SOUTH LONDON JEWISH PRIMARY SCHOOL TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2014 Past service costs/gains Past service costs can arise when an employer awards additional discretionary benefits such as added years and other forms of augmentation of benefits. A change to benefits may result in either a past service cost or a past service gain. No additional benefits were granted over the period ended 31 August 2014. Curtailments The cost of curtailments arising as a result of the payment of unreduced pensions on early retirement has been calculated. The Academy Trust may also have to account for non-pension related costs (e.g. lump sum payments on redundancy) but for the avoidance of doubt, we have only calculated the cost of curtailments which affect the Academy Trust’s LGPS pension liabilities. The cost of curtailments is calculated at the point of exit, with interest applied to the accounting date accounted for separately. Over the period, no employees were permitted by the Academy Trust to take unreduced early retirement that they would not otherwise have been entitled to. Settlements We are not aware of any liabilities being settled at a cost materially different to the FRS17 reserve during the period. Contributions and contribution rates The contribution made for the year ended 31 August 2014 was £17,648, of which employer’s contributions totalled £13,267 and employees’ contributions totalled £4,381. The agreed contribution rates for future years are 24.8 per cent for employers and between 5.5 and 7.5 per cent for employees. Balance sheet liability 31 August 2014 1 September 2013 £000’s £000’s 24 - Present of funded obligation 17 - Fair value of scheme assets (bid value) 7 - Net liability Present value of unfunded obligation - - Unrecognised past service cost - - Net Liability in the balance sheet 7 -
SOUTH LONDON JEWISH PRIMARY SCHOOL TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2014 Past service costs/gains Past service costs can arise when an employer awards additional discretionary benefits such as added years and other forms of augmentation of benefits. A change to benefits may result in either a past service cost or a past service gain. No additional benefits were granted over the period ended 31 August 2014. Curtailments The cost of curtailments arising as a result of the payment of unreduced pensions on early retirement has been calculated. The Academy Trust may also have to account for non-pension related costs (e.g. lump sum payments on redundancy) but for the avoidance of doubt, we have only calculated the cost of curtailments which affect the Academy Trust’s LGPS pension liabilities. The cost of curtailments is calculated at the point of exit, with interest applied to the accounting date accounted for separately. Over the period, no employees were permitted by the Academy Trust to take unreduced early retirement that they would not otherwise have been entitled to. Settlements We are not aware of any liabilities being settled at a cost materially different to the FRS17 reserve during the period. Contributions and contribution rates The contribution made for the year ended 31 August 2014 was £17,648, of which employer’s contributions totalled £13,267 and employees’ contributions totalled £4,381. The agreed contribution rates for future years are 24.8 per cent for employers and between 5.5 and 7.5 per cent for employees. Balance sheet liability 31 August 2014 £000’s 1 September 2013 £000’s Present of funded obligation 24 - Fair value of scheme assets (bid value) 17 - Net liability 7 - Present value of unfunded obligation - - Unrecognised past service cost - - Net Liability in the balance sheet 7 -
Mosaic-2014-final-accounts-with-dates.docx