HEATHR W TRAVEL- Llmi Guaran No.. 0205608 No: 02971 REPO AND IAL 5rATEME5 FOR THE YEAR ENDED 31ST MAR H 2025 AG Report of the Trustees Ito4 Independent Examinerfs Report Statement of Financial Activities Summary Income and Expenditure Account Balan Sheet Notes to the Financial Statements 9t018
HE4THROW TRAVEL.C4RE REPORT OF THE TRusfEES MAR Re rt of the TNstees for the Year Ernled 31st Marth 2025 The Trustees are pleased to present their Annual Report together the Rnandal Statements of the Charity for the Year Ended 31st Marth 2025 whith are also prepared to meet the r4Uireffts for Dlr&torg Report and Accounts for Companie5 Art purp)se& The Financlal Ststements COM with the Charities Art 2011, the Companies Act 2006, the Memorandum & artlcles of Assodatlon, and Account & Reportlng by ijarfties; Ststement of Recommendej Practice applicable to Charities preparing their Accounts in accordan wlth the Flnanclal Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2015). Reference and Admlnlstrntlv• Detslls The D1CtorS of the charitalJe company (the Charlty) are its Trustee5 for the purpose of tharlty law. The Trust are proposed and appointsd by the Board of Trustee5 at their meeting5 througl¥Jut the year or otherwi at the Annual Gen01 meettng. Tru5teeslDirectors: Steve Porcher R¢)ss Erlam Simon Trevor Eastbum Paul Dawd StonehoL Jeanette Trudove ffttsgned 31st Dmber 2024) Rhiannon Jane Dowdall Secretary: Ross Erlam Register1 Offio: Rc(Jm 142, North Wing Terminal 3, Heathrow rport Hwnslow Middlw TW6 IBZ RegIsted Numbw: 02056086 untants: Cole & Co Chartered A¢a)untants 6 Fordbridge Rc>ad Ashford, Middle5ex TW15 2SG Bankers,. Bardays Bank Pk Cardinal PoinL Heathrow Airport Hounslow middl T116 2RA
PAGE 2 W TRAVELaRE REK) F THE TRusfEES (Contlnued) FOR ThE YEAR ENDED 315r MAR 25 Dem Heathrow Travel ca contlnues to have 1400 contscts with vulnerable Feople annually. Our referrals are tsken from a varlety of agencies induding Poli, serurty, mental health teams, local authoritles, Britssh Embassies wldwIde, various charities, various airport teams and self-referrBls. Our work consists of the following 3 main areas: Crisis (la1 Work: Deportees, those ewiencing Mtal Health cOnrnS, homelessness, destitrjuon, repatrlatknns, older vulnerable pIe, child and family concems, those with learning disabilities, virtims of intemet Scams, forced marriages, victims of d(Jnestic violen. We WO with anyone in crisis or distres5 at Heathrow. Emergency Planning - for Initial Humanitarian Asslstance avnear Heathrow.. We continue to coordinatelprovide Initial Humanitarian Assistan following any major inodent or disaster affecting the Heathrow area. We train and co CCK)rdinate the core team, airF(rft chaplains and 34 volunteers, to be prepared for any major incident at LHR. We We also invoived in the Ukrdine anivals planning meetings and direcuy assisted arrivals at Heathrow. ial Work Advi to the Foreign and Commonwealth offi (F.C.O.) Partnership project with Central Govt providing s(71 work adv to Con9Jlar casewcykers in London and Embassres abroad to assist retuming vulnerable British natiCalS. Supporting and advisirKJ on 1655 UK Nationals in distress abroad. Travel Care are suptNJrted finanaally by our three funders: Heathrow Airport Ltd (HAL), the London POUgh of Hillingdon and the Foreign, Commonwealth & Development OffKe. We are established in our current premises in Terminal 3 arrivals, provided by HAL Governin ument The organisation is a charitable company limited by guarantee, formed in 1972 and Is establlshed under our ArtleS of association. ni TTrvel Care has a L%)ard of trustees who meet quarterly and wha are responsible for the strategic dlrection and polty c( the tharfty. At present the are 6 tsuSte fmm a variety of professional backgrounds appropriate to the runnlng of the charlty. Ob"ectives and Activities The obJ"ectives of the charity are to assist and advise anyone in crisis or dist55 at Heathrow, This indudes the various dient groups listed ab)ve under'demand,.
