| CONTENTS | Page |
|---|---|
| Reference and administrative details | 1-2 |
| Annual report | 3-12 |
| Independent auditors' report | 13-15 |
| Statementoffinancial activities | 16 |
| Balance sheet | 17 |
| Statementofcashflows | 18 |
| Notestothefinancial statements | 19-35 |
| Note Incomefrom: Investments Rents receivable Dividends receivable Bank andotherinterest Totalincome Ex(lenditureon: Raisingfunds Investmentmanagement 3 Expenditure on properties 4 CharitableActivities Maintenanceofbridges 5 Grants payable 6 Othercharitable activities 7 Totalexpenditure Netincome/(expenditure)before investmentsgains/(losses) Unrealised (loss)/gain on 13b financialinvestmentassets Realised (loss)/gain on 13b financialinvestmentassets Unrealisedinvestment 13a propertygain Realised (loss)/gain on 13a investmentpropertysales Netincome/(expenditure) Transfers between Funds 18 Otherrecognisedgains/(losses) Actuarial gain on 11 pension fund Restriction on surplus on 11 pension fund Unrealised (loss)/gain on 12a/ fixed assets 12b Netmovementinfundsforthe year Total fundsbroughtforward Total funds carried forward 18 |
General River Bridges Fund Medway Reserve 2023Total 2022Total Fund Fund Designated Designated £ £ £ £ £ 2,458,913 2,458,913 2,483,516 943,327 943,327 898,590 14,168 14,168 487 3,416,408 3,416,408 3,382,593 190,681 190,681 190,689 1,363,250 470,233 1,833,483 2,297,834 1,223,884 347,717 1,571,601 897,942 17,964 500 63,786 82,250 92,540 354,035 89,256 443,291 407,654 1,595,883 500 500,759 2,097,142 1,398,136 3,149,814 500 970,992 4,121,306 3,886,659 266,594 (500) (970,992) (704,898) (504,066) (572,387) (572,387) 1,004,653 (751,914) (751,914) 365,197 2,061,039 2,061,039 4,155,259 (14,680) (14,680) 433,952 266,594 (500) (248,934) 17,160 5,454,995 (681,774) 681,774 1,598,000 1,598,000 186,000 (1,201,000) (1,201,000) (73,000) (73,000) 268,320 (415,180) (500) 756,840 341,160 5,909,315 £3,838,297 £33,664£115,241,212£119,113,173£113,203,858 £3,423,117 £33,164£115,998,052£119,454,333£119,113,173 ======= ===== ======== ======== ======== |
|---|---|
| Fixedassets Tangible assets Heritage assets Investmentproperties Investments Currentassets Debtors Shorttermdeposits Cashatbankand in hand Creditors:amountsfallingduewithinoneyear Netcurrentassets Netassetsexcludingpensionliability Pension liability Netassetsincluding pensionliability Funds Bridges Reserve Fund (Designated) General fund River Medway Fund (Designated) Totalfundbalances Note 12(a) 12(b) 13(a) 13(b) 14 15 11 18,19 18,19 18,19 |
|
|---|---|
| Cashflowsfromoperatingactivities Cashflowsfrominvestingactivities Dividends and interest Purchaseofproperty, plant andequipment Purchaseofheritage assets Proceeds from saleofheritage assets Purchaseofinvestments Proceeds from saleofinvestments Netcashprovidedby investingactivities Change in cashandcashequivalentsintheyear Cashand cash equivalentsatthe beginningoftheyear Cashandcashequivalentsattheendoftheyear NotestotheCash FlowStatement Note A A ReconciliationofNetIncometoNetCashFlowfrom OperatingActivities Net income Gains on investments Depreciation charges Loss on the saleoffixed/heritage assets Decrease in debtors Increase/(decrease)increditors Pension costs Dividends, interest and rents from investments Netcash used inoperatingactivities B AnalysisofCash and CashEquivalents Cashatbank and in hand Shorttermdeposits Cash held by investment managers C AnalysisofChanges inNetDebt Cash Cashheld by investment managers Cashequivalents Total At 1 April 2022£ 2,407,531 1,599,009 405 ---------------- £4,006,945 --------- |
