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2023-03-31-accounts

Pages
Annual
Report ofthe		 Trustees 1 —18
Independent
Auditors'		 Report 19 —21
Statement of Financial Activities 22
Balance Sheet 23
Statement of Cash Flows 24 —25
Notes to Financial Statements 26 —46

Trustees
Housing
Pathways		 Corporate Trustee, resigned 1"April 2022
Rev. Mark Melluish
Ms 3anet Weekes
Ms Katherine
Yentumi		 Ex-Officio, Chair, from 1"April 2022
From 1"April 2022, resigned
15w September
From 1"April 2022, resigned
on 27a October		 2022
2022
Ms Isabella
Rossi
Mr Matthew
Doyle		 From In April 2022
From 1"April 2022
Ms Andrea Ioseph
Mr Andrew Iefford		 From In April 2022
From 1"April 2022, resigned
on 14" March 2023
Mr 3oshua
Reddaway		 Appointed
on 27a October 2022
Ms Fiona Howie Appointed
on 13'"Iuly 2023
Ms Tycia Riley Appointed
on 13'"Iuly 2023

The main
Pathways
Grants
programme
is funded
from the net rental
income derived
from our commercial
shops atThe Green, Ealing.		 The main
Pathways
Grants
programme
is funded
from the net rental
income derived
from our commercial
shops atThe Green, Ealing.		 The main
Pathways
Grants
programme
is funded
from the net rental
income derived
from our commercial
shops atThe Green, Ealing.		 The main
Pathways
Grants
programme
is funded
from the net rental
income derived
from our commercial
shops atThe Green, Ealing.		 The main
Pathways
Grants
programme
is funded
from the net rental
income derived
from our commercial
shops atThe Green, Ealing.		 The main
Pathways
Grants
programme
is funded
from the net rental
income derived
from our commercial
shops atThe Green, Ealing.		 The main
Pathways
Grants
programme
is funded
from the net rental
income derived
from our commercial
shops atThe Green, Ealing.		 The main
Pathways
Grants
programme
is funded
from the net rental
income derived
from our commercial
shops atThe Green, Ealing.		 The main
Pathways
Grants
programme
is funded
from the net rental
income derived
from our commercial
shops atThe Green, Ealing.
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 were as follows:
Reci ients Pro'ect Grant
Ealing Music EMT was established
by a group of parents
with
children
with		 special E7,500
Therapy needs which provides
Music Therapy
on a full day basis in schools within
the London
Borough of Ealing.
EMT benefit
more
children
and
young
people
with
special		 needs
attending
school in the London Borough of Ealing through
Music		 Therapy
over the next 18 months
and beyond.
Into the Light Childhood
Abuse Support Project- supported
16women to improve their
emotional
wellbeing
and tackle isolation
by connecting
them to other		 I7,860
survivors.
The project was a two 10-week psychoeducational
course for
adult
survivors
of childhood
sexual abuse
in Ealing. It focused		 on the
impact ofsexual abuse
in adults.
Young Ealing The project will support
small,
local charities that support
children.		 110,000
Foundation The project enables them to work with members
who are ready		 to move
towards
sustainability
by supporting
them
over 12 months
to		 develop
the
following
through
a range
of group
workshops
and
one-to-one
suppolt
Homestart Ealing The Project will provide
targeted
support
work to families
in		 Hanwell, EIOI000
Ealing and Dormers
Wells areas who have at least 1 child aged		 under
5
with a special focus on those with
children
born
during
or just before
lockdown
who are isolated and struggling.
The project will work intensively
with 10-12families for approx 6 months
with
intensive
input
from
a skilled
and experienced
staff member
to
tackle serious concerns and issues like the cost-of-living
crisis,		 benefits,
housing,
and mental
health.

