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2022-12-31-accounts

Page
Report ofthe Trustees incorporating strategic report 1-7
Reference and administrative
details		 ofthe Charity, 1-2
its Trustees and advisors
Structure, governance
and management		 2-3
Objectives and activities
Strategic report 4-7
- Fundraising
-Achievements
and performance
- Financial
review		 5-6
- Principal risks and uncertainties
- Future plans
- Disabled persons
Statement
ofTrustees'
Responsibilities
Report ofthe Independent Auditors 9-10
Consolidated
Statement		 of Financial Activities
(incorporating
an Income		 and Expenditure Account 8
Statement
of Other Comprehensive		 Income)
Consolidated
Balance Sheet		 12
Company
Balance Sheet		 13
Consolidated
Cash Flow		 Statement 14
Notes to the Consolidated Cash Flow Statement 15
Notes to the Consolidated Financial Statements 16-42

HALO LEISURE SERVICES LIMITED HALO LEISURE SERVICES LIMITED HALO LEISURE SERVICES LIMITED HALO LEISURE SERVICES LIMITED HALO LEISURE SERVICES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
Incor oratln a consolidated
Income and Ex enditure		 Account and
Statement of Other Com rehenslve
Income		 for the Year Ended 31 December 2022
Unrestricted Restricted FRS102s.28 Total Funds Total Funds
Funds Funds Unrestricted Year to Year to
Funds 31.12.2022 31.12.2021
NOTE E E E' E
INCOME
Donations
and legacies		 313,164 313,164 2,348,327
Income from charitable activities:
Operation
ofLeisure sites		 13,707,590 415,838 14,123,428 9,243,420
Income from other trading activities:
Commercial
trading operations		 134,527 134,527 180,773
Investment
income		 368,448 368,448
Other income 109,293 109,293 1,176,039
TOTAL INCOME 14,319,858 729,002 15,048,860 12,948,559
EXPENDITURE
Costs ofraising funds:
Commercial
trading operations		 41,982 41,982 49,447
Expenditure
on charitable
activities:
Leisure activities 12 13,900,077 1,403,718 881,000 16,184,795 13,104,387
TOTAL EXPENDITURE 13,942,059 1,403,718 881,000 16,226,777 13,153,834
NET (EXPENDITURE) I INCOME
BEFORE TAXATION
AND		 377,799 (674,716) (881,000) (1,177,917) (205,275)
TRANSFERS
GROSS TRANSFERS BETWEEN
FUNDS
NET (EXPENDITURE) I INCOME
BEFOREACTUARIAL 377,799 (674,716) (881,000) (1,177,917) (205,275)
(LOSSES)/GAINS
UNDER FRS102
OTHER RECOGNISED GAINS AND
LOSSES
Remeasurements
on defined		 benefit
pension schemes 27 18,334,000 18,334,000 3,458,000
NET INCOME I(EXPENDITURE) 377,799 (674,716) 17,453,000 17,156,083 3,252,725
FUNDS BROUGHT FORWARD (979,732) 3,079,229 (12,706,000) (10,606,503) (13,859,228)
FUNDS CARRIED FORWARD (601,933) 2,404,513 4,747,000 6,549,580 (10,606,503)
HAl O.LEISURE SERYICES LIMITED HAl O.LEISURE SERYICES LIMITED HAl O.LEISURE SERYICES LIMITED Company
Registered number. 0433571'5
Registered
Charity number: 109'I543		 Company
Registered number. 0433571'5
Registered
Charity number: 109'I543		 Company
Registered number. 0433571'5
Registered
Charity number: 109'I543		 Company
Registered number. 0433571'5
Registered
Charity number: 109'I543
.CONSOLIDATED 'BALANCE. SHEET
3'I December. 2022
31,12,22 31.1.2.21
Note's
FIXED ASSETS'
)rattan'gible
assets
Tangible assets		 I4
1'5		 13,878 233. 13 12,821
702961
13,878,233. 13,715,482
CURRENTASSETS
Stocks
Debto'rs
Cash at ljanfand
in hanDd		 1.7
18,		 40,G58.
562,663
2,9'I 2,962		 '34+68
563,479
3441 926
3,515,683 :3,979,?73
CREDITORS
Amounts
falling due within		 one year 19. 4695 655 2,921,,923
NET CURRENT (UABIL'ITIES)/ASSETS ~T,879,972 I 057850
TOTAL ASSETSLESS CURRENT
LIABILITIE+		 t2;798+61 1'4,7733382
.CREDITORS
Amounts
falling due after
one year		 more than 20. (10,891';772), (12,544,260),
DEFERDRED INCOME (:1'031909). (1:29,575)
NET'ASSETS BEFORE.PENSION'('ASSET)'/LIABILITY 'I,BD2 580 .2;093,497
',PENSIOI4 (ASSET)/LIABILITY 27 (4,747,OOO} 12;706,900
FUNDS
Unrestricted
income funds		 25 4,,145,067 (13,685,732)'
Unrestricted
designate'd
Restricted funds		 funds 25
25		 ~404, 513 3 079;229
TOTAL FUNDS 6,549,580 tI~0,6D6 5D3
I 882 58D ;2 .099497
ON BEHALF
FTHE		 BOA'RD.'
9 J'ay
JS u'
~ C
i		 n i N A Sellar - Trustee
~l ~
JG Huxley -
mpany		 Secretary.
Pate'.
gggg~

