2021-03-31-accounts

		Pages
Annual Report ofthe	Trustee	1 —19
Independent Auditors'	Report	20 —22
Statement of Financial	Activities	23
Balance Sheet		24
Statement of Cash Flows		25 —26
Notes to Financial Statements		27 —45

Main ro ramme rec	Main ro ramme rec	i ients from branches I and 2 were as follows:
Reel ients		Pro ect	Grant
Bless Community Church		Funding an Early Years Development Workers within a baby and toddler project which provides training opportunities to parents.	E27,105
		The 'Playtime' project serves young families across the Ealing
		area on a weekl basis.
Ealing Club CIC		The Ealing Club Eclectic 2020 project support 350aged between 16-22 years who will have the opportunity to work alongside	E5,000
		sound en ineers to develo a career in sound en ineerin .
Voice of Somali Community		The Families First project benefitted 120people from the Somali community, mainly refugees and includes children.	E9,800
		A major difficult ofthe Somali community is their lack of
		familiarity with the institutions, organlsations, and norms of UK
		society. This project alms to alleviate these difficulties through
		advocac work.
Ealing Law Centre		The Ealing Law Centre project is a provision offree legal advice	E4,000
		and advocacy at Courts and Tribunals. The request for funding
		was for additional hours for a 'Crisis Navigator' to provide weekly
		one to one support for a period of 10weeks, and help people
		navi ate the a eals and tribunal s stem.
Ealing Mediation Service		The project promoted the provision ofservices directed towards mediation, conciliation, or reconciliation as between persons,	E5,000
		organisations, authorities or groups involved or likely to become
		involved in dispute or interpersonal conflict. They promote
		mediation awareness to parents and guardians of students and
		school staff via 26 site visits and publicity materials to all state
		schools calle es in WS W7 &W13.
Maggie's	Centre	The Maggies Centre Trust is established to relieve the suffering	E10,000
		and distress and to further the health of persons with cancer
		their families and carers. In the 6weeks the Pathways grant
		funded the Centre head salary, this supported around 2,270
		eo le with cancer either in the Centre or online
Into the	Light	Childhood Abuse Support Project- supported 16women to	64,000
		improve their emotional wellbeing and tackle isolation by connecting them to other survivors. The project was a two 10- week psychoeducational course for adult survivors ofchildhood
		sexual abuse in Ealing. It focused on the impact of sexual abuse
		in adults.

Reci ients	Reci ients		Pro'ect		Grant
Centre	for		CAIA seeks to enhance the quality of life for disadvantaged		E9,996
Armenian			members ofthe Armenian community in London, specifically
Information		8	those living in isolation, poverty, or distress. The project support
Advice			450 people from the Armenian community to improve and help
			them access services. 40% ofthe users are based in Baling and
			Hounslow and the grant money will help fund a full-time advice
			worker.
Gurnell	Grove		The Community Socials project took the form of two schemes		E7,987
Community		Trust	which will run concurrently -a weekly Community Lunch club
			and a monthly Community Pop-Up. The grant will train
			Community Workers as a registered Mental Health First Aider so
			they can better support residents with enhanced skills in this
			area.
The Living		Room	The grant was used to cover costs ofyouth workers to carry	out	E7,500
Acton	Ba	tist	ro'ects amon teena ers in Acton who need adult su ort.
Welshore			The grant was used for two purposes -Sewing Group Project		E5,000
Community			was to promote and enhance sewing skills. Knit and Natter
			Group -To improve the well-being of residents in West London,
			by providing activities and services which will educate, inform,
			and bring people who are isolated, vulnerable, and excluded
			together, to engage in social activities which foster
			inclusiveness artici ation and co-o eration.
Crossway			The Girls Project -is work Crossway Pregnancy Crisis Centre	do	E1,500
Pregnancy		Crisis	in schools in Brentford and Baling. The school's coordinator	runs
Centre			the Girls Project at Brenfford Football Club. The activities are
			based around self-esteem, body image, peer pressure,
			relationships, and consent. It was a 7-week programme with
			maximumof8 irlsata time
The Mulberry			The Mulberry Centre is a cancer support charity. The project		E10,000
Centre			aims to improve the emotional, psychological, and physical
			wellbeing of Ealing and Brentford residents who are affected	by
			cancer. These residents will include people affected directly	with
			a dia nosis.
					Cont/. ..

