2020-12-31-accounts - Ironbridge Gorge Museum Trust Limited

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				Page
Reference and administrative		details ofthe Company,	its Trustees and advisers
Trustees' report				2 —16
Independent	auditors' report	on the financial statements		17—20
Consolidated	statement offinancial activities			21-22
Consolidated	balance sheet			23-24
Company balance sheet				25-26
Consolidated	statement ofcash flows			27
Notes to the	financial statements			28-67

			IRONBRIDGE	IRONBRIDGE	IRONBRIDGE	GORGE MUSEUM TRUST LIMITED	GORGE MUSEUM TRUST LIMITED	GORGE MUSEUM TRUST LIMITED	GORGE MUSEUM TRUST LIMITED	GORGE MUSEUM TRUST LIMITED	GORGE MUSEUM TRUST LIMITED	GORGE MUSEUM TRUST LIMITED
			(A	company				limited	by guarantee)
REFERENCE AND ADMINISTRATIVE					DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS
			FOR THE		YEAR ENDED 31DECEMBER 2020
Trustees			G Adkins
			D Brammer
			R Clowes
			G Finchett
			R Kenyon-Slaney,				Deputy Chairman
			J Kidson
			K Mackenzie
			E Nicholson
			C M Pemberton,			Chairman
			LPotter
			D Roberts (resigned 9December 2020)
Company	registered
number			00918560
Charity registered
number			503717-R
Registered		offic	Coalbrookdale
			Telford
			Shropshire
			TF8 7DQ
Chief Executive Officer			Nick Rails
Senior management			Gillian Crumpton,			Collections &			Learning		Director
team			Karen Device,		Museum			Development		Director
			Rory Hunter,	Special Projects Director
			Justin Toss,	Visitor			Engagement		Director		(appointed	10February 2020)
			Kirsty Vlemmiks,			Finance Director
Independent		auditors	WR Partners
			Chartered Accountants
			Belmont House
			Shrewsbury	Business				Park
			Shrewsbury
			Shropshire
			SY26LG
Bankers			Barclays Bank		PLC
			PO Box89
			Shrewsbury
			Shropshire
			SY1 2WQ
Investment		Managers	Quilter Cheviot
			8th Floor
			2 Snow Hill
			Birmingham
			Bs6GA

		Audit	Audit	Nomination	a Ranuneraion	a Ranuneraion	cogenkma	Devdopment	Finance	neath a
		Cornniam		Membership	Conminee		a Learning	Commnee	Conatatee	saietv
				Cmrmittee			Comnittee	(previoudy		Committee
								Fomd won
								Comrnlteei
G Adkine
0 Brarnrrar
RClowea
RKenyon-Slan	ay
J Kideon
ENchotaon
KMackanae
CM Pemberton
t Potter
Audit Committee					Nomination	Committee
R Clowes					K Mackenzie
K Mackenzie					D Bramrner
CM Pemberton					CM Pemberton
					R Kenyon-Slaney
Remuneration		Committee			Collections	and Learning		Committee
KMackenzie					G Adkins
R Kenyon-Slaney					ENicholson
LPotter					CM Pemberton
CM Pemberton
Development		Committee			Finance Committee
(previously	Foundation		Committee)
R Clowes					R Clowes
R Kenyon Slaney					R Kenyon Slaney
J Kidson					J Kidson
C M Pemberton					K Mackenzie
					CM Pemberton

		Restricted funds	Unrestricted	Unrestricted funds subtotal	Endow- ment funds	Total funds	Total funds
		2020	2020	2020	2020	2020	2019
	Note
Income and
endowments
from:
Donations and legacies		628,744	4,208,128	4,836,870		4,836,870	1,725,552
Charitable activities			1,156,149	1,156,149		1,156,149	2435,328
Other trading
activities:
Rent receivable			146,095	146,095		146,095	175,783
Trading activities			829,261	829,261		829,261	1,210,595
Investments		11,132	9	11,141		11,141	I2,826
Other income			284,000	284,000		284,000	257,500
Total income and		~639876	6623640	7263516		~72 516	5818615
endowments
Expenditure on:
Raising funds:
Fundraising & publicity costs			113,482	113,482		113,482	250,022
Trading costs			1,092,272	1,092,272		1,092,272	990,587
Charitable activities		528,610	4,721,039	5,249,649		5,249,649	5,312,228
Total		~528610	~5926793	~6455403		~655403	~37
expenditure
Net income I
(expenditure) carried forward		111,266	696,847	808,113		808,113	(734,222)

