|||||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|stability|~|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|