2021-03-31-accounts - Bre Trust

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				PAGE
Trustees' and strategic		report		3-1S
Statement oftrustees'		responsibilities		19
Independent	auditor's	report to the trustees and members ofBRETrust		20-22
Consolidated	statement	offinancial activities
(incorporating	the company income and expenditure		account)
Consolidated	and company balance sheets			24
Consolidated	cash flow statement			25
Notes to the	financial	statements		26-49

Registered	office:	Bucknalls Lane
		Garston
		Watford
		Hertfordshire
		WD25 9XX
Bankers:		Barclays Bank PLC
		1 Churchill Place
		London
		E145HP
Solicitors:		Bates Wells
		10Queen Street
		London
		EC4R IBE
Independent	Auditors:	Crowe U.K.LLP
		Fourth Floor
		St James House
		StJames Square
		Cheltenham
		GL50 3PR

ofthe Trust on the same day. The selection process was managed by the BRETrust Nominations Committee an the appointment ofPhilip Wilbraham was confirmed at the meeting ofthe Trustees on the 24 March 2021.	ofthe Trust on the same day. The selection process was managed by the BRETrust Nominations Committee an the appointment ofPhilip Wilbraham was confirmed at the meeting ofthe Trustees on the 24 March 2021.	ofthe Trust on the same day. The selection process was managed by the BRETrust Nominations Committee an the appointment ofPhilip Wilbraham was confirmed at the meeting ofthe Trustees on the 24 March 2021.	ofthe Trust on the same day. The selection process was managed by the BRETrust Nominations Committee an the appointment ofPhilip Wilbraham was confirmed at the meeting ofthe Trustees on the 24 March 2021.
The Trustees and Officers serving during the year and up to the time ofsigning these accounts were as follows:
Trustees		Appointed	Resigned
Philip Wilbraham.		7June 2018
Chairman	appointed	as Chair 24 March 2021
Sir James Wates CBE		6May 2010	2 June 2021
June Barnes	7 September 2016		29July 2020
Sarah Beale		18January 2019
Francesca Berriman MBE		1 August 2015	2 June 2021
Paul Hetherington		3 June 2019
Ashley Hook		18March 2020
Prof. Vicky Pope		3 June 2019
Jonathan Rickard		3 June 2019

s at 31March 20	21 the tenure and diversity o	fthe Trust board was a	s follows:
	Tenure		Gender Diversity
& 1Year	0%	Female	37.5%
1-3Years	75%	Male	62.5%
3-6Years	12.5%
6-9Years	0%
9-12Years	12.5%

he Board ofDirectors o	fBREGroup is mad	e up as foll	ows:
Director	Position		Appointed	Resigned
Piers White	NED (Chair)		1 November 2019;
		appointed	as Chair 26 November 2019
Gillian Charlesworth	CEO		21 May 2019
Andrew Herbert	CFO		9August 2019
Darran Messem	NED		8 July 2019
Ashley Wheaton	NED		11July 2016
Malathy Sivapunniyan	NED		5 October 2020
Brigid Sutcliff	NED		11July 2016	9January 2021

					2021	2021	2020	2020
Emissions Sco e	Source					tCOz	MWh	tCO2
Scope 1	Natural	Gas and business		travel (company	3,190	587	3,948	726
	cars
Sco e2	Electrici				2,393	606	3,957	1,011
Scope 3	Business	travel	and electricity transmission		157	84	736	258
	and distribution		losses
Total sco e 1&2					5,584	1,193	7,905	1,738
Total sco e 1,2&3					5,740	1,277	8,641	1,996

Total unrestricted funds	Total unrestricted funds	(16,059)	(7,697)
Add: Pension liabili		41,767	32,814
Net unrestricted funds		25,708	25,117
Less: Unrestricted fixed assets		20,131	21,458
Total free reserves Re resented b:		5,577	3,659
Net current and intan	ible assets	7,456	5,186
Provisions		1,879	1,527
Total free reserves		5,577	3,659

