##
|Reference and Administrative|Reference and Administrative|Details||
|---|---|---|---|
|Report ofthe Trustees|||2-12|
|Independent
Auditors|Report||13-15|
|Statement ofFinancial|Activities||16|
|Balance Sheet|||17|
|Statement ofCash Flows|||18|
|Notes to the Financial|Statements||19-40|
||||Reference and Administrative|Details|Details|Details||
|---|---|---|---|---|---|---|---|
|Charity Name|||The Dorset Natural||History and Archaeological|||
||||Society|||||
|Other Names|||Dorset Museum|||||
|Trustees|||T Chevalier|||||
||||D French|||||
||||SJames (resigned December 2022)|||||
||||JLang|||||
||||SMerriott|||||
||||TParsons|||||
||||P Sharman
(elected||December 2022)|||
||||JSmyllie|||||
||||L Southall (elected|December 2022)||||
||||SWelton|||||
||||M Wood|||||
|Registered|Office||Dorset Museum|||||
||||66 High West Street|||||
||||Dorchester|||||
||||DT1 1XA|||||
|Company|Registration|Number|3362107|||||
|Charity Registration||Number|1062400|||||
|President|||Susan, Lady Bradbury|||||
|Vice-Presidents|||R Peers MA FSA FMA|||||
||||G Pitt Rivers OBEDL|||||
||||P Seaton|||||
||||SirP Williams Bt.|||||
||||G Yarker BEMFSA|||||
|Auditors|||Scott Vevers Ltd|||||
||||Chartered
Accountants|||and Registered|Auditors|
||||65 East Street|||||
||||Bridport|||||
||||DT6 3LB|||||
|Bankers|||Lloyds Bank pic|||||
||||1-2High West Street|||||
||||Dorchester|||||
||||DT1 1UG|||||
|Solicitors|||Humphries
Kirk|||||
||||40 High West Street|||||
||||Dorchester|||||
||||DT1 1UR|||||
|Investment|Advisors||Charles Stanley &|Co Ltd||||
||||Mey House|||||
||||Bridport Road|||||
||||Dorchester|||||
||||DT1 3QY|||||
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|ociety / Museum|Risks||||sk Management|sk Management|Status|
|---|---|---|---|---|---|---|---|
|rolonged
closure|ofMuseum|due to external||factors|ngoing|monitoring,|action as required|
|urther delays and|impacts due||to Covid-19||Ongoing|monitoring,|action as required|
|ailure to achieve|visitor targets||/ decline in membership||Ongoing|monitoring,|action as required|
|nergy
/ Insurance|price rises||||Ongoing|monitoring,|action as required|
|ajor building
/ infrastructure||failure|||ngoing|monitoring,|action as required|
|ajor catastrophe|||||ngoing|monitoring,|action as required|
|oss ofkey staff|||||Ongoing|monitoring,|action as required|
|ailure to address|operational|readiness
planning|||ngoing|monitoring,|action as required|
|heft / vandalism|to buildings|/|collections||Ongoing|monitoring,|action as required|
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|Statement ofFinancial|Statement ofFinancial|Activities (Including|Activities (Including|Income|and|Expenditure|Expenditure|Account)||
|---|---|---|---|---|---|---|---|---|---|
|||Year Ended|31March 2023|||||Total|Total|
|||Unrestricted|Restricted||Endowment|||2023|2022|
||Note|||||||||
|Income and Endowments|from:|||||||||
|Donations
and legacies||743,381||||||743,381|1,030,067|
|Charitable
activities||304,849||||||304,849|275,907|
|Other trading
activities||164,784||||||164,784|127,669|
|Investments||8,720||||||8,720|9,147|
|Total income and endowments||1,221,734||||||1,221,734|1,442,790|
|Expenditure
on:||||||||||
|Raising funds|7|38,249||32,163||||70,412|25,956|
|Trading activities|8|219,205||||||219,205|104,838|
|Charitable
activities|9|349,259|1,641,544|||||1,990,803|2,698,811|
