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|||||Page|
|---|---|---|---|---|
|Reference and Administrative|Details of|the Charity, its Trustees and Advisers||1 —2|
|Report ofThe Bowes Museum|Chairman|and General Museum|Update|3 —8|
|Trustees'
Report||||9 —15|
|Independent
Auditors'
Report|on the Financial Statements|||16 —19|
|Consolidated
Statement
of Financial Activities||||20|
|Consolidated
Balance Sheet||||21 —22|
|Charity Balance Sheet||||23-24|
|Consolidated
Statement ofCash Flows||||25|
|Notes to the Financial Statements||||26 —50|
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|Independent|auditors|Clive Owen LLP|||
|---|---|---|---|---|
|||Chartered
Accountants|and Statutory|Auditors|
|||140 Coniscliffe Road|||
|||Darlington|||
|||County Durham|||
|||DL3 7RT|||
|Bankers||Natwest Pic|||
|||29 Newgate
Street|||
|||Bishop Auckland|||
|||County Durham|||
|||DL147ET|||
|Solicitors||Womble Bond Dickinson|LLP||
|||St Ann's Wharf|||
|||112Quayside|||
|||Newcastle
Upon Tyne|||
|||NE1 3DX|||
|Investment|Managers|CCLA|||
|||Senator House|||
|||85 Queen Victoria Street|||
|||London|||
|||EC4V 4ET|||
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|||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|funds|funds|
||||Note|2021
f|2021
F|2021
6|2021f|2020f|
|Income and endowments|||||||||
|from:|||||||||
|Donations
and legacies|||4|424,732|16,860|1,850|443,442|591,620|
|Charitable
activities|||5|474,773|304,900||779,673|502,418|
|Other trading
activities|||6|348,384|3,079||351,463|1,429,860|
|Investments|||7|||142,453|142,453|161,550|
|Other income|||8|368,635|||368,635|8,849|
|Total income and|||||||||
|endowments||||1,616,524|324,839|144,303|2,085,666|2,794,297|
|Expenditure
on:|||||||||
|Raising funds|||10|601,389|||601,389|930,631|
|Charitable
activities||||1,019,277|290,415|15|1,309,707|1,551,929|
|Total expenditure||||1,620,666|290,415|15|1,911,096|2,482560|
|Net gains/(losses)|on||||||||
|investments||||||206,164|206,164|(65,809)|
|Net (expenditure)/income||||(4,142)|34,424|350,452|380,734|245,928|
|Transfers
between|funds||21|141,453||(141,453)|||
|Net movement
in|funds||||||||
|before other recognised
gains/(losses)||||137,311|34,424|208,999|380,734|245,928|
|Other recognised|||||||||
|gains/(losses):|||||||||
|Actuarial gains/(losses)||on|||||||
|defined
benefit pension|||||||||
|schemes|||27|340,000|||340,000|(170,000)|
|Net movement
in|funds|||477,311|34,424|208,999|720,734|75,928|
|Reconciliation
of|funds:||||||||
|Total funds brought|forward|||6,386,310|2,552,269|3,446,308|12,384,887|12,308,959|
|Net movement
in funds||||477,311|34,424|208,999|720,734|75,928|
|Total funds carried
forward||||6,863,621|2,586,693|3,655,307|13,105,621|12,384,887|
##
##
|||||||2021||2020|
|---|---|---|---|---|---|---|---|---|
|||||Note||6||6|
|Fixed assets|||||||||
|Tangible assets||||15||98,396||127,288|
|Heritage assets||||16||8,785,229||8,766,633|
|Investments||||17||3,634,566||3,428,402|
|||||||12,518,191||12,322,323|
|Current assets|||||||||
|Stocks||||18|34,892||46,729||
|Debtors||||19|460,317||481,082||
|Cash at bank and|in|hand|||328,104||185,127||
