| The financial re | sults were as follows: | ||||||
|---|---|---|---|---|---|---|---|
| 202/ | 2020 | Change | |||||
| Total revenue | 4,852,105 | 7,262,650 | (2,410,545) | ||||
| Less expenditure | on charitable activities, |
cost ofraising | funds | ||||
| and reinvestment | expenditure, but excluding |
depreciation | for | ||||
| which capital grant reserves exist Underlying net operational (loss)/surplus |
for | the year | t'5,523,9t)6) t671,8tl1) |
~4,999,995 262,615 |
1,476,289 ~934,436 |
| Total unrestricted funds | Total unrestricted funds | |||||
|---|---|---|---|---|---|---|
| 202I | 2020 | |||||
| Notes | ||||||
| Income from: | ||||||
| Donations and legacies |
186,924 | 529 | ||||
| Government Grants |
I 024 713 | |||||
| Charitable activities | ||||||
| Admissions and education |
income | 585,613 | 1,626,024 | |||
| Gilt Aid membership fees |
1,433 598 | 2,717264 | ||||
| Other trading activities | ||||||
| Retail | 544,067 | 1,015,916 | ||||
| Catering | 314,962 | 833,337 | ||||
| Other corporate income | 195,312 | 445,669 | ||||
| Rental income and related | services | 584,386 | 631,175 | |||
| Finance activities | ||||||
| Net interest (expense)/income | on pension | scheme | (23,000) | (17,000) | ||
| Bank interest | 5,530 | 9,736 | ||||
| Total income | 4,852,105 | 7,262,650 | ||||
| Expenditure on: |
||||||
| Cost ofraising funds | ||||||
| Commercial trading operations |
(1,580,794) | (2,336,017) | ||||
| Expenditure on charitable |
activities | |||||
| Cost ofoperating visitor attraction |
(2,502,557) | (2,943,565) | ||||
| Depreciation | 8 | (2,603,235 | (2,409,223) | |||
| Marketing, publicity and events |
(289,253) | (398,189) | ||||
| Management and administration Governance costs |
5 | (1,135,035) ~49,)38 |
(1,332,123) ~48,900) |
|||
| Total expenditure | ~8,)59,992) | 49,468,016) | ||||
| Exceptional Item | ||||||
| Revaluation offixed assets | ||||||
| Trading subsidiary corporation |
tax reclaimable/(due) | 7(a) | 32,851 | 58,798 | ||
| Net loss for the year | ~3275,036 | ~2146568 |
| 202I | 2020 | ||||
|---|---|---|---|---|---|
| Net loss | for the year | (3,275,036) | (2,146,568) | ||
| Actuarial | expense recognised | in the pension scheme | (2,984,000) | (3,000) | |
| Deferred | tax thereon | 587,760 | 510 | ||
| Total comprehensive | loss | for the year | ~5,67),276 | ~2, 349.058) |
| Called up | Profit &loss | ||||
|---|---|---|---|---|---|
| share capital | account | Total equity | |||
| Notes | |||||
| At 1 January 2019 | 30,718,234 | 30,718,234 | |||
| Loss for the financial Other comprehensive Total comprehensive |
year loss loss for the year |
(2,146,568) ~2,490 ~2, )49,058) |
(2,146,568) 32,490) 32,349,058) |
||
| At 31January 2020 | 28,569,176 | 28,569,176 | |||
| Loss for the financial | year | (3,275,036) | (3,275,036) | ||
| Other comprehensive | loss | (2,396,240) | (2~396,240 | ||
| Total comprehensive | loss for the year | (5671,276) | (5,671,276) | ||
| At 31 January 2021 | 22,897,900 | 22,897,900 |
| Called up | Profit & loss | ||||
|---|---|---|---|---|---|
| share capital | account | Total equity | |||
| Notes | |||||
| At 31 January 2019 | 29,997,065 | 29,997,065 | |||
| Loss for the financial | year | (1,640,379) | (1,640,379) | ||
| Other comprehensive | loss | ||||
| Total comprehensive | loss for the year | (1,640,379) | (1,640,379) | ||
| At 31 January 2020 | 28,356,686 | 28,356,686 | |||
| Loss for the financial | year | (2,359,849) | (2,359,853) | ||
