2022-03-31-accounts - Circadian Trust

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			Page
Reference Information			3to 7
Report ofthe	Trustees		gto21
Report ofthe	Independent	Auditors	22to 24
Consolidated	Statement of	Financial Activities	25
Consolidated	Statement of	Financial Position	26to 27
Charity Statement ofFinancial Position			28to29
Consolidated	Statement of	Cash Flows	30
Notes tothe	Financial Statements		31to52

Grou Re	ort ofthe Trustees	ort ofthe Trustees
for the Year Ended		31March 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
Name		Biography		Notes
Derek Segger		Derek lives in Chepstow and worked in the
		aerospace industry in Filton, South Gloucestershire.
		He is a regular visitor to Circadian Trust facilities.
Patrick Van Beck		Patrick is an actuary and works in the life insurance
		industry. He has previous experience as a non
		executive director while working overseas. He and
		his family are regular customers ofCircadian Trust's
		facilities.
Robert Wimbush		Rob works in the sales and marketing function in		Resigned 11.11.21
		the finance and pensions industry. He lives in
		Downend and is a regular customer of Circadian
		Trusts facilities.
Anthony	Davis	Tony is a nominated trustee as a sitting Councillor
		ofSouth Gloucestershlre Council and is a member
		ofYate Council. He is retired and lives in Tate. For
		the last 30years he has run a martial arts club at
		Tate Lifestyle Centre.
Neil McKen		Neil is a management consultant and part-time
		lecturer. He has been Involved in community
		activities for a number ofyears and is a regular user
		ofCircadian Trust Lifestyle Centres.
Peter Tuodolo		Peter lives in Thornbury and works for Essilor Ltd.
		one ofthe biggest lens and optical manufacturers	in
		the world. He is also an SRA level 2 club coach in
		squash and a UEFA 8License football coach and
		currently manages Thornbury Under 16's team.

Ben Hilton	Ben isthe CEOfor the Dame Kelly Homes Trust and	Resigned 07.02.21
	is responsible forthe overall running and impact of
	the charity. He is experienced in strategic planning,
	impact management and programme design to
	ensure maximum impact tothe beneficiaries.
Janet Raven	Janet works forthe Lawn Tennis Association
	working with elite junior tennis players. She has
	over 20years teaching experience within South
	Gloucestershire primary schools and was a Head
	Teacher for 11years, She lives in Thornbury.
Roland Sims	Prior to his retirement Roland was an Area Manager
	for Circadian Trust and was employed within the
	Lifestyle Centres for over 30years. He is committed
	to working with local groups to benefit the local
	community and regularly volunteers as a Move
	Maker at Southmead Hospital.
Junior Sheikh	Junior is CEO and co-founder ofthe prestigious
	MTM Awards, which celebrates the excellence and
	achievements ofsmall, medium businesses and
	grass root communities, and has become the South
	West's premier Asian, Black &Ethnic Communities
	event. A key focus is building bridges and creating
	awareness ofthe importance ofdiversity, and
	celebrating excellence and achievements ofour rich
	and diverse communities.
James Griffiths	James is a South Gloucestershire District Councillor
	and a commercial manager, with a focus in the
	health sector, with two degrees in Sports Science
	and Cardio Physiology and experience working in
	the NHS and private health care sector, local
	government and health &fitness.

