18 Deferred Pensioners Pensioners Deferred Peng(NWs indude undecided leavers arKI fro1 refund& sala are actual, not ful time equivalent Awmed Total Ponable Payroll bas&J on Information tst Awil 2023 b) 31st March 2024 £234,( Invesbnent Rthms The retum on the Fund in marlrt value temis for the Perlod to the 31st Marth 2024 is based attual Fund retums as prDvlded by the Admlnlsterlng Authorlty. Detalls are as follows. Actual Rrn5 from 1st Aprll 2023 to the 31st March 2024 Total Returns from 1st Aprll 2023 to the 3tst Marth 2024 11.3% 11.3 %
HEATHROW TRAVEL. TO THE FINthCIAL STATEMENTS (Continued) P•nslon Scheme (Q)ntind) Perlod Endlng 1.03.2024 31.03.20 as è percaa Total Han Ass#s Equibe5 Born15 27% 14% 30% 5% We have useA the most recent asset split provldgj to us arKI alW for Index returns. whe requlred, on exh a55et catewry to determlne the e5tlmated split of assets as at 31st March 2024. nancial Assum ion5 Trt (lefault fina131 a55umFlions. as dexrd)ed In the aCcompanng rem a summars&l below. 31.03.2024 1.03. Penon Inuease Rate (CP[) Salary Increase Rate Discount Rats 2.75% 3.25% 4.85% 2.95% 3.45% 4.75% s at the date of the nKJst recent valuation, the duratKn of the Employ¥s funded liabilibes is 24 years. Mortall Life expeLtsnry is based on the Fund's Vitacurves with imFyovents In Ilne wth the QlI 2021 mojd, with IO% weighting of 2021 (and 2020) dats, stsndard %noothing (Sk7), initial adj'usbnent of 0.25% and a long temi rate of lmproveffnt of 1.5% pa. Based on these awmption5, the average future life expettancies at age 65 are Summari$ below. Current PensK)ner5 Future Pensioners. 21.7 y 23.2 yws 21.8 years 233 years * gureS assume members aged 45 as at the last forn1 valuation date. Hi#oric Motsli Life expttkncies for the prior period a also basaj on the Funds VltaCuNs The allOwar for future life eXpncle$ are shown bdow: Prospective Pensioner4 CM12Q20 ThKKlel a55uming the current rate cl improvemerts have peaked and will convwge to long temi rnte 1.5% pa CM12020 model &suming the current ratr improvanents have peak and will Conv to lorvj terni rdte 1.5% pa P163se note that the mortalty assumptions used to value Otdlgati(S in the Empknyer ang tKIn a differ¥ to those used to value the Obligadons In the EMOyeS Openlng Posttlon. An allowan15 Induded for futyre reliremerrt5 tD eleLt to take 55% of the wmum addiiional tsx-free cash up to HMRC Ilml All other demrKJraphic assumption5 are as per the k)test fundiffj valuafjon of the Employer.
NOTES TO THE FINANCLAL rATENTS (Conunued) FOR THE YEAR ENDED MARCH 2024 Pension Schemé (Continued) CharJes In the Falr Value of Pkin A Defmeil Beneft (lIgation and Net abIlity For the Year Ended 31st Marth 2024. NetAd I [LiabllSty) Obllgations Fair Value of Pkn A55ets esent Value of Funded UablIe$ Prttent Value of unful01 LiatilitiÈs 1,156 (1,078) 1,078 Openlng Posluon as at 3tst Marth 2023 156 1,078 servi C05t.' Current $8rvke Co Past Se Cost OndudirKJ cutsllments) Effect of Setdements 47 (47) 47 (47) Net Interestr. Intere& IncCe on Plan Assets Irft¥e5t Cost on Defimd ClIga( 52 (52) Total Plet Interest 52 Tot•1 Dofined Cost RoLvynlw•d In Profit or {Los8) (43) Parfaapanw Ccffltribubons Empby Contrlbuvons E5Ymoted Benefft5 Pald Estimated Unfvnded Berfts Paid Estimaw Contrilxrtns In respect of Unfvnded Pakl Effect of Business Combinabys and Di5posa15 17 17 (20) (20) Expectsd a0n9 P••lUon 253 1,174 aTrJes in nanCIal AwmFthns CaThJes In Demographk Awmtthns Otrr Experfence Retum Assets excluding amourts indLKled in Net Intsre5t (85) 85 {290) (76) rnc4yne (OC (76) (52) 128 Fair Vlue of Hèn Assets Present Value of Fund Liabifibes Present Va of Unfurnlèj Lkbllltie 1?29 1,329 (1,122) 1,122 aoskng Posltlon at 31st 2024 207 * The curr& ser¥ict C(15t kndudes an aHowaKe for adMIS2 c¢ 0.8% of ¥01. ** The unfvrKl&J liaL¥lbes comw of £0 in rewt of LGPS vnfinded and EO In res rl T&ds' urffurthj
PAGE HEATFROW TRAVEL.CIRE THE FIr ATEME {ConVnu) ch5 In the Falr ValuÈ c¢ Flan Assts Ddln&1 Bent Obwth aThl Net LfaLIIty the Yr ETrJed 3ts1Marth 2023. gatbjns l(Lwbility) £(oo)) qoo)) 1,171 (1,416} qoco) 1,171 Falr val (fj PLin A55ets Present Value rf Llab]Iltyes (1,416) Op•niny Powlion •• •t lIv 1022 171 {IH16) (245) 116 {116) Past Sary1 Cn5t (l1r4 ojrtallments) Totsl S•rvk Cmt 116 (116) Net IntEre5t 33 33 (40) Intue5t Cc6t on Definèj 8enefft Obl$3aUon 33 17) Totsl B•fft Ca#t RwiTrlMd In Pmfft or (LM•) 33 156 {123) Papants, Conbflxrtlo 18 Esurnated Paid Estlmated Unfunded Beneffts Pald Esilmated Q)ntrttthcffi5 kn re5t of UnfunLW BerEIIts Pd Effert ofn$ Mn)on$ and CIS (191 119) ¥252 (319) Ownges In Flnandal Asgnmthns Changs In DhAs9jrnl$ {7T2) (21) 772 21 {290) (106) io {106) ReM ffi P&sets amunts In Irrt¥ESt Totsl R•m••r•M•its Rwnlg•d In othercomphen IKome (OCI) (96) {493) 397 Pair Vaknè of Pl• AssèL% Fknt Value cl FuTrJed Presert val UnfuTrdeJ Ulltles 1,156 1,156 {1,078) IX+78 ** Closhw Pokn as at31rt Mardb 2023 ¥156 078 ¥ Tr r1ert Se cr6t Klthsan akwarKets¥(knknLr&kn exp85 of Q8% of pHyrdl.