| Other comprehensive | loss | ||||
| Total comprehensive | loss for the year | ~2,359,849) | ~72,359,853 | ||
| At 31 January 2021 | 25,996,837 | 25,996,833 |
| 202i | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | |||||||||
| Fixed assets | |||||||||
| Tangible assets | 8 | 25,216,841 | 27,542,675 | ||||||
| Investments | 9 | ||||||||
| 25,216,841 | 27,542,675 | ||||||||
| Current assets | |||||||||
| Stocks | 10 | 188,495 | 188,550 | ||||||
| Debtors | 11 | 1,097,294 | 509,383 | ||||||
| Cash at bank and in | hand | 2,088,305 | 1,996,220 | ||||||
| 3,374,094 | 2,694,153 | ||||||||
| Creditors: | amounts | falling due | within | one year | 12 | (918,035) | (811,652) | ||
| Net current | assets | 2,456,059 | 1,882,501 | ||||||
| Total assets less current liabilities | 27,672,900 | 29,425,176 | |||||||
| Creditors: | amounts | falling due | in | more than one year | |||||
| Coronavirus | Business | Interruption | Loan | 13 | (665,000) | ||||
| Provisions | for liabilities | ||||||||
| Deferred taxation | 7(d) | ||||||||
| Net Assets | before | pension assetf(fiabilityj | 27,007,900 | 29,425,176 | |||||
| Pension Liability | ~4, 140,000 | ~066,000 | |||||||
| Net Assets | including | pension | liability | 22,897,900 | 28,569,176 | ||||
| Funds assets | |||||||||
| Unrestricted | income | funds | 16 | 22,897,900 | 28,569,176 | ||||
| Non-equity | members' | funds | 22,897,900 | 28,569,176 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Notes | f | |||||
| Fixed assets | ||||||
| Tangible assets |
8 | 25,069,834 | 27,480,809 | |||
| Investments | 9 | 4 | 4 | |||
| 25,069,838 | 27,480,813 | |||||
| Currentsssets | ||||||
| Stocks | 10 | |||||
| Debtors | 11 | 3,780,904 | 2,571,008 | |||
| Cash at bank and in | hand | 1,237,969 | 982,486 | |||
| 5,018,873 | 3,553,494 | |||||
| Creditom: amounts |
falling due within | one year | 12 | ~4,891,894 | (2,677,616) | |
| Net current assets | 926,999 | 875,878 | ||||
| Total assets less current liabilities | 25,996,837 | 28,356,686 | ||||
| Provisions forliabilities | ||||||
| Deferred taxation | 7(d) | |||||
| Net Assets before | pension asset | 25,996,837 | 28,356,686 | |||
| Pension asset | ||||||
| Net Assets including | pension asset | 25,996,837 | 28,356,686 | |||
| Funds assets | ||||||
| Unrestricted income |
funds | 16 | 25,996,837 | 28,356,686 | ||
| Non-egui ty members' funds |
25,996,837 | 28,356,686 |
| 202l | 2020 | |||||
|---|---|---|---|---|---|---|
| Notes | ||||||
| Net cash (outflow)/inflow | from | operating activities | 14(a) | (336,044) | 463,349 | |
| Investing activities |
||||||
| Purchase oftangible | fixed | assets | (277,401) | (708,236) | ||
| Interest received | 5,530 | 9,736 | ||||
| Financing activities | ||||||
| Coronavirus Business |
Intenuption | Loan | 13 | 700,000 | ||
| Interest paid | ||||||
| (Decrease)linctease | in cash | 14(b) | 92,085 | (235,151) | ||
| Total cash and cash | equivalents | at 1February | 1,996,220 | 2,231,371 | ||
| Total cash and cash | equivalents | at31January | 14(b) | 2,088,305 | 1,996,220 |
| This is the in | come an | d e | xpenditure ofthe charity, the parent a |
nd main entity within the group. | |
|---|---|---|---|---|---|
| 202) | 2020 | ||||
| Government | Grants | 16,500 | |||
| Gilt aid membership | fees | 1,463,118 | 2,725,256 | ||
| Gilt aid from | subsidiary | company | 1,322,542 | 1,534,235 | |
| Grant income | &donations | 80,707 | |||
| Other trading | activities | 316 | |||