Circadian Trust
Re ortof the Trustees
for the Year Ended 31	March 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees (Continued)
Peter Viney	Peter is an Associate member ofChartered Institute
	ofProfessional Development with a passion for
	Human Resource Management. With 21years of
	retail management experience, Peter joined as a
	Trustee in 2021to help shape and grow the facilities
	and customer experience to match the needs ofthe
	communities they serve. Peter has been a regular
	customer for many years, using the facilities at
	Longwell Green and Yate.
Nalin Parmar	Chartered engineer and qualified accountant with
	extensive experience in railway infrastructure asset
	management and the industry regulatory model,
	gained in British Railways (1979and 2010)and self-
	employed consultancy (from 2010todate)
	combining engineering, finance, economic
	regulation and funding. Business Advisor to Group
	Finance Director of Network Rail (2005to 2010).
	Trustee member to Sirona Care and Health Group
	C.I.Cand Treasurer Director ofBristol and
	Gloucester Gliding Club Ltd. Educated at Imperial
	College with interests in power flying, gliding,
	badminton, swimming and reading.
Suzanna Hinnell	Suzanna works for a consultancy managing	Resigned 19.05.22
	commercial improvement programmes. With two
	young children who enjoy a range of sports, her
	family are regular centre users.
Phil Boobier	Phil qualified as a Management Accountant in 1992	Resigned 11.11.21
	and before then had over 10years' experience as an
	electrical engineer in the shipbuilding industry. He
	has worked in a range ofdifferent roles within the
	public sector but with a focus on investment project
	governance and accounting. Phil was a keen
	participant in sport when he was younger and is
	now a regular user ofthe leisure centres. He isalso
	a supporter and season ticket holder at Plymouth
	Argyle. Having joined the Trust in November 2013
	he hopes to use his financial experience to support
	the Trust in continuing to deliver high-quality
	facilities tothe local community.

Re ort	ofthe Trustees	ofthe Trustees
for the	Year En ed 31March 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees (Continued)
Valerie	Lee	Valerie brings extensive commercial experience		Appointed 11.11.21
		from acareer in a variety offunctions in leading	UK
		retail and consumer companies. Valerie studied
		Economics at Warwick University and holds a Post
		Graduate Diploma. Valerie has a deep
		understanding ofconsumer marketing, as well as
		experience in strategic development, business
		transformation and property management. In
		addition to her role as Chair at Circadian Trust she
		works with a number ofother organisations that
		strive to improve the health and well-being oflocal
		communities across the South West.
Stacey	Mead	Stacey is a Chartered Fellow ofthe CIPD and a		Appointed 07.09.21
		Director of HR Dept. Bristol and HR Dept. Group
		Trust. Stacey has over 20years ofexperience in	HR
		which spans a range ofsectors including public,
		private and charitable, working with organisations
		of all shapes and sizes.
Andrew	Parks	Andrew is Head ofGlobal Consulting at Mayo Clinic		Appointed 11.11.21
		and prior to this worked as a management
		consultant in a range ofsectors. He has BScin
		Economics and lnternationalPolitics and an MBA
		from Warwick Business School. Andrew lives locally
		and is a keen Triathlete using Circadian facilities	at
		Yate and Bradley Stoke.
Chris Clarke		Chris is an experienced Marketing Manager and	is	Appointed 11.11.21
		based in South Gloucestershire and is an avid
		runner, cyclist and swimmer having completed	a
		series ofsponsored events. Chris uses Circadian
		facilities to train for his events.
James	Iles	James is a HR Director within the Telecoms sector		Appointed 06.12.21
		majoring in Learning &Development with a strong
		focus on Customer Experience and Sales. Having
		seen his children benefit through active
		participation in sport (and learning to swim via the
		Trusts swimming school) James is keen to support
		the Trust's Social Value charitable aims and
		objectives within the local community. He is a
		regular user of Circadian Trust's Longwell Green
		facilities.

!	Health	and	Fitness (Gym)	I	107,020			83,778		167,535	156,278
							I
! Swimming Lessons I Group Exercise Classes					75,315 17,005!	104,961, 34,217 !		99,539 34300	! I	121,878 45,682	76,581 48,477
	Swimming		Activities			119,698	I	99,252		117,644	64,242
				L
~S		Hall	Hire		10,613,	16,176	t	18,419;		23,299	23,935
	Other	Activities (lnc.				87,698		111623	I	135064	16,995
i	Commercial)
											386,508

