| Reference and administrative details |
|
|---|---|
| Report ofthe trustees for the year ended 31"March 2022 | |
| Independent Auditor's Report to the Trustees of Malvern Hills Trust. |
22 |
| Statement of Financial Activities for the year ended 31"March 2022 | 25 |
| Balance Sheet as at 31"March 2022 | .26 |
| Statement ofcash flows for the year ended 31"March 2022 | 27 |
| Notes to the financial statements for the year ended 31"March 2022 |
| Our advisors | |||||
|---|---|---|---|---|---|
| Independent | Auditor: | Bishop Fleming | LLP | ||
| Chartered Accountants |
and Statutory | Auditors | |||
| 10Temple Back | |||||
| Bristol | |||||
| BS1 6FL | |||||
| Bankers: | Lloyds Bank pic | ||||
| 48 Belle Vue Terrace | |||||
| Malvern | |||||
| Worcestershire | |||||
| WR14 4QG | |||||
| Investment | Managers: | Brewin Dolphin | |||
| 9Colmore Row | |||||
| Birmingham | |||||
| B32Bj |
| Key management personnel |
—Senior | Managers |
|---|---|---|
| Chief Executive Officer | Duncan Bridges BSc(Hons) | |
| Secretary to the Board | Susan Satchell LI.B(Hons) |
|
| Conservation Manager |
3onathan Bills MSc |
|
| Operations Manager |
Paul Saunder (to 30'" june 2021) | |
| Peter Kelsall BScFor,MICFor (from 31/08l21) | ||
| Finance and Administration | Manager | Cheryl Gentry BScACA |
| Total funds | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total funds | 2021 (note | ||||
| Note | funds | funds | 2022 | 28) | |||
| Income and endowments | from: | ||||||
| Donations and legacies |
3,932 | 8,007 | 11,939 | 5,244 | |||
| Charitable activities: |
|||||||
| Management ofthe |
hills and commons | 865,102 | 12,475 | 877,577 | 493,079 | ||
| Car parks | 418,059 | 0 | 418,059 | 412,659 | |||
| Other trading activities |
38,647 | 168 | 38,815 | 35,928 | |||
| Investments: | |||||||
| Bank deposits | 1,338 | 0 | 1,338 | 1,302 | |||
| Investment portfolio |
0 | 34,008 | 34,008 | 33,865 | |||
| Other | 13,581 | 0 | 13,581 | 9,110 | |||
| Total income | 1,340,659 | 54,658 | 1,395,317 | 991,187 | |||
| Expenditure on: |
|||||||
| Charitable activities |
1,097,934 | 87,855 | 1,185,789 | 1,167,879 | |||
| Other expenditure | 9,797 | 9,493 | 19,290 | 15,161 | |||
| Total expenditure | 7 | 1,107,731 | 97,348 | 1,205,079 | 1,183,040 | ||
| Net gains on investments | 16 | 0 | 51,725 | 51,725 | 333,269 | ||
| Net income | 232,928 | 9,035 | 241,963 | 141,416 | |||
| Transfers between funds | 22,083 | (22,083) | 0 | ||||
| Other recognised gains/(losses) | |||||||
| Actuarial gains/(losses) |
on | defined benefit | |||||
| pension scheme | 26 | 39,000 | 0 | 39,000 | (405,000) | ||
| Net movement in funds |
294,011 | (13,048) | 280,963 | (263,584) | |||
| Reconciliation offunds: | |||||||
| Total funds brought forward |
(1,236,528) | 3,132,637 | 1,896,109 | 2,159,693 | |||
| Total funds carried forward | 23 | (942,517) | 3,119,589 | 2,177,072 | 1,896„109 |
| Note | 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Fixed Assets | |||||||||
| Tangible fixed assets | 14 | 433,430 | 437,893 | ||||||
| Heritage assets Investments |
15 16 |
1,173,644 1,638,899 |
1,060,261 1,694,759 |
||||||
| Total fixed assets | 3,245,973 | 3,192,913 | |||||||
| Current Assets | |||||||||
| Livestock | 25,320 | 25,320 | |||||||
| Debtors | 17 | 133,474 | 58,299 | ||||||
| Short term deposits | 1,167,462 | 992,628 | |||||||
| Cash at bank and in |
hand | 222 | 200 | ||||||
| Total current assets | 'I,326,478 | 1,076,447 | |||||||
| Creditors: Amounts | falling | due within | one year | 18 | (154,379) | (117,251) | |||
| Net Current Assets | excluding | pension | liability | 1,172,099 | 959,196 | ||||
| Net assets | 4,418,072 | 4,152,109 | |||||||
| Pension Fund liability |