Reel ients Pro'ect Grant
Alliance Arts The
project
Isolation
Empowerments
main
goal
is to
provide
50		 f5,000
residents
from various ages ranging
from 6-32 years old from all diverse
backgrounds,
gender
identities
and
religions
etc within
the Brentford
and Hounslow
area. Their main aim is to instils confidence
into nervous
individuals
through
the arts helping
to address
and discuss the topic of
isolation
due to the pandemic,
and to create safe spaces for teenagers
working
towards
the
prevention
of street
crime
and
possible
career
development
skills within the arts sector.
Ealing Law Centre The Ealing
Law Centre project
is a provision
of free legal advice and		 610,000
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 navigate the appeals
and tribunal
system.
Women's Trust The project provides
free 1-to-1 specialist domestic
abuse
counselling		 I'I,700
for Ealing women,
main objective
is to expand
their capacity to provide
at least 30women ages 16-100,with in Ealing who are unable to receive
support to be offered domestic abuse counselling
giving 9women
in the
local
area
the
opportunity
to
receive
emotional
support
through
counselling,
participation
in
self-development
workshops,
hardship
support
and legal advice. The project has now expanded
their services
to teenagers
due to lack of support
resources
provided
to this age
demographic,
the increase of domestic abuse through
technology
and
the Covid-19 pandemic.
Age LiK Ealing The project was aimed to provide
older people from 75-100 with
in the		 E9,797
borough
of
Ealing
support
lines
and
companionship
through
care
centres.
Ealing
befriending
project's
main
objective
is to support
local senior
people
ranging
from 75-100 with free call support
services, day centre
activities and access to advice to improve
health and wellbeing,
financial
hardships,
and
housing
etc. Improving
living
conditions
and
relieving
feelings of isolation
working
towards the prevention
ofextreme cases of
poverty
and homelessness
amongst the older demographic
to increase
confidence
and independence.
Providing
day care centres to alleviate
feelings of isolation
and exclusion
through
various
activities
promoting
friendship
building
and
preventing
the further
decline
in physical
and
menta
I health.

Distributive
grants (continued)		 Distributive
grants (continued)		 Distributive
grants (continued)		 Distributive
grants (continued)		 Distributive
grants (continued)		 Distributive
grants (continued)		 Distributive
grants (continued)		 Distributive
grants (continued)
Branch 2 grants are administered
by the Ealing Deanery Synod, who handle
all grant administration
including
seeking and assessing
applications,
deciding on grant recipients,
carrying out all appropriate
monitoring,
and
providing
subsequent
grant evaluations
for scrutiny
purposes.
In 2022-23 the Synod was granted
f22,670
(2022: E00,821)to award to their agreed
recipients.
Whilst each of the grants
is small
in value, there is a
real and very beneficial
impact on the churches
involved
and their level of outreach.
Church Community Project Amount
St Mary' s, Ealing South Ealing Community
Food Cupboard		 f750
The Ascension,
Hanger
Hill with St		 Parish publicity to new or hard to access E2,000
Mary's West Twyford housing
St Paul's
Ealing		 Ealing Community
School of English		 E1,500
St Barnabas,
Pitshanger		 Children's
Worker for Noisy Mass		 E1,500
St Martin' s, West Acton Support for Ukrainian
refugee		 6300
St Dunstan's,
East Acton		 Garden
Club and
Muddy Church		 F2,000
St Dunstan's,
East Acton		 Acton Asylum
Seeker drop-in		 E2,000
Holy Cross, Greenford Internal
notice boards		 f1,000
Christ the Redeemer
Southall		 Loop system
incorporating
the audio		 system E2,000
All Hallows,
Greenford		 All Hallows
Community
jubilee
Party		 E2,000
StThomas
Hanwell		 Church
Hall Notice Board		 E2,000
St Mellitus
with St Mark		 New external
notice boards		 E1,620
St john's Southall
Parish		 Food Hub f2,000
St George' s, Southall Youth Discipleship
Cells		 E2,000
TOTAL APPROVED E22,670

