2022-03-31-accounts - Housing Pathways Trust

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		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 —46

Overall grants award	Overall grants award	ed by Housing Pathways Trust in 2021-22 amounted to E55,969(2021:E120,188).	ed by Housing Pathways Trust in 2021-22 amounted to E55,969(2021:E120,188).	ed by Housing Pathways Trust in 2021-22 amounted to E55,969(2021:E120,188).	ed by Housing Pathways Trust in 2021-22 amounted to E55,969(2021:E120,188).
The main Pathways		Grants programme is funded from the net rental income derived from our commercial
shops at The Green,		Ealing, which is split equally between branches 1 (Ealing) and 2 (Brentford).
Our main programme			strategy is to fund work which benefits people in communities. We support	full	cost
recovery and will	consider giving grants for up to 3years for organisations that are able to demonstrate				that
they have monitored		and evaluated their work, have learned lessons and refined their approach,		and	have
achieved their stated		results. However, we do generally limit our programme to small organisations		defined
as those with an	annual		income of less than E100,000 a year.
Main programme	recipients from branches 1 and 2 were as follows:
Reel ients			Pro ect	Grant
MindFood			MindFood is an Ealing based charity supports people with mental	E4,997
			health issues such as depression, anxiety, and stress to improve their
			wellbeing through food growing and horticulture.
			MindFood runs nature-based courses that support people to manage
			and improve their mental wellbeing. We teach
			food-growing, gardening and other mindful nature-based activities to
			hei eo le tackle de ression and anxie
Into the Light			Childhood Abuse Support Project- supported 16women to improve	E3,850
			their emotional wellbeing and tackle isolation by connecting them to
			other survivors. The project was a two 10-week psychoeducational
			course for adult survivors of childhood sexual abuse in Ealing. It
			focused on the im act of sexual abuse in adults.
The Log Cabin			The Log Cabin Charity fills the gap in service not offered by special	E4,800
			schools in the borough. We run after school clubs, holiday playscheme,
			weekend clubs and Start2Together for parents. The project supports
			children with disabilities and/or additional needs from the age of5-15.
			A large portion ofthe
			children are medically complex and require 1:1care as well as
			specialist facilities.
Ealing Street			Ealing Street Pastors provide a vital role on the streets of Ealing in the	E8,000
Pastors			night-time economy, caring, listening, and helping many young people,
			helping those with mental health challenges that have gone on to
			affect their physical and practical situations. We have signposted many
			people towards services that are able to help them make a positive
			step in their lives.

				Housln P hw sTrust Annual Re ort ofthe Trustees ForThe Year Ended 31st March 2022
Covid 19- Emergency				Grant
Pathways	has also		launched a Covid-19 Emergency Grant to help support local charities		working	with
vulnerable	communities			impacted by Covid-19 since the start ofthe Pandemic. For April 2021	to March	2022,
we have paid		the grants to the following organisations:
Reci ients:				Pro ect	Grant
				The project will cover costs of helping vulnerable residents with	E1,500
Ealing Mencap				disabilities, carers, and parents ofyoung children with special educational needs who have had issues with social services, day
Advice Consortium				services, residential homes, care agencies and care assessments.
Fellowship				Following the pandemic, the project delivers a digital channel to	E1,500
Educational		Society		academically and emotionally support over 50 disadvantaged
				migrant families in West London through online guided learning
				activities and wellbeing sessions as well as providing consultancy,
				interpreting, and befriending support over the phone.
Headway	West			The Project focus is on supporting brain injury survivors within their	E1,500
London				local community during their rehabilitation process, enabling them
				to develop self -management skills to cope with the often-
				catastrophic changes to their lives. COVID19 has exacerbated many
				ofthe problems survivors and their families face and many have
				been in the extremely vulnerable category. Some faced
				homelessness and many carers themselves became traumatised.
				We are providing vital virtual support via the phone, What's App,
				Zoom, newsletters, emails, social media and from our website.
Next Step				The programme was set up to support students from	E1,000
Foundation				disadvantaged backgrounds through the process of applying to
				selective UK universities It costs E500 for a student to participate
				on this programme which runs for 9 months. This includes skills are
				rarely covered by these pupils' standard curriculum. Such as in
				person tutoring, extension lectures, personal statement help and
				interview prep.
Young Roots				Young Roots works with young refugees and asylum seekers aged	E1,500
				11-25 in London, supporting them to improve their wellbeing and
				mental health, and to fulfil their potential. We work with young
				people through 1:1intensive casework support to resolve a range
				ofcomplex and often critical issues; weekly sporting and youth
				activities at our Advice lk Support Hubs and weekly youth clubs;
				and access to specialist legal and therapeutic support.
Woman's	Trust			The project was used for 22 person-centred counselling sessions for	E1,500
				women affected by domestic abuse (DA) from your area of benefit
				in Ealing, provided by DA specialist counsellors Women access an
				initial session and then up to 18weekly sessions. Counsellors help
				women ex lore understand and recover from their ex eriences.
				Dereco nition of reviousl accrued rants	E15000
				Total	E15 147