27 | (2,241,000) | (2,256,000) | ||||||
| Net Assets including | pension | liability | 2,177,072 | 1,896,109 | |||||
| The funds ofthe charity | |||||||||
| Unrestricted - General |
Fund | 19 | 425,825 | 439,722 | |||||
| Unrestricted - Designated |
Funds | 20 | 872,658 | 579,750 | |||||
| Unrestricted - Pension |
Fund | 2'I | (2,241,000) | (2,256,000) | |||||
| Restricted Funds |
22 | 3,119,589 | 3,132,637 | ||||||
| Total charity funds | 2,177,072 | 1,896,109 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities |
||||||
| Net movement in funds |
280,963 | (263,584) | ||||
| Add back depreciation charge |
91,251 | 102,732 | ||||
| Investment (gains)/ losses |
(51,725) | (333,269) | ||||
| Profit on disposal offixed assets | (960) | 0 | ||||
| Income on investing activities retained |
in | portfolio | (15,591) | (16,722) | ||
| (6ain)/loss on pension scheme |
(15,000) | 414,000 | ||||
| (Increase)/decrease in debtors |
(75,175) | 123,849 | ||||
| Increase in creditors | 37,128 | 12,912 | ||||
| Net cash provided by/(used in) operating |
activities | 250,891 | 39,918 | |||
| Cashflows from investing activities: |
||||||
| Proceeds from the sale offixed assets | 960 | 0 | ||||
| Purchase of property, plant and equipment |
(200,171) | (21,713) | ||||
| Investment manager's fees deducted |
from portfolio | 11,443 | 10,821 | |||
| Funds transferred (to)/from investment |
portfolio | 111,733 | (1,905) | |||
| Net cash provided by investing activities |
(76,035) | (12,797) | ||||
| Change in cash and cash equivalents |
in the reporting | period | 174,856 | 27,121 | ||
| Cash and cash equivalents at the beginning | ofthe reporting | period | 992,828 | 965,707 | ||
| Cash and cash equivalents atthe end |
ofthe reporting | period | 1,167,684 | 992,828 | ||
| Analysis ofcash and cash equivalents | ||||||
| Cash in hand | 222 | 200 | ||||
| Current account | 245,321 | 229,811 | ||||
| Notice deposits (less than 3 months) | 922,141 | 762,817 | ||||
| Total cash and cash equivalents | 1,167,684 | 992,828 |
| 3Analysis ofincome from do | nations and legacies |
|
|---|---|---|
| 2022 | 2021 | |
| Gifts | 11,326 | 2,244 |
| Legacies | 613 | 3,000 |
| 11,939 | 5,244 |
| 4 Analysis of income from other tradin | g activities | |
|---|---|---|
| 2022 | 2021 | |
| Rental income | 32,144 | 27,350 |
| Easements and wayleaves | 6,474 | 7,689 |
| Sales ofbooks and leaflets | 197 | 889 |
| 38,815 | 35,928 |
| 5Analysis | of other income | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Employment | allowance | 4,000 | 4,000 |
| Compensation for works Profit on disposal offixed assets |
911 960 |
1,741 0 |
|
| Other | 7,710 | 3,369 | |
| 13,581 | 9,110 |
| 6Analysis ofexpe | nditure | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Estate | |||||||||||||||
| manage't | Ward | ening | Car | parks | PR Governance |
Office costs | Total 2022 | 2021 | |||||||
| E | E | E | E | E | E | ||||||||||
| Salaries (note 10) | 320,301 | 98,794 | 3,809 | 0 | 60,584 | 166,188 | 649,676 | 618,459 | |||||||
| Direct expenses | 269,851 | 10,726 | 29,808 | 4,579 | 6,091 | 0 | 321,055 | 319,536 | |||||||
| Rates and water | 2,889 | 0 | 1,254 | 0 | 0 | 2,235 | 6,378 | 5,653 | |||||||
| Electricity 8rgas |
2,582 | 0 | 1,549 | 0 | 0 | 2,737 | 6,868 | 4,475 | |||||||
| Insurance | 25,971 | 0 | 0 | 0 | 1,633 | 890 | 28,494 | 30,328 | |||||||
| Maintenance of buildings |
1,078 | 0 | 0 | 0 | 0 | 4,382 | 5,460 | 2,549 | |||||||
| Depreciation | 87,006 | 0 | 0 | 0 | 0 | 4,245 | 91,251 | 102,732 | |||||||
| Investment management |
9,493 | 0 | 0 | 0 | 0 | 0 | 9,493 | 9,017 | |||||||
| Support costs (note 8) | 23,777 | 0 | 11,621 | 0 | 16,078 | 34,928 | 86,404 | 90,291 | |||||||