Covid 19-	Emergency	Grant
Pathways has also launched a Covid-19 Emergency Grant to help support local charities working vulnerable communities impacted by Covid-19 since the start ofthe Pandemic. Sofar since April 2020 to March 2021 we have paid the grants to the following organisatlons:				with
Reci ients Afghanistan Ik Central Asian Association		Pro'ect The project support hardest hit communities in Ealing during COViD-19 for a period of 12weeks. They communicate with service users in their own languages offering support through	Grant E1,200
		interpreting and translating, counselling, reassurance, social
		contact, assisbince and advocacy with Bnanclal issues, benefits
		issues, citizenship applications, guidance and support to victims ofdomestic violence, mental health support and signposting to relevant health services.
Armenain Trust	Church	The project will cover costs related to travel ofthe volunteers. Help Buying essentials and food and PPE for the volunteers to	E1,500
		not only keep themselves safe but also the vulnerable and
		eo le that need to self-isolate due to medical issues.
The Felix	Project	The Felix Project rescues food that cannot be sold and would otherwise go to waste. This food is inMate, safe and nutritious,	E1I500
		and includes a high proportion of fresh fruit and vegetables as well as baked goods, salads, meat and fish. Their staff checked, sorted and then delivered food to their frontline charities,
		rima schools and hollda ro rammes in London.
Dementia	Concern	The project involves 3 Deliveries to 125 Live-alone Clients with dementia: The costs ofdeliveiies to Dementia Concern's clients	K1,500
		livin alone with dementia.
Neighbourly	Care	Neighbourly Care provide services to reduce social isolation and loneliness for vulnerable adults, older people, and their carers.	E1,500
		Neighbourly Care will continue to provide a telephone
		befriending service, shopping support service for Ealing vulnerable residents durin Lockdown.
Home Start Ealing		Home Start Ealing help to tackle Increased challenges facing families in particular in relation to their mental and economic	E1,500
		health and to tackle the serious issue of social Isolation as many families with children under 5 have felt unable to leave their
		homes throughout the pandemic and feel very anxious about takin ste sto move on.
MHA Ealing Live Home Scheme		The project help to support shielding/self-isolation through weekly, bi-weekly, daily telephone befriending for older people who are currentl self-isolatln due to Covid19.	I1,500
			Con

Age UK		Typically, Age UK's beneficiaries are those age over 65 with	E1,500
		diverse needs, people who live alone or don't have regular
		visitors or contacts. Since the pandemic, they receive up to 12
		referrals per week. The grant is used to provide regular support
		to beneficiaries b tele hone.
Reverse the Trend		The funding is for delivering online mental health support to our	E1I500
Foundation		current users in Baling which is approximately 200 young
		people. They will work with children raising awareness of how
		their brains work, how to manage anxiety, stress and regulate
		im ulsecontrolwhichwillbe revalentdurin this andemic.
The Log Cabin		Project f'or ongoing core costs and to ensure we can keep their	E1,500
		doors open to serve the 300 families that depend on their
		services. Many ofthese children have extreme disabilities and
		additional needs. A large portion ofthe children live in flats and
		do not have access to suitable outdoor garden space. They need asafes aceto la aswellasre uire1:1su ervision.
Shooting star		The grant for one night ofemergency respite care to a family	E1,500
Children's	Hospices	who need it most. Occasionally, a family may require short
		notice support due to an unexpected situation that arises. This
		may include the child's main carer being taken ill, deterioration
		ofthe child's condition or a major facilities failure at home for a
		rolon ed eriod.
Maggie's Centre		The Maggies Centre provides cancer support to people over the phone, email and drop in 1:1session to anyone affected by	E1,500
		cancer in the West London area. The grant is for 30cancer
		support sessions to help people with cancer and their family and
		friends understand their diagnosis, treatment, and life with
		cancer.
		Total	E120 188