NA (thntin Pen51on Scheme (Contlnued} Anatys of proithj amount to be tharyed to Oyating Profit for the Period to the 31st 2025. (Liablllty)IAsset £(000) %ofPay (41) (17.7%) Obllgations £(000) 41 £((0) Projected Current Service Cost Past Service Cost Includlng Curtailments Effect of Setuements Total SeThlce Cost 41 (41) (17.7Qh) Interest Income on Plan Assets irterest Cost on Defined Benefit Obllgatlon 65 27.8% (55) (23.5%) 55 Totsl Net Interast Cost 65 io 4.30/0 Total Indud•d In Profit and Lo 96 (31) (13A•)/o) * The ojrrent 5ervke co Indude5 an alk)wance for lminiS11icffl expen5e5 of 0.8% of payroll. The rTh)rtsry value is based on a prOted payroll cf £234.000. The contrlbuljons pald by the Employer are set by the Fund following an actuarial valuation. For fvrther detsils on the approach adopted to set contrlbutlon rates for the Employer, please refer to the lote5t formal ValUatn report arttl Funding Strategy Ststement. I esumate the Employerfs Contributions for Period to the 31st March 2024 will be apprOxitY £44,000. NOTES: The at#we figures shDuld be treatsj as imates and may need to be adjusted to tske accwnt of: Any matsdal events, such as curta1lrnen $ernents or ts dlsc0ntlnuan of the Employees participation In the Fund. Any changes to accounting practices; Any changes to the Scheme LEnefft or member contribution rates; andlor Any full fundlng valuatlon that may have teen carrf8J out on the employels behalf. The rnondary amount of the projected sayi costs for the Period to the 31st Marth 2025 may be adjusted to tske account of actual pensionable payroll the perlod.
VEL- (Contlnued) Penslon Scheme (Contlnwl) SenSl¥lty Analysts FRS102 does not require disdosuFe of the $wltivIty of the results to the melhc%ls and assumpb'ons used. However, tt Is rQMmende best practte that this infijrmation is indUdl and therefore shown in this report The sensttivities regardlng the prlndpal aswfflptm5 to measure the xheme liabilities are set out telow. roximate % IrLTease to Appmximate McK)elary Defln Benefit Obli ation Amount Changes in Assumption5 at 31st Marth 2024: 0.1% decrease In Real Dlscount Rate l year incr&ise in member life expectsncy O.IOA increase in the Salary Incr&i Rate 0.1% increa in the Pension Increase Rate ((PI) 27 45 26 NOTES: The prinapal demographic assumption Is the longevity assumpuon (le rnernr Ilfe expettancy). For sen$Vity pUrse5, we estimate that a Lme year inuease in life expncY would approxlmatety inuease the Empbyerfs Defined Benefft Obligati¢)n by around 3-5%. In practice the attual cost of a one year Increase In the expectancy wll ded on the struoknre of the revised assumption (ie rf improvements to survlval rates predomlnandy apply at younger or older age5). The prowded SItivity figures can be used to estimate the Impatt of adopung dlffewt finandal assumptions (eg an Employer ¢ortsid8ing altwnalive a(xounting as9Jmptions or to help an Employer compl* an ESFA accounts return). For fijrther detsils on this, pFease refer to the accompanying accounting covwing report. In order to quanufy the Impact of a change In the flnanclal a55umption5 used, VR have cakulate(I and compared the value of the sdne liabilitiÉs at the accountlng date on varying bases. The approach tsken is consistent wlth that adopted to the accountirKJ figures provided in this report, based the profile (average member ages, retirement ages, eic) of the Employer as at the date of the most recent valuatlon.
HEATHROW TRAVEL- ES TO THE FINANaAL mEs (Con15nued) ThE YEAR ENDED 31 10. An Balano as at 1st Aprll Balan as at 3tst March General Fund 370,396 535,386 (467,307) 438,475