2021-12-31-accounts - The Whiteley Homes Trust

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Contents
1.0 INTRODUCTION, ,
1.1 Chairman .					3
1.2 Chief Executive Officer .					..4
2,0THE PURPOSE OF THE CHARITY
2.1Objects...					..6
2.2 Principal activities. ........,
2.3Who the charity helps					..6
2.4 How the charity helps.					..6
2.5 Where the charity operates. ..,.					7
3.0 OUR STRATEGY
4.0 EXTERNAL RELATIONS..
5.0 MEASURES OFSUCCESS.
6.0 CHALLENGES..					14
7.0 COMMUNICATIONS AND	ENGAGEMENT				15
8,0 OUR PEOPLE					, ,18
9.0 PUBUC BENEFIT....					19
10.0SUBSIDIES...					.2O
11.0CONCLUSION.					20
12.0FINANCIAL REVIEW...					.21
12.'1 income: How we raised	our money. .				.2I
12,2 Expenditure: How we spent our				money „,	.2I
12.3Exceptional items					22
12.4 Reserves policy ..					.22
13.0PRINCIPAL RISKSAND UNCERTAINTIES,.					.22
13.1internal controls assurance ..					.22
13.2 General ..					.22
13.3income risk ..					.23
13.4 Regulation and legislation		risk	......„		.23
13.5Operational risk.					.23
13.6 Liquidity risk.					.23
13.7 Cash flow risk.„					.23
13.8 Digital, data and cyber	risks....			.. .	24
13.9inves'tment, policy and	powers.				.24
13.10Fundraising approach	and performance.				.24
13.11Covid-19 pandemic risk					24
14.0GOVERNANCE					.24
14.1Organisational structure		and subsidiaries.			24
14.2 iulanagement, decision	making			and delegation,	.25
14.3 Remuneration„					.26
15.0 LEGALAND ADMINISTRATIVE			DETAILS..		.26
15.1Status and administration.					.26
15.2 Professional advisors.					.27
15.3Statement by the Chair	ofTrustees .....				.27

							Unrestricted	Restricted	Endowment	Total
						Note	Funds	Funds	Funds	2D21
							6	6	E	E
Income from
Donations and similar resources							25,837	289,657		315,494
Investment income							113,407			113,407
Charitable activities - amenity fees			charges and				7,430,159			7,430,159
Trading actwilies Other							722,140 111,483			722,140 111,4$3
Total Income							8,403,026	289,657		8,692,6$3
Expenditure on.
Charitable activities:
Cast of provision ofhomes							8,010,325	279,679	57,457	8,347,461
Cost of raising funds; Cast of generating funds Cast oftrading activities Exceptional items						7	107,318 376,670 106,134			107,318 376,670 106,134
Total expenditure						5	8,600,447	279,679	57,457	8,937,5$3
Net income/(expenditure) and losses on Investments		before		gains			(197,421)	9,978	(57,457)	(244,900)
RealiSed and unreafiaed	inveStment				gaine				740,333	740,333
Net income/expenditure							(197,421)	9,978	682,876	495,433
Other recognised gains/(losses):
Actuarial gains/(losses) pension scheme	on	defined		benefit		18	443.000			443,DOO
Net movements in funds							245,579	9,978	682,876	938,433
Balance brought forward at 1 January 2020							33,317,878	2,442,182	7,407.975	43.168,035
Balance carried forward
at 31 December 2021							33,563,457	2,452,160	8,090,851	44,106,468
Total funds										44,106,468
Less endowment funds	and	restricted			funds					(10,543,011)
Less unrestricted fixed assets			(net	of related		funding)				(33,950,302)
Deduct pension mserve	asset									(1,148,DDO)
Free reserves										1,534,845