| 742,948 | 109,520 | 48,041 | 4,579 | 84,386 | 215,605 | 1,205,079 | 1,183,040 | ||||||||
| Expenditure was K1,205,079(2021 E'l,183,040)ofwhich 6"l,107,731 |
was unrestricted | (2021 | |||||||||||||
| 61,063,468)and 697,348was restricted | (2021 | 6119,572). | |||||||||||||
| 7 Summary analysis ofexpenditure |
and related | income for charitable | |||||||||||||
| activities | |||||||||||||||
| This table shows the costofthe main charitable | activities and | the | sources of income | directly | to | ||||||||||
| support those activities. | |||||||||||||||
| M'gt of | |||||||||||||||
| hills and | |||||||||||||||
| commons | Car | Parks | Total 2022 Total 2021 | ||||||||||||
| E | |||||||||||||||
| Income | |||||||||||||||
| Levy on Council Tax payers in precepted parishe. |
566,950 | 566,950 | 534,850 | ||||||||||||
| Stewardshi p grants |
287,053 | 287,053 | 82,258 | ||||||||||||
| Less provision for non-payment ofgrants by |
the | ||||||||||||||
| RPA | 0 | 0 | 0 | (151,470) | |||||||||||
| Other grants (see note | below) | 23,574 | 0 | 23,574 | 27,441 | ||||||||||
| Car park takings | 0 | 418,059 | 418,059 | 412,659 | |||||||||||
| Total income from charitable activities | 877,577 | 418,059 | 1,295,636 | 905,738 | |||||||||||
| Expenditure | (1,172,467) | (32,612) | (1,205,079) (1,183,040) | ||||||||||||
| Net contribution/(cost | funded by other income) |
(294,890) | 385,447 | 90,557 | (277,302) |
| Estate | Gove | ma | Car | Office | Total | Total | ||
|---|---|---|---|---|---|---|---|---|
| m'tce | nce | parks | costs | 2022 | 2021 | |||
| Telephones | 1,326 | 0 | 0 | 1,783 | 3,109 | 3,192 | ||
| Cleaning | 1,455 | 0 | 0 | 1,456 | 2,911 | 2,866 | ||
| Postage | 0 | 0 | 0 | 3,458 | 3,458 | 2,772 | ||
| Office equipment | 0 | 0 | 0 | 2,290 | 2,290 | 2,099 | ||
| Printing and stationery |
0 | 0 | 0 | 5,747 | 5,747 | 5,455 | ||
| Travelling | 0 | 0 | 0 | 461 | 461 | 449 | ||
| IT | 0 | 0 | 0 | 12,284 | 'I2,284 | 9,974 | ||
| Legal fees | 8,565 | 4,378 | 8,980 | 0 | 21,923 | 30,499 | ||
| Audit fee | 0 | 7,200 | 0 | 0 | 7,200 | 6,675 | ||
| Other professional Subscriptions |
fees | 5,769 0 |
3,482 0 |
0 0 |
4,523 2,016 |
13,774 2,016 |
17,565 2,198 |
|
| Training | 4,535 | 0 | 0 | 219 | 4,754 | 1,605 | ||
| Miscellaneous | 0 | 1,018 | 0 | 691 | 1,709 | 1,784 | ||
| Recruitment | 2,127 | 0 | 0 | 0 | 2,127 | 0 | ||
| Bank charges | 0 | 0 | 2,641 | 0 | 2,641 | 3,158 | ||
| 23,777 | 16,078 | 1'l,621 | 34,928 | 86,404 | 90,291 |
| Depreciation |
|---|
| Auditor's remuneration: |
| Audit fees |
| 2022 | 2021 | ||
|---|---|---|---|
| Salaries and wages | 456,918 | 424,769 | |
| Social security costs | 41,569 | 35,833 | |
| Pension costs | 131,753 | 133,274 | |
| Group life assurance FRS102 - pension adjustment FRS102 - short term compensated |
absence charge to SOFA | 1,946 24,000 (6,510) |
1,659 9,000 13,924 |
| 649,676 | 618,459 |
| offull-time equivalent employees (including |
part.-time staff) during the year we | re as foll |
|---|---|---|
| 2022 | 2021 | |
| Wardens | 3.7 | 3.1 |
| Field Staff | 6.6 | 6.6 |
| Office based staff | 6.7 | 5.8 |
| 17 | 155 |
| 14Tangible | Fixed a | ssets | ||||||
|---|---|---|---|---|---|---|---|---|
| Heritage | ||||||||
| Assets- | Improv- | |||||||
| Land & | ements to | Vehicles | ||||||
| buildings | Office | land and | and | Office | ||||
| (note 15) E |
Other land | building | buildings E |
Car parks f. |
equipmentf | equipment E |
Totalf | |
| Cost | ||||||||
| 1st April 2021 Additions |
1,060,261 113,382 |
102,733 0 |
138,770 0 |
889,232 40,200 |
160,460 0 |
430,337 43,496 |
57,885 3,093 |
2,839,678 200,171 |
| Disposals | 0 | 0 | 0 | 0 | 0 | (1,800) | 0 | (1,800) |
| At 31st March | ||||||||