|Total expenditure||606,713|1,673,707|||||2,280,420|2,829,605|
|Net gains/ (losses) on
investments|17&|(37,632)||||||(37,632)|7,047|
|Net income/ (expenditure)||577,389|(1,673,707)||||(1,096,318)||(1,379,768)|
|Transfers
between
funds|24|(1,207)||1,207||||||
|Corporation
Tax||82,894||||||82,894|(4,338)|
|Other recognised
gains/ (losses):||||||||||
|Remeasurement
gain / (loss)||||||||||
|on defined benefit pension|29|649,000||||||649,000|209,000|
|plan||||||||||
|Net movement
in funds||1,308,076|(1,672,500)|||||(364,424)|(1,175,106)|
|Reconciliation
offunds:||||||||||
|Total funds brought
forward||(688,489)|14,019,569|||500|13,331,580||14,506,686|
|Total funds carried forward||619,587|12,347,069|||500|12,967,156||13,331,580|
##
##
##
|||Balance Sheet as at 31March|2023|||
|---|---|---|---|---|---|
|||||Total|Total|
|(Registration
number: 3362107)||||2023|2022|
||||Note|||
|Fixed assets||||||
|Tangible assets|||14|13,221,886|14,779,740|
|Heritage
assets|||15|1,092,053|1,034,917|
|Investments|||16|162,998|427,260|
|||||14,476,937|16,241,917|
|Current assets||||||
|Stocks|||20|11,000|11,000|
|Debtors|||21|114,840|37,461|
|Cash at bank and in|hand|||491,598|175,736|
|||||617,438|224,197|
|Creditors: amounts|falling due within one year||22|(102,219)|(1,191,201)|
|Net current (liabilities)/||assets||515,219|(967,004)|
|Total assets less current||liabilities||14,992,156|15,274,913|
|Creditors: amounts|falling due after more than one year||23|(1,815,000)|(1,122,333)|
|Net assets excluding|pension liability|||13,177,156|14,152,580|
|Defined benefit pension||liability|29|(210,000)|(821,000)|
|Net assets||||12,967,156|13,331,580|
|Charity Funds||||||
|Endowment
funds|||24|500|500|
|Restricted
funds|||24|12,347,069|14,019,569|
|Unrestricted
funds|||24|829,587|132,511|
|Pension reserve|||24|(210,000)|(821,000)|
|Total charity funds||||12,967,156|13,331,580|
##
##
##
##
||||Statement ofCash Flows
YearEnded31March2023||||
|---|---|---|---|---|---|---|
||||||Total|Total|
||||||2023|2022|
|||||Note|||
|Cash flow from operating|activities|||26|(433,692)|332,789|
|Tax recoverable
/ (paid)|||||82,894|(4,338)|
|Net cash flow from operating||activities|||(350,798)|328,451|
|Cash flow from investing|activities||||||
|Payments
to acquire tangible fixed assets|||||(91,502)|(556,273)|
|Receipts from sales oftangible||fixed assets|||601,533||
|Payments
to acquire investments|||||(13,501)|(22,845)|
|Receipts from sales of investments|||||240,212|22,435|
|Interest received|||||1,942|14|
|Dividends
received|||||4,490|4,153|
||||'||||
|Rents received from investment||properties|||2,288|4,980|
|Net cash flow from investing||activities|||745,462|(547,536)|
|Cash flow from financing|activities||||||
|Interest paid|||||(78,721)|(64,763)|
|Net cash flow from financing||activities|||(78,721)|(64,763)|
|Net increase
/ (decrease)|in cash and cash equivalents||||315,943|(283,848)|
|Cash and cash equivalents|at|1April 2022|||176,585|460,433|
|Cash and cash equivalents|at|31March|2023||492,528|176,585|
|Cash and cash equivalents|consists of:||||||
|Cash at bank and in hand|||||491,598|175,736|
|Short term deposits|||||930|849|
|Cash and cash equivalents|at|31March|2023||492,528|176,585|
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Donations
and legacies|||||||||
|||||Unrestricted|Restricted|Endowment|Total|Total|