Church Community		project			Amount
Christ the Saviour		Provide and co-ordinate series		of workshops	E2,000
		for church members to engage		with and
		improve racial awareness and		interaction
St john' s, West Ealing		Funding activities for a midweek elders support			E2,000
		Iou
Living Waters Arabic Church		Developing the work of the	LWAC radio app		E2,000
St Barnabas, Pitshanger		Developing marketing material			E2,000
St Martin' s, West Acton		projector			E1,600
Holy Cross, Greenford		New Noticeboards			E2,000
StThomas's, Hanwell		New Noticeboard			E2,000
Southall Parish		Develop old church building	as	community	E2,000
		minist
Southall Group Ministry		Develop a prayer labyrinth			E1,985
St Nicholas, Perivale		Delivery of Invitation pack	Presence at Perivale		E2,000
		Festival Open gardens and	use	creatively
The Ascension, Hanger	Hill	Live streaming tech for broadcasting			E2,000
St Peter' s, Ealing		Live streaming tech			E2,000
St Mary' s, Ealing		Live streaming and processing		equipment	E1,500
		developing digital services

istributive grants (continue	d)
Church Community	project		Amount
St Stephen's, Ealing	Live streaming tech		E2,000
St Dunstan's, East Acton	Live streaming equipment		E2,000
Dak Tree Fellowship	Updating live streaming	equipment	E1,916
All Hallows, Greenford	Live streaming equipment		E1,820
St Mary' s, Northolt	Live streaming equipment		E2,000
StJoseph the Worker	Live streaming equipment		E2,000
St Hugh's, Northolt	Live streaming equipment		E2,000
St Mary, Norwood Green	New noticeboard and live		E2,000
	streamin e ui ment
St George' s, Southall	Streaming equipment		E2,000
	Return of unspent funds		(E2,000)
		Total	E40,821

Value for Money Key Metrics
							HfOP
							peer	Housing	Housing
							group	Pathways	Pathways
i. Reinvestment '/o							2021-22	avera e	Trust
Considers the investment in properties (existing stock as
well as new supply) as a percentage			ofthe	value of		total
ro erties held.							2.45%	2.02%	107o/o
2. New Supply Delivered o/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)						0%	0%	Oo/o
B.New su I delivered Non-social			housin		homes		0%	0%	Oo/o
3. Gearing o/o
Assesses how much ofthe adjusted			assets	are made		up of
debt and the d ree of de endence			on debt		finance.		3%	4.63	2 68o/o
4. Earnings Before Interest,	Tax, Depreciation,
Amortisatlon, Major Repairs	Included			(EBITDA MRI)
Interest Cover o/o.
A key indicator for liquidity and investment				capacity.
Measures the level ofsurplus generated compared to
interest a able							381%	1566%	293o/o
S. Social Housing Cost Per Unit
The headline social housing cost	per		unit as		defined	by the	E5,792	E6,243	ES,675
R ulator
6. Operating Margino/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)		9%	5.41%	9.16o/o
B.Operating Margin (overall) after		adjusting			for impairment
and mer er costs							7g5%	17.08%	22 84o/o
7 ROCE o/o
Compares the operating surplus	to	total
assets less current liabilities. An	assessment				ofthe efficient
investment ofca ital resources.							0.80%	1.28%	1Bio/o

