2023-03-31-accounts - Circadian Trust

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			Page
Reference Information			3to 5
Report ofthe	Trustees		6to 15
Strategic Report			16to 20
Report ofthe	Independent	Auditors	21to 23
Consolidated	Statement of	Financial Activities	24
Consolidated	Statement of	Financial Position	25to 26
Charity Statement of Financial Position			27to28
Consolidated	Statement of	Cash Flows	29
Notes to the	Financial Statements		30to51

~Rtd 7 for the Year Ended 31March 2023	~Rtd 7 for the Year Ended 31March 2023
REFERENCE AND ADMINISTRATIVE DETAIL5
Trustees (Continued)
Name	Biography
Chris Clarke	Chris is an experienced Marketing Manager and is 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 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,
Nalin Parmar	Chartered engineer and qualified accountant with extensive experience in railway
	infrastructure asset management and the industry regulatory madel, gained in British
	Railways (1979 and 2010) and self- employed consultancy (from 2010 to date)
	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.
Valerle Lee	Valerie brings extensive commercial experience from a career 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 of
	consumer 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 Director of HR Dept. Bristol and HR Dept.
	Group Trust. Stacey has over 20years ofexperience ln HR which spans a range ofsectors
	inrjuding public, private and charitable, working with organisations of all shapes and
	sizes.
Andrew Parks	Andrew is Head of Global Consulting at Mayo Clinic and prior to this worked as a
	management consultant In a range of sectors. He has BSc in Economics and
	International Politics and an MBA from Warwick Business School. Andrew lives locally
	and Is a keen Triathlete using Circadian facilities at Yate and Bradley Stoke.
Suzanna Hinnell	Suzanna works for a consultancy managing commercial improvement programmes.
	With two young children who enjoy a range of sports, her family are regular centre
(Resigned 19.5.22)	users.

Total Profit	I	Surplus	Surplus	(Balanced	(Balanced	E73,000	E326,000
Scorecard)
Total Physical	Activity		Visits		(Moving	1,873,293	2,079,799
Communities)
Social Value		Score	E's		(Moving	210,698,000	E13,992,000
Communities)
Average Quest		Assessment			Score	Very Good	Very Good
(Moving Communities
Net Promoter		Score		(Balanced		42	42
Scorecard)
BECCertification		(Balanced		Scorecard)		B

Health and	Fitness (Gym)	459,023
Swimming	Lessons	401,693
Group Exercise Classes		131,304
Swimming	Activities	400,876
Sports Hall	Hire	68,507
Other Activities (Inc. Commercial)		411,890
		1,873,293

						31.3.23	31.3.22
			Unrestricted	Pension	Restricted	Totalfunds	Total funds
			funds	reserve	funds
		Notes	E	E	f	E	E
INCOME AND
ENDOWMENTS FROIVI
Donations and grants		2					298,442
Charitable activities		4
Leisure activities			10,842,079			10~842~079	9009442
Generated Funds
Commercial Trading			1,142,393			1,142,393	840,176
Investment income		3	13,320			13,320	16
Total			11,997,792			11,997,792	10,148,076
EXPENDITURE ON
Generated Funds		12
Commercial Trading			440,143			440,143	347,271
Charitable activities
Leisure activities			11,166,566	264,000	64,498	11,495,064	10,094,103
Total			11,606,709	264,000	64,498	11,935,207	10,441,374
NET
INCOME/(EXPENDITURE)			391,083	(264,000)	(64,498)	62,585	(293,298)
Transfers between funds		18
Other recognised
gains/(losses)
Actuarial gains/lasses	on
defined benefit schemes				6,014,000		6,014,000	1,556,000
Net movement in funds			391,083	5,750,000	(64,498)	6,076,585	1,262,702
RECONCILIATION OF	FUNDS
Total funds brought	forward		1,553,768	(6,239,000)	323,90?	(4,361,325)	(5,624,027)
TOTAL FUNDS CARRIED
FORWARD			1,944,851	(489,000)	259,409	1,715,260	(4,361,325)