|||||funds|funds|funds|2023|2022|
|Grants|||||||||
|Dorset County Council*||||85,078|||85,078|84,294|
|Arts Council England||||67,718|||67,718|380,318|
|Wessex Museum|Trust|||106,771|||106,771|33,855|
|Roberts Trust||||30,000|||30,000||
|College bursaries||||||||14,197|
|Other||||80,490|||80,490|66,853|
|||||370,057|||370,057|579,517|
|Development
appeal||fund|||||||
|Heritage Lottery|Fund*|||||||381,357|
|||||||||381,357|
|Other|||||||||
|Donations
(including||gift|aid)|51,467|||51,467|59,698|
|Legacies||||321,857|||321,857|6,750|
|||||373,324|||373,324|66,448|
|Exceptional government|||funding||||||
|Coronavirus
Job
Scheme (CJRS)|Retention
grant"|||||||2,745|
|||||||||2,745|
|||||743,381|||743,381|1,030,067|
##
||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|funds|2023|2022|
|Membership
subscriptions|||68,103|||68,103|53,625|
|Museum|admission|fees|235,004|||235,004|217,311|
|Events and exhibitions|||1,742|||1,742|2,471|
|Income|from lending|assets|||||2,500|
||||304,849|||304,849|275,907|
##
||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|funds|2023|2022|
|Shop and|online sales||64,074|||64,074|68,705|
|Bookings|income||82,434|||82,434|43,482|
|Cafe rental income|||15,813|||15,813|13,927|
|Royalties|and sundry|income|2,463|||2,463|1,555|
||||164,784|||164,784|127,669|
##
|||||||||'|
|---|---|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowment|Total|Total||
||||funds|funds|funds|2023|2022||
|Dividends
and|interest||4,490|||4,490|4,153||
|Interest on cash deposits|||1,942|||1,942|14||
|Rental income|||2,288|||2,288|4,980||
||||8,720|||8,720|9,147||
|Expenditure|on raising|funds|||||||
||||Unrestricted|Restricted|Endowment|Total|Total||
||||funds|funds|funds|2023|2022||
|Fundraising
fees|||36,611|||36,611|13,573||
|Heritage Lottery Fund Delivery
Plan||||32,163||32,163|10,684||
|Investment
management||fees|1,638|||1,638|1,699||
||||38,249|32,163||70,412|25,956||
|Expenditure|on trading|activities|||||||
||||Unrestricted|Restricted|Endowment|Total|Total||
||||funds|funds|funds|2023|2022||
|Shop consumables|||30,667|||30,667|29,089||
|Employment
costs|||164,869|||164,869|61,296||
|Event consumables|||12,869|||12,869|||
|Establishment|costs||10,800|||10,800|14,453||
||||219,205|||219,205|104,838||
##
##
##
||Notes to the|Notes to the|Notes to the|Financial Statements|Financial Statements|for the Year|Ended 31Mar|ch 2023||
|---|---|---|---|---|---|---|---|---|---|
|9|Expenditure
on charitable|||activities||||||
||||||Unrestricted|Restricted|Endowment|Total|Total|
||||||funds|funds|funds|2023|2022|
||Staff costs (including|travel)|||352,604|112,356||464,960|663,996|
||Direct costs||||273,653|1,519,428||1,793,081|1,841,124|
||Support costs||||(285,923)|9,760||(276,163)|186,266|
||Governance
costs||||8,925|||8,925|7,425|
||||||349,259|1,641,544||1,990,803|2,698,811|
||||||Unrestricted|Restricted|Endowment|Total|Total|
||||||funds|funds|funds|2023|2022|
||Direct costs:|||||||||
||Exhibitions,
events and collections||||20,543|62,053||82,596|76,656|
||General repairs||||32,976|||32,976|34,966|
||Depreciation||||15,668|1,457,195||1,472,863|1,471,296|
||Establishment
costs||||147,205|||147,205|158,802|
||Marketing
and promotion||||53,717|180||53,897|90,085|
||Credit card charges||||3,565|||3,565|5,372|
||Bad debts recoverable||||(240)|||(240)|263|
||General expenses||||219|||219|3,684|
