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2022-03-31-accounts

Trustees D Sizer (Chair of Board) D Sizer (Chair of Board)
H Gore (Chief Executive) (appointed 27 June 2022)
J Bennett
N Bradbury
C Cooban (resigned 18 March 2022)
K Halliday
(resigned 30 November		 2022)
A Jones (Chair ofAudit Committee)
G Maidens
(resigned 16June 2021)
T Pattni
V Pritchard-Wilkes
BToner (resigned 10June 2022)
N Topping
(resigned 18September		 2021)
E Davies (appointed
23 November		 2022)
J Lindon-Lewis
(appointed		 23 November 2022)
Registered number 03685650
Registered office 7-8 Imperial Court
12Sovereign Road
Kings Norton
Birmingham
B303FH
Independent auditors Dains Audit Limited
15Colmore Row
Birmingham
B32BH
Bankers Royal Bank ofScotland pic
57 Calthorpe Road
Edgbaston
Birmingham
B151TT
Barclays Bank pic
6th Floor
1 Snowhill
Birmingham
B46GN
Website www. bcop.org.uk
Charity number 1074954
Regulator ofsocial housing
registration number L4218

Page
Group Strategic Report
Trustees'
report		 24-25
Trustees'
responsibilities
statement		 26
Independent
Auditors'		 Report 27- 30
Consolidated
Statement		 ofComprehensive Income 31
Consolidated
Statement		 of Financial Position 32
Charity Statement
of Financial Position		 33
Consolidated
statement		 ofchanges in reserves 34
Charity statement
ofchanges
in reserves		 35
Consolidated
Statement		 ofCash Flows 36-37
Consolidated
Analysis		 of Net Debt
Notes to the Financial Statements 39-70

Our priorities for Key objectives Key objectives Key objectives Key achievements: Key achievements:
2021-2022:
STRATEGIC PURPOSE
Ensure viability of Minimise incidence and The incidence and severity ofCovid-19 has
good quality impact of Covid-19 upon reduced
dramatically
through
effective
services services infection controls and take up ofvaccinations.
~ Risk assessments
are being conducted
and
managed
in line with guidance
and local
discretion.
Ensure Good ratings from
CQC and key stakeholders		 ~ Care Quality Commission
have continued
with
their suspension
ofroutine care home on-site
inspections,
instead replacing
with their Direct
Monitoring
Approach —virtually
checking
in and
using external
intelligence.
All three homes
have thus far continued to maintain
their Good
Implement improvements rating.
and best practice Two inspections
were conducted at Anita Stone
knowledge across all Court and we were awarded
silver by the local
services authority.
Conclude roll-out of ~ Our E-Plan system —Nourish —is being rolled
digital care system out more extensively
in all our nursing
homes.
~ Although
complaints
have not reduced
during
Reduce number of the period, we have resolved complaints to
complaints residents'
satisfaction
and also received good
feedback from families
in relation to home
visiting during the pandemic.
Further work
needs to be done to capture the key themes
and analyse trends to make improvements.
Improve occupancy rates ~ Occupancy
has improved
but not to pre-Covid-
at schemes 19levels yet. We have been promoting
FastTrack assessments
for end of life care.
~ Marketing
ofthe homes and housing schemes
using social media, local radio and billboards in
the local communities
is having some impact.