HEAThROW TrAVEL-CIRE REPORT OF ThE TR (Continu) Achievements and Performance We achieved many successful client outcomes throughout the year, indLJing many complex cases involving menial health admissions to hospitsls for the most vulnerable clients. Our work with vulnerable arrivals at Heathrow as result of the Sudanese aThJ Ukyainian conflicts has been a huge success. New Initiatives for 2024 25 Full scale night-time emergency exercise to test cr anwgency respmse. We will continue to ty and engage with hard-tO•reach client group5. As Part of our multi-ageKy working with we are increasing our training and presentatlons to our many partner agenaes. Rerx itment & A intment of Trustees Detsils of trustee wrUltmt, fonnat or trust meetings AGM'S are lisbj in the charty Articles of Assttiation. T stee Ind rtion and Trainin All trustees are familiar with the practtcal work of the charity and know the staff team well. They have direct contact wf(h the team when vi51ting the Travel Care offiS and durirvj annual team days. Prin Heathrow Ltd, London Prough of Hillingdon and Foreign & COmnnwealth offi continue to be our main funding sources Sufficient operating costs listed as restricted reserves enable us to have en(KJgh reserves to operate in the event of losing a major stream of fundlng, allowing HTC time to identify, arrange and generate an alternative fundlng stream. To ase actmty with loss of fundin9 is mt considered feasible Sin we are an emWded part of Heathrow's emergenq resFonse wocess - the a(1diticaI reserves will enable us to phold our responsibilities to our stskeholders at one of the worfd's busie intemational airFQrts, whilst tying to serure altemative funding shoukl thls sltuatton arfse. emen The trustees and service manager have reviewed the major risks to which the tharity are exFQS8J. Prcdures are in pla to ensure Complian with health and safety of staff clients to Travel Care. All prccedures are regularfy reviewed to ensu we meet the high standards of the charity.
GE4 HEAThROW TRAVEL.CARE REPORT OF THE TRusfEES (cctinUed) FOR THE YEAR ENDED 31 MARCH 2025 nsibil•ties in relation to the Flnanci tements The Charity tru5tee5 (who are also the dirLYtors of the Heathrow Trdvel-C3re for the purFoses of the company law) are restM)nsible for preparing a tru5tees' annual report and financial statements in accordan with applioble law and United Kingdom Accounting Standards (United Kingdom Generally Acts Accounting practi). Company law requires the Charity trustees to prepare finanaal statement for each year whith give a true and fair view of the state of affairs of the charitsble company and of the Incomlng rurCeS and application of recourses, including the income and the expenditure, of the charltsble group for that perfod. In preparing the finan statements, the trustees are r4uired to: Select suitable accounting policies and then apply them consistently; ObseNe the methods and principle in Charities SORP. Make Judgements and esttmate that are reasonable and prudent; State whether applicable UK accounting 5tsndard5 have ten followoj, subject to any material departures disclosed and explained in the financial statements; Prepare the financial ststements on the going conrn basis unless it is inappropriate to presume that the Charity will continue in bu5ines5. The trustees are resFL)nsible for keeping prqkr accounting rordS that disck)se wlth reasonable accuracy at any tlme the flnanclal FX)sition of the Chaiity and to enable them to ensure that the finance statements comply wfch the companies Act 2006. They are al reswn5ible for safeguarding the assets c the Charity and the group and he tak]ng the reasonable steps for the prevention and detectb)n of fraud and other IegUlar[ties. The trustees are res$1b1e for the Maintenan aj integrity of the corForats and finanaal infomiation included on the chaAtatde company website. LegIation In the Unlt8J Klngdom governlng the preparatic and dissemlnatlon of flnandal ststements may differ from legislation in other