Urenco Annual Report 2022

32. Retirement benefit obligations continued Amounts recognised in the statement of financial position in respect of these defined benefit schemes are as follows: 2022 €m 2021 €m Retirement benefit asset 50.4 51.2 Retirement benefit liability (24.4) (30.9) Net retirement benefit surplus 26.0 20.3 The major categories and fair values of scheme assets at 31 December for each category are as follows: Fair value of assets 2022 €m 2021 €m Equity instruments 52.1 147.8 Debt instruments 269.5 346.9 321.6 494.7 Experience adjustment (surplus/deficits) arise where actuarial assumptions made at previous valuation have not been borne out in practice. The estimated amount of contributions expected to be paid to the schemes during the current financial year (2023) is €2.1 million. 33. Trade and other payables Current 31/12/22 €m 31/12/21 €m Trade payables 51.7 58.8 Other payables 16.3 26.0 Accruals 84.3 83.8 Amounts due to joint venture 63.4 60.8 215.7 229.4 Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 28 days (2021: 27 days). The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. The Directors consider that the carrying amount of trade payables approximates to their fair value. Non-current 31/12/22 €m 31/12/21 €m Other payables 168.8 38.9 Non-current other payables comprised SWU and Feed borrowed from third parties for the purpose of optimising Urenco’s production flexibility. The SWU and Feed borrowings as at 31 December 2022 have been classified as non-current payables because they are expected to be returned after 2023. 34. Contingent liabilities The Group has provided assurance to the NRC in the form of letters of credit and surety bonds that funds are available when needed to pay for nuclear liabilities for UUSA. The total amount of these assurances at 31 December 2022 exceeds the value of the recognised nuclear liabilities of UUSA in the consolidated statement of financial position at the same date by €106.5 million. These assurances exceed the nuclear liabilities recognised, because they use the undiscounted decommissioning and tails costs as their base. Additionally the Group has provided assurance to the NRC by establishing a nuclear decommissioning trust fund in November 2022. The fair value of the investments held in this Fund as at 31 December 2022 was €482.1 million. See note 31 for details. The Group is subject to various claims which arise in the ordinary course of business. Having taken appropriate legal advice, the Group believes that a material liability arising from these claims is remote. Financial statements Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 160 Urenco Annual report and accounts 2022 Financial statements 03