| CONTENTS | Page |
|---|---|
| Reference and administrative details | 1-2 |
| Annualreport | 3-13 |
| Independentauditors' report | 14-16 |
| Statementoffinancial activities | 17 |
| Balance sheet | 18 |
| Statementofcashflows | 19 |
| Notestothefinancial statements | 20-39 |
| General Fund |
River Medway Fund |
Bridges Reserve Fund |
2022Total | 2021Total | ||
|---|---|---|---|---|---|---|
| Designated | Designated | |||||
| Note | £ | £ | £ | £ | £ | |
| Incomefrom: | ||||||
| Investments | ||||||
| Rents receivable | 2,483,516 | 2,483,516 | 2,357,249 | |||
| Dividends receivable | 898,590 | 898,590 | 613,876 | |||
| Bank andotherinterest | 487 | 487 | 5,452 | |||
| Totalincome | 3,382,593 | 3,382,593 | 2,976,577 | |||
| Ex~enditureon: | ||||||
| Raisingfunds | ||||||
| Investmentmanagement | 3 | 190,689 | 190,689 | 190,909 | ||
| Expenditure on properties | 4 | 1,230,606 | 1,067,228 | 2,297,834 | 1,997,446 | |
| CharitableActivities | ||||||
| Maintenanceofbridges | 5 | 1,092,805 | (194,863) | 897,942 | 6,968,646 | |
| Grants payable | 6 | 18,761 | 2,000 | 71,779 | 92,540 | 31,910 |
| Othercharitable activities | 7 | 346,626 | 61,028 | 407,654 | 344,016 | |
| 1,458,192 | 2,000 | (62,056) | 1,398,136 | 7,344,572 | ||
| Totalexpenditure | 2,879,487 | 2,000 | 1,005,172 | 3,886,659 | 9,532,927 | |
| Netincome/(expenditure)before investmentsgains/(losses) |
503,106 | (2,000) | (1,005,172) | (504,066) | (6,556,350) | |
| Unrealised gain on investmentassets |
13b | 1,004,653 | 1,004,653 | 7,384,616 | ||
| Realised gain on investmentassets |
13b | 365,197 | 365,197 | 1,421,121 | ||
| Unrealisedinvestment propertygain |
13a | 4,155,259 | 4,155,259 | 4,251,653 | ||
| Realised gain oninvestment propertysales |
13a | 433,952 | 433,952 | 551,054 | ||
| Netincome/(expenditure) | 503,106 | (2,000) | 4,953,889 | 5,454,995 | 7,052,094 | |
| Transfers between Funds | 18 | (299,375) | 299,375 | |||
| Otherrecognisedgains/(losses) | ||||||
| Actuarialgain/(loss)on pension fund |
11 | 186,000 | 186,000 | (188,000) | ||
| Restriction on surplus on pension fund |
11 | 64,000 | ||||
| Unrealised gain on fixed assets |
12a/ 12b |
268,320 | 268,320 | 56,210 | ||
| Netmovementinfundsfor year |
the | 203,731 | (2,000) | 5,707,584 | 5,909,315 | 6,984,304 |
| Total fundsbroughtforward | £3,634,566 | £35,664 | £109,533,628 | £113,203,858 | £106,203,858 | |
| Total funds carriedforward | 18 | £3,838,297 | £33,664 | £115,241,212 | £119,113,173 | £113,203,858 |
| ======= | ===== | ======== | ======== | ======== |
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixedassets | |||
| Tangible assets | 12(a) | 1,865,280 | 1,600,271 |
| Heritage assets | 12(b) | 811,810 | 586,971 |
| Investmentproperties | 13(a) | 76,451,113 | 74,117,314 |
| Investments | 13(b) | 38,476,566 | 31,929,802 |
| 117,604,769 | 108,234,358 | ||
| Currentassets | |||
| Debtors | 14 | 533,917 | 759,680 |
| Shorttermdeposits | 405 | 3,047,648 | |
| Cashatbankand in hand | 2,407,531 | 2,875,344 | |
| 2,941,853 | 6,682,672 | ||
| Creditors:amountsfallingduewithinoneyear | 15 | (1,210,449) | (1,500,172) |
| Netcurrentassets | 1,731,404 | 5,182,500 | |
| Netassetsexcludingpensionliability | 119,336,173 | 113,416,858 | |
| Pensionliability | 11 | (223,000) | (213,000) |
| Netassetsincludingpensionliability | £119,113,173 | £113,203,858 | |
| Funds | |||
| Bridges Reserve Fund (Designated) | 18,19 | 115,241,212 | 109,533,628 |
