2021-03-31-accounts - Malvern Hills Conservators

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Reference and administrative details.
Report ofthe trustees for the year ended 31*'March 2021..
Independent Auditor's Report to the trustees of Malvern Hills Trust........	.....21
Statement of Financial Activities for the year ended 31"March 2021....	.....24
Balance Sheet asat 31"March 2021.	25
Statement ofcash flows for the year ended 31"March 2021...	.26
Notes to the financial statements for the year ended 31"March 2021....	......27

Charity number:	Charity number:	Charity number:			515804(England and	515804(England and	Wales)
Registered	and principal office:				Manor House
					Grange Road
					Malvern
					Worcestershire
					WR14 3EY
Our advisors
Independent		Auditor:			Bishop Fleming	LLP
					Chartered Accountants		and Statutory Auditors
					10Temple Back
					Bristol
					851 6FL
Bankers:					Lloyds Bank pic
					48 Belle Vue Terrace
					Malvern
					Worcestershire
					WR14 4QG
Investment		Managers:			Brewin Dolphin
					9Colmore Row
					Birmingham
					B32B)
Key management			personnel	—Senior Managers
Chief Executive Officer					Duncan Bridges BSc(Hons)
Secretary to		the	Board		Susan Satchell		LI.B(Hons)
Conservation		Manager			Ionathan	Bills MSc
Operations	Manager				Paul Saunder (to 30'" Iune 2021)
Finance and		Administration		Manager Cheryl Gentry BScACA

							Totalfunds
				Unrestricted	Restricted	Total funds	2020(note
			Note	funds	funds	2021	28)
Income and endowments		from:
Donations and legacies				4,594	650	5,244	299,020
Charitable activities:
Management ofthe	hills and commons			489,350	3,729	493,079	727,429
Car parks				412,659	0	412,659	289,167
Other trading activities				35,039	889	35,928	42,400
Investments:
Bank deposits				1,302	0	1,302	3,145
Investment portfolio				0	33,865	33,865	48,172
Other				9,110	0	9,110	6,002
Total income				952,054	39,133	991,187	1,415,335
Expenditure on:
Charitable activities			6	1 057,324	110,555	1,167,879	1,182,153
Other expenditure			6	6144	9,017	15,161	0
Total expenditure				1,063,468	119,572	1,183,0/IO	1,182,153
Net gains/(losses) on investments			16	0	333,269	333,269	(150,702)
Net income/(expenditure)				(111,414)	252,830	141,416	82,480
Transfers between funds				15,223	(15,223)	0	0
Other recognised ga/ns/(/asses)
Actuarial gains/(losses)	on	defined benefit
pension scheme			26	(405,000)	0	(405,000)	12,000
Net movement in funds				(501,191)	237,607	(263,584)	94,480
Reconci/iation offunds:
Total funds brought forward				(735,337)	2,895,030	2,159,693	2,065,213
Total funds camed forward			23	(1,236,528)	3,132,637	1,896,109	2,159,693

						Note	2021	2020
Fixed Assets
Tangible fixed assets						14	437,893	518,912
Heritage assets						15	1,060,261	1,060,261
Investments						16	1,694,759	1,353,684
					Total fixed assets		3,192,913	2,932,857
Current Assets
Livestock							25,320	25,320
Debtors						17	58,299	182,148
Short term deposits							992,628	965,535
Cash at bank and in hand							200	172
					Total current assets		1,076,447	1,173,175
Creditonc Amounts falling		due within		one year		18	(117,251)	(104,339)
Net Current Assets excluding			pension	liability			959,196	1,068,836
					Net assets		4,152,109	4,001,693
Pension Fund liability						27	(2,256,000)	(1,842,000)
Net Assets including	pension		liability				1,896,109	2,159,693
The funds ofthe charity
Unrestricted -General Fund						19	439,722	334,668
Unrestricted - Designated		Funds				20	579,750	771,995
Unrestricted - Pension Fund						21	(2,256,000)	(1,842,000)
Restricted Funds						22	3,132,637	2,895,030
					Total charity funds		1,896,109	2,159,693