h i 1091543
.HALO,
'LEISURE SERVICESLIMITED		 Registered c arty. nLumber:
COMPANY BALANCE SHEET
31Deceniber 2022
31'.12.22 3'1,12.21
Notes
FIXEDASSETS
intangible
assets. :
Tangible assetS		 14
15'		 1',882,:790 8005'f
11,642,901,
Investments 16 1
1'1,882,790' 11,650',958:
CURRENT ASSETS
Stacks 17 4'0,058. 349368
Debtors
Cash atbank and		 iri hand 18 508,848
2 827,84'5		 3 617;998
I'83,103:
+376,749 3,835,489'
CREDITORS
Ariiaunts
falli'ng du(;.vrithin		 ojeyear' 19 ~4497 64 2628079
NET CURRENT (LIABILITIES)/ASSETS 1,120,815. 1,099,390
TOTAL ASSETS' LESSCURRENT
LIABILITIES 10,761,975 12,660:,343
CFlEDITORS.
Amounts
falling due aftei'		 moi'e. than 20 ('10,891;,772): '.(12,544,260)
one year
DEFERRED INCOME :24 '(103;909) (129,575)
NET LIABILITIES BEFOREPENSION (ASSETI/LIABILITY ~233,706I: ~13492
PENSION (ASSET)/LIABILITY '(4,7341?,000) 12,706,000
FUNDS
Unrestricted
income funds		 25 4,097,456 .(13,751,202)
Unrestricted
designated
Restrict'ed funds		 fiends 25.
25'
415888		 1,03(-710
TOTAL FUNDS '25 4,5(8 294 (1~2,719492;
~233 706 ~13492.
ON.BE
OFTHE BOARD:
R
Curtis - Cha'		 N A Sellar -Trustee
JG Huxley- Com etary

