##
##
##
##
##
##
##
##
##
##
##
##
|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|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
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##
##
##
##
##
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##
##
##
||||||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)13**7**~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|
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