|||||Page|
|---|---|---|---|---|
|Strategic Report||||1 lo 3|
|Report ofthe Trustees||||4 to 6|
|Report ofthe Independent|Auditors|||7to9|
|Consolidated
Statement ofFinancial|||Activities|10|
|Consolidated
Balance Sheet|||||
|Charitable
Company
Balance Sheet||||12|
|Consolidated
Cash Flow|Statement|||13|
|Notes to the Consolidated|Cash Flaw||Statement|14|
|Notes to the Consolidated|Financial|Statements||15to 33|
##
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##
|||2022-23|2021-22|2020-21|
|---|---|---|---|---|
|||g'000|6'000|f.'000|
|Total incoming
resource||12,708|11,043|10,208|
|Unrestricted|incoming
resources|12,633|10,571|10,113|
|Unrestricted|surplus/(deficit)|75|1,043|95|
##
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##
|||||for the Year E|nded 31March 2|023|||
|---|---|---|---|---|---|---|---|---|
||||||||31.3.23|31.3.22|
|||||Unrestricted|Restricted|Endowment|Total|Total|
|||||fund|funds|fund|funds|funds|
||||Notes||f,||||
|INCOME AND ENDOWMENTS|||||||||
|FROM|||||||||
|Donations
and legacies||||1,342|325,469||326,811|241,709|
|Charitable
activities|||||||||
|Drug and alcohol treatment||services||10,795,818|||10,795,818|9,105,805|
|Residential
Services||||1,351,756|||1,351,756|1,272,785|
|Elderly||||||||56,484|
|Other trading activities|||3|52,181|||52,181|194,661|
|Investment
income|||4|4
04|8,260||182,364|172534|
|Total||||12 375 201|333729||0
9 0|» 043 9
8|
|EXPENDITURE ON|||||||||
|Charitable
activities|||6||||||
|Drug and alcohol treatment||services||10,908,024|||10,908,024|8,817,799|
|Residential
Services||||1,281,086|||1,281,086|1,555,568|
|Elderly||||||||61,924|
|Capital Grants|||||391,025||391,025||
|Drug Treatments||||53 783|||58783|135,602|
|Total||||893|391,025||».633.988|0»0 89|
|Net gains on investments|||||||||
|NET INCOME/(EXPENDITURE)||||132,308|(57,296)||75,012|1,043,085|
|Transfers||||11,250||(11,250)|||
|NET MOVEMENT IN FUNDS||||143,558||(11,250)|||
|RECONCILIATION|OF FUNDS||||||||
|Total funds brought
forward||||4,269,519|1,385,156|135,000|5,789,675|4,746,590|
|TOTAL FUNDS CARRIED
FORWARD||||4 413077|1,327,860||868,789,6||
##
##
|||31M|arch 2023||||
|---|---|---|---|---|---|---|
||||||31.3.23|31.3.22|
|||Unrestricted|Restricted|Endowment|Total|Total|
||Notes|fund|funds|fundI|funds|funds|
|FIXEDASSETS|||||||
|Tangible
assets|14|2,614,372|1,062,282||3,676,654|1,304,052|
|Investment
property|15|2,418,176||123,750|2,541,926|2 541 926|
|||5,032,548|1,062,282|123,750|6,218,580|3,845,978|
|CURRENT ASSETS|||||||
|Debtors|16|3,656,951|||3,656,951|2,037,370|
|Cash at bank||2,501,590|265 578||2,767,168|5,008 763|
|||6,158,541|265,578||6,424,119|7,046,133|
|CREDITORS|||||||
|Amounts
falling due within one year|17|(6,345,853)|||(6,345,853)|(4,519,530)|
|NET CURRENT ASSETS|||265,578||78,266|2,526,603|
|TOTAL ASSETS LESSCURRENT|||||||
|LIABILITIES||4,845,236|1,327,860|123,750|6,296,846|6,372,581|
|CREDITORS|||||||
|Amounts
falling due after more than one|||||||
|year|18|(338,492)|||(338,492)|(430,906)|
|PROVISIONS FORLIABILITIES|20|(93,667)|||(93,667)|(152,000)|
|NET ASSETS||4,413,077|1 327 860|123,750|8.86,68|700676|
|FUNDS|||||||
|Unrestricted
funds|||||4,413,077|4,269,519|
|Restricted funds|||||1,327,860|1,385,156|