Financial	Detailed		business planning extended to a	business planning extended to a		Business planning continues to
	three-year		time horizon	with a bottom up		improve and although we have
	approach		to ensure realistic targets are put			been impacted by Covid-19
	in place		and managers	own the budget		forecasting has improved over
	figures.					the year and continues to
	Renewal		ofthe existing	overdraft facility to		improve with regular
	provide	sufficient working capital over the				monitoring ofresults across the
	next 12months to meet			obligations as they		organisation.
	fall due.					The existing overdraft facility
	Delivery		of pension recovery plan of a			was renewed this year at alevel
	realistic	timescale to eliminate the pension				sufficient for the business.
	deficit.					The pension recovery plan
	Shareholder and board oversight clear with					remains on track with the
	agreed policies and procedures in place and					investment strategy hedging
	on-gong		review to	ensure they are		risks appropriately.
	appropriate and enforced.					Policies and procedures are in
						line withthe rior ear.
Talent retention	Key people and skills			are identified with	~	There are still risks with
and acquisition	opportunities to upskill			employees.		employee retention and
	Flexible		and remote	working options		acquisition partly because of
	available		where circumstances allow.			our proximity to London but
	Timely		and focussed	recruitment, with		also as a consequence of the
	bench-marking pay			using external		pandemic. We are continuing
	resources		as well as against industry norms.			to monitor and improve
	Improved		engagement	with employees		employee engagement as well
	including		implementation	ofJob Families,		as employee wellbeing given
	regular		Performance	and Development		the impact Covid-19 has had
	Reviews		and management oversight			on all our colleagues. We have
	(further	detail below).				reviewed options for working
						arrangements and will be
						introducing flexible working
						arrangements where
						a ro riate.

Cyber		security	security		Continuous employee training, including	~	This risk continues to grow
risks including			loss		mandatory courses covering policies and		with new methods of attack
of data and		breach			procedures, best practice and lessons		and increased regulation. We
ofregulations.					learned.		continue to invest in our cyber
					On-going attack and resilience testing,		security controls, training, and
					continuous systems improvements and		testing to mitigate this
					Cyber Essentials Plus was renewed in the		heightened risk. During
					year.		2020/21 we were audited for
					Dual server centres in place with		Cyber Essentials Plus and
					independent internet connectivity		retained this external
					replicating data to provide resilience across		benchmark.
					the network.
Reputation			and	~	Integrity is integral to BRE Code of		We are continuing to apply
brand					Conduct and the way we work.		significant resources on
					All scientific output follows aclear internal		assisting the Grenfell inquiry
					review process before issue with follow up		including reviewing all
					process to include lessons learned.		historical documentation in
					Speaking up policy in place and reviewed		connection with our
					annually.		government work.
					Grenfell inquiry proceedings are monitored		We have professionalised and
					closely and BREhas provided a significant		centralised our media handling
					volume ofinformation to assist the inquiry		and reputation management
					and continues to do so.		through our Corporate Affairs
							Teain.
Regulatory					BRE Global Assurance (Ireland) Limited		BRE Global Assurance
changes	including				established to provide services to the		(Ireland) Limited has now been
Brexit			and		European market.		fully established and is
government		policy			Improved engagement with government		developing new opportunities
					departments to ensure we maintain close		within Europe.
					working relationships and are able to		The risks with UK
					identify potential changes in policy ahead of		Government policy changes
					implementation.		have been mitigated through
					The Construction Innovation Hub		regular communications with
					programme is designed to put us in a good		government departments and
					position to be recognised as a test and		industry bodies.
					certification provider for modern methods
					ofconstruction.
Competition		and			Current change programme is now focused	~	The internal transformation
market relevance					on the conclusions &om the review of		programme and new leadership
					purpose and identifying relevant products,		to improve BRE's market
					services within geographic regions offered		position is progressing well
					by BRE Group.		with benefits already been seen
					The programme aims to identify where		within the Academy and
					improvements can be made with the BRE		Building Performance Services
					operating model to increase our advantage		with further work on-going
					over competitors but also identify		within Assurance Services.
					declinin markets.
Economic—				~	Already planned cost reduction exercise	~	We have continued to adapt
prolonged	global				implemented quickly, use of government		our working methods,
recession	brought				support mechanisms, constant forecasting		including working &om home
about by Covid-19					to ensure impact of Covid-19 clearly		where appropriate. We have
					understood, maintain cost flexibility and		managed our costs carefully
					agile response to new opportunities		but continue to monitor the
					including additional government work.		changing economic
							environment.