||||||273,653|1,519,428||1,793,081|1,841,124|
||Office and administration||costs||63,498|||63,498|63,420|
||(Profit) / loss on disposal
tangible fixed assets||of||(482,176)|||(482,176)|11,902|
||Loan interest||||78,721|||78,721|64,763|
||Other finance charges||||3,417|||3,417|1,253|
||Printing,
postage and|stationery|||18,068|||18,068|18,301|
||Professional
fees||||32,549|9,760||42,309|26,627|
||||||(28.5,923)|9,760||(276,163)|186,266|
||Governance
costs:|||||||||
||Auditor's
remuneration||||8,925|||8,925|7,425|
||||||8,925|||8,925|7,425|
##
##
##
|Net incom|e
/ (expenditure)
is stated|after charging
/ (crediting):|||
|---|---|---|---|---|
||||2023|2022|
|Depreciation oftangible fixed assets|||1,472,863|1,471,296|
|(Profit) /|loss on disposal ofinvestments||26,963|3|
|(Profit) /|loss on disposal oftangible|fixed assets|(482,176)|11,902|
|Operating|lease rentals||24,695|34,563|
|(Profit) /|loss on fair value movement|ofinvestments|10,669|(7,050)|
|Auditor's|remuneration:||||
|Audit services|||5,975|4,975|
|Other services|||2,950|2,450|
##
##
|follows:||||||
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||FTE|FTE|Number|Number|
|Raising funds||0.4|0.4|1.0|1.0|
|Charitable
activities||14.2|15.0|22.0|22.0|
|Governance||0.6|0.6|1.0|1.0|
|||15.2|16.0|24.0|24.0|
|The total staff costs|and employee|benefits were as follows:||||
|||||2023|2022|
|Wages and salaries||||521,022|578,230|
|Social security||||31,687|37,006|
|Defined contribution|pension costs|||19,586|19,939|
|Defined benefit pension costs||||57,534|74,115|
|||||629,829|709,290|
##
##
##
|Heritage assets|||
|---|---|---|
||Collections|Total|
|Cost or valuation:|||
|At 1 April 2022|1,034,917|1,034,917|
|Additions|57,136|57,136|
|At 31March 2023|1,092,053|1,092,053|
|Depreciation:|||
|At 1 April 2022|||
|At 31March 2023|||
|Net book value:|||
|At 31March 2023|1,092,053|1,092,053|
|At 31March 2022|1,034,917|1,034,917|
|Five year summary
ofadditions
a|nd disposals:|||||
|---|---|---|---|---|---|
||2023|2022|2021|2020|2019|
|Purchased
additions||||||
|Assets held at cost|57,136|2,278|136,270|27,405|46,670|
|Total additions|57,136|2,278|136,270|27,405|46,670|
|Impairment||||||
|Assets held at cost||||||
|Total impairment||||||
|Net Book Value Disposals||||||
|Assets held at cost|||||141,178|
|Total NBV disposals|||||141,178|
##
##
##
|||||2023|2022|
|---|---|---|---|---|---|
|Investment|properties
(note 17)||||250,000|
|Quoted investments
(note|||18)|162,067|176,410|
|Unquoted|investments|(note 19)||1|1|
|Cash held|by investment||manager|930|849|
|||||162,998|427,260|
|Investment|property|||||
|||||2023|2022|
|Fair value|at 1 April 2022|||250,000|250,000|
|Disposal proceeds||||(225,000)||
|Realised loss on disposal||||(25,000)||
|Fair value|at 31March|2023|||250,000|
|Cost at 31|March 2023||||250,000|
##
|Quoted in|vestments|||||
|---|---|---|---|---|---|
|||||2023|2022|
|Fair value|at 1 April 2022|||176,410|168,953|
|Additions||||13,501|22,845|
|Disposals||||(15,212)|(22,435)|
|Realised gains/(losses)||on|disposal|(1,963)|(3)|
|Unrealised|gains/(losses)||on revaluation|(10,669)|7,050|
|Fair value|at 31March|2023||162,067|176,410|
|Cost at 31|March 2023|||149,633|151,808|
##
|2023|2022|
|---|---|
|1|1|
##
##
|20|Stocks|||||
|---|---|---|---|---|---|
|||||2023|2022|
||Goods for resale|||11,000|11,000|
|21|Debtors|||||