						31.3.22	31.3.21
			Unrestricted	Pension	Restricted	Total funds	Total funds
			funds	reserve	funds
		Notes	E	E	E	E	E
INCOME AND
ENDOWMENTS FROM
Donations and grants		2	96,956		201,486	298,442	3,399,795
Charitable activities		4
Leisure activities			9,009,442			9,009,442	2,200,165
Generated Funds
Commercial Trading			840,176			840,176	141,117
Investment income		3	16			16	190
Total			9,946,590		201,486	10,148,076	5,741,267
EXPENDITURE ON
Generated Funds
Commercial Trading			347,271			347,271	87,774
Charitable activities
Leisure activities			9,547,119	281,000	265,984	10,094,103	8,064,728
Total			9,894,390	281,000	265,984	10,441,374	8,152,502
NET
INCOME/(EXPENDITURE)			52,200	(281,000)	(64,498)	(293,298)	(2,411,235)
Transfers between funds		18
Other recognised
gains/(losses)
Actuarial gains/losses	on
defined benefit schemes				1,556,000		1,556,000	(1,125,000)
Net movement in funds			52,200	1,275,000	(64,498)	1,262,702	(3,536,235)
RECONCIUATION OF	FUNDS
Total funds brought	forward		1,501,568	(7,514,000)	388,405	(5,624,027)	(2,087,792)
TOTAL FUNDS CARRIED
FORWARD			1,553,760	(6,239,00D)	323,907	(4,361,3251	(5,624, D27)

Grou Statement ofFinanci At 31March 2022	al Posit	ion
					31.3.22	31.3.21
		Unrestricted	Pensron	Restricted	Total funds	Total funds
		funds	reserve	funds
	Notes	f	f	f	f	f
FIXEDASSETS
Intangible assets	13					1,107
Tangible assets	13a	1,465,697		323,907	1,789,604	2,056,537
		1,465,697		323,907	1,789,604	2,057,644
CURRENT ASSETS
Stocks		80,228			80,228	97,315
Debtors	15	428,896			428,896	1,112,575
Cash in hand		2,302,375			2,302,375	1,032,981
		2,811,499			2,811,499	2,242,871
CREDITORS
Amounts falling due within
one year	16	(1,393,428)			(1,393,428)	(961,375)
NET CURRENT ASSETS		1,418,071			1418071	1281486
TOTAL ASSETS LESS
CURRENT UABILlllES		2,883,768		323,907	3,207,675	3,339,140
CREDITORS
Amounts falling due after
more than one year	16	(1,330,000)			(1,330,000)	(1,449,167)
PENSION LIABIUTY	19		(6,239,000)		(6,239,000)	(7,514,000)
NET ASSETS/(UABILITIES)
FUNDS
Unrestricted funds:
General fund					1,553,768	1,501,568
Pension reserve					(6,239,000)	(7,514,000)
					(4,685,232)	(6,012,432)
Restricted funds					323,907	388,405
TOTALFUNDS					{4,362,3257	25,624,0277

tatement of Financial Positi 31March 2022	on
					31.3.22	31.3.21
		Unrestricted	Pension	Restricted	Total	Total
		funds	reserve	funds	funds	funds
	Notes	f	f	f	f	f
FIXEDASSETS
Intangible assets	13					1,107
Tangible assets	13a	1,421,846		323,907	1,745,753	2,006,079
Investments	14	1			1	1
		1,421,847		323,907	1,745,754	2,007,187
CURRENT ASSETS
Stocks		53,322			53,322	57,605
Debtors	15	656,510			656,510	1,262,007
Cash in hand		2,048,808			2,048,808	940,026
		2,758,640			2,758,640	2,259,638
CREDITORS
Amounts falling due within
one year	16	(1,319,212)			(1,319,212)	(951,223)
NET CURRENT ASSETS		1,439,428			1,439,428	1,308,415
TOTAL ASSETS LESS
CURRENT LIABILITIES		2,861,275		323,907	3,185,182	3,315,602
CREDITORS
Amounts falling due after
more than one year	16	(1,330,000)			(1,330,000)	(1,449,167)
PENSION LIABILITY	19		(6,239,000)		(6,239,000)	(7,514,000)
NET ASSETS/(UABILITIES)

