Lendlease Annual Report 2024

Financial Statements 153 The following information provides additional detail on the position of the Scheme: June 2024 June 2023 $m $m i. Statement of Financial Position Amounts The amounts recognised in the Statement of Financial Position are determined as follows: Defined benefit obligations (806) (795) Fair value of plan assets 888 966 Net defined benefit plan asset 82 171 June 2024 June 2023 $m $m ii. Reconciliation of Defined Benefit Obligations Defined benefit obligations at beginning of financial year 795 902 Included in Income Statement Interest cost 43 35 Remeasurements Included in Other Comprehensive Income Actuarial loss/(gain) arising from: Financial assumptions (1) (172) Experience adjustments 13 68 Demographic assumptions - (22) Other Benefits paid (39) (39) Past Service Cost 1 (42) - Effect of foreign exchange rate movements 37 23 Defined benefit obligations at end of financial year 806 795 iii. Reconciliation of the Fair Value of Plan Assets Fair value of plan assets at beginning of financial year 966 1,184 Included in Income Statement Interest income 51 46 Administration costs (3) (3) Remeasurements Included in Other Comprehensive Income Actuarial return on plan assets excluding interest income (109) (270) Other Contributions by Group companies 4 5 Benefits paid (39) (39) Release of plan asset value (21) - Effect of foreign exchange rate movements 39 43 Fair value of plan assets at end of financial year 888 966 iv. Expense Recognised in the Income Statement Net interest income (8) (11) Past Service Cost 1 (42) - Administration costs 3 3 Net defined benefit plan expense (47) (8) v. Fair Value of Plan Assets Plan assets comprise: Investment funds - 10 Government index linked bonds 76 918 Other assets 812 38 Fair value of plan assets at end of financial year 888 966 1. Includes the impact of a Lendlease UK Pension Scheme amendment during the period, approved by the Trustees, to bring the valuation of members' future benefits in line with the scheme rules and statutory requirements, resulting in a gain of $42 million recognised in the income statement. Refer to Note 7 'Other Expenses' for further detail.