039u0 32023
					31.3.23	31.3.22
		Unrestricted	Pension	Restricted	Total funds	Total funds
		funds	reserve	funds
	Notes	f	f	f	f	f
FIXEDASSETS
Intangible assets	13	74,567			74,567
Tangible assets	13a	1,366,028		259,409	1,625,437	1,789,604
		1,440,595		259,409	1,700,004	1,789,604
CURRENT ASSETS
Stocks		113,965			113,965	80,228
Debtors	15	407,547			407,547	428,896
Cash in hand		3,152,238			3,152,238	2,302,375
		3,673,750			3,673,750	2,811,499
CREDITORS
Amounts falling due within
one year	16	(2,059,494)			(2,059,494)	(1,393,428)
NET CURRENT ASSETS		1,614,256			1,614,256	1,418,071
TOTAL ASSETS LESS
CURRENT LIABILmES		3,054,851		259,409	3,314,260	3,207,675
CREDITORS
Amounts failing due after
more than one year	16	(1,110,000)			(1,110,000)	(1,330,000)
PENSION LIABILITY	19		(489,000)		(489,000)	(6,239,000)
NET ASSETS/(LIABILmES)		1.944.1151	[439.000)	2 9,409	.715,260	~4.361.325)
FUNDS	18
Unrestricted funds:
General fund					11944,851	1,553,768
Pension reserve					(489,000)	(6,239,000)
					1,455,851	(4,685,232)
Restricted funds					259,409	323,907
TOTALFUNDS					1,715,260	(4,361,325)

3~1M 3 2023
					31.3.23	31.3.22
		Unrestricted	Pension	Restricted	Total	Total
		funds	reserve	funds	funds	funds
	Notes	f	f	f	f	f
FIXEDASSETS
Intangible assets	11	74,567			74,567
Tangible assets	12	1,334,528		259,409	1,593,937	1,745,753
Investments	13	1			1	1
		1,409,096		259,409	1,668,505	1,745,754
CURRENT ASSETS
Stocks	14	80,394			80,394	53,322
Debtors	15	595,775			595,775	656,510
Cash in hand		2,958,614			2,958,614	2,048,808
		3,634,783			3,634,783	2,758,640
CREDITORS
Amounts falling due within
one year	16	(2,005,521)			(2,005,521)	(1,319,212)
NET CURRENT ASSETS		1,629,262			1,629,262	1,439,428
TOTAL ASSETS LESS
CURRENT UABILITIES		3,038,358		259,409	3,297,767	3,185,182
CREDITORS
Amounts falling due after
more than one year	17	(1,110,000)			(1,110,000)	(1,330,000)
PENSION UABILITY	19		(489,000)		(489,000)	(6,239,000)
NET ASSETS/(LIA8 ILm ES)		1,928,358	(489,000)	259,409	1,698,767	(4,383,818)

Statement ofCash Flows
for the Y ar E ded 31March 2023
					31.3.23	31.3.22
				Notes	f	6
Cash flows from operating	activities:
Cash generated from operations				21	1,273,975	1,433,443
Net cash provided by operating activities
					1,273,975	1,433,443
Cash flows from investing	activities:
Purchase of intangible and	tangible fixed				(437,432)	(165,664)
assets
Sale of intangible and tangible fixed assets						1,600
Interest received					13,320	15
Net cash used in investing	activities
					~424,112)	(164,049
Change in cash and cash equivalents		in the
reporting period					849,863	1,269,394
Cash and cash equivalents	at the beginning		of
the reporting period					2,302,375	1,032,981
Cash and cash equivalents	at the end	ofthe
reporting period					3,152,238	2,302,375

DONATIONS AND LEGACIES
	31.3.23	31.3.22
	E	E
Donations		3,533
Grants		294,909
		298,442

