Annual Reports Keepmoat Homes Annual Report 2018 | Page 57

Notes to the consolidated financial statements
Keepmoat.com
20 – Share capital
2018
2017
Number £’000 Number £’000
312,840 313 312,840 313
312,840 313 312,840 313
Allotted, called up and fully paid
Ordinary shares of £1 each
All shares rank pari passu in all respects.
21 – Financial commitments
At 31 March 2018, the Group has entered into non-cancellable contracts for the operational leasing of land and buildings
and plant and machinery. The leases have various terms, escalation clauses and renewal rights. The minimum commitments
for payments under these contracts are as follows:
2018 2017
£’000 £’000
Within one year 1,476 1,632
Later than one year and less than five years 3,480 3,727
After five years 3,491 4,781
8,447 10,140
Continuing operations
These relate to operational leasing of land and buildings and plant, machinery and vehicles.
22 – R
 etirement benefit schemes
Keepmoat Pension Plan
The Group operates the Keepmoat Limited Group Pension Plan (“KPP”), with assets held in independently administered
funds. Some members of the KPP have a defined benefit promise, which is separate to the benefits payable by the KPP,
being an arrangement between Keepmoat Limited and the applicable employees. The obligation arising under this
arrangement has been calculated by a qualified independent actuary and accounted for as a long-term employee benefit.
The KPP also holds assets not attributable to individual members (“Contingency Fund”) which can be returned to the Group
and therefore has been accounted for as a current receivable within other receivables (note 14).
The major assumptions used by the actuary to calculate the liabilities of the defined benefit obligation are:
2018
2017
% %
Discount rate 2.6% 2.5%
Inflation rate n/a 3.4%
Salary increase rate n/a 2.0%
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