1,531,275	1,478,030
(6,239,000)	(7,514,000)
(4,707,725)	(6,035,970)
323,907	388,405
(4,383,818(	(5,M1,5851

	31.3.22	31.3.21
	E	f
Donations	3,533	143,943
Grants	294,909	3,255,852
	298,442	3,399,795

Grants receiv	ed, include	d in the above, are as follows:
			31.3.22	31.3.21
			E	E
Government	Covid Iob	Retention Scheme	201,486	2,482,249
South Gloucestershire		Council	93,423	121,070
National Leisure Recovery Fund				650,000
Other grants				2,533
			294,909	3,255,852

		31.3.22	31.3.21
		E	E
Wages	and salaries	4,110,098	4,218,773
Social	security costs	235,027	206,420
Other	pension costs	793,849	406,849
		5138974	4,832,042

						31.3.22	31.3.21
Number of leisure staff						138	164
Number ofmarketing	staff					1	1
Number ofsupport staff						34	28
						173	193
The number of employees		whose employee	benefits	(excluding	employer	pension costs)	exceeded
E60,000was:
						31.3.22	31.3.21
E60,000 - E69,999
E80,000 - E89,999						1	1

					31.3.21
		Unrestricted	Pension	Restricted	Total funds
		funds	reserve	funds
			f	f
INCOME AND
ENDOWMENTS FROM
Donations and legacies		917,546		2,482,249	3,399,795
INCOME AND
ENDOWMENTS FROM
Charitable activities
Leisure activities		2,200,165			2,200,165
Generated Funds
Commercial Trading		141,117			141,117
Investment income		190			190
Total Income		3,259,018		2,482,249	5,741,267
EXPENDITURE ON
Generated Funds
Commercial Trading		87,774			87,774
Charitable activities
Leisure activities		5,336,981	181,000	2,546,747	8,064,728
Total Expenditure		5,424,755	181,000	2,546,747	8,152,502
NET
INCOME/(EXPENDITURE)		(2,165,737)	(181,000)	(64,498)	(2,411,235)
Other recognised
gains/(losses)
Actuarial gains/losses	on
defined benefit schemes			(1,125,000)		~2,125 OOO)
Net movement in funds		(2,165,737)	(1,306,000)	(64,498)	(3,536,235)
RECONCILIATION OF	FUNDS
Total funds brought	forward	3,667,305	(6,208,000)	452,903	(2,087,792)
TOTAL FUNDS CARRIED
FORWARD		1,501,568	(7,514,000)	388,405	(5,624,027)

The summary f	inanci	al performance	ofthe charity alone is:
				31.3.22	31.3.21
				Total funds	Total funds
INCOME				9,545,554	5,624,589
Investment income		from subsidiary	company	256,296	44,281
Total				9,801,850	5,668,870
EXPENDITURE				10,094,103	8,064,728
NET INCOME/(EXPENDITURE)				(292,253)	(2,395,858)
Other recognised gains/(losses)
Actuarial gains/losses		on defined benefit
schemes				1,556,000	(1,125,000)
Net Movement	in funds			1,263,747	(3,520,858)
Total funds brought		forward		(5,647,565)	(2,126,707)
TOTAL FUNDS	CARRIED
FORWARD				(4,383,818)	(5,641,565)

	31.3.22	31.3.21
	E	E
TURNOVER	840,176	141,117
Cost ofsales	(418,242)	(71,142)
Administrative expenses	(166,699)	(41,261)
Interest receivable and similar income	14	190
PROFIT ON ORDINARY ACTIVITIES BEFORETAXATION	255,249	28,904
PROFIT FOR THE FINANCIAL YEAR	255,249	28,904
	31.3.22	31.3.21
	E	E
FIXEDASSETS	43,851	50,458
CURRENT ASSETS	319,887	141,720
CURRENT UABILITIES	~3412 4	~168639
TOTAL NET ASSETS	22,494	23,539
CAPITAL AND RESERVES
Called up share capital	1	1
Retained earnings	22,493	23,538
SHAREHOLDERS' FUNDS	22,494	23,539

