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2021-03-31-accounts

Charity Registration No. 1167945

THE LONG SHOP MUSEUM

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

THE LONG SHOP MUSEUM

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Leonard
H Wild (Appointed 4 May 2021)
A Cardy
T Cooper
ASimpson (Appointed 9 July 2020)
J Fenoulhet (Appointed 1 March 2021)
V Wild (Appointed 4 May 2021)
R Rainger
S Brooks
Patron Lord Cranbrook
Charity number 1167945
Principal address 17 King Edward Road
Leiston
Suffolk
IP16 4HQ
Independent examiner Helen Rumsey FCA
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
Suffolk
IP1 1QJ
Bankers Barclays Bank plc
Leicester
LE87 2BB

THE LONG SHOP MUSEUM

CONTENTS

Page
Trustees report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 18

THE LONG SHOP MUSEUM

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their annual report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The objects of the CIO are the preservation, restoration and maintenance of heritage buildings of the former Richard Garrett town works. These buildings are of special architectural and historical interest. The CIO uses the historic buildings to run a museum showcasing Leiston's unique engineering and social history, for the education and benefit of the public.

The CIO continues to develop its offering to the museum visitors, providing a diverse and growing range of special events, which were curtailed in the current year due to the covid pandemic.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.

The CIO is supported by a team of over one hundred volunteers who freely give their time and bring with them a wealth of skills and experience. The volunteers assist with the front of house, stewarding and guiding, office administration, cleaning, general maintenance and small repairs. There are also volunteers as individuals or teams who give their time to undertake other tasks, such as, maintaining and driving engineers, cataloguing the collections, researching and updating displays, photographing events, helping organise and stage events and many more. The Museum relies on the ongoing generous support of these volunteers to operate and the Trustees would like to express their thanks for all the ongoing support.

Achievements and performance

During the current year the CIO has suffered a significant drop in visitors, with income from museum and event admissions at £6,603 which is down from the 2020 and pre-covid pandemic levels of £40,683. The lower admissions is directly due to the lockdowns and other regulations following the covid pandemic.

Despite the pandemic the CIO has continued to maintain the heritage assets and historical buildings. The CIO has done this with the support of various grant providers.

The CIO has utilised the job retention scheme and claimed government grants of £27,288 (2020: £Nil).

Financial review

The CIO has managed to obtain a net surplus of £141,050 (2020: £42,887). This surplus has been generated due to the higher grant funding as admission income was down due to the covid pandemic.

The income for the year was £270,996 (2020: £182,281), with the majority of this being generated from grants, being £250,742 (2020: £113,650) of which £169,775 (£96,600) is restricted income.

Whilst income has increased, the expenditure has been managed and only increased by £1,546 to £129,946 (2020: £128,400). The key expenditure in the year was the wages costs of £65,084 (2020: £52,528) which have been supported by the furlough income (shown within grant income) of £27,288 (2020: £Nil) and bursary support grant of £14,400 (2020: £Nil).

The CIO has reported a gain on the investment value of £19,896 (2020: loss of £10,994).

Going concern

The Trustees have continued to monitor the CIO's financial position and in particular its cash flow position throughout the year and looking forward are confident that the CIO is a going concern.

THE LONG SHOP MUSEUM

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Reserves

The trustees consider the level of reserves and are happy with this as they currently stand, with total funds of £343,260 (2020: £182,314).

The unrestricted funds amount to £92,327 (2020: £77,097) and are made up of the general fund of £25,211 (£29,877) and the revaluation reserve of £67,116 (2020: £47,220).

The restricted funds total £250,933[(] 2020: £105,217) at the year-end. A full analysis of the breakdown of the restricted funds is shown in note 20, but the largest fund relates to the Magnox fund and was £132,795 (2020: £68,215), with the restricted income and expenses in the[y] ear relating to this fund.

The CIO does not have any funds in deficit at the[y] ear end (2020: None).

Structure, governance and management

The Long Shop Museum was registered as a CIO with the Charities Commission on 30 June 2016. The CIO received the assets, liabilities and staff from The Long Shop Trust, charity number 238444, on 12 October 2016.