| General fund | 18,19 | 3,838,297 | 3,634,566 |
| River Medway Fund (Designated) | 18,19 | 33,664 | 35,664 |
| Totalfundbalances | £119,113,173 | £113,203,858 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Cashflowsfromoperatingactivities | (3,735,220) | (10,215,787) | |||
| Cashflowsfrominvestingactivities | |||||
| Dividends andinterest | 3,382,593 | 2,976,577 | |||
| Purchaseofproperty,plantandequipment | (28,408) | (251,517) | |||
| Purchaseofheritage assets | (16,519) | (558) | |||
| Proceedsfromsaleofheritage assets | 120 | ||||
| Purchaseofinvestments | (9,257,974) | (6,066,329) | |||
| Proceedsfromsaleofinvestments | 6,510,731 | 7,734,529 | |||
| Netcashprovidedbyinvestingactivities | 590,423 | 4,392,822 | |||
| Changein cashandcashequivalentsinthe | year | (3,144,797) | (5,822,965) | ||
| Cash and cash equivalentsatthebeginningoftheyear | 7,151,742 | 12,974,707 | |||
| Cashandcashequivalentsattheendofthe | year | £4,006,945 | £7,151,742 | ||
| NotestotheCashFlowStatement | |||||
| 2022 | 2021 | ||||
| ReconciliationofNetIncometoNetCashFlowfrom | £ | £ | |||
| OperatingActivities | |||||
| Net income | 5,454,995 | 7,052,094 | |||
| Gains oninvestments | (5,959,061) | (13,608,444) | |||
| Depreciation charges | 19,165 | 15,792 | |||
| Loss onthesaleoffixed/heritageassets | 234 | 7,480 | |||
| Decrease in debtors | 225,763 | 407,591 | |||
| Decrease in creditors | (289,723) | (1,202,723) | |||
| Pension costs | 196,000 | 89,000 | |||
| Dividends, interestand rentsfrominvestments | (3,382,593) | (2,976,577) | |||
| Netcashusedinoperatingactivities | (£3,735,220) | (£10,215,787) | |||
| 2022 | 2021 | ||||
| £ | £ | ||||
| AnalysisofCashandCashEquivalents | |||||
| Cashatbankand in hand | 2,407,531 | 2,875,344 | |||
| Shorttermdeposits | 405 | 3,047,648 | |||
| Cash heldbyinvestmentmanagers | 1,599,009 | 1,228,750 | |||
| £4,006,945 | £7,151,742 | ||||
| AnalysisofChangesinNetDebt | |||||
| At | 1April | Cashflows | At31March | ||
| 2021£ | £ | 2022£ | |||
| Cash | 4,104,094 | (97,554) | 4,006,540 | ||
| Cash equivalents | 3,047,648 | (3,047,243) | 405 | ||
| ---------------- | ---------------- | ---------------- | |||
| Total | £7,151,742 | (£3,144,797) | £4,006,945 | ||
| --------- | --------- | --------- |
| 3. | INVESTMENTMANAGEMENTFEES | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Investmentmanagementfees | 130,100 | 109,884 | |
| Direct staffing cost(note8) | 25,063 | 14,004 | |
| Supportcosts(note8) | 35,526 | 67,021 | |
| £190,689 | £190,909 | ||
| ======= | ======= |
| EXPENDITUREONPROPERTIES | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Professional andotherfees | 354,601 | 353,022 |
| Maintenance and repairs | 320,904 | 180,973 |
| Operational Property | 844,275 | 798,324 |
| Direct staffing costs(note8) | 178,190 | 111,586 |
| VATIrrecoverable | 207,403 | 162,059 |
| Insurance | 78,004 | 63,799 |
| Ground rents | 16,362 | 16,377 |
| Compliance costs | 18,382 | 14,389 |
| Vacantpropertycosts | 25,918 | 35,173 |
| Baddebts | 1,209 | 8,244 |
| Supportcosts(note8) | 252,586 | 253,500 |
| £2,297,834 | £1,997,446 | |
| ======== | --------- |
| MAINTENANCEOFBRIDGES | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Professional fees | 183,123 | 701,183 |
| Maintenance and repairs | 272,851 | 282,710 |
| Direct staffing costs(note8) | 248,446 | 138,188 |
| VATirrecoverable | 38,060 | 1,092,214 |