Our priorities for Our priorities for Key objectives Key achievements: Key achievements:
2II2'l-2022:
STRONG SOCIAL BUSINE35
Ensure business Financialsurplus
and		 ~ Operating
surplus reduced
by 68&6against a
resilience performs nce static turnaver
compared ta previous
year,
generating
a reduced
EBITCiAof5.496
The
Regulatory
HBLS		 position was again assisted by government
compli ance grants.
~ Repairs activity was largely unchanged
fram
Business development
and responsivene
.sto		 ~ last year.
We retained the Chil Loan and met a II loan
changing
market		 cavenants
from banL
~ Commenced
implementation
ofBoard
Contract reviews as part appraved
three year IT g. Digital Strategy.
of Value for Money ~ We continued to make maximum
use ofthe
Ieview Government
support through the infection
cantral and vrorkfarce grants.
Review ITestate/ systems
for business fit		 ~ We confirmed
the direction oftravel through
Review Day with the Board.		 a
STRONG PERFORIVIANCE
Improve our,vays Improve
recruitment		 and ~ Staff recruitment
and retentian
remain
critical to
af working to retention
with pea pie		 the consistency
ofservice that vre afA r. Staff
ensure that tve are who share aur values turnover
was 43.296far the year, which increased
better able to by 2596 an the previous year.
meetfuture
demands:
People
at the heart ofour
service		 Value, develop and
recognise staff
Rail aut af matrix
organlsatianal
training
matrix according to rale
and grade to enhance
st development
and
capability		 ~
~		 Ofstaff who left the orga nisatian, 5196were
carers. The natiional
average turnover far
frontline
care roles is 3696according ta Skills far
Care. SVe are constantly
monitoring
the reasons
for departure
afstaff, especially
in the first year
ofservice, recognising
the implicit challenges
faced by staff through the Covid-19 crisis.
Reducing agency hours as a proportion
ofthe
total staff haurs continues ta be a key priority,
and we aim to get this below 796af total staff
costs. This year we have met that target.
Strengthen
absence
management
and
performance
cantrols		 ~ Launched trustee recruitment
campaign ta
attract new Board Members.
Recruit new Baard
members ~ We strengthen
ed our profile through
integrated
marketing
and communicatians.

Principa'1 risks Principa'1 risks Risk appetite Key controls actions Key controls actions
Ctuapity of care is The charity is committed ta ~ Scrutir&y and reparting
from the
impacted providing
good quality care arid		 Operatians
Committee.
negatively. su pport, minimising
the potential		 ~ Quality assurance
framework
Seriaus service
disruption
e g
pandemic		 for service failures or discontinuity
such as safeguarding,
serious
incidents or other regulatory
ar
legislative
breach.		 supported
by appropriate
management
information
&vith
an Cawd-19 response/
capacity
tracker.		 focus
~ Staff training
in key areas e.g. infecdon
control.
~ Electronic care record=-, and
natifications
ta CQC.
~ Effective communications
with
regulators,
commissioners,
and
families.
~ Carriplaints
management.
~ Business Continuity
Plans.
~ Whistleblowing
policy.
Failure af We operate
in a highly regulated		 ~ Scrutiny and reporting
by the Audit
financial and financially
challenged
sector.		 Committee.
sustaina bility e,e, We need to ensure suffrcient ~ Fees are agreed
in advance with
-price surplus to enable effective financial commissioners
or self-funders
v&'ith
-liquidity and operational
management.		 fixed payment
cycles.
-credit
-cash flow		 Key financial concerns are:
' the fee income nat rising at		 a rate ~ Payment af suppliers
managed
aur payment
terms.		 with
sufficient ta meet the rising
and standards
ofsarial care		 casts ~ Improved
forecasting to ensure an
appropriate
cashfilmv&
liquidity
and
~ increasing
uncertainties
in the		 ability' to meet borrowing
commissioning
environment		 tvith commitments.
reduced
local authority
and
budgets		 health ~ Close monitoring
and reparting
barik covenants
against existing		 on
laans.
~ exhausting
funds for those «4o
pay privately		 Use afforecasting, scenario- and
stress-testing
ta understand
relations
between occupancy, fees and stafhng
as the key business
drivers
Sudgectary
process and controls& monthly
management
reportiing
including
dashboards
and variation
monitoring.

6ftt rttttwrtul trier A. Lt frat!L liu:"auru:~. A. Lt frat!L liu:"auru:~. rviuv. , aur + t.LtlnpKIY'Mlttu.
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irtuidetit. , Ir:tud .tr aLI!er au llul! I.rl..
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tr'tt.mu ra
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rtl i'sl lutlurrv
ur aLht!r
fartn. af Ia'ittt.." 'ittterruptiutt.
The risks listed above represent key risks for any provider in the increasingly
competitive
social care sector. We
seek to limit instances by deploying
the necessary resources
and controls
in our day-to-day		 operations, including
service improvement plans. We have focused on developing
stronger
relationships
with commissioners		 in order
to anticipate changes in a more proactive manner.

e key metrics are e key metrics are as follows :
RSH Metric name 2020 2021 2022 Variation between Peer group median 2021-22
years 2021and
202.2
a. Reinvestment f17,000 E6,994 829,957 Increased activity
Equates
to 0.1%		 Equates
to 03%		 in the year due ta
relaxation afaccess
to properties
following the
Covid-19
pandemic.
b. New Supply Nil Nil Nil BCOP is not a
(So cia I and Non hau" ing developer.
Social Housing)
c.Gearing (Group) 10.8% 7.8% Marginal
reduction		 29 8%
af0.5%na
significant
variations
in
component
figures.