HALO LEISURE SERVICES LIMITED HALO LEISURE SERVICES LIMITED
CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 December 2022
Year to Year to
31.12.22 31.12.21
Notes F
Cash flows from operating
activities
Cash generated
from operations		 628,616 1,950,559
Proceeds from sale of investment
Interest received		 (350,000)
~18,448
Net cash from operating
activities		 260,168 1,950,559
Cash flows from investing
activities
Purchase
of intangible
fixed assets
Purchase
of tangible
fixed assets		 (870,520) (31,547)
Proceeds from sale of investment 350,000
Proceeds from fixed asset disposal 2,263
Interest received 18,448
Net cash from investing
activities		 499,809 31 547
Cash flows from financing
activities
New finance lease agreements
in year		 (205,269)
New bank loan
Repayment
of bank loans
Hire purchase
repayments
in year
Interest element
of hire purchase
and lease payments		 (150,000)
534,753
~468,806		 (25,000)
(223,911)
~162,143
Net cash from financing
activities		 289322 411,054
Change
in cash and cash equivalents		 in the reporting period ~528,964 1,507,958
Cash and cash equivalents
at the
beginning
of the reporting
period		 3,441,926 1,933,968
Cash and cash equivalents
at the
end ofthe reporting
period		 2,912,962 3441,926

RECONCILIATION
OF
ACTIVITIES		 NET MOV EMENT IN FUNDS TO NET CASH INF LOW FROM OPERA TING
Year to Year to
31.12.22 31.12.21
Net movement
in funds		 17,156,083 3,252,725
Actuarial
(gains)/losses
Interest element
of hire		 on defined benefit
purchase/finance		 pension schemes
lease payments		 (18,334,000)
468,806		 (3,458,000)
500,727
Depreciation/amortisation charges 702,999 713,792
(Increase)/decrease
in		 stocks (5,690) 215
(Profit)/loss
on disposal
(Increase)/decrease
in		 debtors (2,263)
(59,184)		 274
230,202
Decrease
in creditors		 (153,469) (145,485)
Movement
in deferred		 capital grants (25,666) (25,891)
Difference between
pension
charge, including		 finance costs, and cash
contributions 88I,OOO 882,000
Net cash inflow from operating activities 626,616 1,950,559
ANALYSIS OF CASH AND CASH EQUIVALENTS
Year to Year to
31.12.22 31.12.21
Cash in hand and at bank 2,912,962 3,441,926
Total cash and cash equivalents 2,912,962 3,441,926

31.12.2021 Cash Flows Non-Cash Non-Cash Changes Changes 31.12.2022
New Finance Other
Leases / Bank non-cash
Loans changes
Cash in hand 8 3,441,926 (528,963) 2,912,963
bank
Debt due within (384,887) (1,812,596) (150,000) (14,605) (2,362,088)
one year
Debt due greater		 (11,969,260) 1,751,420 (219,731) (454,201) (10,891,772)
than one year
8,912,221 590139

Trust Ltd.
A summary of the financial activities undertaken by the Charitable Company is set out below:
Year to Year to
31.12.22 31.12.21
Incoming
resources
excluding
gift aid
Expenditure
on charitable
activities		 from subsidiary 14,683,487
(~15,871,413		 12,546,421
((2,881,(65)
Net (expenditure)/income (1,187,926) (334,744)
Actuarial
(losses)/gains
on		 defined benefit pension schemes 18334000 3458000
17,146,074 3,123,256
Distribution from subsidiary 86712 127,084
17,232 786 3,250 340
DONATIONS AND LEGACIES
Unrestricted Restricted Total funds Total funds
funds funds Year to Year to
31 31 31 31
December December December December
2022 2022 2022 2021
National Exercise Referral Scheme (see 182,441 182,441 160,810
note 25)
Coronavirus Job Retention Scheme 1,072,361
National
Leisure		 Recovery Fund 560,741
Asset Improvement Grant - Pencoed 129,850
Other project grants 130,723 130723 424,565
Total 313,164 313164 2 348 327
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restricted Total funds Total funds
funds funds Year to Year to
31 31 31 31
December December December December
2021 2022 2022 2021
P
Operation
of
Management
Government		 leisure
fee
grants		 centres 11,852,015
1,576,674
278,901		 415,838 12,267,853
1,576,674
278,901		 6,747,436
1,278,952
52,987
Local
Authority		 Contracts - COVID 19 1,164,045
relief
Total 13,707590 415,838 14 123,428 9 243 420

