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2021-03-31-accounts

CONTENTS Page
Reference and administrative information
Annual
report		 3-19
Independent auditors' report 20 - 23
Statement
of		 financial activities 24
Balance sheet 25
Statement
of		 cashflows 26
Notes to the financial statements 27 - 46

he Trus t held th e following total funds at 31 Mar
General Fund j3,634,566
River Medway Fund 635,664
Bridges Reserve Fund 8109,533,628
8113,203,858

General
Fund		 River
Medway
Fund		 Bridges
Reserve
Fund		 2021Total 2D20 Tota I
Note f Designated
f		 Designated
f
Income from:
Investments
Rents receivable 2,357,249 2,357,249 2,530,145
Dividends
receivable		 613,876 613,876 854,173
Bank and other interest 5,452 5,452 40,261
Total income 5,452 2,971,125 2,976,577 3,424,579
~Edit
Raising funds
Investment
management		 190,909 190,909 199,426
Expenditure
on investment
properties		 1,997,446 1,997,446 1,732,058
Charitable
Activities
Maintenance
of bridges
Grants
payable
Other charitable
activities		 6,968,646
31,910
344,016		 6,968,646
31,910
344,016		 8,395,570
129„233
523,065
7,344,572 7,344,572 9,047,868
Total expenditure 9,342,018 190,909 9,532,927 10,979,352
Net (expenditure)/income
before investments
gains/
losses		 (9,336,566) 2,780,216 (6,556,350) (7,554,773)
Unrealised
gain/(loss)
on
investment
assets		 7,384,616 7,384,616 (3,840,711)
Realised
gain on
investment
assets		 1,421,121 1,421,121 31,880
Unrealised
property
gain		 13a 4,251,653 4,251,653
Realised gain on investment
property
sales		 ]3
1 a		 551,054 551,054 3,272,064
Net (expenditure)/income (9,336,566) 16,388,660 7,052,094 (8,091,540)
Transfers
between
Funds		 18 322,982 (322,982)
Other recognised
(loss)/gains
Actuarial
loss on pension
fund		 (188,000) (188,000) (58,000)
Restriction
on surplus
on
pension
fund		 64,000 64,000 110,000
Unrealised
gain on tangible
assets		 56,210 56,210
Net movement
in funds for
year		 the (9,081,374) 16,065,678 6,984,304 (8,039,540)
Total funds brought
forward		 f12715940 f35t664 f93467 950 f106219554 f114259t094
Total funds carried forward 18 f3,634,566 f35,664 f109,533,628 f113,203,858 f106,219,554
Note 2021
E		 2020
f
Fixed assets
Tangible assets 12(a) 1,600,271 1,288,336
Heritage assets 12(I3) 586,971 594,013
Investment
properties		 13(a) 74,117,314 70,805,644
Investments 13(b) 31,929,802 22,261,683
108,234,358 94,949,676
Current assets
Debtors 14 759,680 1,167,273
Short term deposits 3,047,648 9,042,744
Cash at bank and
in hand		 2,875,344 3,762,757
6,682,672 13,972,774
Creditors: amounts falling due within one year 15 (1~500172) (2 702I896)
Net current assets 5,182,500 11,269,878
Net assets excluding pension (liability)/asset 113,416,858 106,219,554
Pension
(liability)/asset		 11 (213,000)
Net assets including pension (liability)/asset 6113,203,858 6106,219,554
Funds
Bridges Reserve (Designated) fund 18,19 109,533,628 93,467,950
General
fund		 18,19 3,634,566 12,715,940
River Medway
(Designated)		 fund 18,19 35,664 35,664
Total fund balances 6113,203,&58 6106,219,554
2021 2020
Cash flows from operating
activities		 (10,215,787) (9,781,138)
Cash flows from investing
activities
Dividends
and interest		 2,976,577 3,424,579
Purchase of property,
plant and equipment
Purchase of heritage assets		 (251,517)
(558)		 (31,873)
(1,105)
Proceeds from sale of heritage assets 120
Purchase
of investments
Proceeds from sale of investments		 (6,066,329)
7,734,529		 (5,539,789)
17,932,567
Net cash provided
by investing
activities		 4,392,822 15,784,379
Change
in cash and cash equivalents
in
Cash and cash equivalents
at the beginning		 the year
ofthe year		 (5,822,965)
12,974,707		 6,003,241
6,971,466
Cash and cash equivalents
at the end		 ofthe year f7~151~742 612974 707
Notes to the Cash Flow Statement
Reconciliation
of Net Income to Net Cash Flow		 2021f 2020f
from Operating
Activities
Net income/(expenditure) 7,052,094 (8,091,540)
(Gains)/losses
on investments
Depreciation
charges		 (13,608,444)
15,792		 536,767
13,233
Loss on the sale of heritage assets 7„480
Decrease/(increase)
in debtors		 407,591 (586,253)
(Decrease)/increase
in creditors		 (1,202,723) 1,719,234
Pension costs 89,000 52,000
Dividends,
interest
and rents from investments		 (2,976,577) (3,424,579)
Net cash used
in operating
activities		 (f10,215,787) (f9,781,138)
Analysis of Cash and Cash Equivalents 2021 2020
f
Cash at bank and
in hand		 2,875,344 3,762,757
Short term deposits 3,047,648 9,042,744
Cash held by investment
managers		 1,228,750 169,206
f7,151,742 f12,974,707
Analysis of Changes in Net Debt
At 1April
2020f		 Cashflowsf At 31March
2021f
Cash 3,931,963 172,131 4,104,094
Cash equivalents 9,042,744 (5,995,096) 3,047,648
Total f12,974,707 (f5,882,965) f7,151,742