						Unrestricted	Restricted	Endowment	Total
					Note	Funds	Funds	Funds	2020
							8	8	6
Income from:
Donations and similar resources						41,711	299,922		341,633
Investment income						125,420			'I25,420
Charitable activities —amenity fees			charges and			7,402,428			7,402,428
Trading activities Other					3 4	631,276 106,481			631,276 106,481
Net gain on disposai of fixed assets
						8,307,316	299,922		8,607,238
Total income
Expenditure on:						8,907,763	424,126	57,457	9,389,346
Charitable activities:
Cost of provision of homes Cost of raising funds: Cost ofgenerating funds Cost oftrading activities						77,207 464,569 2,841,509			77,207 464,569 2,841,509
Total expenditure					5	12,291,048	424,126	57,457	12,772,631
Net income/(expenditure) before and losses on Investments				gains		(3,983,732)	(124,204)	(57,457)	(4,165,393)
Realised and unrealisad		investment		gains				384,510	384,510
Net incorae/expenditure						(3,983,732)	(124,204)	327,053	(3,780,883)
Other recognised gains/(losses):
Actuanal gains/(losses) pension scheme	on defined			benefit	18	(169,000)			(169,000)
Net movements in funds						(4,152,732)	(124,204)	327,053	(3,949,883)
Balance brougilt forward at 1 January 2018						37,470,610	2,566,366	7,080,922	47,117,918
Balance carried forward
at 31December 2019						33,317,878	2 442 182	7(407)975	43~168)035
Total funds									43,168,035
Less endowment funds	and restricled funds								(9,850,157)
Less unrestricted fixed assets			(net	ofrelated	funding)				(3D,B90,137)
Deduct pension reserve		asset							(697,000)
Free reserves									1,730,741

Company Registration	No	. 04957706 (E	ngland a	nd Wale	s)
			Note		2D21	2021	202D	2D20
						E	E	E
Fixed assets			8	48,987,040			49,807,498
Investments			9	6,343,942			9,161,465
Total Fixed Assets						55,330,982		58,968,963
Current assets
Storks					4,505		3,617
Sundry debtors and prepayments Cash and cash equivalents			10	227,202 4,028,176			352,976 979,051
				4,259,883			1,335,644
Creditors: amounts	falling due
within one year			11	1,303,468			1,910,781
Net current assetsf (liabilities)						2,956,415		(575,137)
Total assets less current		assetsf
(liabilities)						58,287,397		58,393,826
Creditors: amounts	falling due after
more than one year			12	15,328,927			15,922,791
Pension scheme funding		asset	18	(1,148,000)			(697,000)
						(14,180,927)		(15,225,79'i)
Net assets						44,106,470		43,168,035
Financed by:
Funds ofthe charity Endowment fund			14			6,090,850		7,407,975
Restricted funds			15			2,452,161		2,442,1S2
Unrestricted funds:
- Fixed assets: less related		funding		23,781,231			23,781,231
- Fixed assets: revaluation		reserve		7,108,906			7,108,906
- Free reserves: other				1,525,322			1,730.741
				32,415,459			32,620,878
Pension Reserve asset			18	1,148,000			697,000
			16			33,563,459		33,317,878
						44, 'I06,470		43,168,03S
App d a aulhOriee		r issue on behalf ol the		Trustee/	on lp:
'			c	Y,	,
RSe ~ hair				K t(ls	ck —Trustee
The notes on pages 38to		59 form part of these Snancial			statements.

Company Registration		N	o	. 04957708 (E	ngland an	d Wales)
					Note	2021	2021	2020	2020
						5	8	5	5
Fixed assets					8	48,987,040		49.807,498
Investments					9	6,343,942		9,161,568
Total Fixed Assets						55,330,982			58,969,066
Current assets
Stocks						4,505		3,617
Sundry debtors and prepayments Cash and cash equivalents						227,296 4,028,177		318,159 965,400
						4,259,978		1,287,176
Creditors: amounts within one year	falling due					1,651,346		2,029,119
Nat current assets/(liabilities)						2,608,832			(741,943)
Total assets less current
assets/(liabllldes)						57,939,614			58,227,123
Creditors: amounts more than one year	falling due aRer				12	15,328,927		1S,922,791
Pension scheme funding				asset	18	(1,148,000)		(697,000)
						(14,180,927)			(15,225,791)
Net assets						43,758,687			43,001,332
Financed by:
Funds ofthe charity Endowment fund					14	8,090,850			7,407,975
Restricted funds					15	2,452,161			2,442,182
'Jnrestrictad funds:
- Fixed assets less related - Free reserves revaluation				funding reserve		23,781,231 7,108,906		23,781,231 7,108,906
- Free reserves: other						1,177,539		1,564,038
						32,067,676		32,454,175
- Pension Reserve asset					18	1,148,000		697,000
						33,215,676			33,151,175
						43,758,687			43,001,332
Th arity's rnovernent		in		reserves forthe year was E757,355(2020:-E4078			173)
Ap r ed d authorised			for issue on behalf ofthe Trustees on by;
RB nio air						K Hlsco	k - Trustee
The notes on pages 38		to		59 form part ofthese financial statements.
						35