RSH IVfetric RSH IVfetric RSH IVfetric name 2020 2022 Variation between Variation between Peer group median 2020-21
years 2021and
2022
d. EBITDA (Group) 8 9% 9.6% 5.4% Continuing
Impact		 Not available
of Covid - reduced
occupancy
and
increased
staffing
costs.
e EBITDA MRI 641% 349% 75% This measure
is a		 369%
interest cover key indicator for
(Group) liquidity
and
investment
capacity.
EICOP is
not a Housing
developer.
f. Headline Social f6,032 f5,573 f5,785 Marginal
reduction		 f4,396
Housing Cost per due to reduced
Unit repairs
activity
g. Operating 3 5% 5.9% 1.9% Reduction
due to
Margin %(Group) Housing Housing impact ofCovid 19
=24% =23% on income and
staffing costs.
Housing
margin		 in
line with peer
gloup
h. Return on 1.2% 0.7% Reduction
in		 290
Capita I Employed operating
profit
(ROCE) %(Group) due to impact of
Covid-19 on
income and staffing
costs.

Target 2MZ-23
Qualio) —ser flees receiving a 200%
good CQC rating or above (%
beds)
Quality —Number of Nursing —2 Nursing X5 Reduce from prior
complaints Housing —4 (1 not Housing -1 year
closed by year end)

Me tll c Target 2M2-23 Target 2M2-23 Target 2M2-23
Quality —carehome ca.uk ASC8.7 ASC
9.3		 Aim for 9.8for all
scares NK'H 9 2 NVa'H 9.8 servires
(Leading care review" site for RHH98 RHH
98
family and friends. Scares out
af10] frewiervs
limio d in
bot'h year=- due to
homes being in
lockdovrn)
Pea pie —staff turnover!l6 3.8.5J6 43.2%. Maintain below 35q6
(Sectar average (Due to 'i'COI3 S.
28.5J6, SJr0)sfo competition
fram
Cere, 2020/21) NHS)
People —staff sickness 96af 7.796 Maintain Ibelow 1596
total hour, (includes Cowid-39
related sickness
absence)
Occupancy level Nursing —85.1'J6 Nursing - 85.896 94.2% Nursing
Housing —81.3~s Housing - 83 6K 85.2% Housing
Overhea
d		 casts as J6af 14.84)6 Peer median is 17.7'l6
turnover(Gnoup)
Support Office casts as 96af Just above target of
Turnover(Group] 33',"'6
Repair=-)'Ma intenance 2153,935 f151,372 Under cantinuous
review based on
property assessments
and stack condition
su rvey

2022 2021
Note E
Turnover 4 7,657,243 7,662,848
Operating
expenditure		 4 (7,513,845) (7,211,107)
Operating
surplus		 4,9 143,398 451,741
Fair value movements on investments 18 98,832 314,280
Income from listed investments 44,968 41,239
Interest receivable
and		 similar income 20 275
Interest payable and similar expenses (90,877) (86,997)
Surplus for the financial year 196,341 720,538
Other comprehensive income/(expense)
Actuarial
gains/(losses)		 in respect of defined benefit pension scheme 30 33,000 (469,000)
Other comprehensive income/(expense) for the year 33,000 (469,000)
Total comprehensive income for the year 229,341 251,538