| 2022 | 1,173,643 | 102,733 | 138,770 | 929,432 | 160,460 | 472,033 | 60,978 | 3,038,049 |
| Depreciation | ||||||||
| At 1st April 2021 |
0 | 22,199 | 769,864 | 160,460 | 337,350 | 51,651 | 1,341,524 | |
| Charge in the year On disposals |
0 0 |
2,775 0 |
58,813 0 |
0 0 |
25,418 (1,800) |
4,245 0 |
91,251 (1,800) |
|
| At 31st March | ||||||||
| 2022 | 0 | 24,974 | 828,677 | 160,460 | 360 968 | 55896 | 1 430975 | |
| Net book value | ||||||||
| 31st March | ||||||||
| 2022 | 1,173,6/13 | 102,733 | 113,796 | 100,755 | 0 | 111,065 | 5,082 | 1,607,074 |
| 31st March | ||||||||
| 2021 | 1,060,261 | 102,733 | 116,571 | 119,368 | 0 | 92,987 | 6,234 | 1,498,154 |
| 15Heritage Assets | 15Heritage Assets | 15Heritage Assets | 15Heritage Assets | 15Heritage Assets | 15Heritage Assets | 15Heritage Assets | 15Heritage Assets | ||
|---|---|---|---|---|---|---|---|---|---|
| Land and buildings (heritage assets) are held for the purposes ofthe |
charity. Details ofthe Lands | ||||||||
| Acquisition policy are given in the trustees' |
report. Under the Malvern | Hills Acts, | land can only be | ||||||
| sold in very limited circumstances |
and so is | considered | inalienable. | ||||||
| Year | 6 | E | |||||||
| 1903 | Hill land near Brand Lodge | 220 | |||||||
| 1925 1925 1925 |
W. Berington's mineral rights, Ecclesiastical Commissioners' Foley Manor |
Little Malvern mineral and manorial |
rights | 16,092 | 10,132 1,036 |
||||
| Less:sale of Belle Vue island and | Edith | Walk | (85) | ||||||
| 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 1931 1937 |
West of England quarries Thirds Wood, ]ubilee Drive Land at Malvern Wells |
24,654 1,897 25 |
|||||||
| 1938 | Land at Malvern Wells |
286 | |||||||
| 1955 | Land near Combe Lodge | 350 | |||||||
| 1958 | Land, part ofThe Shrubbery | 74 | |||||||
| 1958 | Land on North Hill |
369 | |||||||
| 1958 | Land at Wood Street, Guarlford | 37 | |||||||
| 1958 | Land on Malvern Common |
24 | |||||||
| 1958 | Lease of Park Cottage, West Malvern | 51 | |||||||
| 1958 | Land at Old Wyche | 171 | |||||||
| 1958 | Land at Happy Valley | 13 | |||||||
| 1959 | Land at Old Wyche | 81 | |||||||
| 1960 | Land at British Camp | 243 | |||||||
| 1960 | Land at Happy Valley | 82 | |||||||
| 1960 | Land at West Malvern | 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 Holly Bush Roughs | 2,848 | |||||||
| 1962 | Hill Top Cottage, Chase End | 773 | |||||||
| 1962 | Land at Castlemorton | 656 | |||||||
| 1963 | Cottages and land at West Malvern | 580 | |||||||
| 1964 | F.B.Bradley-Birt manorial rights |
at Chase End | and | Ragged Stone Hill | 343 | ||||
| 1964 | Land at Upper Wyche | 62 | |||||||
| 1966 1966 1967 |
Castlemorton Common land St. Ann's Well Land at Colwall |
1,459 3,743 256 |
|||||||
| 1967 | Land at Malvern Wells |
115 | |||||||
| 1967 1969 1970 |
Land at Old Hills and Newland Land at 34Wyche Road, Malvern Land at Camp End |
1,796 3,500 771 |
|||||||
| 1971 | Land at Black Hill | 206 | |||||||
| 1972 | Land at Earnslaw | 86 | |||||||
| 1976 | The Moat Pond, Sherrards Green |
59 | |||||||
| 1976 | Thirds Wood, Chase Road (part) | 1,057 | |||||||
| 1977 | Land at Castlemorton | 2,061 | |||||||
| 1980 | Land at Chances Pitch | 100 | |||||||
| 1980 | Mount Pleasant, )ubilee Drive | 2,700 | |||||||
| 1981 | Land at West Malvern | 8,000 | |||||||
| 1982 | Gullet Quarry | 4,500 | |||||||
| Sub-total | 94,907 |
| Combined | |||||
|---|---|---|---|---|---|
| LP | Pari &LM | 2022 | 2021 | ||
| Opening | Market Value | 1,019„972 | 674,787 | 1,694,759 | 1,353,684 |
| Additions | 35,900 | 16,500 | 52,400 | 331,003 | |
| Disposal | proceeds | (150„044) | (16,798) | (166,842) | (330,127) |
| Equalisations | (20) | P0) | (90) | (323) | |