			Note	2021f	2021	2020f	2020f
Cash flows from operating	activities
Nel cash provided by/(used	in) operating
activities			19		444,028		(61,501)
Cash flows from investing	activities
Interest and dividends received				113,407		125,420
Purchase oftangible fixed assets				(429,610)		(775,715)
Receipts from sale oftangible fixed
assets				5,251
Purchase of investments from
Endowment funds				(658,006)		(1,260,183)
Sale of investments from Endowment
funds				658,006		1,260,183
Addition of bank deposit investment				3,520,951		(1,955)
					3,209,999		(652,250)
Cash flows from financing	activities
ReceipU(repayment) of loan	monies			(604,902)		19,168
					(604,902)		19,168
Increase/(decrease) in cash and cash
equivalents in the year			20		3,049,125		(694,583)
Cash and cash equivalents	at the
beginning ofthe year					979,051		1,673,634
Total cash and cash equivalents		at			4,028,176		979,051
the end ofthe year

		Note	2021	2021	2020	2020
			6	6
Cash flows from operating activrties
Net cash provided by/(used in) operating activities				296,223		302,833
Cash flows from investing activities Interest received Purchase oftangible fixed assets			113,407 (429,6'I 0)		125,420 (510,450)
Receipts from sale oftangible fixed
assets
Purchase of investments from endowment funds			(658,006)		(1,280,183)
Sale of investments from Endowment funds Addition ofbank deposit investment Donation from commercial subsidiary			658,008 3,520,95'I 166,707	3,371,455	1,260,183 (1,955)	(386,985)
Cash flows from financing activities Receipt of loan facility			(804,902)		19,168
				(604,902)		19,168
Increase/(decrease) in cash and equivalents in the year	cash	20		3,062,776		(64,984)
Cash and cash equivalents at the beginning of the year				955,400		1,030,384
Total cash and cash equivalents	at			4,028,1'76		965,400
the end ofyear

Fixed assets are stated	Fixed assets are stated	at cost	less depr	eciation.	eciation.	eciation.
Depreciation is provided		on the	following	tangible fixed assets at rates calculated tc write off the cost on a straight-
line basis over their expected useful economic					lives as follows:
Freehold buildings						1 to3.3%per annum on cost or valuation
Building Components						2to 3.3%per annum on cost
Estate infrastructure						10%per annum on cost
Plant and equipment	including		nursing	home	equipment	20'yo per annum on cost
Motor vehicles						25% per annum on cost
Computer equipment						33,3%per annum on cost

The results of	Whileley Village Services Limited are	shown below:
		2021	2020f
Turnover		722,140	631,276
Other Income		2,313
Cost ofsales		(216,868)	(333,598)
Administration	expenses	(159,792)	(130,971)
Profit for the	year	347,793	166,707

			2020f
Turnover:
Sale	of building		9,911,997
Management		fees
Cost ofsales			(9,911,997)
Administrative	expenses		(13,650)
Exceptional	iiems		13,650

Other Incoming Resources	Other Incoming Resources	2021	2021	2020	2020
			6	6	6
Miscellaneous income:
Sale oftangible fixed assets		5,252
Other		101,029		65,461
Total misceilaneous	income		106,281		65,461
Interest on deposit	accounts		5,202		41,020
Other unrestricted	incoming
resources			111,483		106,481
All actwities included within		miscellaneous income are subsidised by		the Trust.
Expenditure
Expenditure for the	year ended 31 December 2021 can be analysed			as:
		Direct	Support
		Costs	Costs	Depr'n	Total
		E	6		6
Cost of provision ofhomes Cost ofgenerating funds Cost oftrading activities Exceptional items		5,666,800 376,670 106,134	1,410,594 107,318	1,250,068	8,347,461 107,318 376,670 106,134
		6,169,604	1,517,912	1,250,068	8,937,583
Expenditure for the	year ended 31 December 2020can be analysed			as;
		Direct	Support
		Costs	Costs	Depr'n	Total
				6
Cost ofprovision ofhomes Cost ofgenerating funds Cost oftrading activities Exceptional items		6,196,924 464,569 2,84'I, 509	1,402,$25 77,207	1,790,297	9,389,346 77,207 464,569 2,841,509
		9,503,002	1,479,332	1,790,297	12,772,631