				Note	Restricted	Unrestricted	Total	Total
					Funds	Funds	Funds	Funds
					2021	2021	2021	2020
								(restated)
					K'000	K'000	K'000	K'000
Income from
Charitable activities					7,635	41,871	49,506	52,853
Other trading activities						2,782	2,782	1,078
Interest receivable
Total					7,635	44,657	52,292	53,936
Expenditure on
Charitable activities				4	(7,915)	(41,789)	(49,704)	(50,547)
Net (expenditure)		/ income	before tax		(280)	2,868	2,588	3,389
Taxation						(383)	(3S3)	(6)
Net (expenditure)		/ income			(280)	2,485	2,205	3,383
Transfers between		funds			277	(277)
Other recognised	gains/(losses)
Actuarial (losses) /		gains on	defined benefit
pension scheme						(10,570)	(10,570)	14,773
Net movement in	funds				(3)	(8,362)	(8,365)	18,156
Reconciliation offunds
Total funds/(deficit)		brought	forward	16	1,304	(7,697)	(6,393)	(24,549)
Total funds/(deficit)		carried forward			1,301	(16,059)	(14,758)	(6,393)

					Note	Group	Group	Charity	Charity
						2021	2020	2021	2020
							(restated)
						K'000	K'000	K'000	K'000
Fixed assets
Intangible assets					9	1,268	663
Tangible assets					10	21,210	22,610
Investments					11			5,000	5,000
						22,478	23,273	5,000	5,000
Current assets
Debtors						13,496	14,926	3	455
Cash						9,103	4,492	731	742
Creditors: amounts		falling due within one year			14	(16,189)	(14,743)	(601)	(453)
Net current assets						6,410	4,675	133	744
Total assets less current liabilities						28,888	27,948	5,133	5,744
Provisions for liabilities					15	(1,879)	(1,527)
Net assets excluding		pensions	liabilities			27,009	26,421	5,133	5,744
Defined benefit	pension scheme liability				19	(41,767)	(32,814)
Net (habilities)	/ assets including			pension liabilities		(14,758)	(6,393)	5,133	5,744
Funds ofthe Group
Unrestricted funds:
General fund					16	15,451	14,860	4,995	5,606
Revaluation reserve					16	10,257	10,257
Pension reserve					16	(41,767)	(32,814)
Restricted funds:
Other reserve					16	9	9
Capital reserve					16	1,070	1,040
Income fund					16	222	255	138	138
Total funds/(deficit)						(14,758)	(6,393)	5,133	5,744

					Note	2021	2020
							(restated)
						K'000	K'000
Net cash from operating activities					17	6,332	5,007
Cash flows from investing	activities
Interest received
Acquisition oftangible fixed assets					10	(247)	(1,395)
Acquisition ofintangible fixed assets						(1,478)	(418)
Net cash used by investing	activities					(1,721)	(1,808)
Increase in cash and cash	equivalents	in the	year		18	4,611	3,199
Cash and cash equivalents	at the beginning		ofthe reporting			4,492	1,293
period
Cash and cash equivalents	at the end	ofthe	reporting	period		9,103	4,492

Leasehold Improvements	8 years
Freehold buildings	5-20 years
Plant and machinery	3-10years
Fixtures and fittings	7years
Motor vehicles	3-10years

							2021	2020
								(restated)
							K'000	K'000
Advisory	services on building		performance,		construction	and fire safety	14,199	17,823
Provision	ofthird-party	assurance		services			27,607	28,708
Services	delivered to government						7,700	6,322
							49,506	52,853

		2021	2020
		K'000	K'000
Other rental	income	1,006	1,078
Other trading	income	153
Government	grant income	1,171
Tax credits		452
		2,782	1,078

