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##
##
|The financial
results were|as fol|lows:||||||
|---|---|---|---|---|---|---|---|
||||||2022|202/|Change|
|Total revenue|||||7,282,051|4,875,105|2,406,946|
|Less expenditure,
but excluding||depreciation||for which||||
|capital grant reserves exist|||||(6,050,683)|(5,579,757)|~470,926)|
|Underlying
net operational|surplus/(loss)||for|the year|1,231,368|(704,652)|1,936,020|
##
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##
|||||Telel unrestri ctedfunds|Telel unrestri ctedfunds|
|---|---|---|---|---|---|
|||||2022|202/|
||||Notes|||
|Income from:||||||
|Donations
and legacies||||11,720|186,924|
|Government
Grants||||735,721|1,024,713|
|Charitable
activities||||||
|Admissions
and education|income|||1,608,636|585,613|
|Gilt Aid membership
fees||||2,501,149|1,433,598|
|Other trading activities||||||
|Retail||||1,001,359|544,067|
|Catering||||619,566|314,962|
|Other corporate income||||235,397|195,312|
|Rental income and related|services|||566,912|584,386|
|Finance activities||||||
|Bank interest earned||||1,591|5,530|
|Total income||||7,282,051|4,875,105|
|Expenditure
on:||||||
|Cost ofraising funds||||||
|Commercial
trading operations||||~2,095,000 ~1,500,704||
|Finance activities||||||
|Net expense on pension scheme||||(90,000)|(23,000)|
|Bank interest paid||||(15,342)||
|Expenditure
on charitable|activities|||||
|Cost ofoperating
visitor attraction||||(2,494,169)|(2,502,557)|
|Depreciation|||8|(2,578,774)|(2,603,235|
|Marketing,
publicity
and events||||(113,073)|(289,253)|
|Management
and administration
Governance
costs|||5|(h360,163)
~63,748)|(1,135,035)
(49,118)|
|Total expenditure||||(8,811,069)|(8,182,992)|
|Exceptional
Item||||||
|Revaluation offixed assets|||8|4,464,284||
|Trading subsidiary
corporation||tax reclaimable/(due)|7( )|181612|32 851|
|Net profit/floss)
for the year||||3,116,878|(3,275,036)|
|All amounts
relate to continuing||activities||||
##
||||||2022|202I|
|---|---|---|---|---|---|---|
|Net profit/(loss)
for the|year||||3,116,878|(3,275,036)|
|Actuarial
income/(expense)||recognised|in the pension|scheme|2,360,000|(2,984,000)|
|Deferred tax thereon|||||(34~8,560|587,760|
|Total comprehensive|sutpius/(toss)||for the year||5,1211.310|~5.571,276)|
##
||||Ca/led up|Profit &loss||
|---|---|---|---|---|---|
||||share capital|account|Tota!equity|
|||Notes||||
|At 31 January 2020||||28,569,176|28,569,176|
|Loss for the financial
Other comprehensive
Total comprehensive|year
loss
loss for the year|||(3,275,036)
(3,275,036)
(2,396,~240
(2,396,240)
5,671,276
5,671,276
~J.M||
|At 31January 2021||||22,897,900|22,897,900|
|Profit for the financial|year|||3,116,878|3,116,878|
|Other comprehensive|income|||2011440|2011,440|
|Total comprehensive|income for the year|||5,128,318|5,128,318|
|At 31 January 2022||||28,026,218|28,026,218|
##
||||Called up|Profit k loss||
|---|---|---|---|---|---|
||||share capital|account|Total equity|
|||Notes||||
|At 3 1 January 2020||||28,356,686|28,356,686|
|Loss for the financial|year|||(2,359,849)|(2,359,849)|
|Other comprehensive|loss|||||
|Total comprehensive|loss for the year|||(2,359,849)|(2,359,849)|
