# 



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|Reference and administrative<br>details||
|---|---|
|Report ofthe trustees for the year ended 31"March 2022||
|Independent<br>Auditor's<br>Report to the Trustees of Malvern<br>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<br>for the year ended 31"March 2022||





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|Our advisors||||||
|---|---|---|---|---|---|
|Independent|Auditor:|Bishop Fleming|LLP|||
|||Chartered<br>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<br>personnel|—Senior|Managers|
|---|---|---|
|Chief Executive Officer||Duncan Bridges BSc(Hons)|
|Secretary to the Board||Susan Satchell<br>LI.B(Hons)|
|Conservation<br>Manager||3onathan<br>Bills MSc|
|Operations<br>Manager||Paul Saunder (to 30'" june 2021)|
|||Peter Kelsall BScFor,MICFor (from 31/08l21)|
|Finance and Administration|Manager|Cheryl Gentry BScACA|





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||||||||Total funds|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total funds|2021 (note|
||||Note|funds|funds|2022|28)|
|Income and endowments||from:||||||
|Donations<br>and legacies||||3,932|8,007|11,939|5,244|
|Charitable<br>activities:||||||||
|Management<br>ofthe|hills and commons|||865,102|12,475|877,577|493,079|
|Car parks||||418,059|0|418,059|412,659|
|Other trading<br>activities||||38,647|168|38,815|35,928|
|Investments:||||||||
|Bank deposits||||1,338|0|1,338|1,302|
|Investment<br>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<br>on:||||||||
|Charitable<br>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<br>gains/(losses)|on|defined benefit||||||
|pension scheme|||26|39,000|0|39,000|(405,000)|
|Net movement<br>in funds||||294,011|(13,048)|280,963|(263,584)|
|Reconciliation offunds:||||||||
|Total funds brought<br>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<br>Investments|||||||15<br>16|1,173,644<br>1,638,899|1,060,261<br>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<br>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<br>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<br>- General||Fund|||||19|425,825|439,722|
|Unrestricted<br>- Designated|||Funds||||20|872,658|579,750|
|Unrestricted<br>- Pension||Fund|||||2'I|(2,241,000)|(2,256,000)|
|Restricted<br>Funds|||||||22|3,119,589|3,132,637|
|||||||Total charity funds||2,177,072|1,896,109|





## 

||||||2022|2021|
|---|---|---|---|---|---|---|
|Cash flows from operating<br>activities|||||||
|Net movement<br>in funds|||||280,963|(263,584)|
|Add back depreciation<br>charge|||||91,251|102,732|
|Investment<br>(gains)/ losses|||||(51,725)|(333,269)|
|Profit on disposal offixed assets|||||(960)|0|
|Income on investing<br>activities retained|in|portfolio|||(15,591)|(16,722)|
|(6ain)/loss<br>on pension scheme|||||(15,000)|414,000|
|(Increase)/decrease<br>in debtors|||||(75,175)|123,849|
|Increase in creditors|||||37,128|12,912|
|Net cash provided<br>by/(used<br>in) operating||activities|||250,891|39,918|
|Cashflows from investing<br>activities:|||||||
|Proceeds from the sale offixed assets|||||960|0|
|Purchase of property,<br>plant and equipment|||||(200,171)|(21,713)|
|Investment<br>manager's<br>fees deducted|from portfolio||||11,443|10,821|
|Funds transferred<br>(to)/from<br>investment|portfolio||||111,733|(1,905)|
|Net cash provided<br>by investing<br>activities|||||(76,035)|(12,797)|
|Change<br>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<br>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|





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|3Analysis ofincome from do|nations<br>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<br>for works<br>Profit on disposal offixed assets||911<br>960|1,741<br>0|
|Other||7,710|3,369|
|||13,581|9,110|





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|6Analysis ofexpe|nditure|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Estate|||||||||||||||
||manage't|Ward|ening|Car||parks|PR<br>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<br>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<br>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<br>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<br>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<br>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<br>parishe.|||||||566,950|||||566,950|||534,850|
|Stewardshi<br>p grants|||||||287,053|||||287,053|||82,258|
|Less provision for non-payment<br>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<br>by other income)|||||(294,890)|||385,447||||90,557||(277,302)|



## 



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|||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<br>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<br>Subscriptions|fees|5,769<br>0|3,482<br>0||0<br>0|4,523<br>2,016|13,774<br>2,016|17,565<br>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<br>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<br>FRS102 - pension adjustment<br>FRS102 - short term compensated|absence charge to SOFA|1,946<br>24,000<br>(6,510)|1,659<br>9,000<br>13,924|
|||649,676|618,459|



## 

|offull-time<br>equivalent<br>employees<br>(including<br>|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|



