Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Provision of legal servicesfalse2023-01-01false5360falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC432888 2023-01-01 2023-12-31 OC432888 2022-01-01 2022-12-31 OC432888 2023-12-31 OC432888 2022-12-31 OC432888 c:Buildings 2023-01-01 2023-12-31 OC432888 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 OC432888 c:Buildings c:LongLeaseholdAssets 2023-12-31 OC432888 c:Buildings c:LongLeaseholdAssets 2022-12-31 OC432888 c:FurnitureFittings 2023-01-01 2023-12-31 OC432888 c:FurnitureFittings 2023-12-31 OC432888 c:FurnitureFittings 2022-12-31 OC432888 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC432888 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC432888 c:CurrentFinancialInstruments 2023-12-31 OC432888 c:CurrentFinancialInstruments 2022-12-31 OC432888 c:Non-currentFinancialInstruments 2023-12-31 OC432888 c:Non-currentFinancialInstruments 2022-12-31 OC432888 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC432888 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC432888 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 OC432888 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 OC432888 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 OC432888 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 OC432888 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 OC432888 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 OC432888 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 OC432888 c:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 OC432888 c:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-12-31 OC432888 c:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-12-31 OC432888 d:FRS102 2023-01-01 2023-12-31 OC432888 d:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 OC432888 d:FullAccounts 2023-01-01 2023-12-31 OC432888 d:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC432888 2 2023-01-01 2023-12-31 OC432888 d:PartnerLLP1 2023-01-01 2023-12-31 OC432888 d:PartnerLLP2 2023-01-01 2023-12-31 OC432888 c:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC432888 c:FurtherSpecificReserve3ComponentTotalEquity 2022-12-31 OC432888 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC432888










GULLANDS LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GULLANDS LLP
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GULLANDS LLP
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Gullands LLP for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gullands LLP  and state those matters that we have agreed to state to the Gullands LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gullands LLP and its members for our work or for this report. 

It is your duty to ensure that Gullands LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Gullands LLP. You consider that Gullands LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Gullands LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MHA
Chartered Accountants
Victoria Court
17-21 Ashford Road
Maidstone
Kent
ME14 5DA
19 September 2024
Page 1

 
GULLANDS LLP
REGISTERED NUMBER: OC432888

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
13,248
16,567

  
13,248
16,567

Current assets
  

Work in progress
  
1,015,160
1,202,433

Debtors: amounts falling due within one year
 6 
929,840
1,048,965

Cash at bank and in hand
  
18,629
394,905

  
1,963,629
2,646,303

Creditors: Amounts Falling Due Within One Year
 7 
(580,116)
(777,970)

Net current assets
  
 
 
1,383,513
 
 
1,868,333

Total assets less current liabilities
  
1,396,761
1,884,900

Creditors: amounts falling due after more than one year
 8 
(158,333)
(258,333)

  
1,238,428
1,626,567

Provisions for liabilities
  

Other provisions
 10 
(21,056)
(21,144)

  
 
 
(21,056)
 
 
(21,144)

Net assets
  
1,217,372
1,605,423


Represented by:
  

Members' capital classified as a liability
  
1,575,000
1,575,000

Other amounts
 11 
(357,628)
30,423

  
1,217,372
1,605,423

  

  
1,217,372
1,605,423


Total members' interests
  

Loans and other debts due to members
 11 
1,217,372
1,605,423

  
1,217,372
1,605,423

Page 2

 
GULLANDS LLP
REGISTERED NUMBER: OC432888
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 






P W Grylls
J L Roberts
Designated member
Designated member


Date: 5 September 2024

The notes on pages 5 to 15 form part of these financial statements.

Gullands LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3

 

 
GULLANDS LLP


 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023





DEBT
Loans and other debts due to members less any amounts due from members in debtors
Members' capital (classified as debt)
Other amounts
Total

£
£
£

Balance at 31 December 2021 
1,485,000
312,388
1,797,388

Members' remuneration charged as an expense
-
587,803
587,803

Members' interests after profit for the year
1,485,000
900,189
2,385,189

Amounts introduced by members
90,000
-
90,000

Drawings on account and distribution of profit
-
(579,862)
(579,862)

Tax payments
-
(289,904)
(289,904)

Amounts due to members
1,575,000
30,423
1,605,423

Balance at 31 December 2022
1,575,000
30,423
1,605,423

Members' remuneration charged as an expense
-
239,369
239,369

Members' interests after profit for the year
1,575,000
269,792
1,844,792

Drawings on account and distribution of profit
-
(386,422)
(386,422)

Tax payments
-
(240,998)
(240,998)

Amounts due to members
1,575,000
(357,628)
1,217,372

Balance at 31 December 2023 
1,575,000
(357,628)
1,217,372

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Gullands LLP is a limited liability partnership incorporated in England and Wales in the United Kingdom. The address of the registered office is 16 Mill Street, Maidstone, Kent, ME15 6XT.
The financial statements are presented in pound sterling, which is the functional currency of the partnership, rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Designated Members have considered the funding position, and having additionally considered the planned development of the business along with support from the Members, do not deem there to be any material uncertainty over going concern. Accordingly the financial statements have been prepared on the going concern basis which assumes that the LLP will continue in operation for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of legal services

Revenue from a contract to provide legal services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Defined benefit pension plan

The LLP is a member of a multi-employer plan. The assets are held separately from those of the LLP in separate trustee-administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date. The LLP recognises its share of the scheme's deficit on the Balance Sheet. Movements in the deficit are included as part of the staff costs in the Statement of Comprehensive Income. 

