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2023-03-31-accounts

Charity registration number 1167945

THE LONG SHOP MUSEUM

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

THE LONG SHOP MUSEUM

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Leonard
A Cardy
T Cooper
J Fenoulhet
R Rainger
S Brooks
R Ashton (Appointed 10 July 2023)
Patron Lord Cranbrook
Charity number 1167945
Principal address 17 King Edward Road
Leiston
IP16 4HQ
Independent examiner Helen Rumsey FCA
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
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 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

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 continued to be affected in the current year in the aftermath of 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 around sixty 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 steam engines, 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 seen further recovery from the worst effects of the covid pandemic, with income from museum and event admissions at £25,457. This is down from the 2022 figure of £30,770, and still well below pre-covid pandemic levels of £40,683.

Despite the challenges of reduced visitor income, the CIO has continued to maintain the heritage assets and historical buildings of the museum with the support of various grant providers, including £12,387 from East Suffolk Council and £46,600 from Magnox.

Financial review

There is a small deficit for the year of £15,324 (2022:£15,214 ).

The income for the year was £136,403 (2022: £169,211 ), with the majority of this being generated from grants, being £92,537 (2022: £119,237 ) of which £77,966 (2022: £28,065 ) is restricted income.

Whilst income has decreased, the expenditure has increased by £47,182 to £146,241 (2022:£193,423 ). The key expenditure in the year was the wages costs of £81,545 (2022: £81,507 ). Support costs have decreased from £78,823 last year to £33,645, mainly due to lower property repairs and building related professional fees.

The CIO has reported a loss on the investment value of £5,485 (2022: Gain £8,998).

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 2023

Reserves

The trustees consider the level of reserves and are happy with these as they currently stand, with total funds of £312,722 (2022: £328,046 ).

The unrestricted funds amount to £175,059 (2022:£135,158) and are made up of the general fund of £104,430 (2022: £59,044) and the revaluation reserve of £70,629 (2022: £76,114).

The restricted funds total £137,663 (2022: £192,888) at the year-end. A full analysis of the breakdown of the restricted funds is shown in note 20, but the largest balance relates to the PIOTS Refurbishment at £52,928 (2022: £38,372). £72,310 (2022:£62,993) of the restricted funds relates to fixed assets.

The CIO does not have any funds in deficit at the year end (2021: None).

Structure, governance and management

The Long Shop Museum was established by its Constitution, and 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 (Resigned 13 January 2023)
A Cardy
T Cooper
J Simpson (Resigned 13 January 2023)
J Fenoulhet
V Wild (Resigned 13 January 2023)
R Rainger
S Brooks
R Ashton (Appointed 10 July 2023)

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 range of skills and experience.

The board meets six times per year with the senior management team.

The trustees report was approved by the Board of Trustees.

A Leonard R Rainger Trustee Trustee 31 January 2024

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 2023.

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

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 IP1 1QJ

Dated: 31 January 2024

THE LONG SHOP MUSEUM

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and
legacies
3
15,279
80,015
Charitable activities
4
25,457
-
Other trading
activities
5
10,940
-
Investments
6
4,619
-
Other income
7
92
-
Total income
56,387
80,015
Expenditure on:
Raising funds
8
19,443
-
Charitable activities
9
70,014
56,784
Total expenditure
89,457
56,784
Net gains/(losses) on
investments
13
(5,485)
-
Net (outgoing)/incoming
resources before
transfers
(38,555)
23,231
Gross transfers
between funds
78,456
(78,456)
Net movement in funds
39,901
(55,225)
Fund balances at 1 April
2022
135,158
192,888
Fund balances at 31
March 2023
175,059
137,663		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
95,294
90,839
38,253
25,457
30,770
-
10,940
5,095
-
4,619
4,254
-
92
-
-
136,402
130,958
38,253
19,443
11,757
-
126,798
126,857
54,809
146,241
138,614
54,809
(5,485)
8,998
-
(15,324)
1,342
(16,556)
-
41,489
(41,489)
(15,324)
42,831
(58,045)
328,046
92,327
250,933
312,722
135,158
192,888		 Total
2022
£
129,092
30,770
5,095
4,254
-
169,211
11,757
181,666
193,423
8,998
(15,214)
-
(15,214)
343,260
328,046
Donations and
legacies
3
Charitable activities
4
Other trading
activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net gains/(losses) on
investments
13
Net (outgoing)/incoming
resources before
transfers
Gross transfers
between funds
Net movement in funds
Fund balances at 1 April
2022
Fund balances at 31
March 2023

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

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
15
Investments
17
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within
one year
20
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
22
Unrestricted funds
General unrestricted funds
Revaluation reserve		 2023
£
3,000
4,028
130,053
137,081
(11,982)
104,430
70,629		 £
72,464
115,159
187,623
125,099
312,722
137,663
175,059
312,722		 2022
£
2,013
16,346
145,014
163,373
(18,964)
59,044
76,114		 £
62,993
120,644
183,637
144,409
328,046
192,888
135,158
328,046

The financial statements were approved by the Trustees on 31 January 2024

A Leonard Trustee

R Rainger Trustee

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 2023

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.

Where restoration work has been carried out in restoring a heritage asset this has been included within museum exhibits.

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

Freehold land and buildings Striaght line over 25 years Plant and equipment Striaght line over 10 years Museum exhibits Not being depreciated

Assets under construction or heritage assets being restored are not depreciated.

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.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

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.

