Further to Malcolm's note on the change to CG66 and the use of the RYA Sage Trx system, the MCA have also updated their MGN 599 (M) Pleasure vessels - Regulations and exemptions - Guidance and best practice advice.
Affinity needs replacement flares this year and I had seen that parachute flares were no longer obligatory on UK registered boat over 45ft. We spent and evening searching through MGN 599 and finally found the paragraph on page 25. Here's a link to the whole document for all of those with UK registered vessels 45ft and over.
We are also assuming that a satellite phone is a GMDSS piece of equipment.