Biba increased its surplus by 31% in 2002, as its turnover increased to £2.3m from £2.1m.

The retained surplus after tax rose to £73,086 from £55,761 the year before.

Its defined benefit pension scheme was valued at 31 December and showed a gross liability of £312,000 and a net liability, after a deferred tax asset, of £252,000.

Subscriptions brought in £1.8m in 2002, against £1.6m the year before.

Biba also saw a healthy increase in its schemes income, which increased by nearly 45% to £370,000 from £255,000.

A spokeswoman said the increase was due to the quality of the schemes. The portfolio of schemes, covering motor, home, household and travel cover, was recently expanded to include a directors' and officers' scheme.