Company Number: 03788484 Charity Number: 1079635
## **THE ARBORY TRUST**
## **(A company limited by guarantee and not having share capital)**
## **REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
**THE ARBORY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Contents**|**Pages**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiners' report|4|
|Statement of financial activities|5|
|Balance Sheet|6|
|Notes to the financial statements|7 - 13|
**Principal address:** Bishop Woodford House Barton Road Ely CB7 4PX **Company Number:** 03788484 **Charity Number:** 1079635
**Bankers:** Barclays Bank Plc Cambridge CB2 3XN **Solicitors:** Lee Bolton Monier - Williams 1 The Sanctuary Westminster London
## **Independent Examiner**
Ms N Hedger BFP FCA CTA 7 Quy Court Colliers Lane Stow-cum-Quy CB25 9AU
**THE ARBORY TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
The Trustees present their annual report with the financial statements of the Trust for the period ended 31 December 2021.
## **OBJECTIVES AND ACTIVITIES**
The object of the charity is the provision and maintenance of public burial grounds in the advancement of Christian religion. The Trustees in setting their objectives have had due regard to the public benefit guidance issued by the Charity Commission.
## **ACHIEVEMENTS AND PERFORMANCE**
The popularity of Barton continues. We have moved up to the North Glebe for Burials and have filled Glade 1 (Hornbeam) and Glade 2 (Aspen), Glade 4 (Birch). Crab Apple (Glade 5), Willow (Glade 3) and Spindle (Glade 8) and Oak (Glade 7) are now open.
The North Glebe Access Track was completed in November 2021.
There were in total, 195 burials and 90 interments of ashes in 2021 [166 Burials and 44 Ash internments in 2020]. There was a consistent flow of Funerals throughout the year. There have been strict covid restrictions with the relaxing of rules later on in the year with numbers attending slightly higher but masks and social distancing in place.
Burial reservations have not been allowed since 2019. The Trust can retract that decision at any time in the future. People are allowed a reservation when it is booked at time of the burial of their loved one. We seem to be taking more double depth reservations because of this.
The Trust anticipates that the number of reservations and interments in 2022 will continue to match if not exceed that of previous years. It is the dedication and cohesion of the whole team, whether employees or volunteers both at Barton and Ely, that contributes hugely to the Trust’s success.
## Trustees
Matthew Lavis and Lord Fairhaven has retired from the Trust.
## **REVIEW OF THE YEAR**
The net surplus for the year amounted to £138,308 (2020 - £99,830).
## **Risk analysis**
The trustees confirm that major risks to which the Trust is exposed are reviewed regularly. The trustees delegate to a Working Group of trustees the task of ensuring that risks are reviewed and managed.
## **Reserves policy**
The Trust aims to hold free reserves sufficient to cover 12 months of charitable expenditure, currently estimated at £ 95,000. At 31 December 2021 the Trust's free reserves were £780,724. The long term aim is for the Reserves to enable the creation of another Arbory Trust woodland burial site.
1
**THE ARBORY TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
## **COVID-19 impact on the Arbory Trust**
Concerning Covid 19. There have been no operational risks as during lockdown we closed our Service Lodge and allow only Graveside Funerals. When lockdown lifted we still had a reduced number allowed in the lodge.
No lodge use during lockdown periods.
No refreshments during lockdown periods.
Distancing rules in place.
## **Plans for the future**
The plan for the future include the preparation of drawings and applications for an extention to the Service Lodge so that we may be able to offer funerals to larger families and extend our capacity to 100.
We also hope to start planting on our newly acquired land north of our site called Glebe Rise in December 2022. We also plan to fence the whole perimer as per our approved planning application.
We are also planning to construct pathways and tracks to enable visitors to visit the site easily and to attend funerals further up our site that are too far to walk.
Regarding Covid 19, we will still plan to have safety measures in place including social distancing signs and sanitiser in place around the venue. Signs will be present to remind people to be careful. We will keep the lodge well ventilated when families are having a service.
## **STRUCTURE GOVERNANCE & MANAGEMENT**
The charity was incorporated as a company limited by guarantee on 11 June 1999 and registered with the Charity Commission on 29 February 2000, charity number 1079635.
Day to day management of the work of the Trust is undertaken by the Administrator, under the direction of the working group of Trustees. The working group meets 4 times per year, usually February, April, June and November and the full annual meeting takes place in September.