				Hfop
				peer	Housing	Housing
				group	Pathways	Pathways
Cost	r home			2021-22	avera e	Trust
Management		costs			2,494	2,553
Service	charge costs				764	796
Routine	maintenance		cost		2,031	1,787
Planned	maintenance
Major repairs		expenditure			954	539
Other social		housing	costs
Total				E5,792	E6,243	E5,675

e Per	formance Indic	ators
					Housing	Housing	Housing
				HfOP	Pathways	Pathways	Pathways
				2021-22	2021-22	2020-21	2019-20
Current	resident annual	WMC collection rate		99.82%	104%		103.2%
Current	resident arrears	as a %of the annual	WMC	085%	2%	2.31%	2.73%
Homes	with a valid Gas	Safety Certificate %			100%	100%	100%
All reactive repairs completed within target time %				98.2%	72%	81%	BS%
Emergency repairs completed within target time %				100%	Sg%	78%	79%
Urgent	repairs completed	within target time	%	96.9%	70%	78%	82%
Routine	repairs completed within target time		%	962%	71%	87%	93%

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		Notes		2022		2021
Fixed Assets
Housing Properties		10		6,662,655		6,803,292
Investment Properties		11		4,790,000		4,048,000
Other Fixed Assets		12		1,382,724		1,401,885
Social Investments		14
Investments		15		3851 194		3 667 656
				16,686,573		15,920,033
Current Assets
Trade and Other Debtors		16	141,650		221,905
Cash and Cash Equivalents			1009516		636441
			1,151,166		858,346
Creditors: Amounts within one year	falling due	17	~306073		372 415
Net Current Assets				845,093		485,931
Creditors: Amounts	falling due
after more than one year Provisions for liabilities		18 22		(1,325,921) ~757000		(1,407,995) ~252 000
Net Assets				E16,048,745		E14,746,769
Funds
Permanent Endowment		19		9,376,403		8,628,707
Restricted Funds		19		1,886,998		1,911,091
Unrestricted Funds		19		4 705 344		4 2D6 971
Total Funds				E16,048,745		E14,746,769

				2022	2021
				E	E
Net Cash generated from Operating		Activities		498,960	215,730
Cash Flows from Investing Activities
Capitalised works to existing housing	properties			(71,191)	(42,790)
Purchase of other fixed assets				(540)
Repayments of Social Investments				1,743	436
Proceeds from sale of investments				725,349	328,039
Additions to investments				(708,104)	(494,651)
Investment management fees				(22,012)	(21,437)
Investment income and bank interest	received			96632	87 009
Net Cash generated from/(used in)		Investing	Activities	21 877	143 394
Cash Flows from Financing Activities
Interest paid Repayment of Loans				(32,988) ~594115	(33,436) ~58318
Net Cash (used in)/generated from		Financing	Activities	92393	91754
Net Change in Cash and Cash Equivalents				428,444	(19,418)
Cash and Cash Equivalents atthe	beginning		ofthe year	737 931	757 349
Cash and Cash Equivalents at the	end ofthe		year	El 166 375	6737 931
A Cash Flows from Operating	Activities
Net Income/(Expenditure) for	the year			1,235,976	746,716
Depreciation				222,633	221,345
Income from Investments				(97,916)	(97,778)
Interest Payable				37,988	35,436
Investment management fees				22,012	21,437
Decrease/(Increase) in Debtors				74,177	(32,476)
Increase/(Decrease) in Creditors				(89,011)	(22,358)
(Decrease)/Increase in Pension		Provision		(34,000)	(37,000)
Disposal offixed assets				8,896	(1,183)
Reversal of impairment of Social		Investments		(1,743)	(436)
(Gains)/Losses on Investments Revaluation of investment property				(138,052) ~742 000	(617,973)
				E498 960	E215730
8 Cash and Cash Equivalents
Bank Balances				1,009,516	636,441
Investment Managers Cash				156 859	101490
				El 166375	6737 931

Reco	nciliation of Net Debt
		At01.04.21	Cash Flows	At31.03.22
		6	F.	6
Cash	and Cash equivalents	737,931	428,444	1,166,375
Loans	falling due within one year	(54,000)	(3,639)	(57,639)
Loans	falling due after more than one year	(1,337,089)	63,044	(1,274,045)
Total		~5653 158	E487 849	~5165399

Land				not depreciated
Main fabric				Over 70 years
Roof structure		and	covering	Over 70 years
Windows ik	external		doors	Over 30years
Gas boilers				Over 15years
Kitchen				Over 20 years
Bathrooms/WCs				Over 30years
Mechanical	systems			Over 30 years
Electrics				Over 40 years
Fire alarms/warden			call	Over 15years