||||||823,313||712,938||
|Creditors: amounts||falling due within one|||||||
|year||||20|(285,883)||(400,374)||
|Net current assets||||||537,430||312,564|
|Total assets less|current liabilities|||||13,055,621||12,634,887|
|Net assets excluding|||pension asset I||||||
|liability||||||13,055,621||12,634,887|
|Defined benefit pension|||scheme asset I||||||
|liability||||27||50,000||(250,000)|
|Total net assets||||||13,105,621||12,384,887|
##
##
|||||Note||2021
6||2020f|
|---|---|---|---|---|---|---|---|---|
|Charity funds|||||||||
|Endowmentfunds||||21||3,655,367||3,446,308|
|Restricted funds||||21||2,586,693||2,552,269|
|Unrestricted
funds|||||||||
|Unrestricted
funds|excluding|pension|liability||||||
|Iasset||||21|6,813,621||6,536,310||
|Pension reserve||||21|50,066||(250,000)||
|Total unrestricted|funds|||21||6,863,621||6,386,310|
|Total funds||||||13,105,621||12,384,887|
##
##
##
|||||||2021||2020|
|---|---|---|---|---|---|---|---|---|
|||||Note||8||8|
|Fixed assets|||||||||
|Tangible assets||||15||98,396||127,288|
|Heritage assets||||16||8,785,229||8,766,633|
|Investments||||17||3,634,576||3,428,412|
|||||||12,518,201||12,322,333|
|Current assets|||||||||
|Debtors||||19|566,357||566,740||
|Cash at bank and in|hand||||300,954||87,835||
||||||867,311||654,575||
|Creditors: amounts|falling due within one||||||||
|year||||20|(275,051)||(342,021)||
|Net current assets||||||592,260||312,554|
|Total assets less current liabilities||||||13,110,461||12,634,887|
|Net assets excluding||pension asset|I||||||
|liability||||||13,110,461||12,634,887|
|Defined benefit pension||scheme asset|/||||||
|liability||||27||50,000||(250,000)|
|Total net assets||||||13,160,461||12,384,887|
##
##
||||Note||2021
6||2020f|
|---|---|---|---|---|---|---|---|
|Charity funds||||||||
|Endowment
funds|||21||3,655,307||3,446,308|
|Restricted funds|||21||2,586,603||2,552,260|
|Unrestricted
funds||||||||
|Unrestricted
funds
liability|excluding|pension asset /|21|||S,636,310||
|Pension reserve|||21|50,000||(250,000)||
|Total unrestricted|funds||21||6,018,461||6,38S,310|
|Total funds|||||13,160,461||12384,887|
##
##
||FOR|TH|E YEAR ENDED 31 MARCH 2021|||
|---|---|---|---|---|---|
|||||2021f|2020f|
|Cash flows from operating|activities|||||
|Net cash used
in operating|activities|||(12,715)|(138,563)|
|Cash flows from investing|activities|||||
|Sales and purchases
of listed investments||||30,000|(110,005)|
|Purchase
oftangible
fixed assets|||||(500)|
|Purchase
of heditage assets||||(18,596)|(8,375)|
|Net cash provided
by/(used
in) investing|||activities|11,404|(118,880)|
|Cash flows from financing|activities|||||
|Endowment
income||||144,303|162,857|
|Endowment
expenditure||||(15)|(60)|
|Net cash provided
by financing
activities||||144,288|162,797|
|Change
in cash and cash|equivalents|in|the year|142,977|(94,646)|
|Cash and cash equivalents|at the beginning||ofthe year|185,127|279,773|
|Cash and cash equivalents|at the end|of|the year|328,104|185,127|
|The notes on pages 26to 50form part ofthese financial statements||||||
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|Fixtures and fittings|5%-25%on cost|