A summary
of the trading
results
owned
until its sale in July 2022		 of the subsidiary
is shown below:		 ,
Halo Leisure		 Enterprises
Limited,		 that was wholly
Year to Year to
31.12.22 31.12.21
Turnover
Cost of sales and administration		 costs (including intra-group) 134,527
~41,982)		 186,533
~59,447)
Net profit 92,546 127,086

INVESTM ENT INCOME
Unrestricted Restricted Total funds Total funds
funds funds Year to Year to
31 31 31 31
December December December December
2022 2022 2022 2021
Interest received 18,448 18,448
Proceeds from sale of investment 350,000 350,000
Total 368448 368,448
OTHER INCOME
Unrestricted Restricted Total funds Total funds
funds funds Year to Year to
31 31 31 31
December December December December
2022 2022 2022 2021
P.
Insurance claim 109,293 109,293 1,176,039
Total 109,293 109293 1,176,039

KEY MANAGEMENT
PERS		 ONNEL
Year to Year to
31.12.22 3I.12.21
Wages and salaries
Social security costs		 7,214,199
502,948		 5,490,069
380,198
Other pension costs 1,216,734 1,129,150
Redundancy
and severance		 payments 21,270
8,833,881 7,020687
The average monthly number
 of employe es
durin		 g the period w as as follows
Year to Year to
31.12.22 31.12.21
Leisure Centres 522 406
Support 55 46
Management and administration 4 4
581 456
The average monthly full-time equivalent number of employees during the period was as follows:
Year to Year to
31.12.22 31.12.21
Leisure Centres 205 189
Support 45 40
Management and administration 4 4
254 233
Year to Year to
31.12.22 31.12.21
260,001 - L70,000 2
270,001 - F80,000 1
R80,001 - F90,000
F90,001 - 8100,000 1

The net income is stated after ch arging :
Year to Year to
31.12.22 31.12.21
Equipment
repairs,
maintenance
Depreciation
- owned assets		 and lease 221,169
338,438		 88,979
314,247
Depreciation
-assets on hire purchase
Computer
software
amortisation		 contracts or finance leases 356,512
8,051		 382,335
17,210
Auditors
remuneration		 25,000 23,000
Audit of trading subsidiary 6,072
Non audit work —statutory
accounts preparation		 6,223 5775
INTEREST PAYABLE AND SIMILAR CHARGES
Year to Year to
31.12.22 31.12.21
F
Finance lease and hire purchase interest 468 806 500,727
468 806 500,727

RESOURCES EXPE NDED ON CH ARI TABLE ACTIV ITIES
Support Total for Total for
Direct costs Staff costs costs Year to Year to
31.12.22 31.12.21
Leisure centres 2 557626 8933881 4693288 16184795 13104387
Major components of Support Costs
Year to Year to
31.12.22 31.12.21
Premises Costs 1,404,829 1,303,052
Advertising
& Promotions
Office Administration		 60,760
256,262		 24,428
213,115
Finance and Compliance 873,261 587,703
Other Finance Costs re FRS 102 224,000 224,000
Irrecoverable
VAT		 777,958 527,357
Equipment
Repairs,
Other Costs		 Maintenance and Lease 221,169
843,826		 88,979
658,893
Governance
Costs		 31,223 23000
4,693,288 3,650,527