alue for Money Key Metrics
Hfop
peer Housing
gl'oup Pathways
2022-23 Trust
1. Reinvestment
a/o
Considers the investment
in properties
(existing stock as
well as new supply) as a percentage
ro erties held.		 ofthe value of total 4.02% 1.59a/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
oftotal social housing		 and non-social
housing
homes owned at period end.
A. New supply delivered
(Social housing
homes)		 0% Oa/o
B.New su
I
delivered
Non-social		 housin homes 0% Oo/a
3. Gearing
a/a
Assesses how much ofthe adjusted assets are made up of
debt and the de ree of de endence on debt finance. 5.42% 333 o/o
4.
Earnings Before Interest, Tax, Depreciation,
Amortisatlon,
Major Repairs Included		 (EBITDA MRI)
Interest Cover a/o.
A key indicator for liquidity
and investment		 capacity.
Measures the level of surplus
generated
compared
to
interest
a able		 439% 772a/o
5. Social Housing Cost Per Unit
The headline
social housing cost per		 unit as defined by the E5,864 66,854
Re ulator
6. Operating
Margina/o
Demonstrates
the profitability
ofoperating		 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) 10.29% (4.32)a/o
B.Operating
Margin
(overall) after		 adjusting for impairment
and mer er costs 10.52a/o
7.
ROCE a/o
Compares
the operating
surplus to		 total assets less current
liabilities.
An assessment
of the efficient investment		 of
ca ital resources. 1.20% 0.98a/o

ocial Housing
Cost		 per Uni t
Hfop
peer Housing
group Pathways
Cost er home 2022-23 Trust
Management
costs		 2,640
Service charge costs 1,132
Routine maintenance cost 2,320
Planned
maintenance
Major repairs expenditure 762
Other socia I housing costs
Total 65,864 E6,854

e
Per		 formance Indi cato rs
Hfop Housing
2022- Pathways
23 Trust
Current resident annual WMC collection rate 100.9% 101.3%
Current resident arrears as a %ofthe annual WMC 0.71% 2.3%
Rent loss through dwelling being vacant % 1.6% 1.9%
Average re-lets time (calendar days) 30days 75 days
Re-lets as a percentage of stock % 13% 4.1%

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Notes 2023 2022 Combined
E E
Fixed Assets
Housing
Properties		 10 11,623,708 11,793,355
Investment
Properties		 11 4,413,500 4,790,000
Other Fixed Assets 12 1,3857988 1,382,724
Social Investments 14
Investments 15 4373678 4 570 440
21,796,874 22,536,519
Current Assets
Trade and Other Debtors 16 280,487 173,722
Cash and Cash Equivalents 1892 232 I 578 018
2,172,719 1,751,740
Creditors:
Amounts
within one year		 falling due 17 ~670 8114 535 316
Net Current Assets 1,501,915 1,216,424
Total Assets less Current 23,298,789 23,752,943
Liabilities
Creditors:
Amounts		 falling due
alter more than one year
Provisions for liabilities		 18
23		 (1,433,699)
~254 000		 (1,492,922)
~257 000
Net Assets E21,711,090 E22,103,021
Funds
Permanent
Endowment		 20 13,538,705 9,376,403
Restricted
Funds		 20 3,173,691 3,265,877
Unrestricted
Funds		 20 499869'I 9460 741
Total Funds E21,711,090 E22,103,021
16/10/2023