Net movement
in funds are stated afte		 movement
in funds are stated afte		 movement
in funds are stated afte		 r charges for audit fe es off12,100(2 020:f11,885)
3. INVESTMENT
MANAGEMENT		 FEES 2021f 2020
Investment
management		 fees 109,884 109,546
Support costs (note 8) 81,025 89,880
8190,909 f199,426
The investment
management		 fee is related to the value of the portfolio.
4. EXPENDITURE ON INVESTMENT PROPERTIES 2021f 2020f
Professional
and other		 fees 353,022 554,209
Maintenance
and repairs		 180,973 538,933
Operational
Property		 798,324
VAT Irrecoverable 162,059 101,704
Insurance 63,799 70,153
Ground
rents		 16,377 16,563
Compliance
costs		 14,389 33,509
Vacant property
costs		 35,173 52,740
Bad debts 8,244 14,810
Support costs (note 8) 365,086 349,437
E1,997,446 61,732,058
5. MAINTENANCE OF BRIDGES OF BRIDGES 2021f 2020f
Professional
fees		 733,250 849,566
Maintenance
and		 repairs 4,715,384 5,750,599
VAT irrecoverable 1,092,214 1,321,986
Insurance 45,082 43,991
Lighting 12,434 9,767
Support costs (note 8) 367,410 436,312
Recharged
costs		 2,872 (16,651)
I6,968,646 68,395,570
6. GRANTS PAYABLE General River Medway 2021 2020
Fund
f		 Fund
f		 Total
f
Miscellaneous
grants		 6,985 6,985 24,562
Other grant costs 478
Support costs (note 8) 24,925 24,925 104,193
E31,910 f31,910 f129,233
o tim e be determined
in the United
Kingdom
and pri		 marily
the County of K		 ent).
7. OTHER CHARITABLE ACTIVITIES 2021 2020f
Education 869 19,764
Other Charitable
Activities		 56,409 128,506
Support costs (note 8) 286,738 374,795
f344,016 6523,065
orks
Exhibition
ss
for re-opening		 orks
Exhibition
ss
for re-opening		 was
relocated
from
Tonbridg
to the public.		 e
Castle
to Maidstone		 Museum
i
EDUCATION 2021 2020f
Education activities 869 19,764
6869 E19,764
OTHER CHARITABLE ACTIVITIES 2021 2020
E
Awards
ik		 Sponsorship 13,000 14,937
Exhibitions 15,338 30,946
Archive Projects 7,511 15,254
Charitable Donations 523
Other Charitable Projects 20,560 66,846
656,409 6128,506

