NOTES TO THE FINANCIAL STATEMENTS CONTINUED S S 26 PENSION OBLIGATIONS CONTINUED TR26 PENSION OBLIGATIONS CONTINUED TR Assumptions continued AAssumptions continued A TE TE G G I I The following table provides information on the composition and fair value of the assets of the scheme: CChanges in present value of the Defined Benefit pensions obligations are analysed as follows: C 31 December 31 December 31 December 31 December 31 December 31 December R R E 2023 2022 E 2023 2023 2023 2022 2022 2022 P £m £m P Quoted Unquoted Total Quoted Unquoted Total O O R At the beginning of the year (189.0) (368.4) R £m £m £m £m £m £m TCurrent service cost – (0.7) T Asset class Past service cost – (2.8) G G Overseas equities 5.6 – 5.6 25.9 – 25.9 OInterest cost (9.1) (7.2) O Private debt – 30.7 30.7 – 34.6 34.6 VEExperience losses (20.4) (14.7) VE R R Asset-Backed Securities 4.3 – 4.3 37.7 – 37.7 NANActuarial (losses)/gains arising from changes in financial assumptions (3.5) 190.7 NAN Liability driven investment 133.3 3.3 136.6 26.3 9.5 35.8 Distributions 4.2 11.3 Corporate bonds – – – 24.5 – 24.5 C C Absolute return bonds – – – – 11.2 11.2 EActuarial gains arising from changes in demographic assumptions 1.9 2.8 E Diversified alternatives – – – – 0.9 0.9 Obligation at the end of the year (215.9) (189.0) F F I I Cash 30.9 – 30.9 12.8 – 12.8 NANChanges in the fair value of plan assets are analysed below: NAN Insurance policies 4.7 – 4.7 3.6 – 3.6 C 2023 2022 C Total 178.8 34.0 212.8 130.8 56.2 187.0 IAL £m £m IAL The scheme assets and funded obligations at 31 December are summarised below: SAt the beginning of the year 187.0 363.9 S T T 2023 2022 A Interest on assets 9.3 7.3 A £m £m T T E E Total fair value of scheme assets 212.8 187.0 MEmployer contributions 15.0 15.6 M E E N Return on scheme assets excluding interest income 5.6 (188.5) N Present value of funded obligations (215.9) (188.9) T T Funded status at the end of the year (3.1) (1.9) SDistributions (4.1) (11.3) S Adjustment to reflect minimum funding requirements (45.9) (59.3) Fair value at the end of the year 212.8 187.0 F F Liability recognised in the Statement of Financial Position (49.0) (61.2) U U R R T 2023 2022 T H £m £m H E E The adjustment to reflect minimum funding requirements represents the excess of the present value of contractual future recovery plan contributions, R R discounted using the assumed scheme discount rate, over the funding status established through the actuarial valuation. INFActual return on scheme assets 14.9 (181.2) INF Amounts recognised in the Consolidated Income Statement during the year ended 31 December were as follows: OR OR M Analysis of amounts recognised in the Statement of Financial Position: M 2023 2022 A A £m £m T 2023 2022 T I I Amounts charged to operating loss: ON £m £m ON Current service cost – (0.7) Liability at the beginning of the year (61.2) (78.7) Past service cost – (2.8) Net expense recognised in the Income Statement (2.7) (4.9) – (3.5) Employer contributions 15.0 15.6 Amounts charged to finance expense: (Loss)/gain recognised in Other Comprehensive Income (0.1) 6.8 Net interest expense on the net Defined Benefit liability 0.2 0.1 Liability recognised in the Statement of Financial Position at the end of the year (49.0) (61.2) Interest expense on the adjustment to reflect minimum funding requirements (2.9) (1.5) Analysis of amount taken to Other Comprehensive Income: Total expense recognised in the Income Statement (2.7) (4.9) 2023 2022 £m £m Return on scheme assets excluding interest income 5.6 (188.5) Experience losses arising on funded obligations (20.4) (14.7) (Losses)/gains arising due to changes in financial assumptions underlying the present value of funded obligations (3.5) 190.7 Gains arising as a result of adjustment made to reflect minimum funding requirements 16.3 16.5 Gains arising due to changes in demographic assumptions 1.9 2.8 Amount recognised in Other Comprehensive Income (0.1) 6.8 ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 2023 189