Page 6

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of comprehensive income.

Page 7

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
5% and 10% straight line
Fixtures and fittings
-
15% and 20% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.11

Work in progress

Work in progress at the balance sheet date has been calculated using Financial Reporting Standard 102 principles.
Work in progress is valued at the amount recoverable on the basis of time elapsed on client assignments as a multiple of staff charge rates, less any provisions for non-recoverable amounts.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts
Page 9

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements other than those disclosed in note 2 above.


4.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2023
        2022
            No.
            No.







Employees
53
60

Page 10

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
27,071
21,302
48,373



At 31 December 2023

27,071
21,302
48,373



Depreciation


At 1 January 2023
10,504
21,302
31,806


Charge for the year on owned assets
3,319
-
3,319



At 31 December 2023

13,823
21,302
35,125



Net book value



At 31 December 2023
13,248
-
13,248



At 31 December 2022
16,567
-
16,567


6.


Debtors

2023
2022
£
£


Trade debtors
730,115
789,873

Other debtors
44,731
5,921

Prepayments and accrued income
154,994
253,171

929,840
1,048,965


Page 11

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
41,579
231,569

Bank loans
100,000
100,000

Trade creditors
18,377
48,648

Other taxation and social security
223,271
221,735

Other creditors
1,500
1,500

Accruals and deferred income
195,389
174,518

580,116
777,970



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
158,333
258,333

158,333
258,333


Page 12

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
100,000
100,000


100,000
100,000


Amounts falling due 2-5 years

Bank loans
158,333
258,333


158,333
258,333


258,333
358,333


The Coronavirus Business Interruption Loan is unsecured and attracts interest on a floating rate basis at a margin of 3.54% per annum.


10.


Provisions





Defined benefit pension scheme provision
Professional indemnity claims
Total

£
£
£





At 1 January 2023
1,144
20,000
21,144


Charged to profit or loss
(88)
20,000
19,912


Utilised in year
-
(20,000)
(20,000)



At 31 December 2023
1,056
20,000
21,056

Page 13

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
1,575,000
1,575,000

Other amounts due to members
(357,628)
30,423

1,217,372
1,605,423

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
1,217,372
1,605,423

1,217,372
1,605,423

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 14

 
GULLANDS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Pension commitments

The entity operates a defined contribution scheme for the benefit of its employees. Contributions are expensed as they become payable.
The LLP is also a member of the With Profits Section of the Cheviot Trust Pension Scheme. This is a multi-employer scheme and was originally set up by the Cheviot Trust as a defined contribution scheme. The With Profits Section closed to new  contributions in December 2002. In July 2014, new legislation re-classified the scheme as a cash balance scheme which meant it became subject to scheme specific funding requirements under the Pensions Act 2004. This means it is now effectively treated as a defined benefit scheme in the financial statements. With Profits Employers have a contractual obligation to fund any deficit in the With Profits Section if the Trustee considers it appropriate to require contributions.
The most recent comprehensive Actuarial Valuation took place on 31 December 2020. This showed no deficit and the valuation was finalised on the basis that no contributions were required from employers. The actuarial report at 31 December 2021 also showed no deficit but the funding position deteriorated significantly during 2022 and the actuarial report at 31 December 2022 shows a deficit. 
The LLP has a 0.022% share in the With Profits Section of the Cheviot Trust Pension Scheme. At 31 December 2023, the total assets of the Scheme were valued at £62.9m (2022: £64.5m) and the total estimated liabilities excluding expenses were £67.7m (2022: £69.7m) , giving an overall deficit of £4.8m (2022: £5.2m). The LLP's share of the deficit is therefore £1,056 (2022: £1,144) and is included in the balance sheet under provisions and recognised in the profit and loss account as an expense.
The principal actuarial assumptions used are as follows:
Discount rate: 4.55% p.a. (2022: 4.85% p.a.)
RPI inflation: 3.45% p.a. (2022: 3.40% p.a.)
CPI inflation: 2.45% p.a. (2022:  2.40% p.a.)
Pension increases - fixed 3%: 3.00% p.a (2022: 3.00% p.a.)
Pension increases - CPI up to 5%: 2.45% p.a. (2022:  2.40% p.a.)
Pension increases - CPI up to 3%: 2.10% p.a. (2022:  2.10% p.a.)
Mortality: 106% males / 99% females of S2PA tables - (CMI 2021) with a 1.5% long term rate and initial addition of 0.3% (2022: 106% males / 99% females of S2PA tables - (CMI 2021) with a 1.5% long term rate and initial addition of 0.3%)
Expenses: No allowance (2022: No allowance)

 
Page 15