12.IN	COME EARNED FROM	OTHER TRADING ACTIVI	TES (Cont.)
			Called	up
			share		Retained	Total
			capital		earnings	equity
			E		E	E
	Balance at 1April 2020				38,915	38,916
	Total comprehensive	income			28,904	28,904
	Dividends				(44,281)	(44,281)
	Balance at 31March	2021		1	23,538	23,539
	Total comprehensive	income			255,249	255,249
	Dividends				(256,294)	(256,2941
	Balance at31March	2022		1	22,493	22,494
13.	INTANGIBLE FIXEDASSETS
						Computer
Group	and Charity					software f
	COST
	At 1April 2021					64,498
	Additions
	At 31March 2022					64,498
	AMORTISATION
	At 1April 2021					63,391
	Charge for year					1,107
	At 31March 2022					64,498
	NET BOOK VALUE
	At 31March 2022
	At 31March 2021					1,107

to the Financial Sta ements - co e Year Ended 31March 2022 TANGIBLE FIXEDASSETS i)Group	ntinued
	Improvements	F(xtures and	Computer
	to props(ty	fittingS	equipment	Totals
	f	f	f	f
COST
At1April 2021	1,848,027	3,382,210	497,674	5,727,911
Additions		145,450	20,214	165,664
Disposals		(79,491)	(80,930)	(160,421)
At 31March 2022	1840027	3.440,169	436,958	5,733,154
DEPRECIATION
At 1April 2021	1,201,947	1,983,703	485,724	3,671,374
Charge for year Eliminated on disposal	234,011	179,898 (79,491(	18,688 ~00,9301	432,597 (160,421(
At 31March 2022	1,435,958	2,084,110	423,482	3,943,550
BIETBOOK VALUE
At 31March 2022	412,069	1,364,059	13,476	1,789,604
At 31March 2021	646,000	1,398,507	11,950	2,056,537
	improvements	Fixtures &
ii) Charity	to	fittings	Computer
COST	property f	f	equipment f	Totals f
At 1April 2021	1,848,027	3,046,085	497,674	5,391,786
Additions		131,464	20,214	151,678
Disposals		(77,910)	(80,930)	(158,840)
At 31March 2022	1,848,027	3,099,639	436,958	5,384,624
DEPRECIATION
At 1April 2021	1,201,947	1,698,036	485,724	3,385,707
Charge for year	234,011	159,305	18,688	412,004
Eliminated on disposal		(77,910)	(80,930)	(158,840)
At 31March 2022	1,435,958	1,779,431	423,482	3,638,871
NET BOOK VALUE
At 31March 2022	412,069	1,320,200	13,476	1,745,753
At 31March 2021	64600D	1340049	11950	~2000070
	41

			Group	Charity	Charity
		312L22	313.21	312L22	312K21
		E	E	E	E
Trade debtors		71,301	872,461	33,962	863,406
Amounts owed by subsidiary	undertaking			267,028	158,487
Other debtors		2,075
Prepayments		355,520	240,114	355,520	240,114
		428,896	1,112,575	656,510	1,262,007

			Charity
	31.3.22	31.3.21	31.3.22	31.3.21
	E	f	f	E
Trade creditors	183,659	250,614	163,195	249,818
Social security and other taxes	83,542	60,136	83,542	57,108
Other creditors	91,649	38,749	37,897	32,421
Accruals and deferred income	1,034,578	611,876	1,034,578	611,876
	1,393,420	961,375	1,319,212	951,223

Group and Charity		31.3.22	31.3.21
		f	E
Accruals and deferred	income	1,330,000	1,449,167

Group and Charity	31.3.22	31.3.21
	E	E
Within one year	526,239	659,844
Between one and five years	906,391	1,252,498
In more than five years	252,932	332,932
	1,685,562	2,245,273