	Net income/expenditure	for the year	is stated	after charging:
							2021	2020
							6
	Depreciation Interest payable						1,249,854 496,998	1,790,297 512,743
	External auditors' remuneration:
	- Audit services (current year) - Audit services (prior year under provision) - Other services						41,130 18,840	25,800 12,000 18,840
	Included within expenditure are governance			costs ofK41,130(2020:657,573),			relating to external	auditor's
	remuneration (see above) and ENil (2020: 616,443) relating				to internal	auditor's	remuneration.
6	Analysis ofstaff casts	and the cost of key management			personnel
							2021	2020
								6
	Salaries and wages Social security costs						3,982,747 335,417	3,863,023 352,844
	Pension cost:
	- Conlnbution to defined	contribution	srheme				140,134	130,450
	- Opera'ling costs of defined benefit scheme Termination costs						463 106,134	24,848 174,280
							4,564,895	4,545,445
	The headcount number	of employees	in the	year was:			2021	2020
							Number	Number
	Administration						28	28
	Care Centre						81	78
	Cottages, Huntley House, works, estate and			other			64	63
							173	169

Five employees e	arned more t	han E60,000 in the
These employees'	emoluments	fell into the bands:
E60,000	E69,999
E70,000	E79,999
E80,000	E89,999
E90,000	E99,999
E100,000	E109,999
E120,000 E130,000	E129,000 f139,999

2021	2020
Number	Number

Exceptional	items
		2021	2020
		E
Write down	in value ofassets under construction		2,135,777
Restructuring	costs	106,134	705,732
		106,134	2,841,509

Fixed Asset	s
		Freeholil		Furniture,			Assets
Group		lend and buildings	Eels le Infrastructure	riqmgs and equipment	Motor vehicles	Computer equipmem	under construction	Total
		E	E	E	E	E	E	E.
Coif or vaiuelion
Al I January 2021		56,776,152	261.581	2.166.613	62.712	184,913	26.781	59.480,752
Additions		212,508	68,004	76.107		37,296	35.615	429,61D
~isposals
Transfer		563,563	13.754	(542.574)			(34,743)
At Zl December	ZPZI	57,552,303	343,339	1,702,146	62,712	222,209	27,653	59.91D,362
Deprecieiinn
Ai I January 2021 Charge forine year		8,233,006 'I.029.855	52,977 30,662	1,192,155 152,745	43,887 9,375	151,229 27,217		9,673,254 1,249,854
Eliminated on disposal
Traneter		127,564	3650	(131,234)
At zl December	2021	9,390,445	87,289	1,213,666	53,262	178,446		10.923,1DS
iuei bOok value
At zl December	2020	48,161,859	256,050	488.267	9,450	43,763	27,652	48,987,041
At 31 December 2019		48,543,146	208,604	976,245	18,825	33.684	26,781	49,807,286
		Freehold		Furniture,			Assets
Charity		land and buildings	Estate Infresti'Uclurs	finings and equipment	Motor vehicles	Compvner equipment	under Conetructlon	Total
		5			E	E	E
Cosf or vs/uarron
Al I January 2021 Additions		56,776,152 212,588	261,581 68,004	2,168,613 76,107	62,712	184,913 37.296	26,781 35,615	59,480,752 429,610
Dispossls
Trancfer		563,563	13,754	(542,574)			(34,743)
At zl December 2021		57,652,303	343,330	1,702,146	62,712	222,209	27,653	59,910,362
Depreoseon
At I January ZOZI Charge for tne year		8,233,006 1,029,855	52,977 30,662	1,192,155 152,745	43,887 9,375	151,229 27,217		9,673,254 1,249,854
Eliminates on disposal
Trarsfer		127,584	3650	(131,234)
At 31 December 2021		9,390,445	87,289	1,213,666	53,262	178,446		10,923,108
iyer bock veiua
Al 31 Oecember 2021		48,161,859	256,050	438,267	9,450	43,763	27,652	48,987,042
At31 December 2020		48,543,146	208,604	9/6,458	18,825	33,684	26781	49,807,498