2022 2021
Note F
Fixed assets
Housing
properties		 14 10,051,607 10,151,084
Other tangible assets 17 10,968„286 11,080,038
Investments 18 2,041,073 1,942,241
23,060,966 23,173,363
Current assets
Stocks 20 27,300
Debtors: amounts falling due within one year 21 199,695 236,107
Cash at bank and in hand 22 2,183,223 2,253,990
2,382,918 2,517,397
Creditors: amounts falling due within one
year 23 (3,962,143) (1,190,056)
Net current (liabilities)/assets (1,579,225) 1,327,341
Total assets less current liabilities 21,481,741 24,500,704
Creditors: amounts falling due after more
than one year 24 (3,438,728) (6,555,668)
Net assets excluding pension liability 18,043,013 17,945,036
Defined
benefit pension		 scheme liability 30 (612,000) (743,364)
Net assets 17,431,013 17,201,672
Capital and reserves
Endowment
fund		 29 34,329 34,329
Restricted
funds		 29 1,782,947 1,641,562
Revenue
reserve		 28 15,613,737 15,525,781
17,431,013 17,201,672
Note 2022f 2021
Fixed assets
Housing
properties		 14 9,873,010 9,971,725
Other tangible assets 17 10,968,286 11,080,038
Investments 18 2,041,073 1,942,241
22,882,369 22,994,004
Current assets
Stocks 20 27,300
Debtors: amounts falling due within one year 21 198,251 236,222
Cash at bank and in hand 22 2,179,726 2,250,410
2,377,977 2,513,932
Creditors: amounts falling due within one
year 23 (4,827,362) (2,030,593)
Net current (liabilities)/assets (2,449,385) 483,339
Total assets less current liabilities 20,432,984 23,477,343
Creditors: amounts falling due after more
than one year 24 (3,324,880) (6,440,602)
Net assets excluding pension liability 17,108,104 17,036,741
Defined
benefit pension		 scheme liability 30 (612,000) (743,364)
Net assets 16,496,104 16,293,377
Capital and reserves
Restricted
funds		 29 742,609 768,823
Revenue
reserve		 15,753,495 15,524,554
16„496,104 16,293,377

Endowment Restricted Revenue
Fund Funds Reserve Total
F
At 1 April 2020 34,329 1,609,539 15,306,266 16,950„134
Comprehensive income for the year
Surplus for the year 720,538 720,538
Actuarial loss in respect of defined benefit pension
scheme (469,000) (469,000)
Total comprehensive income for the year 251,538 251,538
Transfers (Note 29) 32,023 (32,023)
At 1 April 2021 34,329 1,641,562 15,525,781 17,201,672
Comprehensive income for the year
Surplus for the year 196,341 196,341
Actuarial gain
in		 respect of defined benefit pension
scheme 33,000 33,000
Transfers (Note 29) 141,385 (141,385)
At 31 March 2022 34,329 1,782,947 15,613,737 17,431„013

Restricted Revenue
Funds Reserve Total
f E
At 1 April 2020 750,544 15,306,257 16,056,801
Comprehensive income for the year
Surplus for the year 705,576 705,576
Actuarial
loss in		 respect of defined benefit pension scheme (469,000) (469,000)
Total comprehensive income for the year 236,576 236,576
Transfers
(Note		 29) 18,279 (18,279)
At 1 April 2021 768,823 15,524,554 16,293,377
Comprehensive income for the year
Surplus for the year 169,727 169,727
Actuarial
gain
in		 respect of defined benefit pension scheme 33,000 33,000
Transfers
(Note		 29) (26,214) 26,214
At 31 March 2022 742,609 15,753,495 16,496„104

2022 2021
Cash flows from operating
activities
Surplus for the financial year 196,341 720,538
Adjustments
for:
Amortisation
ofdeferred
capital grant		 (32,997) (35,886)
Depreciation
oftangible assets		 267,927 279,849
Profit on disposal oftangible assets (4,178)
Interest payable 90,877 86,997
Investment
income and interest receivable		 (44,988) (41,514)
Decrease/(increase)
in stocks		 27,300 (2,954)
Decrease
in debtors		 36,412 43,136
(Decrease)/increase
in creditors		 (109,735) 86,060
Fair value movements
on investments		 (98,832) (314,280)
Pension
contributions
paid		 (157,000) (145,000)
Pension scheme costs 44,636 39,000
Net cash generated
from operating		 activities 215,763 715,946
Cash flows from investing
activities
Purchase
oftangible
fixed assets		 (57,520) (22,405)
Sale oftangible assets 5,000
Purchase
of listed investments		 (87,250) (302,064)
Sale of listed investments 98,732 217,147
Interest received 20 275
Income from listed investments 44,968 41,239
Net cash from/(used
in) investing		 activities 3,950 (65,808)
Cash flows from financing
activities
Net movement
on borrowings		 (202,121) 781,114
Loan interest
paid		 (76,877) (78,997)
Net cash used
in financing
activities		 (278,998) 702,117
Net (decrease)/increase
in cash and		 cash equivalents (59,285) 1,352,255
Cash and cash equivalents
at beginning
ofyear		 2,407,446 1,055,191
Cash and cash equivalents
at the end ofyear		 2,348,161 2,407,446

