Welcome to the abridged annual report of the London Borough of Barnet Pension Fund 

Note: this report is based on unaudited accounts

Fund account

	2023/24	2022/23
	£000	£000
Dealings with members, employers and others directly involved in the fund
Contributions	(81,906)	(66,878)
Transfers in from other pension funds	(9,965)	(6,072)
	(91,871)	(72,951)
Benefits	70,929	64,913
Payments to and on account of leavers	4,712	9,944
	75,641	74,858
Net (additions) from dealings with members	(16,230)	1,907
Management expenses	20,202	17,846
Net (additions) / withdrawals including fund management expenses	3,971	19,753
Returns on investments
Investment income	(5,981)	(4,037)
Profit and losses on disposal of investments and changes in the value of investments	(167,196)	20,362
Net return on investments	(173,178)	16,325
Net (increase) / decrease in the net assets available for benefits during the year	(169,207)	36,078
Opening net assets of the scheme	1,465,548	1,501,627
Closing net assets of the scheme	1,634,755	1,465,548

Investments

Asset Class		31 Mar 2024			31 Mar 2023
		£'000	£'000	%	£'000		%
Equities
	UK	21,031		1%	31,370		2%
	Overseas	422,022		26%	669,351		46%
	Global	0		0%	0		0%
			443,053	27%		700,721	48%
Bonds
	UK	170,831		11%	125,200		9%
	Overseas	571,520		35%	261,371		18%
	Global	46,876		3%	41,797		3%
			789,227	49%		428,369	29%
Property
	UK	51,372		3%	55,381		4%
	Overseas	28,980		2%	30,821		2%
			80,352	5%		86,202	6%
Infrastructure			125,145	8%		115,897	8%
Private Equity			78,785	5%		63,754	4%
Other assets			55,139	3%		37,000	3%
FX Forward derivative			0	0%		0	0%
Cash			67,216	4%		57,160	4%
Net Current Assets			-16,957	-1%		-23,412	-2%
Total Investment Assets			1,621,960	100%		1,465,691	100%