10	Sundry Debtors and	Prepayment:	Prepayment:	Prepayment:	Amount	falling due within one year	falling due within one year	falling due within one year
							Group	Group	Charity	Ckarity
							2021	2020	2021	2020
							E	K	K	E
	Amounts owed by subsidiary undertakings Investment dividends and interest						4,070 'I6,456	24,878	4,164 16,456	24,878
	debtors						65,971	71,470	65,973	71,471
	Other debtors						6,342	125,068	6,342	125,068
	VAT recoverable							38,330		3,512
	Prepayments and accrued		income				134,363	93,230	134,363	93,230
						227,202		352,976	227,296	318,159
11	Creditors: Amounts	falling		due within	one	year
							Group	Group	Charity	Charity
							2021 K	2020 E	2021 f	2020 f
	Amounts owed to subsidiary Trade creditors Other creditors			undertakings			270,716 197,933	242,188 414,213	347,877 270,716 19',932	310,189 242,188 222,362
	VAT payable Tax and social security creditor						6,387 96,463	94,670	6,387 90,463	94,870
	Accruals and deferred	income					191,800	602,501	191,800	602,501
	Bank loan						546,171	557,209	546,171	557,209
						1,3G3,410		1,910,781	1,651,346	2,029,119
12	Creditors: Amounts	falling		due after more		than	one year
						Group		Group	Charity	Charity
						2021f		2020f	2021 R	2020 R
	Bank Loan				15,328,927			15,922,791	15,328,92'	15,922,791

Analysis ofnet as	sets between f	unds
Group (2021)		Unrestricted	Restricted	Endowment	Totai
		Fundsf	Funds	Funds	Fundsf
Tangible fixed assets		46,622,137	854,900	1,710,003	48,987,040
Investments		1,02'I		6,342,921	6,343,942
Net current assets	/ (liabilities)	1,159,154	1,797,261		2,956,415
Long-terin liabilities		(15,328,927)			(15,328,927)
Pension scheme asset		1,148,000			1,148,000
Net assets		33,601,385	2,452, 'I 61	8,052,924	44,106,470
Charity (2021)		Unrestricted	Restncted	Endowment	Total
		Fundsf	Fundsf	Fundsf	Fundsf
Tangible fixed assets		46,622,137	654,900	1,710,003	48,987,040
Investments		1,021		6,342,921	6,343,942
Net current assets	/ (liabilities)	811,371	1,797,261		2,608,632
Long-term liabilities		(15,328,927)			(15,328,927)
Pension scheme asset		1,148,000			1,148,000
Net assets		33,253,602	2,452,161	8,052,924	43,758,687
6rou p (2020)		Unrestricted Fundsf	Restricted Fundsf	Endowment Fundsf	Total Fundsf
Tangible fixed assets		47,370,137	669,900	1,767,461	49,807,498
Investments		3,520,951		5,640,514	9,161,485
Net current assets	/ (liabilities)	(2,347,419)	1,772,282		(575,137)
Long-term fiabiiities		(15,922,791)			(15,922,791)
Pension scheme asset		697,000			697,000
Net assets		33,317,878	2,442,182	7,407,975	43,168,035
Charity (2020)		Unrestricted	Restricted	Endowment	Total
		Fundsf	Fundsf	Fundsf	Fundsf
Tangible fixed assets		47,370,137	669,900	1,767,461	49,807,498
Investments		3,521,054		5,640,514	9,161,558
Net current assets		(2,514,225)	1,772,282		(741,943)
Long-term liabilities		(15,922,791)			(15,922,791)
Pension scheme asset		697,000			697,000
Net assets		33,151,175	2,442,1S2	7,407,975	43,001,332