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.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
708
2,049
Grant income
14,571
77,966
15,279
80,015
Grants receivable
Magnox
-
46,600
Norfolk County Council
-
3,187
Suffolk County Council
13,821
-
Arts Council England
-
-
East Suffolk Council
750
3,550
PIOTS Refurbishment
-
23,250
Furlough grant
-
-
Other
-
1,379
14,571
77,966		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
2,757
(333)
10,188
92,537
91,172
28,065
95,294
90,839
38,253
46,600
-
-
3,187
-
3,054
13,821
13,821
10,825
-
58,353
-
4,300
12,387
965
23,250
-
12,000
-
486
-
1,379
6,125
1,221
92,537
91,172
28,065		 Total
2022
£
9,855
119,237
129,092
-
3,054
24,646
58,353
13,352
12,000
486
7,346
119,237

4 Charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Museum and event admission 25,457 30,770

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Other trading activities

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising events 43 -
Shop income 8,597 2,557
Room hire 317 650
Social lotteries 100 Club 1,983 1,888
Other trading activities 10,940 5,095

6 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 4,619 4,252
Interest receivable - 2
4,619 4,254

7 Other income

Unrestricted Total
funds
2023 2022
£ £
Other income 92 -
Raising funds
**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Staging fundraising events 6,567 3,447
Advertising 10,373 4,327
Other fundraising costs 912 870
Fundraising and publicity 17,852 8,644

8 Raising funds

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Raising funds
Trading costs
Shop purchases and running costs		 (Continued)
1,591
3,113
19,443
11,757		 (Continued)
1,591
3,113
19,443
11,757
11,757

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		 2023
£
81,545
1,568
453
881
1,376
85,823
33,645
7,330
126,798
70,014
56,784
126,798		 2022
£
81,507
7,052
2,323
2,306
4,575
97,763
78,823
5,080
181,666
126,857
54,809
181,666

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10
Support costs
Support
costs
Governance
costs
£
£
Depreciation
2,219
-
Property expenses
8,520
-
Insurance
8,474
-
iZettle fees
885
-
Printing, postage and
stationery
2,296
-
IT software and
consumables
909
-
Legal, professional,
consultancy and health
and safety fees.
5,412
-
Telephone and internet
771
-
Travel and subsistence
8
-
General expenses
4,151
-
Accountancy
-
7,330
33,645
7,330
Analysed between
Charitable activities
33,645
7,330		 2023
Support
costs
Governance
costs
£
£
£
2,219
1,025
-
8,520
24,325
-
8,474
8,674
-
885
1,956
-
2,296
2,307
-
909
6,567
-
5,412
28,426
-
771
655
-
8
423
-
4,151
4,465
-
7,330
-
5,080
40,975
78,823
5,080
40,975
78,823
5,080		 2022
£
1,025
24,325
8,674
1,956
2,307
6,567
28,426
655
423
4,465
5,080
83,903
83,903

Included within accountancy fees are £2,860 (2022: £2,695 ) 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:

2023 2022
Number Number
4 4
Employment costs 2023 2022
£ £
Wages and salaries 78,479 78,644
Social security costs 1,050 1,151
Other pension costs 2,016 1,712
81,545 81,507

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 Unrestricted Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments (5,485) 8,998

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15 Tangible fixed assets

Freehold land
and buildings
Plant and
equipment
£
£
Cost
At 1 April 2022
97,431
15,578
Additions
5,886
2,162
At 31 March 2023
103,317
17,740
Depreciation and impairment
At 1 April 2022
50,537
4,299
Depreciation charged in the year
880
1,339
At 31 March 2023
51,417
5,638
Carrying amount
At 31 March 2023
51,900
12,102
At 31 March 2022
46,894
11,280		 Museum
exhibits
£
26,266
3,643
29,909
21,447
-
21,447
8,462
4,819		 Total
£
139,275
11,691
150,966
76,283
2,219
78,502
72,464
62,993

Included in museum exhibits is £8,462 relating to heritage assets being restored.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16 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 cost of restoration of heritage assets is included in fixed assets under museum exhibits.

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

17 Fixed asset investments

Cost or valuation
At 1 April 2022
Valuation changes
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022
Investments at fair value comprise:
M&G Charifund units
CoIF Charity fund units		 Listed
investments
£
120,644
(5,485)
115,159
115,159
120,644
2023
2022
£
£
38,251
40,741
76,908
79,903
115,159
120,644		 Listed
investments
£
120,644
(5,485)
115,159
115,159
120,644
2023
2022
£
£
38,251
40,741
76,908
79,903
115,159
120,644
115,159
115,159
120,644
2022
£
40,741
79,903
120,644

Fixed asset investments revalued

Investments are in listed units and therefore are valued at their listed market value as at 31 March 2023. The revaluation movements are posted to the revaluation fund within unrestricted funds, which at 31 March 2023 amounted to £70,629 (2022: £76,114). The historic cost of the investments is £44,529.

18 Stocks

18
Stocks
Finished goods and goods for resale
19
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2023
£
3,000
2023
£
3,127
901
4,028		 2022
£
2,013
2022
£
15,498
848
16,346

THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

20 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		 2023
£
3,129
2,375
1,338
5,140
11,982		 2022
£
3,678
9,695
2,046
3,545
18,964

21 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 £2,016 (2022 - £1,712).

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THE LONG SHOP MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

23
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
March 2023 are
represented by:
Tangible assets
154
72,310
Investments
115,159
-
Current assets/(liabilities)
59,746
65,353
175,059
137,663		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
72,464
-
62,993
115,159
120,644
-
125,099
14,514
129,895
312,722
135,158
192,888		 Total
2022
£
62,993
120,644
144,409
328,046

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
25
Capital commitments
At 31 March 2023 the CIO had capital commitments as follows:
Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment		 2023
£
924
1,617
2,541
2023
£
-		 2022
£
924
2,541
3,465
2022
£
4,367

26 Related party transactions

Related party donation made by a trustee of £625 during the year (2022 - £Nil) .