Charitable	activities
			Commercial	Advisory	Third	Party	Services to	2021	2020
			Activities	Services	Assurance		Government	Total	Total
			K'000	K'000		K'000	K'000	K'000	K'000
Activities	undertaken	directly	786	14,776	13,593		5,392	34,547	34,078
Grant funding ofactivities				611				611	657
Support costs			325	6,366		5,624	2,231	14,546	15,812
				21,753	19,217		7,623	49,704	50,547
Analysis ofsupport costs
			Commercial	Advisory	I'hird	Party	Services to	2021	2020
			Activities	Services	Assurance		Government	Total	Total
			K'000	E'000		K'000	K'000	K'000	K'000
Legal and	professional		96	1,880		1,661	659	4,296	4,672
			29	572		506	201	1,308	1,492
			18	349		309	122	798	1,070
Marketing			20	386		340	135	881	1,011
Facilities			51	1,008		890		2,302	3,002
Other				2,171		1,918	761	4,961	4,565
			325	6,366		5,624	2,231	14,546	15,812

Included within Support costs are the fo	llowing governance costs
		2021	2020
		K'000	K'000
Auditor 's remuneration:
Audit ofGroup and subsidiary financial	statements	71	62
Amounts receivable by auditor and associates in respect of:
Services relating to taxation		12	10
Additional fees relating to prior year audit		28	35
Other services		3	11

Staff costs and numbers
	2021	2020
	K'000	K'000
Group staff costs during the period amounted to:
Wages and salaries	22,542	24,302
Social security costs	2,211	2,440
Other pension costs	3,577	3,546
Operating costs ofthe defined benefit pension scheme	449	481
	28,779	30,769

he averag	e number ofemployees (including director	s) during the year was as follows:
		2021	2020
Research	staff	506	539
Support	staff	52	56
		558	595

		2021	2020
Salary band
f60,000	-f69,999	22	24
f70,000	-f79,999	8	18
f80,000	-f89,999	8	7
f90,000	-f99,999	4	6
f100,000	-f109,999	2	3
f110,000	-f119,999	4	4
f130,000	-f139,999		1
f140,000	-f149,999
f160,000	-f.169,999
f170,000	-f179,999

Other finance	costs
		2021	2020
		K'000	K'000
Expected return	on pension scheme assets	2,276	2,024
Interest on pension scheme liabilities		(3,096)	(3,191)
Administration	expenses	(94)
Past service cost (incl. curtailments)
		(914)	(1,167)

		2021	2020
			(restated)
		K'000	K'000
Current tax
UK corporation tax on profit for the year		362
Adjustment in respect ofprevious year		21
Tax reconciliation
Profit on ordinary activities before tax		2,588	3,389
Tax using the UK corporation tax rate of19%(2020: 19%)		492	644
Effects of:
Expenses not deductible	for tax purposes	147	144
R&D expenditure credits		(86)	(32)
Consolidation adjustments		301	58
Deferred tax not recognised		(471)	(808)
Total tax charge		383

Intangible fixed assets
Group	Software	Other	Total
		Intangibles
	K'000	K'000	K'000
Cost
At I April 2020	4,454	497	4,951
Additions	1,478		1,478
Disposals	(25)		(25)
At 31March 2021	5,907	497	6,404
Amortisation
At I April 2020	3,849	439	4,288
Charge for the year	790	58	848
Eliminated on disposal
At 31March 2021	4,639	497	5,136
Net book value
At 31March 2021	1,268		1,268
At 31March 2020	605	58	663

0Tangible fixed assets
Group	Freehold	Plant and	Fixtures	Motor	Total
	Land and	Machinery	and	Vehicles
	Buildings		Fittings
	K'000	K'000	K'000	K'000	K'000
Cost
At 1 April 2020	27,339	10,456	1,180	54	39,029
Additions	52	162			247
At 31March 2021	27,391	10,618	1,213	54	39,276
Depreciation
At 1 April 2020	8,029	7,591	746	53	16,419
Charge for year	623	914	109	1	1,647
At 31March 2021	8,652	8,505	855	54	18,066
Net Book Value
At 31March 2021	18,739	2,113	358		21,210
At 31March 2020	19,310	2,865	434	1	22,610