Unrestricted Restricted Funds FRS 102s.28 Total Funds
Funds Unrestricted Year to
Funds 31.12.2021
NOTE E E E
INCOME
Donations
and legacies		 2,348,327 2,348,327
Income from charitable
activities:
Operation
of Leisure sites		 9,243,420 9,243,420
Income from other trading
activities:
Commercial
trading
operations		 180,773 180,773
Investment
income
Other income 1,176,039 1,176,039
TOTAL INCOME 10,600,232 2,348,327 12,948,559
EXPENDITURE
Costs ofraising funds:
Commercial
trading operations		 49,447 49,447
Expenditure
on charitable
activities:
Leisure activities
12		 10,518,348 1,704,039 882,000 13,104,387
TOTAL EXPENDITURE 10,567,795 1,704,039 882,000 13,153,834
NET (EXPENDITURE) I INCOME
BEFORE TAXATION AND 32,437 644,288 (882,000) (205,275)
TRANSFERS
TAXATION
Taxation on trading profit
GROSS TRANSFERS BETWEEN
FUNDS
NET INCOME BEFORE ACTUARIAL
(LOSSES)/GAINS
UNDER FRS102		 32,437 644,288 (882,000) (205,275)
OTHER RECOGNISED GAINS AND
LOSSES
Remeasurements
on defined benefit
pension schemes
27		 3,458,000 3,458,000
NET INCOME
/ (EXPENDITURE)		 32,437 644,288 2,576,000 3,252,725
FUNDS BROUGHT FORWARD (1,012,169) 2,434,941 (15,282,000) (13,859,228)
FUNDS CARRIED FORWARD (979,732) 3,079,229 (12,706,000) (10,606,503)

Group
Computer
software
COST
At 1 January 2022 114,223
Additions
Disposals ~86,860)
At 31 December 2022 27,363
AMORTISATION
At 1 January 2022 104,845
Amortisation for year 8,051
Amortisation eliminated on disposal ~85,533)
At 31 December 2022 27,363
NET BOOK VALUE
At 31 December 2022
At 31 December 2021 8,051
Company
Computer
software
F
COST
At 1 January 2022 27,363
Additions
At 31 December 2022 27,363
AMORTISATION
At 1 January
Amortisation		 2022
for year		 19,312
8051
At 31 December 2022 27 363
NET BOOK VALUE
At 31 December 2022
At 31 December 2021 8,051
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Group Company
31.12.22 31.12.21 31.12.22 31.12.21
Trade debtors 424,516 169,816 370,358 176,600
Amounts
owed by group undertakings
Other debtors		 32,042 22,633 3,506
32,042		 131,392
22,633
Prepayments and accrued income 106,105 311 030 102,940 287,373
562,663 503,479 508 846 617998

CREDITORS: AMOUNTS FALLING DUE FALLING DUE WITHIN ONE YEAR YEAR
Group Company
31.12.22 31.12.21 31.12.22 31.12.21
Finance leases & hire purchase (note 21) 2,212,088 384,887 2,212,088 384,887
Trade creditors 694,773 972,970 681,421 941,147
Other creditors 89,950 80,857 89,401 80,308
Other Taxes and PAYE 294,914 280,374 265,611 253,504
Accruals 982,352 800,518 936,201 773,149
Deferred income 171,578 252,317 162,842 243,084
Bank loans 150,000 150,000 150,000 150,000
4,595,655 2,921,923 4,497,564 2,826,079
Group Company
Deferred income (excluding capital grants) 31.12.22 31.12.21 31.12.22 31.12.21
Deferred income at 1 January 252,317 500,680 243,084 491,155
Resources deferred
in the year
Amounts
released
from previous		 periods 171,578
~252,317		 252,317
~500,680		 162,842
~243,084		 243,084
~491,155
Deferred income at 31 December 171,578 252,317 162,842 243,084

CREDITORS: AMOUNTS
FAL		 LING DUE AFTER MORE TH AN ONE YEA R R
Group Company
31.12.22 31.12.21 31.12.22 31.12.21
F
Finance leases & hire purchase (note 21) 10,466,772 11,969,260 10,466,772 11,969,260
Bank loans 425,000 575,000 425,000 575,000
10891,772 12,544260 10,891,772 12544,260