|Endowment
funds|||||123
0|133000|
|TOTAL FUNDS|21||||,064 68||
##
||||||31.3.23|31.3.22|
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|Total|
|||Notes|fund
f|fundsf|fundsf|funds|
|FIXEDASSETS|||||||
|Tangible
assets||14|2,614,372|1,062,282|3,676,654|1,304,052|
|Investment
property||15|2,000,000||2,000,000|2,000,000|
||||4,614,372|1,062,282|5,676,654|3,304,052|
|CURRENT ASSETS|||||||
|Debtors||16|4,541,130||4,541,130|2,915,991|
|Cash at bank|||1,711,920|265,578|1,977,498|4,195,956|
||||6,253,050|265,578|6,518,628|7,111,947|
|CREDITORS|||||||
|Amounts
falling due within one year||17|(6,315,879)||(6,315,879)|(4,512,109)|
|NKT CURRENT (LIABILITIES)/ASSETS|||(62,829)|265,578|202,749|2,599,838|
|TOTAL ASSETSLESSCURRENT LIABILITIES|||4,551,543|1,327,860|5,879,403|5,903,890|
|CREDITORS|||||||
|Amounts
falling due atter more than one year||18|(338,492)||(338,492)|(430,906)|
|NKT ASSETS|||4,213,051|1,327,860|5,540,911|5,472,984|
|FUNDS|||||||
|Unrestricted
funds|||||4,213,051|4,087,828|
|Restricted funds|||||1,327,860|1,385,156|
|TOTAL FUNDS|21||||, 49,911|5,472,984|
##
||||||Consolidated|Cash Flow Statement||
|---|---|---|---|---|---|---|---|
||||||for the Year|Ended 31March 2023||
|||||||31.3.23|31.3.22|
||||||Notes|||
|Cash flows from operating|activities|||||||
|Cash generated
from operations||||||93,823|~409398|
|Net cash provided
by operating||activities||||~93823|409,398|
|Cash flows from investing|activities|||||||
|Purchase oftangible fixed assets||||||(2,404,698)||
|Interest received||||||69,280||
|Sale oftangible
fixed assets|||||||(28,399)|
|Sale ofinvestment
property|||||||~579787|
|Net cash (used in)/provided|by investing|||activities||~2335418)|~551388|
|Change
in cash and cash equivalents|||in|the|reporting|||
|period||||||(2,241,595)|960,786|
|Cash snd cash equivalents|at the beginning||||ofthe|||
|reporting
period||||||~5008 763|~4047 977|
|Cash and cash equivalents|at the end||ofthe|||||
|reporting
period||||||2,767,168|~5008 763|
##
##
##
|||Notes to the Consolidated
Cash Flow Statement
for the Year Ended 31March 2023|Notes to the Consolidated
Cash Flow Statement
for the Year Ended 31March 2023|Notes to the Consolidated
Cash Flow Statement
for the Year Ended 31March 2023|Notes to the Consolidated
Cash Flow Statement
for the Year Ended 31March 2023||
|---|---|---|---|---|---|---|
|RECONCILIATION||OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES|||||
||||||31.3.23|31.3.22|
|Net income for the|reporting||period (as per the Statement ofliinancial|Activities)|75,012|1,043,085|
|Adjustments
for:|||||||
|Depreciation
charges|||||32,096|44,318|
|Interest received|||||(69,280)||
|Losses on investments||||||(570,000)|
|Loss on disposal of|fixed assets|||||28,399|
|Provisions
movement|||||(58,333)||
|(increase)/decrease|in|debtors|||(1,619,581)|128,108|
|Increase/(decrease)|in|creditors|||1,733,909|~264,512|
|Net cash provided|by|operations|||93,823|409,398|
|ANALYSIS OF CHANGES IN NET FUNDS|||||||
|||||Al 1.4.22|Cash flow|At 31.3.23|
||||||g||
|Net cash|||||||
|Cash at bank||||5,0011,763|(2,241,595)|~2767 168|
|||||5,008,763|2441 595|~2767 168|
|Total||||5,008,763|2 241 595|2,767,168|