## **Appointment of Trustees**
The Chairman of the Trust must be a Bishop of the Church of England. Other trustees are appointed to provide expertise in the following areas: land and woodland management; finance; ecological matters; and burial practice of the Christian Church. All of these areas are covered by the current trustees. Upon appointment new trustees are given an induction pack, which includes working group meeting minutes, past issues of the newsletter and the most recent annual accounts, and are invited to attend a trustees meeting before accepting the trusteeship.
2
THE ARBORY TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
Trust¢ts' wponsibilstl•8
The trustees are responsible for preparing financial statements for each financial year which give a true
and fair view of the slaie ol affairs ol the trust as at the end ol the financial year and of the surplus oi deficit
of the trust for that period. In preparing those financial stslemenls, the Iruslees are required lo..
select suitable a¢Gounts"ng poliG$ and then apply ttlem consistently,"
make judgements and estimates that are reasonable and prudent".
comply with applicable A=counling Standards, subject to any material departures
disclosed and explained in the financial statements".
prepare the financial statements on the going concern basis unless It is
Inappropriate lo presume that the trust will continue in business.
The Iru51ees are responsible for maintaining proper accounting records whieh disclose with reasonable
accuracy al any time the financial posrtion of the trust and to enable them to ensure that the financial
Statements comply with ltrie Charities Act and the Companies Act 2006 They are also responsible for
safeguarding the assets ol the trust and hence lor larfing reasonable steps for the prevenlKJn and detection
of fraud and other Irregiilarilies.
Charity Truste08
The Trustees who served during the period were..
The Rt Revd Bishop of Ely Stephen Conway (Chairman)
Sir Hugh Duberly KCVO CBE
The Lord Fairhaven
rhe Revd Peter C Owen Jones
Mr Howard John Dellar
Dr Garelh John Thomas
Mr5 Judy Pearson
Mr Richard Pemberton
Mr John Boocock BEM
Mr8 Deryn Coe
Mr Paul Lawson Evans
Mr Francis William Miles Burkitt
Secr&tary
Mrs S Mila
Signed by.
The Rl Revd S Con
ay
Chairman of Trustees
Date.
**THE ARBORY TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2021 which are set out on pages 5 to 13.
## **RESPONSIBILITIES AND BASIS OF REPORT**
As the charity trustees of the company you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **INDEPENDENT EXAMINER'S STATEMENT**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
(a) accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
(b) the accounts do not accord with those records; or
(c) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act than any requirement that the accounts give a "true and fair view" which is not a matter considered as part of an independent examination; or
(d) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached
Naomi Hedger BFP FCA CTA (Independent Examiner)
## Date: 16 September 2022
Chater Allan LLP Chartered Accountants 7 Quy Court Colliers Lane Stow-cum-Quy CB25 9AU
4
## **THE ARBORY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
||**Unrestricted Funds**|**Unrestricted Funds**|**Unrestricted Funds**|||
|---|---|---|---|---|---|
|||**General**|**Restricted**|**Total**|**Total**|
|||**Fund**|**Fund**|**2021**|**2020**|
||**Note**|**£**|**£**|**£**|**£**|
|**Income From:**||||||
|Donations||4,710||4,710|10,715|
|Charitable activities|2|210,212|-|210,212|161,130|
|Investments||7,228|-|7,228|7,105|
|**Total**||222,150|-|222,150|178,950|
|**Expenditure On:**||||||
|Charitable activities|3|120,734|-|120,734|95,328|
|**Total**||120,734|-|120,734|95,328|
|Net gain/(loss) on investments|9|36,892|-|36,892|16,208|
|**Net Income (Expenditure)**||138,308|-|138,308|99,830|
|**Transfer between Funds:**||-|-|-|-|
|**Net Movement In Funds**||138,308|-|138,308|99,830|
|**Reconciliation Of Funds:**||||||
|Total funds brought forward||1,282,373|-|1,282,373|1,182,543|
|**Total funds carried forward**||1,420,681|-|1,420,681|1,282,373|
## **Continuing operations**
None of the Trust's activities were acquired or discontinued during the above two financial periods.
5
THE ARBORY TRUST
8ALANCE SHEET
AS AT 31 DECEMBER 2021
Number: 03788484 .
2021
2020
Not•
FIXED ASSETS
Tangible assets
Investments
63Q.957
297,227
566.679
253,107
CURRENT ASSETS
Stock
Debtors
Cash at bank
1.038
163.726
323,149
487,913
727
233.524
238,475
470,726
CREDITORS
Amounts falling due thin one y8¥r
4,416
B,139
NET CURRENT ASSErs
483,497
482.S87
TOTAL ASSETS LESS CURRENT UABILITIES
1,420.681
1.282,373
NET ASSETS
1.420.6B1
1.282.373
FUNDS
Unrestric(ed funds..