2023 £ (3,551,641) 3,416,408 (36,188) (270) (3,181,640) 4,926,714 5,125,024 1,573,383 4,006,945 £5,580,328 2023 £ 17,160 (722,058) 26,377 120,825 248,463 174,000 (3,416,408) (£3,551,641) 2023 £ 1,541,886 1,913,663 2,124,779 £5,580,328 Cashflows £ (865,645) 525,770 1,913,258 ---------------- 1,573,383 --------- |
2022 £ (3,735,220) 3,382,593 (28,408) (16,519) (9,257,974) 6,510,731 590,423 (3,144,797) 7,151,742 £4,006,945 2022 £ 5,454,995 (5,959,061) 19,165 234 225,763 (289,723) 196,000 (3,382,593) (£3,735,220) 2022 £ 2,407,531 405 1,599,009 £4,006,945 At31March 2023£ 1,541,886 2,124,779 1,913,663 ---------------- £5,580,328 --------- |
|
|---|---|---|---|
| 3. INVESTMENTMANAGEMENT FEES Investmentmanagement fees Direct staffing cost(note8) Supportcosts (note 8) |
2023 £ 122,917 29,753 38,011 £190,681 ======= 2022 £ 130,100 25,063 35,526 £190,689 ======= |
|---|---|
| 4. | EXPENDITUREON PROPERTIES | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Professional andotherfees | 447,909 | 354,601 | |
| Maintenance and repairs | 345,608 | 320,904 | |
| Operational Property | 275,126 | 844,275 | |
| Direct staffing costs(note8) | 202,048 | 178,190 | |
| VATIrrecoverable | 149,793 | 207,403 | |
| Insurance | 56,592 | 78,004 | |
| Ground rents | 21,802 | 16,362 | |
| Compliance costs | 40,998 | 18,382 | |
| Vacantpropertycosts | 19,054 | 25,918 | |
| Baddebts | 16,437 | 1,209 | |
| Support costs(note8) | 258,116 | 252,586 | |
| £1,833,483 | £2,297,834 | ||
| ======== | ======== |
| Operationalpropertyexpenditure relatestothe refurbishmentofoperational buildings. 5. MAINTENANCEOF BRIDGES Professional fees Maintenance and repairs Direct staffing costs (note 8) VATirrecoverable Insurance Bridge Management and Operations One-Off Projects Support costs(note8) Recharged costs 2023 £ 173,290 494,663 260,243 157,457 44,752 25,444 87,843 332,461 (4,552) £1,571,601 ======= |
2022 £ 183,123 272,851 248,446 38,060 38,339 28,881 (250,579) 352,174 (13,353) £897,942 ======= |
|---|---|
| 6. GRANTS PAYABLE Miscellaneous grants Direct staffing costs(note8) Othergrantcosts Support costs(note8) |
General Fund £ 55,851 7,887 7,936 10,076 £81,750 River Medway Fund £ 500 £500 ====== |
2023 2022 Total £ £ 56,351 73,580 7,887 7,761 7,936 199 10,076 11,000 £82,250 £92,540 ======= ======= |
|---|---|---|
| OTHERCHARITABLEACTIVITIES Direct staffing costs(note8) Education resources OtherCharitable Activities Carbon Reduction Support costs (note8) OTHERCHARITABLEACTIVITIES Sundry income Awards & Sponsorship Exhibitions Archive Projects |
2023 £ 158,533 15,805 48,950 17,477 202,526 £443,291 ======= 2023 £ (482) 12,435 36,802 195 £48,950 ====== |
2022 £ 147,256 13,410 13,360 24,892 208,736 £407,654 ======= 2022 £ (725) 805 6,610 6,670 £13,360 ====== |
|---|---|---|
| 2023 Financial Bridges Properties Invest- ments £ £ £ Direct Wages and salaries 260,243 202,048 29,753 £260,243 £202,048 £29,753 ====== ====== ====== Support Wages and salaries 143,370 111,310 16,392 Insurance 29,840 23,166 3,412 Office and administration 159,251 123,640 18,207 £332,461 £258,116 £38,011 ====== ====== ====== |