|||||2023|2022|
||Trade debtors|||27,567|24,653|
||Prepayments|and accrued income||1,709|2,840|
||Other debtors|||85,564|9,968|
|||||114,840|37,461|
|22|Creditors: amounts||falling due within one year|||
|||||2023|2022|
||Loans||||992,667|
||Trade creditors|||21,188|22,690|
||Accruals and|deferred income||67,112|161,425|
||Taxation and|social security||9,055|4,338|
||Other creditors|||4,864|10,081|
|||||102,219|1,191,201|
|23|Creditors: amounts||falling due after more than one year|||
|||||2023|2022|
||Loans|||1,815,000|1,122,333|
##
|Unrestricted|funds|||||||
|---|---|---|---|---|---|---|---|
|||Balance at||||Gains /|Balance at|
|||01.04.2022|Income|Expenditure|Transfers|losses|31.03.2023|
|Unrestricted||||||||
|General fund||(917,792)|1,191,734|(474,442)|(1,207)|(37,632)|(239,339)|
|Designated|funds|||||||
|Collections||1,034,916|||||1,034,916|
|Life
membership||9,446|||||9,446|
|Dugdale||941|||||941|
|Trust||||||||
|Lift||5,000|||||5,000|
|Roberts Trust|||30,000|(11,377)|||18,623|
|||132,511|1,221,734|(485,819)|(1,207)|(37,632)|829,587|
|Pension
reserve||(821,000)||(38,000)||649,000|(210,000)|
|||(688,489)|1,221,734|(523,819)|(1,207)|611,368|619,587|
|||Balance at||||Gains /|Balance at|
|||01.04.2021|Income|Expenditure|Transfers|losses|31.03.2022|
|Unrestricted||||||||
|General fund||(872,951)|837,849|(887,460)|(2,277)|7,047|(917,792)|
|Designated|fitnds|||||||
|Collections||1,032,639|||2,277||1,034,916|
|membership||9,446|||||9,446|
|Dugdale|||||||941|
|Trust||||||||
|Lift||5,000|||||5,000|
|||175,075|837,849|(887,460)||7,047|132,511|
|Pension
reserve||(979,000)||(51,000)||209,000|(821,000)|
|||(803,925)|837,849|(938,460)||216,047|(688,489)|
##
|Restricted|funds|funds||||||
|---|---|---|---|---|---|---|---|
||Balance at|||||Gains /|Balance at|
||01.04.2022||Income|Expenditure|Transfers|losses|31.03.2023|
||||||K|||
|Tomorrow's|Museum|for Dorset:||||||
|Lottery Fund||9,938,589||(1,612,441)|||8,326,148|
|Other funding||3,943,911|||||3,943,911|
|Dewlish||||||||
|Mosaic Public||50,025||(50,025)||||
|Appeal||||||||
|Dorset||||||||
|Archaeologic||48,856|||||48,856|
|al Committee||||||||
|Jurassic Coast
Gallery||9,974||(9,974)||||
|Monograph
Fund||8,042|||||8,042|
|Museum||||||||
|Makers||(1,207)|||1,207|||
|Gentleman'
Magazine|s|3,001|||||3,001|
|WDDC Social||||||||
|Inclusion||885||(885)||||
|Funds under
f1,000||835|||||835|
|Barnes-||||||||
|Dugdale||382||(382)||||
|portrait||||||||
|Treasure
Acquisitions||3,256|||||3,256|
|Museums
Partnership||8,020|||||8,020|
|The Ann||||||||
|James Fine
Art||5,000|||||5,000|
|Acquisition||||||||
||14,019,569|||(1,673,707)|1,207||12,347,069|
|Endowment|funds|||||||
|Charles
Hansford||500|||||500|
||14,020,069|||(1,673,707)|1,207||12,347,569|
|Total funds|13,331,580||1,221,734|(2,197,526)||611,368|12,967,156|
##
##
##
##
|||Balance at||||Gains /|Balance at|
|---|---|---|---|---|---|---|---|
|||01.04.2021|Income|Expenditure|Transfers|losses|31.03.2022|
|Tomorrow's|Museum for Dorset:|||||||
|Lottery Fund||11,279,178|554,816|(1,895,405)|||9,938,589|
|Other funding||3,943,911|||||3,943,911|
|Dewlish||||||||
|Mosaic|||50,025||||50,025|
|Public||||||||
|Dorset||||||||
|Archaeologic||48,856|||||48,856|
|al Committee||||||||
|Jurassic
Coast||9,974|||||9,974|
|Monograph
Fund||8,042|||||8,042|
|Museum
Makers||(1,207)|||||(1,207)|
|Gentleman' s
Magazine||3,001|||||3,001|