| Rental income | 10,000 | 10,000 | |||
| Interest | 2,652 | 6,028 | |||
| Total income | 2,895,519 | 4,275,835 | |||
| Cost ofoperating visitor |
attraction | (2,706,605) | (3,512,050) | ||
| Depreciation | (2,528,395) | (2,387,498) | |||
| Administration | (20,372) | (16,662) | |||
| Exceptional item —revaluation |
|||||
| Net loss | 2,359,853 | I 640,375 | |||
| Charity funds |
brought | forward —unrestricted | 28,356,690 | 29,997,065 | |
| Charity funds |
carried | forward —unrestricted | 25,996,837 | 28,356,690 |
| Summary profit and loss accoun | t: | ||||
|---|---|---|---|---|---|
| 202/ | 2020 | ||||
| Turnover | 6,133,294 | 8,668,585 | |||
| Cost ofsales | ~477,425 ~7,00U43 | ||||
| Gross Profit | 5,661,869 | 7,667,442 | |||
| Administrative expenses &depreciation |
(5,265,047) | (6,684,908) | |||
| Bank interest receivable Other finance (expense)/income |
2,878 3,709 ~22j3.000 ~57.0003 |
||||
| Profit on ordinary activities before taxation |
376,700 | 969,243 | |||
| Tax —reclaimable/(due) | 32,851 | 58,798 | |||
| Profit for the financial year | 409,551 | 1,028,041 | |||
| Profit for the financial year | 409,551 | 1,028,041 | |||
| Remeasurement loss recognised |
on defined benefit pension scheme | (2,984,000) | (3,000) | ||
| Movement on deferred tax relating to pension |
scheme | 587,760 | 510 | ||
| Total comprehensive (expense)/income |
in the | year | (1,986,689) | 1,025,551 | |
| Turnover includes donations ofX2,798,025 (2020 —54,116,252) from the |
Charity EMIH Limited for | ||||
| services provided to the Charity. | In addition, | KI,322,542 (2020 —$1,534,235)was Gift aided to the | |||
| Charity during the year. |
| The assets and liabilities ofthe subsid | iary were: |
||||
|---|---|---|---|---|---|
| 202/ | 2020 | ||||
| Tangible fixed assets | 147,007 | 61,867 | |||
| Current assets | 6,142,727 | 4,213,446 | |||
| Creditors: amounts falling due within Provisions for liabilities &charges - |
one year Coronavirus |
Business Interruption | Loan | (4,611,477) ~665 000 |
(3,206,825) |
| Net Assets before pension asset/(liability) | 1,013,257 | 1,068,488 | |||
| Pension liability | ~4, 170,000 | ~856,000 | |||
| Net Assets including pension liability |
(3,096,743) | 212,488 | |||
| Aggregate share capital and reserves |
~3,096,743 | 212,488 |
| Charitable exp |
endi | ture i |
nclud | es | |||
|---|---|---|---|---|---|---|---|
| 202I | 2020 | ||||||
| Governance costs: |
|||||||
| Legal, professional | and | administrative | costs | 4,598 | 8,050 | ||
| Auditors' remuneration |
— | audit | services | 33,000 | 31,500 | ||
| Auditors' remuneration |
— | other | assurance | services | |||
| taxation services | 11,520 | 9,350 | |||||
| 49,118 | 48,900 | ||||||
| Depreciation | 2,603,235 | 2,409,223 | |||||
| Directors remuneration | |||||||
| Staffcosts | 3,005,569 | 3,245,678 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Salaries | 2,468,623 | 2,$65,701 | |||
| Employer | national | insurance | contributions | 170,226 | 196,422 |
| Employer | pension | contributions | 366,720 | 483,555 | |
| 3,665,569 | 3,245 676 |
| 202/ | 2020 |
|---|---|
| No. | No. |
| The average number ofpeople employed by the co |
mpany was as follows: |
|
|---|---|---|
| 202/ | 2020 | |
| No. | No. | |
| Management | 6 | 7 |
| Administration | 138 | 141 |
| 144 | 148 |
| The tax charge/(credit) i |
s made up as fogows: | ||
|---|---|---|---|
| 202I | 2020 | ||
| Cunent tax: | |||