Charity						Interest in
						subsidiary
					undertakings
						K'000
Net BookValue
At 1 April 2020 and 31March 2021						5,000
he trading results ofthe operating subsidiaries		ofthe Group are:
	Building	BRE	Constructing	Ceequal	BRE	BRE
	Research	Global	Excellence	Limited	China	Ireland
	Establishment	Limited	Limited¹
	Limited
	2021	2021	2021	2021	2021	2021
Summary profit and	K'000	E'000	K'000	K'000	K'000	K'000
loss account
Turnover	21,278	28,617	199	94	503	385
Operating costs	(33,106)	(28,566)	(91)	(119)	(613)	(273)
Other operating	16,745	37
income
Operating profit/(loss)	4,917	88	108	(25)	(110)	112
Other finance costs	(914)
Actuarial loss on	(10,570)
defined benefit pension
Net result	(6,567)	88	108	(25)	(110)	112
Taxation	(362)	(21)
Retained in the	(6,929)	67	108	(25)	(110)	112
subsidiary
Assets and liabilities
ofthe subsidiary
Fixed assets	22,827	632			1
Current assets	15,104	23,145	262	1,091	526	275
Creditors falling due	(27,245)	(5,896)	(43)	(13S)	(1,113)	(488)
within one year
Net assets/(liabilities)	10,686	17,881	219	953	(586)	(213)
Provision for liabilities	(1,879)
Pension scheme	(41,767)
liabilities
Deferred grant	(277)
Total funds	(33,237)	17,881	219	953	(586)	(213)

		Interest in	Activity
		old111ary
		share capital
Trading Companies:
BREGroup Limited (02704081)		100%	Management	ofsubsidiary		company			operations
Building Research Establishment	Limited	100%	Advisory services and information					on building
(03319324)¹¹			performance,	construction	and fire safety
		100%	Testing and certification ofmaterials						and
BREGlobal Limited (08961297)¹¹			products, and	certification	ofpersonnel,
			Buildings, process, systems			and supply chains
Building Research Establishment		100%	Sustainability	and training
Shenzhen Limited (91440300358776938Y)*
Ceequal Limited (04568928)'		100%	Methodologies	for sustainable			inf'rastructure
			projects
BREAmerica Holdings Inc (5984258) BREAmerica LLC(201607410163)¹		100% 100%	Holding company Assessment ofdevelopments				under		BREEAM
			process
Buildingwise LLC (200716410151)		100%	Assessment ofdevelopments				under		LEED and
			BREEAM process
Constructing Excellence Limited(04641522)*'		N/A	Co-ordination	ofmember	led		performance
			improvement	network
BREGlobal Assurance (Ireland)	Limited	100%	Testing and certification ofmaterials						and
(602123)			products, and	certification	ofpersonnel,
			Buildings, process, systems			and supply chains
Non-Trading Companies:
BRECertification Limited (03548352)' BREInternational Limited (01915620)*¹		100% 100%
BRECanada Inc (819246000) EFSGLimited (02971676) "'		100% N/A
The Loss Prevention Certification Limited (01907862)*"	Board	100%
Building Performance Group Limited (01573939)*"		100%

3Debtors
		2021	2021	2020	2020
		K'000	K'000	K'000	K'000
		Group	Charity	Group	Charity
Trade debtors		6,965		7,939
Amounts recoverable	on contracts	1,442		1,335
Amounts due &om group undertakings					441
Other debtors		3,100		3,298	2
Social security and other taxes		862
Prepayments		1,127		2,354
		13,496		14,926	455

	2021	2021	2020	2020
			(restated)
	K'000	K'000	K'000	K'000
	Group	Charity	Group	Charity
Deferred income	7,193		6,721
Trade creditors	3,330	17	3,111	34
Amounts due to group undertakings		125
Social security and other taxes	1,741		1,554
Corporation tax	362		(1)
Other creditors	728	2	1,190
Accruals	2,835	457	2,168	419
	16,189	601	14,743	453
Deferred income movement:
			K'000	K'000
			Group	Charity
Balance at 1 April 2020 (restated)			6,721
Amount released in the year			(7,514)
Amount deferred in the year			7,986
Balance at 31March 2021			7,193

5Provision for	liabilities
Future amounts	payable relating to:	Former		Post	Litigation	Total
		Directors'		retirement
		Future		future
		liabilities	Restructuring	liabilities
		K'000	K'000	K'000	K'000	K'000
Group:
At I April 2020		112	280	855	280	1,527
Utilised in the year			(264)	(123)	(280)	(667)
Charge to the Statement of				1,018		1,019
Financial Activities
At 31March 2021		113	16	1,750		1,879