						2021	2020
Cash flows from operating activities
Net movement In funds						(263,584)	94,480
Add back depreciation charge						102,732	116,277
Investment (gains)/ losses						(333,269)	150,702
Profit on disposal of fixed assets						0	(1,950)
Income on investing activities retained	in	portfolio				(16,722)	(25,361)
Loss on pension scheme						414,000	8,000
Decrease in stock						0	0
decrease in debtors						123,849	182,493
Increase/(decrease) in creditors						12,912	(6,903)
Net cash provided by/(used in) operating		activities				39,918	517,738
Cashflows from investing activities:
Proceeds from the sale offixed assets						0	1,950
Purchase of property, plant and equipment						(21,713)	(101,725)
Investment manager's fees deducted	from		portfolio			10,821	8,947
Funds transferred (to)/from investment	portfolio					(1,905)	53,741
Net cash provided by investing activities						(12,797)	(37,087)
Change in cash and cash equivalents	in the		reporting	period		27,121	480,651
Cash and cash equivalents at the beginning			ofthe reporting		period	965,707	485,056
Cash and cash equivalents at the end	ofthe reporting			period		992,828	965,707
Analysis ofcash and cash equivalents
Cash in hand						200	172
Current account						229,811	200
Notice deposits (less than 3months)						762,817	965,335
Total cash and cash equivalents						992,828	965,707

3Analysis ofincome from dona	tions and legacies
	2021	2020
	E
Gifts	2,244	7,020
Legacies	3,000	292,000
	5,244	299,020

4Analysis of income from other tradin	g activities
	2021	2020
Rental income	27,350	32,389
Easements and wayleaves	7,689	6,889
Sales ofbooks and leaflets	889	3,122
	35,928	42,400

5Analysis	ofother income
		2021	2020
Employment	allowance	4,000	3,000
Compensation	for works	1,741	0
Profit on disposal offixed assets		0	1,950
Other		3,369	1,052
		9,110	6,002

6Analysis	ofexpe	nditure	nditure	nditure
Expenditure on	charitable	activities:
			Esto'te
			manage't			Wardening			Car parks PR		Governance		Administ'n Total 2021		2020
				E			E		E E		E		E	E	E
Salaries (note 10)			315,291				90,833		3,741	0	61,438		147,156	618,IE59	622,645
Direct expenses			276,142				12,647		24,888 3,104		2,755		0	319,536	277,747
Rates and water					3,496			0	0	0		0	2,157	5,653	8,545
Heat and light					1,896			0	0	0		0	2,579	4,475	6,367
Insurance				28,058				0	0	0		0	2,270	30,328	29,876
Maintenance of	buildings				1,679			0	0	0		0	870	2,549	2,649
Depreciation				95,041				0	0	0		0	7,691	102,732	116,277
Investment management					9,017			0	0	0		0	0	9,017	8,947
Support costs (note 8)					7,190			0	3,635	0	46,781		32,685	90,291	109,100
			737,810				103,480		32,264 3,104		110,974		195,408	1,183,040	1,182,153
Expenditure on charitable			activities was				E1,183,040(2020E1,182,153)of					which E1,063,468was
unrestricted (2020E1,102,149)					and	E119,572		was restricted (2020E80,004).
7Summary	analysis		ofexpenditure					and related		income		for charitable
activities
This table shows the cost			ofthe		main	charitable		activities and the			sources	of	income directly to
support those	activities.
									M'gt of
									hills and
									commons		Car Parks		Total 2021	Total 2020
											E
Income
Levy on Council Tax payers in				precepted			parishes		534,850				534,850	519,250
Stewardship	grants								82,258				82,258	192,394
Less provision	for non-payment				ofgrants by the
RPA									(151,470)			0	(151,470)		0
Other grants	(see note	below)							27,441			0	27,441	15,785
Car park takings										0	412,659		412,659	289,167
Total income	from charitable			activities					493,079		412,659		905,738	1,016,596
Charitable expenditure									(1,150,776)		(32,264)		(1,183,040)	(1,182,153)
Net contribution/(cost		funded			by other		income)		(657,697)		380,395		(277,302)	(165,557)