Total future minimum lease payments under non-cancellable operating leases are as follows: leases are as follows:
Group Other
Land and operating
buildings leases
31.12.22 31.12.21 31.12.22 31.12.21
Payments falling due:
Within one year 12,498 9,339
Within one to two years 7,872 7,872
Within two to five years 15,088 22,961
35458 40 172
Company Other
Land and operating
buildings leases
31.12.22 31.12.21 31.12.22 31.12.21
Payments falling due:
Within one year 12,498 7,872
Within one to two years 7,872 7,872
Within two to five years 15088 22 861
35458 38,705

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
P
Deferred capital grants 103909 129,575 103,909 129,575

Group
Unrestricted Restricted
Funds Funds Totals
E
At 1 January 2022 (13,685,732) 3,079,229 (10,606,503)
Incoming resources 14,319,858 729,002 15,048,860
Outgoing resources (14,823,059) (1,403,718) (16,226,777)
Actuarial gains on defined benefit schemes 18,334,000 18,334,000
At 31 December 2022 4,145,067 2,404,513 6,549 580
Company
Unrestricted Restricted
Funds Funds Totals
At 1 January 2022 (13,751,202) 1,031,710 (12,719,492)
Incoming resources 14,041,197 729,002 14,770,199
Outgoing resources (14,526,539) (1,344,874) (15,871,413)
Actuarial gains on defined benefit schemes 18,334,000 18,334,000
At 31 December 2022 4,097456 415,838 4,513294

At 1 At 31
January Incoming Outgoing December
2022 Resources Resources Transfers 2022
E E E
NERS scheme 477,295 182,441 (659,736)
Sevem Centre Building Fund 2,047,519 (58,844) 1,988,675
Asset improvement grant - Pencoed 129,850 (129,850)
Other restricted project income 424,565 546,561 (555,288 415,838
Total 3,079,229 729,002 (1,403,718) - 2,404,513
estricted
Funds		 —Company
At 1 At 31
January Incoming Outgoing December
2022 Resources Resources Transfers 2022
F. F. E E F
NERS scheme 477,295 182,441 (659,736)
Asset improvement grant - Pencoed 129,850 (129,850)
Other restricted project income 424,565 546,561 (555,288) 415,838
Total 1,031,710 729,002 (1,344,874) - 415,838

At 31
At 1 January Incoming Outgoing Gains, losses, December
2022 Resources Resources &transfers 2022
E E E E E
Unrestricted pension (12,706,000) (881,000) 18,334,000 4,747,000
Unrestricted general (979,732) 14,319,858 (13,942,059) (601,933)
Total unrestricted (13,685,732) 14,319,858 (14,823,059) 18,344,000 4,145,067

At 31
At 1 January Incoming Outgoing Gains, losses, December
2022 Resources Resources 8 transfers 2022
E E E E E
Unrestricted pension (12,706,000) (881,000) 18,334,000 4,747,000
Unrestricted general (1,045,202) 14,041,197 (13,645,539) (649,544)
Total unrestricted (13,751,202) 14,041,197 14,526,539) 18,344,000 4,097,456

Group
Unrestricted Restricted
Funds Funds Totals
At 1 January 2021 (16,294,169) 2,434,941 (13,859,228)
Incoming resources 10,600,232 2,348,327 12,948,559
Outgoing resources (11,449,795) (1,704,039) (13,153,834)
Actuarial gains on defined benefit schemes 3,458,000 3,458,000
At 31 December 2021 (1~3,665,732 3,079,229 ((~0,606,503
Company
Unrestricted Restricted
Funds Funds Totals
At 1 January 2021 (16,298,410) 328,576 (15,969,834)
Incoming resources 10,324,887 2,337,327 12,662,214
Outgoing resources (11,235,679) (1,634,193) (12,869,872)
Actuarial gains on defined benefit schemes 3,458,000 3,458,000
At 31 December 2021 (~13751,202 1 031 710 ((~2719492