| VK corporation tax for the year |
|||
| Total current tax | |||
| Deferred tax: | |||
| Origination and reversal |
oftiming differences | (36,078) | (65,716) |
| Effect ofchanges in tax | rates | 3,227 | 6,918 |
| Total deferred tax: Tax credit on ordinary activities |
(32,851) ~32,851 |
(58,798) ~38,798 |
|
| Taxincluded in tire statement ofotlier comprehensiveincome |
|||
| Actuarial loss on pension Total deferred tax |
scheme | 587,760) ~626 611 |
510) ~59,3685 |
| 202/ | 2020 | |||||
|---|---|---|---|---|---|---|
| Trading profit on ordinary activities before tax |
376,700 | 969,243 | ||||
| Profit on ordinary activities multiplied by standard |
rate ofcorporation | tax in | ||||
| the UK of19%(2020 —19%) | 71,573 | 184,156 | ||||
| Effects of: | ||||||
| Expenses not deductible for tax purposes |
1,305 | 1,411 | ||||
| Tax rate changes | 3,227 | 6,918 | ||||
| Qualifying Donations |
7108,9567 | ~725 1,285 | ||||
| Total tax credit for the year | (32,851) | (58,798) | ||||
| (c) Deferred tax |
||||||
| The deferred tax included in the |
balance sheet | is as follows: | ||||
| 202/ | 2020 | |||||
| Capital allowances in advance ofdepreciation |
19,830 | 3,579 | ||||
| Other timing differences | ~789,812 | ~7152,950 | ||||
| Included in (debtors)/provisions |
for liabilities | and charges | (769,982) | (149,371) | ||
| At 1 February 2020 |
(149,371) | |||||
| Profit and loss account movement Amount charged to statement of |
for the year comprehensive |
income | (32,851) ~587,760 |
|||
| At 31 January 2021 —included in debtors |
(769,982) |
| Visitor | |||
|---|---|---|---|
| attraction, | |||
| business | |||
| centre and | |||
| Group | Equipment | warehouse | Total |
| Cost or valuation: | |||
| At I February 2020 | 88,382 | 32,104,683 | 32,193,065 |
| Additions | 159,980 | 117,421 | 277,401 |
| Revaluation | |||
| Disposals | |||
| At 31 January 2021 | 248,362 | 32,222,104 | 32,470,466 |
| Depreciation: | |||
| At I February 2020 | (26,516) | (4,623,874) | (4,650,390) |
| Provided in the year |
(74,840) | (2,528,395) | (2,603,235) |
| Revaluation | |||
| Disposals | |||
| At 31 January 2020 | (101,356) | (7,152,269) | (7,253,625) |
| Net book value: | |||
| At I February 2020 | 61,867 | 27,480,809 | 27,542,675 |
| At 31 January 2021 | 147,006 | 25,069,835 | 25,216,841 |
| Tangible fixed assets (continued) | ||
|---|---|---|
| Visitor | ||
| attraction, | ||
| business | ||
| centre and | ||
| Charityl(Company) | warehouse | Total |
| f. | ||
| Cost or valuation: | ||
| At I February 2020 | 32,104,683 | 32,104,683 |
| Additions | 117,421 | 117,421 |
| Revaluation | ||
| Disposals | ||
| At 31 January 2021 | 32,222,104 | 32,222,104 |
| Depreciation: | ||
| At I February 2020 | (4,623,874) | (4,623,874) |
| Provided in the year |
(2,528,395) | (2,528,395) |
| Revaluation | ||
| Disposals | ||
| At 31 January 2021 | (7,152,269) | (7,152,269) |
| Net book value: | ||
| At I February 2020 | 27,480,809 | 274801109 |
| At31 January 2021 | 25,069,833 | 25,069,835 |
| Ifthese assets had not been revalued they would b |
e held in the balance sheet at: | |
|---|---|---|
| Group | Charity | |
| Cost: | ||
| At I February 2020 | 48,091.246 | 48,002,863 |
| Additions | 277,401 | 117,421 |
| Disposals | ||
| At 31January 2021 | 48,368,647 | 48,120,284 |
| Depreciation: | ||
| At I February 2020 | (31,837,721) | (31,623,056) |
| Charge | (2,603,235) | (2,528,395) |
| Disposals | ||
| At 31 January 2021 | 534 440 9563 | ~434 151451 |