|---|---|
|Office equipment|25% on cost|
|Computer
equipment|25% on cost|
|Other fixed assets|25% on cost|
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||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|funds|
||||2021f|2021
f|2021
E|2021f|2020f|
|Friends ofthe|Bowes Museum|||10,000||10,000|50,000|
|Donations|||10,605|6,860|1,850|19,315|21,612|
|Additional
support||from DCC|170,000|||170,000|200,000|
|Core funding|from|DCC|244,127|||244,127|244,508|
|Viscount Eccles funding|||||||75,500|
||||424,732|16,860|1,850|443,442|591,620|
|Total 2020|||530,771|59,549|1,300|591,620||
##
||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2021f|2021f|2021f|2020f|
|Grants - note 9|474,575|304,900|779,475|587,994|
|Crowdfunding||||2,473|
|Education
income|198||198|11,951|
|Total 2021|474,773|304,900|779,673|602,418|
|Total 2020|381,948|220,470|602,418||
##
##
##
|||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|funds|funds|
|||||2021
8|2021
6|2021|2021
6|2020f|
||Entrance
income|||125,554|||125,554|481,557|
||Gift aid rebate|||24,710|3,079||27,789|69,721|
||Sundry income|||11,789|||11,789|69,017|
||Exhibitions|tax relief||||||7,350|
||Trading company||income|186,331|||186,331|802,215|
||Total 2021|||348,384|3,079||351,463|1,429,860|
||Total 2020|||1,410,953|18,900|7|1,429,860||
|7.|Investment|income|||||||
||||||||Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
||||||||funds|funds|funds|
||||||||2021f|2021f|2020f|
|Dividends|receivable|||on|endowment|funds|142,453|142,453|161,550|
|Tolal 2020|||||||161,550|161,550||
|Other incoming|||resources|||||||
||||||||Unrestricted|Total|Total|
||||||||funds|funds|funds|
||||||||2021|2021|2020f|
|Coronavirus||job|retention||scheme||368,635|368,635|8,849|
|Total 2020|||||||8,849|8,849||
##
##
##
##
##
|Analysis ofgrants|||||
|---|---|---|---|---|
||||2021|2020|
|||||E|
|Arts Council England|||374,575|367,807|
|Durham
County Council
NLHF Emergency
Fund|||203,827
103,300|5,000
19,700|
|Heritage
Lottery Fund|||55,809|69,240|
|Skills for the Future|||11,122||
|Together Middlesbrough|&Cleveland||5,000||
|Christopher
Wilson-Tate|||5,000||
|Creative Age Challenge|Partnership||4,752||
|EMS Sheppard
Trust|||4,000||
|Tavolozza
Foundation|||4,000|4,000|
|Global Radio|||1,300||
|Stevenson
Family's
Charitable||Trust|1,000||
|The Foyle Foundation||||90,000|
|Darlington
Building Society||||16,000|
|Guido Reni Fund||||5,750|
|Arms &Armour
Heritage|Trust|||4,000|
|Durham
University
Innovation||Pilot||2,766|
|The Art Fund||||2,360|
|Other|||5,790|1,371|
||||779,475|587,994|
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2021|2021|2020|
||6||6|
|Admissions|244,683|244,683|217,225|
|Total 2020|217,225|217,225||
##
##
##
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021f|2021f|2020|
|Trading|company|356,706|356,706|713,406|
|Total 2020||713,406|713,406||
##
|||Support|||
|---|---|---|---|---|
||Direct costs|costs|Total|Total|
||2021f|2021|2021f|2020f|
|Exhibitions|177,913|311,616|489,529|741,241|
|Education|46,007|81,375|127,382|146,264|
|Collections|250,216|442,580|692,796|664,424|