Notes 2023 2022 Combined
f f
Net Cash generated
from Operating
Activities		 618,157 792,348
Cash Flows from Investing
Activities
Capitalised
works to existing
housing
properties
Purchase ofother fixed assets		 (184,426)
(31,235)		 (234,671)
(540)
Repayments
of Social Investments
Proceeds from sale ofinvestments		 436
1,944,029		 1,743
725,349
Additions
to investments		 (2,121,167) (708,104)
Investment
management
fees
Investment
income and bank interest received		 (19,330)
115739		 (22,012)
116141
Net Cash generated
from/(used
in) Investing		 Activities 295954 122094
Cash Flows from Financing
Activities
Interest
paid
Repayment
of Loans		 (67,533)
~75 064		 (38,358)
~84 922
Net Cash (used in)/generated
from Financing		 Activities 142 597 123280
Net Change
in Cash and Cash Equivalents		 179,606 546,974
Cash and Cash Equivalents
at the beginning		 ofthe 1,734,877 1,187,903
year
Cash and Cash Equivalents
at the end ofthe		 year El 914483 El 734 877
A
Cash Flows from Operating
Activities
Net Income/(Expenditure)
for the year
Depreciation
Income from Investments		 (360,931)
368,'l60
(127,276)		 1,345,828
380,210
(121,831)
Interest Payable
Investment
management
fees
Decrease/(Increase)
in Debtors		 71,533
19,330
(104,235)		 43,358
22,012
154,251
Increase/(Decrease)
in Creditors		 151,329 (99,099)
(Decrease)/Increase
in Pension
Provision
Disposal of fixed assets		 (38,000)
13,584		 (34,000)
39,087
Reversal of impairment
of Social Investments		 (436) (1,743)
(Gains)/Losses
on Investments
Revaluation
of investment
property		 2'l8,299
376 500		 (193,725)
~742 0110
618 157 1792348
B
Cash and Cash Equivalents
Bank Balances 1,892,232 1,578,018
Investment
Managers
Cash		 22 251
1914483		 156859
E1734 877

At 01.04.22
f		 Cash Flows
f		 At 31.03.23
f
Cash and Cash equivalents 1,734,877 179,606 1,914,483
Loans falling due within one year (138,644) 15,841 (122,803)
Loans falling due after more than one year (1,441,046) 59,223 (1,381,823)
Total 155 187 254 570 5409857

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
lk		 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

2023 2022
f f
Almshouse Accommodation
Maintenance contributions 1,536,856 1,497,602
Services contributions 225 550 225 246
1,762,406 1,722,848
Allotments
Allotment rents 12724 25 960
E177513D 61748808
3. Income from Other Trading Activities
Management Fees 5,598
Private Lets 207,994 181,659
Office rent receivable 11154
E2247'16 E181659

Investment Property
Rent receivable 245,904 240,350
Ground
rent		 receivable 3,950 3,950
Service charges receivable 40101 6841D
289,955 312,710
Investment Income 86 Bank Interest 127276 121831
f417 231 5434 541
5. Expenditure
on Raising		 Funds
2023 2022
f f
Investment management fees 19,330 22,012
Support costs —managing KGV 12,597
Investment property costs
Management lk support costs 73,051 69,849
Maintenance 31,935 39,600
Insurance 20,813 18,218
Section 20 works 36,214
Professional fees 11,'l63 15,883
Bad debts (51,699) 50,130
E117490 6251906

2023 2022
f f
Almshouse Accommodation
Management & support costs 662,108 586,493
Services 273,953 191,983
Maintenance 561,447 488,376
Depreciation 340,489 360,426
Disposals 13,584 29,170
Bad debts 10,110 409
Interest payable 43 030 24909
1,905,521 1,681,762
Allotments
Management 9,935 8,100
Depreciation 1,194 1,194
Maintenance 1,738
Support costs 11729 11666
22,858 22,688
Grant-making
Grants awarded to institutions 88,086 55,969
Grants officer costs 10,082
Reversal of impairment ofconcessionary loan (436) (1,743)
Support costs 21720 11241
109,370 75,549
E2 037 749 E1,779999

Support Co sts
2023 2022
f f
Staff costs 433,119 EI16,075
Administration 163,003 177,649
Depreciation ofoffice property 17,633 17,633
Depreciation ofoffice equipment 8,273
Professional fees 21,802 5,936
Bank charges and sundries 1,558 5,564
Loan interest 23,703 13,453
Pension costs and interest 7,000 11,697
Irrecoverable VAT 37,387 13,640
Governance costs 10,514 17,592
f723,992 f679,239