					31.3.23	31.3.22
					E	6
	South Gloucestershire		Council			93,423
	Government	Grants re	Covid	19		201,486
						294,909
3.	INVESTMENT	INCOME
					31.3.23	31.3.22
					f	E
	Deposit account interest				13,320	16
					13,320	16
4.	INCOME FROIyl CHARITABLE ACTIVITIES
					31.3.23	31.3.22
				Activity	E	E
	Leisure income			Leisure activities	10,842,079	9,009,442

				Suppom
			Direct costs	costs	Totals
				(Seenote 6)
			E	E	f
Leisure	activities	—31.03.22	6,894,808	3,199,295	10,094,103
Leisure	activities	-31.03.23	7,706,103	3,788,961	11,495,064

				Information	Central	Governance
			Management	technology	Support	costs	Totals
					Costs
				E	f	E	E
Leisure	activities	-2022	1,170,041	1,301,623	566,631	161,000	3,199,295
Leisure	activities	—2023	1,312,317	1,691,954	615,690	169,000	3,788,961

Net income/(e	xpenditure) isstated after charging/(cre	diting):
		31.3.23	31.3.22
		E	f
Auditors' remuneration		14,500	12,000
Depreciation	and amortisation	523,393	432,103
Rental costs		370,000	370,000

		31.3.23	312.22
		f	f
Wages	and salaries	5,105,629	4,110,098
Social	security costs	286,163	235,027
Other	pension costs	489,688	793,849
		5,881,480	5,138,974

The aver	age monthly number ofemployees during t	he year was as follows:
		31.3.23	31.3.22
Number	ofleisure staff	158	138
Number	ofmarketing staff	1	1
Number	ofsupport staff	39	34
		198

10. COMPARATIVES	10. COMPARATIVES	10. COMPARATIVES	FOR	THE	STATEMENT OF	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES
								31.3.22	31.3.21
					Unrestricted	Pension	Restricted	Total funds	Total funds
					funds	reserve	funds
			Notes		E	E	f	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
CommercialTrading					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				12
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)
RECONCILIATION OF		FUNDS
Total funds brought	forward				1,501,568	(7,514,000)	388,405	(5,624,027)	(2,087,792)
TOTAL FUNDS CARRIED
FORWARD					1,553,768	(6,239,000)	323,907	(4,361,325)	(5,624,027)

				31.3.23	31.3.22
				Total funds	Total funds
				E	E
INCOME				11,382,047	9,545,554
investment income from subsidiary			company	181,602	256,296
Total				11,563,649	9,801,850
EXPENDITURE				11,495,064	10,094,103
NET INCOME/(EXPENDITURE)				68,585	(292,253)
Other recognised gains/(losses)
Actuarial gains/losses		on defined benefit
schemes				6,014,000	1,556,000
Net Movement	in funds			6,082,585	1,263,747
Total funds brought		forward		(4,383,818)	(5,647,565)
TOTAL FUNDS	CARRIED
FORWARD				1,698,767	(4,383,818)

The wholly owned trading	subsidiary	Sphere	Leisure	Limited	is incorporated	in the	United	Kingdom (company
number 05449293) and pays profits		up to its	taxable	threshold	to the charity	through	dividends.	Sphere Leisure
Limited operates the cafes	and all other commercial			trading operations on behalf ofthe Trust. A				summary ofthe
trading results is shown below.
The summary financial performance		ofthe subsidiary		alone is:
					31.3.23			31.3.22
					f			f
TURNOVER					1,142,393			840,176
Cost ofsales					(608,866)			(418,242)
Administrative expenses Interest receivable and similar income					(359219) ~12			(166,699) 14
PROFIT ON ORDINARY ACTIVITIES BEFORETAXATION					175,602			255,249
PROFIT FOR THE FINANCIAL YEAR					175,602			255,249
					31.3.23			31.3.22
					f
FIXEDASSEFS					31,500			43,851
CURRENT ASSETS					260,356			319,887
CURRENT LIABILITIES					~275 362			~341244
TOTAL NET ASSETS					16,494			22,494
CAPITAL AND RESERVES
Called up share capital					1			1
Retained earnings					16,493			22,493
SHAREHOLDERS' FUNDS					16,494			22,494

