|**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|





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|||**General**<br>**Fund**|**River**<br>**Medway**<br>**Fund**|**Bridges**<br>**Reserve**<br>**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**<br>**investmentsgains/(losses)**||503,106|(2,000)|(1,005,172)|(504,066)|(6,556,350)|
|Unrealised gain on<br>investmentassets|13b|||1,004,653|1,004,653|7,384,616|
|Realised gain on<br>investmentassets|13b|||365,197|365,197|1,421,121|
|Unrealisedinvestment<br>propertygain|13a|||4,155,259|4,155,259|4,251,653|
|Realised gain oninvestment<br>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<br>pension fund|11|||186,000|186,000|(188,000)|
|Restriction on surplus on<br>pension fund|11|||||64,000|
|Unrealised gain on<br>fixed assets|12a/<br>12b|||268,320|268,320|56,210|
|**Netmovementinfundsfor**<br>**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|
||---------|||---------|---------|





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|**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|
||======|======|======|=====|======|======|





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|**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|
||----||



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||**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**|
||--------<br>--------|--------<br>--------|



|**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|





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|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|
|||========|======|======|======|========|





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||**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.**|<br>**DEFERREDINCOME**|||
|||£||
||Balanceat1 April 2021|293,617||
||Amountreleasedtopropertyincome|(293,617)||
||Amounts deferred intheyear|298,142||
||Balanceat31 March2022|£298,142||
|**17.**|<br>**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**<br>**Fund**|**Medway**<br>**Fund**|**Reserve**<br>**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**<br>**Fund**|**Medway**<br>**Fund**|**Reserve**<br>**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<br>31 March 2022|£3,838,297|£33,664|£115,241,212|£119,113,173|
||=======|=====|---------||
|||**River**|**Bridges**||
|**2021**|**General**<br>**Fund**|**Medway**<br>**Fund**|**Reserve**<br>**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<br>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<br>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**<br>**Fund**|**River**<br>**Medway**<br>**Fund**|**Bridges**<br>**Reserve**<br>**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|
||---------|=======|---------|---------|