| Net book value: | ||
| At I February 2020 | 16,253,525 | 16,379,807 |
| At 31January 2021 | 13,927,691 | 13,968,833 |
| Charity Cost: |
||||
|---|---|---|---|---|
| At I February 2020 and 31 January 2021 | ||||
| Investments comprise the wholly owned subsidiary |
undertakings: | |||
| Proportion of | ||||
| voting rights | ||||
| and shares | Nature of | |||
| Name ofcompany | Shares held | held | business | |
| Suitsidiary undertakings |
||||
| Running Deep Limited (Registered No. 03606689) |
Ordinary | 100% | Tourism | |
| Deep Developments Limited (Registered No. 03606659) |
Ordinary | 100% | Dormant | |
| Stocks | ||||
| Group | Charity | |||
| 2021 | 2020 | 202l | 2020 | |
| Finished goods | 188,495 | 188,550 | ||
| Debtors | ||||
| Group | Charity | |||
| 202/ | 2020 | 202l | 2020 | |
| Trade debtors | 48,726 | 70,835 | ||
| Other debtors | 30,035 | 64,227 | ||
| Prepayments and accrued income |
248,551 | 224,950 | 10,467 | 56,680 |
| Amounts owed by group undertakings |
3,770,437 | 2,514,328 | ||
| Deferred taxation | 769,982 | 149,371 | ||
| 1,097,294 | 509,383 | 3,780,904 | 2,571,008 |
| Group | Charity | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 202I | 2020 | 202/ | 2020 | |||||||
| Coronavirus | business | interruption | loan | 35,000 | ||||||
| Trade creditors | 298,353 | 272,443 | ||||||||
| Accruals | & | deferred | income | 134,673 | 191,416 | 79,467 | 103,305 | |||
| Other creditors | 397,455 | 230,770 | 16,600 | 15,850 | ||||||
| VAT | 52,554 | 117,023 | ||||||||
| Amounts | owed to group | undertakings | 3,995,807 | 2,558,461 | ||||||
| 918,035 | 811,652 | 4,091,874 | 2,677616 | |||||||
| 13. | Creditors | amounts | due in | more than | one year | |||||
| Group | Charity | |||||||||
| 202/ | 2020 | 202/ | 2020 | |||||||
| Coronavirus | business | interruption | loan | 655,000 | ||||||
| 655,000 |
| (a) Reconciliation |
ofoperating loss to |
net cash inflow from operating | activities | |
|---|---|---|---|---|
| 202I | 2020 | |||
| Net loss for the year | (3,275,036) | (2,146,568) | ||
| Trading subsidiary taxation |
(32,851) | (58,798) | ||
| Interest received | (5,530) | (9,736) | ||
| Decrease/(Increase) | in stocks | 55 | (2,152) | |
| Decrease/(Increase) | in debtors, excluding | deferred tax | 32,700 | (77,027) |
| Increase/(Decrease) | in creditors | 71,383 | (13,593) | |
| Depreciation | 2,603,235 | 2,409,223 | ||
| Revaluation offixed |
assets | |||
| Movement in pension asset arising out of |
operations | 247,000 | 345,000 | |
| Movement in pension asset arising out of |
other finance expense | 23,000 | 17,000 | |
| Net cash (outflow)/inflow from operating |
activities | 363,956 | 463,349 |
| (a) Cash and cash equivalents |
|||
|---|---|---|---|
| At | At | ||
| I February | 3IJanuary | ||
| Group | 2020 | Cash flow | 202I |
| Net cash —cash at bank | 1,996,220 | 92,085 | 2,088,305 |
| At | At | ||
| I February | 3IJanuary | ||
| Charity/Company | 2020 | Cash flow | 202I |
| J' | |||
| Net cash —cash at bank | 982,486 | 255,483 | 1,237,969 |
| Unrestr | icted funds |
ofthe charity | ||||
|---|---|---|---|---|---|---|
| Group | Charity | |||||
| 202I | 2020 | 202I | 2020 | |||
| At 1 February | 28,569,176 | 30,718,234 | 28,356,690 | 29,997,065 | ||
| Net loss | for the year | (3,275,036) | (2,146,568) | (2,359,853) | (1,640,375) | |
| Actuarial | loss recognised | in the pension | ||||
| scheme | (2,984,000) | (3,000) | ||||