alue for Money Key Metrics
	Hfop
	peer group 2020-21	Housing Pathways avera e	Housing Pathways Trust
1. Reinvestment a/o
Considers the investment in properties (existing stock as
well as new supply) as a percentage ofthe value of total ro erties held.	2.80%	1.47%	0.63a/o
2. New Supply Delivered a/o
The number of new social housing and non-social housing
homes that have been acquired or developed in the year as
a proportion of total social housing and non-social housing
homes owned at period end.
A. New supply delivered (Social housing homes)
B.New su I delivered Non-socialhousin homes
3. Gearing '/o
Assesses how much ol the adjusted assets are made up of debt and the d ree of de endence on debt finance.	1%	1.06%	1170o/a
4. Earnings Before Interest, Tax, Depreciation,
Amortisation, Major Repairs Included (EBITDA MRI)
Interest Cover o/o.
A key indicator for liquidity and investment capacity.
Measures the level of surplus generated compared to interest a able	478%	1265%	996o/a
5. Social Housing Cost Per Unit
The headline social housing cost per unit as defined by the Re ulator	IS415	I6 000	65972
6. Operating Margina/o
Demonstrates the profitability of operating assets before
exceptional expenses are taken into account. Increasing
margins are one way to improve the financial efficiency ofa
business.
A. Operating Margin (social housing lettings only) B.Operating Margin (overall) after adjusting for impairment and merger costs	10.2% 134%	3.10o/o 8 Pfio/o	3 12o/o 6.49o/o
7 ROCE o/o
Compares the operating surplus to total
assets less current liabilities. An assessment of the efficient investment ofca ital resources.	2.46%	1.28%	0.54a/o

e Per	formance Indic	ators
					Housing	Housing	Housing
				Hfop	Pathways	Pathways	Pathways
				2020-21	2020-21	2019-20	2018-19
Current	resident annual	WMC collection rate		100%		103.2%	103.6%
Current	resident arrears	as a %ofthe annual	WMC	0.9%	2.31%	2.73%	3.0%
Homes	with a valid Gas	Safety Certificate %			100%	100%	100%
All reactive repairs completed within target time %				95.7%	81%	85%	86%
Emergency repairs completed within target time %				1PP%	78%	79%	83%
Urgent	repairs completed	within target time	%	97.9%	78%	82%	84%
Routine	repairs completed within target time		%	95%	87%	93%	89%

			Unrestricted	Restdcted	Emlowment	Total	Unmstrlcted	Restricted	Endowment	Total
		Notes	funds	funds	funds	funds	funds	funds	hrrlds	funds
Income from			E	6	6	E	E	6	E	E
OonaUons and Grants Chantable Acdvities 4 as/fords~hon Ahmnenex Other Trading Activities Investments			10,000 977,867 22,644 77,212 348839	5 329	648	10,000 977,867 22,644 77,212 354816	942,151 22,603 71,663 388646	7702		942,151 22,603 71,663 396653
Expenditure on			1,436,562	5,329	648	1,442,539	1,425,063	7,702	305	1,433,070
Raising Funds Charkable Activities			171,2$7	1,753	6,186	179,196	89,290	1,783	6,388	97,461
Aknshoure Acxummodaevr Akbbnenls Grant making			796,146 20,767 I44 921	35,964	134,634 1,690	966,744 22,457	SSS,661 20,089	35,964	1$5,304 1,690 478	999,929 21,779 111324
			1,133,091	37,717	142,988	1,313,796	1,028,886	37,747	163,860	1,230,493
Gains/(losses) on Investments		15	'l42,739	58,165	117,069	617,9/3	(791,620)	(32,424)	(80,014)	(404,058)
Net Inmme/(expenditure)			746 210	25 777
Aduadal (losses)/gains Transfers between funds		22 19	(195,000) (125,522)		125,522	(195,000)	167,502 (99,837)		99,837	167,502
Net movement In funds			425 688	25 777	100251	551716	172222	62 469	143732	33979
Funds bnmght forward	1st Apnl 2020
Ollginagy shrted Frmr year adjustment As restated		28	3,748,407 32876 3,781,283	2IM,877 I 600437 1,885,314	8,528,456 8,528,456	12,561,740 I 633313 14,19$,053	3,575,696 33365 3,609,061	311,382 I 636401 1,947,783	8,672,188 - 8,672,188	12,5$9,266 I 669766 14,229,032
Funds carried forward 31st March 2021			4 206971	I 911091	8628 707	14 746 769	3 781283	I 885314	8 528 456	14 195053