		Estate	Gove	ma	Car	Office	Total	Total
		m'tce	nce		parks	costs	2021	2020
			E		E
Telephones		1387		0	0	1,805	3,192	2,988
Cleaning		900		0	0	1,966	2,866	3,586
Postage		0		0	0	2,772	2,772	881
Office equipment		0		0	0	2,099	2,099	2,908
Printing and stationery		0		0	0	5,455	5,455	6,547
Travelling		0		0	0	449	449	1,310
IT		0		0	0	9,974	9,974	10,072
Legal fees		1,548	26,530		2,421	0	30,499	26,789
Audit fee		0	6,675		0	0	6,675	7,000
Other professional	fees	1,113	13,237		0	3,21 5	17,565	30,284
Subscriptions		0		0	0	2,198	2,198	1,018
Training		1605		0	0	0	1,605	10,701
Miscellaneous		637		339	0	808	1,784	1,345
Bank charges		0		0	1,214	1,944	3,158	3,671
		7,190	46,781		3,635	32,685	90,291	109,100

9Net income/(expenditure) for the ye	ar
This is stated after charging:
	2021	2020
Depreciation	102,732	116,277
Auditor's remuneration:
Audit fees	6,675	7,000

costofkey management p	ersonnel
		2021	2020
Salaries and wages		424.769	415,435
Social security costs		35,833	42,331
Pension costs		133,274	135,873
Group life assurance		1,659	1,641
Casual staff		0	1,365
FRS102 - pension adjustment		9,000	20,000
FRS102 - short term compensated	absence charge to SOFA	13,924	6,000
		618,459	622,645

offull-time equivalent employees (including	part-time staff) during the year we	re as fol
	2021	2020
Wardens	31	3
Field Staff	6.6	6.6
Office based staff	5.8	6.5
	15.5	16.1

14Tangible	Fixed a	ssets
	Heritage			Improv-
	Assets - Land			ements to
	8rbugdings		Office	land and		Vehicles and	Office
	(note 15) 6	Otherland	building 6	buildings 6	Car parks I	equipment 6	equipmentI	Total I
Cost
1st April 2020	1,060,261	102,733	138,770	887,II71	160,460	416,833	56,937	2,823,465
Additions	0	0	0	1,761	0	19,004	948	21,713
Disposals	0	0	0	0	0	(5500)	0	(5,500)
At 31st March
2021	1,060,261	102,733	138,770	889,232	160,rl60	430,337	57,885	2,839,678
Depreciation
At 1st April 2020			19,424	705,709	160,460	311,964	46,735	1,244,292
Charge in the year			2,775	64.155	0	30,886	rl,916	102,732
On disposals			0	0	0	(5,500)	0	(5,500)
At 31st March
2021	0	0	22,199	769,86rl	160,460	337,350	51,651	1,341,524
Net book value
31st March 2021	1,060,261	102,733	116,571	119,368	0	92,987	6,234	1,498,15rl
31st March 2020	1,060,261	102,733	119,3rl6	181,762	0	104,869	10,202	1,579,173