|Total 2021|474,136|835,571|1,309,707|1,551,929|
|Total 2020|710,297|841,632|1,551,929||
##
##
|||Total|Total|
|---|---|---|---|
|||2021
6|2020f|
|Staff costs||336,942|377,299|
|Rates and water||5,044|21,690|
|Postage and stationery||440|10,691|
|Sundries||464|10,476|
|Staff services||28,541|36,489|
|Public programme||80,304|206,471|
|Conservation||22,401|47,161|
|Total 2021||474,136|710,297|
|Analysis ofsupport costs||||
|||Total|Total|
|||2021f|2020f|
|Pension finance costs||10,000|10,000|
|Staff costs||348,542|234,493|
|Depreciation||28,892|57,162|
|Postage and stationery||49,444|53,396|
|Sundries||11,803|14,757|
|Insurance||58,926|60,136|
|Light and heat||51,365|107,499|
|Telephone||11,532|10,666|
|Advertising||27,728|63,717|
|Repairs and renewals||117,247|124,381|
|Bank charges||7,704|13,063|
|Auditors
remuneration||14,744|14,013|
|Legal and professional|fees|95,265|58,347|
|Bad debts||2,379||
|Total 2021||835,571|841,632|
##
##
##
##
|12.|Net inco|me/expenditure|||||
|---|---|---|---|---|---|---|
||||||2021f|2020f|
||Depreciation
oftangible||fixed assets:||||
|||- owned by the|Charity||28,892|57,162|
||Auditors'|remuneration|- audit||||
|||- Charity|||14,744|14,013|
|||- Subsidiary|||5,970|9,785|
||Auditors'|remuneration|- other services to the group||7,337|7,413|
||Auditors'|remuneration|- provision|ofstaff to the group||14,337|
|13.|Staff costs||||||
|Staff costs|||||
|---|---|---|---|---|
||Group|Group|Charity|Charity|
||2021
6|2020
f|2021|2020|
|Wages and salaries|1,048,364|1,117,239|817,180|802,711|
|Social security costs|66,124|62,787|56,684|51,281|
|Pension costs|32,185|32,154|26,303|25,025|
|Other pension costs (note 26)|30,000|(50,000)|30,000|(50,000)|
||1,176,673|1,162,180|930,167|829,017|
||Group|Group|
|---|---|---|
||2021|2020|
||No.|No.|
|Charity|46|50|
|Subsidiary|23|36|
||69|85|
##
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##
##
##
|Group|Group|
|---|---|
|2021|2020|
|No.|No.|
|1|1|
##
##
||Fixtures and|Office|Computer|Other fixed||
|---|---|---|---|---|---|
||fittings|equipment|equipment|assets|Total|
||E|E|E|E|E|
|Cost or valuation||||||
|At 1 April 2020|1,319,009|19,159|118,725|180,099|1,636,992|
|At 31 March 2021|1,319,009|19,159|118,725|180,099|1,636,992|
|Depreciation||||||
|At 1 April 2020|1,196,743|19,159|115,021|178,781|1,509,704|
|Charge for the year|25,580||2,674|638|28,892|
|At 31 March 2021|1,222,323|19,159|117,695|179,419|1,538,596|
|Net book value||||||
|At 31 March 2021|96,686||1,030|680|98,396|
|At 31March 2020|122,266||3,704|1,318|127,288|
##
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##
|17.|Fixed asset investments||
|---|---|---|
|||Listed|
|||investments|
||Group|6|
||Cost or valuation||
||At 1 April 2020|3,428,402|
||Revaluations|206,164|
||At 31 March 2021|3,634,566|
||Net book value||
||At 31 March 2021|3,634,566|
||At 31March 2020|3,428,402|
##
##
||Investments|||
|---|---|---|---|
||in|||
||subsidiary|Listed||
|Charity|companies
f|investments|Total
E|
|Cost or valuation||||
|At 1 April 2020|10|3,428,402|3,428,412|
|Revaluations||206,164|206,164|
|At 31 March 2021|10|3,634,566|3,634,576|