| Gains | 14,953 | 36,773 | 51,726 | 333,269 | |
| Change | in cash | 10,572 | (3,626) | 6,946 | 7,253 |
| Closing market value | 931,333 | 707,566 | 1,638,899 | 1,694,759 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| 0/ | 0/' | ||||||
| UK Bonds | 3.3 | 30,316 | 4.3 | 44,280 | |||
| Overseas | bonds | 9.3 | 86,637 | 9.9 | 100,71 3 | ||
| UK equities | 23.9 | 222,700 | 25.0 | 255,352 | |||
| North American | equities | 26.8 | 249,161 | 25.6 | 261,232 | ||
| European | equities | 6.9 | 64,298 | 7.4 | 75,389 | ||
| japanese | equities | 3.5 | 32,569 | 3.5 | 35,939 | ||
| Asia pacific equities | 6.3 | 58,535 | 7.0 | 71,171 | |||
| Emerging | markets | 1.4 | 13,263 | 1.3 | 13,423 | ||
| Absolute | return | 4.7 | 43,623 | 4.1 | 41,580 | ||
| Global investments | 3.6 | 33,740 | 3.9 | 39,778 | |||
| Property | 2.4 | 22,606 | 2.0 | 20,047 | |||
| Other investments | 4.3 | 39,886 | 3.7 | 37,641 | |||
| Cash | 3.7 | 33,999 | 2.3 | 23,427 | |||
| 931,333 | 1,019,972 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| 0/ | 0/ | |||||
| UK Bonds | 4.2 | 29,725 | 4.8 | 32,214 | ||
| Overseas bonds | 8.6 | 60,692 | 9.2 | 62,070 | ||
| UK equities | 23.9 | 169,321 | 25.2 | 170,049 | ||
| North American equities |
26.8 | I89,760 | 23.8 | 160,762 | ||
| European equities 3apanese equities Asia pacific equities Emerging markets Absolute return |
6.1 3.1 5.8 1.5 4.1 |
43,268 22,245 41,174 10,470 29,201 |
6.7 3.5 6.0 1.6 2.0 |
45,545 23,465 40,764 10,597 13,649 |
||
| Global investments | 7.2 | 51,082 | 7.8 | 52,530 | ||
| Property Other investments |
1.0 5.3 |
7,150 37,349 |
1.0 5.4 |
7,053 36,334 |
||
| Cash | 2.3 | 16,129 | 2.9 | 19,755 | ||
| 707,566 | 674,787 |
| 17Debtors | |||
|---|---|---|---|
| 2022 | 2021 | ||
| Trade debtors | 16,379 | 1,510 | |
| VAT receivable | 4,350 | 0 | |
| Other debtors | 895 | 1,897 | |
| Accrued income | 63,240 | 163,345 | |
| Less: RPA amounts | due removed (see note 7) | 0 | ('l51,470) |
| Prepayments | 48,610 | 43,017 | |
| l33,474 | 58,299 |
| 18Creditors: amo | unts falling due within on |
e year | |
|---|---|---|---|
| 2022 | 2021 | ||
| PAVE and National Insurance | 11,766 | 7,978 | |
| VAT payable | 0 | 4,247 | |
| Trade creditors | 40,532 | 17,099 | |
| Accrued charges | 64,163 | 45,018 | |
| Other creditors | 4,418 | 2,648 | |
| Deferred income | 13„549 | 13,800 | |
| FRS102compensated | absence provision | 19,951 | 26,461 |
| 154,379 | 117,251 |
| Creditors | are measured at invoiced value. | are measured at invoiced value. | 154 | ,379 117, |
|---|---|---|---|---|
| Deferred | income comprises rents and car park pass payments | received | in advance. | |
| The movement on the |
deferred income account was: | |||
| Balance | at 1 st April 2021 | 13,800 | ||
| Released | to the SOFA | in the year | (13,800) | |
| Received Balance |
in the year at31"MQI ch |
2022 | 13549 13,549 |
|
| 19General fund | ||||
| 2022 | 2021 | |||
| General fund - balance1 | "April 2021 | 439,722 | 334,668 | |
| Incoming | resources | 1,046,622 | 1,013,661 | |
| Resources | expended | (929,298) | (913,850) | |
| Transfers | (131,221) | 5,243 | ||
| Balance 31"March 2022 | 425,825 | 439,722 |
| Reason | |
|---|---|
| Totransfer investment income |
13„393 |
| Totransfer investment income |
5,025 |
| To cover project costs (contractor) | 2,013 |
| Tocover project costs | 3,062 |
| Tocover material and staff costs |
3113 |
| 26,606 | |
| Tocover staff costs | 1,063 |
| Tocover costs arising from tree disease | (12,890) |
| To cover costs ofelections to the Board Tocover car park repair costs |
(10,000) ~136000 |
| (157,827) |
| 20 Designated fu Current year |
n | ds | |||||
|---|---|---|---|---|---|---|---|
| Transfers | |||||||
| Balance | (to)/from | ||||||