|WDDC
Social||885|||||885|
|Funds under
51,000||813|100|(78)|||835|
|Barnes-||||||||
|Dugdale||382|||||382|
|portrait||||||||
|Treasure
Acquisitions||8,256|||(5,000)||3,256|
|Museums
Partnership||8,020|||||8,020|
|The Ann||||||||
|James Fine
Art|||||5,000||5,000|
|Acquisition||||||||
|||15,310,111|604,941|(1,895,483)|||14,019,569|
|Endowment|funds|||||||
|Charles||||||||
|Hansford||500|||||500|
|fund||||||||
|||15,310,611|604,941|(1,895,483)|||14,020,069|
|Totalfunds||14,506,686|1,442,790|(2,833,943)||216,047|13,331,580|
##
##
##
##
|||Notes to the Fi|Notes to the Fi|nancial Statem|ent|s|for the Year|Ended 31Ma|rch 2023||
|---|---|---|---|---|---|---|---|---|---|---|
|25|Analysis|ofnet assets between||funds|||||||
|||||||Unrestricted||Restricted|Endowment|Total|
||||||||2023|2023|2023|2023|
||Fixed assets||||||1,589,520|12,887,417||14,476,937|
||Cash and|current investments|||||491,098||500|491,598|
||Other current assets / liabilities||||||563,969|(540,348)||23,621|
||Creditors|more than one year|||||(1,815,000)|||(1,815,000)|
||Provisions|/ pensions|||||(210,000)|||(210,000)|
||||||||619,587|12,347,069|500|12,967,156|
|||||||Unrestricted||Restricted|Endowment|Total|
||||||||2022|2022|2022|2022|
||Fixed assets||||||1,924,815|14,317,102||16,241,917|
||Cash and|current
investments|||||175,236||500|175,736|
||Other current assets / liabilities||||||(845,207)|(297,533)||(1,142,740)|
||Creditors|more than one year|||||(1,122,333)|||(1,122,333)|
||Provisions|/ pensions|||||(821,000)|||(821,000)|
||||||||(688,489)|14,019,569|500|13,331,580|
|26|Reconciliation
ofnet income||/|(expenditure)|to|net|cash flow from operating||activities||
||||||||||2023|2022|
||Net income
/ (expenditure)
for the year||||||||(1,096,318)|(1,379,768)|
||Dividends|received|||||||(4,490)|(4,153)|
||Rents received from investment|||properties|||||(2,288)|(4,980)|
||Interest receivable||||||||(1,942)|(14)|
||Interest payable||||||||78,721|64,763|
||Depreciation
and impairment||of|tangible fixed|assets||||1,472,863|1,471,296|
||(Gains) /|losses on investments|||||||10,669|(7,050)|
||(Profit) /|loss on disposal oftangible fixed assets|||||||(482,176)|11,902|
||(Profit) /|loss on disposal offixed asset investments|||||||26,963|3|
||Post-employment
benefits less payments||||||||38,000|51,000|
||(Increase)|/ decrease in stock||||||||(11,000)|
||(Increase)|/ decrease in debtors|||||||(77,379)|1,117,423|
||Increase
/|(decrease) in creditors|||||||(396,315)|(976,633)|
||||||||||(433,692)|332,789|
##
##
##
##
##
##
|The total cost r|ecognised|in the period was as follows:|||
|---|---|---|---|---|
||||2023|2022|
||||X'000|X'000|
|Current service|cost||36|54|
|Net interest income
/ expense|||21|19|
|Administration|expenses||1|1|
|Recognised
in|net income|/ expenditure|58|74|
|Recognised
in|other gains|/ losses|||
|Total cost recognised|||58|74|
##
##
##
|Amounts
reco|gnised
in t|he balance sheet were as follows:|||
|---|---|---|---|---|
||||2023|2022|
||||K'000|X'000|
|Present value|offunded|obligations|1,372|2,054|
|Fair value of|plan assets||(1,162)|(1,233)|
||||210|821|
|The pension|expenditure|for the year was K38,000 (2022: X51,000). The remeasurement|gain on|the defined|
|benefit pension
plan was||f649,000(2022:F209,000).|||
|Changes
in the present v|alue ofthe|defi|ne|d benefit obliga|tions
were as follows|:|||