jurisdittions. ment as to Dlsclosure to Inde ndent Examlner In so far a5 the Truste are aware at the time of approving our Trustees, Annual ReFQrt: The is no relevant infonnation, being infomiation needed by the IndeFendent Examiner in conneLtion with preparing their reprt; and The Trustees, haviThJ made enqulrfts of fellow Trustees, have each tsken all steps that helshe is obliged to take as a Trustee In order to make themselves aware of any relevant InfomKtion and to estsblish that the Independent Examiner Is aware of that information. This report has bn prepared in aCcOrdae with the speyial provision5 relating to companies subject to the small companie5 regime within Part 15 of the Compans Att 2006. ApF0V by the trustees on the 8th August 2025 and Sign on Its behalf by: Ross Erlam
INDEpENDEr EXAMINER'S REPORT TO THE TRUSfEES OF HEATHROW TR4VEL-CARE FOR THE YEAR ENDED 31sr MARCH 2025 I reFQrt cffl the firkincial 5taterrents of Heathrow TravelQre for the Year Ended 31st Marth 2025 which are set ¢JJt on Pages 6 to 18. ive Res nsibilities of Trustees and Exarni The trlthes (who are also the dirS of the c(#npany for the purp)ses of company law) are resp)nsible for the preparation of the accounts. The trustee5 consider that an audit is not required for this year under sectK)n 14412) of the Charities ALt 2011 (the 2011 Act) and 15 eligible an independent examination. The Charty's gr¢)ss incorne did mt exc £500,000 and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered P£countsnts in ErKJlarKd & Wales. Having satisfied rnyself that the (arity is not subj* to aLwJit under company law and is elvJible for independent pJamination, it is my SponSibl11ty to: examine the financkil ststements under Settn 145 of the 2011 Act: follow the proureS laid cbwn in the general Dlrections gNen by the Charfty Commis5KJn (uThJer on 145(5)(b) of the 2011 Att; a1 state whether particular matters have come to my attentiM. Basis of Inde ndent Examinerfs Re MY examlnation was canl&J ¢JJt In accordantr wlth the general Dlrections given by the Charity CmmIsSIon. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts pre5ent&J with those records. It also indudes consideration of any unusual items or diKlosures in the accounts, seekitKJ explanations from you as tnjstees CCInrning any suth matters. The procedures undertaken do provide all the evidence that would tre reyuired in an audit and cons4uenUy no opinion is given as to whether awounts present a 'true and fair VI and the retL)rt Is limited to those matters set out in the statement below. In Examiner's Statement In connettion with my examination, no matter has come to my attention: (i) Which gives me reasonable cause to believe tha( in any material respect, the requirements: to keep accounting rerord5 in accordarKe with secLion 386 of the Companies Act 2006 and to pa accounts which accoffl with the accounting cordS, comply with the acccmjnting re4uirements of section 396 of the Companies Art 2006 and with the methods and prinaples of the StsterrEnt of Recommended Prattice.. kcounting and RertIng by aritieS ve not been met or (2) to which, in my opinton, attention should be drBwn in order to able a proper understandlng of the accounts to be re&J)ed 6 Fordbridge Road Ashford Middlesex TW15 2SG Michael Bettinson FCA For and on behalf of: Cole & Co Chartered Accountants and ReF(fyrting Accountsnts HFORD MIDDLESEX
HEATHROW TrAVEL<ARE ME F FINANCIAL ACllVTfiES Unrestricted Funds NOTE 202 In Donations and Legaae5 Income frn Charitst4e Activities Miscdlaneous IrKome 19,503 576,817 13,(N)) 7,205 528,181 TOTAL INCOME 609,320 535,386 Expenditure on Charitsble Activities other (518,650) (22,056) (444,123) (23,184) (540,706) (467,307) NetI me nd Net Movement in Funds for the Year 68,614 68,079 Totsl Funds Brought Forward 438,475 370,396 Total Funds Carried Forward 507,089 438,475 The Statement of Flnanclal Artlvities Includes all galns and losses reCnIsed In the year. All Income and Expenditure derived from continuing actiwties.