nd their costs are rec
of staff costs charged		 harged
across the charities
on
to the Charity
is as follows:		 a set basis reviewed
annually.
Th		 e proportion
2023 2022
f.
Wages and salaries 24'l,629 344,567
Social security costs 21,640 31,293
Pension costs 15,667 19,142
Redundancy 9,167 16,386
Agency staff 82 interim contractors 143,711 14,769
6434,814 1'426,157
Social Housing
Lettings
Maintenance
contributions		 1,536,856 1,497,602
Service charges receivable 225 550 225 246
Turnover
from Social Housing		 Letting 1762406 1722 8'18
Management 638,962 570,560
Services 273,953 191,983
Routine
and Cyclical Maintenance		 561,447 488,376
Property
Depreciation		 340,489 360,426
Bad debts 10 110 409
Operating costs ofSocial Housing Lettings 1824 961 1611754
Gain/(Loss)
on replacement		 of components (13,584) (29,170)
Operating
surplus/(deficit)		 on Social Housing Lettings E 76 139 E81924
Net Surplus/(Deficit)
on social housing		 lettings ~E 143 115 E41086
Void Losses E34 678 E5 539

Fixed Assets Housing Properties
2023 2022
Total Combined
6 Total
f
Cost
As at 1st April 2022
Works to existing properties
Disposals		 15,377,898
184,426
~l2 930		 15,214,962
234,671
~72 735
As at 31st March 2023 15519394 15377 898
Depreciation
As at 1st April 2022 3,584,543 3,257,241
Charge for the year
Disposals
As at 31st March 2023		 340,489
~29 3'15
3 895 686		 359,950
~32648
3 584 543
Net BookValue at 31st March 2023 811,623,708 611,793,355

Investmen t
Properties
Ealing Green Vaughan Court Total
Fair Value
As at 1st April 2022 4,790,000 4,790,000
Additions
Movement in fair value (390,000) 13,500 (376,500)
As at 31st March 2023 E4400 ODO 613 EDO E4 413 5DO

Other Fixed Assets
Fixtures,
Fittings 82
Allotments
f		 Equipment
f		 Office
f		 Totalf
Cost
As at 1st April 2022 798,881 17,747 679,846 1,496,474
Additions 31,235 31,235
Disposals
As at 31st March 2023 798881 48 982 679 846 1527 709
Depreciation
As at 1st April 2022 11,174 14,404 88,172 113,750
On disposals
Charge for the year
As at 31st March 2023		 1194
12368		 9 144
23 548		 17633
105 805		 27 971
141721
Net BookValue
At 31st March 2023 6786 513 E25 434 E5740'11 E1385988
At 31st March 2022 f787,707 f3,343 f591,674 f1,382,724
All 2022 figures
i		 All 2022 figures
i		 n this note represent
combined
figures.
13. Capital Grants 2023 2022
Combined
f
Aggregate amount received
At 1st April 2022 and 31st March 2023 f5,835,488 f5,835,488
Released to Statement of Financial Activities
At 1st April 2022 and 31st March 2023 f5,835,488 f5,835,488
Social Housing Grant Carrying Value

SocialInvestments
2023 2022
f E
Concessionary
loans
At 1st April 2022
Repayments
in the year
Reversal of impairment
At 31st March 2023		 (436)
436
E -		 (1,743)
1743
5-

FixedAssetInvestments
2023 2022
Combined
Unrestricted Grassroots Total Total
f E f E
Fair Value
At 1st April 2022
Additions
Disposals
Unrealised
gains/(losses)
At 31st March 2023
Cash Deposits		 4,128,402
2,044,732
(1,978,360)
~226 273
4,078,501
18860
E4 D97 361		 285,179
85,442
(89,569)
~8126
272,926
3391
E276 317		 4,413,581
2,130,174
(2,067,929)
~224 399
4,351,427
22 251
E4 373678		 4,225,333
719,872
(735,309)
203 685
4,413,581
156859
E4 570 44D
Fixed Interest
Equities and Unit Trust
Property
and Alternatives
Cash and Money Market		 200,321
3,394,304
383,876
11886D
E4D97 361		 20,130
221,720
31,076
3391
f276 317		 220,451
3,616,024
414,952
122251
Ef 373678		 166,496
3,832,606
4147479
156859
f4 57D44D