8.
SUPPORT AND GO
2021		 VERNANCE COSTS
Financial Other
Bridges Properties Invest- Grants Charitable Total
ments Activities
E E E
Wages and salaries 234,750 218,376 42,237 12,827 183,881 692,071
Insurance 20,791 22,993 6,079 1,896 16,120 67,879
Office and administration 111,869 123,717 32,709 10,202 86,737 365,234
2367,410 6365,086 681,025 624,925 f286,738 61,125,184

2020
Financial Other
Bridges Properties Invest- Grants Charitable
Total
ments Activities
f. f
Wages and salaries 212,827 163,076 39,808 44,450 177,012
637,173
Insurance 22,250 18,554 4,985 5,948 19,691
71,428
Office and administration 201,235 167,807 45,087 53,795 178,092
646,016
f436,312 f349,437 f89,880 f104,193 f374,795 f1,354,617
Included
in the		 above are the following:
GOVERNANCE COSTS 2021f 2020f
Salaries and wages 47,073 44,824
Meeting costs 239 2,017
Auditors' remuneration in respect ofthe audit 12,100 11,885
Auditors' remuneration in respect of non-audit 3,230
services
FRS102 Pension Report 723 600
Trustee Training 1,974
663,365 f61,300
Governance
Costs are		 reallocated across the main activities of the charity in the same way
as Support Costs.
9. EMOLUMENTS OF EMPLOYEES 2021 2020
Salaries and wages 527,447 442,187
Employer national insurance 54,377 43,669
Superannuation 74,150 99,317
Net interest
and service costs		 of defined benefit 89,000 52,000
pension scheme
f744,974 f637,173

Changes
in the present value ofthe defined		 Changes
in the present value ofthe defined		 benefit obligation
are		 benefit obligation
are		 as follows:
2021
E		 2020f
Opening
defined
benefit obligation		 2,044,000 1,582,000
Current
service cost		 164,000 134,000
Past service costs 19,000
Contributions
by scheme participants		 42,000 32,000
Interest cost 48,000 39,000
Change
in financial
assumptions		 833,000 (257,000)
Change
in demographic
assumptions		 (24,000) (48,000)
Experience gain on defined benefit obligation (25,000) 560,000
Benefits paid (15,000) (17,000)
Closing defined benefit obligation K3,067,000 E2,044,000
Changes
in the fair value of plan assets		 are as follows:
2021f 2020f
Opening
fair value of plan assets		 2,10&,000 1,756,000
Interest
on assets		 51,000 44,000
Return
on assets less interest		 596,000 (180,000)
Other actuarial
gain		 377,000
Administration
expenses		 (2,000) (1,000)
Contributions
by employer		 74,000 97,000
Contributions
by scheme participants		 42,000 32,000
Estimated
benefits
paid		 (15,000) (17,000)
Closing fair value of plan assets 62,854,000 f2,108,000
The amounts
recognised
in the balance		 sheet are as follows:
2021 2020
E
Present value of funded
obligations		 (3,067,000) (2,044IOOO)
Fair value of plan assets (bid value) 2,854,000 2,108,000
Net (liability)/asset (213,000) 64,000
Restriction
on pension
surplus		 (64,000)
Net
(liability)/asset
recognised		 in the (E213IOOO)
balance sheet
The amounts recognised recognised recognised in the Statement of Financial Activities are:
2021f 2020
E
Service cost 164,000 153,000
Net interest
on		 the defined
liability/(asset)		 (3,000) (5,000)
Administration expenses 2,000 1,000
Total 6163,000 E149,000
Remeasurement of the net assets / 2021 2020
(defined liability) E f
Return
on Fund		 assets
in excess of interest		 596,000 (180,000)
Change in financial assumptions (833,000) 257,000
Change in demographic assumptions 24,000 48,000
Experience
gain		 on defined
benefit obligation		 25,000 (560,000)
Other actuarial gain 377,000
Tota
I		 (E188,000) (658,000)
The major categories of plan assets as a percentage of total plan assets are as
follows:
2021 2020
Equities 64% 62%
Gilts 1% 1%
Other Bonds 12% 13%
Property 10% 14%
Cash 5% 3%
Absolute Return Fund 7% 8%
The assets in the scheme were:
Value at Value at
31Mar 2021f 31Mar 2020
E
Equities 1,838,000 1,297,000
Giits 17,000 16,000
Other bonds 356,000 275,000
Property 295,000 287,000
Cash 142,000 55,000
Absolute Return Fund 206,000 178,000
Total market value of assets K2I854I000 K2,108,000