| 1st April | Movement | Resources | other | Balance 31st | |||
| 2021 | incoming | outgoing E. |
funds | March 2022 f |
|||
| Gift fund | 458,104 | 653 | (1,785) | (4,522) | 452,450 | ||
| HLS, BPS&grazing reserve | fund | 110,745 | 16,409 | (15,764) | (1,063) | 1 10,327 | |
| Countryside Stewardship |
fund | (60,076) | 276,939 | (89,794) | 0 | 127,069 | |
| Tree disease fund | 10,085 | 0 | 0 | 12,890 | 22,975 | ||
| Ash Dieback fund | 0 | 36 | (40,005) | 136,000 | 96,031 | ||
| Fundraising support fund |
10,000 | 0 | 0 | 0 | 10,000 | ||
| Governance Review - legal |
34,010 | 0 | 0 | 0 | 34,010 | ||
| Governance Review - public |
|||||||
| consultation | 889 | 0 | 0 | 889 | |||
| Election expenses fund |
7,493 | (5,286) | 10,000 | 12,207 | |||
| Dog campaign Car Park repair fund |
3,500 5000 579,750 |
294,037 | 'I 800 (154,434) |
153,305 | 3,500 3200 872,658 |
||
| Prior year | Balance 1st April 2020 |
Movement incoming |
Resources outgoing |
Transfers (to)/from other |
Balance 31st March 2021 |
||
| E | |||||||
| Giftfund | 464,243 | 75 | (4,294) | (1,920) | 458,104 | ||
| Higher Level Stewardship fund Countryside Stewardship fund Tree disease fund Fundraising support fund Governance Review - legal Governance Review - public Election expenses fund Dog campaign Car Park repair fund |
166,157 81,703 9,000 10,000 34,0'1 0 889 2,493 3,500 0 771,995 |
14,719 (76,402) 0 0 0 0 0 0 (61,608) |
(69,031) (65,377) (1,915) 0 0 0 0 0 0 (140,617) |
(1,100) 0 3,000 0 0 0 5,000 0 5,000 9,980 |
1 10,745 (60,076) 10,085 10,000 34,010 889 7,493 3,500 5,000 579,750 |
| 21 U | nrestricted | pension fund | |||||
|---|---|---|---|---|---|---|---|
| Current | year | ||||||
| Balance 1st | Movement | Resources | Transfers & | other | Balance 31st | ||
| April 2021 | incoming | outgoing | losses | March 2022 | |||
| E, | E | E | E | ||||
| Pension | Fund | (2256,000) | 0 | (24000) | 39000 | (2,241000) | |
| Prior year | |||||||
| Balance 1st | Movement | Resources | Transfers | &other | Balance 31st | ||
| April 2020 | incoming | outgoing | losses | March 2021 | |||
| f | f | ||||||
| Pension | Fund | (1,842,000) | 0 | (9,000) | (405,000) | (2,256,000) |
| 22 Restricted | fu | nds | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current year | Balance | Transfers | ||||||||||
| 1st April | Resources Movement |
(to)/from | Net gains/(losses) | Balance 31st | ||||||||
| 2021 E |
other funds outgoing f incoming f |
on investments f |
March 2022f | |||||||||
| Lands Maintenance fund |
185,339 | 5,025 | (1,088) | (5,025) | 9,337 | 193,58S | ||||||
| SDFfund | 453 | 0 | 0 | 0 | 0 | 453 | ||||||
| Nature ofthe Malverns | book | 2,733 | 168 | 0 | 0 | 0 | 2,901 | |||||
| Gifts | 9,707 | 0 | (2,110) | (766) | 0 | 6,831 | ||||||
| Tree planting Picnic bench donations |
700 183 |
565 7,442 |
(444) (1,712) |
0 (3,113) |
0 0 |
821 2,800 |
||||||
| Community Woodland Boost4Biodiversity |
0 2,979 |
0 1,243 |
(4,522) (821) |
4,522 (2,012) |
0 0 |
0 1,389 |
||||||
| FIPL Foothill Connections | fund | 0 | 11,232 | (8,436) | (2,296) | 0 | 500 | |||||
| Urban tree challenge fund |
0 | (8,223) | 0 | 0 | 0 | (8,223) | ||||||
| Land Purchase (1992)fund | 1,021,614 | 15,591 | (5,527) | (113,382) | 14,953 | 933,249 | ||||||
| Parliamentary fund Capital Outlay Discharged |
fund | 509,485 1 399444 3132637 |
13,393 0 46436 |
(2,878) 61 588 89126 |
(53,593) 153582 22083 |
27,435 0 51725 |
493,842 1491438 3119589 |
|||||
| Prior year | ||||||||||||
| Net | ||||||||||||
| Transfers | gains/(loss | Balance | ||||||||||
| Balance | (to)/from | es) on | 31st | |||||||||
| 1st April | Movement | Resources | other | investmen | March | |||||||
| 2020 | incoming | OU'tgolng | funds | ts | 2021 | |||||||