Debtors
2023 2022 Combined
f f
Residents'
Contributions		 64,334 38,968
Provision for Doubtful
Debts		 (10,110)
54,224 38,968
Private Let and Investment Property Debtors 196,018 117,720
Connected
parties:
Educational
Foundation		 of Francis Courntney 3,000
King George V Memorial
Prepayments
and accrued		 Houses
income		 4,665
22,580
E280487		 17,034
E173722
Creditors: Amounts
falling due within one year
f
Trade Creditors 166,418 75,205
VAT and Social Security 23,114 12,536
Connected
parties:
Housing
Pathways		 73,867 9,412
King George V Memorial
Loans (Note 19)
Grants payable
Deferred income		 Houses 122,803
8,550
71,385		 1387644
26,306
68,046
Accrued expenses
84Other Creditors		 204 667
E670 804		 205 167
E535316
Deferred
income at 1 April		 68,046 68,038
Income recognised
in the year
Amounts
deferred
this year
Deferred
income at 31 March		 (68,046)
71,385
f71,385		 (68,038)
68,046
f68,046

18. Creditors: Amounts falling due outside one year
Tenant deposits
Loans (Note 19)		 51/876
1,381,823		 51,876
1,441,0'l6
f1,433,699 f1,492,922

Loans
2023 2022 Combined
E f
Repayable
Repayable
Total Loans		 in less than one year (Note 17)
in more than one year (Note 18)		 122,803
1,381,823
El 60'1,626		 138,644
1,441,046
E1,679 690
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NetAssetsbFunds
y Permanent Restricted Unrestricted 2023
Endowment
f		 Funds
f		 Funds
f		 Total
f
Housing
Properties
Investment
Properties
Other Fixed Assets
Investments
Net Current Assets/(Liabilities)
Creditors
Due Outside
One Year
Provisions for Liabilities		 8,598,585
4,413,500
1,360,554
670,692
(122,803)
(1,381,823)
E13538705		 2,822, 108
276,318
75,265
63 173 691		 203,015
25,434
3,426,668
1,549,453
(51,876)
~254 00~
64 998694		 11,623,708
4,413,500
1,385,988
4,373,678
1,501,915
(1,2l33,699)
~1540011
E21 711090
Permanent Restricted Unrestricted 2022
Endowment
f		 Funds
f		 Funds
f		 Totalf
Housing
Properties
Investment
Properties
Other Fixed Assets
Investments
Net Current Assets/(Liabilities)
Creditors
Due Outside
One Year
Provisions for Liabilities		 3,701,487
4,790,000
1,379,381
716,549
63,031
(1,274,045)
E9376 403		 2,907,388
291,322
67,167
E3265 877		 5,184,480
3,343
3,562,569
1,086,226
(218,877)
~157000
E9460 741		 11,793,355
4,790,000
1,382,724
4 570 440
1,216,424
(1,492,922)
~157000
E22 103021

Reconciliation ofopening
and closing balances ofthe Defined		 Benefit Obligation
2023
f		 2022
Defined benefit obligation at start of period
Current service cost
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		 1,196,000
3,000
3,000
33,000
2,000
(27,000)
(2,000)
(362,000)
~3000~
E816 DOO		 1,352,000
10,000
3,000
29,000
4,000
(17,000)
(19,000)
(105,000)
~61tlDtl
El 196000

Reconciliation
ofopening and closing balances o		 fthe Fair Value of Plan Assets
2023
f		 2022
f.
Fair value of plan assets at start of period
Interest income
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		 1039000
29,000
(422,000)
44,000
2,000
~3D tl00
E662 000		 1,100,000
24,000
(75,000)
47,000
4,000
~62 000
El 039000