				CH 2021
		Notes		2021		2020	Restated
					E		E
Fixed Assets
Housing Properties		10		6,803,292			6,960,963
Investment Properties		11		4,048,000			4,0'18,000
Other Fixed Assets		12		1,401,885			1,421,586
Social Investments		14
Investments		15		3 667 656			~3004s130
				15,920,833			15,434,679
Current Assets
Trade and Other Debtors		16	221,905		181,757
Cash and Cash Equivalents			636 441		531	7D3
			858,346		713,460
Creditors: Amounts within one year	falling due	17	~372 415		384	580
Net Current Assets				485,931			328,880
Creditors: Amounts	falling due
after more than one year Provisions for liabilities		18 22		(114071995) ~252 ODO			(1,476,506) ~920ll0
Net Assets				E14,746,769			E14,195,053
Funds
Permanent Endowment		19		8,628,707			8,528,456
Restricted Funds		19		1,911,091			1,885,314
Unrestricted Funds		19		4 206 971			3 781 283
Total Funds				E14,746,769			E14,195,053

					Notes	2021	2020 Restated
						f	f
Net Cash generated from Operating		Activities				170,908	297,266
Cash Flows from Investing Activities
Capitalised works to existing housing	properties					(42,790)	(507729)
Purchase ofother fixed assets							(1,269)
Rents and service charges from investment			properties			136,866	308,376
Maintenance of investment properties						(99,280)	(116,752)
Proceeds from sale of investments						328,039	453,826
Additions to investments						(494,651)	(361,390)
Investment management fees						(21,437)	(20,834)
Investment income and bank interest	received					94 681	121084
Net Cash generated from/(used in)		Investing		Activities		98572	332 312
Cash Flows from Financing Activities
Interest paid Repayment of Loans						(33,436) ~58 318	(50,279) ~52 660
Net Cash (used in)/generated from		Financing		Activities		91754	102939
Net Change in Cash and Cash Equivalents						(19,418)	526,639
Cash and Cash Equivalents atthe	beginning			ofthe year		757 349	23D 710
Cash and Cash Equivalents at the	end		ofthe	year		E737931	E757349
A Cash Flows from Operating	Activities
Net Income/(Expenditure) for	the		year			746,716	(201,481)
Depreciation						221,345	227,156
Income from Investments						(354,816)	(396,653)
Interest Payable						33,436	50,279
Investment management fees						21,437	20,834
Expenditure on Investment Properties						157,759	76,627
Decrease/(Increase) in Debtors						4,409	42,089
Increase/(Decrease) in Creditors						(5,222)	69,836
(Decrease)/Increase in pension		liability				(35,000)	(7,498)
Disposal offixed assets (Gains)/Losses on Investments						(1,183) ~627 973	12,019 404 058
						E170908	E297 266
g Cash and Cash Equivalents
Bank Balances						636,441	531,703
Investment Managers Cash						EDE 490	225 646
						5737931	E757 349

Reco	nciliation of Net Debt
		At01.04.20	Cash Flows	At31.03.21
		6	6	6
Cash	and Cash equivalents	757,349	(19,418)	737,931
Loans	falling due within one year	(52,277)	(1,723)	(54,000)
Loans	falling due after more than one year	(1,397,130)	60,041	(1,337,089)
Total		~E 692 050	830900	~f 653 158

d to each c	om	ponen	t are set out belo	w:
Land				not depreciated
Main fabric				Over 70 years
Roof structure		and	covering	Over 70 years
Windows &	external		doors	Over 30years
Gas boilers				Over 15years
Kitchen				Over 20 years
Bathrooms/WCs				Over 30years
Mechanical	systems			Over 30years
Electrics				Over 40 years
Fire alarms/warden			call	Over 15years

Income f	r	om Charitable Activities
			2021	2020
				Restated
				E
Almshouse		Accommodation
Maintenance		contributions	844,819	810,850
Services contributions			133048	131301
			977,867	942,151
Allotments
Allotment	rents		22 644	22 603
			E1000 511	E964 754
Income from Other Trading Activities
Private Lets			177212	E71 663

	Investment	Property
	Rent receivable			218,194	235,064
	Ground rent	receivable		3,950	3,950
	Service charges receivable			34894	36555
				257,038	275,569
	Investment	Income & 8ank Interest		97778	121 084
				E354816	1396 653
5.	Raising Funds
				2021	2020
					Restated
					E
	Investment	management	fees	21,437	20,834
	Investment	properly costs
	Management	88 support costs		53,199	80,294
	Maintenance Bad debts			46,081 58,479	36,458 (407125)
				E179 196	E97 461