TRAVEL- SUMMARY INCOME & EXPENDrruRE AccOur FOR THE YEAR ENDED 31 H 2025 2024 INCOME Donations and Legacles 19,503 7,205 Income from Charitable Activities Grants: Heathrow Alrt Limited London Borough of Hillingdon Foreign and Commonwealth Offi 188,666 133,686 254,465 185,512 134,872 207,797 576,817 528,181 Mlsdlaneous Income 13,(KKI TOTAL INCOME 609,320 535,386 EXPENDtruRE Charitable Activttie5: Salaries and National Insuran Pension Costs Stsff Training Travel and Subsisten Consultancy Fees Assistsntr to aients Offitr Equiprnent and Supplies Accountancy Fee5 396,346 65,922 346,986 49,530 4,152 2,153 41,926 1,611 4,740 3,045 2,727 35,890 1,385 4,560 518,650 22,056 444,123 23,184 ENDrr (540,7(6) (467,307) NEf INCOME EXPENDrruRE FOR THE Y 68,614 68,079 All Income and Expenditure deriv8J from continuing activities
VEL-CARE BALANCE SHE AT RREKf ASSETS Debtors Cash at Bank and In Hand 89,872 364,844 525,741 525,741 454,716 REDrfoRS: ArK)unts falling due within One Year (18,652) (16,241) 507,089 438,475 THE FUNDS OF THE CHARrrY Unrestrictsj Income Funds io 507,089 438,475 For the Year Ended 31st Mardi 2025 the Comp3ny was entitled to exempb'on under section 477 of the Companies Act 2006. No Trustees have r4uired the C£)mpany to obtain an audit of Its accounts for the year in question in accordan with section 476. The Trustee5 acknowledge their resFrf)nsibility for: (l) Ensuring the Company keeps aUnting records which comply with section 386. and (li) Preparing accounts whid) give a true and fair view of the state of affairs of the Company as at the end of its flnanclal year, and of its profit and loss for the financial year in accordan with 5e£tion 393, and which otherwise o)mply with the requirements of the Companies ALt relating to aco)unts, so Par as applicable to the Company. These accounts have been prepared in accordan wlth the provlsions applicable to companies subject to small companles, reglme. These Accounts were approved by the Board of TrUstS on the 8th August 2025 and signed on its behalf Ross Erlam TRUEE Company No. 02056086 (England & Wales)
HEAThROW TRAVEL.CARE NOTES TO TrIE NANcL ATEMEMrS FOR THE YEAR MAR 025 Accountin Policies The principal accounting policies adopted, Judgements and key sources of estimatlon uncertainty in the preparatKJn of the financial statements are as follows: 1.1 Basis of Pre ration The NnarKial Ststements have been prepared in accordan with Accounting and ReF(Nting by Charities: Statement of Recommended Prattl applicable to Charities pparing their acmunts in accordan with the Financial Repwting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (efftive 1st January 2015 - (Charities SORP (FRS 102)), and the Companies Att and Liabilities are initially recogni5ed at Historical Cost CY Transattion Value unless otheise *ated in the levant Counting policy ncte(s). 1.2 1 Voluntsry income, such as donations and grants are induded in income when are received. The Inccffie from fund ralslng ventures Is shown gr¢JSS, wlth the asscclated costs induded in fund raFsing events. 1.3 Ex nditure Resour exFended are included in the Ststement of nanCIal Acknvities on an accrual basls, indusive of any VAT which cannot rvered. Expenditure which 15 direcuy attributsble to 5fiC activities has been included In these cost categories. 1.4 Fund Structu The Funds held by the Charity are Unrestricted general funds - these are funds v4hich can be used in accordan with the charitable objectives at the discretion of the trust&s. 1.5 VAT The Charty is nct registered for VAT and accordlngly exrenditure indudes VAT where appropriate. 1.6 Taxation Heathrow Travel-care is a registered Charity and is exempt from Corporation Tax to the extent that its incCe 15 for ts tharitsble obj'ectives. 1.7 Xed Assets and De iation The Charlty has no fixed assets and oper7tes from offices made available by Heathrc>w Airkv)rt mited. No charge is levied on the arIty for use of these facilities. esttmate to thls cost is included within the Statement of finanaal Activities as a donaticffl.