The trustees who served during the year and up to the date of signature of the financial statements were: A Leonard H Wild (Appointed 4 May 2021[) ] A Cardy T Cooper A Simpson (Appointed 9 July 2020) J Fenoulhet (Appointed 1 March 2021[) ] VWild (Appointed 4 May 2021[) ] R Rainger S Brooks N Parsons (Resigned 13 April 2020) N Moreby (Resigned 31 October 2020) E Gibson (Resigned 14 July 2020) Lord Cranbrook (Resigned 4 April 2021)

All trustees are appointed by the board. Appointments are based on any skill gaps within the board, to ensure the board has a suitably broad ran[g] e of skills and experience.

The board meets[q] uarterly with the senior management team.

. The trustees report was approved by the Board of Trustees

. 4:�f:½ ..... � A Leonard Trustee

Date: .3.J.-.. 9..1 . .- . 2.2.: .............. .

�� . . R Rainger Trustee

Date: .3.J.-.. 9..1 . .- . 2.2.: .............. .

THE LONG SHOP MUSEUM

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE LONG SHOP MUSEUM

I report to the trustees on my examination of the financial statements of The Long Shop Museum (the CIO) for the year ended 31 March 2021.

Responsibilities and basis of report

As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Helen Rumsey FCA Ensors Accountants LLP

Connexions 159 Princes Street Ipswich Suffolk IP1 1QJ

Dated: 31 January 2022

THE LONG SHOP MUSEUM

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
4
87,600
169,775
Charitable activities
5
6,603
-
Other trading activities
6
3,107
-
Investments
7
3,911
-
Total income
101,221
169,775
Expenditure on:
Raising funds
8
3,882
-
Charitable activities
9
102,005
24,059
Total resources expended
105,887
24,059
Net gains/(losses) on
investments
13
19,896
-
Net movement in funds
15,230
145,716
Fund balances at 1 April 2020
77,097
105,217
Fund balances at 31 March
2021
92,327
250,933		 Total Unrestricted
Restricted
Total
funds
funds
Restated
2021
2020
2020
2020
£
£
£
£
257,375
27,865
99,100
126,965
6,603
40,683
-
40,683
3,107
10,207
-
10,207
3,911
4,426
-
4,426
270,996
83,181
99,100
182,281
3,882
13,788
-
13,788
126,064
82,942
31,670
114,612
129,946
96,730
31,670
128,400
19,896
(10,994)
-
(10,994)
160,946
(24,543)
67,430
42,887
182,314
101,640
37,787
139,427
343,260
77,097
105,217
182,314

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE LONG SHOP MUSEUM BALANCE SHEET ASAT 31 MARCH 2021 2021 2020 •• rMt•t•d Flxed a••ets Investments 16 111.646 91,749 Curr•nt •uel• Stock8 Debto Cash al b•nk a￿1 in haTrJ 17 4.141 11.328 218.960 9,149 84,614 234.429 97.763 Credltor•'. amount• falllng du• thlthln one ygar 19 11815) 17.198) N•t curr•nl ••8ets Z31.814 90.565 Total a•••ts1088 curr•nl114blllll•• 182.314 Incom• fund• Restl￿ted lund8 21 250,933 105,217 General unreJtnct•d ftmds Revalualion re8erve 25.211 67.116 29,877 47,220 UnrestrKl•J frjrth 2,>27 77,097 343,2e 18Z314 The finandal statemènts **re 8Fwv¢d ty th• Tntstees on .8.l.:.Q.1 2 Z A Leon Tru•t•• R Rairvder Tru81••

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

The Long Shop Museum is a charitable incorporated organisation, registered with the Charity Commission in England and Wales. The CIO's registered office is: 17 King Edward Road, Leiston, Suffolk, IP16 4HQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the CIO's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The CIO is a Public Benefit Entity as defined by FRS 102.

The CIO has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of the listed investments. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. The unrestricted funds, include the revaluation fund.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Other income is recognised at the point of sale or receipt.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Heritage assets

The heritage assets held are historic in nature and have no cost basis. Given the unique nature of many of the items in the collection a reliable valuation is impracticable and due to this they are excluded from the financial statements.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the CIO reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.12 Financial instruments

The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.