Group				Net	Transfers	Transfers
				movement in	between
			At 1.4.21	funds	funds		At 31.3.22
			E	E		E	E
Unrestricted	funds
General fund			1,501,568	52,200			1,553,768
Pension reserve			(7,514,000)	1,275,000			(66239,000)
			(6,012,432)	1,327,200			(4,685,232)
Restricted funds
ESCGrant			388,405	(64,498)			323,907
TOTAL FUNDS			(5,624,027)	1,262,702			(4,361,325)
Net movement		in funds, included	in the above are asfollows:
			incoming	Resources	Gains	and	Movement
			resources	expended	losses		in funds
			E	E	E		E
Unrestricted	funds
General fund			9,946,589	(9,894,389)			52,200
Pension reserve				(281,000)	1,556,000		1,275,000
			9,946,589	(10,175,389)	1,556,000		1,327,200
Restricted funds
ESCGrant				(64,498)			(64,498)
Government	Covid Job Retention
Scheme			2111486	~262 486)
			201,486	(265,984)			(64,498)
TOTAL FUNDS			10,148,075	(10,441,373)	1,556,000		1,262,702

Charity
					Net
					movement	At
				At 1.4.21	in funds	31.3.22
				E	E	E
Unrestricted		funds
Generalfund				1,478,030	53,245	1,531,275
Pension reserve				(7,514,000)	1,275,000	(6,239,000)
				(6,035,970)	1,328,245	(4,707,725)
Restricted funds
ESCGrant				388,405	(64,498)	323,907
TOTAL FUNDS				(5,647,5651	1,263,747	(4,383,818(
Net movement		in funds, included	in the above are as follows:
			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
			E	E	E	E
Unrestricted	funds
General fund			9,600,363	(9,547,119)		53,245
Pension reserve				(281,000)	1,556,000	1,275,000
			9,600,363	(9,828,119)	1,556,000	1,328,245
Restricted funds
ESCGrant				(64,498)		(64,498)
Government	Covid Job Retention
Scheme			201,486	(201,486)
			201,486	(265,984)		(64,498)
TOTAL FUNDS			9,801,849	(10,094,103)	1,556,000	1,263,747

Comparative	m	ovement in Funds
Group					Net	Transfers
					movement in	between
				At 1.4.20	funds	funds	At31.3.21
				f	f	f	f
Unrestricted	funds
General fund				3,667,305	(2,165,737)		1,501,568
Pension reserve				(6,208,000)	(1,306,000)		(7,514,000)
				(2,540,695)	(3,471,737)		(6,012,432)
Restricted funds
ESCGrant				452,903	(64,498)		388,405
TOTAL FUNDS				(2,087,792)	(3536.235)		(5624,D27)
Net movement		in funds, included	in the above are as follows:
				Incoming	Resources	Gains and	Movement
				resources f	expended f	losses f	in funds f
Unrestricted	funds
General fund				3,259,018	(5,424,755)		(2,165,737)
Pension reserve					(181,000)	(1,125,000)	(1,306,000)
				3,259,018	(5,605,755)	(1,125,000)	(3,471,737)
Restricted funds
ESCGrant					(64,498)		(64,498)
Government	Covid lob Retention		Scheme	2,482,249	(2,482,249)
TOTAL FUNDS				5,741,267	(5,152,5D2)	(1.125,DDD)	(3,536,235)

Comparative Charity	mo	vement in Funds
					Net	Transfers
					movement in	between
				At 1.4.20	funds	funds	At 31.3.21
				E	E	E	E
Unrestricted	funds
General fund				3,628,390	(2,150,360)		1,478,030
Pension reserve				(6,208,000)	(1,306,000)		(7,514,000)
				(2,579,610)	(3,456,360)		(6,035,970)
Restricted funds
ESCGrant				452,903	(64,498)		388,405
TOTALFUNDS				(2,126,7071	(3,520,858)		~5647,565)
Net movement		in funds, included	in the above are asfollows:
				Incoming	Resources	Gains and	Movement
				resources	expended	losses	in funds
				E	E	E	E
Unrestricted	funds
General fund				3,186,621	(5,336,981)		(2,150,360)
Pension reserve					(181,000)	(1,125,000)	(1,306,000)
				3,186,621	(5,517,981)	(1,125,000)	(3,456,360)
Restricted funds
ESCGrant					(64,498)		(64,498)
Government	Covid Job Retention		Scheme	2,482,249	(2,482,249)
TOTALFUNDS				5,668,870	(8,064,728)	(1,125,000)	(3,520,858)

