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2022-03-31-accounts
INDEX PAGE
Trustees'
and strategic		 report 3-18
Statement oftrustees' responsibilities 19
Independent auditor's report to the trustees and meinbers ofBRETrust 20-22
Consolidated statement offinancial activities
(incorporating the company
income		 and expenditure account) 23
Consolidated and company
balance		 sheets 24
Consolidated cash flow statement 25
Notes to the financial statements 26-47

|Registered|off|ce:|Bucknalls Lane| |---|---|---| |||Garston| |||Watford| |||Hertfordshire| |||WD25 9XX| |Bankers:||Barclays Bank PLC| |||I Churchill
Place| |||London| |||E145HP| |Independent|Auditors:|Crowe U.K.LLP| |||Fourth Floor| |||StJames House| |||StJames Square| |||Cheltenham| |||GL50 3PR|

Trustees Appointed Resigned
Philip Wilbraham, Chairman 7 June 2018
Sir James Wates CBE 6May 2010 2 June 2021
Sarah Beale 18January 2019 31 December 2021
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
Company
Secretary
Dr Paul Conroy 24 January 2022
Waterstone
Company		 Secretaries Ltd 1 July 2020 31 December 2021

Director Position Appointed Resigned
Philip Wilbraham NED (Chair) 1 April 2022
Piers White NED 1 November 2019; 31 March 2022
Gillian Charlesworth CEO 21 May 2019
Andrew
Herbert		 CFO 9 August 2019
Paul Hetherington NED 16May 2022
Darran Messem NED 8 July 2019 6 April 2022
Malathy
Sivapunniyan		 NED 5 October 2020 15July 2022
Ashley Wheaton NED 11 July 2016 31 December 2021

Fice'-reserves
'
".,		 "-2'022 202 1".
"K',000 K'000
Total unrestricted funds 3,073 (16,059)
Add: Pension
liabili		 31,587 41 767
Net unrestricted funds 34,660 25,708
Less: Unrestricted fixed assets 18468 20 131
Total free reserves
Re resented b:		 16 192 5,577
Net current
and intan		 ible assets 11,995 7456
Investments 6400
Provisions 2,203 I 879
Total free reserves 16,192 5,577

Strategic'-Ri'sk's Strategic'-Ri'sk's .Risk controlIand;"mitigation.
.
M4CAPt~		 r.Change"from'
last:"yeai		 r.Change"from'
last:"yeai		 r.Change"from'
last:"yeai
Financial stability Robust
annual
business
planning
and		 Business planning process
and profit budgeting. continues to
evolve		 with
generation Effective
short-
and
medium-term
cash		 improvements
in metrics.
management
plans.		 The
pension
recovery		 plan
Regular
analysis
of actual
results
against		 remains on
track		 with the
budgets
and
forecasts
to identify
issues		 investment
strategy		 hedging
with
forecasting
(includes
monitoring
of		 risks
appropriately.		 Policies
economy). and procedures
are in		 line with
Monthly
forecasting
with detailed
analysis		 the prior year.
ofchanges against prior month. Monthly forecasting is
Maintenance
of
overdraft
facility
as		 improving with
more		 insight
mitigation
to risk in downturn.		 from
the		 teams
which		 is also
Regular
dialogue
with
pension
trustees
to		 improving cashflow
maintain
options
with
Escrow funding
or		 forecasting.
reduced
ension
a ments.
Cyber security Next generation
firewalls
and Anti-virus,		 ~ This is a continuous threat that
Anti Malware
systems
in place.		 is
ever		 changing and needs
Web application
and secure email gateway		 constant mitigation as this risk
in place. continues to
grow		 with new
Security
information
and
event		 methods of
attack		 and
management
system
which
collects		 increased regulation.
information
from all key IT infrastructure
and is monitored
24/7.
Annual
penetration
testing
and
maintenance
of Cyber
Essentials
Plus
certification.
Annual
training
requirement
for
all
colleagues
on cybersecurity
and phishing.
Requirement
for third party IT suppliers
to
have
formal
certification
such
as
ISO
27001 or CREST.
Dual
server
centres
in
place
with
independent
internet
connectivity
replicating
data to provide resilience across
the network.
Ineffective talent A Wellbeing
offering is in place to support		 ~ The
Covid
pandemic		 has
attraction/retention colleagues
with
mental,
physical
and		 resulted in
risks		 associated
financial
wellbeing.		 with
talent
attraction		 and
Biannual
Sustainable
Engagement
Index.		 retention. We are continuing to
Colleague
Forum
established
to enhance		 monitor and improve
communication. employee engagement as well
Formation
and regular ineetings ofthe EDI		 as employee
wellbeing		 given
group. the impact
Covid-19		 has had
Key people
and skills are identified
with
opportunities
to upskill
employees.		 on all our colleagues.
introduced
flexible		 We have
working
Flexible
and
remote
working
options
available
where circunistaiices
allow.		 arrangements
where
appropriate
and
established
a
Timely
and
focussed
recruitment,
with		 colleague forum.
bench-marking
pay
using
external
resources as well as against industry
norms.
Improved
engagement
with
employees
including
implementation
ofJob Families,
regular
Performance
and
Development
Reviews and mana
ement oversi
ht.