PAGE 10 TO THE FINANCIAL sfATE (Continued) MAR Mem The Charity 15 incorF*xatsJ as a MpanY limited by guarantee having no share capitsl and in accordance with the Memorandum of Asgxiation, the kn memtets of the company are liable to contribute up to £1 eath in the event of the company being wouThJ up. The Charty is a public benefit entity. nrestricted Funds 2025 2024 ns and Cllent Relmkyjrsement Other 4,599 14,904 3,861 19,503 7,205 Income from Charitable Activities Heathrow AlrFQrt London Borough of Hillingjon Foreign and Commonwealth Offe 188,666 133,686 254,465 185,512 134,8n 207,797 576,817 528,181 Miscellaneous Income Refund: PAYE Em OYMent AllIowae 13,000
PAGE HEATrIROW TrAVEL.CARE TES TO ThE FIN ME {cnnued) Unrestritted Funds 2025 2024 An I slsofEx nditure on Charitable Activities Charttable Activities.. Salaries and Nationol Insurdnce Pension Stsff Training Travd and Subsisten Consultancy Fees ASSIStar to Clients 396,346 65,922 1,800 4,152 2,153 41,926 346,986 49,530 3,045 2,727 35,890 512,299 438,178 Govemantr Costs offi Equipment and Supplies Accountsncy Fees 1,611 4,740 1,385 4,560 6,351 5,945 518,650 444,123 Trustees and Em Stsff costs incurred during the Year We.. Wages & Salarie5 ial Security Costs Pension costs 363,405 32,941 65.922 315,023 31,963 49,530 462,268 396,516 Average number of persons employed li li
NOTES TO THE FINANCIAL sfATEMETrtrs (Continued) FOR THE YEAR ENDED 31sr MAR 25 2024 Sundry Creditor5 and Expenses 18,652 16,241 Pension Scheme Total SajarieslpensnS Average Numter 31.03.2025 31.03.2024 Em r Memtrershi Atttves Deferred Pensioners PensnerS Statistics 258 17 18 47 67 Deferred Pensioners include undecbjed teavers a1 froTrn refund5, Salarie5 are actual, not full- time equivalent. A55umgJ Total Pensionable Payroll bas on information Provlded Pa 1st April 2024 to 31st March 2025 £245,000 Investment Returns retum on the Fund in mrket value tems for the Pericd to the 31st March 2025 Is based c actual Fund returns as provided by the Administering Authority. Details are as folh)ws. Actual Retums from 1st Awll 2024 to the 31st March 2025 Total Returns from 1st Aprll 2024 to the 31st March 2025 4.5% 51>h
THROW ThE FIN ENTS (Continued) FOR ThE ENDED 31 MARCH 20 (Continued) PerKxI Ending Equities Bonds 55% 26% 14% 5% 540 27% 14% Cash We have used the most rent asset Sp1 Provid to us and alk)wed for index retum5, where requid, on each asset category to determine the estimated spllt cl assets as at 31st March 2025. Finanaal ons The default flnandal assumpuons, as desrJibed In the accompanying reFQrt, are summarlsed below. .03.202 1.03.20 sion Irease Rate (CPI) Salary Inuease Rate Discount Rate 2.75% 3.250/0 4.85% 3.2¢)% 5.85% As at the date of ihe most rent valuation, the durati( of the Employerfs fijnded liabiliiie5 is 24 years. Mortali Lrfe expectaro Is based on the Fund'5 WEtsCurves with iMprovents in line Mth the CM12021 mcxlel, wlth a IO% weightlng of 2021 (and 2020) data, stsndard smo(hlng (Sk7), Inltlal adjustment of 0,25% arKi a kjng term rate of imwovement of 1.5 % pa. Based on these assumptions, the average fvhjre life exFncies at age 65 a summarfwj below. Males Females rrent Pls1onerS Future Pen5ioners' 21.7 years 23.2 years 24.9 years 25.5 yea * Figure5 assume memb5 awl 45 as at the last ffflnal Valuat date. Histortc Mortali Life expectsncies for the pric perlrxl erKI a also based on the FuThJ's VItaCur. The allowan for future life exnl)eS are shown below: Prnspectlve Pen$loners CM12020 mcéel assumirNJ the current rate of improvements have peaked ind will converge to a l¢NvJ term rdte 1.5% pa Pensloners CM12020 mcdel assuming the current rate of imwovements have peaked and will converge to a long term rate 1.5% pa ease note that the mortaltty assumrthis used to value the Obllgab'ons In the Employerfs C105ing P05itson are different to thc6e used to value the Obllgatlons In the Employerfs Opening Posluon. An allowance is irKluded for fvtU ]ments to elect to tske 55% of the maximum additional tsx-free cash up to HMRC limits. All other deMjraPh assumptions are as per the latest fvnding valuation of the Employer.