## 



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|14Tangible|Fixed a|ssets|||||||
|---|---|---|---|---|---|---|---|---|
||Heritage||||||||
||Assets-|||Improv-|||||
||Land &|||ements to||Vehicles|||
||buildings||Office|land and||and|Office||
||(note 15) <br>E|Other land|building|buildings<br>E|Car parks<br>f.|equipmentf|equipment<br>E|Totalf|
|Cost|||||||||
|1st April 2021<br>Additions|1,060,261<br>113,382|102,733<br>0|138,770<br>0|889,232<br>40,200|160,460<br>0|430,337<br>43,496|57,885<br>3,093|2,839,678<br>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<br>2021||0|22,199|769,864|160,460|337,350|51,651|1,341,524|
|Charge in the<br>year<br>On disposals||0<br>0|2,775<br>0|58,813<br>0|0<br>0|25,418<br>(1,800)|4,245<br>0|91,251<br>(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<br>(heritage assets) are held for the purposes ofthe||||||||charity. Details ofthe Lands||
|Acquisition<br>policy are given in the trustees'|||||report. Under the Malvern|||Hills Acts,|land can only be|
|sold in very limited<br>circumstances|||and so is||considered||inalienable.|||
|Year||||||||6|E|
|1903|Hill land near Brand Lodge||||||||220|
|1925<br>1925<br>1925|W. Berington's<br>mineral<br>rights, <br>Ecclesiastical Commissioners'<br>Foley Manor|Little Malvern<br>mineral<br>and manorial||||rights||16,092|10,132<br>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<br>land and mineral||rights||||||687|
|1928|Major Raper's land and mineral||rights||||||517|
|1931<br>1931<br>1937|West of England<br>quarries<br>Thirds Wood, ]ubilee Drive<br>Land at Malvern<br>Wells||||||||24,654<br>1,897<br>25|
|1938|Land at Malvern<br>Wells||||||||286|
|1955|Land near Combe Lodge||||||||350|
|1958|Land, part ofThe Shrubbery||||||||74|
|1958|Land on North<br>Hill||||||||369|
|1958|Land at Wood Street, Guarlford||||||||37|
|1958|Land on Malvern<br>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<br>rights||at Chase End||and|Ragged Stone Hill|||343|
|1964|Land at Upper Wyche||||||||62|
|1966<br>1966<br>1967|Castlemorton<br>Common<br>land<br>St. Ann's Well<br>Land at Colwall||||||||1,459<br>3,743<br>256|
|1967|Land at Malvern<br>Wells||||||||115|
|1967<br>1969<br>1970|Land at Old Hills and Newland<br>Land at 34Wyche Road, Malvern<br>Land at Camp End||||||||1,796<br>3,500<br>771|
|1971|Land at Black Hill||||||||206|
|1972|Land at Earnslaw||||||||86|
|1976|The Moat Pond, Sherrards<br>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<br>equities|26.8||I89,760|23.8||160,762|
|European<br>equities<br>3apanese equities<br>Asia pacific equities<br>Emerging<br>markets<br>Absolute<br>return|6.1<br>3.1<br>5.8<br>1.5<br>4.1||43,268<br>22,245<br>41,174<br>10,470<br>29,201|6.7<br>3.5<br>6.0<br>1.6<br>2.0||45,545<br>23,465<br>40,764<br>10,597<br>13,649|
|Global investments|7.2||51,082|7.8||52,530|
|Property<br>Other investments|1.0<br>5.3||7,150<br>37,349|1.0<br>5.4||7,053<br>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<br>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<br>117,|
|---|---|---|---|---|
|Deferred|income comprises rents and car park pass payments||received|in advance.|
|The movement<br>on the||deferred income account was:|||
|Balance|at 1 st April 2021||13,800||
|Released|to the SOFA|in the year|(13,800)||
|Received <br>Balance|in the year<br> at31"MQI ch|2022|13549<br>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<br>investment<br>income|13„393|
|Totransfer<br>investment<br>income|5,025|
|To cover project costs (contractor)|2,013|
|Tocover project costs|3,062|
|Tocover material<br>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<br>Tocover car park repair costs|(10,000)<br>~136000|
||(157,827)|