Ggneral fund".
,her reseNes
Revaluation reserve
1,342,136
78 545
1,224.512
57 881
13
11
1.420.681
1,282,373
Restricted funds
1.420,681
1.282,373
The charitable company is ented to exemption Ir¢m audrt under Se¢tr"¢)n 477 of the Companies Act 2C(6 lor
tha year end8d 31 Dècember 2021.
Thè memters have nLrt required Ihè ccffjpany to obtain audit ol rts finan081 ststements for Ihe year ènded
31 0mber 2021 in arLordan¢e with Sects'on 476 of Ihe Companies Act 2(K6
The trustges ad(noWedge their responsibilities for..
lal ensuring that the charitaN¢ company keeps Bc¢ounting records 1¢h comply wth Seth'ons 386 8nd 387 ofthe
Companioes Act 20CE an(J,'
Ibl preparing financial staternents %thi¢h g'va a true and fair view ol the statè of affairs of the charitabla ujmpany
as at the end of èach finalaal year and of its profil ot loss for each financial year in accordan wth the
requirements of Se(Xions 394 arKI 395 and which olherwse ¢omply wth the requirements of the Companie$ A¢t
20C6 rdabng to financial statèments, so far as applicable to the ¢haritable cvmpany.
The finan081 statements re approved by the Board of TNsto9s on
behalf by".
and re signed on its
The Rt Revd
Conway
Mrs Deryn
Chaim7an of TnJste&s
Trv$tee
**THE ARBORY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES**
## **(a) Basis of accounting**
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
The Charity constitutes a public benefit entity as defined by FRS102
## **(b) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Reservation fees are recognised upon receipt and not treated as restricted due to future costs being negligible
## **(c) Expenditure**
Expenditure is recognised once there is legal or constructive obligation to make a payment to third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
## **(d) Tangible fixed assets**
Land is not depreciated. The Memorial Lodge and it's furnishings are depreciated to write off the cost over the estimated useful life of between 10 and 25 years. Computers are depreciated over an estimated useful life of 3 years.
## **(e) Taxation**
The company is a registered charity and as such is not liable to taxation.
## **(f) Income and expenditure**
The inclusion of an Income and Expenditure account is not deemed necessary as the relevant information is included in the Statement of Financial Activities.
## **(g) Investments**
Investments listed at the stock exchange are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposal throughout the year.
## **(h) Pension contributions**
The company operates a defined benefit pension scheme for one member of staff. It is a multi-employer scheme and it is not possible to attribute scheme assets and liabilities to specific employers. Contributions are accounted for as if it was a defined contribution scheme.
## **(i) Going Concern**
The trustees have considered the financial position of the charitable company and believe it is well placed to manage its business risk successfully. The trustees have considered the impact of COVID-19 and even though there are uncertainties believe there will not be a material adverse impact on the charitable company's ability to continue to operate. The trustees have a reasonable expectation that the charitable company will have adequate resources to meet its financial obligations for the next 12 to 18 months and, on that basis, they continue to adopt the going concern basis in preparing the annual reports and the financial statements.
7
**THE ARBORY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2 INCOME FROM CHARITABLE ACTIVITIES**
|Woodland burial ground|**Ash/Partner**
**Burial**
**Room**
**Total**
**Total**
**Reservations**
**fees**
**Grants**
**hire and**
**2021**
**2020**
**other income**
**£**
**£**
**£**
**£**
**£**
**£**
44,722
155,980
-
9,510
210,212
161,130|
|---|---|
|**3a **|**EXPENDITURE ON CHARITABLE ACTIVITIES**|||||
|---|---|---|---|---|---|
||**SUMMARY**|**Direct**|**Support**|**Total**|**Total**|
|||**Costs**|**Costs**|**2021**|**2020**|
|||**£**|**£**|**£**|**£**|
||Woodland burial ground|110,229|10,505|120,734|95,328|
|**3b **|**EXPENDITURE ON DIRECT COSTS**|||||
|**3a EXPENDITURE ON CHARITABLE ACTIVITIES**
**SUMMARY**
Woodland burial ground
**3b EXPENDITURE ON DIRECT COSTS**|**3a EXPENDITURE ON CHARITABLE ACTIVITIES**
**SUMMARY**
Woodland burial ground
**3b EXPENDITURE ON DIRECT COSTS**|**Direct**
**Support**
**Total**
**Total**
**Costs**
**Costs**
**2021**
**2020**
**£**
**£**
**£**
**£**
110,229