|At 3 1 January 2021||||25,996,837|25,996,837|
|Profit for the financial|year|||2,711,778|2,711,778|
|Other comprehensive|profit|||||
|Total comprehensive|profit for the year|||2,711,778|2,711&778|
|At 31 January 2022||||28,708,615|28,708,615|
##
##
||||||||2022||
|---|---|---|---|---|---|---|---|---|
|||||||flores|||
|Fixed assets|||||||||
|Tangible assets||||||8|27,130,317|25,216,841|
|Investments||||||9|||
||||||||27,130,317|25,216,841|
|Current assets|||||||||
|Stocks||||||10|148,685|188,495|
|Debtors||||||11|1,021,519|1,097,294|
|Cash at bank and in|hand||||||3,860,188|2,088,305|
||||||||5,030,392|3,374,094|
|Creditors: amounts|falling due|||within one year||12|~41,367,493|7918,0333|
|Netcurrentassets|||||||3,862,901|2,456,059|
|Total assets less current liabilities|||||||30,993,218|27,672,900|
|Creditors:
amounts|falling due|||in|more than one year||||
|Coronavirus
Business||Interruption|||Loan|13|(52~5000|~665,000|
|Provisions forliabilities|||||||||
|Deferred taxation||||||7(d)|||
|Net Assets before pension|||asseV(liability)||||30,468,218|27,007,900|
|Pension Liability|||||||(2,442,000)|(4,110,000)|
|Net Assetsincluding||pension||liability|||28,026,218|22,897,900|
|Funds assets|||||||||
|Unrestricted
income|funda|||||16|28,026218|22,897,90D|
|Non-ertuity
members'||funds|||||28,026,218|22,89790D|
##
##
||||||2022|2027|
|---|---|---|---|---|---|---|
|||||Notes|||
|Fixed assets|||||||
|Tangible assets||||8|27,047,121|25,069,834|
|Investments||||9|4|4|
||||||27,047,125|25,069,838|
|Current assets|||||||
|Stocks||||10|||
|Debtors||||11|3,118,680|3,780,904|
|Cash at bank and in|hand||||1,345,255|1,237,969|
||||||4,463,935|5,018,873|
|Creditors: amounts|falling||due within one year|12|(2,802,445)|(4,091,874)|
|Net current assets|||||1,661,490|926,999|
|Total assets less current|||liabilities||28,708,615|25,996,837|
|Provisions
for liabilities|||||||
|Deferred taxation||||7(d)|||
|Net Assets before pension asset|||||28,708,615|25,996,837|
|Pension asset|||||||
|Net Assets including||pension asset|||28,708,615|25,996,837|
|Funds assets|||||||
|Unrestricted
income|funds|||16|28,708,615|25,996,837|
|Non-equity
members'||funds|||28,708,615|25,996,837|
|P/Br~l||.t'|/
I||||
|D W Gemmelt OBE|||||||
|Director|||||||
|23 September 2022|||||||
##
##
|||||2022|202I|
|---|---|---|---|---|---|
||||Notes|||
|Net cash inflowi(oufflow)
from||operating activities|14(a)|1,848,599|(336,044)|
|Investing
activities||||||
|Purchase oftangible|fixed assets|||(27,965)|(277,401)|
|Interest received||||1,591|5,530|
|Financing
activities||||||
|Coronavirus
Business|Interruption|Loan|13|(35,000)|700,000|
|Interest paid||||+1~5342||
|Increaset(Decrease)|in cash||14(b)|1,771,883|92,085|
|Total cash and cash|equivalents|at 1February||2.088.303|3 996 220|
|Total cash and cash|equivalents|at31January|14(b)|3,860,188|2,088,305|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|This is the in|come an|d|expenditure
ofthe charity, the parent a|nd main entity within
the group.||
|---|---|---|---|---|---|
|||||2022|202/|
|Government|Grants|||269,614|16,500|
|Gift aid membership||fees||2,510,743|1,463,118|
|Gift aid from|subsidiary||company|573,452|1,322,542|