Permanent	Endowment	Fund
					The William
				Henry Lucas	Whiteley	Total
				Fund	Fund
At 1 January	2021			1,726,747	5,681,228	7,407,975
Depreciation Realised and unrealised		investment	gains	(57,457)	702,406	(57,457) 702,406
Investment	management
At 31 December 2021				1,669,290	6,383,634	8,052,924
Permanent	Endowment	Fund (2020)
					The William
				Henry Lucas	Whiteley	Total
				Fund	Fund
				K
At 1 January	2020			1,784,204	5,296,718	7,080,922
Depreciation Realised and unrealised		investment	gains	(57,457)	384,510	(57,457) 384,510
At 31 December 2020				1,726,747	5,681,228	7,407,975

Restricted Funds
		At 1 January	Incoming	Resources	At 31 December
		2021	resources	expended	2021
		8		6
HCA Grant		669,900		(15,000)	654,900
RWyatt Trust Whiteley Foundation		1,753,030 17,222	13,615	(13,615)	1,753,030 17,222
Government Covid-19 funding			244,630	(244,630)
Other Building Other		2,030	31,413	(6,434)	27,009
At 31 December	2021	2,442,182	289,658	(279,679)	2,452,'161
Restricted Funds	(2020)	At 1January 2020	Incoming I'esources	Resources expended	At 31December 2020
		6		6
HCA Grant „ RWya(t Tirust The Etiza palinar Hub Whjtetay Foundation Other' Building Other		684,900 1,753,030 23,483 1,959 103,014	2,570 296,727 625	(15l000) (8,831) (296,727) (1,959) (101,609)	669,900 1,753,030 17,222 2,030
At 31 December	2020	2,566,386	299,922	(424,126)	2,442,182

Unrestricted	Funds
		Groupf	Charityf
At 1 January Income	2021	33,317,878 8,403,026	33,151,175 7,678,576
Expenditure Actuarial loss		(8,600,552) 443,000	(8,223,882) 443,000
At31 December 2021		33,563,352	33,048,869

Unrestricted	Funds (2020)
		Groupf	Charityf
At 1 January Income	2020	37,470,610 8,307,316	37,432,197 7,895,904
Expenditure Actuarial loss		(12,291,048) (169,000)	(12,007,926) (169,000)
At 31 December 2020		33,317,878	33,151,175

The group and the charity had set out baleen	minimum lease payments un	der non-cancellabl	e operating leas	es as
	Group	Group	Charity	Charity
	2021 f	2020 f	2021 f	2020
Within one year 2 —5years	3,978 2,983	3,978 6,961	3,978 2,983	3,978 6,961
	6,961	10,939	6,961	10,939

		2021	2020
		8000	6000
At 1 January Interest on assets		7,101 123	6,895 123
Actuarial (losses) gains		3'I5	315
Company contributions Repayment ofoverpaid	contributions	(92) 115	(92) 115
Administration casts
Benefits paid		(255)	(255)
At31December		7,307	7,101

Description ofadjustments made to measure def	ined benefit scheme obligations:
	2021	2020
	6000	6000
At 1 January Current service cost	6,404 16	6,043 25
Past service cost
Interest on obligation	72	107
Actuarial losses	(354)	484
Benefits paid	(305)	(255)
At31December	5,833	6,404


		EOOO	Proportion	6000	Proportion
tndex-Linked	GilisTracker	1,961	28%	1,900	27%
UK Equity index Tracker Fixed Interest Gilts Tracker		1,791 1,562	26% 22%	1,534 1,745	22% 25'/
Insured Pensions		1,574	23%	1,875	26%
Cash		93		47
Less: overpaid	contributions
		6,981		7,101

The scheme liabilities shown sheet date:	above have been calculated using	the following assumptions at t	he balance
		2021	2020
			0/
Discount rate Retail price inflation Salary increase rate Pension increases (at limited Consumer price inflation	price indexation)	1.85 3.50 n/a 3.70 2,90	1,15 3.00 4.30 3.30 2.30

