47153 AG Barr Annual Report 2025 AW4 SQ WEB - Flipbook - Page 187
Strategic Report
Corporate Governance
Accounts
The Group has taken advantage of the exemption conferred by Regulation 7 of the Partnerships (Accounts) Regulations 2008 and has therefore, not appended the
accounts of this qualifying partnership to these financial statements. Separate accounts for the Partnership are not required to be, and have not been filed at UK
Companies House.
As part of the funding arrangement, the Company made a one-off payment to the 2008 Scheme of £20.4m to allow it to invest in the Partnership and in prior years this
has been treated as a reduction in the carrying value of the retirement benefit obligation.
As the Partnership results are consolidated within the Group results, no balances are recognised in the consolidated statement of financial position.
Financial assumptions
2025
2024
Discount rate
Inflation assumption
5.5%
3.2%
5.0%
3.1%
Mortality assumptions
2025
2024
22
23
23
26
22
23
23
25
Average future life expectancy (in years) for a male pensioner aged 65
Average future life expectancy (in years) for a female pensioner aged 65
Average future life expectancy (in years) at age 65 for a male non-pensioner aged 45
Average future life expectancy (in years) at age 65 for a female non-pensioner aged 45
The mortality tables adopted in finalising the fair value of the liabilities are the 2022 VITA tables based on the member’s year of birth. This assumes that the expected age
at death for males is 87 to 88 and for females is 88 to 91, depending on their age at 25 January 2025.
The fair value of scheme assets at the year end dates is analysed as follows:
2024
2025
Quoted*
£m
Unquoted
£m
Quoted*
£m
Unquoted
£m
Equities
Bonds
Debt
Cash
Buy-in policy
–
20.3
–
–
–
–
–
–
22.0
30.2
6.5
17.0
8.1
–
–
–
–
–
8.7
32.2
Total market value of scheme assets
20.3
52.2
31.6
40.9
*
Quoted prices for identical assets or liabilities in active markets.
Sensitivity review
The sensitivity of the overall pension liability to changes in the principal assumptions is:
Year ended 25 January 2025
Change in assumption
Impact on overall liabilities
Discount rate
Rate of inflation
Life expectancy
Increase/decrease by 0.5%
Increase/decrease by 0.5%
Increase/decrease by one year
Decreases/increases liabilities by £3.9m
Increases/decreases liabilities by £1.4m
Increases/decreases liabilities by £2.6m
Year ended 28 January 2024
Change in assumption
Impact on overall liabilities
Discount rate
Rate of inflation
Life expectancy
Increase/decrease by 2%
Increase/decrease by 1%
Increase/decrease by one year
Decreases/increases liabilities by £20.5m
Increases/decreases liabilities by £3.5m
Increases/decreases liabilities by £2.8m
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