2022 2021
f.
Cash and cash equivalents at the end ofyear comprise:
Cash at bank and in hand 2,183,223 2,253,990
Cash on deposit awaiting investment 164,938 153,456
2,348,161 2,407,446

At 1 April At 31 March
2021 Cash flows 2022
f E
Cash at bank and in hand 2,253,990 (70,767) 2,183,223
Debt due after 1 year (3,765,943) 3,083,943 (682,000)
Debt due within
1		 year (146,983) (2,881,822) (3,028,805)
(1,658,936) 131,354 (1,527,582)

Operating Operating
Operating surplus / Operating surplus /
Turnover expenditure (deficit) Turnover expenditure (deficit)
2022 2022 2022 2021 2021 2021
F F F F F
Social housing
lettings (see
note 5) 1,296,503 (994,813) 301,690 1,281,736 (971,978) 309,758
Non-social
housing
activities:
Nursing
homes*		 5,965,232 (6,098,473) (133,241) 5,864,562 (5,768,723) 95,839
Donations and
legacies 32,674 (5,762) 26,912 68,859 (6,111) 62,748
Other activities 7,249 (59,212) (51,963) 14,326 (30,930) (16,604)
Subtotal
excluding
government
grants 7,301,658 (7,158,260) 143,398 7,229,483 (6,777,742) 451,741
Government
grants 355,585 (355,585) 433,365 (433,365)
Total including
government
grants 7,657,243 (7,513,845) 143,398 7,662,848 (7,211,107) 451,741

2022 2021
Group
Rent receivable
net of identifiable		 service charges 685,130 678,470
Service charge income 578,376 567,380
Net Rental Income and Turnover from Social Housing Lettings 1,263,506 1,245,850
Amortisation
of Government
grants		 32,997 35,886
Net Income and Turnover
from Social		 Housing Lettings 1,296,503 1,281,736
Management (430,943) (403,990)
Services (254,094) (278,028)
Routine Maintenance (182,758) (153,935)
Depreciation
of housing
properties		 (127,018) (136,025)
Operating
expenditure
on social		 housing lettings (994,813) (971,978)
Operating
surplus
on social housing		 lettings 301,690 309,758
The void costs for 2022 were f316,480 (2021 - F289,142).
6. Income from listed investments
2022 2021
Income from listed investments 44,968 41,239
7. Interest receivable
and similar income
2022 2021
F
Deposit account interest receivable 20 275

Interest payable
and		 similar expenses
2022 2021
P E
Loan interest payable 76,877 75,687
Financing costs 3,310
Net interest expense in respect of defined benefit pension scheme (Note
30) 14,000 8,000
90,877 86,997

The operating s urplus
is st		 ated after charging/(crediting)
the fol		 lowing:
2022 2021
F E
Depreciation of properties 249,676 255,034
Depreciation of other tangible assets 18„251 24,815
Amortisation of government grants (32,997) (35,886)
Operating
lease		 charges - other 31,166 23,087
Operating
lease		 charges - land and buildings 75,901 75,775

Auditors'
remuneration
2022f 2021
Fees payable to the Group's auditor for the audit ofthe Group's annual
financial statements 19,848 18,900
Fees payable to the Group's auditor in respect of:
All other services 3,780 3,600

Group Group
2022 2021f
Wages and salaries 4,438,145 4,436,168
Social security costs 352,891 342,977
Defined contribution pension scheme costs 90,031 139,266
Defined benefit pension scheme - current service cost 40,000 34,000
4,921,067 4,952,411
2022 2021
No. No.
Support Office 13 15
Nursing Homes 213 216
Repairs and Maintenance 4 4
230 235
2022 2021
No. No.
Support Office 13 13
Nursing homes 196 181
Repairs and Maintenance 4 4
213 198

2022 2021
F f.
Key management
remuneration
Aggregate of emoluments 177,762 164,950
Aggregate ofpension contributions 12,150 11,210
189,912 176,160
2022f 2021
E
Highest
paid Trustee		 - Chief Executive
Aggregate of emoluments 79,845 73,426
Aggregate of pension contributions 9,269 8,522
89,114 81,948