				Called	up
				share		Retained	Total
				capital f		earnings E	equity f
	Balance at 1April 2021					23,538	23,359
	Total comprehensive	Income				255,249	255,249
	Dividends					(256,294)	(256,294)
	Balance at 31March	2022			1	22,493	22,494
	Total comprehensive	income				175,602	175,602
	Dividends					(181,602)	(181,602)
	Balance at31March	2023			1	16,493	16,494
13.	INTANGIBLE FIXED ASSETS
Group	and Charity
							Computer
							software
							f
	COST
	At 1April 2022						64,498
	Additions						113,305
	Reclassification/transfer						50,337
	At 31March 2023						228,140
	AMORTISATION
	At 1April 2022						64,498
	Charge for year						38,738
	Reclassiflcation/transfer						50,337
	At 31March 2023						153,573
	NET BOOK VALUE
	At 31March 2023						74,567
	At 31March 2022
			39

to the Fi ancial Statements -con Year Ende 31March 2023 TANGIBLE FIXED ASSETS I) Group	tinue
	Improvements	Fixtures and	Computer
	to property	fittings	equipment	Totals
		E	E	E
COST
At 1April 2022	1,848,027	3,448,169	436,958	5,733,154
Reclassification	267,806	(268,348)	(49,795)	(50,337)
Additions	55,878	209,380	59,969	325,227
Disposals	(25,535)	(121,783)	(225,310)	(372,628)
At 31March 2023	2,146,176	3,267,418	221,822	5,635,416
DEPRECIATION
At 1April 2022	1,435,958	2,084,110	423,482	3,943,550
Reclassification	(138,486)	139,353	(51,204)	(50,337)
Charge for year	294,747	164,898	26,110	485,755
Eliminated on disposal	(25,535)	(118,144)	(225,310)	(368,989)
At 31March 2023	1,566,684	2,270,217	173,078	4,009,979
NET BOOK VALUE
At 31March 2023	979,492	997,201	48,744	1,625,437
At 31March 2022	412,069	1,364,059	13,476	1,789,604

13a.	TANGIBLE FIXED ASSETS (Cont.) ii) Charity
		Improvements	Fixtures and	Computer
		to property f	fittings f	equipment E	Totals f
	COST
	At 1April 2022	1,848,027	3,099,639	436,958	5,384,624
	Additions	55,878	199,860	59,969	315,707
	Disposals	(25,535)	(94,098)	(225,310)	(344,943)
	Reclassification	267,806	(268,348)	(49,795)	(50,337)
	At 31March 2023	2,146,176	2,937,053	221,822	5,305,051
	DEPRECIATION
	At 1April 2022	1,435,958	1,779,431	423,482	3,638,871
	Charge for year	294,747	143,027	26,110	463,884
	Eliminated on disposal	(25,535)	(90,459)	(225,310)	(341,304)
	Reclassification	(138,486)	139,353	(51,204)	(50,337)
	At 31March 2023	1,566,684	1,971,352	173,078	3,711,114
	NET BOOK VALUE
	At 31March 2023	579,492	965,701	48,744	1,593,937
	At 31March 2022	412,069	1,320,208	13,476	1,745,753
14.	FIXEDASSETINVESTMENTS
	Charity				Shares in
					gr'oup
					undertakings
	MARKET VALUE				f
	At 1April 2022 and 31March 2023				1
	NET BOOK VALUE
	At31March 2023
	At 31March 2022