## 

|20 Designated<br>fu<br>Current year|n|ds||||||
|---|---|---|---|---|---|---|---|
|||||||Transfers||
||||Balance|||(to)/from||
||||1st April|Movement|Resources|other|Balance 31st|
||||2021|incoming|outgoing<br>E.|funds|March 2022<br>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<br>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<br>support<br>fund|||10,000|0|0|0|10,000|
|Governance<br>Review - legal|||34,010|0|0|0|34,010|
|Governance<br>Review - public||||||||
|consultation|||889||0|0|889|
|Election expenses<br>fund|||7,493||(5,286)|10,000|12,207|
|Dog campaign<br>Car Park repair fund|||3,500<br>5000<br>579,750|294,037|'I 800<br>(154,434)|153,305|3,500<br>3200<br>872,658|
|Prior year|||Balance<br>1st April<br>2020|Movement<br>incoming|Resources<br>outgoing|Transfers<br>(to)/from<br>other|Balance 31st<br>March 2021|
|||||E||||
|Giftfund|||464,243|75|(4,294)|(1,920)|458,104|
|Higher<br>Level Stewardship<br>fund<br>Countryside<br>Stewardship<br>fund<br>Tree disease fund<br>Fundraising<br>support<br>fund<br>Governance<br>Review - legal<br>Governance<br>Review - public<br>Election expenses<br>fund<br>Dog campaign<br>Car Park repair fund|||166,157<br>81,703<br>9,000<br>10,000<br>34,0'1 0<br>889<br>2,493<br>3,500<br>0<br>771,995|14,719<br>(76,402)<br>0<br>0<br>0<br>0<br>0<br>0<br>(61,608)|(69,031)<br>(65,377)<br>(1,915)<br>0<br>0<br>0<br>0<br>0<br>0<br>(140,617)|(1,100)<br>0<br>3,000<br>0<br>0<br>0<br>5,000<br>0<br>5,000<br>9,980|1 10,745<br>(60,076)<br>10,085<br>10,000<br>34,010<br>889<br>7,493<br>3,500<br>5,000<br>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<br>Movement|||(to)/from|Net gains/(losses)|||Balance 31st||
||||2021<br>E|other funds<br>outgoing<br>f<br>incoming<br>f||||on investments<br>f|||March 2022f||
|Lands Maintenance<br>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<br>Picnic bench donations|||700<br>183|565<br>7,442||(444)<br>(1,712)|0<br>(3,113)|||0<br>0||821<br>2,800|
|Community<br>Woodland<br>Boost4Biodiversity|||0<br>2,979|0<br>1,243||(4,522)<br>(821)|4,522<br>(2,012)|||0<br>0||0<br>1,389|
|FIPL Foothill Connections|fund||0|11,232||(8,436)|(2,296)|||0||500|
|Urban tree challenge<br>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<br>fund<br>Capital<br>Outlay Discharged||fund|509,485<br>1 399444<br>3132637|13,393<br>0<br>46436||(2,878)<br>61 588<br>89126|(53,593)<br>153582<br>22083||27,435<br>0<br>51725||493,842<br>1491438<br>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<br>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<br>Picnic bench donations||||50<br>183|650<br>0|0<br>0|0<br>0||0<br>0||700<br>183||
|Community<br>Woodland<br>Boost48iodiversity||||40,955<br>0|0<br>3,729|(42,875)<br>(750)|1,920<br>0||0<br>0||0<br>2,979||
|Land Purchase (1992) fund||||794,466|16,722|(5,413)|0|215,839||1,021,614|||
|Parliamentary<br>fund<br>Capital Outlay Discharged||fund||426,249<br>1464611<br>2895030|12,790<br>0<br>39133|(2,616)<br>66929)<br>119572|(14,552)<br>1 762<br>15223|87,614<br>0<br>333269||509,485<br>1 399444<br> 3132637|||





## 

## 

|23Analysi|s o|fne|t|assets betwee|n<br>funds|||||
|---|---|---|---|---|---|---|---|---|---|
|Current year||||||||||
|||||||Tangible|Pension|Other net||
|||||Heritage assets|Investments<br>f|fixed assets|liability<br>E|assets<br>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<br>funds||||||||||
|General fund||||||116,146||309,679|425,825|
|Designated<br>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<br>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<br>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<br>Within 1-5years|21,836<br>40,526|21,086<br>44,550|
|5years plus|11,146|18,252|
||73,508|83,888|



## 



## 

## 

||||2022|2021|
|---|---|---|---|---|
||||E||
|Current<br>service cost|||90,000|82,000|
|Interest on pension<br>liabilities|||92,000|91,000|
|Past service cost|||0|0|
|Administration<br>costs|||1,000|1,000|
|Expected return<br>on plan assets<br>Contributions<br>by employer<br>Total pension cost charged within net incoming<br>Remeasurements<br>(Actuarial<br>(gain)/loss)||resources|(46,000)<br>(113,000)<br>24,000<br>(39,000)|(49,000)<br>(116,000)<br>9,000<br>405,000|
|Total amount<br>(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<br>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<br>paid|||(154,000)|(150,000)|
|Benefit obligation at end of period|||4,473,000|4,452,000|



## 



## 

|Changes<br>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<br>expenses|||(1,000)|(1,000)|
|Remeasurements<br>(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<br>paid|||(154,000)|(150,000)|
|Fair value of plan assets at end of period|||2,232,000|2,196,000|



|The weigh|ted<br>-average asset a|llocation at the per|iod-end<br>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<br>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<br>activities:||||||||
|Management<br>ofthe|hills and commons|||489,350|3,729|493,079|727,429|
|Car parks||||412,659|0|412,659|289,167|
|Other trading<br>activities||||35,039|889|35,928|42,400|
|Investments:||||||||
|Bank deposits||||1,302|0|1,302|3,145|
|Investment<br>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<br>on:||||||||
|Charitable<br>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)<br>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<br>gains/(losses)|on|defined benefit||||||
|pension scheme|||26|(405,000)|0|(405,000)|12,000|
|Net movement<br>in funds||||(501,191)|237,607|(263,584)|94,480|
|Reconciliation offunds:||||||||
|Total funds brought<br>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|