Defined Benefit costs recognised in Net Income/(Expenditure) in Net Income/(Expenditure) in Net Income/(Expenditure) in Net Income/(Expenditure)
2023
6		 2022
f
Current service cost
Less: amount
allocated to other group charities
Expenses
Netinterest
expense		 3,000
3,000
4 000		 10,000
(3,303)
3,000
5 000
E10,000 E14,697
Defined Benefit costs recognised in Other Gains and Losses
2023 2022
Experience on plan assets (422,000) (75,000)
Experience
gains and losses arising		 on the plan liabilities 27,000 17,000
Effects of changes
in the demographic
assumptions
underlying
present value of the defined
benefit obligation
Effects of changes
in the financial
assumptions
underlying
the
present value ofthe defined
benefit obligation		 the 2,000
362,000		 19,000
105,000
Ad:
II/I
)/gl ~
gl
dl ~		 th«gl dgl //I ) ~f31000 f66 000

Pension Obligations
(continued)
2023 2022
Assets (f000s) (f000s)
Global Equity
Absolute
Return
Distressed
Opportunities
Credit Relative Value
Alternative
Risk Premia
Emerging
Markets Debt
Risk Sharing
Insurance-Linked
Securities
Property
Infrastructure
Private Debt
Opportunistic
Illiquid
Credit
High Yield		 12
7
20
25
1
4
49
17
29
76
29
28
2		 199
42
37
34
34
30
34
24
28
74
27
35
9
Opportunistic
Credit
Corporate
Bond Fund
Long Lease Property
Secured Income
Liability
Driven Investment
Currency
Hedging
Net Current Assets		 20
30
305
1
7		 69
27
39
290
(4)
7
Total Assets f662 f1,039

financial
instruments
or any property
occupi		 ed
by, or other assets used by, the employ		 er.
2023 2022
Key Assumptions '/0 per annum '/o per annum
Discount Rate
Inflation
(RPI)
Inflation
(CPI)
Salary Growth		 4.86
3.19
2.77
3.77		 2.79
3.54
3.17
4.17
The mortality
as		 sumptions
adopted at 31st March		 2023 imply the following
life expectancies:
Life expectancy at age 65
(Years)
Male retiring
in
Female retiring
Male retiring
in
Female retiring		 2023
in 2023
2043
in 2043		 21.0
23.4
22.2
24.9

al
sis of
rinci
al So		 F A com onen A com onen A com onen ts for the curr ent re ortin
eriod
HPT pre-
merger
f		 Pathways
Jubilee		 Almshouse
R
Eleemosynary
E		 HPT post-
merger
f		 Combined
Total
Total Income 2,419,107 2,419,107
Total Expenditure
Investment
gains
Net Income		 (2,155,239)
624 799
(360,931)		 (2,155,239)
624 799
(360,931)
Actuarial
losses		 31000 31000
Net Movement
in		 f(391,931) f(391,931)
Funds
Anal
sis of
rinci
al		 SoFA com onents for the revious re ortin
eriod
Housing
Pathways
Trust
f		 Pathways
Jubilee		 Almshouse
8L
Eleemosynary
f		 Combined
Total
f
Total Income
Total Expenditure
Gains on Investments		 1,560,440
(1,204,516)
880 052		 837,486
(798,817)
48 714		 44,082
(28,572)
6 959		 2,442,008
(2,031,905)
935725
Net Income and
Actuarial
gains
Net Movement
in Funds
Total
funds
brought		 1,235,976
66 000
1,301,976
14,746,769		 87,383
87,383
5,773,078		 22,469
22,469
171,346		 1,345,828
66 000
1,411,828
20,691,193
forward
Total funds carried forward f16048 745 f5 860 461 f193815 f22 103021
Anal
sis of net assets		 ofthe date of mer er
Housing
Pathways
Trustf		 Pathways
Jubilee		 Almshouse
&
Eleemosynary
f		 Combined
Total
Net Assets 16,048,745 5,860,461 193,815 22,103,021
Represented
by:
Unrestricted
funds
Endowment
funds
Restricted funds		 4,785,344
9,376,403
1886 998		 4,481,582
1378 879		 193,815 9,460,741
9,376,403
3 265 877
Total funds f16048 745 f5 860 461 f193815 f22 103021