10,505
120,734
95,328|
|---|---|---|
||||
||Staff costs
Travel and guardian expenses
Telephone
Payroll processing costs
Printing and stationery
Subscription
Website expenses
Grave digging
Lodge expenses
Grounds maintenance
Professional fees
Depreciation
Car park rent|**General**
**Restricted**
**Total**
**Total**
**Fund**
**Fund**
**2021**
**2020**
**£**
**£**
**£**
**£**
53,510
-
53,510
42,823
1,056
-
1,056
604
1,420
-
1,420
1,203
1,423
-
1,423
908
1,436
-
1,436
933
990
-
990
726
1,513
-
1,513
923
7,325
-
7,325
5,128
5,813
-
5,813
6,882
26,442
-
26,442
7,974
1,044
-
1,044
3,060
7,257
-
7,257
14,129
1,000
-
1,000
1,000|
|||110,229
-
110,229
86,293|
## **3c EXPENDITURE ON SUPPORT COSTS**
|**EXPENDITURE ON SUPPORT COSTS**||
|---|---|
|Insurance
Utilities
Diocesan office costs
Governance (Note 4)
Bank charges|**General**
**Restricted**
**Total**
**Total**
**Fund**
**Fund**
**2021**
**2020**
**£**
**£**
**£**
**£**
1,232
-
1,232
1,184
2,576
-
2,576
1,301
3,000
-
3,000
3,000
3,060
-
3,060
2,880
637
637
670|
||10,505
-
10,505
9,035|
8
## **THE ARBORY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **4 EXPENDITURE ON GOVERNANCE**
|**General**
**Designated**
**Fund**
**Fund**
**£**
**£**
Accountancy fees - current year
3,060
-
3,060
-
No Trustees received any expenses during the year (2020: £Nil).
**5**
**STAFF COSTS**
Wages and salaries
Social security costs
Pension cost
Pension deficit reduction cost|**General**
**Designated**
**Fund**
**Fund**
**£**
**£**
3,060
-|**Total**
**Total**
**2021**
**2020**
**£**
**£**
3,060
2,880|
|---|---|---|
||3,060
-|3,060
2,880|
|||**2021**
**2020**
**£**
**£**
48,991
42,902
3,136
3,136
847
(4,215)
536
1,000|
|||53,510
42,823|
## **Key management personnel**
The total employment benefits including pension contributions of key management personnel was £32,745 (2020: £30,871)
No employee earned £60,000 or more during the year. The average number of employees during the year was 3 (2020- 3) No trustee received remuneration during the year (2020: £Nil)
|**6**
**TANGIBLE FIXED ASSETS**
**Cost**
At 1 January 2021
Additions
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for year
Write back of depreciation
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020|**Memorial**
**Land**
**Lodge**
**Equipment**
**Total**
**£**
**£**
**£**
**£**
448,477
144,862
15,228
608,567
77,268
-
3,268
80,536|
|---|---|
||525,745
144,862
18,496
689,103|
||-
28,584
13,304
41,888
-
8,741
1,808
10,549
-
-
(3,291)
(3,291)|
||-
37,325
11,821
52,437|
||525,745
107,537
6,675
639,957|
||448,477
116,278
1,924
566,679|
The Trust's fixed assets are all used for charitable purposes.
9
**THE ARBORY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**7**
**STOCK**
Grave microchips
**8**
**DEBTORS AND PREPAYMENTS**
Prepayments
Accrued income
Due from Ely Diocesan Board of Finance
**9**
**INVESTMENTS**
Listed investments:
Central Board of Finance
: Income Shares
**Movements in the year: Income shares**
Balance at 1 January 2021
Additions
Reinvested income
Disposals
Transfer from deposit
Revaluation - unrealised
- realised
Balance at 31 December 2021
**10 CREDITORS: Amounts falling due within one year**
Creditors & accruals|**2021**
**2020**
**£**
**£**
1,038
727|
|---|---|
||**2021**
**2020**
**£**
**£**
2,202
2,152
2,000
2,000
159,524
229,372|
||163,726
233,524|
||**2021**
**2020**
**£**
**£**
297,227
253,107|
||297,227
253,107|
||**£**
253,107
-
7,228
-
-
36,892
-
297,227
**2021**
**2020**
**£**
**£**
4,416
8,139|
||4,416
8,139|
10
## **THE ARBORY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**11 FUNDS**
Balance at 1 January 2021
Surplus/(Deficit) for the period
Transfer between funds
Balance at 31 December 2021
The restricted fund related to donations for trees
**12 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Fixed assets
Net assets/(liabilities)
Total net assets
**13 REVALUATION RESERVE**
Balance at 1 January 2021
Revaluation in the year
Transferred to/from General fund other reserves
Balance at 31 December 2021|**General**
**Fund**
**£**
1,282,373
138,308
-|**Restricted**
**Total**
**Funds**
**£**
**£**
-
1,282,373
-
138,308
-
-|
|---|---|---|
||1,420,681|-
1,420,681|
||**General**
**Fund**
**£**
639,957
780,724|**Restricted**
**Total**
**Funds**
**£**
**£**
-
639,957
-
780,724|
||1,420,681|-
1,420,681|
|||**2021**
**2020**
**£**
**£**
41,653
41,653
36,892
16,208
-
-|
|||78,545
57,861|
## **14 CONTROLLING PARTY**
The charity is controlled by the Board of Trustees.