1.13 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the CIO is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Critical accounting estimates and judgements

In the application of the CIO’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Heritage assets

The heritage assets are excluded from the financial statements due to their unique nature and the difficulties this presents in order to get a reliable valuation. If these were valued the asset base of the CIO would likely be significantly higher than shown in these financial statements.

3 Comparatives

The comparatives have been restated to amend the prior year allocations. The amendments are based on the underlying records to ensure the comparatives are comparable and agree. The overall result remains unchanged.

4 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
6,633
-
Grant income
80,967
169,775
87,600
169,775
Grants receivable
Magnox
-
88,639
Galloper Wind Farm
-
-
Suffolk County Council
13,821
-
Arts Council England
-
28,500
East Suffolk
23,863
-
Foyle
-
50,000
Furlough grant
27,288
-
Other
15,995
2,636
80,967
169,775		 Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
6,633
13,315
-
250,742
14,550
99,100
257,375
27,865
99,100
88,639
-
96,600
-
-
2,500
13,821
13,550
-
28,500
-
-
23,863
-
-
50,000
-
-
27,288
-
-
18,631
1,000
-
250,742
14,550
99,100		 Total
2020
£
13,315
113,650
126,965
96,600
2,500
13,550
-
-
-
-
1,000
113,650

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

5 Charitable activities

Unrestricted
Unrestricted
funds funds
2021 2020
£ £
Museum and event admission 6,603 40,683

6 Other trading activities

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising events - 2,925
Shop income 1,044 4,494
Social lotteries 100 Club 2,063 2,788
Other trading activities 3,107 10,207
Investments
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Income from listed investments 3,878 4,270
Interest receivable 33 156
3,911 4,426

7 Investments

8 Raising funds

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising and publicity
Staging fundraising events 733 6,921
Advertising 2,182 3,475
Other fundraising costs 880 784
Fundraising and publicity 3,795 11,180

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

8 Raising funds

(Continued)

Trading costs
Operating charity shops		 87
3,882		 2,608
13,788

9 Charitable activities

Staff costs
Curatorial activities
Learning and outreach
Engine operation and restoration
Museum expenses
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds		 2021
£
65,084
278
645
710
32,337
99,054
25,210
1,800
126,064
102,005
24,059
126,064		 2020
£
52,528
4,350
27
2,376
30,558
89,839
24,593
180
114,612
82,942
31,670
114,612

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

10
Support costs
Support
costs
Governance
costs
£
£
Property expenses
3,854
-
Insurance
7,700
-
iZettle fees
412
-
Printing, postage and
stationery
1,947
-
IT software and
consumables
5,493
-
Consultancy HR and
Health & Safety
2,246
-
Telephone and internet
587
-
Travel and subsistence
79
-
General expenses
2,892
-
Accountancy
-
1,800
25,210
1,800
Analysed between
Charitable activities
25,210
1,800		 2021
Support
costs
Governance
costs
£
£
£
3,854
7,155
-
7,700
7,738
-
412
1,151
-
1,947
3,029
-
5,493
1,625
-
2,246
2,247
-
587
106
-
79
508
-
2,892
1,034
-
1,800
-
180
27,010
24,593
180
27,010
24,593
180		 2020
£
7,155
7,738
1,151
3,029
1,625
2,247
106
508
1,034
180
24,773
24,773

Included within accountancy fees are £1,800 (2020: £180) relating to the independent examination fees.

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.

12 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
4 4
Employment costs 2021 2020
£ £
Wages and salaries 63,087 49,946
Social security costs 584 1,164
Other pension costs 1,413 1,418
65,084 52,528

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000 in either year.