At 31Mar 2021 31Mar 2021 At 31Mar 2020 At 31Mar 2020 At 31Mar 2020
RPI Increases 3.15% 2.7%
CPI Increases 2.85% 1.9%
Salary increases 3.85% 2.9%
Pension increases 2.85% 1.9%
Discount rate 2.05% 2.35%
Assumed
life expectancies		 at age 65 are: At 31Mar 2021 At 31Mar 2020
Retiring today
Males 21.6 21.8
Females 23.6 23.7
Retiringin
20 years
Males 22.9 23.2
Females 25.1 25.2
In addition,
it was assumed		 that members will exchange half oftheir commutable pension
for cash at retirement and that members will retire at the pension weighted average
tranche retirement
age.		 It is further
assumed		 that the proportion
of		 members that had
taken up the option to pay 50% of contributions for 50% of benefits at the previous
valuation
date remain		 the same.

12. TANGIBLE FIXEDA SSETS
(a) Assets recognised Freehold Office Furniture Plant and Total
in the balance Land and Equipment and Machinery
sheet buildings Fixtures
E E
Valuation/cost
At 1 April 2020 1,235,001 37,844 20,406 16,650 1,309,901
Additions 241,790 1,413 8,314 251,517
Reallocations 20,000 20,000
Revaluation 56,210 56,210
At 31 March 2021 1,553,001 39,257 28,720 16,650 1,637,628
Depreciation
At 1 April 2020 12521 6 546 2 498 21I565
Depreciation
charge
for the year 7,808 4,654 3,330 15,792
At 31 March 2021 20,329 11,200 5,828 37I357
Net Book Value
At 31 March 2021 61 553i001 618928 617i520 610822 E1600 271
At 1 April 2020 61,235,001 625,324 E13,859 I14I152 61288i336

ppoin tment
with the Archives
ik R		 tment
with the Archives
ik R		 ecords Manager.
13. INVESTMENTS 2021 2020
E E
(a) Investment properties
Valuation
at		 1 April 70,805,644 78,280,372
Acquisitions
Disposals at net book value (919,983) (6,818,728)
Reallocations to operational property (20,000) (656,000)
Revaluation 4,251,653
At 31 March f74,117,314 f70,805,644