Other GrantsCharitable Activities £ £ 7,887 158,533 £7,887 £158,533 ===== ====== 4,345 87,337 904 18,178 4,827 97,011 £10,076 £202,526 ===== ====== |
Total £ 658,464 £658,464 ====== 362,754 75,500 402,936 £841,190 ====== |
|---|---|---|
| 2022 Financial Bridges Properties Invest- ments £ £ £ Direct Wages and salaries 248,446 178,190 25,063 £248,446 £178,190 £25,063 ====== ====== ====== Support Wages and salaries 134,501 96,466 13,568 Insurance 35,102 25,176 3,541 Office and administration 182,571 130,944 18,417 £352,174 £252,586 £35,526 ====== ====== ====== |
Other GrantsCharitable Activities £ £ 7,761 147,256 £7,761 £147,256 ===== ====== 4,201 79,719 1,096 20,805 5,703 108,212 £11,000 £208,736 ===== ====== |
Total £ 606,716 £606,716 ====== 328,455 85,720 445,847 £860,022 ====== |
|---|---|---|
| GOVERNANCE COSTS Salaries and wages Meeting costs Auditors'remunerationinrespectoftheaudit Auditors'remunerationin respectofnon-auditservices FRS102 Pension Report 2023 £ 102,836 3,566 17,550 753 £124,705 ======= |
2022 £ 90,788 3,657 12,950 690 822 £108,907 ======= |
|---|---|
Costs. |
|||
|---|---|---|---|
| 9. | EMOLUMENTS OF EMPLOYEES | 2023 | 2022 |
| £ | £ | ||
| Salaries and wages | 663,175 | 586,797 | |
| Employer national insurance | 74,423 | 62,769 | |
| Superannuation | 109,620 | 89,605 | |
| Net interest and service costsofdefined benefit pension scheme | 174,000 | 196,000 | |
| £1,021,218 | £935,171 | ||
| ======== | ======== |
pay awards and costofliving increases. |
||
|---|---|---|
| 2023 | 2022 | |
| No. | No. | |
| Averagenumberofemployees (headcount) | 15 | 14 |
| ---- | ---- | |
| No. | No. | |
| Averagenumberofemployees (fulltimeequivalents) | 12 | 10 |
| ---- | ---- |
| Opening defined benefit obligation Current service cost Contributions by scheme participants Interestcost Change in financial assumptions Change in demographic assumptions Experience gainondefined benefit obligation Benefits paidnetoftransfers in Closingdefinedbenefitobligation Changesinthefairvalueofplan assetsareasfollows: Openingfairvalueofplan assets Intereston assets Return on assets less interest Administration expenses Contributions by employer Contributions by scheme participants Estimated benefits paidnetoftransfers in Otheractuarial gains/(losses) Closingfairvalueofplanassets 2023 £ 3,295,000 276,000 53,000 88,000 (1,927,000) (85,000) 410,000 157,000 £2,267,000 2023 £ 3,072,000 84,000 (42,000) (2,000) 108,000 53,000 157,000 38,000 £3,468,000 Theamountsrecognised inthebalancesheetareas follows: Present valueoffunded obligations Fair valueofplan assets (bid value) Net asset/(liability) Restriction on pension surplus Net asset/(liability) recognised inthebalance sheet 2023 £ (2,267,000) 3,468,000 £1,201,000 (£1,201,000) Theamountsrecognised intheStatementofFinancialActivitiesare: Service cost Net interestonthe defined liability/(asset) Administration expenses Total 2023 £ 276,000 4,000 2,000 £282,000 ======= |
2022 £ 3,067,000 279,000 48,000 64,000 (191,000) 6,000 22,000 £3,295,000 2022 £ 2,854,000 60,000 1,000 (2,000) 89,000 48,000 22,000 £3,072,000 2022 £ (3,295,000) 3,072,000 (£223,000) (£223,000) ======= 2022 £ 279,000 4,000 2,000 £285,000 |
|---|---|
| Remeasurementofthenetassets/ | 2023 | 2022 |
|---|---|---|
| (definedliability) | ||
| £ | £ | |
