47153 AG Barr Annual Report 2025 AW4 SQ WEB - Flipbook - Page 185
Strategic Report
Corporate Governance
Accounts
Defined benefit scheme: IAS 19 information
The full actuarial valuation carried out at 5 April 2023 was updated to 25 January 2025 by a qualified independent actuary.
The valuation used for the defined benefit schemes has been based on market conditions as at the Company year end.
The amounts recognised in the statement of financial position are as follows:
Group
Present value of funded obligations
Fair value of scheme assets
Surplus recognised under IAS 19
Company contribution made to pension scheme in the year to 26 January 2014
Company
2025
£m
2024
£m
2025
£m
2024
£m
(65.7)
72.5
(69.3)
72.5
(65.7)
72.5
(69.3)
72.5
6.8
3.2
6.8
3.2
–
–
13.8
14.4
6.8
3.2
20.6
17.6
Group and Company
Fair value of
plan assets
£m
Present value of
obligation
£m
Total
£m
At 28 January 2024
72.5
(69.3)
3.2
Interest income/(expense)
3.5
(3.3)
0.2
Total cost recognised in income statement
3.5
(3.3)
0.2
Remeasurements
– changes in demographic assumptions
– changes in financial assumptions
– experience
– actuarial return on assets excluding amounts recognised in net interest
–
–
–
(2.9)
0.1
3.5
(0.6)
–
0.1
3.5
(0.6)
(2.9)
Total remeasurements recognised in other comprehensive income
(2.9)
3.0
0.1
Cash flows
Employer contributions
Benefits paid
3.3
(3.9)
–
3.9
3.3
–
Surplus recognised in the statement of financial position
The movement in the defined benefit obligation over the year is as follows:
Total cash outflow
(0.6)
3.9
3.3
At 25 January 2025
72.5
(65.7)
6.8
This table excludes the Company contribution made to the pension scheme through the asset-backed funding arrangement as described below and reconciled in the table above.
On 1 May 2016, the defined benefit section of the 2008 Scheme was closed to future accrual following a negotiated agreement between the Company and the board of trustees.
The Company made a £1.0m contribution to the benefit section of the 2008 Scheme each year from May 2016 through May 2022. Further contributions of £2.0m were paid
in the years ended 29 January 2023 and 25 January 2025.
183