herefore	does not include	the	va	lue	of d	onated	land.
Year								E
1903	Hill land near Brand Lodge								220
1925	W. Berington's mineral	rights,	Little Malvern						10,132
1925	Ecclesiastical Commissioners'		mineral		and	manorial	rights		1,036
1925	Foley Manor							16,092
	Less:sale of Belle Vue island and			Edith	Walk
									16,007
1926	Price & Laird's land, The	Wyche (portion)							999
1927	Miss Cabrera's land and	mineral		rights					687
1928	Major Raper's land and	mineral		rights					517
1931	West of England quarries								2rl,654
1931	Thirds Wood, )ubilee Drive								1,897
1937	Land at Malvern Wells								25
1938	Land at Malvern Wells								286
1955	Land near Combe Lodge								350
1958 1958	Land, part ofThe Shrubbery Land on North Hill								74 369
1958	Land at Wood Street, Guarlford								37
1958	Land on Malvern Common								24
1958	Lease of Park Cottage, West Malvern								51
1958 1958 1959	Land at Old Wyche Land at Happy Valley Land at Old Wyche								171 13 81
1960	Land at British Camp								243
1960 1960	Land at Happy Valley Land at West Malvern								82 127
1960	Land at Scar Quarry								8
1960/62	Providence Cottages, The Wyche								940
1961	Land at Holy Well								182
1961	Land at The Old Collets								24
1962	Land at Hotly Bush Roughs								2,8rl8
1962 1962	Hill Top Cottage, Chase Land at Castlemorton	End							773 656
1963 1964	Cottages and land at West Malvern F.B.Bradley-girt manorial rights at Chase					End and Ragged Stone Hill			580 343
1964 1966	Land at Upper Wyche Castlemorton Common	land							62 1,459
1966	St. Ann's Well								3,743
1967	Land at Colwag								256
1967	Land at Malvern Wells								115
1967	Land at Old Hills and Newland								1,796
1969	Land at 34Wyche Road,	Malvern							3,500
1970	Land at Camp End								771
1971	Land at Black Hill								206
1972	Land at Eamslaw								86
1976	The Moat Pond, Sherrards Green								59
1976	Thirds Wood, Chase Road (part)								1,057
1977	Land at Castlemorton to be known as				Brro	k Meadow, Snookes Croft and Plants Piece)			2,061
1980	Land at Chances Pitch								100
1980	Mount Pleasant, )ubilee	Dnve							2,700
1981	Land at West Malvern								8,000
1982	Gullet Quarry								4,500
	Sub-total								94,907

Year
	Sub total b/fwd								94,907
1984	Gullet Quarry							15,217
	Less Countryside Commission		grant					(4,500)
									10,717
1986	Eamslaw and Wyche Quarries							25,212
	Less:Countryside Commission		grant					(12,500)
									12,712
1986	Grundy's Meadow							6,203
	Less Countryside Commission		grant					(3,058)
									3,145
1989	Ballards Land, Upper Colwall							15,000
	Less Gift from Mrs N. Hadfield							(3,750)
									11,250
1990	Park Wood, West Malvern								36,000
1991	Fish Pool, Leys Coppice								15,373
1993	Lodge Fields								25,370
1993	Gardiners Cottage								3,367
1993	Park Wood, West Malvern								5,600
1994	Land at St. Andrew's Road								5,000
1995	Hill land at West Malvern,	Eaton		Road and		Holy Well			35,000
1995	Mill Pond, Castlemorton								2,500
1998	Woodford's Meadow								52,000
1999	Meadow land at Park Wood								10,000
1999	Colwag lands								40,417
2002/03	Land at Broomy Hill, Castlemorton								8,58rl
2002/03	Land at Old Hollow, West	Malvern							65,625
2003	Land at The Hacketts, Mathon								176,411
2003	Land at Little Malvern								54,099
2007/08	Tank Quarry								25,II98
2007/08	Land at The Purlieu, West	Malvern		Road					10,915
2007/08	Land at The Patch, Castlemorton								16,4rl8
2008/09	Small parcels of land at Worcestershire				Beacon and above		)ubilee Drive		4,471
2009/10	Land on 4areas on East side Worcestershire					Beacon, Black	Hill and )ubilee		1,395
2009/10	Small parcels of land								7,495
2010/11	Small parcels of land								2,229
2011/12	Small parcels of land								4,945
2012/1 3	Small parcels of land								200
2018/19	Land at Castlemorton								7,505
2018/19	Land at Holyweg								13,68rl
2018/19	Land at Castlemorton								297,399
	Total to 31u March 2021								,060.26

			Combined
		Pari (k LM	2021	2020
	E	E	6	E
Opening Market Value	792,334	561,350	1,353,684	1,541,714
Additions	192,856	138,147	331,003	297,840
Disposal proceeds	(180,867)	(149,260)	(330,127)	(322,313)
Equalisations	(23)	(300)	(323)	1,217
Gains/(losses)	215,839	117,430	333,269	(150,702)
Change in cash	(168)	7,421	7,253	(14,072)
Closing market value	1,019,971	674,788	1,694,759	1,353,684