6Reserves
	General	Pension	Revaluation	Total	Other	Capital	Income	Total
	Fund	Reserve	Reserve	Unrestricted	Reserves	Reserves	Reserve	Restricted
	Unrestricted	Unrestricted	Unrestricted	Reserves	Restricted	Restricted	Restricted	Reserves
Group	K'000	K'000	E'000	K'000	K'000	K'000	K'000	K'000
At I April	14,860	(32,814)	10,257	(7,697)		1,040	255	1,304
2020
(restated)
Net income	868	1,617		2,485		(247)	(33)	(280)
for the year
Actuarial
(loss)		(10,570)		(10,570)
recognised
in defined
benefit
pension
Transfer	(277)			(277)		277		277
between
funds
At 31March	15,451	(41,767)	10,257	(16,059)	9	1,070	222	1,301
2021

	General	Pension	Revaluation	Total	Other	Capital	Income	Total
	Fund	Reserve	Reserve	Unrestricted	Reserve	Reserves	Reserve	Restricted
	Unrestricted	Unrestricted	Unrestricted	Reserves	Restricted	Restricted	Restricted	Reserves
Group	K'000	K'000	K'000	K'000	K'000	K'000	K'000	K'000
At I April	13,809	(48,899)	10,257	(24,833)			275	284
2019
Net income	1,051	1,312		2,363		1,040	(20)	1,020
for the year
Actuarial
gain		14,773		14,773
recognised
in defined
benefit
pension
At 31March	14,860	(32,814)	10,257	(7,697)	9	1,040	255	1,304
2020

Charity	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	K'000	K'000	K'000
At I April 2020	5,606	138	5,744
Net deficit for the year	(611)		(611)
At 31March 2021	4,995	138	5,133
Charity	Unrestricted	Restricted	Total
	Funds	Funds	Funds
	K'000	K'000	K'000
At I April 2019	6,414	138	6,552
Net deficit for the year	(808)		(808)
At 31March 2020	5,606	138	5,744

Analysis ofGroup net	Analysis ofGroup net	Analysis ofGroup net	General	Pension	Revaluation	Other	Capital	Income	Total
assets between	funds		Fund	Reserve	Reserve	Restricted	Restricted	Restricted
						Reserve	Reserve	Reserves
			2021	2021	2021	2021	2021	2021	2021
			K'000	K'000	K'000	K'000	K'000	K'000	K'000
Intangible			1,268						1,268
Tangible			9,874		10,257		1,070		21,210
Net current assets			6,188					222	6,410
Provisions			(1,879)						(1,879)
Pension scheme	liability			(41,767)					(41,767)
			15,451	(41,767)	10,257		1,070	222	(14,758)
2020 Comparative		(restated)
Analysis ofGroup net			General	Pension	Revaluation	Other	Capital	Income	Total
assets between	funds		Fund	Reserve	Reserve	Reserve	Restricted	Restricted
							Reserve	Reserves
			2020	2020	2020	2020	2020	2020	2020
			K'000	K'000	K'000	K'000	K'000	K'000	K'000
Intangible			663						663
Tangible			11,201		10,257		1,040		22,507
Net current assets			4,523					255	4,778
Provisions			(1,527)						(1,527)
Pension scheme	liability			(32,814)					(32,814)
			14,860	(32,814)	10,257		1,040	255	(6,393)

7Cash flows from ope	ra	t	ing activities
						2021	2020
							(restated)
						K'000	K'000
Net income						2,588	3,389
Ajdustments for:
Interest receivable						(4)	(5)
Depreciation, amortisation			and impairment			2,495	1,890
Loss on disposal offixed			assets			25	28
Taxation						(383)	(6)
Pension and other finance			costs			914	1,167
Pension deficit funding	contributions					(2,531)	(2,479)
Movement in working	capital:
Decrease / (increase) in	debtors					1,430	(939)
Increase in creditors						1,452	2,264
Increase / (decrease) in	provisions					352	(242)
Taxation received/(paid)						(6)	(60)
Net cash &om operating		activities				6,332	5,007
SAnalysis ofchange in		net funds
				At	Cash flow		At
				1 April 2020		31March 2021
				K'000	K'000		K'000
Cash at bank				4,658	4,445		9,103
Overdraft				(166)	166
Cash and cash equivalents				4,492	4,611		9,103