		Defined benefit	pension
		plans
		31.3.22	31,3.21
		E	E
Current	service cost	450,000	377,000
Net interest from net defined benefit asset/liability		161,000	138,000
Admin	Expenses	7,000	7,000
Curtailments		12,000
Less Employer Contributions		(349,000)	(341,000)
Past Service Costs
		281,DDD	101,000
Actual	return on plan assets	(1,255,000)	(1,010,1100)

					Defined benefit	pension
					plans
					31.3.22	31.3.21
					E	E
Defined	benefit obligation		b/f		19,974,000	16,571,000
Current	service cost				450,000	377,000
Contributions by scheme participants					77,000	77,000
Interest	cost				438,000	380,000
Benefits	paid				(168,000)	(131,000)
Past Service Costs
Curtailments					12,000
Remeasurement		on Experience		(gain) / loss	44,000	(279,000)
Remeasurement		on assumptions		(gain) / loss
Actuarial	losses/(gains)				(621,000)	2,979,000
Defined	benefit	obligation	c/f		20,200,D(0	19,924,000

Changes in th	e	fair value ofscheme assets	are as follows:
				Defined benefit	pension
				plans
				31.3.22	31.3.21
				f	f
Fair value ofscheme assets b/f				12,460,000	10,363,000
Interest on plan		assets		277,000	242,000
Contributions	by employer			349,000	341,000
Contributions	by scheme participants			77,000	77,000
Administration		Expenses		(7,000)	(7,000)
Benefits paid				(168,000)	(131,000)
Remeasurement		on plan assets (excluding	interest income)	979,000	1,575,000
Fair value ofscheme assets c/f				13,961,00D	12,46D,DDD

			Defined benefit	pension
			plans
			31.3.22	31.3.21
			f	f
Remeasurement	on	liability assumptions	(2,535,000)	(2,700,000)
Remeasurement	on	plan assets (excluding interest income)	979,000	1,575,000
			11ss6,0003	32,323,0303

	Defined benefit	pension
	plans
	31.3.22	31.3.21
	f	f
Equities	5,656,000	4,673,000
Bonds - Government	1,732,000	1,757,000
Bonds - Other	1,048,000	1,059,000
Cash	223,00	361,000
Property	936,000	897,000
Other	4,372,000	3,713,000
	13,661,DM	11,46D,OOD

		31.3.22	31.3.21
Inflation		3.20%	2.7%
Rate ofincrease	in pensions	3.30%	2.8%
Discount rate of	liabilities	2.80%	2.2%
Rate ofincrease	in salaries	2.20%	1 76xo

for t	he Year Ended 31Mar	ch	2022
21.	RECONCILIATION	OF	NET	INCOME/(EXPENDITURE)			TO	NET	CASH	FLOW FROM	OPERATING
	ACTIVITIES
										31.3.22	31.3.21
										6	E
	Net income/(expenditure)			forthe reporting		period (as	per	the
	statement offinancial		activities)							(293,298)	(2,411,235)
	Adjustments for:
	Depreciation and amortisation				charges					433,704	544,639
	Interest received									(15)	(190)
	Decrease/(Increase)	in	stocks							17,087	33,315
	Decrease/(Increase)	in	debtors							683,679	(730,891)
	Increase/(Decrease)	in	creditors							311,286	482,091
	Difference between	pension		charge and cash		contributions				281,000	181,000
	Net cash used in operating			activities						1,433,443	(1,9D1,271)
22.	ANALYSIS OF CHANGES		IN NET		FUNDS
								At 1.4.21		Cash flow	At 31.3.22
								f		6	E
	Net cash
	Cash at bank and in	hand					1,032,981			1,269,394	2,302,375
	Total						1,032,981			1,269,394	2,302,375