The following components ofthe pension charge have been for the year ended 31 December 2021: 2021	The following components ofthe pension charge have been for the year ended 31 December 2021: 2021	recognised in the statement offinancial 2021 2020	recognised in the statement offinancial 2021 2020	recognised in the statement offinancial 2021 2020	actinnties 2020
	8000	8000		8000	8000
Current service cost and net service		15			23
cost
Administration costs
Interest on obligation interest on scheme assets	72 (80)			107 (123)
Past service costs
Net finance income			(8}		(16)
Total operating charge

Ehe actual return on assets during	Ehe actual return on assets during	Ehe actual return on assets during	Ehe actual return on assets during	the year was f169,000	the year was f169,000	the year was f169,000	(2020:R438,000).
								2021	2020
								6000	6000
Analysis	ofthe actuarial	(losses)/gains recognised				in SOFA:
Asset return less interest		income		recognised	in statement		offinancial
activities								(89)	(315)
Experience (losses)/gains		on	benefit obligation
Changes	to demographic	assumptions
Effect of	assumptions changes		on benefit obligation					(354)	484
								(4tt3)	169
Sensitivity	of the value placed		on	the liabilities				Approximate	effect on liability
									2021
									8000
Discount rate (-0.50%) Inflation (+0.50%)									367 175
Salary Increases (+0.50%)
Commutation									25
Mortality	(increase long-term rate			to 1.75% p.a.)					55

Reconciliation ofnet income/(expenditure) to net cas ofcash and cash equivalents	h flow from operat	ing activities and	analysis
	Group	Group	Group
		2021	2020
Net income/(expenditure)) Adjustment for pension funding Dividends, interest and other investment income Depreciation (Increase)/decrease in stocks (Increase) in debtors (Decrease)/increase in creditors (Profit)/loss on disposal offixed assets Deduct gains/add back losses on investments		457,506 (8,000) (113,407) 1,249,854 (888) 125,774 (596,275) 5,251 (702,406)	(3,780,883) (14,000) (125,420) 1,790,297 12,100 (50,648) 355,786 2,135,777 (384,510)
Net cash inflow from operating activities		417,409	(61,501)
		Charity	Charity
		2021	2020
			6
Net income/(expenditure) Adjustment for pension funding Dividends, interest and other investment income Depreciation (Increase)/decrease in stocks (Increase)/decrease in debtors Increase/(decrease) in creditors		109,724 (8,000) (113,407) 1,249,854 (888) 90,863 (366,735)	(3,909,'I 73) ('I4,000) (125,420) 1,971,851 12,100 2,320,472 431,513
Profit cn disposal cffixed assets Deduct gains/add back losses on investments		(702,406)	(384,510)
Net cash inflow from operating activities		259,005	302,833

Analysis ofcha	nges in net debt
		Balance at		Other	Balance at
Group (2021)		1 January 2021 F	Cash flows 5	Movements	31 December 2021
Bank and cash		979,051	3,049,125		4,028,176
Loans due within Loans due after	one year more than one year	(15,922,791)	47,693	(546,171) 546,171	(546,171) (15,328,927)
Net debt		(14,943,740)	3,096,818		(11,846,922)
		Balance at		Other	Balance at
Charity (2021)		1 January 2021	Cash flows	Movements	31 December 2021
Bank and cash		965,400	3,062,777		4,028,177
Loans due within Loans due after	one year more than one year	(15,922,791)	47,693	(546,171) 546,171	(546,171) (15,328,927)
Net debt		(14,957,391)	3,110,470		(11,846,921)
		Balance at		Other	Balance at
Group (2020)		1 January 2020 6	Cash flows	Movements 6	31 December 2020 K
Bank and cash		1,673,634	3,049,125		971,051
Loans due within Loans due atter	one year more than one year	(16,460,832)	19,168	(557,209) 557,209	(567,209) (15,922,791)
Net debt		(14,787,1 98)	(713,751)		(15,500,949)
		Balance at		Other	Balance at
Charity (2020)		1 January 2020	Cash flows	Movementsf	31 Decernber2020
Bank and cash		1,030,384	(64,984)		965,400
Loans due within Loans due after	one year more than one year	(16460 832)	19,166	(557,209) 557,209	(557,209) (15,922,791)
Net debt		(15,430,448)	(84,152)		(14,957,390)