| Insurance | 38,339 | 45,082 |
| BridgeManagementand Operations | 28,881 | 44,502 |
| One-OffProjects | (250,579) | 4,432,674 |
| Supportcosts(note8) | 352,174 | 229,222 |
| Recharged costs | (13,353) | 2,872 |
| £897,942 | £6,968,646 | |
| ======= | ======= |
| 6. | GRANTSPAYABLE | General | River | 2022 | 2021 |
|---|---|---|---|---|---|
| Fund | Medway | Total | |||
| Fund | |||||
| £ | £ | £ | £ | ||
| Miscellaneousgrants | 71,580 | 2,000 | 73,580 | 6,985 | |
| Direct staffing costs(note8) | 7,761 | 7,761 | 4,020 | ||
| Othergrantcosts | 199 | 199 | |||
| Supportcosts(note8) | 11,000 | 11,000 | 20,905 | ||
| £90,540 | £2,000 | £92,540 | £31,910 | ||
| ====== | ====== | ======= |
| OTHERCHARITABLEACTIVITIES | 2022 | 2021 |
| £ | £ | |
| Direct staffing costs(note8) | 147,256 | 109,012 |
| Education resources | 13,410 | 869 |
| OtherCharitable Activities | 13,360 | 56,409 |
| Carbon Reduction | 24,892 | |
| Supportcosts(note8) | 208,736 | 177,726 |
| £407,654 | £344,016 | |
| ======= | ======= | |
| OTHERCHARITABLEACTIVITIES | 2022 | 2021 |
| £ | £ | |
| Sundryincome | (725) | |
| Awards&Sponsorship | 805 | 13,000 |
| Exhibitions | 6,610 | 15,338 |
| Archive Projects | 6,670 | 7,511 |
| OtherCharitable Projects | 20,560 | |
| £13,360 | £56,409 | |
| ====== | ====== |
| 2022 | Financial | Other | ||||
|---|---|---|---|---|---|---|
| Bridges | Properties | Invest- | Grants | Charitable | Total | |
| ments | Activities | |||||
| £ | £ | £ | £ | £ | £ | |
| Direct | ||||||
| Wages and salaries | 248,446 | 178,190 | 25,063 | 7,761 | 147,256 | 606,716 |
| £248,446 | £178,190 | £25,063 | £7,761 | £147,256 | £606,716 | |
| ====== | ====== | ====== | ===== | ====== | ====== | |
| Support | ||||||
| Wages and salaries | 134,501 | 96,466 | 13,568 | 4,201 | 79,719 | 328,455 |
| Insurance | 35,102 | 25,176 | 3,541 | 1,096 | 20,805 | 85,720 |
| Office andadministration | 182,571 | 130,944 | 18,417 | 5,703 | 108,212 | 445,847 |
| £352,174 | £252,586 | £35,526 | £11,000 | £208,736 | £860,022 | |
| ====== | ====== | ====== | ===== | ====== | ====== |
| 2021 | ||||||
|---|---|---|---|---|---|---|
| Financial | Other | |||||
| Bridges | Properties | Invest- | Grants | Charitable | Total | |
| ments | Activities | |||||
| £ | £ | £ | £ | £ | £ | |
| Direct | ||||||
| Wages and salaries | 138,188 | 111,586 | 14,004 | 4,020 | 109,012 | 376,810 |
| £138,188 | £111,586 | £14,004 | £4,020 | £109,012 | £376,810 | |
| ====== | ====== | ====== | ===== | ====== | ====== | |
| Support | ||||||
| Wages and salaries | 96,562 | 106,790 | 28,233 | 8,807 | 74,869 | 315,261 |
| Insurance | 20,791 | 22,993 | 6,079 | 1,896 | 16,120 | 67,879 |
| Office andadministration | 111,869 | 123,717 | 32,709 | 10,202 | 86,737 | 365,234 |
| £229,222 | £253,500 | £67,021 | £20,905 | £177,726 | £748,374 | |
| ====== | ====== | ===== | ====== | ====== | ====== |
| GOVERNANCE COSTS | 2022 | 2021 |
| £ | £ | |
| Salaries and wages | 90,788 | 47,073 |
| Meeting costs | 3,657 | 239 |
| Auditors'remunerationin respectoftheaudit | 12,950 | 12,100 |
| Auditors'remunerationin respectofnon-auditservices | 690 | 3,230 |
| FRS102 Pension Report | 822 | 723 |
| £108,907 | £63,365 | |
| ======= | ====== |
| 9. | EMOLUMENTSOF EMPLOYEES | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Salaries and wages | 586,797 | 527,447 | |
| Employernational insurance | 62,769 | 54,377 | |