| 6 | f | 6 | 6 | E | ||||||||
| Lands Maintenance fund |
156,512 | 4,353 | (989) | (4,353) | 29,816 | 185,339 | ||||||
| 5DF fund | 453 | 0 | 0 | 0 | 0 | 453 | ||||||
| Nature ofthe Malverns | book | 1,844 | 889 | 0 | 0 | 0 | 2,733 | |||||
| Gifts | 9,707 | 0 | 0 | 0 | 0 | 9,707 | ||||||
| Tree planting Picnic bench donations |
50 183 |
650 0 |
0 0 |
0 0 |
0 0 |
700 183 |
||||||
| Community Woodland Boost48iodiversity |
40,955 0 |
0 3,729 |
(42,875) (750) |
1,920 0 |
0 0 |
0 2,979 |
||||||
| Land Purchase (1992) fund | 794,466 | 16,722 | (5,413) | 0 | 215,839 | 1,021,614 | ||||||
| Parliamentary fund Capital Outlay Discharged |
fund | 426,249 1464611 2895030 |
12,790 0 39133 |
(2,616) 66929) 119572 |
(14,552) 1 762 15223 |
87,614 0 333269 |
509,485 1 399444 3132637 |
| 23Analysi | s o | fne | t | assets betwee | n funds |
||||
|---|---|---|---|---|---|---|---|---|---|
| Current year | |||||||||
| Tangible | Pension | Other net | |||||||
| Heritage assets | Investments f |
fixed assets | liability E |
assets f |
Total | ||||
| Restricted funds | |||||||||
| Capital Outlay | Discharged | 1,173,644 | 0 | 317,284 | 510 | 1,491l,438 | |||
| Parliamentary | fund | 0 | 513,978 | 0 | (20,136) | 493,842 | |||
| Land Purchase | (1992)fund | 0 | 931,333 | 0 | 1,916 | 933,249 | |||
| Lands Maintenance | fund | 0 | 193„588 | 0 | 0 | 193,588 | |||
| Nature ofthe | Malverns | 0 | 0 | 0 | 2,901 | 2,901 | |||
| SDF fund | 0 | 0 | 0 | 453 | 453 | ||||
| Gift fund | 0 | 0 | 0 | 6,831 | 6,831 | ||||
| Tree planting | 0 | 0 | 0 | 821 | 821 | ||||
| Picnic benches | 0 | 0 | 0 | 2,800 | 2,800 | ||||
| FIPL Foothill Connections | fd | 0 | 0 | 0 | 500 | 500 | |||
| Urban Tree Challenge | fund | 0 | 0 | 0 | (8,223) | (8,223) | |||
| Boost4Biodiversity | 0 | 0 | 0 | 1,389 | 1,389 | ||||
| 1,173,644 | 1,638,899 | 317,284 | 0 | (10,238) | 3,119,589 | ||||
| Unrestricted funds |
|||||||||
| General fund | 116,146 | 309,679 | 425,825 | ||||||
| Designated funds |
0 | 0 | 872,658 | 872,658 | |||||
| Pension fund | 0 | 2241,000) | 0 | 2241 000 | |||||
| 0 | 0 | 116,'146 | (2,241,000) | 1,182,337 | (942,517) | ||||
| 1,173,644 | 1,638,899 | 433,430 | (2,241,000) | 1,172,099 | 2 'i 77,072 |
| Prior year | ||||||||
|---|---|---|---|---|---|---|---|---|
| Tangible fixed | Pension | Other net | ||||||
| Heritage assets | Investments | assets | liability | assets | Total | |||
| Restricted funds | ||||||||
| Capital Outlay | Discharged | 1,060,261 | 0 | 339,183 | 0 | 1,399,444 | ||
| Parliamentary | fund | 0 | 492,595 | 0 | 16,890 | 509,485 | ||
| Land Purchase | (1992) fund | 0 | 1,019,971 | 0 | 1,643 | 1,021,614 | ||
| Lands Maintenance | fund | 0 | 182,193 | 0 | 3,146 | 185,339 | ||
| Nature in Malvern |
book | 0 | 0 | 0 | 2,733 | 2,733 | ||
| SDF fund | 0 | 0 | 0 | 453 | 453 | |||
| Gift fund | 0 | 0 | 0 | 9,707 | 9,707 | |||
| Tree planting | 0 | 0 | 0 | 700 | 700 | |||
| Picnic benches | 0 | 0 | 0 | 183 | 183 | |||
| Boost4Biodiversity | 0 | 0 | 0 | 2,979 | 2,979 | |||
| 1,060,261 | 1,694,759 | 339,183 | 0 | 38,434 | 3,132,637 | |||
| Unrestricted | funds | |||||||
| General fund | 98,710 | 0 | 341,012 | 439,722 | ||||
| Designated funds |
0 | 0 | 579,750 | 579,750 | ||||
| Pension fund | 0 | (2,256,000) | 0 | (2,256,000) | ||||
| 0 | 0 | 98,710 | (2,256,000) | 920,762 | (1,236,528) | |||
| 1,060,261 | 1,694,759 | 437,893 | (2,256,000) | 959,196 | 1,896,109 |
| 2022 | 2021 | |
|---|---|---|
| Within the next 12months Within 1-5years |
21,836 40,526 |
21,086 44,550 |
| 5years plus | 11,146 | 18,252 |
| 73,508 | 83,888 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| E | ||||
| Current service cost |
90,000 | 82,000 | ||
| Interest on pension liabilities |