Freehold Leasehold
Properties
F		 Propertiesf Total
F
Cost
At 1 April 2021 11,931,236 1,225,480 13,156,716
Additions 29,597 29,597
At 31 March 2022 11„960,833 1,225,480 13,186„313
Amortisation
At 1 April 2021 2,193,476 812,156 3,005,632
Charge for the year on owned assets 112,046 17,028 129,074
At 3'I March 2022 2,305,522 829,184 3,134,706
Net book value
At 31 March 2022 9,655,311 396,296 10,051,607
At 31 March 2021 9,737,760 413,324 10,151,084

Freehold Leasehold
Properties Properties Total
P
Cost
At 1 April 2021 11,738,933 1,225,480 12,964,413
Additions 29,597 29,597
At 31 March 2022 11,768,530 1,225,480 12,994,010
Amortisation
At 1 April 2021 2,178,785 813,903 2,992,688
Charge for the year 111,284 17,028 128,312
At 31 March 2022 2,290,069 830,931 3,121,000
Net book value
At 31 March 2022 9,478,461 394,549 9,873,010
At 31 March 2021 9,560,148 411,577 9,971,725

Number of units
Group Group Charity Charity
2022
E		 2021 2022f 2021
E
Number of units owned and managed
Nursing and residential home bed spaces 130 130 130 130
Housing accommodation 150 150 144 144
Shared ownership 2 2 2 2
Managed on behalf ofothers 10 10 16 16
292 292 292 292

Group Group Charity Charity
2022 2021 2022 2021
E
Improvement work capitalised 29,597 6,994 29,597 6,994
Amounts charged to Statement of
Comprehensive Income 178,194 153,935 178,194 153,935
207,791 160,929 207,791 160,929

Social Housing Assistance
Group Group Charity Charity
2022 2021 2022 2021
E
Capital grants received for social housing
assistance 3,432,749 3,432,749 3,294,548 3,294,548

Nursing
and
Leasehold Sheltered
Nursing improvements Housing
home and office Motor fixtures
and
properties equipment vehicles equipment Total
F
Cost
At 1 April 2021 12,844,709 744,875 102,774 145,204 13,837,562
Additions 27,923 27,923
Disposals (9,610) (9,610)
At 31 March 2022 12,872,632 744,875 93,164 145,204 13,855,875
Depreciation
At 1 April 2021 1,835,669 717,786 100,468 103,601 2,757,524
Charge for the year on owned
assets 120,602 9,691 490 8,070 138,853
Disposals (8,788) (8,788)
At 31 March 2022 1,956,271 727,477 92,170 111,671 2,887,589
Net book value
At 31 March 2022 10,916,361 17,398 994 33,533 10,968,286
At 31 March 2021 11,009,040 27,089 2,306 41,603 11,080,038

Nursing
and
Leasehold Sheltered
Nursing improvements Housing
home and office Motor fixtures
and
properties equipment
F		 vehicles
f		 equipment Total
F
Cost
At 1 April 2021 12,844,709 394,766 102,774 106,391 13,448,640
Additions 27,923 27,923
Disposals (9,610) (9,610)
At 31 March 2022 12,872,632 394,766 93,164 106,391 13,466,953
Depreciation
At 1 April 2021 1,835,669 367,677 100,468 64,788 2,368,602
Charge for the year on owned
assets 120,602 9,691 490 8,070 138,853
Disposals (8,788) (8,788)
At 31 March 2022 1,956,271 377,368 92,170 72,858 2,498,667
Net book value
At 31 March 2022 10,916,361 17,398 994 33,533 10,968,286
At 31 March 2021 11,009,040 27,089 2,306 41,603 11,080,038

Investments
-Gro		 up a nd Charity
2022f 2021
Listed investments -valuation
At 1 April 1,788,785 1,389,588
Additions 87,250 302,064
Disposals (98,732) (217,147)
Movement
in fair value		 98,832 314,280
At 31 March 1,876,135 1,788,785
2022 2021
E F
Listed investment comprise:
Fixed interest securities 323,034 344,070
Equities and Alternative Investments 1,553,101 1,444,715
Total 1„876,135 1,788,785
2022 2021
F
Other investments
Cash on deposit awaiting investment 164,938 153,456
Total Investments 2,041,073 1,942,241
2022 2021
E
1,549,744 1,558,473

19. Investments
-Charity
Subsidiary
undertakings
Investments
in audit exempt subsidiaries
comprise:
BCOP Services Limited - Company No. 06956792
Emma Ball and Rolason Almshouses - Charity No. 246857
Pargeter and Wand Trust - Charity No. 210725
2022 2021
F