2.	Income f	r	om Charitable Activities
				2022	2021
				E	E
	Almshouse		Accommodation
	Maintenance		contributions	850,213	844,819
	Services contributions			121506	133040
				971,719	977,867
	Allotments
	Allotment	rents		25 960	22 644
				E997679	E100D 511
3.	Income from Other Trading Activities
	Private Lets			E77 135	E77 212

Investment	Property
Rent receivable				240,350	218,194
Ground rent	receivable			3,950	3,950
Service charges receivable				68 41D	34 094
				312,710	257,038
Investment	Income	86 Bank Interest		97916	97 778
				E410626	E354816
Raising Funds
				2022	2021
				E	E
Investment	management		fees	22,012	21,437
Investment	property	costs
Management	86support costs			50,895	53,199
Maintenance				18,022	28,749
Insurance				18,218	17,332
Section 20 works				36,214
Professional	fees			15,915
Bad debts				43,821	58,479
				E205 097	E179 196

						2022	2021
						E	E
Almshouse	Accommodation
Management		88	support	costs		337,004	357,503
Services						105,031	127,174
Maintenance						235,898	260,887
Depreciation						202,932	202,518
Disposals						(1,103)	(1,183)
Bad debts						1,885
Interest payable						19535	19845
						901,182	966,744
Allotments
Management						8,100	9,415
Depreciation						1,194	1,194
Maintenance						1,738
Support costs						11656	11848
						22,688	22,457
Grant-making
Grants awarded			to institutions			55,969	120,188
Grants officer		costs				10,082	14,222
Reversal of	impairment			ofconcessionary	loan	(1,743)	(436)
Support costs						11241	11425
						75,549	145,399
						E1018916	E1 134600

Support Co		sts
			2022	2021
Staff costs			244,254	278,659
Administration			93,303	88,739
Depreciation		of office property	17,633	17,634
Professional	fees		4,846	(5,943)
Bank charges		and sundries	2,490	602
Loan interest			13,453	13,591
Pension costs and interest			11,697	4,959
Irrecoverable		VAT	13,640	22,462
Governance	costs		9,480	9,000
			E410,796	E429,703

osts charge	d to the Charity is as follows:
		2022	2021
		E	E
Wages and	salaries	206,243	205,486
Social security costs		18,567	17,707
Pension costs		11,237	9,008
Redundancy		9,619	30,862
Off-payroll	contractors	8,670	26,506
		E254,336	E289,569

to key management person E120,485).	nel f	or their servic	es to	es to	the Cha	rity am	oun	oun	ted to E78,	499 (2021:
The number of staff whose	total	remuneration	payable		by the	group	fell		in the band	E60,000 to
E70,000 was nil (2021:nil),	in the	band E70,000	to	E80,000was		nil (2021:			nil), in the band E80,000
to E90,000 was nil (2021:nil), and		in the band E90,000			to E100,000 was			nil (2021:one).
Social Housing Lettings —Sheltered Housing
Maintenance contributions									850,213	844,819
Service charges receivable									121506	133048
Turnover from Social Housing		Letting							971719	977867
Management									337,004	357,503
Services									105,031	127,174
Routine and Cyclical Maintenance									235,898	260,887
Property Depreciation									202,932	201,644
Bad debts Operating costs ofSocial	Housing Lettings					1885 ~882 750				~947208
Gain/(Loss) on replacement	of components								1,103	1,183
Operating surplus/(deficit)	on	Social Housing		Lettings					E90072	E31842
Void Losses									55539	515 926

Fixed Assets Housing Properties
	2022	2021
	Total	Total
	E	E
Cost
As at 1st April 2021	8,826,445	8,790,835
Works to existing properties Disposals	71,191 ~29 863	42,790 ~7280
As at 31st March 2022	8 877 773	8 826 445
Depreciation
As at 1st April 2021	2,023,153	1,829,872
Charge for the year Disposals	202,932 ~10967	201,644 ~8363
As at 31st March 2022	1215118	2 023 153
Net Book Value at 31st March 2022	E6,662,655	E6,803,292

		Ealing Green	Total
		E	E
Fair Value
As at 1st April 2021		4,048,000	4,048,000
Additions
Movement	in fair value	742,000	742,000
As at 31st	March 2022	4 790 00tl	4 790 0tlo