					2021	2020
						Restated
						E
Almshouse Accommodation
Management 86support Services Maintenance Depreciation Disposals Bad debts			costs		357,503 127,174 260,887 202,518 (1,183)	402,592 140,429 210,222 208,330 12,019
Interest payable					19845	26 332
Allotments					966,744	999,929
Management Depreciation Maintenance					9,415 1,194	7,632 I,194
Support costs					11 848	12 953
Grant-making					22,457	21,779
Grants awarded Grants officer costs Reversal of impairment SuPPort costs			of concessionary	loan	120,188 14,222 (436) 11425	94,251 4,582 12491
					I'l5,399	111,324
					11 13 61111	61 133612
Support Costs
					2021	2020
						Restated
						E
Staff costs					278,659	259,753
Administration					88,739	120,219
Depreciation		of office property			17,634	17,634
Proi'essional		fees			(5,943)	(1,157)
Bank charges		and	sundries		602	147
Loan interest					13,591	17,942
Pension costs and			interest		4,959	6,000
Irrecoverable		VAT			22,462	16,876
Governance	costs				9,000	12,240
					E429,703	E449,654

ofstaff cos	ts charged to the Charity is as follow	s:
		2021	2020
		E	E
Wages and	salaries	205,486	203,655
Social security costs		17,707	1'9,722
Pension costs		9,008	8,751
Redundancy		30,862
Dff-payroll	contractors	26,506	27,625
		E289,569	E259,753

Maintenance contributions					844,819	810,850
Service charges receivable					133048	131301
Tunnover from Social Housing		Letting			977 867	942 151
Management					357,503	403,466
Services					127,174	140,429
Routine and Cyclical Maintenance					260,887	210,222
Property Depreciation Operating costs ofSocial	Housing		Lettings		2D1644 ~947 2DD	206853 ~960970
Gain/(Loss) on replacement	of components				1,183	(12,019)
DP tt 9 PI" 740 Itdt2		8	I 19	I 8 1 Itt 9	E31 842	~630 838
Void Losses					115926	112 149

10.	Fixed Assets Housing Properties	Fixed Assets Housing Properties
			2021	2020
				Restated
			Total	Total
			E	E
	Cost
	As at 1st April 2020		8,790,835	8,752,125
	Works to existing Disposals	properties	42,790 ~7280	50,729 ~22 019
	As at 31st March	2021	0038448	8790 035
	Depreciation
	As at 1st April 2020		1,8291872	1,623,019
	Adjustment
	Charge for the year Disposals		201,644 ~8353	206,853
	As at 31st March	2021	2 023 153	1829072
	Net BookValue	at31stMarch 2021	E6,803,292	E6,960,963

nvestment Properties
	Baling Green	Total
	E	E
Fair Value
As at 1st April 2020	4,048,000	4,048,000
Additions
Movement in fair value
As at 31st March 2021	~048000	4048000
Net Book Value
At 31st March 2021	E4048 000	14 040 000
At 31st March 2020	E4 048000	E4048 000

Other Fixed Ass	ets
			Fixtures,
			Fittings!k
		Allotments	Equipment		Office	Total
		E	E		E	E
Cost
As at 1st April 2020		798,881	8,732		679,846	1,487,459
Additions
Disposals
As at 31st March	2021	798 881	8	733	679846	1487	459
Depreciation
As at 1st April 2020		8,786	44	182	52,905	65,873
On disposais
Charge for the year		1 194		873	17634	19	701
As at 31st March	2021	9980	5	D55	70 539	85	574
Net Book Value
At 31st March 2021		E7889D1	E3 677		E6D9307	E1401	885
At 31st March 2020		E790,095	E4,550		E626,941	E1,421,586
apital Grants
					2021		2020
						Restated
							E
Aggregate amount received
At 1st April 2020	and 31st March	2021			E2,519,492	E2,519,492
Released toStatement ofFinancial Activities
At 1st April 2020	and 31st March	2021			E2,519,492	E2,519,492
Social Housing	Grant Carrying	Value