HEATHROW TrAVEL-CARE NOTES TO ThE FINAN TEMENTS (Connl} FOR D31 MARCN 20 nsitin Stheme (Continued) CharKJes In Fair Value of Plan Assets, Defined Brit otligation atKI Net liability For Year EThJed 315t March 2025. Net Asset / (abIlIty) o¢x) 0igHt)n$ Fair Value of Plan Assets pre$t Value of FuThled ab[lItieS Present ValLE of UnfiJn(kd uabll1es 1,329 1,329 (1,122} 1,122 Opening Posltlon as at 3tst Marth 2023 1,329 1,122 207 se1 Cost: 0Jrnt servKe Cost Past knice Cost (Includlro curtallments) 43 (43) Total Service Cost (43) Net Interest.. Interest Income Man Assets Interest Co on Defined Obligat 66 55 (55) Total Net Interest 55 li Totsl Defined Benafit Cost R•(wnis•d in Prnfit or (Loss) 66 {32) Casmows: PaClEin ContrItionS Employer Contributions Esbmat&J B&)efits Pald Ests"mated Unfvnded Benefits Paid Estimated Comfibutions In resFert of Unfunded Benefits Paid Effect of Business Combinatrns Disposals 24 46 (22) 24 46 (22) Expected aosing Position 1,443 1,222 (221} Remea5urements', Changes in Thnandal Assumptions Changes in Demographic Assum"0r Othw ExFerien Retum on Assds exdl1ng amcunts indUdl in Net Interest (262) (2) (12) 262 12 (4) Total Remeasurements Recognlsed In Other Comprnhenslve Income (OCI} (4) (276) Fair Value of Plan Assets Present Value of Fun(d abIlitieS psent Value of vnftJnd Liabilitses** 1,439 1.439 {946) Closing l>osition as at 3tst March 2025 1,439 493 * The cwrent cost indLpJes an alkywae for admln&tratk)n exSeS of 0.8% of prOll. ** The unfLnJgJ liabilities ctjmpise of £0 in rewt of LGPS unfuntsj Pensi aTrJ £0 in respect of Teachors, fUndLj
PA HE17H VEL<ARE THE FINAN (Contlnued) 31 Changes In the Falr Value of FI1 Assets, Defined BwefiL Obllgats)n and Net Uablllty For tthe Ythr EtNd 31st Mah 2023. Obligatior £{0) l(Uabllltyl £(000) 1,156 (1,0781 £(ocL)I 1,1% Fair Value of Han Asts Present Value of Liat41itÈ5 1.078 Opening Posldon as It 3tst Marth 2023 1,156 1.078 78 SetV1 Cost.. Current serv1 Cos Past ServKe Cost IlnclLhJing curtallnnts) Effett of Settlements 47 {47) Total Servke Cost 47 {47) Nrt tnterest: Interest Inccffle on Ilan Assets Interest Co on tnned Benefft Ot4igatlc 56 52 (521 Total Net Int¢rest 56 52 Totrl D•lln¢d Benefft cl Recognlseo In Profft or (Loss) 99 {43) ca$hfth. PartlcSpants' Contrlbutk)ns nployer Cothbukns EstnabJ Beneflt Pald Estimated Unfunded Benefits Paid EsUmatei1 C£)ntributions in re5rtt of LlnfiJNled Benefits Pald Effett of Busne55 c(lM"na0NS and Dtsposals 17 17 {20) (20) expeLted Closing Posltlon I,Z53 1,174 (79) ReMeaSuments'. Changes in Financljl Assumpttons tjanges In Demographlc A55umptkJns other Exterten Retum on AsseL8 eKdlThj amounts In Net Inter (85) (7) 85 {40) 76 176) Totsl Remeasurements RenId In Oth•r Canprehen%lve Incthw IOCD (76) (52) 128 Falr Value of Plan A55ets Ftesent Value of Funded Li4bilitres Present Value of Unfunded Liabllf(les 1.329 lJ29 (1,122) 1,122 ** aoslng Pmltlon as at 31st March 2024 329 L122 207 * The rrent se0 inchjdes an fcr lmInI'0n e¥p rf0,8% of payrdl.