##
##
##
##
##
##
##
##
##
##
##
##
##
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##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|DONATIONS
AND LEGACIES|||
|---|---|---|
||31.3.23|31.3.22|
|Donations|1,342|1,334|
|Capital grants|325,469|240,375|
||326,811|241,709|
|||31.3.23|31.3.22|
|---|---|---|---|
||||6|
|Capital Grants||325,469|240,375|
|OTHER TRADING ACTIVITIES||||
|||31.3.23|31.3.22|
||||6|
|Miscellaneous|income|52,181|194,661|
##
##
##
##
|INVESTMENT INCOME||||||||
|---|---|---|---|---|---|---|---|
|||||||31.3.23|31.3.22|
|||||||f||
|Rents received||||||182364|~172532|
|INCOME FROM CHARITABLE||ACTIVITIES||||||
|||||||31.3.23|31.3.22|
|||Activity||||||
|Service Level Agreements||Drug and alcohol treatment||services||10,795,818|9,105,805|
|Service Level Agreements||Residential|Services|||1,351,756|1,272,785|
|Alfriston
day centre||Elderly|||||56,484|
|||||||, 7|10,43
074|
|CHARITABLE ACTIVITIES COSTS||||||||
||||||Direct|Support||
||||||Costs (see|costs (see||
||||||note 7)|note 8)|Totals
f|
|Drug snd alcohol treatment|services||||10,131,552|776,472|10,908,024|
|Residential
Services|||||1,201,984|79,102|1,281,086|
|Capital Grants|||||391,025||391,025|
|Drug Treatments|||||4,702|49081|33783|
||||||» 7 9.263|904.63|12 633918|
##
##
##
##
|||||||31.3.23|31.3.22|
|---|---|---|---|---|---|---|---|
|Staff costs||||||6,092,568|5,704,341|
|Leasing ofpremises|and equipment|||||5,111|3,197|
|Premises costs||||||1,108,933|746,680|
|Medical supplies||||||1,001,966|1,015,296|
|Catering costs||||||93,357|67,618|
|Training
and staff costs||||||98,168|41,868|
|Office expenses||||||481,912|240,340|
|Travel &subsistence||||||123,346|88,853|
|Partners,
Agency workers|||and Sub-contractors|||2,650,353|1,770,318|
|Client related costs||||||60,680|21,081|
|Bad debts||||||(30,974)|3,458|
|Legal and professional||||||38,878|43,744|
|Finance costs||||||4,965|(753)|
|Depreciation|||||||4|
|||||||3. 29.263|9,787,352|
|SUPPORT COSTS||||||||
|||||||Governance||
|||||Management|Finance|costsI|Totals|
|Drug and alcohol treatment|||services|776,472|||776,472|
|Residential
Services||||79,102|||79,102|
|Drug Treatments||||24 168|22,413|2,500|49,081|
|||||~879742|22,413|2,500|~904 655|
|Support costs, included||in the above, are as follows:||||||
|||||||31.3.23|31.3.22|
||||Drug and|||||
||||alcohol|||||
||||treatment|Residential|Drug|Total|Total|
||||services|Services|Treatments|activities|activities|
||||I||6|||
|Wages|||430,730|59,221||489,951|412,522|
|Hire ofplant and machinery|||||||2,111|
|Licences ®istration|||70,527|1,168||71,695|30,346|
|Office expenses|||14,810|3,720||18,530|26,056|
|Legal &professional|fees||50,143||11,244|61,387|80,970|
|Audit &accountancy|||11,880||2,924|14,804|14,012|
|Management
charge|||||10,000|10,000||
|Insurance,
health &safety|||74,215|14,945||89,160|77,566|
|Finance Charges|||4,793|48||4,841|4,420|
|Travel &subsistence|||40,532|||40,532|21,414|
|Training|||14,709|||14,709|-1,920|
|Premises cost|||32,037|||32,037|33,630|
|Depreciation|||32,096|||32,096|3,008|
|Pensions|||||22,413|22,413|77,012|
|Auditors'
remuneration|||||2,500|~2500|2,395|
||||776,472|79,102|49081|~904655|783,541|
##
##
##
|||31.3.23|31.3.22|
|---|---|---|---|
||||f,|
|Auditors'|remuneration|2,500|2,395|
|Depreciation
-owned assets||32,096|44,318|
|Hire ofplant and machinery||5,111|3,197|
|Deficit on disposal offixed assets|||~28 399|
|||31.03.23|31.03.22|
|Depreciation
-owned assets||32,096|44,318|
|Loss on|assets||28,399|
|Leasing|ofpremises
and equipment|3,197|175,784|
|Auditor's|remuneration|17,304|16,407|
|Pensions||191,521|181,492|
|Interest|payable
and other charges|9,806|3,667|
##
##
##
##
|STAF|F COSTS|||
|---|---|---|---|
|||31.3.2023|31.3.2022|
|||f|I|
|Wages|k salaries|5,867,500|5,471,888|
|Social
Other|security costs
pension costs|523,498
191,521|463,483
» 4%|
|||6,582,519|6,116,863|
|The averag|e|monthly
number ofemployees
during
the year was as fo|llows:||
|---|---|---|---|---|
||||31.3.23|31.3.22|
|Charitable|activities||224|230|
|Management||and administration|25|31|
||||249|261|
##
##
##
##
|COMPARATIVKS FOR|COMPARATIVKS FOR|THE STATEMENT OF FINANCIAL ACTIVITIES|THE STATEMENT OF FINANCIAL ACTIVITIES|||||
|---|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowment||Total|
||||fund|funds|fund||funds|
|INCOME AND ENDOWMENTS|||FROM|||||
|Donations
and legacies|||1,334|240,375|||241,709|
|Charitable
activities||||||||
|Drug and alcohol treatment||services|9,105,805|||9,105,805||
|Residential
Services|||1,272,785|||1,272,785||
|Elderly|||56,484||||56,484|
|Other trading activities|||194,661||||194,661|
|Investment
income|||172534||||172,534|
|Total|||08e 6|240 375||88|043 9
8|
|Charitable
activities||||||||
|Drug and alcohol treatment||services|8,628,562|189,237||8,817,799||
|Residential
Services|||1,555,568|||1,555,568||
|Elderly|||61,924||||61,924|
|Drug Treatments|||135602||||135602|
|Total|||0
8
666|09 37||0|70 09|
|Net gains on investments|||570.000||||0 00|
|NKT INCOME
Transfers
between
funds|||991,947
4,6 9|51,138
434389)||1,043,085||
|Net movement
in funds|||1,037,586|16,749|(11,250)|1,043,085||
|RECONCILIATION|OF FUNDS|||||||
|Total funds brought
fotward|||3,231,933|1,368,407|146,250|4,746,590||
##
##
|
for the Year Ended 31March 2023|
for the Year Ended 31March 2023||||
|---|---|---|---|---|
|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued|||||
|Unrestricted|Restricted||Endowment|Total|
|fund|funds||fund|funds|
|TOTAL FUNDS CARRIED FORWARD|0|6|33 .000|5,789,675|
##
||||Total|Total|
|---|---|---|---|---|
||||2023|2022|
|||||I|
|Total income resources|||12,648,062|10,984,977|
|Total resources expended|||(12,580,135)|(10,435,291)|
|Net gains on investments||||570,000|
|Net surplus/(deficit)|||67,927|1,119,686|
|Funds:|||||
|At I April 2022|||5,472,984|4,353,298|
|At 31 March 2023|||5,540,911|5,472,984|
|TANGIBLE FIXEDASSETS|||||
||||Fixtures||
||Freehold|Long|and||
||properly|leasehold|fittings|Totals|
|||f.|||
|COST|||||
|At 1 April 2022|1,464,433|245,481|843,388|2,553,302|
|Additions|2,287,796||116,902|2,404,698|
|At 31March 2023|3,752,229|245,481|960,290|4,958,000|
|DEPRECIATION|||||
|At I April 2022|393,829|12,033|843,388|1,249,250|
|Charge for year|28,370|3,008|718|32,096|
|At 31March 2023|~422 199|15,041|844,106|1,281,346|
|NET BOOK VALUE|||||
|At 31March 2023|3,330,030|230440|~116184|3,676,654|
|At 31 March 2022|1,070,604|233,448||1,304,052|
##
##
##
##
||Freehold Property|Long Leasehold|Fixtures and fixtures|Total|
|---|---|---|---|---|
|Cost or Valuation|||||
|At I April 2022|1,464,433|245,481|558,623|2,268,537|
|Additions|2,287,796||116,902|2,404,698|
|Disposals|||||
|At 31 March 2023|3 752 229|245 481|675 525|4 673 235|
|Depreciation|||||
|At 1 April 2022|393,829|12,033|558,623|964,485|
|Charge|28,370|3,008|718|32,096|
|Eliminated|||||
|At 31 March 2023|422,199|15,041|559,341|996,581|
|Net Book Value|||||
|At 31March 2023|3,330,030|230,440||36 66|
|At 31March 2022|1,070,604|233448||1,304,052|
##
##
##
##
##
##
##
##
|MARKET VALUE|MARKET VALUE||||
|---|---|---|---|---|
|As at
1 April|2022|||2,000,000|
|As at 31March 2023||||0.000|
|NET BOOK VALUE|||||
|At 31March|2023|||2,000,000|
|At 31March|2022|||2,000,000|
|Fair value at|31 March 2023 is represented|by:|||
|Valuation
in 2022||||570,000|
|Cost||||1,971,926|
|||||2,541,926|
|DEBTORS:|AMOUNTS FALLING DUE WITHIN ONE YEAR||||
||||31.3.23|31.3.22|
|Trade debtors|||3,480,782|1,839,991|
|Other debtors|||115,863|149,003|
|Prepayments|and accrued income||60,306|45,246|
|Prepayments||||3,130|
||||3,656,951|2,037370|
|Charitable
Company|||||
||||31.3.23|31.3.22|
|Trade debtors|||3,471,032|1,820,491|
|Amounts
owed by group undertakings|||893,929|901,251|
|Other debtors|||115,863|149,003|
|Prepayments|and accrued income||60,306|45,246|
||||.3 1.130|91 99|
##
##
##
##
|CREDITORS: AMOUN|TS FALLING DUE|WITHIN|ONE YEAR||||
|---|---|---|---|---|---|---|
|||||31.3.23||31.3.22|
|Trade creditors||||1,299,227||810,816|
|Social security and other|taxes|||125,571||110,444|
|Other creditors||||1,480,308||1,477,438|
|Accruals and deferred income||||~3440 747||2,120,832|
|||||~6345 853||4,519,530|
|Charitable
Company|||||||
|||||31.3.2023||31.3.2022|
|Trade creditors||||1,284,253||810,195|
|Social security and other|taxes|||125,571||110,444|
|other creditors||||1,480,308||1,477,438|
|Accruals and defened income||||2
2|74|2.040»|
|||||6.ll|89|4|
|CREDITORS: AMOUNTS FALLING DUE||AFTER MORE THAN ONE YEAR|||||
|||||31.3.23||31.3.22|
|Other creditors||||338,492||430,906|
|Charitable
Company|||||||
|||||31.3.2023||31.3.2022|
|||||8||f.|
|Other creditors||||8|9|l09M|
|||||»849||20904|
|LEASING AGREEMENTS|||||||
|Minimum
lease payments|under non-cancellable|operating|leases fall due as follows:||||
|||||31.3,23||31.3.22|
|||||||f,|
|Within one year||||84,347||131,100|
|Between one and five years||||335,389||406775|
|||||419,736||537,875|
##
##
##
##
##
##
|MOVEMEN|T IN FUN|DS|||||
|---|---|---|---|---|---|---|
||||||Net||
||||||movement|At|
|||||At 1.4.22|in funds|31.3.23|
|Unrestricted|funds||||||
|General fund||||4,269,519|132,308|4,401,827|
|Transfer|||||11,250|11250|
|Total||||||4,413,077|
|Restricted funds|||||||
|Asset Fund||||1,385,156|(57,296)|1,327,860|
|Endowment|funds||||||
|Wirrat PCT||||135,000||135,000|
|Transfer
Total|||||(11,250)|~II 250
~123750|
|TOTAL FUNDS||||5,789,675|75,012|5,864,687|
|Net movement|in funds,|included|in the above are as follows:||||
|||||Incoming|Resources|Movement|
|||||resources|expended|in funds|
|Unrestricted|funds||||||
|General
fund||||12,375,201|(12,242,893)|132,308|
|Restricted
funds|||||||
|Asset Fund||||333,729|(391,025)|(57,296)|
|TOTAL FUNDS|||||~IR.6
.I 88|I 8»|
##
##
##
|||||||Net|Transfers|Transfers||
|---|---|---|---|---|---|---|---|---|---|
|||||||movement|between||At|
|||||At 1.4.21||in funds||funds|31.3.22|
|||||||6||||
|Unrestricted|funds|||||||||
|General fund||||3,231,933||991,947||45,639|4,269,519|
|Restricted funds||||||||||
|Asset Fund
Legacy Income||||1,340,757
27,650||51,138|(6,739)
~27,650)||1,385,156|
|||||1,368,407||51,138||(34,389)|1,385,156|
|Endowment|funds|||||||||
|Wirral PCT||||146,250||||(11,250)|135,000|
|TOTAL FUNDS||||4,746,590||1,043,085|||5,789,675|
|Comparative|net movement|in funds, included|in the above are as follows:|||||||
|||||Incoming||Resources|Gains and||Movement|
|||||resources||expended|losses||in funds|
|||||||||f||
|Unrestricted|funds|||||||||
|General fund||||10,803,603||(10,381,656)|570,000||991,947|
|Restricted funds||||||||||
|Asset Fund||||240,375||(189,237)|||51,138|
|TOTAL FUNDS||||||~)0,»0,80 )||0|1,043,085|
|Charitable|Company|||||||||
|||||||Net movement
in|Transfers|between||
||||At|1.4.22||funds|funds||At 31.3.23|
||||||||||f.|
|Unrestricted|funds|||||||||
|General
fund||||4,087,828||125,223|||4,2,13,051|
|Restricted funds||||||||||
|Asset fund||||188|6||||I 327 860|
|TOTAL FUNDS||||5,472,984||67,927|||5 540 911|
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|Member||||||Description|5 April 2023|5 April 2020|
|---|---|---|---|---|---|---|---|---|
|Deferred|members||Total deferred pensions|revalued to valuation||date - (Ip.a.)|5,845|6,808|
|Deferred|members|||Average|age weighted||47|44|
|Pensioners||||Total pensions|payable (f.p.a.)||2,484|2,103|
|Pensioners||||Average age weighted||by pension|71|68|
|The breakdown||ofthe liability|is set out below:||||||
|Description|||||||2023 Valuation|2020Valustion|
||||||||g'000s|I'000s|
|Assets|||||||419|234|
|Liabilities|—Pensioners||||||(42)|(54)|
|Liabilities|- Deferred members||||||(176)|(332)|
|Overall position|||||||201|(152)|
|Funding|Level||||||192'/o|61o/|
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##
|EMPLO|YEE BE|NEFIT OBLIGAT|ION|S - continued||||
|---|---|---|---|---|---|---|---|
||||||||Revised|
|Assets Summary|||||||Investment|
||||||5 April 2023|5April 2023|strategy after 5|
||||||Allocationf. '000|Allocation %|April 2023 %|
|Pooled Investment||Vehicles|||414|99|30|
|Bank|||||5|I|0|
|Tailored|Credit||||0|0|20|
|UK Inflation
Linked Gifts|||||0|0|40|
|Sterling|Inflation|Linked LDI|||0|0|10|
|Total|||||419|100|100|
|Analysis|ofExperience Since Last Valuation|||||||
||||||||8'000|
|Shortfall|on 5April 2023||||||(152)|
|Interest|||||||(2)|
|Contributions
less||expenses|||||58|
|Changes|in market|conditions
(liability|impact)||||183|
|Excess investment||returns|||||128|
|Inflation|experience||||||(40)|
|Impact ofchanges||to statement offunding||principles|||28|
|Miscellaneous|||||||(2)|
|Surplus on 2023 assumptions|||||||201|
|Expected|2023 shortfall||||||(96)|
|Estimated|shortfall at 2023 on 2020||assumptions||||175|
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##
|||2023 Valuation||2020 Valuation|
|---|---|---|---|---|
|Pre retirement
discount rate||Gilt curve+1.4%p.a.||Gilt curve+1.5%pxc|
|Post retirement
discount rate||Gilt curve+0.5%p.a.||Gilt curve+0.5%p.a.|
|RPI inflation||Inflation
curve||Inflation
curve|
|CPI inflation|RPI -0.75%until 2030RPI from that year||RPI - 0.75%p.a.until 2030 RPI from that year||
|RPI pension increases||In line with RPI assumptions|In|line with RPI assumptions|
|CPI pension
increases||In line with CPI assumptions|In|line with CPI assumptions|
|Recovery plan return||Gilt curve+0. 5%p.a.||Gilt curve +2.0%p.a.|
|Average Gilt Yield curve||3.65%p.a,||0.69%p.a.|
|Average inflation
curve||3.35%p.a.||2.71%p.a.|
|Demographic
assumptions|—for Technical provisions||||
|||2023 Valuatiion||2020 Valuation|
|Mortality
- base table||115%ofS3PxA||115%ofS3PxA|
|Mortality
- future improvements||CMI 2022[1.5%,SCore]||CMI 2019[1.5%,S=7.5]|
|CPI inflation|RPI -0.75%until 2030 RPI from that year||RPI-0.75%until 2030 RPI from that year||
|Proportions
married|90%married|for both males and females|90%married|for both males and females|
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|||||Assumed|rate at last|Assumed|rate during|rate during|inter|
|---|---|---|---|---|---|---|---|---|---|
|Investment|returns|- assumed for the|purpose ofthe 2020r ecovery plan||valuation
p.a.
0.63%|valuation||period p.a.
15.73%||
|Revaluation|up to|retirement||||||||
|in line with|RPI||||2.57%||||6.09%|
|in line with|CPI||||1.82%||||4.49%|
|Pension increases||in payment||||||||
|in line with|RPI||||2.57%||||6 09%|
|in line with|CPI||||1.82%||||4.49%|
##
|||Potential Impact (2023 and 2020|
|---|---|---|
|||valuation)|
|UK long dated interest date||.0.5%p.a.|
|Inflation
UK life expectancy -0.25 years||+0.5%p.a.
-0.25 years|
|Equity market re-pricing||-15%|
|Diversified
growth
fund re-pricing -7.5%||-7.5%|
|Investment
grade credit spread|widening|0.2%p.a.|
|Impact on high yield debt||-5%|
|Technical Provisions
Sensitivity|||
|||%Change
in|
|||Liability|
|Pre retirement
discount rate reduced by 0.25%p.a.at each term +2.3%||+2.3%|
|Post retirement
discount rate reduced by 0.25%p.a. at each term||+3.2%|
|Inflation assumption
increased|by 0.25%p.a. at each term+5. 5%|+5.5%|
|Members one year younger||+2.8%|
|Cash commutation
assumption|increased by 10%|+less than 0.1%|
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|Summary
ofBe|Summary
ofBe|nefits|nefits||||
|---|---|---|---|---|---|---|
|Main benefits of||the two underlying||schemes'.|||
||||||NHSPS Scheme|LGPS Scheme|
|Normal|retirement||date||60th Birthday|65th Birthday|
|Normal|retirement||pension||I/80th offinal pay|I/60th offinal pay|
||||||for each complete|for each complete|
||||||year ofservice|year ofservice|
|Normal|retirement||cash||Up to 3 times the|Part ofpension can|
||||||members
pension|be exchanged
for a|
|||||||cash free sum|
|Increase|to pension||||In line with rpi|In line with cpi|
|Early retirement||pension|||Available
aller the|From age 55 to 60|
||||||age of55 or on ill||
||||||health||
|Death after retirement:|||||||
|*lump|sum||||On death within
5|On death within
10|
||||||years of|years of|
||||||commencement
of|commencement
of|
|*dependant's
pension|||||pension
One halfof|pension
37.5%ofmembers|
||||||members
pension|pension|
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