					Group	Group	Charity	Charity
				31.3.23		31.3.22	31.3.23	31.3.22
				f		E	E	f
Trade debtors				68,944		71,301	35,783	33,962
Amounts owed by subsidiary			undertaking				221,389	267,028
Other Debtors						2,075
Prepayments				338,603		355,520	338,603	355,520
				407,547		428,896	595,775	656,510
CREDITORS: AMOUNTS		FALUNG DUE WITHIN ONE YEAR
					Group		Charity
				31.3.23		31.3,22	31.3.23	31,3.22
				E		6	E	E
Trade creditors				308,835		183,659	287,793	163,195
Social security and other taxes				107,900		83,542	106,919	83,542
Other creditors				69,679		91,649	37,729	37,897
Accruals and deferred	income			1,573,080		1,034,578	1,573,080	1,034,578
				2,059,494		1,393,428	2,005,521	1,319,212
CREDITORS: AMOUNTS		FALUNG DUE GREATER THAN			ONE	YEAR
Group and Charity							31.3.23	31.3.22
							f	E
Accruals and deferred		income					1,110,000	1,330,000

	Group and Charity	Group and Charity	Group and Charity			31.3.23	31.3.22
						f	f
	Within one year					380,006	526,239
	Between one	and five years				606,386	906,391
	In more than	five years				1724712	252,932
						1.159,104	1,665,562
18.	MOVEMENT	IN	FUNDS
	Group				Net	Transfers
					movement in	between
				At 1.4.22	funds	funds	At 31.3.23
				f	f	f	f
	Unrestricted	funds
	General fund			1,553,768	391,083		1,944,851
	Pension reserve			(6,239,000)	5,750,000		(489,000)
				(4,685,232)	6,141,083		1,455,851
	Restricted funds
	ESCGrant			323,907	(64,498)		259,409
	TOTAL FUNDS			(4,361,325)	6,076,585	—	1,715,260
	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			11,997,792	(11,606,709)		391,083
	Pension reserve				~264 000)	6,014,000	5,750,000
				111997,792	(11,870,709)	6,014,000	6,141,083
	Restricted funds
	ESCGrant				(64,498)		(64,498)
	TOTALFUNDS			11,997,792	(11,935,207)	6,014,000	6,076,585
				43

Charity
					Net
					movement	At
				At 1.4.22	in funds	31.3.23
				E		E
Unrestricted	funds
General fund				1,531,275	397,083	1,928,358
Pension reserve				(6,239,000)	5,750,000	(489,000)
				(4,707,725)	6,147,083	1,439,358
Restricted funds
ESCGrant				323,907	(64,498)	259,409
TOTAL FUNDS
Net movement		in funds, included	in the above are as follows:
			Incoming	Resources	Gains and	Movement
			resources E	expended E	losses f	in funds f
Unrestricted	funds
General fund			11,563,649	(11,166,566)		397,083
Pension reserve				(264,000)	6,014,000	5,750,000
			11,563,649	(11,430,566)	6,014,000	6,147,083
Restricted funds
ESCGrant				(64,498)		(64,498)
TOTAL FUNDS			11,563,649	(11,495,064)	6,014,000	6,082,585

for th	Y ar E ded	31March 2	023
18.	IVlOVEMENT	IN FUNDS	(Cont.)
	Comparative	movement	in Funds
	Group				Net	Transfers
					movement in	between
				At 1.4.21	funds	funds	At 31.3.22
				E	E		f
	Unrestricted	funds
	General fund			1,501,568	52,200		1,553,768
	Pension reserve			(7,514,000)	1,275,000		(6,239,000)
				(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)

		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		201,486	(201,486)
		201,486	(265,984)		(64,498)
TOTAL FUNDS		10,148,075	(10,441,373)	1,556,000	1,262,702

Comparative Charity	mo	vement In Funds
					Net
					movement	At
				At 1.4.21	in funds	31.3.22
				E	f	E
Unrestricted	funds
General fund				1,478,030	53,245	1,531,275
Pension reserve				J7,614,000)	1,275,000	(6,239,000)
				(6,035,970)	1,328,245	(4,707,725)
Restricted funds
ESCGrant				388,405	(64,498)	323,907
TOTALFUNDS				(5,647,565)	1,263,747	(4,383,818)
Net movement		in funds, included	in the above are as follows:
			Incoming	Resources	Gains and	Movement
			resources f	expended E	losses E	in funds 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