				x	E
UK Bonds		4.3	44,280	9.5	75,115
Overseas	bonds	9.9	100,713	5.8	46,336
UK equities		25.0	255,352	26.9	213,515
North American equities		25.6	261,232	22.9	181,331
European	equities	7.4	75,389	7.4	58,606
)apanese	equities	3.5	35,939	3.2	25,436
Asia pacific equities		7.0	71,171	4.7	37,326
Emerging	markets	1.3	13,423	1.2	9,551
Absolute	return	4.1	41,580	4.7	36,974
Global investments		3.9	39,778	3.9	30,512
Property		2.0	20,047	2.2	17,084
Other investments		3.7	37,641	4.7	36,953
Cash		2.3	23,427	3.0	23,595
			1,019,972		792,334


	0/			E
UK Bonds	4.8	32,214	11.5	64,521
Overseas bonds	9.2	62,070	4.1	23,101
UK equities	25.2	170,049	28.6	160,668
North American equities	23.8	160,762	20.6	115,737
European equities	6.7	45,545	6.3	35,405
)apanese equities	3.5	23,465	2.4	13,384
Asia pacific equities	6.0	40,764	4.6	25,884
Emerging markets	1.6	10,597	1.3	7,540
Absolute return	2.0	13,649	2.2	12,466
Global investments	7.8	52,530	7.4	41,551
Property	1.0	7,053	2.6	14,553
Other investments	5.4	36,335	6.1	34,206
Cash	2.9	19,755	2.2	12,334
		674,788		561,350

17Debtors
	2021	2020
		E
Trade debtors	1,510	8,672
Other debtors	1,897	2,457
Accrued income	163,345	124,596
Less: RPA amounts due removed (seenote 7)	(151,470)	0
Prepayments	43,017	46,423
	58,299	182,148

18Creditors: a	mo	unts falling due within o	ne year
			2021	2020
			E
PAYE and National	Insurance		7,978	8,291
VAT payable			4,247	2,431
Trade creditors			17,099	8,606
Accrued charges			45,018	57,275
Other creditors			2,648	552
Deferred income			13,800	14,647
FR5102compensated		absence provision	26,461	12,537
			117,251	104,339

The movement on the de	The movement on the de	f	erred income account	was:
Balance at 1"April 2020					14,647
Released to the SOFA in the year					(14,647)
Received in the year					13,800
Balance at 31"March 2021					13,800
19General fund
					2021	2020
						E
General Fund - balance 1"April 2020					334,668	311,064
Incoming resources					1.013,661	865,747
Resources expended					(913,850)	(873,898)
Transfers					5,243	31,755
Balance 31"March	2021				439,722	334,668
Transfers were made	during		the year were:
Transfer details				Reason			E
From Parliamentary fund				Totransfer investment income			12,790
From Lands Maintenance	fund			Totransfer investment income			4,353
Net from restricted funds							17,143
From Stewardship designated		fund		Tocover staff costs			1,100
ToTree Disease fund designated			fund	Tocover costs arising from tree		disease	(3,000)
To Election Expenses designated			fund	Tocover costs ofelections to the Board			(5,000)
ToCar park repair fund				Tocover car	park repair costs		(5,000)
							(11,900)

Prior year
							Transfers
				Balance 1st	Movement	Resources	(to)/from	Balance 31st
				April 2019	incoming	outgoing	otherfunds	March 2020
				E	E	E	E	E
Gift fund				184,810	292,429	(12,996)	0	464,243
Higher Level	Stewardship		fund	153,866	104,463	(80,603)	(11,569)	166,157
Countryside	Stewardship		fund	60,401	94,991	(73,689)	0	81,703
Thirds Wood	fund			A346	183	0	(4,529)	0
Tree disease	fund			6,000	0	0	3,000	9,000
Mountain biking campaign				948	0	0	(948)	0
Fundraising	support	fund		10,000	0	0	0	10,000
Charity Commission		Scheme - legal		36,346	0	(2,336)	0	34,010
consultation				19,792	0	(18,903)	0	889
Election expenses fund				16,086	0	(18,593)	5,000	2,493
Dog campaign				4,330	302	(1,132)	0	3,500
				496,925	492,368	(208,252)	(9,046)	771,995