| Superannuation | 89,605 | 74,150 | |
| Netinterestand service costsofdefinedbenefitpension scheme | 196,000 | 89,000 | |
| £935,171 | £744,974 | ||
| ======== | ======= |
| No. | No. | |
|---|---|---|
| Averagenumberofemployees (headcount) | 14 | 13 |
| ---- | ---- | |
| No. | No. | |
| Averagenumberofemployees (fulltimeequivalents) | 10 | 9 |
| ---- |
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Opening definedbenefitobligation | 3,067,000 | 2,044,000 |
| Currentservice cost | 279,000 | 164,000 |
| Contributionsbyschemeparticipants | 48,000 | 42,000 |
| Interestcost | 64,000 | 48,000 |
| Change in financialassumptions | (191,000) | 833,000 |
| Change indemographicassumptions | (24,000) | |
| Experience gain on definedbenefitobligation | 6,000 | (25,000) |
| Benefits paidnetoftransfersin | 22,000 | (15,000) |
| Closingdefinedbenefitobligation | £3,295,000 | £3,067,000 |
| ---------- | ---------- |
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Openingfairvalueofplan assets | 2,854,000 | 2,108,000 |
| Intereston assets | 60,000 | 51,000 |
| Return on assets lessinterest | 1,000 | 596,000 |
| Administrationexpenses | (2,000) | (2,000) |
| Contributionsbyemployer | 89,000 | 74,000 |
| Contributionsbyschemeparticipants | 48,000 | 42,000 |
| Estimatedbenefitspaidnetoftransfersin | 22,000 | (15,000) |
| Closingfairvalueofplanassets | £3,072,000 | £2,854,000 |
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Present valueoffundedobligations | (3,295,000) | (3,067,000) |
| Fairvalueofplan assets(bidvalue) | 3,072,000 | 2,854,000 |
| Netliability | (£223,000) | (£213,000) |
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Servicecost | 279,000 | 164,000 |
| Netinterestonthedefinedliability/(asset) | 4,000 | (3,000) |
| Administrationexpenses | 2,000 | 2,000 |
| Total | £285,000 | £163,000 |
| ======= | ======= |
| Remeasurementofthenetassets/ | 2022 | 2021 |
|---|---|---|
| (definedliability) | ||
| £ | £ | |
| Return on Fund assets in excessofinterest | 1,000 | 596,000 |
| Change in financialassumptions | 191,000 | (833,000) |
| Change indemographicassumptions | 24,000 | |
| Experience gain on definedbenefitobligation | (6,000) | 25,000 |
| Totalgain/(loss)intheyear | £186,000 | (£188,000) |
| ======== | ======== |
| 2022 | 2021 | |
|---|---|---|
| Equities | 64% | 64% |
| Gilts | 1% | 1% |
| OtherBonds | 14% | 12% |
| Property | 12% | 10% |
| Cash | 2% | 5% |
| Absolute Return Fund | 7% | 7% |
| Theassetsintheschemewere: | ||
|---|---|---|
| Valueat | Valueat | |
| 31Mar2022 | 31Mar2021 | |
| £ | £ | |
| Equities | 1,978,000 | 1,838,000 |
| Gilts | 19,000 | 17,000 |
| Otherbonds | 424,000 | 356,000 |
| Property | 361,000 | 295,000 |
| Cash | 63,000 | 142,000 |
| Absolute Return Fund | 227,000 | 206,000 |
| Totalmarketvalueofassets | £3,072,000 | £2,854,000 |
| -------- -------- |
-------- -------- |
| Themajorassumptionsoftheactuarywere:- | ||
|---|---|---|
| At31Mar2022 | At31Mar2021 | |
| CPIIncreases | 3.20% | 2.85% |
| Salaryincreases | 4.20% | 3.85% |
| Pension increases | 3.20% | 2.85% |
| Discountrate | 2.60% | 2.05% |
| Assumed life expectanciesatage 65 are: | At31Mar2022 | At31Mar2021 |
| Retiringtoday | ||
| Males | 21.6 | 21.6 |
| Females | 23.7 | 23.6 |
| Assumed life expectanciesatage 65 are: | At31Mar2022 | At31Mar2021 |
|---|---|---|
| Retiringin20years | ||
| Males | 23.0 | 22.9 |
| Females | 25.1 | 25.1 |