Strategic'Risks. ~ "i 'Risk control and mitigation
~' z		 iChange. '&om lastyear- iChange. '&om lastyear- iChange. '&om lastyear- iChange. '&om lastyear- iChange. '&om lastyear- iChange. '&om lastyear- ' " i
Regulatory non A central
group
management
system
is in		 An independent Quality and
compliance place for processes and procedures. Compliance Department was
Independent
Quality
and
Compliance		 established this year.
Department. A digital transformation
Independent
Risk
and
Internal
Audit		 project is underway which will
Department. enhance the control
Legislation
register
in place.		 environment for the Group
Improved
engagement
with
government		 Management System.
departments
to ensure
we maintain
close
working
relationships
and
are
able
to
identify potential
changes
in policy ahead of
im
lementation.
Lack ofmarket Increased
customer
insight
via a quarterly		 ~ The internal transformation
relevance NPS (net promoter score). programme
and		 new leadership
Formal
'innovation
to market'
assessment		 to improve BRE's market
process
and
Product
Management		 position is progressing well
Methodology. with benefits already been seen
Customer
focus
through
relationship		 within
the		 Academy and
management
and
targeted
business		 Building Performance Services
development
capability.		 with further work on-going
Establishment
ofindustry
focused customer		 within Assurance Services.
groups. For example,
net zero, BREEAM.
Establishment
of both
a corporate
affairs
team
and
innovation
team
working
with
external
audiences
and collaborating
with
the
roduct mana
ement function.
Reputation and Constant
press
monitoring
by Director of		 ~ We are continuing to apply
brand strength Corporate
Affairs
and
Third-Party
Press		 significant resources to assist
Support. the Grenfell inquiry.
Pre-prepared
statements
on likely scenarios.
Defined
internal
communication
process to
manage
any
communication
from
colleagues,
specifically
to direct it through
corporate affairs and the press office.
All scientific output follows a clear internal
review process before issue with follow up
process to include'lessons
learned.
Speaking
up policy
in place and reviewed
annually.
Grenfell
inquiry
proceedings
are monitored
closely and BRE has provided
a significant
volume ofinformation
to assist the inquiry
and continues
to do so.

'lStrategic~Risks 'lStrategic~Risks 'lStrategic~Risks &Riskl control~and:mitigation '.Ch'ange. from!Ias'thea'r '.Ch'ange. from!Ias'thea'r '.Ch'ange. from!Ias'thea'r
Challenges to A central
group
management
system
is in		 The
digital
transformation
operational place for processes and procedures. programme will play a key part
delivery External
assessments
and
prompt
follow		 in reducing this risk and is a
up/resolution
of actions
due
to enhanced		 key mitigation.
governance
structures.		 As
mentioned
above		 an
Independent
Quality
and
Compliance		 independent Quality and
Department
established.		 Compliance Department was
Project
delivery
pipeline
tracking
and		 established this year.
works
management.
Measuring
and		 There
is		 now
a		 formal
analysing
productivity
and
performance		 utilisation process
established
through
improved
resource
utilisation
to		 to
assess		 productivity and
identify
process
and
efficiency		 performance.
Additionally,		 a
improvements
to increase output
and better		 review
of
the
customer
serve
customers
timescales
and
ca'pacity		 complaints process and
needs. tracking methodology was
Product Managers
assessing
the markets.		 undertaken.
Revised
effective
customer
complaints/
corn
liments
rocess.
Responding to Involvement
with Construction
Innovation		 ~ A
new
Innovation		 Director
long term trends Hub
and
follow
on/maximising
legacy		 with
strong		 industry
and issues opportunity. experience appointed.
including climate Innovation
team scanning
and engagement
change and ESG with
research
and innovation
community
changes and
other
sectors
for
funding
and
new
artnershi
s/collaborations.