| Return on Fund assets in excessofinterest | (42,000) | 1,000 |
| Otheractuarial gains/(losses)onassets | 38,000 | |
| Changeinfinancial assumptions | 1,927,000 | 191,000 |
| Changeindemographic assumptions | 85,000 | |
| Experience gainondefined benefit obligation | (410,000) | (6,000) |
| Total gain intheyear | £1,598,000 | £186,000 |
| ======== | ======== | |
| Themajorcategoriesofplanassetsasa percentageoftotalplanassetsareasfollows: | ||
| 2023 | 2022 | |
| Equities | 64% | 64% |
| Gilts | 1% | 1% |
| OtherBonds | 13% | 14% |
| Property | 10% | 12% |
| Cash | 2% | 2% |
| Absolute Return Fund | 7% | 7% |
| Infrastructure | 3% | |
| Theassetsintheschemewere: | ||
| Valueat | Valueat | |
| 31Mar2023 | 31Mar2022 | |
| £ | £ | |
| Equities | 2,214,000 | 1,978,000 |
| Gilts | 19,000 | 19,000 |
| Otherbonds | 455,000 | 424,000 |
| Property | 346,000 | 361,000 |
| Cash | 62,000 | 63,000 |
| Absolute Return Fund | 254,000 | 227,000 |
| Infrastructure | 118,000 | |
| Totalmarketvalueofassets | £3,468,000 | £3,072,000 |
| -------- -------- |
-------- -------- |
| Themajorassumptionsoftheactuarywere:- | ||
|---|---|---|
| At31Mar2023 | At31Mar2022 | |
| Pension increases (CPI) | 2.90% | 3.20% |
| Salary increases | 3.90% | 4.20% |
| Discount rate | 4.80% | 2.60% |
| Assumed life expectanciesatage 65 are: | At31Mar2023 | At31Mar2022 |
| Retiringtoday | ||
| Males | 21.1 | 21.6 |
| Females | 23.5 | 23.7 |
| Assumed life expectanciesatage 65 are: | At31Mar2023 | At31Mar2022 |
| Retiring in20years | ||
| Males | 22.3 | 23.0 |
| Females | 25.0 | 25.1 |
| (a) | Assetsrecognised inthe | Freehold | Office | Furniture, | Plantand | Total |
|---|---|---|---|---|---|---|
| balancesheet | Landand | Equipment | Fixturesand |
Machinery | ||
| buildings | Exhibition | |||||
| Assets | ||||||
| £ | £ | £ | £ | £ | ||
| Valuation/cost | ||||||
| At1 April 2022 | 1,809,001 | 56,253 | 39,196 | 16,650 | 1,921,100 | |
| Additions | 7,391 | 28,797 | 36,188 | |||
| Revaluation | (73,000) | (73,000) | ||||
| Re-allocations | 423,000 | 423,000 | ||||
| At31 March 2023 | 2,159,001 | 63,644 | 67,993 | 16,650 | 2,307,288 | |
| Depreciation | ||||||
| At1 April 2022 | 28,882 | 17,780 | 9,158 | 55,820 | ||
| Depreciation chargefortheyear | 10,764 | 12,283 | 3,330 | 26,377 | ||
| At31 March 2023 | 39,646 | 30,063 | 12,488 | 82,197 | ||
| NetBookValue | ||||||
| At31 March 2023 | £2,159,001 | £23,998 | £37,930 | £4,162 | £2,225,091 | |
| ======== | ====== | ====== | ====== | ======== | ||
| At1 April 2022 | £1,809,001 | £27,371 | £21,416 | £7,492 | £1,865,280 | |
| ======== | ====== | ====== | ====== | ======== |
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Balance brought forward | 811,810 | 586,971 | 594,013 | 592,908 | 585,969 |
| Purchases | 270 | 16,519 | 558 | 1,105 | 6,939 |
| Disposals | (7,600) | ||||
| Revaluation | 208,320 | ||||
| ----------- | ----------- | ----------- | ----------- | ||
| ----------- | |||||
| Balance carried forward | £812,080 | £811,810 | £586,971 | £594,013 | £592,908 |
| ====== | ====== | ====== | ====== | ====== |
| 13.INVESTMENTS (a)Investmentproperties Valuationat1 April Acquisitions Disposalsatnetbook value Reallocationtooperational property Revaluation At31 March |
2023 £ 76,451,113 (100,000) (423,000) 2,061,039 £77,989,152 |