			Restricted funds	Unrestricted funds	Restricted & Unrestricted funds subtotal	Endow- ment funds	Total funds	Total funds
			2020	2020	2020	2020	2020	2019
		Note
Net income I
(expenditure)			111,266	696,847	808,113		808,113	(734,222)
brought forward
Transfers		22	(568,694)	59,447	(509,247)	509,247
between funds
Net movement	in
funds before			(457,428)	756,294	298,866	509,247	808,113	(734,222)
other recognised
gains I(losses)
Other
recognised
gains )(losses):
Actuarial (losses)
Igains on defined benefit pension				(320,000)	(320,000)		(320,000)	153,000
schemes
Other gains						17,107	17,107	57,885
Net movement	in
funds
Reconcgiation	of
funds:
brought forward			37,766,726	648,680	38,415,406	307,507	38,722,913	39,235,250
Net movement funds	in		(457~28)	436,294	(21,134)	526,354	505,220	(513,337)
Totalfunds carried forward								~387

				CONSOLIDATED	CONSOLIDATED	BALANCE SHEET
			FOR THE		YEAR ENDED 31DECEMBER		2020
							2020		2019
					Note		6
Fixed assets
Tangible assets					14	41,060,751			41,386,054
Investments					16	833,861			307,507
						41,894,612			41,693,561
Current assets
Stocks					17	110,588		155,763
Debtors					18	889,027		206,463
Investments					19	108,253
Cash at bank and	in hand					290,777		23,650
						1,398,645		365,696
Creditors: amounts	falling due within			one
year					20	(2,873,842)		(2,453,320)
Net current liabilities						(1,475,197)			(2,067,424)
Total assets less	current liabilities					40,419,415			39,626, 137
Creditors: amounts	falling due after			more
than one year					21	(329,282)			(402,224)
Net assets excluding		pension	liability			40,090,133			39,223,913
Defined benefit pension		scheme	liability		28	(862,000)			(501,000)
Total net assets									36722 1

					(A	company limited	company limited	company limited	by guarantee)	by guarantee)
			CONSOLIDATED				BALANCE		SHEET (CONTINUED)
				FOR	THE YEAR ENDED 31 DECEMBER 2020
							Note			2020f				2019f
Charity funds
Endowment funds							22			833,861				307,507
Restricted funds:
Restricted funds -	cash						22		342,472			543,440
Restricted funds -	fixed	assets					22	36,966,826				37,223,286
Total restricted funds							22			37,309,298				37,755,725
Unrestricted funds
Unrestricted funds	excluding		pension		liability		22	1,946,974				1,149,680
Pension reserve							22	(862,000)				(501,000)
Total unrestricted	funds						22			1,084,974				548,580
Total funda										~L228J33.			~~722		1
The Trustees acknowledge			their responsibilities				for complying with			the requirements		ofthe	Act with respect		to
accounting records and		preparation			offinancial		statements.
The financial statements		were		approved		and authorised		for issue by		the Trustees	on	5~	20L(	and signed
on their behalf by:

					(A company limited	(A company limited	(A company limited	by guarantee)	by guarantee)
			COMPANY STATEMENT				OF FINANCIAL		POSITION
				FOR	THE	YEAR ENDED		31DECEMBER 2020
									2020		2019
						Note			8		8
Fixed assets
Tangible assets						14			41,060,751		41,385,054
Investments						16			1,040,560		555,122
									42,101,311		41,941,176
Current assets
Stocks						17		4,530		2982
Debtors						18		886,427		150,962
Investments						19		108,253
Cash at bank and	in hand							234,433		10,564
								1,233,643		154,608
Creditors: amounts	falling		due within		one
year						20	(2,914,693)			(2,551,485)
Net current liabifitles									(1,681,050)		(2386,877)
Total assets less	current		liabilities						40,420,261		39,554,299
Creditors: amounts	falling		due after more
than one year						21			(329,282)		(402,224)
Net assets excluding		pension		liability					40,lgl0+9		'39,152075
Defined benefit pension		scheme		liability		28			(862,000)		(501,000)
Total net assets

							2020		2010
					Note		6		6
Charity funds
Endowmentfunds					22		833,861		307,507
Restricted funds:
Restricted funds	-	cash			22	342,472		543,440
Restricted funds	-	fixed assets			22	36,966,826		37,223,286
Total restricted	funds				22		37,309,298		37,766726
Unrestricted funds
Unrestdicted funds		excluding	pension	liability		1,947,820		1,077,642
Pension reserve					22	(862,000)		(501,000)
Total unrestricted		funds			22		1,086,820		576,642
Totalfunds