Note Restricted Unrestricted Total Restricted Unrestricted Total
Funds Funds Funds Funds Funds Funds
2022 2022 2022 2021 2021 2021
f.'000 f'000 f'000 f.'000 f'000 K'000
Income from
Charitable
activities		 8,067 49,665 57,732 7,635 41,871 49,506
Other trading 1,897 1,897 2,782 2,782
activities
Interest receivable 10 10
Total 8,067 51,572 59,639 7,635 44,657 52,292
Expenditure
on
Charitable
activities		 4 (5,876) (44,916) (50,792) (7,915) (41,789) (49,704)
Net income
before		 2,191 6,656 8,847 (280) 2,868 2,588
tax
Taxation (717) (717) (383) (383)
Net income 2,191 5,939 8,130 (280) 2,485 2,205
Transfers
between		 277 (277)
funds
Other recognised
gains/(losses)
Gain on revaluation 10 4,698 4,698
offixed assets
Actuarial
gains		 /
(losses) on defined
benefit
pension
scheme		 19 8,495 8,495 (10,570) (10,570)
Net movement in 2,191 19,132 21,323 (3) (8,362) (8,365)
funds
Reconciliation of
funds
Total funds/(deficit) 16 1,301 (16,059) (14,758) 1,304 (7,697) (6,393)
brought
forward
Total funds/(deficit) 3,492 3,073 6,565 1,301 (16,059) (14,758)
carried forward

Note Group Group Charity Charity
2022 2021 2022 2021
X'000 f.'000 f,'000 X'000
Fixed assets
Intangible
assets		 9 930 1,268
Tangible
assets		 10 21,560 21,210
Investments 11 6,400 5,000 5,000
28,890 22,478 5,000 5,000
Current
assets
Debtors 13 19,441 13,496 1 3
Cash 10,710 9,103 825 731
Creditors: amounts falling due within one year 14 (18,686) (16,189) (542) (601)
Net current assets 11,465 6,410 284 133
Total assets less current liabilities 40,355 28,888 5,284 5,133
Provisions
for liabilities		 15 (2,203) (1,879)
Net assets excluding pensions liabilities 38,152 27,009 5,284 5,133
Defined benefit pension scheme liability 19 (31,587) (41,767)
Net assets
/ (liabilities)		 including pension liabilities 6,565 (14,758) 5,284 5,133
Funds ofthe Group
Unrestricted
funds:
General
fund		 16 19,705 15,451 5,146 4,995
Revaluation
reserve		 16 14,955 10,257
Pension reserve 16 (31,587) (41,767)
Restricted funds:
Other reserve 16 9 9
Capital reserve 16 3,083 1,070
Income fund 16 400 222 138 138
Total funds/(deficit) 6,565 (14,758) 5,284 5,133
Note 2022 2021
X'000 K'000
Net cash from operating activities 17 5,755 6,332
Cash flows from investing activities
Interest received 10
Acquisition
oftangible
fixed assets		 10 (3,617) (247)
Acquisition ofintangible
fixed assets		 (541) (1,478)
Net cash used by investing
activities		 (4,148) (1,721)
Increase in cash and cash equivalents in the year 18 1,607 4,611
Cash and cash equivalents at the beginning ofthe reporting 9,103 4,492
period
Cash and cash equivalents at the end ofthe reporting period 10,710 9,103

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

2022 2021
f.'000 K'000
Advisory services on building performance, construction and fire safety 12,524 14,199
Provision ofthird-party assurance services 37,652 27,607
Services delivered to government 7,556 7,700
57,732 49,506

2022 2021
2'000 K'000
Other rental income 1,028 1,006
Other trading income 420 153
Government grant income 1,171
Tax credits 449 452
1,897 2,782