estricted Funds — G roup
At 1 At 31
January Incoming Outgoing December
2021 Resources Resources Transfers 2021
E
NERS scheme 328,576 160,810 (12,091) 477,295
Sevem Centre Building Fund 2,106,365 (58,846) 2,047,519
Coronavirus
Job retention		 scheme (CJRS) 1,072,361 (1,072,361)
National
Leisure Recovery		 Fund (NLRF) 560,741 (560,741)
Asset improvement grant - Pencoed 129,850 129,850
Other restricted
project		 grants 424,565 424,565
Total 2,434,941 2,348,327 (1,704,039) - 3,079,229
estricted Funds —Company
At 1 At 31
January Incoming Outgoing December
2021 Resources Resources Transfers 2021
F E E F
NERS scheme 328,576 160,810 (12,091) 477,295
Coronavirus
Job retention		 scheme (CJRS) 1,072,361 (1,072,361)
National
Leisure Recovery		 Fund (NLRF) 549,741 (549,741)
Asset improvement grant - Pencoed 129,850 129,850
Other restricted
project		 grants 424,565 424,565
Total 328,576 2,337,327 (1,634,193) 1,031,710

At 31
At 1 January Incoming Outgoing Gains, losses, December
2021 Resources Resources &transfers 2021
E E E
Designated funds:
Bridgend
County BC
Bridgend
County BC - utilities
Total designated
Unrestricted pension (15,282,000) (882,000) 3,458,000 (12,706,000)
Unrestricted general (1,012,169) 10,600,232 (10,567,795) - (979,732)
Total unrestricted (16,294,169) 10,600,232 (11,449,795) 3,458,000 (13,685,732)

At 31
At 1 January Incoming Outgoing Gains, losses, December
2021 Resources Resources &transfers 2021
E E E E E
Designated funds:
Bridgend
County BC
Bridgend
County BC - utilities
Total designated
Unrestricted pension (15,282,000) (882,000) 3,458,000 (12,706,000)
Unrestricted general (1,016,410) 10,324,887 (10,353,679) - (1,045,202)
Total unrestricted (16,298,410) 10,324,887 (11,235,679) 3,458,000 13,751,202)

Defined benefit
pension plans
31.12.22 31.12.21
Present value of funded obligations (22,684,000) (42,588,000)
Fair value of plan assets 27,431,000 29,882 000
4,747,000 (12,706,000)
Present value of unfunded obligations
Surplus/(Deficit) 4,747,000 (1~2,706,000
The am ounts recognised
in the Statement
of Financial
Activiti		 es are as follows
Defined benefit
pension plans
31.12.22 31.12.21
Current service cost 972,000 972,000
Past service cost 2,000
Net Interest from net defined benefit asset/liability 224,000 224,000
Administration expenses 5,000 5,000
Effect of curtailments
1,201,000 1 203,000
Actual return on plan assets (3~820,000 3 064,000
Changes in t he p res ent
 value of the defined
benefit ob		 ligation
are as follows:
Defined benefit
pension plans
31.12.22 31.12.21
'Z
Opening defined benefit obligation 42,588,000 41,627,000
Current service cost 972,000 972,000
Change in financial assumptions (14,851,000) 1,189,000
Past service cost 2,000
Contributions by scheme participants 127,000 121,000
Interest cost 779,000 605,000
Remeasurement (gains) / losses (6,632,000) (1,583,000)
Curtailments
Benefits paid ~299 000 ~345,000
22,684,000 42,588,000