Group Group Charity Charity
2022 2021 2022 2021
E E
Small tools 27,300 27,300

21. Debtors
Group Group Charity Charity
2022 2021 2022 2021
f. E F
Rent and service charge debtors 129,580 290,330 128,496 289,693
Less: bad debt provision (7,242) (13'l,437) (7,242) (131,437)
122,338 158,893 121,254 158,256
Prepayments and accrued income 77,357 77,214 76,997 77,966
199,695 236,107 198,251 236,222
22. Cash at bank and in hand
Group Group Charity Charity
2022 2021 2022 2021
F
Cash at bank and in hand 2,183,223 2,253,990 2,179,726 2,250,410

Creditor s: Am ounts
falling due within on		 e year
Group Group Charity Charity
2022 2021 2022 2021
E
Bank loans 3,028,805 146,983 3,028,805 146,983
Trade creditors 184,244 155,793 184,244 155,793
Amounts owed to group undertakings 868,683 841,755
Other taxation and social security 74,758 74,758
Accruals and other creditors 710,752 774,047 708,506 774,047
Funds held for third parties 133 133
Deferred capital grants (Note 26) 38,342 38,342 37,124 37,124
3,962,143 1,190,056 4,827,362 2,030,593

Creditors: Amounts
falling due after m		 ore than one year
Group Group Charity Charity
2022
E		 2021f 2022 2021
Bank loans 682,000 3,765,943 682,000 3,765,943
Deferred capital grant (Note 26) 2,756,728 2,789,725 2,642,880 2,674,659
3,438,728 6,555,668 3,324,880 6,440,602

Group Group Charity Charity
2022 2021 2022 2021
f.
Amounts falling due within one year
Bank loans 3,028,805 146,983 3,028,805 146,983
Amounts falling due 1-2years
Bank loans 186,000 341,548 186,000 341,548
Amounts falling due 2-5years
Bank loans 496,000 3,300,395 496,000 3,300,395
Amounts falling due after more than 5
years
Bank loans 124,000 124,000
3,710,805 3,9'I 2,926 3,710,805 3,912,926
26. Deferred Capital Grant
Deferred Capital Grant
Group Group Charity Charity
2022f 2021f 2022 2021
E
As at 1 April 2,828,067 2,863,953 2,711,782 2,746,450
Released
in year		 (32,997) (35,886) (31,778) (34,668)
At 31 March 2,795,070 2,828,067 2,680,004 2,711,782
Group Group Charity Charity
2022 2021 2022 2021
E F
For release in less than one year 38,342 38,342 37,124 37,124
For release in more than one year 2,756,728 2,789,725 2,642,880 2,674,659
2,795,070 2,828,067 2,680,004 2,711,783

Financial instruments
Group Group Charity Charity
2022 2021f 2022 2021
Financial assets
Debt instruments
measured		 at amortised cost 199,695 263,407 198,251 263,522
Instruments measured at fair value through
income and expense 1,876,135 1,788,785 1,876,135 1,788,785
2,075„830 2,052,192 2,074,386 2,052,307
Financial liabilities
Measured at amortised cost (4,605,801) (4,917,657) (5,479,412) (5,759,412)

Restricted Reserves
Transfers
from
Opening revenue Closing
balance reserve balance
F f. E
Group 2022
Endowment fund 34,329 34,329
Other Restricted 1,641,562 141,385 1,782,947
Total 1,675,891 141,385 1,817,276
Transfers
from
Opening revenue Closing
balance reserve balance
E
Group 2021
Endowment fund 34,329 34,329
Other Restricted 1,609,539 32,023 1,641,562
Total 1,643,868 32,023 1,675,891
Transfers
from
Opening revenue Closing
balance reserve balance
E E f.
Charity 2022
Other Restricted 768,823 (26,214) 742,609
Total 768,823 (26,214) 742,609
Transfers
from
Opening revenue Closing
balance reserve balance
E F
Charity 2021
Other Restricted 750,544 18,279 768,823
Total 750,544 18,279 768,823