|Grant income|&donations|||4,244|80,707|
|Other trading|activities|||||
|Rental income||||10,000|10,000|
|Interest||||603|2,652|
|Total income||||3,368,656|2,895,519|
|Cost ofoperating
visitor attraction||||(2,593,081)|(2,706,605)|
|Depreciation||||(2,500,013)|(2,528,395)|
|Administration||||(28,068)|(20,372)|
|Exceptional
item —revaluation||||4,464,284||
|Net profit/(loss)||||2,733,778|~2339,8733|
|Charity funds|brought||forward —unrestricted|25,996,837|28,356,690|
|Charity
funds|carried|forward —unrestricted||28,708,615|25,996,837|
##
##
##
##
|Summary profi/ and /oss accoun|/:|||||
|---|---|---|---|---|---|
|||||2022|202/|
|Turnover||||7,089,853|6,133,294|
|Cost ofsales||||(819,356|(471,425)|
|Gross Profit||||6,270,497|5,661,869|
|Administrative
expenses &depreciation||||(5,386,737)|(5,265,047)|
|Bank interest receivable||||988|2,878|
|Other finance (expense)/income||||(90,000)|23,000)|
|Profit on ordinary
activities before taxation||||794,758|376,700|
|Tax —reclaimable/(due)||||181,612|32,851|
|Profit for the financial
year||||976,360|409,551|
|Profit for the financial year||||976,360|409,551|
|Remeasurement
loss recognised|on defined benefit pension scheme|||2,360,000|(2,984,000)|
|Movement
on deferred tax relating to pension|||scheme|(348,560)|587,760|
|Total comprehensive
(expense)/income||in the|year|2,987,800|(1,986,689)|
|Turnover
includes
donations of|82,593,994(2021 —82,798,025) from the Charity EMIH Limited for|||||
|services provided to the Charity.|In addition,||8573,452 (2021 —81,322,542) was Gift aided to the Charity|||
|during
the year.||||||
|services provided to the Charity.
In addition, 857
during
the year.
The assets and liabilities ofthe subsidiary
were:|3,452 (2021 —81,322|,542) w|as Gift aided to|the Charity|
|---|---|---|---|---|
||||2022|202/|
|Tangible fixed assets|||83,196|147,007|
|Current assets|||6,212,837|6,142,727|
|Creditors: amounts
falling due within one year|||(4,011,428)|(4,611,477)|
|Provisions
for liabilities & charges - Coronavirus|Business Interruption|Loan|)525,000)|~665,000)|
|Net Assets before pension asset/(liability)|||1,759,605|1,013,257|
|Pension
liability
Net Assets including
pension
liability
Aggregate
share capital and reserves|||(2,442,000)
~682,395
~682,395)|(4,110,000)
~3.096.743)
43,096.743)|
##
##
##
|Charitable
exp|endi|ture
in|clude|s||||
|---|---|---|---|---|---|---|---|
|||||||2022|2027|
|Governance
costs:||||||||
|Legal, professional|and|administrative||costs||17,848|4,598|
|Auditors'
remuneration||—|audit|services||36,000|33,000|
|Auditors'
remuneration||—|other|assurance|services|||
||||taxation services|||9,900|11,520|
|||||||63,748|49,118|
|Depreciation||||||2,578,774|2,603,235|
|Directors remuneration||||||||
|Staffcosts||||||2,737,094|3,005,569|
##
|||||2022|202/|
|---|---|---|---|---|---|
|Salaries||||2,281,718|2,468,623|
|Employer|national|insurance|contributions|173,522|170,226|
|Employer|pension|contributions||281,854|366,720|
|||||2,737,094|3,005,569|
##
##
##
|
(2021 —860,000) in the year was as follo|ws:||||
|---|---|---|---|---|
||||2022|202/|
||||No.|No.|
|f60,001 —870,000|||||
|f70,001 —f80,000|||||
|880,001 —f90,000|||||
|890,001 —K100,000|||||