ixed Ass	et	I	nvestme	nts
						2021		2020
					Unrestricted	Grassroots	Total	Total
					E	E	E	E
Fair Value
At 1st April		2020			2,574,559	203,925	2,778,484	3,278i,978
Additions					474,054	23,694	497,748	361,390
Disposals					(306,339)	(21,700)	(328,039)	(453,826)
Realised Unrealised	gains/(losses) gains/(losses)				4,328 559479	3,8'i6 54 320	8,174 609799	28,254 ~432312
At 31st March			2021		3,302,081	264,085	3,566,166	2,778,484
Cash Deposits					78 779	22 711	101490	225 646
					E338~860	E286 796	E3667656	E3 1104 130
Fixed Interest					337,384	20,824	358,208	372,093
Equities and Unit Trust					2,605,205	226,911	2,832,116	2,225,956
Property					159,492	16,350	175,842	180,435
Cash					278 779	22711	301490	225 646
					E3 380 860	E286796	E3 667656	E3 004 130
ebtors
						2021		2020
								Restated
								E
Residents'	Contributions					24,358		31,055
Provision	for Doubtful			Debts		(5,090)		(5,090)
						19,268		25,965
Tenants Contributions				and Deposits		165,289		120,732
Prepayments		and accrued income				37,348		31,526
Connected		parties:
- Pathways			Jubilee Charity					3,534
						E221,905	E181,757

Creditors: Amounts falling	due within one year
		2021	2020
			Restated
		E	E
Trade Creditors VAT Connected parties:		34,976 29,500	33,943 20,523
Housing Pathways Almshouse 85 Eleemosynary Loans Grants payable Deferred income Accrued expenses	Charity	7,135 34,061 54,000 42,105 68,038 102 600	40,808 21,103 52,277 28,206 78,154 109566
		E372 415	5384 58D

redito	rs: Amounts faging due outsid	e one year
Grants Tenant Loans	payable deposits (Note 15)	8,550 62,356 17337,089	10,000 69,376 1,397,130
		E1407995	E1,47,6 5D,6

19. Funds - Restated				DE	D IST C
		Balance at				Gains/(losses)	Other gains		Balance at
		1April 2020	Income		Expenditure	on Investments	/(losses)	Transfers	31March 2021
		6	6		E	6	E	E	E
Unrestricted Funds
General Funds		2,419,789	1,399,270		(1.125.335)	216,918	(195,000)	(125,522)	2,59D,120
aesUasmd anus
Grants Reserve		269,073							269,073
Cydlcal Repairs and Maintenance Extraordinary Repairs Reserve	Resewe	145,580 946841	4,960 32 332		(1.032) 6724	29,746 196075			179,254 I 168524
		3,781,283	1,436,562		(1,133,091)	442,739	(195,000)	(125,522)	4,206,971
Restricted Funds
Feed Asset Fund Grassroots Fund		1,600,437			(35,964) I 753	58 165			1,564,473 346618
		1,885,314	5,329		(37,717)	58,165			1,911,091
Endowment Funds
Permanent Endowment		8,528,456		648	(142,988)	IITA69		125,522	8,628,707
		11419 053	E1442	539	E 1313796	E617973	E 195IBM	E -	614746769
		Balance at				Gains/(losses)	Other gains		Balance at
		1AprU 2019 6	Income 6		Expenditure E	on Investments E	/(losses) 6	Transfers E	36March 2020 I
Unrestricted Funds
General Funds		2,135,480	1,379,343		(1,020,975)	(141,724)	187,502	(99,837)	2,419,789
/)csfprmmd Fmids
Grants Reserve		269,073							269,073
Cyclical Repairs and Maintenance	Reserve	196,375	6,093		(1,052)	(55,836)			H5,58D
Extraordinary Rape'rs Reserve		1008 133	39	627	6859	94060			946841
		3,6D9,061	1,425,063		(1,028$86)	(291,620)	167,502	(99,837)	3,781,283
Restricted Funds
Fixed Asset Fund		1,636,401			(35,964)				1,600,437
Grassroots Fund		311382	7	702	I 783	32 424			284 877
		1,947,783	7,702		(37,747)	D2,424)			1,885,314
Endowment Funds
Permanent Endowment		8,672,188		305	(163$60)	gl0,014)		99,837	8,528,456
		E14229 032	El 433	070	E I 23D 493	E 404 058	1167502	I -	114195053