12.	Other Fixed As	sets
						Fixtures,
						Fittings	88
					Allotments	Equipment		Office	Total
					E	E		E	E
	Cost
	As at 1st April 2021				798,881	8,732		679,846	1,487,459
	Additions					540				540
	Disposals
	As at 31st March	2022			798881	9 272		679846	1487	999
	Depreciation
	As at 1st April 2021				9,980	5,055		70,539	85,574
	On disposals
	Charge for the year				1 194	874		17633	19	701
	As at 31st March	2022			11 174	5 929		88 172	105	275
	Net BookValue
	At 31st March 2022				E787 707	E3 343		5591674	E1 382	724
	At 31st March 2021				f788,901	E3,677		E609,307	E1,401,885
13.	Capital Grants
								2022	2021
								E	E
	Aggregate amount		received
	At 1st April 2021	and	31st March	2022				E2,519,492	E2,519,492
	Released to Statement ofFinancial				Activities
	At 1st April 2021	and	31st March	2022				E2,519,492	E2,519,492
	Social Housing	Grant Carrying		Value

Social Investments
	2022	2021
	E	E
Concessionary loans
At 1st April 2021
Repayments in the year	(1,743)	(436)
Reversal of impairment	1 743	436
At 31st March 2022

Fixed As	s	et Investments
				2022		2021
			Unrestricted	Grassroots	Total	Total
			E	E	E	E
Fair Value
At 1st April		2021	3,302,081	264,085	3,566,166	2,778,484
Additions			658,485	56,981	715,466	497,748
Disposals			(682,993)	(42,356)	(725,349)	(328,039)
Realised	gains/(losses)		(10,778)	818	(9,960)	8,174
Unrealised		gains/(losses)	142361	5 651	148 012	609 799
At 31st March 2022			3,409,156	285,179	3,694,335	3,566,166
Cash Deposits			150716	6 143	156 859	101490
			E3559872	E291 322	E3851 194	E3 667 656
Fixed Interest			151,212	15,284	166,496	358,208
Equities and Unit Trust			2,880,505	232,855	3,113,360	2,832,116
Property	and Alternatives		377,439	37,040	414,479	175,842
Cash			150 716	6 143	156 859	101490
			E3559872	E291 322	E3851 194	E3 667 656

Debtors
					2022	2021
					E	E
Residents'	Contributions				20,186	24,358
Provision	for Doubtful	Debts				(5,090)
					20,186	19,268
Private Let and Investment			Property	Debtors	112,066	165,289
Prepayments and accrued income					9,398	37,348
					E141,650	E221,905

Creditors: Amoun	ts falling	due within one ye	ar
			2022	2021
			E	E
Trade Creditors			20,812	34,976
VAT			12,536	29,500
Connected parties:
Housing Pathways			8,822	7,135
Almshouse 86 Eleemosynary		Charity	4,237	34,061
Pathways Jubilee	Charity		52
Loans			57,639	54,000
Grants payable			26,306	42,105
Deferred income			68,046	68,038
Accrued expenses	86Other Creditors		107 623	102600
			E306 073	E372416

years, a	t an interest rate of 2.25% over base ra	te.
Deferred	income at 1 April	68,038	78,154
Income	recognised in the year	(68,038)	(78,154)
Amounts	deferred this year	68,046	68,038
Deferred	income at 31March	E68,046	E68,038

Credit	ors: Amounts falling due outs	ide one year
Grants	payable		8,550
Tenant	deposits	51,876	62,356
Loans	(Note 17)	1,274,045	1,337,089
		E1,325,921	E1,407,995

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Net Assets	by Funds
			Permanent	Restricted	Unrestricted	2022
			Endowment	Funds	Funds	Total
			E	E	E	E
Housing Properties			3,701,487	1,528,509	1,432,659	6,662,655
Investment	Properties		4,790,000			4,790,000
Other Fixed Assets			1,379,381		3,343	1,382,724
Investments			716,549	291,322	2,843,323	3,851,194
Net Current	Assets/(Liabilities)		63,031	67,167	714,895	845,093
Creditors Due Outside Provisions for Liabilities		One Year	(1,274,045)		(51,876) ~757 tl00	(1,325,921) ~1571100
			E9 376403	El 886 998	E4 785 344	E16048 745
			Permanent	Restricted	Unrestricted	2021
			Endowment	Funds	Funds	Total
			E	E	E	E
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/(Liabilities)		66,670	59,822	359,439	485,931
Creditors Due Outside Provisions for Liabilities		One Year	(1,337,089)		(70,906) ~252 tl00	(1,407,995) ~252 ODO
			E8 628 707	E1911D91	E4 2116971	E14 746 769

