174
The expense is recognised in the following lines in the Statement of comprehensive net expenditure:
Management Expenditure
14,683 18,425
Other Finance Cost / (Income)
90 1,769
2026 2025
£000 £000
14,773 20,194
The total gain amount recognised in the Statement of Other Comprehensive Net Expenditure in respect of net remeasurement gains and losses is £19,563,000 (2025: £40,849,000 gain).
Cumulative remeasurement gains and losses recognised in the Statement of other comprehensive net expenditure since 1 April 2002 are net gains of £10,954,000 (2025: £8,609,000 losses).
The fair value of the scheme assets at 31 March 2026 was as follows:
| 2026 | 2025 |
|---|
| £000 | £000 |
|---|
| Equity instruments | 54,674 | 50,525 |
|---|
| Debt instruments | 235,349 | 233,648 |
|---|
| Investment funds | 127,615 | 101,751 |
|---|
| Real estate | 19,858 | 30,359 |
|---|
| Semi-liquid credit | 43,067 | 43,052 |
|---|
| Infrastructure equity | 14,001 | 14,904 |
|---|
| Cash or cash equivalents | 39,588 | 50,267 |
|---|
| Total fair value of assets | 534,152 | 524,506 |
|---|
Assets are valued using bid-values where available. The principal actuarial assumptions at the year end were as follows:
| 2026 | 2025 |
|---|
| % per annum | % per annum |
|---|
| Discount rate | 6.15% | 5.65% |
|---|
| Future salary increases | 3.50% for one year, 3.00% thereafter | 3.00% for three years, 3.45% thereafter |
|---|
| Rate of increase in retirement benefits | 2.75% | 2.55% |
|---|
| Price inflation | 3.10% | 2.90% |
|---|