21. Net As	sets by Funds
		Permanent	Restricted	Unrestricted	2021
		Endowment	Funds	Funds	Total
		E	I	I
Housing Properties		3,759,155	1,564,473	1,479,664	6,803,292
Investment	Properties	4,048,000			4,048,000
Other Fixed Assets		1,398,208		3,677	1,401,885
Investments		693,763	286,796	2,687,097	3,667,656
Net Current	Assets/(Liabilles)	66,670	59,822	359,439	485,931
Creditors Due Outside One Year Provisions for Liabilities		(1,337,089)		(70,906) ~252 000	(1,407,995) ~252 000
		58 628 707	E1911091	E4 206 971	E14746769
		Permanent	Restricted	Unrestricted	2020
		Endowment	Funds	Funds	Restated
					TotalI
Housing Properties		3,812,089	1,600,437	1,548,437	6,960,963
Investment	Properifes	4,048,000			4,048,000
Other Fixed Assets		1,417,036		4,550	1,421,586
Investments		580,068	230,333	2,193,729	3,004,130
Net Current	Assets/(Liabilities)	68,393	54,544	205,943	328,880
Creditors Due Outside One Year Provisions for Liabilities		(1,397,130)		(79,376) ~92 000	(1,476,506) ~92 DDD
		E8 528 456	E1885314	E3781283	514 195D53

annuity purchase basis on withdrawal from the sche	me.	me.	me.
Present Values ofDefined Benefit Obligation,	Fair Value ofAssets and Defined Benefit Asset/(Liability) 2021 2020
		E
Fair value of plan assets Present value of defined benefit obligation		1,100,000 ~1352000	997,000 ~1DB9 ODO
Surplus/(deficit) in plan		(252,000)	(92,000)
Reconciliation ofopening and closing balances ofthe Defined Benefit Obligation
		2021 I	2020 6
Defined benefit obligation at start of period Current service cost		1,289,000 6,000	1,206,000 32,000
Expenses Interest expense Contributions by plan participants Actuarial losses/(gains) due to scheme experience Actuarial losses/(gains) due to changes in demographic assumptions Actuarial losses/(gains) due to changes in financial assumptions Benefits paid and expenses Defined benefit obligation at end of period		3,000 26,000 4,000 (24,000) 5,000 272,000 ~29 DDD 1352 DOO	3,000 28,000 7,000 (6,000) (10,000) (39,000) ~32000 1089000
Reconciliation ofopening and closing balances ofthe Fair Value ofPlan Assets
		2021	2020
		6	6
Fair value of plan assets at start of period Interest income		997,000 24,000	939,000 22,000
Experience on plan assets Contributions by the employer Contributions by plan participants Benefits paid and expenses Fair value of plan assets at end of period		58,000 46,000 4,000 ~290011 I 100 ODD	13,000 48,000 7,000 ~32 000 991000

Defined Benefit costs recognised in Net Inc	ome/(Expenditure)
	2021 6	2020 f
Current service cost	6,000	321000
Expenses	3,000	3,000
Net interest expense	2 000	6000
	11,000	41,000

Defined Benefit costs rec	ognised in Other	G	ains an	d Lo	sses
						2021 I	2020 E
Experience on plan assets						58,000	13,000
Experience gains and losses	arising on the plan	liabilities				24,000	6,000
Effects ofchanges in the demographic assumptions			underlying		the
present value ofthe defined	benefit obligation					(51000)	10,000
Effects ofchanges in the financial assumptions		underlying		the
present value ofthe defined	benefit obligation					(272,000)	139,000
Ad ll(l )/gl gl	dl 16 gl		~gl	I(l	)	~)96000	169000

		2021	2020
		(6OOOs)	(6OOOs)
Global Equity		175	146
Absolute Return		61	52
Distressed Opportunities		32	19
Credit Relative Value		35	27
Alternative Risk Premia		41	70
Fund of Hedge Funds			I
Emerging Markets Debt		44	30
Risk Sharing		40	34
Insurance-Linked Securities		26	31
Property		23	22
Infrastructure		73	74
Private Debt		26	20
Opportunistic Illiquid	Credit	28	24
High Yield		33
Opportunistic Credit		30
Corporate Bond Fund		65	57
Liquid Credit		13
Long Lease Property		22	17
Secured Income		46	38
Liability Driven Investment		280	331
Net Current Assets		7	4
Total Assets		1,100	997

Key Assumptions	Key Assumptions			2021 96per annum	2020 %per annum
Discount	Rate			2.18	2.37
Inflation	(RPI)			3.27	2.60
Inflation (CPI) Salary Growth				2.87 3.87	1.60 2.60
Allowance	for commutation	of pension	for cash at retirement	75%of maximum	75%of maximum
				allowance	allowance

The mortality a	ssumptions adopted at 31st March	2021 imply the following life expectancies:
		Life expectancy at age 65
		(Years)
Male retiring in Female retiring Male retiring in Female retiring	2021 in 2021 2041 in 2041	21.6 23.5 22.9 25.I