92,000 | 91,000 | ||
| Past service cost | 0 | 0 | ||
| Administration costs |
1,000 | 1,000 | ||
| Expected return on plan assets Contributions by employer Total pension cost charged within net incoming Remeasurements (Actuarial (gain)/loss) |
resources | (46,000) (113,000) 24,000 (39,000) |
(49,000) (116,000) 9,000 405,000 |
|
| Total amount (credited)/charged |
to SOFA | (15,000) | 414,000 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Opening | defined benefit | obligation | 4,452,000 | 3,876,000 |
| Current | service cost | 90,000 | 82,000 | |
| Interest | on pension liabilities |
92,000 | 91,000 | |
| Member | contributions | 15,000 | 17,000 | |
| Actuarial | (gains)/losses | on liabilities | (22,000) | 536,000 |
| Past service cost | 0 | 0 | ||
| Benefits/transfers paid |
(154,000) | (150,000) | ||
| Benefit obligation at end of period | 4,473,000 | 4,452,000 |
| Changes in the plan assets during t |
he period to | 31"March 2022 were | as follows: | |
|---|---|---|---|---|
| 2022 | 2021 | |||
| Fair value of plan assets at beginning | of period | 2,196,000 | 2,034,000 | |
| Expected return on scheme assets | 46,000 | 49,000 | ||
| Administration expenses |
(1,000) | (1,000) | ||
| Remeasurements (assets) (Actuarial |
gains/(losses) | on plan assets) | 17,000 | 131,000 |
| Employer contributions | 113,000 | 116,000 | ||
| Member contributions | 15,000 | 17,000 | ||
| Benefits/transfers paid |
(154,000) | (150,000) | ||
| Fair value of plan assets at end of period | 2,232,000 | 2,196,000 |
| The weigh | ted -average asset a |
llocation at the per | iod-end was as follows: |
||
|---|---|---|---|---|---|
| Fair value at | Fair value at | ||||
| 31stMarch | 31stMarch | ||||
| 2022 | 2021 | ||||
| Asset category | |||||
| Equities | 1,007,000 | 935,000 | |||
| Other bonds | 788,000 | 870,000 | |||
| Property | 136,000 | 123,000 | |||
| Other | 301,000 | 268,000 | |||
| 2,232,000 | 2,196,000 | ||||
| 2022 | 2021 | ||||
| Experience | gains on assets | 17,000 | 0 | ||
| Experience | gains on liabilities | 22,000 | 81,000 | ||
| Weighted | average assumptions | used to determine | benefit obligations at: | ||
| 2022 | 2021 | ||||
| Discount | rate | 2.8% | 2.1 % | ||
| Rate of increase in salaries | 4.9% | 4,2% | |||
| Rate of increase in pension | 3.5% | 2.8% | |||
| Rate of CPI inflation | 3.4%. | 2.7% |
| 2022: | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Discount | rate | 2.80% | 2.10% | ||
| Rate of | pension increase |
3.50% | 2.80% | ||
| Assumed | life expectations | on retirement | age 65: | ||
| Retiring | today - males | 22.6 | 22.7 | ||
| Retiring | today -females | 25 | 25.1 | ||
| Retiring | in 20years - males | 24.1 | 24.4 | ||
| Retiring | in 20years -females | 27,0 | 27.1 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| F | |||||
| Financial | assets measured at fair value | 1,638,899 | 1,157,684 | ||
| Financial | assets measured at settlement | value | 1,247,303 | 1,051,127 | |
| Financial | liabilities measured at settlement | value | (104,695) | (62,117) |
| Unrestrict:ed | Restricted | Tot:al funds | Tot.al funds | ||||
|---|---|---|---|---|---|---|---|
| Note | funds | funds | 2021 | 2020 | |||
| 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 | 6 144 | 9017 | 15 161 | 0 | ||
| Total expenditure | 1,063,468 | 119,572 | 1,183,040 | 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) | |||||
| Other recognised gains/(losses) | |||||||
| 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 | |||
| Reconciliation offunds: | |||||||
| Total funds brought forward |
(735,337) | 2,895,030 | 2,159,693 | 2,065,213 | |||
| Total funds carried forward | 23 | (1,236,528) | 3,132,637 | 1,896,109 | 2,159,693 |