21 U	nrestricted	pension fund
Current	year
		Balance 1stApril	Movement	Resources	Transfers 8r	other	Balance 31st
		2020	incoming	outgoing		losses	March 2021
		6	6	6		6
Pension	Fund	(1,842,000)	0	(9,000)	(405,000)		(2,236,000)
Prior year		Balance 1st	Movement	Resources	Transfers	Brother	Balance 31st
		April 2019	incoming	outgoing		losses	March 2020
Pension	Fund	(1,834,000)		(20,000)		12,000	(1,8rl2,000)

Current year	Current year
							Transfers
				Balance 1st	Movement	Resources	(to)/from	other	Net gains/(losses)	Balance 31st
				Aprg 2020	Incoming	outgoing		funds	on investments	March 2021
				E	E	E		E	E	E
Lands Maintenance			fund	156,512	4,353	(989)		&4,353)	29,816	185,339
SDFfund				453	0	0		0	0	453
Nature in Malvern			book	1,844	889	0		0	0	2,733
Gifts				9,707	0	0		0	0	9,707
Tree planting				50	650	0		0	0	700
Picnic bench	donations			183	0	0		0	0	183
Community	Woodland			40,955	0	(Ii2,875)		1,920	0	0
Boost48iodiversity				0	3,729	(750)		0	0	2,979
Land Purchase		(1992)fund		794,466	16,722	(5,413)		0	215,839	1,021,614
Parliamentary		fund		426,249	12,790	(2,616)	(1I4,552)		87614	509,485
Capital Outlay		Discharged fund		1464611	0	66929)		1,762	0	1,399,444
				2,895,030	39,133	119,572	(15,223)		333269	3,132,637

23Analysis	ofnet	assets betwe	en funds
Current year
				Tangible	Pension	Other net
		Heritage assets	Investments	fixed assets	liability	assets	Total
			6		6	6
Restricted funds
Capital Outlay Discharged Parliamentary fund Land Purchase (1992)fund Lands Maintenance fund		1,060,261 0 0 0	0 492,595 1,019,971 182,193	339,183 0 0 0		0 16,890 1,643 3,146	1,399,444 509,485 1,021,614 185,339
Nature in Malvern	book	0	0	0		2,733	2,733
5DF fund		0	0	0		453	453
Gift fund		0	0	0		9,707	9,707
Tree planting Picnic benches		0 0	0 0	0 0		700 183	700 183
Boost48)odiversity		0 1,060,261	0 1,694,759	0 339,183		2,979 3843II	2,979 3132637
Unrestricted funds
General fund				98,710	0	341,012	439,722
Designated funds Pension fund				0 0	0 2256,000)	579,750 0	579,750 (2,256,000
			0	98,710	2256,000	920762	(1,236,528
		1,060261	1,694759	437893	(2,256000)	959,196	1896,109

Prior year
						Tangible fixed	Pension	Other net
			Heritage assets	Investments		assets	liability	assets	Total
Restricted funds
Capital Outlay	Discharged		1,060,261		0	403,840		510	1,464,611
Parliamentary	fund		0	404,838		0		21,411	426,249
Lands Acquisition		fund	0	792,334		0		2,132	794466
Lands Maintenance		fund	0	156,51	2	0			156,512
Nature in Malvern		book	0		0	0		1,844	1,844
SDF fund			0		0	0		453	453
Gift fund			0		0	0		9,707	9,707
Tree planting			0		0	0		50	50
Prcnic benches			0		0	0		183	183
Community Woodland			0		0	0		40.955	40,955
			1,060,261	1,353,	4	403,840	0	77,245	2,895,030
Unrestricted funds
General fund						115,072	0	219,596	334,668
Designated funds						0	0	771,995	771,995
Pension fund						0	(1,842,000)	0	(1,842,000)
			0		0	115,072	(1,842,000)	991,591	(735.337)
			1,060,261	1,353,684		518,912	(1,842,000)	1,068,836	2,159,693