| (a) | Assetsrecognisedinthe | Freehold | Office | Furniture | Plantand | Total |
|---|---|---|---|---|---|---|
| balancesheet | Landand | Equipment | andFixtures | Machinery | ||
| buildings | ||||||
| £ | £ | £ | £ | £ | ||
| Valuation/cost | ||||||
| At1 April 2021 | 1,553,001 | 39,257 | 28,720 | 16,650 | 1,637,628 | |
| Additions | 17,932 | 10,476 | 28,408 | |||
| Disposals | (936) | (936) | ||||
| Revaluation | 60,000 | 60,000 | ||||
| Re-allocations | 196,000 | 196,000 | ||||
| At31 March 2022 | 1,809,001 | 56,253 | 39,196 | 16,650 | 1,921,100 | |
| Depreciation | ||||||
| At1 April 2021 | 20,329 | 11,200 | 5,828 | 37,357 | ||
| Depreciation chargeforthe | ||||||
| year | 9,255 | 6,580 | 3,330 | 19,165 | ||
| Disposals | (702) | (702) | ||||
| At31 March 2022 | 28,882 | 17,780 | 9,158 | 55,820 | ||
| NetBookValue | ||||||
| At31 March2022 | £1,809,001 | £27,371 | £21,416 | £7,492 | £1,865,280 | |
| ======== | ====== | ====== | ====== | ======== | ||
| At1 April 2021 | £1,809,001 | £18,928 | £17,520 | £10,822 | £1,600,271 | |
| ======== | ====== | ====== | ====== | ======== |
| 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Balance brought forward | 586,971 | 594,013 | 592,908 | 585,969 | 585,969 |
| Purchases | 16,519 | 558 | 1,105 | 6,939 | |
| Disposals | (7,600) | ||||
| Revaluation | 208,320 | ||||
| ----------- | ----------- | ----------- | |||
| ----------- | ----------- | ||||
| Balance carried forward | £811,810 | £586,971 | £594,013 | £592,908 | £585,969 |
| ====== | ====== | ====== | ====== | ====== |
| INVESTMENTS | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Investmentproperties | ||
| Valuationat1 April | 74,117,314 | 70,805,644 |
| Acquisitions | 25,000 | |
| Disposalsatnetbookvalue | (1,650,460) | (919,983) |
| Reallocationtooperationalproperty | (196,000) | (20,000) |
| Revaluation | 4,155,259 | 4,251,653 |
| At 31 March | £76,451,113 | £74,117,314 |
| b) | Quotedinvestments | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Marketvalueofinvestmentsat1 April | 30,701,053 | 22,092,477 | |
| Additions | 9,232,974 | 6,066,329 | |
| Disposalsatnetbook value | (4,061,122) | (4,842,370) | |
| Unrealised gain on revaluation | 1,004,653 | 7,384,616 | |
| Marketvalueofinvestmentsat31 March | 36,877,558 | 30,701,052 | |
| Cash held byinvestmentmanagers | 1,599,008 | 1,228,750 | |
| £38,476,566 | £31,929,802 | ||
| ---------- | ---------- | ||
| Historic costat31 March (excluding cash) | £28,929,255 | £24,093,950 | |
| ---------- | ---------- | ||
| Realised gain on disposals | £365,197 | £1,421,121 | |
| ---------- | ---------- | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Theportfoliois made up as follows: | |||
| UKEquities | 21,985,491 | 17,576,951 | |
| Overseas Equities | 12,944,563 | 11,861,755 | |
| IndirectProperty/Infrastructure | 88,210 | 241,450 | |
| Private Equity | 1,859,293 | 1,020,896 | |
| Cash | 1,599,009 | 1,228,750 | |
| £38,476,566 | £31,929,802 | ||
| ---------- | ---------- |
| 14. | DEBTORS:Amountsfallingduewithinoneyear | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Rents receivable | 31,397 | 234,948 | |
| Prepayments | 220,379 | 159,596 | |
| Accrued income | 198,395 | 179,729 | |
| Otherdebtors | 83,746 | 185,407 | |
| £533,917 | £759,680 | ||
| ======== | ======== | ||
| 15. | CREDITORS:Amountsfallingduewithinoneyear | 2022 | 2021 |
| £ | £ | ||