|f100,001 —X 1 10,000|||||
|8110,001 —8120,000|||||
|f.120,001 —f130,000|||||
|8130,001 —f140,000|||||
|The average number ofpeople employed|by the company|was as foBows:|||
||||2022|202/|
||||No.|No.|
|Management|||5|6|
|Administration|||127|138|
||||132|144|
##
|Tax
(a)
Tax on profit on ordinary
activities
The tax charge/(credit)
is made up as follows:||||
|---|---|---|---|
|||2022|202/|
|Current tax:||||
|UK corporation
tax for the year||||
|Total current tax||||
|Deferred taxi||||
|Origination
and reversal oftiming differences
EfFect ofchanges
in tax rates
Total deferred tax:
Tax credit on ordinary
activities||(136724)
~(44,888
~181,612
~5381,612|(36078)
3 223
~32,851)
~432,853|
|Taxincluded in the statement ofother comprehensive|income|||
|Actuarial
loss on pension scheme||348,560|L587,~760|
|Total deferred tax||||
##
##
##
##
||||||2022|202/|
|---|---|---|---|---|---|---|
|Trading profit on ordinary
activities before tax|||||794,748|376,700|
|Profit on ordinary
activities multiplied
by standard|||rate ofcorporation|tax in|||
|the UK of19%(2021 —19%)|||||151,002|71,573|
|Effects of:|||||||
|Expenses not deductible
for tax purposes|||||1,024|1,305|
|Tax rate changes|||||(44,888)|3,227|
|Qualifying
Donations
Total tax credit for the year|||||)288 750)
181,612|(108,956)
~32,85))|
|(c)
Deferred tax|||||||
|The deferred tax included
in the|balance sheet|is as follows:|||||
||||||2022|202/|
|Capital allowances
in advance ofdepreciation|||||14,075|19,830|
|Other timing differences
Included
in (debtors)/provisions|for liabilities|and charges|||~617,109
~603.034|(789,812)
)769.982)|
|At
1 February 2021||||||(769,982)|
|Profit and loss account movement|for the year|||||(181,612)|
|Amount
charged to statement of|comprehensive|income||||348,560|
|At 31 January 2022 —included
in debtors||||||603,034|
##
##
|||Visitor||
|---|---|---|---|
|||atiracuon,||
|||business||
|||centre and||
|Group|Equiptnent|warehouse|Total|
|Cost or valuation:||||
|At I February 2021|248,362|32,222,104|32,470,466|
|Additions|14,950|13,015|27,965|
|Revaluation||(4,250,000)|(4,250,000)|
|Disposals||||
|At 31 January 2021|263,312|27,985,119|28,248,431|
|Depreciation;||||
|At I February 2021|(101,356)|(7,152,269)|(7,253,625)|
|Provided
in the year|(78,760)|(2,500,013)|(2,578,773)|
|Revaluation||8,714,284|8,714,284|
|Disposals||||
|At 31 January 2022|(180,116)|(937,998))|(1,118,114)|
|Net book value:||||
|At I February 2021|147,006|25,069,835|25,216,841|
|At 31 January 2022|83,196|27,047,121|27,130,317|
##
##
##
|Tangible fixed assets (continued)|||
|---|---|---|
||Visitor||
||attraction,||
||business||
||centre and||
|Charity((Company)|warehouse|Total|
|Cost or valuation:|||
|At I February 2021|32,222,104|32,222,104|
|Additions|13,015|13,015|
|Revaluation|(4,250,000)|(4,250,000)|
|Disposals|||
|At31 January 2022|27,985,119|27,985,119|
|Depreciation:|||
|At I February 2021|(7,152,269)|(7,152,269)|
|Provided
in the year|(2,500,013)|(2,500,013)|
|Revaluation|8,714,284|8.714.284|
|Disposals|||
|At 31 January 2022|(937,998)|(937,998)|
|Net book value:|||
|At I February 2021|25,069,835|25,069,835|
|At31 January 2022|27,047,121|27,047,121|
|Ifthese assets had not been revalued