11
**THE ARBORY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **15 PENSION COSTS**
The Arbory Trust is part of the Ely Diocesan Board of Finance (DBS) pension scheme. Ely DBF (DBS) participates in the Defined Benefits Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of ELY DBF (the employer) and the other participating employers.
CWPF has two sections:
1. the Defined Benefits Scheme
2. the Pension Builder Scheme, which has two subsections;
- a. a deferred annuity section known as Pension Builder Classic, and,
- b. a cash balance section known as Pension Builder 2014.
The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries.
For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns.
The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.
The scheme is a multi-employer scheme as described in Section 28 of FRS102. It is not possible to attribute DBS assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in DBS. This means that contributions are accounted for as if DBS were a defined contribution scheme. The pensions costs charged to The Arbory Trust SoFA during the year are contributions payable towards benefits and expenses accrued in that year (2021: £847, 2020: £2,121) plus the figures in relation to The Arbory Trust's share of the DBS deficit highlighted in the table below as being recognised in the SoFA, giving a total charge of £1,383 for 2021 (2020: £3,215).
If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool, further transfers may be made from the Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board on the advice of the Actuary.
A valuation of DBS is carried out once every three years. The most recently finalised was carried out as at 31 December 2019. In this valuation, the Life Risk Section was shown to be in deficit by £7.7m and £7.7m was notionally transferred from the employers’ sub-pools to the Life Risk Section. This increased the Employer contributions that would otherwise have been payable. The overall deficit in DBS was £11.3m.
The next actuarial valuation is due at 31 December 2022.
Following the valuation, Ely DBF has entered into an agreement with the Church Workers Pension Fund to pay a contribution rate of 23.6% of pensionable salary and expenses of £6,500 per year. In addition deficit payments of £5,692 per year have been agreed for 7 years from 1 April 2021 in respect of the shortfall in the Employer sub-pool. This obligation has been recognised as a liability within Ely DBF's financial statements.
12
**THE ARBORY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **15 PENSION COSTS (continued)**
Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision for Arbory Trust is set out below:
|Balance sheet liability at 1 January
Deficit contribution paid
Interest cost (recognised in SoFA)
Remaining change to the balance sheet liability*(recognised in SoFA)
Balance sheet liability at 31 December|**2021**
**2020**
**£**
**£**
-
-
(536)
(1,000)
-
-
536
1,000|
|---|---|
||-
-|
* Comprises change in agreed deficit recovery plan and change in discount rate between year-ends.
This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions, set by reference to the duration of the deficit recovery payments:
Discount rate
|**Dec-21**|**Dec-20**|**Dec-19**|
|---|---|---|
|1.50%|0%|0%|
The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paying a share of that employer’s pension liabilities.
## **16 STATEMENT OF FINANCIAL ACTIVITIES DETAIL FOR 2020**
||**Unrestricted Funds**|**Unrestricted Funds**||
|---|---|---|---|
||**General**|**Restricted**|**Total**|
||**Fund**|**Fund**|**2020**|
||**£**|**£**|**£**|
|**Income From:**||||
|Donations|10,715|-|10,715|
|Charitable activities|161,130|-|161,130|
|Investments|7,105|-|7,105|
|**Total**|178,950|-|178,950|
|**Expenditure On:**||||
|Charitable activities|95,328|-|95,328|
|**Total**|95,328|-|95,328|
|Net gain/(loss) on investments|16,208|-|16,208|
|**Net Income (Expenditure)**|99,830|-|99,830|
|**Transfer between Funds:**|-|-|-|
|**Net Movement In Funds**|99,830|-|99,830|
|**Reconciliation Of Funds:**||||
|Total funds brought forward|1,182,543|-|1,182,543|
|**Total funds carried forward**|1,282,373|-|1,282,373|
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