Commercial Commercial Advisory Third Party Services to 2022 2021
Activities Services Assurance Government Total Total
f,'000 f,'000 X'000 K'000 K'000 X'000
Activities undertaken directly 763 14,338 ]3,189 5,231 33,521 34,547
Grant funding ofactivities (146) (146) 611
Support costs 398 7,406 6,883 2,730 17,417 14,546
1 161 21,598 20,072 7.961 60 792 49 704
Analysis ofsupport costs
Commercial Advisory I'hird Party Services to 2022 2021
Activities Services Assurance Government Total Total
X'000 K'000 f.'000 S'000 K'000 K'000
Legal and professional 131 2,430 2,259 896 5,716 4,296
49 908 844 335 2,136 1,308
24 446 414 164 1,048 798
Marketing 38 710 660 262 1,670 881
Facilities 68 1,261 ],172 465 2,966 2,302
Other 88 1,651 1,534 608 3,881 4,961
398 7,406 6,883 2 730 17,417 14,546
Included within Support costs are the following governance costs
2022 2021
X'000 E'000
Auditor 's remuneration:
Audit ofGroup and subsidiary financial statements 68 71
Amounts receivable by auditor and associates in respect of:
Services relating to taxation 13 12
Additional fees relating to prior year audit 28
Other services 16 3

Staff costs and numbers
2022 2021
E'000 K'000
Group staff costs during the period ainounted to:
Wages and salaries 22,988 22,542
Social security costs 2,374 2,211
Other pension costs 3,645 3,577
Operating
costs ofthe defined benefit pension		 scheme 654 449
29,661 28,779
he averag e number ofemployees
(including
director		 s) during
the year was as follows:
2022 2021
Research staff 482 506
Support staff 66 52
548 558
The number ofregular employees whose pay and taxable benefits exceeded f60,000 fell within the following bands:
2022 2021
Salary band
f.60,000 - f.69,999 24 22
270,000 - f79,999 18 8
f80,000 —f89,999
f.90,000 - f99,999
f100,000 - Z109,999
f110,000 - f.119,999
E,120,000-f,129,999
K130,000 - K139,999
Z140,000 - K149,999
f.160,000 - E169,999
f170,000 - f179,999
f.200,000 —8210,000

Other finance costs
2022 2021
K'000 K'000
Expected return on pension scheme assets 1,906 2,276
Interest on pension scheme liabilities (2,756) (3,096)
Past service cost (incl. curtailments) (58) (94)
(908) (914)

2022 2021
K'000 Z'000
Current tax
UK corporation tax on profit for the year 663 362
Adjustment in respect ofprevious year 54 21
717 383

Taxation (cont.)
2022 2021
f.'000 K'000
Tax reconciliation
Profit on ordinary
activities before tax		 8,847 2,588
Tax using the UK corporation tax rate of19%(2021:19%) 1,681 492
Effects of:
Expenses not deductible for tax purposes 125 147
R&D expenditure
credits		 (85) (86)
Consolidation
adjustments		 (309) 301
Adjustment
in respect of		 prior periods 54
Deferred tax not recognised (749) (471)
Total tax charge 717 383

Intangible
fixed assets
Group Software Assets under Other Total
construction Intangibles
X'000 K'000 f,'000 X'000
Cost
At I April 2021 5,907 497 6,404
Additions 51 490 541
At 31 March 2022 5,958 490 497 6,945
Amortisation
At I April 2021 4,639 497 5,136
Charge for the year 879 879
At 31 March 2022 5,518 497 6,015
Net book value
At 31 March 2022 440 490 930
At 31 March 2021 1 268 I 268

Group Freehold Assets under Plant and Fixtures Motor Total
Land and construction Machinery and Vehicles
Buildings ' Fittings
X'000 X'000 K'000 f'000 K'000 K'000
Cost
At
1 April 2021		 27,391 10,618 1,213 54 39,276
Additions 358 2,539 522 159 39 3,617
Disposals (26) (26)
Reclassification to (6,833) (6,833)
investment
properties
Revaluation 4,698 4,698
At 31 March 2022 25,614 2,539 11 140 1,372 67 40,732
f.'000 X'000 f'000 K'000 X'000 6'000
Depreciation
At
1 April 2021		 8,652 8,505 855 54 18,066
Charge for year 604 847 109 1,565
On Disposals (26) (26)
Reclassification to (433) (433)
investment
properties
At 31 March 2022 8,823 9 352 964 33 19 172
Net Book Value
At 31 March 2022 ]6,791 2,539 1,788 408 34 21,560
At 31 March 2021 18,739 2 113 358 21 210
11Fixed asset investments 11Fixed asset investments
Group Charity
Investment Interest in subsidiary
Properties undertakings
5'000 f.'000
At 1 April 2021
5,000
Reclassification from &eehold land and
buildings 6,400
At 31 March 2022 6,400 5,000