| Trade andothercreditors | 205,629 | 496,147 | |
| Accruals | 546,500 | 580,735 | |
| Deferred income(note16) | 298,142 | 293,617 | |
| Grants allocatedbutunpaid(note17) | 67,447 | 52,709 | |
| Othertaxesand socialsecurity | 80,219 | 66,730 | |
| Pensioncontributionspayable | 12,512 | 10,234 | |
| £1,210,449 | £1,500,172 | ||
| ======== | ======== | ||
| 16. | DEFERREDINCOME |
||
| £ | |||
| Balanceat1 April 2021 | 293,617 | ||
| Amountreleasedtopropertyincome | (293,617) | ||
| Amounts deferred intheyear | 298,142 | ||
| Balanceat31 March2022 | £298,142 | ||
| 17. | GRANTS ALLOCATED BUTUNPAIDRECONCILIATION |
||
| £ | |||
| Balanceat1 April 2021 | 52,709 | ||
| Paid in theyear | (58,842) | ||
| Grants expiredorno longer required | (500) | ||
| Awarded intheyear | 74,080 | ||
| Balanceat31 March2022 | £67,447 | ||
| ====== | |||
| Ofwhich: | |||
| Falling due within oneyear | £67,447 |
| FUNDS | ||||
|---|---|---|---|---|
| River | Bridges | |||
| 2022 | GeneralFund | Medway | Reserve | Total |
| Fund | Fund | |||
| Designated | Designated | |||
| £ | £ | £ | £ | |
| Balanceat1 April 2021 | 3,634,566 | 35,664 | 109,533,628 | 113,203,858 |
| Net expenditure before investments | ||||
| gains and losses | 503,106 | (2,000) | (1,005,172) | (504,066) |
| Unrealised gain on investments | 1,004,653 | 1,004,653 | ||
| Realised gain on investments | 365,197 | 365,197 | ||
| Unrealisedpropertygain | 4,155,259 | 4,155,259 | ||
| Realised gains onpropertysales | 433,952 | 433,952 | ||
| Transfers between Reserve Funds | (299,375) | 299,375 | ||
| Actuarial gain on pension fund | 186,000 | 186,000 | ||
| Unrealised gain on tangible assets | 268,320 | 268,320 | ||
| ------------- | ----------- | ------------- | ------------- | |
| Balanceat31 March 2022 | £3,838,297 | £33,664 | £115,241,212 | £119,113,173 |
| ======= | ====== | ======== | ======== | |
| River | Bridges | |||
| 2021 | General Fund |
Medway Fund |
Reserve Fund |
Total |
| Designated | Designated | |||
| £ | £ | £ | £ | |
| Balanceat1 April 2020 | 12,715,940 | 35,664 | 93,467,950 | 106,219,554 |
| Net expenditure before investments | ||||
| gains and losses | 546,324 | (7,102,674) | (6,556,350) | |
| Unrealised gain on investments | 7,384,616 | 7,384,616 | ||
| Realised gain oninvestments | 1,421,121 | 1,421,121 | ||
| Unrealisedpropertygain | 4,251,653 | 4,251,653 | ||
| Realised gains onpropertysales | 551,054 | 551,054 | ||
| Transfers between Reserve Funds | (9,627,698) | 9,627,698 | ||
| Actuarial loss on pension fund | (188,000) | (188,000) | ||
| Restrictionofsurplus on pension fund | 64,000 | 64,000 | ||
| Unrealised gain on tangible assets | 56,210 | 56,210 | ||
| --------------- | ---------- | --------------- | --------------- | |
| Balanceat31 March 2021 | £3,634,566 | £35,664 | £109,533,628 | £113,203,858 |
| ======== | ====== | ======== | ======== |
| River | Bridges | |||
|---|---|---|---|---|
| 2022 | General Fund |
Medway Fund |
Reserve Fund |
Total |
| Designated | Designated | |||
| £ | £ | £ | £ | |
| Tangible fixed assets | 1,865,280 | 1,865,280 | ||
| Heritage assets | 811,810 | 811,810 | ||
| Investmentproperties | 76,451,113 | 76,451,113 | ||
| Investments | 38,476,566 | 38,476,566 | ||
| Current assets | 2,243,194 | 37,775 | 660,884 | 2,941,853 |
| Current liabilities | (858,987) | (4,111) | (347,351) | (1,210,449) |
| Pension liability | (223,000) | (223,000) | ||