13 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Revaluation of investments 19,896 (10,994)

14 Tangible fixed assets

Freehold land
and buildings
Plant and
equipment
Museum
exhibits
£
£
£
Cost
At 1 April 2020
50,537
3,273
21,447
At 31 March 2021
50,537
3,273
21,447
Depreciation and impairment
At 1 April 2020
50,537
3,273
21,447
At 31 March 2021
50,537
3,273
21,447
Carrying amount
At 31 March 2021
-
-
-
At 31 March 2020
-
-
-		 Total
£
75,257
75,257
75,257
75,257
-
-

15 Heritage assets

The CIO owns over 8,000 heritage assets which are housed at The Long Shop and are preserved to a high standard.

The nature, range and provenance of many of the items in the collection renders it impracticable to obtain reliable valuations in a cost effective manner. The assets range from steam engines to thimbles and include a large number of documents and images.

As the heritage assets have not been able to be valued and have no historic cost, they are excluded from these financial statements.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

16 Fixed asset investments

Cost or valuation
At 1 April 2020
Valuation changes
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020
Investments at fair value comprise:
M&G Charifund units
CoIF Charity fund units		 Listed
investments
£
91,749
19,896
111,645
111,645
91,749
2021
2020
£
£
37,973
30,831
73,672
60,918
111,645
91,749		 Listed
investments
£
91,749
19,896
111,645
111,645
91,749
2021
2020
£
£
37,973
30,831
73,672
60,918
111,645
91,749
111,645
111,645
91,749
2020
£
30,831
60,918
91,749

Fixed asset investments revalued

Investments are in listed units and therefore are valued at their listed market value as at 31 March 2021. The revaluation movements are posted to the revaluation fund within unrestricted funds, which at 31 March 2021 amounted to £67,116 (2020: £47,220). The historic cost of the investments are £44,529 (2020: £44,529).

17 Stocks

17
Stocks
Finished goods and goods for resale
18
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2021
£
4,141
2021
£
9,789
1,539
11,328		 2020
£
4,000
2020
£
9,149
-
9,149

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

19 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2021
£
362
459
294
1,700
2,815		 2020
£
1,482
4,932
484
300
7,198

20 Retirement benefit schemes

Defined contribution schemes

The CIO operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the CIO in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £1,413 (2020 - £1,418).

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

21 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Income Expenses Balance at Income Expenses Balance at
1 April 2019 1 April 2020 31 March 2021
£ £ £ £ £ £ £
Special
reserves
LAGBI 6,372 - - 6,372 - - 6,372
Sherriffs
award 4,500 - (500) 4,000 - - 4,000
Transformati
on project 20,000 - - 20,000 - - 20,000
Engine
restoration 4,215 - (285) 3,930 - - 3,930
Magnox - 99,100 (30,885) 68,215 88,639 (24,059) 132,795
Share
audience
finder 500 - - 500 - - 500
Oldest
portable 1,200 - - 1,200 - - 1,200
Youth shed 1,000 - - 1,000 - - 1,000
ACE project
fund - - - - 28,500 - 28,500
Covid safety
fund - - - - 1,136 - 1,136
Sizewell fund - - - - 1,500 - 1,500
Foyle
Community
Hub - - - - 50,000 - 50,000
37,787 99,100 (31,670) 105,217 169,775 (24,059) 250,933

Balance at 31 March 2021 £ 25,211 67,116 92,327
Movement in funds Income
Expenses Revaluations,		 gains and losses £
£
£		 101,221
(105,887)
-		 -
-
19,896		 101,221
(105,887)
19,896
Balance at 1 April 2020 £ 29,877 47,220 77,097
Movement in funds Income
Expenses
Revaluations,		 gains and losses £
£
£		 83,181
(96,730)
-		 -
-
(10,994)		 83,181
(96,730)
(10,994)
Balance at 1 April 2019 £ 43,426 58,214 101,640
General funds Revaluation fund

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

23
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
March 2021 are
represented by:
Investments
111,646
-
Current assets/
(liabilities)
(19,319)
250,933
92,327
250,933		 Total Unrestricted
funds
Restricted
funds
2021
2020
2020
£
£
£
111,646
91,749
-
231,614
(14,652)
105,217
343,260
77,097
105,217		 Total
2020
£
91,749
90,565
182,314

24 Operating lease commitments

At the reporting end date the CIO had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
924
3,465
4,389		 2020
£
-
-
-

25 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).