he trading
results ofthe		 operating
subsidiar		 ies
ofthe G		 roup are:
Building BRE Constructing Ceequal BRE BRE
Research Global Excellence Limited China Ireland
Establishment Limited Limited
Limited
2022 2022 2022 2022 2022 2022
Summary
profit and
Turnover		 X'000 X'000 K'000 K'000 K'000 X'000
loss account
19,490 36,771 270 122 511 328
Operating
costs		 (33,273) (34,231) (131) (159) (650) (337)
Other operating 18,853 19 87
income
Operating
profit/(loss)		 5,070 2,559 139 (37) (139) 78
Other finance costs (908)
Actuarial
gain/(loss)		 8,495
on defined benefit
pension
Revaluation
ofland		 4,698
Net result 17,355 2,559 139 (37) (139) 78
Taxation (623) (4)
Retained
in the		 16,732 2,555 139 (37) (139) 78
subsidiary
Assets and liabilities
ofthe subsidiary
Fixed assets 29,240 632
Current assets 20,857 26,699 313 1,022 658 391
Creditors
falling due		 (31,102) (6,895) (43) (106) (1,354) (526)
within one year
Net assets/(liabilities) 18,995 20,436 270 916 (696) (135)
Provision
for liabilities		 (2,203)
Pension scheme (31,587)
liabilities
Deferred capital grant (1,710)
Total funds (16,505) 20,436 270 916 (696) (135)

Interest
in		 Activity
ordinary
share capital
Trading Companies:
BREGroup Limited (02704081) 100% Management of subsidiary company
Building Research Establishment Limited 100% operations
(03319324)' Advisory services and information on
100% building
BREGlobal Limited (08961297)" performance, construction and fire safety
Testing and certification of materials and
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 infrastructure
projects
Constructing
Excellence
(04641522)~'		 Limited N/A Co-ordination
improvement		 of member
network		 led performance
BREGlobal Assurance
(Ireland)		 Limited 100% Testing and certification of materials and
(602123)' products, and certification ofpersonnel,
Buildings, process, systems and supply
chains
Non-Trading
Companies:
BRECertification (03548352)' ~ 100%
BREInternational
Limited (01915620)*"		 100%
BRECanada Inc (2279888)~" 100%
EFSGLimited (02971676) ~~ N/A
The Loss Prevention
Certification		 Board 100%
Limited (01907862)~ "
Building Performance
Group Limited
(01573939)*~		 100%
BREAmerica Holdings
Inc (5984258)*"		 100% Holding company

2022 2022 2021 2021
f.'000 f'000 X'000 K'000
Group Charity Group Charity
Trade debtors 9,308 6,965
Amounts recoverable on contracts 3,254 1,442
Other debtors 5,416 3,100
Social security and other taxes 755 862
Prepayments 708 1,127
19,441 13,496
14Creditors: amounts falling due within one year
2022 2022 2021 2021
X'000 K'000 K'000 K'000
Group Charity Group Charity
Deferred income 7,812 7,193
Trade creditors 4,760 12 3,330 17
Amounts due to group undertakings 489 125
Social security and other taxes 1,611 1,741
Corporation
tax		 573 362
Other creditors 766 728 2
Accruals 3,164 41 2,835 457
18,686 542 16,189 601
Deferred income movement:
Group Charity
f,'000 2'000
Balance at 1 April 2021 7, 193
Amount released in the year (6,199)
Amount deferred in the year 6,818
Balance at 31 March 2022 7,812

Future amounts payable relating to: Former Post retirement Total
Directors' future
Future liabilities Restructuring liabilities
K'000 K'000 X'000 K'000
Group:
'
At I April 2021 113 16 1,750 1,879
Utilised
in the year		 (11) (16) (121) (148)
Charge to the Statement ofFinancial 101 371 472
Activities
At 31 March 2022 203 2,000 2,203

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 Z'000 K'000 E'000 K'000 X'000 K'000 S'000 f.'000
At
1 April		 15,451 (41,767) 10,257 (16,059) 1,070 222 1,301
2021
Net income 4,254 1,685 5,939 2,013 178 2,191
for the year
Gain on
revaluation 4,698 4,698
oftangible
fixed assets
Actuarial
gain
recognised 8,495 8,495
in defined
bcncfit
pension
At 31 March 19,705 (31,587) 14,955 3,073 9 3,083 400 3,492
2022