|Net book value||||
|At 31 March 2021|10|3,634,566|3,634,576|
|At 31March 2020|10|3,428,402|3,428,412|
##
|Principal su|bsidiarie|s|s|||||
|---|---|---|---|---|---|---|---|
|The following|was a|subsidiary
undertaking
ofthe||Charity:||||
|Name||Company
number|Income
f|Expenditure
f|Profit/(Loss)
for the year
f|Net assets|Holding|
|The Bowes|Museum|06864117|186,331|(239,434)|(53,103)|10|100%|
|(Enterprises)|Limited|||||||
##
##
##
##
|||||Group|Gmup|
|---|---|---|---|---|---|
|||||2021f|2020f|
|Cafe|stock||||5,883|
|Shop|goods|for|resale|34,892|40,846|
|||||34,892|46,729|
##
||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|
||||||2021f|2020f|2021f|2020f|
|Due within one year|||||||||
|Trade debtors|||||9,600|15,872|9,448|13,523|
|Amounts
owed by group undertakings|||||||121,599|93,308|
|Other debtors|||||31,201|5,865|28,701|5,865|
|Prepayments
and accrued|||income||419,516|459,345|406,609|454,044|
||||||460,317|481,082|566,357|566,740|
|Creditors: Amounts||falling due||within one year|||||
||||||Group|Group|Charity|Charity|
||||||2021f|2020f|2021f|2020f|
|Trade creditors|||||147,829|190,514|144,654|161,198|
|Other taxation and|social security|||||32,175||11,707|
|Other creditors|||||3,125|1,071|3,125|1,071|
|Accruals
and deferred||income|||134,929|176,614|127,272|168,045|
||||||285,883|400,374|275,051|342,021|
||||||Group|Group|Charity|Charity|
||||||2021f|2020f|2021
f.|2020f|
|Deferred Income|||||||||
|Deferred
income at 1||April|||107,885|133,493|107,372|113,753|
|Resources deferred|during||the year||21,801|7,885|21,801|7,372|
|Amounts
released|from previous|||periods|(107,372)|(33,493)|(107,372)|(13,753)|
|Deferred income at||31 March|||22,314|107,885|21,801|107,372|
##
##
##
|Statement offunds|Statement offunds|Statement offunds||||||
|---|---|---|---|---|---|---|---|
|Statement offunds - current year||||||||
|||Balance at|||||Balance at|
|||1 April|||Transfers|Gains/|31 March|
|||2020f|Income|Expenditure
6|in/out
6|(Losses)
6|2021
f|
|Unrestricted
funds||||||||
|General||6,636,310|1,616,524|(1,580,666)|141,453||6,813,621|
|Pension reserve||(250,000)|-|(40,000)||340,000|50,000|
|||6,386,310|1,616,524|(1,620,666)|141,453|340,000|6,863,621|
|Endowment
funds||||||||
|John &Josephine|Bowes|1,199,143|44,881||(42,231)|254,790|1,456,583|
|Catalyst
Endowment||2,247,165|99,422|(15)|(99,222)|(48,626)|2,198,724|
|||3,446,308|144,303|(15)|(141,453)|206,164|3,655,307|
|Restricted funds||||||||
|Acquisitions
&||||||||
|Conservation||2,375,972|174,893|(195,952)|||2,354,913|
|Education||20,772|128,824|(20,906)|||128,690|
|Capital Improvement||138,207||(54,877)|||83,330|
|Skills for the Future||17,318|11,122|(8,680)|||19,760|
|Friends of Bowes||||||||
|Museum|||10,000|(10,000)||||
|||2,552,269|324,839|(290,415)|||2,586,693|
|Total offunds||I2,384,887|2,085,666|(1,911,096)||546,164|13,105,621|
##
##
##
|FOR THE Y|FOR THE Y|FOR THE Y|EAR ENDED|31 MARCH 20|21||||
|---|---|---|---|---|---|---|---|---|
|Statement offunds (continued)|||||||||
|Statement offunds - prior||year|||||||
|||Balance at||||||Balance at|
|||1 April|||Transfers|Gainer||31March|
|||2019f|Income
f|Expenditure
f|inloutf|(Losses)
f||2020
f|
|Unrestricted
funds|||||||||
|General||6,224,878|2,332,521|(2,179,876)|258,787|-||6,636,310|
|Acquisitions||97,239|||(97,239)||||
|Pension reserve||(120,000)|-|40,000|—|(170,000)||(250,000)|
|||6,202,117|2,332,521|(2,139,876)|161,548|(170,000)||6,386,310|
|Endowment
funds|||||||||
|John &Josephine|Bowes|1,229,987|41,603||(41,603)|(30,844)||1,199,143|
|Catalyst
Endowment||2,280,881|121,254|(60)|(119,945)|(34,965)||2,247,165|
|||3,510,868|162,857|(60)|(161,548)|(65,809)||3,446,308|
|Restricted funds|||||||||
|Acquisitions
&|||||||||
|Conservation||2,368,989|158,306|(151,323)||||2,375,972|
|Education||31,187|21,373|(31,788)||||20,772|
|Capital Improvement||187,107||(48,900)||||138,207|
|Skills for the Future||8,691|69,240|(60,613)||||17,318|
|Friends of Bowes|||||||||
|Museum|||50,000|(50,000)|||||
|||2,595,974|298,919|(342,624)||||2,552,269|
|Total offunds||l2,308,959|2,794,297|(2,482,560)||(235,809)||l2,384,887|
##
##
##
|Summary offun|ds - current yea|r|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
||Balance at 1|||Transfers|Gains/|31 March|
||APril 2020
6|Income
6|Expenditure
6|in/outf|(Losses)f|2021
6|
|General funds|6,386,310|1,616,524|(1,620,666)|141,453|340,000|6,863,621|
|Endowment|||||||
|funds|3,446,308|144,303|(15)|(141,453)|206,164|3,655,307|
|Restricted funds|2,552,269|324,839|(290,415)|||2,586,693|
||12,384,887|2,085,666|(1,911,096)||546,164|13,105,621|
|Summary offunds - prior year|||||||
|||||||Balance al|
||Balance at|||Transfers|Gainer|31March|
||1April 2019f|Income
f|Expenditure
f|inloutf|(Losses)f|2020f|
|General funds|6,202,117|2,332,521|(2,139,876)|161,548|(170,000)|6,386,310|
|Endowment|||||||
|funds|3,510,868|162,857|(60)|(161,548)|(65,809)|3,446,308|
|Restricted funds|2,595,974|298,919|(342,624)|||2,552,269|
||12,308,959|2,794,297|(2,482,580)||(235,809)|12,384,887|
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##
|Analysis ofnet assets|between funds - c|urrent year||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|
|||funds|funds|funds|funds|
|||2021|2021|2021|2021|
|||6|6|6|6|
|Tangible fixed assets||2,189|96,207||98,396|
|Fixed asset investments||||3,634,566|3,634,566|
|Heritage assets||6,475,088|2,310,141||8,785,229|
|Current assets||622,227|180,345|20,741|823,313|
|Creditors due within one year||(285,883)|||(285,883)|
|Provisions
for liabilities|and charges|50,000|||50,000|
|Total||6,863,621|2,586,693|3,655,307|13,105,621|
|Analysis of net assets|between funds - prior year|||||
|||Unrestricted|Restricted|Endowment|Total|
|||funds|funds|funds|funds|
|||2020f|2020
5|2020
E|2020
5|
|Tangible fixed assets||7,237|120,051||127,288|
|Fixed asset investments||||3,428,402|3,428,402|
|Heritage assets||6,456,492|2,310,141||8,766,633|
|Current assets||572,955|122,077|17,906|712,938|
|Creditors due within one year||(400,374)|||(400,374)|
|Provisions
for liabilities|and charges|(250,000)|||(250,000)|
|Tl||6,386,310|2,552,269|3,446,308|12,384,887|
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|||||||Group|Group|
|---|---|---|---|---|---|---|---|
|||||||2021f|2020f|
||Net income for the year (as per Statement|||of Financial Activities)||380,734|245,928|
||Adjustments
for:|||||||
||Depreciation
charges|||||28,892|57,162|
||Gains/(losses)
on investments|||||(206,164)|65,809|
||Endownment
income|||||(144,303)|(162,857)|
||Decrease
in stocks|||||11,837|36,733|
||Decrease/(increase)|in debtors||||20,765|(216,075)|
||Decrease
in creditors|||||(114,491)|(125,323)|
||Other finance costs|||||10,000|10,000|
||Pension adjustment||||||(50,000)|
||Costs attritable
to endownment|||||15|60|
||Net cash used in operating||activities|||(12,715)|(138,563)|
|25.|Analysis ofcash and cash equivalents|||||||
|||||||Group|Group|
|||||||2021f|2020f|
||Cash in hand|||||328,104|185,127|
||Total cash and cash equivalents|||||328,104|185,127|
|26.|Analysis ofchanges|in net debt||||||
||||||At 1 April||At 31 March|
||||||2020
f|Cash flows|2021f|
||Cash at bank and
in|hand|||185,127|142,977|328,104|
||||||185,127|142,977|328,104|
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##
|Principal
actuarial|assumptions|at the Balance Sheet da|te (expressed as weighted
averages)|:|
|---|---|---|---|---|
||||At 31 March|At 31March|
||||2021|2020|
||||0/||
|Discount rate|||2.1|2.30|
|Future salary increases|||3.7|3.10|
|Future pension increases|||2.7|2.10|
|CPI inflation|||2.7|2.10|
|Pension accounts|revaluation|rate|2.7|2.10|
##
|Sensitivity
a|nalysis|||||
|---|---|---|---|---|---|
|||||At 31 March|At 31March|
|||||2021
f|2020
f|
|Discount rate|+0.1%|||(30,000)|(40,000)|
|Discount rate|-0.1%|||30,000|(40,000)|
|Mortality assumption||- 1 year increase||(100,000)|(100,000)|
|Mortality assumption||- 1 year decrease||100,000|100,000|
|CPI rate +0.1%||||30,000|40,000|
|CPI rate -0.1%||||(30,000)|(40,000)|
|The Group's|share of|the assets|in the scheme was;|||
|||||At 31 March|At 31March|
|||||2021
f|2020
f|
|Equities||||1,870,000|1,323,510|
|Government|bonds|||540,000|800,850|
|Corporate bonds||||610,000|345,630|
|Property||||210,000|227,610|
|Cash||||160,000|112,400|
|Total fair value ofassets||||3,390,000|2,810,000|
##
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##
||||2021|2020|
|---|---|---|---|---|
||||6||
|Current service cost|||30,000|30,000|
|Past service cost||||(80,000)|
|Interest income|||(60,000)|(70,000)|
|Interest cost|||70,000|80,000|
|Total amount recognised|in the Consolidated|Statement of|Financial||
|Activities|||40,000|(40,000)|
|Movements
in the present value ofthe defined||benefit obligation|were as follows:||
|||||2021|
|||||6|
|Opening
defined
benefit obligation||||3,060,000|
|Current service cost||||30,000|
|Interest cost||||70,000|
|Actuarial
losses/(gains)||||290,000|
|Benefits paid||||(110,000)|
|Closing defined
benefit obligation||||3,340,000|
|Movements
in the fair value ofthe Group's share ofscheme assets were as follows:|||||
|||||2021f|
|Opening
fair value ofscheme assets||||2,810,000|
|Expected return on assets||||60,000|
|Actuarial
gains/(losses)||||630,000|
|Benefits paid||||(110,000)|
|Closing fair value ofscheme assets||||3,390,000|
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