Heritage Foods Limited | 30th Annual Report 2021-22

30 th Annual Report 2021-22 Heritage Foods Limited 164 (i) Change in projected benefit obligation As at 31 March 2022 31 March 2021 Projected benefit obligation at the beginning of the year 136.58 113.68 Service cost 16.52 14.61 Interest cost 7.73 6.71 Actuarial loss 0.38 5.40 Benefits paid (10.98) (3.82) Projected benefit obligation at the end of the year 150.23 136.58 (ii) Change in fair value of plan assets As at 31 March 2022 31 March 2021 Fair value of plan assets at the beginning of the year 134.52 108.35 Interest income 8.31 7.09 Contribution made 23.80 22.95 Actuarial gain/(loss) 0.10 (0.05) Benefits paid (10.98) (3.82) Fair value of plan assets at the end of the year 155.76 134.52 (iii) Reconciliation of present value of projected benefit obligation and fair value of plan assets As at 31 March 2022 31 March 2021 Present value of projected benefit obligation 150.23 136.58 Funded status of plan assets 155.76 134.52 Net (asset)/liability recognised in the balance sheet (5.53) 2.06 (iv) Expense recognized in the Statement of Profit and Loss For the year ended 31 March 2022 31 March 2021 Interest cost 7.73 6.71 Service cost 16.52 14.61 Interest income (8.31) (7.09) 15.94 14.23 (v) Expense recognized in OCI For the year ended 31 March 2022 31 March 2021 Actuarial loss, net 0.28 5.45 0.28 5.45 (vi) Key actuarial assumptions As at 31 March 2022 31 March 2021 Discount rate 6.30% 5.90% Salary escalation rate 8.00% 8.00% Attrition rate 15.00% 15.00% Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated)