2021-10-31-accounts - The South West Heritage Trust

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						~Pa e
Reference and Administrative		Details
Trustee Directors'	Report					2 —18
Independent Auditors' Report						19—22
Consolidated Statement of Financial				Activities		23
Balance Sheet and	Consolidated		Balance		Sheet	24 —25
Statement ofCash	Flows and	Consolidated			Statement
of Cash Flows						26
Notes to Financial	Statements					27-56

Trustee	Directors	Directors			Rev. P M Beacham	Rev. P M Beacham	Rev. P M Beacham	Rev. P M Beacham
					G L Craig
					Cllr A Davis
					Prof. H R French
					PJ Gunner
					D H Gwyther		(Chair)
					Cllr. D Hall
					S H D'A Hunt
					SV Maberley
					Lt Col. M J R		Motum
					A M D Smallwood
Chief Executive Officer					T W Mayberry
Charity	Number				1158791
Company		Number			09053532
Principal		Address	and Registered	Office	Somerset Heritage				Centre
					Brunel Way
					Taunton
					Somerset
					TA2 6SF
Auditors					Albert Goodman			LLP
					Goodwood	House
					Blackbrook	Park		Avenue
					Taunton
					Somerset
					TA1 2PX
Bankers					NatWest
					26-27 Fore	Street
					Taunton
					Somerset
					TA1 1JQ
Solicitors					Bates Wells	Braithwaite
					10Queen Street			Place
					London
					EC4R 1BE

				2021			2020
		Unres-	Res-	Total	Unres-	Res-	Total
		tricted	tricted		tricted	tricted
	Notes	E	f.
Income from:
Donations and legacies Charitable activities	2 3	383,135 2,738,470	68,297 396,759	451,432 3,135,229	211,800 2,804,084	30,065 551 735	241,865 3355819
Other trading activities	4	221,389	510	221,899	206,748	657	207,405
Investments	5		5	5		65	65
Total income		3,342,994	465,571	3,808,565	3,222,632	582,522	3,805,154
Expenditure on: Raising funds Charitable activities	6 6	21,920 3,304,711	628,659	21,920 3,933,370	29,515 3,289,646	526,514	29,515 3,816,160
Total expenditure		3,326,631	628,659	3,955,290	3,319,161	526,514	3,845,675
Net (expenditure)/income		16,363	(163,088)	(146,725)	(96,529)	56,008	(40,521)
Transfer between funds		(36,204)	36,204		68,299	(68,299)
Other recognised gains
Actuarial gains/(losses)	on defined
benefit pension schemes		1,157,000		1,157,000	(1,855,000)		(1,855,000)
Net movement in
funds for the year		1,137,159	(126,884)	1,010,275	(1,883,230)	(12,291)	(1,895,521)
Reconciliation offunds
Total funds brought forward		(7,036,828)	374,826	(6,662,002)	(5,153,598)	387,117	(4,766,481)
Total funds carried forward		(5,899,669)	247,942	(5,651,727)	(7,036,828)	374,826	(6,662,002)

							2021	2021	2020	2020
						Notes	Group	Charity	Group	Charity
Fixed assets
Tangible fixed assets						9	23,382	23,382	128,406	128,406
Investments						10		1		1
							23,382	23,383	128,406	128,407
Current assets
Stock						11	17,442		20,804
Debtors						12	864,315	938,252	399,994	441,982
Cash at bank and		in hand					1,691,167	1,557,133	1,577,561	1,464,480
							2,572,924	2,495,385	1,998,359	1,906,462
Liabilities:
Creditors: amounts		falling due			within	13	(1,183,033)	(1,169,119)	(991,767)	(982,085)
one year
Net current assets							1,389,891	1,326,266	1,006,592	924,377
Net assets excluding			pension		liabilities		1,413,273	1,349,649	1,134,998	1,052,784
Defined benefit pension			scheme
liabilities						17	(7,065,000)	(7,065,000)	(7,797,000)	(7,797,000)
Total net liabilities		including			pension
liabilities							(5,651,727)	(5,715,351)	(6,662,002)	(6,744,216)
The funds ofthe	charity:
Unrestricted funds:
General funds							538,859	475,235	526,256	444,042
Designated funds							626,472	626,472	233,916	233,916
Unrestricted funds		excluding		pension
reserve							1,165,331	1,101,707	760,172	677,958
Pension reserve							(7,065,000)	(7,065,000)	(7,797,000)	(7,797,000)
Total unrestricted	funds					14	(5,899,669)	(5,963,293)	(7,036,828)	(7,119,042)
Restricted funds						14	247,942	247,942	374,826	374,826
Total charity funds							(5,651,727)	(5,715,351)	(6,662,002)	(6,744,216)

		2021	2021	2020	2020
	Notes	Group	Charity	Group	Charity
Cash flows from operating activities
Net expenditure for the year		(146,725)	(128,135)	(40,521)	(87,580)
Adjustments to cash flows from non-cash	items:
Depreciation and amortisation	9	117,887	117,887	154,627	154,627
Interest receivable		(5)	(5)	(65)	(65)
Defined benefit pension scheme
cost less contributions payable		122,000	122,000	109,000	109,000
Defined benefit pension scheme
finance cost		303,000	303,000	250,000	250,000
		396,157	414,747	473,041	425,982
Working capital adjustments
Decrease / (increase) in stocks	11	3,362		(1,280)
(Increase) / decrease in debtors	12	(464,321)	(496,270)	743,610	790,605
Increase / (decrease) in creditors	13	191,266	187,034	(101,505)	(96,533)
Net cash flow from operations		126,464	105,511	1,113,866	1,120,054
Cash flows from investing activities
Purchase of tangible fixed assets	9	(12,863)	(12,863)
Interest received	5	5	5	65	65
		(12,858)	(12,858)	65	65
Net increase in cash and
cash equivalents		113,606	92,653	1,113,931	1,120,119
Cash and cash equivalents at the		1,577,561	1,464,480	463,630	344,361
beginning of the reporting period
Cash and cash equivalents at the		1,691,167	1,557,133	1,577,561	1,464,480
end of the reporting period
Cash 8 Cash equivalents reconciliation:
Cash at bank		1,691,167	1,557,133	1,577,561	1,464,480
Total cash 8 cash equivalents at the		1,691,167	1,557,133	1,577,561	1,464,480
end ofthe reporting period

Donations	and legacies
		Unres-	Res-		Unres-	Res-
		tricted	tricted	2021	tricted	tricted	2020
		funds	funds	Total	funds	funds	Total f
Donations	and bequests	81,446	68,297	149,743	71,192	26,178	97,370
Exceptional	government	funding
Coronavirus	Job Retention
Scheme grant*		125,337		125,337	140,608	3,887	144,495
Other Covid	grants*	176,352		176,352	30,000		30,000
		383,135	68,297	451,432	211,800	30,065	241,865

	Unres-	Res-		Unres-	Res-
	tricted	tricted	2021	tricted	tricted	2020
	funds	funds	Total	funds	funds	Total
		f.
Fees for services and grants
Somerset County
Council*	1,626,688		1,626,688	1,626,688		1,626,688
Devon County Council*	413,296		413,296	411,521		411,521
North Somerset Council*	152,474		152,474	150,517		150,517
Weston-Super-Mare	68,847		68,847	68,092		68,092
Town Council*
Torbay Council*	93,185		93,185	91,418		91,418
Other services
SCC - Reqistration SCC - Records	17,178 56,813		17,178 56,813	14,650 56,217		14,650 56,217
Grant income
Bath 8 North East
Somerset Council* South Somerset	26,148		26,148	45,719		45,719
District Council*	53,776		53,776	47,936		47,936
Heritage Lottery Fund*					47,000	47,000
The British Museum* Somerset County		80,037	80,037		63,670	63,670
Council*	30,328	130,859	161,187	30,328	122,549	152,877
Arts Council Enqland DEFRA Devon County Council* Emily Estate Under 610k	6,209 12,510 104,887 52,788	137,516 37,790 10,557	143,725 12,510 37,790 104,887 63,345	1,375 9,709 125,494 91,160	243,676 35,971 38,869	245,051 9,709 35,971 125,494 130,029
	2,715,127	396,759	3,111,886	2,770,824	551,735	3,322,559
Memberships and	23,343		23,343	33,260		33,260
and subscriptions
	2,738,470	396,759	3,135,229	2,804,084	551,735	3,355,819

ther trading	activities
		Unres-	Res-		Unres-	Res-
		tricted	tricted	2021	tricted	tricted	2020
		funds	funds	Total	funds F	funds E	Total f
Merchandising	income
Shop sales Cafe concession		26,349 2,394		26,349 2,394	66,383 7,676		66,383 7,676
		28,743		28,743	74,059		74,059
Events and other sales
Digital images,	publications
and research	income	93,413	510	93,923	74,674	552	75,226
Room hire		1,410		1,410	3,017		3,017
Education income		26,432		26,432	15,988		15,988
Rental income		18,469		18,469	18,682		18,682
Other income		52,922		52,922	20,328	105	20,433
		192,646	510	193,156	132,689	657	133,346
		221,389	510	221,899	206,748	657	207,405

		Unres-	Res-		Unres-	Res-
		tricted	tricted	2021	tricted	tricted	2020
		funds	funds	Total	funds	funds	Total
					f.
Bank	interest			5		65	65

		Unres-	Res-	2021	Un res-	Res-	2020
		tricted	tricted	Total	tricted	tricted	Total
				f
Cost of raising funds
Trading costs		21,920		21,920	29,515		29,515
Charitable	activities
Archives	and local studies	1,072,209	111,608	1,183,817	931,220	73,092	1,004,312
Museums		835,913	308,186	1,144,099	849,671	261,000	1,110,671
Historic environment
and estates services		392,099	72,263	464,362	457,314	91,592	548,906
Heritage	services	994,038	101,678	1,095,716	893,362		893,362
Learning					141,909		141,909
Closed projects		10,452	34,924	45,376	16,170	100,830	117,000
		3,326,631	628,659	3,955,290	3,319,161	526,514	3,845,675

			Other			Other
		Staff	Direct	2021	Staff	Direct	2020
		costs	costs	Total	costs	costs	Total
							f
Cost of raising funds
Trading costs			21,920	21,920		29,515	29,515
Charitable	activities
Archives	and local studies	1,077,202	106,615	1,183,817	901,099	103213	1 004 312
Museums		779,699	364,400	1,144,099	846,950	263,721	1,110,671
Historic environment
and estates services		418,150	46,212	464,362	485,731	63,175	548,906
Heritage	services	529,990	565,726	1,095,716	430,572	462,790	893,362
Learning					132,379	9,530	141,909
Closed projects			45,376	45,376	11,646	105,354	117,000
		2,805,041	1,150,249	3,955,290	2,808,377	1,037,298	3,845,675

				Charity		Subsidiary	Total	Total
			2021	2020	2021	2020	2021	2020
Depreciation of
owned	assets		117,887	154,627			117,887	154,627
Operating lease expenses			37,218	37,218			37,218	37,218
Auditors'	remuneration	for:
Current	auditors
- Audit	services		5,950	5,800	754	1,461	6,704	7,261
- Other	services		4,200	2,236	500	500	4,700	2,736

Number ofe	mployee	s
The average	monthly	number	of full-time	equivalent	employees	during	the year was:
							2021	2020
Management							5.0	5.0
Finance and	admin						8.0	8.5
Service provision							54.0	57.0
							67.0	70.5
Employment	costs						2021	2020
Wages and	salaries						1,955,490	2,028,976
Social security costs							163,191	158,534
Pension costs							686,360	612,861
Staff redundancy costs								8,006
							2,805,041	2,808,377

2021	2020
number	number

Tangible fixed Group	assets
		Leasehold	Computer	Motor	Fixtures	Total
		improvements	equipment	Vehicles	&fittings
			F
Cost
At 1 November	2020	511,275	234,932	37,000	35,516	818,723
Additions			12,863			12,863
At 31 October	2021	511,275	247,795	37,000	35,516	831,586
Depreciation
At 1 November	2020	405,062	217,807	37,000	30,448	690,317
Charge for the	year	102,255	13,097		2,535	117,887
At 31 October	2021	507,317	230,904	37,000	32,983	808,204
Net book value
At 31 October	2021	3,958	16,891		2,533	23,382
At 31 October	2020	106,213	17,125		5,068	128,406

vestments
			Charity
		Total		Total
		2021		2020
South West Heritage Trust Trading	Limited
Ordinary shares of E1 each

				2021	2020
Turnover				188,011	187,743
Cost ofsales				(21,920)	(29,515)
Gross profit				166,091	158,228
Administrative expenses				(102,467)	(76,014)
Operating profit				63,624	82,214
Investment income
Profit before tax &	profit for the financial year			63,624	82,214
Retained earnings	brought	forward	in subsidiary	82,214	35,155
Gift aid to The South West		Heritage Trust		(82,214)	(35,155)
Retained earnings	carried forward		in subsidiary	63,624	82,214
The assets and liabilities were:
Current assets				175,310	156,031
Current liabilities				(111,685)	(73,816)
Total net assets				63,625	82,215
Called up share capital				1	1
Profit and loss reserve				63,624	82,214
				63,625	82,215

Stocks
				2021		2020
			Group	Charity	Group	Charityf
Goods	for	resale	17,442		20,804

				2021		2020
			Group	Charity	Group	Charity
						E
Trade debtors			660,894	659,278	200,074	183,882
Prepayments		and accrued income	203,421	181,203	199,920	193,966
Amounts	owed by group undertakings			97,771		64,134
			864,315	938,252	399,994	441,982

Council and Devon County	Council and Devon County	Council and subscriptio	Council and subscriptio	ns received	in advance.
Summary of movement		in funds- Group
			Opening			Transfers	Closing
			balance	Income	Expenditure	&losses	balance
Unrestricted funds	- Group
General			526,256	3,295,504	(2,879,497)	(403,404)	538,859
Designated funds -	Group and		Charity
Somerset Rural Life	Museum
(Leasehold improvements		fund)	26,093		(22,134)		3,959
National Archives Project development	fund		7,823 100,000	47,490		(28,000) (100,00'0)	27,313
Capital reserve			100,000			100,000	200,000
Museum priorities						115,200	115,200
Archive & learning priorities						110,000	110,000
IT &resources priorities						75,000	75,000
Historic environment	priorities					40,000	40,000
Covid income support	fund					55,000	55,000
Total designated funds			233,916	47,490	(22,134)	367,200	626,472
Pension fund			(7,797,000)		(425,000)	1,157,000	(7,065,000)
			(7,036,828)	3,342,994	(3,326,631)	1,120,796	(5,899,669)

Summary of movement in funds-	Summary of movement in funds-	Group (continued)	Group (continued)
		Opening			Transfers	Closing
		balance	Income	Expenditure	&losses	balance
				E
Restricted funds - Group and	Charity
Somerset Rural Life Museum
(Leasehold improvements fund)		80,120		(80,120)
Archive and museum donations Castle House Project Historic Environment and Estates Somerset Levels		53,915 40,116 31,485 9,220	5 47,104 815	(50,111) (3,106)		53,920 40,116 28,478 6,929
HES Hinkley Portable Antiques North Devon Record Office		2,630 (1,309)	1,525 92,562 51,852	(6,000) (72,296) (48,285)		(1,845) 20,266 2,258
Exeter Cathedral		1,680	2,083	(1,085)		2,678
Museum Development Officer North Somerset Collections		698	28,000	(36,404)	8,404	698
Museums and Schools			59,167	(53,480)		5,687
Charthouse/Blackmoor
Land Holding West Country Studies Gravity project Norman Garden		2,350 8,881 11,278	5,572	(6,033)		2,350 8,881 11,278 (461)
Culture Recovery Fund Culture Recovery Fund-Round North Devon Athenaeum	2	82,141 4,348	19,862 58,487 35,447	(101,683) (58,487) (34,795)	(320)	5,000
Heritage Emergency Fund		34,804		(34,924)	120
Somerset Pottery Fabric Type Series Shop Window Graphics Torbay Schools		12,469	2,502 15,000	(210) (10,815)		12,259 2,502 4,185
Digita Preservation Shared Services			5,000	(6,371)		(1,371)
Diocese of Bath & Wells
Probate accounts conservation Local Heritage List			5,626 34,962	(10,598) (13,856)	28,000	23,028 21,106
		374,826	465,571	(628,659)	36,204	247,942
		(6,662,002)	3,808,565	(3,955,290)	1,157,000	(5,651,727)

Summary o	f movement in fund	s- Charity
		Opening			Transfers	Closing
		balance	Income	Expenditure	&losses	balance
						E
Unrestricted	funds -Charity
General		444,042	3,277,084	(2,842,487)	(8,204)	870,435
Designated	funds -Charity	233,916	47,490	(22,134)	367,200	626,472
Pension fund		(7,797,000)	-	(425,000)	1,157,000	(7,065,000)
		(7,119,042)	3,324,574	(3,289,621)	1,515,996	(5,568,093)
Restricted	funds - Charity	374,826	465,571	(628,659)	36,204	247,942
		(6,744,216)	3,790,145	(3,918,280)	1,552,200	(5,320,151)

Summary of mov	em	ent	in fund	s —Group (202	0)
				Opening			Transfers	Closing
				balance	Income	Expenditure	&losses	balance
Unrestricted funds		- Group
General				172,574	3,222,632	(2,937,249)	68,299	526,256
Designated funds	- Group and			Charity
Somerset Rural Life		Museum
(Leasehold improvements			fund)	49,005		(22,912)		26,093
National Archives				7,823				7,823
New Burdens				100,000				100,000
Project development		fund		100,000				100,000
Capital reserve
Total designated	funds			256,828		(22,912)		233,916
Pension fund				(5,583,000)		(359,000)	(1,855,000)	(7,797,000)
				(5,153,598)	3,222,632	(3,319,161)	(1,786,701)	(7,036,828)

				Opening			Transfers	Closing
				balance	Income	Expenditure f	&losses	balancef
Restricted funds - Group			and Charity
Somerset Rural Life Museum
(Leasehold improvements			fund)	159,463		(79,343)		80,120
Archive and museum		donations		53,850	65			53,915
Castle House Project				40,116				40,116
Historic Environment		and Estates		38,727	61,300	(68,542)		31,485
Somerset Levels				11,752	(213)	(2,319)		9,220
HES Hinkley				859	8,686	(6,915)		2,630
Portable Antiques					72,907	(72,907)
North Devon Record		Office		609	45,613	(47,531)		(1,309)
Exeter Cathedral				2,280	2,083	(2,683)		1,680
Museum Development		Officer			28,000	(36,102)	8,102
Avalon Marshes
North Somerset Collections				1,401		(703)		698
Museums and Schools				16,748	42,580	(59,328)
Charthouse/Blackmoor
Land Holding				8,000		(5,650)		2,350
Avalon Archaeology	Park				32,211	(31,966)	(245)
Painter Pilgrim				26,427	23,330	(67,772)	18,015
West Country Studies				6,181	2,700			8,881
Gravity project				19,444		(8,166)		11,278
Wild Hares & Hummingbirds
Public Engagement		Project		1,260	(392)		(868)
Norman Garden					1,955	(4,955)	3,000
Banner Project					773	(1,091)	318
Culture Recovery Fund					178,762		(96,621)	82,141
North Devon Athenaeum					22,224	(17,876)		4,348
Heritage Emergency		Fund			47,000	(12,196)		34,804
Somerset Pottery Fabric
Type Series					12,938	(469)		12,469
				387,117	582,522	(526,514)	(68,299)	374,826
				(4,766,481)	3,805,154	(3,845,675)	(1,855,000)	(6,662,002)

				Other net
		Tangible	Cash at	current	Creditors
		fixed	bank and	assets/	more than
		assets	in hand	(liabilities)	one year	Total
Unrestricted	funds	19,423	889,168	(369,732)		538,859
Designated	funds	3,959	622,513			626,472
Restricted	funds		179,486	68,456		247,942
Pension reserve					(7,065,000)	(7,065,000)
As at 31 October 2021		23„382	1,691,167	(301,276)	(7,065,000)	(5,651,727)

				Other net
		Tangible	Cash at	current	Creditors
		fixed	bank and	assets/	more than
		assets	in hand f.	(liabilities) f	one year f	Total f
Unrestricted	funds	19,424	755,134	(299,323)		870,435
Designated	funds	3,959	622,513			626,472
Restricted	funds		179,486	68,456		247,942
Pension reserve					(7,065,000)	(7,065,000)
As at 31 October 2021		23,383	1,557,133	(230,867)	(7,065,000)	(5,320,151)

Analysis o	fassets between fun	ds —Group -	2020
				Other net
		Tangible	Cash at	current	Creditors
		fixed	bank and	assets/	more than
		assets	in hand	(liabilities)	one year		Total
						f.	F
Unrestricted	funds	22,193	1,153,975	(649,912)			526,256
Designated	funds	26,093	207,823				233,916
Restricted funds		80,120	215,763	78,943			374,826
Pension reserve					(7,797,000)		(7,797,000)
As at 31October 2020		128,406	1,577,561	(570,969)	(7,797,000)		(6,662,002)
Analysis ofassets between funds —Charity			—2020
				Other net
		Tangible	Cash at	current	Creditors
		fixed	bank and	assets/	more than
		assets	in hand	(liabilities) f	one year f		Total
Unrestricted	funds	22,194	1,040,894	(619,046)			444,042
Designated	funds	26,093	207,823				233,916
Restricted funds		80,120	215,763	78,943			374,826
Pension reserve					(7,797,000)		(7,797,000)
As at 31 October 2020		128,407	1,464,480	(540,103)	(7,797,000)		(6,744,216)

Summary	of	net pension	net pension	net pension	net pension	liability as	liability as	at 31	October 2021:	October 2021:
										SCC	DCC	Total
										K'000	8'000	f.'000
Present	value		of defined			benefit obligations				(14,062)	(5,508)	(19,570)
Fair value of		share		of	scheme		assets			8,688	3,817	12,505
Deficit in	the		schemes							(5,374)	(1,691)	(7,065)
Summary	of		net pension			liability as		at 31	October 2020:
										SCC	DCC	Total
										R'000	E'000	f'000
Present	value		of defined			benefit obligations				(12,559)	(5,196)	(17,755)
Fair value of			share	of	scheme		assets			6,819	3,139	9,958
Deficit in	the		schemes							(5,740)	(2,057)	(7,797)
Somerset Count	Council			Pension			Scheme
Principal	Actuarial			Assumptions
										At	31 October	At 31 October
											2021	2020
Salary increases											3.90'/o	3.35'/o
Pension	increases										2.90'/o	2.35'/o
Discount	rate										1.75'/o	1.60'/o
The current		mortality			assumptions			include	sufficient	allowance	for the future	improvements	in
mortality rates.
The assumed			life expectations				on retirement		age 65 are:
										At	31 October	At 31 October
											2021	2020
Retiring	today
Males											23.1	23.4
Females											24.6	24.8
Retiring	in 20years
Males											24.4	24.7
Females											26.1	26.2

Pensio	n Commitments -Asse	n Commitments -Asse	ts/liabs in S	CC Pension Fund	CC Pension Fund
	As at 31 October		2021	As at 31 October		2020
	Fair	%of total		Fair	%of total
	value	scheme		value	scheme
	E'000	assets		P'000	assets
Equities	6,356		70%	4,793		70%
Gilts	461		5%	455		70/
Other bonds	888		10%	706		10%
Property	623		70/	483		7%
Cash	360		4%	382		6%
Total market value ofassets	8,688		100%	6,819		100%
Present value ofscheme
liabilities - funded	(14,062)			(12,559)
Deficit in the scheme	(5,374)			(5,740)

mounts recog	nised in the statement offinancia	l activities are as follows:
		2021	2020
		E'000	6'000
Current service cost		(400)	(339)
Net interest cost		(91)	(77)
Administration	expenses	(5)	(5)
Total		(496)	(421)

ovements in t	he present value of defined	benefit obligations were as follow	s:
		At 31 October	At 31 October
		2021	2020
		6000	f.'000
At 1 November	2020	(12,559)	(10,439)
Current service	cost	(400)	(338)
Interest cost		(201)	(209)
Past service costs			(1)
Estimated benefits paid		65	84
Employee contributions		(52)	(70)
Actuarial gains/(losses)		(915)	(1,586)
At 31 October	2021	(14,062)	(12,559)

ovements in t		he fair value ofthe charity's share of	scheme assets were as	follows:
			At 31 October	At 31 October
			2021	2020
			K'000	R'000
At 1 November		2020	6,819	6,510
Interest income			110	132
Expected return		on Fund assets less interest	1,617	(61)
Other actuarial		gains/(losses)		106
Employer contributions			160	151
Employee contributions			52	70
Estimated benefits paid			(65)	(84)
Administrative	expenses		(5)	(5)
At 31 October		2021	8,688	6,819

rincipal Actuarial Assumptions
	At 31 October	At 31 October
	2021	2020
Salary increases	3.95%	3.40%
Pension increases	2.95%	2.40%
Discount rate	1.75%	1.55%

assume	d life expectations on retirement	age 65 are:
		At 31October	At 31October
		2021	2020
Retiring	today
Males		22.7	22.9
Females		24.0	24.1
Retiring	in 20years
Males		24.0	24.3
Females		25.4	25.6

	Pens	ion Commitments -Assets/liabs in D	ion Commitments -Assets/liabs in D	CC Pension Fund	CC Pension Fund
		As at 31October 2021		As at 31 October 2020
		Fair	% of total	Fair	%of total
		value	scheme	value	scheme
		f'000	assets	E'000	assets
Gilts		487	13%	127	4%
UK equities		322	8%	316	10%
Overseas equities		2,091	55%	1,540	49%
Property		320	8%	273	9%
Infrastructure		162	4%	140	4%
Target return	portfolio	307	8%	330	10%
Cash		49	1%	27	1%
Other bonds		70	2%	159	5%
Alternative assets			n/a	227	7%
Private equity		9	0%		n/a
Total market	ofassets	3,817	100%	3,139	100%
Present value	of scheme
liabilties - funded		(5,508)		(5,196)
Defecit in the	scheme	(1,691)		(2,057)

mounts	recog	nised in the statement offi	nancial activities for are as follows:
			At 31 October	At 31 October
			2021	2020
			K'000	K'000
Current	service	cost	(106)	(112)
Net interest cost			(31)	(32)
Administration		expenses	(2)	(2)
Total			(139)	(146)

Movements in the present value of defined	benefit obligations were as follow	s:
	At 31 October	At 31 October
	2021	2020
	R'000	R'000
At 1 November 2020	(5,196)	(4,750)
Current service cost	(106)	(112)
Past service costs
Interest cost	(80)	(92)
Estimated benefits paid	77	81
Employee contributions	(15)	(15)
Actuarial gains/(losses)	(188)	(308)
At 31 October 2021	(5,508)	(5,196)
Movements in the fair value ofthe charity's	share ofscheme assets were as	follows:

ovements in t		he fair value ofthe charity's sh	are ofscheme assets were as	follows:
			At 31 October	At 31 October
			2021	2020
			K'000	6'000
At 1 November		2020	3,139	3,096
Interest income			49	60
Expected return		on Fund assets	643	(91)
Other actuarial		gains		85
Employer contributions			50	57
Employee contributions			15	15
Estimated benefits paid			(77)	(81)
Administrative	expenses		(2)	(2)
At 31 October		2021	3,817	3,139

		2021	2020
Land and Buildings
Expiry	date:
Within	one year	30,328	30,328
Within	two and five years	121,312	121,312
More	than five years	591,897	622,214
Other
Expiry	date:
Within	one year		5,110
Within	two and five years
More	than five years
		743,537	778,964

									2021		2020
								Group	Charity	Group	Charity
											E
Financial	assets that are			debt
instruments		measured		at amortised
cost								2,506,759	2,446,474	1,936,531	1,865,440
								2,506,759	2,446,474	1,936,531	1,865,440
Financial	liabilities		measured			at
amortised		cost						271,199	266,348	189,923	186,674
								271,199	266,348	189,923	186,674
Items of	income,		expenditure,				gain and	loss (group	and charity)
								Income	Expense	Net gains	Net losses
2021
Financial	assets measured				at	amortised
amortised		cost
Financial	liabilities		measured			at
amortised		cost
2020
Financial	assets measured				at	amortised
amortised		cost						65
Financial	liabilities		measured			at
amortised		cost
								65