Present Values ofDef Asset/(Liability)	ined	Benefit O	bligation,	Fair	Value ofAss	ets and Defined Be	nefit
						2022	2021
						E
Fair value of plan assets Present value of defined	benefit obligation					1,039,000 1 196000	1,100,000 ~2332000
Surplus/(deficit) in plan						(157,000)	(252,000)
Reconciliation ofopening		and closing balances ofthe Defined				Benefit Obligation
						2022	2021
						E	E
Defined benefit obligation at		start of period				1,352,000	1,089,000
Current service cost						10,000	6,000
Expenses						3,000	3,000
Interest expense						29,000	26,000
Contributions by plan participants						4,000	4,000
Actuarial losses/(gains)	due	to scheme	experience			(17,000)	(24,000)
Actuarial losses/(gains)	due	to changes	in demographic		assumptions	(19,000)	5,000
Actuarial losses/(gains) due Benefits paid and expenses		to changes	in financial	assumptions		(105,000) ~92 DDQ	272,000 ~29 000
Defined benefit obligation at		end of period				1196000	1 332 DQD

Reconciliation ofopening and closing balances oft	he Fair Value ofPlan Assets
	2022	2021
	E	E
Fair value of plan assets at start of period	1,100,000	997,000
Interest income	24,000	24,000
Experience on plan assets	(75,000)	58,000
Contributions by the employer	47,000	46,000
Contributions by plan participants Benefits paid and expenses	4,000 61000	4,000 ~29000
Fair value of plan assets at end of period	1039000	1 100 DDD

Defined Benefit costs recognised	Defined Benefit costs recognised	Defined Benefit costs recognised	Defined Benefit costs recognised		in Net Income/(Expenditure)	in Net Income/(Expenditure)	in Net Income/(Expenditure)	in Net Income/(Expenditure)	in Net Income/(Expenditure)
										2022	2021
										E	E
Current service cost										10,000	6,000
Less: amount allocated to other group					charities					(3,303)	(3,041)
Expenses										3,000	3,000
Net interest expense										6 DllD	2 OQD
										14,697	7,959
Defined Benefit costs recognised					in Other	Gains and		Losses
										2022	2021
										E	E
Experience on plan assets										(75,000)	58,000
Experience gains and	losses	arising		on the plan		liabilities				17,000	24,000
Effects ofchanges in	the demographic				assumptions		underlying		the
present value ofthe	defined	benefit		obligation						19,000	(5,000)
Effects ofchanges in	the financial		assumptions			underlying		the
present value ofthe	defined	benefit		obligation						105,000	(272,000)
Actuarial (loss)/gain	recognised in		other recognised				gains/(losses)			66 OQQ	~296 DDll

Assets			2022 (6000s)	2021 (6000s)
Global Equity			199	175
Absolute Return			42	61
Distressed Opportunities			37	32
Credit Relative Value			34	35
Alternative Risk Premia			34	41
Emerging Markets	Debt		30	44
Risk Sharing			34	40
Insurance-Linked	Securities		24	26
Property			28	23
Infrastructure			74	73
Private Debt			27	26
Opportunistic Illiquid		Credit	35	28
High Yield			9	33
Opportunistic Credit			4	30
Corporate Bond Fund			69	65
Liquid Credit				13
Long Lease Property			27	22
Secured Income			39	46
Liability Driven Investment			290	280
Currency Hedging			(4)
Net Current Assets			7
Total Assets			1,039	1,100

Key Assumptions	Key Assumptions		2022 o/o per annum	2021 o/o per annum
Discount	Rate		2.79	2.18
Inflation	(RPI)		3.54	3.27
Inflation	(CPI)		3.17	2.87
Salary Growth			4.17	3.87
Allowance	for commutation	of pension for cash at retirement	75%of maximum	75%of maximum
			allowance	allowance

Male retiring in	2022
Female retiring	in 2022
Male retiring in	2042
Female retiring	in 2042