Opening Transfers to Closing
balance Income
f		 Expenditure
E		 reserves Balance
F
Robert Harvey Sensory Street 1,100 1,100
Anita Stone Court 7,708 7,708
Rhodes Trust 726,809 15,990 (43,767) 699,032
Belsize 3'I,139 2,200 (437) 32,902
Mrs Jolly's 2„067 (200) 1,867
Charity 768,823 18,190 (44,404) 742,609
Pargeter and Wand Trust 303,533 6,678 (3,873) 306,338
Emma Ball and Rolason
Almshouses 569,206 33,910 (11,320) 142,204 734,000
Group 1,641,562 58,778 (59,597) 142,204 1,782,947

Other restricted
reserves -2021 are analyse		 d
as follows:
Opening Closing
balance Income Expenditure balance
E
Robert Harvey Sensory Street 1,100 1,100
Anita Stone Court 7,708 7,708
Rhodes Trust 711,630 15,279 (100) 726,809
Belsize 28,039 3,100 31,139
Mrs Jolly's 2,067 2,067
Charity 750,544 18,379 (100) 768,823
Pargeter and Wand Trust 301,523 6,783 (4,773) 303„533
Emma Ball and Rolason Almshouses 557,472 25,173 (13,439) 569,206
Group 1,609,539 50,335 (18,312) 1,641,562

2022 2021
OOOO f000
At the beginning
ofthe year		 4,493 3,893
Current service cost 40 34
Administrative
expenses		 5 5
Interest cost 94 93
Member contributions 11 12
Benefits paid (140) (153)
Actuarial losses/(gains) due to scheme experience 177 (187)
Actuarial (gains)/losses due to changes in demographic assumptions (77) 18
Actuarial (gains)/losses due to changes in financial assumptions (298) 778
At the end ofthe year 4,305 4,493

2022 2021
OOOO f000
At the beginning ofthe year 3,750 3,521
Interest income 80 85
Experience
on		 plan assets (excluding amounts included in interest income)
- (loss)/gain (165) 140
Employer
contributions		 157 145
Member contributions 11 12
Benefits paid (140) (153)
At the end ofthe year 3,693 3,750

2022 2021
FOOO f000
Global Equity 708 598
Absolute
Return		 148 207
Distressed
Opportunities		 132 108
Credit Relative Value 123 118
Alternative
Risk Premia		 122 141
Emerging
Markets
Debt		 107 151
Risk Sharing 122 137
Insurance-Linked
Securities		 86 90
Property 100 78
Infrastructure 263 250
Private Debt 95 89
Opportunistic
lliquid		 Credit 124 95
High Yield 32 112
Opportunistic
Credit		 13 103
Cash 13
Corporate
Bond Fund		 246 222
Liquid Credit 45
Long Lease Property 95 74
Secured Income 138 156
Liability
Driven
Investment		 1,030 953
Currency
Hedging		 (14)
Net Current Assets 10 23
Total plan assets 3,693 3,750
2022 2021
f000 f000
Defined benefit pension scheme liability
Fair value of plan assets 3,693 3,750
Present value of plan liabilities (4,305) (4,493)
Net pension scheme liability (612) (743)

The amounts
recognised
in the C
follows:		 onsolidated
Statement
of C		 omprehensive
Income
(SOCI		 ) were as
2022 2021
OOOO f000
Current service cost 40 34
Net interest expense 14 8
Administrative
expenses		 5 5
Defined benefit costs recognised in SOCI 59 47
2022 2021
E F
Experience
on plan assets		 (excluding amounts
included		 in interest income)
- (losses)/gains (165) 140
Actuarial
(losses)/gains		 due to scheme experience (177) 187
Actuarial
gains/(losses)		 due to changes in demographic assumptions 77 (18)
Actuarial
gains/(losses)		 due to changes in financial assumptions 298 (778)
Gains/(losses)
recognised		 in OCI 33 (469)

Principal
actuarial
assumptions
at the reporting
date (express		 ed as weighted
averages):
2022 2021
0/ 0/
Discount rate 2.79
Future salary increases 4.23 3.84
Inflation (RPI) 3.66 3.31
Inflation (CPI) 3.23 2.84
Mortality rates
-for a male aged 65 now 21.1 years 21.6years
-at 65for a male aged 45 now 22.4years 22.9years
-for a female aged 65 now 23.7years 23.5years
-at 65for a female member aged 45 now 25.2years 25.1 years

Group Group Charity Charity
2022 2021 2022 2021
f.
Not later than 1 year 73,500 83,069 73,500 83,069
Later than 1 year and not later than 5 years 12,682 45,963 12,682 45,963
86,182 129,032 86,182 129,032