2022 £ 74,117,314 25,000 (1,650,460) (196,000) 4,155,259 £76,451,113 |
|---|---|---|
| b) Quotedinvestments Market valueofinvestmentsat1 April Additions Disposalsatnetbookvalue Unrealised (loss)/gain on revaluation Market valueofinvestmentsat31 March Cash held byinvestmentmanagers Historic costat31 March (excluding cash) Realised (loss)/gain on disposals The portfolioismade upasfollows: UKEquities Overseas Equities IndirectProperty/Infrastructure Alternatives/Private Equity Cash 14.DEBTORS:Amountsfallingduewithinoneyear Rents receivable Prepayments Accrued income Otherdebtors 15. CREDITORS:Amountsfallingduewithinoneyear Trade andothercreditors Accruals Deferred income(note16) Grants allocatedbutunpaid (note17) Othertaxes and social security Pensioncontributionspayable |
2023 £ 36,877,557 3,181,640 (5,593,308) (572,387) 33,893,502 2,124,779 £36,018,281 ---------- £27,142,127 ---------- (£751,914) ---------- 2023 £ 18,303,226 13,889,914 77,281 1,623,081 2,124,779 £36,018,281 ---------- 2023 £ 12,069 124,551 188,510 87,962 £413,092 ======== 2023 £ 240,333 767,787 293,347 72,483 70,770 14,192 ------------ £1,458,912 ======= |
2022 £ 30,701,053 9,232,974 (4,061,122) 1,004,653 36,877,558 1,599,008 £38,476,566 ---------- £28,929,255 ---------- £365,197 ---------- 2022 £ 21,985,491 12,944,563 88,210 1,859,293 1,599,009 £38,476,566 ---------- 2022 £ 31,397 220,379 198,395 83,746 £533,917 ======== 2022 £ 205,629 546,500 298,142 67,447 80,219 12,512 ---------------- £1,210,449 ======== |
|
|---|---|---|---|
| 17. Balanceat1 April 2022 Amount releasedtoproperty income Amounts deferred in the year Balanceat31 March 2023 GRANTS ALLOCATED BUTUNPAIDRECONCILIATION Balance at 1 April 2022 Paidinthe year Awardedinthe year Balanceat31 March 2023 Falling due within oneyear |
£ £298,142 (298,142) 293,347 £293,347 ======= £ £67,447 (51,315) 56,351 £72,483 ===== |
|---|---|
| FUNDS | ||||
|---|---|---|---|---|
| River | Bridges | |||
| 2023 | General Fund | Medway Fund |
Reserve Fund |
Total |
| Designated | Designated | |||
| £ | £ | £ | £ | |
| Balanceat1 April 2022 | 3,838,297 | 33,664 | 115,241,212 | 119,113,173 |
| Net expenditure before investments | ||||
| gains and losses | 266,594 | (500) | (970,992) | (704,898) |
| Unrealised loss on investments | (572,387) | (572,387) | ||
| Realised loss on investments | (751,914) | (751,914) | ||
| Unrealised property gain | 2,061,039 | 2,061,039 | ||
| Realised loss on property sales | (14,680) | (14,680) | ||
| Transfers between Reserve Funds | (681,774) | 681,774 | ||
| Actuarial gain on pension fund | 1,598,000 | 1,598,000 | ||
| Restrictionofsurplus on pension | ||||
| fund | (1,201,000) | (1,201,000) | ||
| Unrealised loss on tangible assets | (73,000) | (73,000) | ||
| ------------- | ||||
| ----------- | ------------- | ------------- | ||
| Balanceat31March 2023 | £3,423,117 | £33,164 | £115,998,052 | £119,454,333 |
| ======= | ====== | ======== | ======== | |
| River | Bridges | |||
| 2022 | GeneralFund | Medway Fund |
Reserve Fund |
Total |
| 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 | ||
| Unrealised property gain | 4,155,259 | 4,155,259 | ||
| Realised gains on property sales | 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 | ||
| ------------- | ----------- | ------------- | ------------- | |
| Balance at31March 2022 | £3,838,297 | £33,664 | £115,241,212 | £119,113,173 |