PA E16 THROW TRAVEL-CARE NOTES TO THE FINANCtAL sfATEMENTS (Continued) FOR THE YEAR END MAR 2025 n Scheme (cltinued) Analysis of proJect&J anUnt to be charged to Operating Proff( for the Period to the 31st March 2025. Assets Obligations Net (Uabilty)IA55et £{000) £(000) £(000) %ofPay (28) (11,6Vo) Projected Current servi Cost* Past Se1 C05t including.curtailments Effert of Settlements Total SeNice Cost 28 (28) {11.60/0) Interest Income on Plan Assets Interest Cost on Defined Benefrt Obllgation 86 86 27.8% {56) (23.5%) 56 T4)tal Net Interest Cost 56 30 3% Totsl induded In Prfit and Loss 86 (2) (7.3%) * The current cost Include5 an allNanTr for èjmlnlstratton exptse5 of 0.8% of payroll. The mnetsry value is ba%d on a woJeLted payrdl of £245,000. The contributions paid by the Employer are set by the Fund folk)wing an acbJarial valuation, For further detsils on the approach adopted to set contribution rates for the Employer, please refer to the latest formal valuation report and Funding StrBtegy StatemenL l estlmate the Employeffs Contribjtions for the Per1 to the 31st Marth 2026 will be approxmately £46,0. NOTES: The atove fuure5 should be tt as estinte5 and may need to be adjus to tske account of: Any material evts, suth as curtailments, settyements cr the discontinuan of the Employer's participation in the Fund. Any change5 to accounting practices; Any change5 to the Scheme tenefit or rnemr contribution rates. andlor Any full fvnding valuation that may have bn carri8J out on the employer'5 Lehalf. The rnonetary amount of the projectèy se1 costs for the Pericd to the 31st March 2025 may be adjusted to take account of actual S1Onable payroll for the period.
PAGE 17 VEL- NOTES TO THE FINAN ATEMEwfs (Continued) THE VEAR E DED isr me (Continued) SensitNty Analysis FRS102 dces not requlre dlsdosure of the sensltlvity of the results to the methcxls and assumptions used. However, fc is rmmendJ st practi that this information is induded and therefore shown in this report, The sensitivities regarding the prinapal assumFtions used to measure the scheme liabilities are set out below. Approximate % Increase to Approximate Monetary Defined Benefit Obli ation Amount £000 Changes in AssumptK)ns at 31st March 2025.. 0.1% decrease In Real Dlscount Rate l year increase in member life expectanc O.l¥o increase in the Salary Increase Rate 0.1% increase in the Pension Increase Rate (CPI) 22 38 22 NOTES: The prinapal demographic assumpb'on is the longevity assumptb)n (ie member life exFectsncy). For sensitivity purposes, we estimate that a one year incTease in life exnCY woukl approximately increase the Employer's Defined Benefit Obligation by around 3-5%. In practt the actual c05t of a one year irbcrease in the expthncy will depend on the Structure of the revis& •r assumption (ie if improvements to survival rates wedominantly apply at younger or c4der ages). The provided sensitivity figure5 can be u1 to estimate the impart of adopting dlfferent financial assurnptions (eg an Employer considering altemative accounting assumptions or to help an Employer complete an ESFA accounts retum). For further details on this, please fer to the accompanying CoUnting o)vering rewrt. In order to quantify the impart of a thange in the finanaal assumptions used, we have calculated and cornpa the value of the scheme liabilitie5 at the accounting date on varying bases. The approach tsken is consistent with that adopbj to derive the accounting figures provKled in this reF()rt, based on the profile (average member ages, retirement ages, etc) of the Employer as at the date of the most recent valUatic.
PAGE 18 NOTES TO THE FINANCIAL sfAT (Continu&) R THE YE4R ENDED 31 io. Balan as at 1st April Balance as at 31st March General Rjnd 438,475 609,320 (540,706) 507,089