		Defined benefit pension	Defined benefit pension
		plans
		31.3.23	31.3.22
		f	6
Present value offunded	obligations	(13,111,000)	(20,206,000)
Fair value of plan assets		12,622,000	13,967,000
LiabiTity		(489,000) ~6,2390M)

The amounts	recognised in t	he statement offinancial a	ctivities are as follows
			Defined	benefit
			pension	plans
			31.3.23	31.3.22
			6	f
Current service cost			421,000	450,000
Net interest	from net defined	benefit
asset/liability			169,000	161,000
Past service	cost
Gains/losses	on settlements	and
curtailments				12,000
Admin Expenses			7,000	7,000
			597,000	630,000
Actua I return	on plan assets		(1,035,000)	(1,255,000)

							Defined	benefit
							pension	plans
							31.3.23	31.3.22
							E	f
Opening	defined		benefit		obligation		20,206,000	19,974,000
Current	service cost						421,000	450,000
Contributions		by	scheme		participants		74,000	77,000
Interest	cost						563,000	438,000
Actuarial	losses/(gains)						(9,615,000)	(621,000)
Benefits	paid						(185,000)	(168,000)
Curtaifments								12,000
Actuarial	(gains)/losses			from changes		in
financial	assumptions						1,647,000	44,000
							13,111,000	20,206,000

		Defined	benefit
		pension	plans
		31.3.23	31.3.22
		f	E
Opening fair value ofscheme assets		13,967,000	12,460,000
Interest on plan assets		394,000	277,000
Contributions	by employer	333,000	3il9,000
Contributions	by scheme participants	74,000	77,000
Administration	Expenses	(7,000)	(7,000)
BeneBts paid		(185,000)	(168,000)
Return on plan assets (excluding
interest income)		(1,954,000)	979,000
		12422,0M	13.967,000

				Defined	beneRt
				pension	plans
				31.3.23	31.3.22
				f	f
Actuarial	(gains)/losses	from changes	in
financial	assumptions			(1,647,000)	(44,000)
Return on plan assets		(excluding
Interest	income)			(1,954,000)	979,000
Actuarial	gains/(losses)			9,615,000	621,000
				6,014,000	1,556,000

	Deflned	benefit
	pension	plans
	31.3.23	31.3.22
	E	E
Equities	4,405,000	5,656,000
Bonds - Government	2,423,000	1,732,000
Bonds - Other	1,123,000	1,048,000
Cash	240,000	223,000
Property	808,000	936,000
Other	3,623,000	4,372,000
	12,622,000	13,967,000

		313.23	31.3.22
Inflatio		2.70%	3,20%
Rate ofincrease	in pensions	2.80%	330%
Discount rate of	liabilities	4 80%	2.80%
Rate ofincrease	in salar!es	1.70%	2.20%

21.	RECONCILIATION ACTIVITIES	OF NET	IN	COME/(EXPEN	DITURE) TO	NET CASH	FLOW FROM	OPERATING
							31.3.23	31.3.22
							f	f
	Net Income/(expenditure)		forthe reporting		period (as per	the
	statement offinandal activities)						62,585	(293,298)
	Adjustments for:
	Depreciation and amortisation			charges			523,393	432,103
	Interest received						(13,320)	(15)
	Loss on Disposal of	Rxed assets					3,639
	Decrease/(Increase)	in stocks					(33,737)	17,087
	Decrease/(Increase)	in debtors					21,349	683,679
	Increase/(Decrease)	in creditors					446,066	312,887
	Difference between	pension	charge and cash		contributions		264,000	281,000
	Net cash used in operating		activities				1,273,975	1,433,443
22.	ANALYSIS OF CHANGES IN		NET	FUNDS
						At 1.4.22	Cash flow	At 31.3.23
						E	f	f
	Net cash
	Cash at bank and in	hand				2,302,375	849,863	3,152,238
	Total					2,302,375	849,863	3,152,238