| ======= | ====== | ======== | ======== |
| 2023 Tangible fixed assets Heritage assets Investmentproperties Investments Current assets Current liabilities Totalnetassetsat 31 March 2023 2022 Tangible fixed assets Heritage assets Investmentproperties Investments Current assets Current liabilities Pension liability Total net assetsat 31 March 2022 |
River Bridges General Medway Reserve Total Fund Fund Fund Designated Designated £ £ £ £ 2,225,091 2,225,091 812,080 812,080 77,989,152 77,989,152 36,018,281 36,018,281 1,547,401 37,274 2,283,966 3,868,641 (1,161,455) (4,110) (293,347) (1,458,912) £3,423,117 £33,164 £115,998,052 £119,454,333 ======= ===== --------- --------- River Bridges General Medway Reserve Total Fund Fund Fund Designated Designated £ £ £ £ 1,865,280 1,865,280 811,810 811,810 76,451,113 76,451,113 38,476,566 38,476,566 2,243,194 37,775 660,884 2,941,853 (858,987) (4,111) (347,351) (1,210,449) (223,000) (223,000) £3,838,297 £33,664 £115,241,212 £119,113,173 ======= ===== --------- --------- |
|---|---|
| Lease Commitments Lease payments due under non-cancellable operating leases falling due: within one year inmore than oneyear Total lease payments under non-cancellable operating leases = |
2023 £ 31,121 14,954 £46,075 ===== |
2022 £ 32,890 20,177 £53,067 ====== |
|---|---|---|
| Minimum lease receipts under non-cancellable operating leases tobereceived: not later than one year later than one year and not later than five years later than five years Total lease receiptsundernon- cancellable operating leases 23.FINANCIALINSTRUMENTS Financialassetsmeasuredatfairvalue Investmentproperties Investments |
2023 £ 1,830,252 3,373,330 4,375,578 £9,579,160 --------- 2023 £ 77,989,152 36,018,281 2022 £ 1,871,868 3,579,930 4,939,958 £10,391,756 --------- 2022 £ 76,451,113 38,476,566 |
|---|---|
| Note Incomefrom: Investments Rents receivable Dividends receivable Bank andotherinterest Totalincome Expenditureon: Raisingfunds Investmentmanagement 3 Expenditure on properties 4 CharitableActivities Maintenanceofbridges 5 Grants payable 6 Othercharitable activities 7 Totalexpenditure Netincome/(expenditure)before investmentsgains/(losses) Unrealised gain on 13b investmentassets Realised gain on 13b investmentassets Unrealisedinvestmentpropertygain 13a Realised gain oninvestmentpropertysales 13a Netincome/(expenditure) Transfers between Funds 18 Otherrecognisedgains/(losses) Actuarialgain/(loss)on 11 pension fund Unrealised gain on 12a/ fixed assets 12b Netmovementinfundsfortheyear Total fundsbroughtforward Total funds carried forward 18 |
General River Bridges Fund Medway Reserve 2022Total Fund Fund Designated Designated £ £ £ £ 2,483,516 2,483,516 898,590 898,590 487 487 3,382,593 3,382,593 190,689 190,689 1,230,606 1,067,228 2,297,834 1,092,805 (194,863) 897,942 18,761 2,000 71,779 92,540 346,626 61,028 407,654 1,458,192 2,000 (62,056) 1,398,136 2,879,487 2,000 1,005,172 3,886,659 503,106 (2,000) (1,005,172) (504,066) 1,004,653 1,004,653 365,197 365,197 4,155,259 4,155,259 433,952 433,952 503,106 (2,000) 4,953,889 5,454,995 (299,375) 299,375 186,000 186,000 268,320 268,320 203,731 (2,000) 5,707,584 5,909,315 £3,634,566 £35,664£109,533,628£113,203,858 £3,838,297 £33,664£115,241,212£119,113,173 ======= ===== ======== ======== |
|---|---|