Quoted investments 2021f 2020
Market value of investments at 1 April 22,092,477 28,203,294
Additions 6,066,329 5,539,789
Disposals at net book value (4,842,370) (7,809,895)
Unrealised
gain on revaluation		 7,384,616 (3,840,711)
Market value of investments at 31 March 30,701,052 22,092,477
Cash held by investment
managers		 1,228,750 169,206
f31,929,802 f 22,261,683
Historic cost at 31 March (excluding cash) f24,093,950 f20,856,882
Realised gain/(loss)
on disposals		 f1,421,121 f31,880
b) Quoted investments Quoted investments (continued) (continued) (continued) (continued) (continued) 2021f 2020
E
The portfolio structure is made up as follows:
UK Equities 17,576,951 12,077,335
Overseas
Equities		 11,861,755 9,093,591
Indirect Property/Infrastructure 241,450 157,811
Private
Equity		 1,020,896 763,740
Cash 1,228,750 169,206
631,929,802 622,261,683
14. DEBTORS:Amounts falling due within one year 2021
E		 2020f
Rents receivable 234,948 313,594
Prepayments 159,596 120,285
Accrued
income		 179,729 167,968
Other debtors 185,407 565,426
E759,680 El,167,273
15. CREDITORS: Amounts falling due within one 2021 2020
year
E E
Trade and other creditors 496,147 1,447,903
Accruals 580,735 806,678
Deferred
income		 (note 16) 293,617 286,893
Grants allocated but unpaid (note 17) 52,709 86,609
Other taxes and social security 66,730 63,639
Pension
contributions		 payable 10,234 11/174
F1,500,172 Z2,702,896
16. DEFERRED INCOME
E
Balance at 1 April 2020 286,893
Amount
released		 to property income (286,893)
Amounts
deferred		 in the year 293,617
Balance at 31 March 2021 6293,617
17. GRANTS ALLOCATED BUT UNPAID RECONCILIATION GRANTS ALLOCATED BUT UNPAID RECONCILIATION GRANTS ALLOCATED BUT UNPAID RECONCILIATION GRANTS ALLOCATED BUT UNPAID RECONCILIATION GRANTS ALLOCATED BUT UNPAID RECONCILIATION GRANTS ALLOCATED BUT UNPAID RECONCILIATION f
Balance at 1 April 2020 86,609
Paid
in the		 year (41,185)
Grants expired or no longer required (25,000)
Awarded
in		 the year 32,285
Balance at 31 March 2021 f52,709
Of which:
Falling due within
one year		 f52,709
18. FUNDS
River Bridges
2021 General Fund Medway
(Designated)		 Reserve
(Designated)		 Total
Fund Fundf
Balance at 1 April 2020 12,715,940 35,664 93,467,950 106,219,554
Net expenditure
before		 (9,336,566) 2,780,216 (6,556,350)
investments gains and losses
Unrealised gain on investments 7,384,616 7,384,616
Realised
gain on investments		 1,421,121 1,421,121
Unrealised property
gain		 4,251,653 4,251,653
Realised gains on property 551/054 551,054
sales
Transfers
between
Reserve		 322,982 (322,982)
Funds
Actuarial
loss on pension
fund		 (188,000) (188,000)
Restriction of surplus
on		 64,000 64,000
pension
fund (released)
Unrealised gain on tangible 56,210 56,210
assets
Balance at 31 March 2021 f3,634,566 f35 664 I109/533/628 6113203 858
River Bridges
2020 General
Fund		 Medway
(Designated)		 Reserve
(Designated)		 Total
Fund Fund
E
Balance at 1 April 2019 7,063,870 49,084 107,146,140 114,259,094
Net expenditure
before		 (10,669,318) (70,347) 3,184,892 (7,554,773)
investments
gains		 and losses
Unrealised
loss on		 investments (3,840,711) (3,840,711)
Realised gain on investments 31,880 31,880
Unrealised
property		 gain/loss
Realised gains on property 3,272,064 3,272,064
sales
Transfers between Reserve 16,269,388 56~927 (16~326315)
Funds
Actuarial gain on pension fund (58,000) (58,000)
Restriction
ofsurplus
on		 110,000 110,000
pension fund
Balance at 31March 2020 612,715,940 635,664 693,467,950 6106,219,554
DESIGNATED FUNDS
There are two designated funds as follows:

ANALYSIS OF NET ASS ETS BYFUND
2021 General
Fund
f		 River
Medway
Fundf		 Bridges
Reserve
Fundf		 Total
f
Tangible fixed assets 1,600,271 1,600,271
Heritage assets 586,971 586,971
Investment
properties		 74,117,314 74,117,314
Investments 31,929,802 31,929,802
Current assets 2,800,405 39,774 3,842,493 6,682,672
Current
liabilities		 (1,140,081) (4,110) (355,982) (1t500~172)
Pension
liability		 (213,000) (213,000)
Total net assets at
31 March 2021 E3,634,566 E35,664 E109,533,628 f113,203,858
2020 General
Fund
f		 River
Medway
Fundf		 Bridges
Reserve Fund		 Total
f
Tangible fixed assets 1,288,336 1,288,336
Heritage assets 594,013 594,013
Investment
properties		 70,805,644 70,805,644
Investments 22,261,683 22,261,683
Current assets 13,173,926 39,774 759,074 13,972,774
Current
liabilities		 (2,340,335) (4,110) (358,451) (2,702,896)
Total net assets at
31 March 2020 E12,715„940 E35,664 E93,467,950 E106,219,554

21. FINANCIAL
COMMITMENTS
Lease Commitments 2021f 2020
E
Lease payments
due under non-cancellable
operating
leases falling due:
within one year 31,783 25,951
in more than one year 21,840 7,475
Total lease payments
under non-cancellable		 E53,623 633,426
operating
leases
22. OPERATING
LEASE RECEIPTS		 OPERATING
LEASE RECEIPTS		 OPERATING
LEASE RECEIPTS
2021 2020
E E
Minimum
lease receipts under		 non-cancellable
operating
leases
to be received:
not later than one year 1,872,302 1,855,599
later than one year
years		 and not later than five 3,940,929 4,259,028
later than five years 5,632,325 7,297,546
Total lease receipts under
operating
leases		 non- cancellable 611,445,556 613,412,173
23. FINANCIAL INSTRUMENTS
2021 2020
E
Financial assets measured at fair value
Investment
properties		 74,117,314 70,805,644
Investments 31,929,802 22,261,683
OR THE YEAR END ED 31 MARCH 2021 ED 31 MARCH 2021 ED 31 MARCH 2021 ED 31 MARCH 2021 ED 31 MARCH 2021 ED 31 MARCH 2021
24.
STATEMENT		 OF FINANCIAL ACTIVITIES —COMPARATIVE
General River
Medway		 Bridges
Reserve		 2020 Total
Fund Fund
f (Designated)
f.		 (Designated)
f
Income from:
Investments
Rents receivable 2,530,145 2,530,145
Dividends
receivable		 854,173 854,173
Bank and other interest 40,261 40,261
Total income 40,261 3,384,318 3,424,579
~didt
Raising funds
Investment
management		 199,426 199,426
Expenditure
on investment		 properties 1,732,058 1,732,058
Charitable
Activities
Maintenance
of bridges		 8,395,570 8,395,570
Grants
payable		 58,886 70,347 129,233
Other charitable
activities		 523,065 523,065
8,977,521 70,347 9,047,868
Total expenditure 10,709,579 70,347 199,426 10,979,352
Net (expenditure)/ income before (10,669,318) (70,347) 3,184,892 (7,554,773)
investments
gains
Unrealised
(loss) gain on		 investment (3,840,711) (3,840,711)
assets
Realised
gain on investment		 assets 31,880 31,880
Unrealised
property		 gains
on property
Realised
gain		 sales 3,272,064 3,272,064
Net income (10,669,318) (70,347) 2,648,125 (8,091,540)
Transfers 'between Reserve Funds 16,269,388 56,927 (16,326,315)
Other recognised (losses)/gains
Actuarial
loss on pension		 fund (58,000) (58,000)
Restriction
on surplus
on		 pension fund 110,000 110,000
Net movement
in		 funds for the year 5,652,070 (13,420) (13,678,190) (8,039,540)
Total funds
brought		 forward 7,063,870 49,084 107(146,140 114,259,094
Total funds carried forward f12,715,940 f35,664 f93,467,950 106,219,554