	Combined	Combined	Combined
	Scheme	Scheme	Scheme
	2021	2020	2019
	%pa	%pa	%pa
Rate ofincrease in salaries	2.40	1.90	2.10
Discount rate for calculation
ofbenefits	2.10	2.60	2.45
Inflation (RPI)	3.10	2.50	3.15
Inflation (CPI)	2.40	1.90	2.10

f'rom cash flow project	ions over long years	and thus inherently uncertain, were:
			2021	2020
			K'000	K'000
Present value offunded defined benefit obligations			(133,459)	(121,187)
Fair value ofassets			91,692	88,373
Net deficit			(41,767)	(32,814)
Movements in present	value ofdefined benefit obligation		2021	2020
			K'000	K'000
At 1 April			121,187	132,554
Interest on obligation			3,096	3,191
Actuarial loss / (gain)			13,316	(9,948)
Benefits paid			(4,234)	(4,610)
Past service cost (incl. curtailments)			94
At 31March			133,459	121,187
Movements in fair value ofassets			2021	2020
			K'000	K'000
At 1 April			88,373	83,655
Expected return on assets			2,276	2,024
Actuarial (loss)/gain			2,746	4,825
Contributions by employer			2,531	2,479
Benefits paid			(4,234)	(4,610)
At 31March			91,692	88,373
Amounts recognised	in the Consolidated	Statement ofFinancial Activities
			2021	2020
			K'000	K'000
Interest on defined benefit obligations			(3,096)	(3,191)
Expected return on assets			2,276	2,024
Past service cost (incl. curtailments)			(94)
Resources expended	(included in other finance costs)		(914)	(1,167)

9Pensions (continued)
			2021	2020
			K'000	K'000
Actual return less expected return		on assets	2,746	4,825
Experience gain on liabilities			4,014	63
Change in assumptions	underlying	the present value ofthe liabilities	(17,330)	9,885
Actuarial (loss) / gain			(10,570)	14,773

			2021	2020
			K'000	K'000
Return	on assets excluding	interest	2,746	4,825
Interest	income on assets		2,276	2,024
Actual	return on scheme assts		5,022	6,849

			2021	2021	2020	2020
			K'000	K'000	K'000	K'000
			Group	Charity	Group	Charity
Financial	assets that	are debt instruments
measured	at amortised cost		20,605	734	17,064	1,188
Financial	liabilities	measure at amortised
cost			6,893	474	6,469	453

perating leases (202	0:K442k)
		2021	2020
Plant and machinery	expiring:	K'000	K'000
Not later than one year		72	80
Later than one year	and not later than five years	54	80
		126	160
		2021	2020
Land and Buildings	expiring:	K'000	K'000
Not later than one year		220	208
Later than one year	but not later than five years	555	456
Later than five years		335	417
		1,110	1,081

At 31March 2021 the Group had expected future minimum	lease receipts under non-cancellable operating	leases
as follows:
Future anticipated Lessor income	2021	2020
	K'000	K'000
Not later than one year	774	848
Later than one year and not later than five years	1,004	1,43S
Later than five years	198	221
	1,976	2,507

				2020
				K'000
Restricted Reserves at 31March 2020 (as previously		stated)		255
Release ofincome previously deferred relating to year			ended 31March 2020	1,040
Reallocation	with unrestricted reserves			9
Restricted reserves at 31March 2020 as restated				1,304
				2020
				K'000
Unrestricted	Reserves at 31March 2020 (as previously		stated)	(7,688)
Reallocation	with restricted reserves			(9)
Unrestricted	reserves at 31March 2020 as restated			(7,697)

				2020
				K'000
Total creditors at 31March 2020 (as previously		stated)		(15,783)
Release ofincome previously	deferred at 31March 2020			1,040
Total creditors at 31March 2020 as restated				(14,743)
				2020
				K'000
Total restricted loss for the year ended 31March		2020 (as previously	stated)	(20)
Release ofincome previously	deferred at 31March 2020			1,040
Total restricted income for the	year ended 31March 2020 as restated			1,020