				2021	2020
Current service cost				82,000	94,000
Interest on pension liabilities				91,000	95,000
Past service cost				0	1,000
Administration costs				1,000	1,000
Expected return on plan assets				(49,000)	(52,000)
Contributions by employer				(116,000)	(119,000)
Total pension cost charged within		net incoming	resources	9,000	20,000
Remeasurements (Actuarial	loss/(gain))			405,000	(12,000)
Total amount (credited)/charged		to SOFA		414,000	8,000

			2021	2020
			E
Opening	defined benefit	obligation	3,876,000	3,984,000
Current	service cost		82,000	94,000
Interest	on pension liabilities		91,000	95,000
Member	contributions		17,000	20,000
Actuarial	(gains)/iosses	on liabilities	536,000	(232,000)
Past service cost			0	1,000
Benefits/transfers paid			(150,000)	(86,000)
Benefit obligation at end of period			4,452,000	3,876,000

Changes in the plan assets during t	he period to	31"March 2021 were	as follows:
			2021	2020
			E	E
Fair value of plan assets at beginning Expected return on scheme assets Administration expenses	of period		2,034,000 49,000 (1,000)	2,150,000 52,000 (1,000)
Remeasurements (assets) (Actuarial	gains/(losses)	on plan assets)	131,000	(220,000)
Employer contributions Member contribtions			116,000 17,000	119,000 20,000
Benefits/transfers paid Fair value of plan assets at end of period			(150,000) 2,196,000	(86,000) 2,034,000

The weighted -average	asset all	ocation at the peri	od-end was as follows:
				Fair value at Fair	value at
				31stMarch 31stMarch
				2021	2020
Asset category Equities Government bonds				935,000 1,436,000 148,000
Other bonds				870,000	102,000
Property Other				123,000 268,000	118,000 218,000
Cash					12,000
				2,196,000 2,034,000
				2021	2020
						E
Experience gains/(losses) Experience gains/(losses)	on assets on liabilities			0 81,000	(220,000) 232,000
Weighted average assumptions		used to determine	benefit obligations at:
				2021		2020
Discount rate				2.1 %		2.4%
Rate of increase in salaries				4.2%		3.6%
Rate of increase in pension				2.8%		2.2%
Rate of CPI inflation				2.7%		2.1 %

2021:
				2021	2020
Discount	rate			2.10X	2.40 Yo
Rate of pension increase				2.80yo	2.20 Yo
Assumed	life expectations	on retirement	age 65:
Retiring	today - males			22.7	22.6
Retiring	today - females			25.1	25
Retiring	in 20years - males			24.4	24.2
Retiring	in 20years - females			27.1	27.0

27 Financial instruments
			2021	2020
Financial assets measured at fair value			1,157,684	1,353,684
Financial assets measured at settlement	value		1,051,127	1,103,977
Financial liabilities measured at settlement		value	(62,117)	(65,881)

			Unrestricte	Restricted	Total funds	Total funds
		Note	d funds	funds	2020	2019
fncome and endowments	from:
Donations and legacies		3	297,820	1,200	299,020	94,513
Charitable activities:
Management ofthe hills	and commons	7	722,812	4,617	727,429	731,643
Car parks			289,167	0	289,167	269,281
Other trading activities		4	39,168	3,232	42,400	34,973
Investments:
Bank deposits			3,145	0	3,145	2,691
Investment portfolio			0	48,172	48,172	55,719
Other		5	6,002	0	6,002	37,576
Total income			1,358,114	57,221	1,415,335	1,226,396
Expenditure on:
Charitable activities		6	1,102,149	80,004	1,182,153	1,185,930
Other expenditure Total expenditure		6	0 1,102,149	0 80,004	0 1,182,153	6,425 1 192,355
Net gains/(losses) on investments Net income/(expenditure)		16	0 255,965	(150,702) (173,485)	(150,702) 82,480	65,856 99,897
Transfers between funds			22,709	(22,709)	0	0
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
pension scheme Net movement in funds		27	12,000 290,674	0 (196,194)	12,000 94480	(167,000) (67,103)
Reconciliation offunds:
Total funds brought forward Total funds carried forward		24	(1,026,011) (735,337)	3,091,224 2,895,030	2,065,213 2,159,693	2,132,316 2,065,213