6Reserves (c ont.)
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 f.'000 X'000 X'000 f.'000 X'000 E'000 f.'000 K'000
At 1 April 14,860 (32,814) 10,257 (7,697) 1,040 255 1,304
2020
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 31 March 15,451 (41,767) 10,257 (16,059) 9 1,070 222 1,301
2021
Charity Unrestricted Restricted Total
Funds Funds Funds
K'000 f'000 K'000
At
1 April 2021		 4,995 138 5, 133
Net funds for the year 151 151
At 31 March 2022 5,146 138 5,284
Charity Unrestricted Restricted Total
Funds Funds Funds
K'000 K'000 K'000
At
1 April 2020		 5,606 138 5,744
Net deficit for the year (611) (611)
At 31 March 2021 4,995 138 5, 133

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
2022 2022 2022 2022 2022 2022 2022
f.'000 K'000 K'000 2'000 X'000 Z'000 X'000
Intangible 930 930
Tangible 3,513 14,955 3,083 21,560
Investments 6,400 6,400
Net current assets 11,065 400 11,465
Provisions (2,203) (2,203)
Pension scheme liability (31,587) (31,587)
19,705 (31,587) 14,955 3,083 400 6,565
2021 Coinparative
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
f,'000 X'000 K'000 X'000 Z'000 K'000 E'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) (4],767)
15,451 (41,767) 10,257 1,070 222 (14,758)

7Cash flows from ope rat ing
activities
2022 2021
K'000 X'000
Net income before tax 8,847 2,588
Adjustments for:
Interest receivable (10) (4)
Depreciation,
amortisation		 and impairment 2,444 2,495
Loss on disposal offixed assets 25
Taxation (717) (383)
Pension and other finance costs 908 914
Pension deficit funding contributions (2,593) (2,531)
Movement
in working		 capital:
(Increase) / decrease
in		 debtors (5,945) 1,430
Increase in creditors 2,497 1,452
Increase
in provisions		 324 352
Taxation received/(paid) (6)
Net cash from operating activities 5,755 6,332
At Cash flow At
1 April 2021 31 March 2022
K'000 K'000 K'000
Cash at bank 9,103 1,607 10,710
t
Cash and cash equivalents 9,103 1,607 10,710

over long years and th us inherentl y
uncert		 ain,
were:
2022 2021
X'000 K'000
Present value offunded defined benefit obligations (125,010) (133,459)
Fair value ofassets 93,423 91,692
Net deficit (31,587) (41,767)
Movements
in present		 value ofdefined benefit obligation 2022 2021
f,'000 K'000
At 1 April 133,459 121,187
Interest on obligation 2,756 3,096
Actuarial
(gain) / loss		 (6,803) 13,316
Benefits paid (4,460) (4,234)
Past service cost (incl. curtailments) 58 94
At 31 March 125,010 133,459
Movements
in fair value ofassets		 2022 2021
f'000 X'000
At I April 91,692 88,373
Expected return on assets 1,906 2,276
Actuarial
gain		 1,692 2,746
Contributions
by employer		 2,593 2,531
Benefits paid (4,460) (4,234)
At 31 March 93,423 91,692
Amounts
recognised		 in the Consolidated Statement ofFinancial Activities
2022 2021
f.'000 f.'000
Interest on defined benefit obligations (2,756) (3,096)
Expected return on assets 1,906 2,276
Past service cost (incl. curtailments) (58) (94)
Resources expended (included in other finance costs) (908) (914)

2022 2021
E'000 K'000
Actual return less expected return on assets 1,692 2,746
Experience gain on liabilities 732 4,014
Change in assumptions underlying the present value ofthe liabilities 6,071 (17,330)
Actuarial gain / (loss) 8,495 (10,570)
Assets
2022 2021
X'000 K'000
Return on assets excluding interest 1,692 2,746
Interest income on assets 1,906 2,276
Actual return on scheme assts 3,598 5,022

uring the year 5286
2021:f3711&)		 k was recognised
as an expense
in the Statement		 ofFinancial
Activities
in respe		 ct ofopera
2022 2021
Plant and machinery expiring: K'000 5,'000
Not later than one year 26 72
Later than one year and not later than five years 4 54
30 126

2022 2021
Land and Buildings expiring: Z'000 K'000
Not later than one year 209 220
Later than one year but not later than five years 691 555
Later than five years 325 335
1,225 1,110
At 31 March 2022 the Group had expected future minimum lease receipts under non-cancellable
operating		 leases as follows:
Future anticipated
Lessor income		 2022 2021
K'000 X'000
Not later than one year 592 774
Later than one year and not later than five years 511 1,004
Later than five years 170 198
1,273 1,976