they would b|e held in the balance sheet at:||
|---|---|---|
||Group|Charity|
|Cost:|||
|At I February 2021|48,368,647|48,120,284|
|Additions|27,965|13,015|
|Disposals|||
|At 31 January 2022|48,396,612|48,133,299|
|Depreciation;|||
|At I February 2021|(34,440,956)|(34,151,451)|
|Charge|(2,578,774)|(2,500,013)|
|Disposals|||
|At 31 January 20221|(37,019,730)|(36,651,464)|
|Net book value:|||
|At
I February 2021|16,253,525|16,379,807|
|At 31 January 2022|11,376,882|11,481,835|
##
##
||Investmen|ts
compr|ise the wholly owned subsidiary|undertakings:||||
|---|---|---|---|---|---|---|---|
|||||||Proportion of||
|||||||voting rights||
|||||||and shares|Nature of|
||Name ofcompany||||Shares held|held|business|
||Subsidiary
undertakings|||||||
||Running|Deep Limited (Registered No. 03606689)|||Ordinary|100%|Tourism|
||Deep Developments||Limited (Registered No. 03606659)||Ordinary|100%|Dormant|
|10.|Stocks|||||||
||||||Group||Charity|
|||||2022|2021|2022|202l|
||Finished|goods||148,685|188,495|||
|11.|Debtors|||||||
||||||Group||Charity|
|||||2022|2021|2022|202l|
||Trade debtors|||76,318|48,726|||
||Other debtors|||14,985|30,035|||
||Prepayments
and accrued income|||327,182|248,551|213,748|10,467|
||Amounts|owed by|group undertakings|||2,904,932|3,770,437|
||Deferred|taxation||603,034|769,982|||
|||||1,021,519|1,097,294|3,118,680|3,780,904|
##
##
|||||||Group||Charily|
|---|---|---|---|---|---|---|---|---|
||||||2022|202/|2022|202/|
|Coronavirus||business|interruption|loan|140,000|35,000|||
|Trade creditors|||||242,659|298,353|||
|Accruals|&|deferred|income||92,055|134,673|41,417|79,467|
|Other creditors|||||560,218|397,455|19,580|16,600|
|VAT|||||132,559|52,554|||
|Amounts|owed to group undertakings||||||2,741.448|3,995,807|
||||||1,167,491|918035|2,802,445|4,091,874|
##
||||||||||
|---|---|---|---|---|---|---|---|---|
|Creditors|amounts||due in|more than|one year||||
|||||||Group||Charity|
||||||2022|202/|2022|202/|
|Coronavirus|business|interruption||loan|525,000|665,000|||
||||||525,000|665,000|||
##
|(a)
Reconciliatio|n ofoperating
loss to|net cash inflow from operating|activities||
|---|---|---|---|---|
||||2022|202/|
|Net profit/(loss)
for|the year||3,116,878|(3,275,036)|
|Trading subsidiary|taxation||(181,612)|(32,851)|
|Interest received|||(1,591)|(5,530)|
|Interest paid|||15,342||
|Decrease/(Increase)|in stocks||39,810|55|
|(Increase)/decrease|in debtors, excluding|deferred tax|(91,173)|32,700|
|Increase/(Decrease)|in creditors||109,455|71,383|
|Depreciation|||2,578,774|2,603,235|
|Revaluation
offixed assets|||(4,464,284)||
|Movement
in pension asset arising out of||operations|637,000|247,000|
|Movement
in pension
asset arising out of||nther finance expense|90,000|23,000|
|Net cash (outflow)/inflow
from operating||activities|1,848,599|363,956|
##
##
|(b)
Cash and cash equivalents||||
|---|---|---|---|
||At||At|
||I February||31January|
|Group|2021|Cashflow|2022|
|Net cash —cash at bank|2,088,305|1,771.883|3,860,188|
||At||At|
||IFebruary||31January|
|Charity/Company|2021|Cash flow|2022|
|Net cash —cash at bank|1,237,969|107,286|1,345,255|
##
##
|Unrest|ricted
fun|ds ofthe|charity|||||
