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## Changes in Financial Position 

The following table summarizes the movement in the defined benefit surplus for the asset and liability components of the Section: 

<img src='content_image/264648.jpg'>

The actual return on the Section's assets for the year ended as at December 31, 2013 was a gain of $10,077 (£6,184) (December 31, 2012 – gain of $3,371 (£2,128)). 

## Risks and Sensitivity Analysis 

Bristol Water's defined benefit plan is exposed to a number of risks, the following table summarizes the most significant risks: 

<img src='content_image/264647.jpg'>

Capstone has assessed the assumptions impacted by these risks provided the following indicative sensitivities:. 

<img src='content_image/264646.jpg'>

(1) This represents a 25% increase or decrease in the return on equities, diversified growth funds, emerging markets multi asset funds and high yield bonds. 

The sensitivities have been calculated to show the movement in the defined benefit obligation or surplus in isolation, and assuming no other changes in market conditions. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. 