| Totalnetassetsat 31 March 2022 |
£3,838,297 | £33,664 | £115,241,212 | £119,113,173 |
| ======= | ===== | --------- | ||
| River | Bridges | |||
| 2021 | General Fund |
Medway Fund |
Reserve Fund |
Total |
| Designated | Designated | |||
| £ | £ | £ | £ | |
| Tangible fixed assets | 1,600,271 | 1,600,271 | ||
| Heritage assets | 586,971 | 586,971 | ||
| Investmentproperties | 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) | (355,981) | (1,500,172) |
| Pension liability | (213,000) | (213,000) | ||
| Totalnetassetsat 31March 2021 |
£3,634,566 | £35,664 | f109,533,628 | £113,203,858 |
| ======= | ===== | --------- |
| LeaseCommitments | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Lease payments dueundernon-cancellable operating leases | ||
| falling due: | ||
| within one year | 32,890 | 31,783 |
| in more than oneyear | 20,177 | 21,840 |
| Total leasepaymentsundernon-cancellable operating leases | £53,067 | £53,623 |
| ====== |
| OPERATINGLEASE RECEIPTS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Minimum lease receipts under non-cancellable | ||
| operating leases | ||
| tobereceived: | ||
| notlaterthan one year | 1,871,868 | 1,872,302 |
| later than one year and not later than_five_years | 3,579,930 | 3,940,929 |
| later than_five_years | 4,939,958 | 5,632,325 |
| Total lease receipts under non- cancellable operating leases |
£10,391,756 | £11,445,556 |
| FINANCIALINSTRUMENTS | ||
| 2022 | 2021 | |
| £ | £ | |
| Financialassetsmeasuredatfairvalue | ||
| Investmentproperties | 76,451,113 | 74,117,314 |
| Investments | 38,476,566 | 31,929,802 |
| General Fund |
River Medway Fund |
Bridges Reserve Fund |
2021Total | |
|---|---|---|---|---|
| Designated | Designated | |||
| £ | £ | £ | £ | |
| Incomefrom: | ||||
| Investments | ||||
| Rents receivable | 2,357,249 | 2,357,249 | ||
| Dividends receivable | 613,876 | 613,876 | ||
| Bank andotherinterest | 5,452 | 5,452 | ||
| Totalincome | 2,976,577 | 2,976,577 | ||
| Expenditureon: | ||||
| Raisingfunds | ||||
| Investmentmanagement | 190,909 | 190,909 | ||
| Expenditure on properties | 1,018,597 | 978,849 | 1,997,446 | |
| CharitableActivities | ||||
| Maintenanceofbridges | 904,939 | 6,063,707 | 6,968,646 | |
| Grants payable | 24,925 | 6,985 | 31,910 | |
| Othercharitable activities | 290,883 | 53,133 | 344,016 | |
| 1,220,747 | 6,123,825 | 7,344,572 | ||
| Totalexpenditure | 2,430,253 | 7,102,674 | 9,532,927 | |
| Net(expenditure)/income | 546,324 | (7,102,674) | (6,556,350) | |
| beforeinvestmentsgains | ||||
| Unrealised gain oninvestmentassets | 7,384,616 | 7,384,616 | ||
| Realised gain oninvestmentassets | 1,421,121 | 1,421,121 | ||
| Unrealisedpropertygains | 4,251,653 | 4,251,653 | ||
| Realised gain onpropertysales | 551,054 | 551,054 | ||
| Netincome | 546,324 | 6,505,770 | 7,052,094 | |
| Transfers between Reserve Funds | (9,627,698) | 9,627,698 | ||
| Otherrecognised(losses)/gains | ||||
| Actuarial loss on pension fund | (188,000) | (188,000) | ||
| Restriction on surplus on pension | 64,000 | 64,000 | ||
| fund | 56,210 | 56,210 | ||
| Unrealised gain ontangibleassets | ||||
| Netmovementinfundsforthe | (9,081,374) | 16,065,678 | 6,984,304 | |
| year | ||||
| Total fundsbroughtforward | 12,715,940 | 35,664 | 93,467,950 | 106,219,554 |
| Total funds carried forward | £3,634,566 | £35,664 | £109,533,628 | 113,203,858 |
| --------- | ======= | --------- | --------- |