|---|---|---|---|---|---|---|---|
||||||Group||Charity|
|||||2022|2021|2022|2021|
||||||||f|
|At
1 February||||22,897,900|28,569,176|25,996,837|28,356,690|
|Net loss|for the year|||3,116,878|(3,275,036)|2,711,778|(2,359,853)|
|Actuarial|profit/(loss)|recognised|in the|||||
|pension|scheme|||2,360,000|(2,984,000)|||
|Deferred|tax thereon|||(348,560)|587,760|||
|At 31 January||||28,026,218|22,897 900|28,708,613|23,996,837|
##
##
##
||||2022|2021|
|---|---|---|---|---|
|||||0/|
|Main assumptions:|||||
|Rate ofincrease
in|salaries||4.05|3.70|
|Rate ofincrease
in|pensions|in payment|3.15|2.80|
|Discount rate|||2.75|2.05|
|Post retirement
mortality|||Years|Years|
|Current
pensioners|at 65 —male||20.8|21.0|
|Current
pensioners|at 65 —female||23.5|23.7|
|Future pensioners|at 65 —male||22.0|22.2|
|Future pensioners|at 65 —female||25.3|25.5|
##
##
##
|The assets an|d liabilities ofthe scheme included
in the b|alance sheet are as follows;||
|---|---|---|---|
|||2022|2021|
|||Value|Value|
|||$000|$000|
|Equities||9,190|7,692|
|Bonds||1,915|2,067|
|Properties||1,532|1,378|
|Others||128|344|
|Fair value ofscheme assets||12,765|11,481|
|Present value
Net pension|ofscheme liabilities
liability|(15,207)
~2,442|(15,591)
~4!10|
|Scheme assets are stated at|their mar|their mar|ket 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||||||2022|202/|
|||||||OOOO|$000|
|Current service cost||||||891|522|
|Past service costs|||||||53|
|Total operating
costs||||||891|575|
|Other finance income: interest on pension scheme liabilities||||||(90)|(23)|
|Total other finance (cost)/income||||||(90)|(23)|
|Recognised in other comprehensive||income||||2022|2021|
|||||||5000|$000|
|Return on assets excluding|amounts||included|in net interest||772|1,462|
|Changes
in demographic
assumptions||||||79|(206)|
|Other experience
changes
Changes
in fmancial
assumptions
Re-measurement
gains and losses recognised||||in other comprehensive|income|(34)
95
1,343~4,333
2,360~2,9343||
|Changes
in the present value ofthe||defined benefit obligation:||||||
|||||||2022|202/|
|||||||OOOO|$000|
|At I April||||||15,591|10,330|
|Current service cost||||||891|575|
|Interest cost||||||328|244|
|Contributions
by members||||||119|113|
|Actuarial
(gains) and losses
Benefits paid||||||(1,588)
4,446
~7734~777||
|At 31 March||||||15,207|15,591|
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|Changes
in th|e fair value ofplan assets:|||
|---|---|---|---|
|||2022|2027|
|||$000|$000|
|At
1 April||11,481|9,474|
|Actual return|on plan assets|1,010|1,683|
|Contributions|by members|119|113|
|Contributions|by employer|289|328|
|Benefits paid||(134)|(117)|
|At 31 March||l2.765|11481|
|The sensitivitie
below:|s
regarding|the principal
assumptions
used to|measure the scheme liabilities
are|set out|
|---|---|---|---|---|
||||Approximate|Approximate|
||||%increase|monetary|
||||to employer|amount|
|Changes in assumption
at||31March 2022|liability|(t."000)|
|0.1%decrease|in real discount rate||3%|418|
|1 year increase|in member|life expectancy|4%|608|
|0.1%increase|in the salary|increase rate|0%|53|
|0.1%increase|in the pension
increase rate||2%|362|
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