| Deferred | tax thereon | 587760 | 510 | |||
| At 31January | 22,897,900 | 28,569,176 | 25 996837 | 28 356 690 |
| 202i | 2020 | |||
|---|---|---|---|---|
| 0/ | ||||
| Main assumptions: | ||||
| Rate ofincrease in salaries | 3.70 | 2.70 | ||
| Rate ofincrease in pensions | in payment | 2.80 | 1.80 | |
| Discount rate | 2.05 | 2.30 | ||
| Past retirement mortality |
Years | Years | ||
| Current pensioners | at 65 —male | 21.0 | 20.9 | |
| Current pensioners | at 65 —female | 23.7 | 23.3 | |
| Future pensioners | at 65 —male | 22.2 | 21.8 | |
| Future pensioners | at 65 —female | 25.5 | 24.8 |
| The assets an | d liabilities ofthe scheme included in the b |
alance sheet are as follows: | |
|---|---|---|---|
| 202/ | 2020 | ||
| Value | Value | ||
| OOOO | $000 | ||
| Equities | 7,692 | 6,253 | |
| Bonds | 2,067 | 1,611 | |
| Properties | 1,378 | 1,326 | |
| Others | 344 | 284 | |
| Fair value ofscheme assets Present value ofscheme liabilities Net pension liability |
11,481 ~)5,59) ~4,))9 |
9,474 (10,330) ~559) |
| Scheme assets are stated | at | their market value | their market value | their market value | at the respective balance sheet | at the respective balance sheet | dates. | |
|---|---|---|---|---|---|---|---|---|
| The amounts recognised |
in | the profit and loss | account and in the statement of | other comprehensive | income | |||
| for the year are analysed | as | follows: | ||||||
| Recognised in profit and | loss account | 202/ | 2020 | |||||
| OOOO | OOOO | |||||||
| Current service cost |
522 | 830 | ||||||
| Past service costs | 53 | |||||||
| Total operating costs |
575 | 830 | ||||||
| Other finance income: Interest on pension | scheme liabilities | (23) | (17) | |||||
| Total other finance (cost)/income | (23) | (17) | ||||||
| Recognised in alber comprehensive | income | 202/ | 2020 | |||||
| OOOO | $000 | |||||||
| Return on assets excluding |
amounts | included | in net interest | 1,462 | (1,700) | |||
| Changes in demographic |
assumptions | (206) | 513 | |||||
| Other experience changes |
95 | 350 | ||||||
| Changes in financial assumptions |
(4,335) | 834 | ||||||
| Re-measurement gains and |
losses recognised | in other comprehensive | income | 2,984 | (3) | |||
| Changes in the present value ofthe defined |
benefit obligation: | |||||||
| 202/ | 2020 | |||||||
| 6000 | $000 | |||||||
| At I April | 10,330 | 10,921 | ||||||
| Current service cost |
575 | 830 | ||||||
| Interest cost | 244 | 284 | ||||||
| Contributions by members |
113 | 127 | ||||||
| Actuarial (gains) and losses Benefits paid |
4,446 (1,697) ~1)137~1)3 5 55)) |
|||||||
| At 31 March | 15,591 | 10,330 |
| Changes in th |
e fair value ofplan assets: | ||
|---|---|---|---|
| 202I | 2020 | ||
| $000 | $000 | ||
| At 1 April | 9,474 | 10,430 | |
| Actual return | on plan assets | L683 | (1,433) |
| Contributions | by members | 113 | 127 |
| Contributions Benefits paid |
by employer | 328 ~1177 |
485 (135) |
| At 31 March | 11,481 | 9,474 |
| The sensitivitie below; |
s regard |
ing the principal assumptions used to |
measure the scheme liabilities are |
set out |
|---|---|---|---|---|
| Approximate | Approximate | |||
| %increase | monetary | |||
| to employer | amount | |||
| Changes in assumption | at 3l March 2021 | liability | (5000) | |
| 0.5%decrease | in real | discount rate | 14% | 2,254 |
| 0.5%increase | in the salary increase rate | 2% | 293 | |
| 0.5%increase | in the pension increase rate | 12% | 1,909 |