Changes
in		 the fair value of scheme assets are a s follows:
Defined benefit
pension plans
31.12.22 31.12.21
Opening
fair		 value of scheme assets 29,882,000 26,345,000
Interest on plan assets 555,000 381,000
Contributions by employer 320,000 321,000
Contributions by scheme participants 127,000 121,000
Remeasurement gains
/ (losses)		 (3,149,000) 3,064,000
Administration
Benefits paid		 expenses (5,000)
(5,000)
~299,000 ~345,000
27,431,000 29,882,000
The amounts recognised in other comprehensive income are as follows:
31.12.22 31.12.20
Remeasurement gains/(losses) 18,344,000 3 458,000
Cumulative amount
of actuarial
remeasurement losses ~8478,000I
Defined Defined benefit
pension plans
31.12.22 31.12.21
Equities 63.20% 67.33%
Government bonds 3.53% 3.87%
Corporate bonds 3.97% 0.00%
Other bonds 7.23% 1 1.73%
Cash/liquidity 0.93% 0.87%
Property 703% 497%
Other 14.1% 11.73%
100 000/ 1QQ QQ'/
Principal actuarial assumptions at the balance sheet date:
31.12.22 31.12.21
Discount rate 4.50 —4.90% 1.80 —1,90%
Rate of Inflation 2.50 —2.60% 273%
Future salary increases 3.75 —4.10% 3.85 —4.30%
Future pension increases 2.50 —2.70% 2.60 —2.90%

EMPLOYEE BENEFIT OBLIGATIONS - continue EMPLOYEE BENEFIT OBLIGATIONS - continue d d d
The following
table sets out the sensitivity
analysis		 produced
by
the actuary		 reporting in respect of the
Worcestershire
County Council Pension
Fund:
Central +0.5%discount +0.25% year increase
rate inflation in life
expectancy
F
Liabilities
12,498,000		 11,186,000 13,211,000 12,720,000
Assets
(13,543,000)		 (13,543,000) (13,543,000) (13,543,000)
Deficit/(surplus)
(1,045,000)		 (332,000) (924,000) (823,000)
Projected service
179,000		 194,000 179,000 183,000
cost for next year
Projected net
(58,000)		 (24,000) (53,000) (48,000)
interest cost for next
year
The following
table sets out the sensitivity
analysis		 produced
by the		 actuary reporting in respect of the
Rhondda
Cynon Taf County Borough Council		 Pension Fund:
+0.1%p.a.		 Base figure -0.1%p.a.
Adjustment
to discount rate
Present value of total obligation
(2)		 8,838,000 9,083,000 9,337,000
%change
in present
value of total obligation		 -2.7% 2.8%
Projected service cost (F)
Approximate
%change
in projected service		 cost 178,000
-3.9%		 185,000 192,000
4 00/
Adjustment
to salary increase rate
Present value of total obligation
(F)
%change
in present value of total obligation		 9,110,000
03%		 9,083,000 9,056,000
-0.3%
Projected service cost (E)
Approximate
%change
in projected service		 cost 185,000
00%		 185,000 185,000
0.0%
Adjustment
to pension increase rate
Present value of total obligation
(2)
%change
in present value of total obligation		 9,310,000
2.5%		 9,083,000 8,865,000
-2.4%
Projected service cost (2)
Approximate
%change
in projected service		 cost 192,000
4 00/		 185,000 178,000
-3.9%
-1 year Base figure +1 year
Adjustment
to mortality age rating assumption
Present value of total obligation
(R)
%change
in present value of total obligation		 9,319,000
2.6%		 9,083,000 8,847,000
-2.6%
Projected service cost (E)
Approximate%
change
in projected service		 cost 191,000
32%		 185,000 179,000
32%
Approximate Approximate %
change
in		 projected serv ice cost 3 2% 32%
The following table sets out the sensitivity analysis produced
by		 the actuary
reporting		 in respect of the
Shropshire County Pension Fund:
Central +0.1%discount +0.1%inflation 1 year increase
rate in life
expectancy
Liabilities 1,103,000 1,008,000 1,154,000 1,108,000
Assets (1,138,000) (1,138,000) (1,138,000) (1,1 38,000)
Deficit/(surplus) (35,000) (130,000) 16,000 (30,000)
Projected service 19,000 17,000 21,000 19,000
cost for next year
Projected interest (2,000) (7,000) 1,000 (2,000)
cost for next year