|---|---|---|---|---|---|---|---|---|
|||||||2023|2022||
|||||||K'000|X'000||
|Opening
defined benefit|obligation|||||2,054|2,109||
|Current service cost||||||36|54||
|Past service cost|||||||||
|Interest expense||||||53|42||
|Actuarial
(gains)
/ losses|||||||||
|Change in financial
assumptions||||||(896)|(123)||
|Change in demographic|assumptions|||||(49)|||
|Experience
gain/ loss on|defined benefit|||obligation||209|5||
|Contributions
by scheme|participants|||||4|6||
|(Estimated)
benefits paid (net oftransfers||||in)||(39)|(39)||
|Closing defined benefit obligation||||||1,372|2,054||
|Changes
in the fair value|ofthe pension||plan assets were||as follows:||||
|||||||2023|2022||
|||||||K'000|K'000||
|Opening
plan assets||||||1,233|1,130||
|Interest income||||||32|23||
|||||||||.|
|Actual return on plan assets (excluding|||interest income)|||(89)|91||
|Other actuarial
gains
/ (losses)||||||2|||
|Administration
expenses||||||(1)|(1)||
|Contributions
by charity|(included|unfunded)||||20|23||
|Contributions
by scheme|participants|||||4|6||
|(Estimated)
benefits paid (plus unfunded||||net oftransfers|in)|(39)|(39)||
|Closing plan assets||||||1,162|1,233||
##
##
##
|was as follow|s|:|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2023|2022|
||||||||||K'000|X'000|
|Equity instruments|||||||||724|656|
|Debt instruments|||(bonds)||||||||
|Gilts|||||||||6|153|
|Other bonds|||||||||76|62|
|Property|||||||||94|115|
|Other assets|||||||||||
|Cash|||||||||19|25|
|Diversified|Growth Fund||||||||78|81|
|Infrastructure|||||||||88|84|
|Multi Asset|Credit||||||||77|57|
||||||||||1,162|1,233|
|The principal||actuarial||assumptions||used were|as follows:||||
||||||||||2023|2022|
|Discount rate|||||||||4.80|2.60|
|Expected rates of|||salary|increases|||||3.85|4.20|
|Expected rates of|||pension||increases||||2.85|3.20|
|Expected rate||ofinflation|||—RPI||||n/a|n/a|
|Expected rate||ofinflation|||-CPI||||2.85|3.20|
|The mortality||assumptions|||used for|longevity|(in years) on retirement|at age 65 are:|||
||||||||||2023|2022|
||||||||||years|years|
|Retiring at the balance||||sheet date|||||||
|- Males|||||||||22.2|23.1|
|- Females|||||||||24.2|24.7|
|Retiring
in 20 years|||||||||||
|- Males|||||||||23.5|24.4|
|- Females|||||||||25.6|26.1|
##
##
|Total future minimum
lease payments
under non-cancellable
operat|ing
leases||
|---|---|---|
||2023|2022|
|Not later than one year|41,834|42,722|
|Later than one year but not later than five years|3,757|26,479|
||45,591|69,201|
##
|expenditur|e
are as follo|ws:|||||
|---|---|---|---|---|---|---|
||||||2023|2022|
|Financial|assets||||||
|Measured|at fair value|through|net income|/ expenditure:|||
|—Fixed|asset investments||||162,998|427,260|
|Measured|at amortised|cost|||||
|—Debt instruments|||||604,729|210,357|
||||||767,727|637,617|
|Financial|liabilities||||||
|-Measured|at amortised|cost|||1,917,219|2,313,534|
|Measured
at amortised|co|st||||1,917,219||2,313,534|
|---|---|---|---|---|---|---|---|---|
|The income, expenses,|net|gains and net losses|attributable|the charity's|financial|instruments|are|summarised|
|as follows:|||||||||
|Income and expense|||||||||
|Financial assets measured||at fair value through|net income|/ expenditure||4,490||4,153|
|Net gains and losses|||||||||
|Financial assets measured||at fair value through|net income|/ expenditure||(12,632)||7,047|