			Note	2020f	2019f
Cash flows from operating activities
Net cash flow from operating activities			25	1,667,592	(145,544)
Cash flows from investing activities
Dividends, interests and rents from investments				157,236	188,809
Proceeds from the sale oftangible fixed	assets			254,000	207,500
Purchase oftangible fixed assets				(109)277)	(735899)
Purchase ofinvestments				(883,981)	(51,505)
Sale ofinvestments				324,617	254,721
Net cash used in investing activities				(257,405)	(137,574)
Cash flows from financing activities
Cash inflows from new borrowing					358,347
Repayments of borrowing				(41,487)	(93,962)
Repayments offinance leases				(26,380)
Net cash (used In)lprovided by financing		activities		(67,867)	264,385
Change in cash and cash equivalents	In	the year		1,342,320	(18,833)
Cash and cash equivalents at the beginning Cash and cash equivalents atthe end of		ofthe year the year	26	(1,051,543) (1,032710) ~S~~f)~3
The notes on pages 28to67form part ofthese financial statements

						Restricted	Unrestricted	Total	Total
						funds	funds	funds	funds
						2020 f	2020	2020f	2019
Donations and Subscriptions						628,744	200,504	829,2248	285,597
Gift Aid							136,408	136,408	137,645
Arts Council	Funding						936,181	936,181	957,906
Other Grants	(see below)						2,935,033	2,935,033	333,434
Total 2020						628744~~126		~835/2(}	~17E552
Total 2019						5883t ~f868 5 t		~2/5582
Other Grants
								2020 f	2019 f
Coronavirus	Job Retention Scheme Grant							970,934
Coronavirus	Retail Hospitality		and Leisure Fund		Grant			140,000
Marches LEP Grant								230,000
Arts Council	England	(ACE)	Emergency	Response		Fund Grant		500,000
Arts Council	England	Exceptional Circumstances			Grant			199,200
Arts Council	England	Culture	Recovery	Fund (CRF) Grant - see below				400,000
Other Grants								494,899	333,434
								~8555IIR~34 4

	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
	6
Admissions	727,815	727,815	1,903,115
Other income	428,334	428,334	533,213
Total 2020	~%141~~~2~2%
Total 2019

		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
			8	5
Rents	receivable	146,095	146,095	175,783
Total	2020	~K~LEEE		'I75,753
Total	2019

		Unrestricted	Total	Total
		funds	funds	funds
		2020f	2020f	2019f
Trading income - The Ironbridge	Gorge Trading Company
Limited		629,261	829,261	1,210,596
Total 2020
Total 2019

		Restricted	Unrestricted Total	Total
		funds	funds funds	funds
		2020 f	2020 f 2020f	2019
Investment	income - dividends	11,132	11,132	12,761
Investment Total 2020 Total 2019	income - interest	~~262 ~~~t2.626		t2 626

			Unrestricted	Total	Total
			funds	funds	funds
			2020f	2020 f	2019 f
Income from	Sale of Property
Total 2019			~27~~~TK
Expenditure	on raising funds
Costs ofraising voluntary		income
			Unrestricted	Total	Total
			funds	funds	funds
			2020f	2020f	2019f
Direct Costs			78,245	78,245	180,445
Support Costs			35,237	35,237	69,577
			~ss	~JSK~222

			Unrestricted	Total	Total
			funds	funds	funds
			2020	2020	2019
				5
Ironbridge	Gorge Trading Company	Limited - Expenditure	466,544	466,544	728,837
Ironbridge	Gorge Trading Company	Limited - Staff Costs	625,728	625,728	261,750
			Lt~~09~~20.0(I7
Total 2019			~gk557	4M~5

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2020 5	2020 K	2020 F	2019f
Charitable	Activities - Museum 3 Visitor
Operations		528,610	4,721,039	5,249,649	5,312228
Total 2020		~gtL42	~3234282	~uu4ll	~~t2 228
Total 2019		~348	42S2II2	~332228

			Activities
			undertaken	Support	Total	Total
			directly	costs	funds	funds
			2020 f.	2020f	2020f	2019f
Charitable	Activities - Museum	8,Visitor
Operations			3,594,840	1,654,809	5,249,649	5,312,228
Total 2020					a64E	~12222I
Total 2019			~Z5IL92tt	~~~	5~122tt
Analysis	of direct costs
					Total	Total
				Trust	funds	funds
				2020f	2020f	2019
Staff costs				1,982,666	1,982,666	2,219,438
Depreciation				454,181	464,181	408,527
Museum	&Visitor Operations			1,147,993	1,147,993	1,078,983
Total2020				~~40.~8~k
Total 2019				3 756928	~~ljllu

	Analysis ofs	upport c	osts
							Total	Total
						Trust	funds	funds
						2020	2020	2019
						6
	Pension cost on FRS102pension					11,000	11,000	18,000
	Stall costs					1,045,691	1,045,691	753,544
	Motor and travel					21,775	21,775
	Office expenses						24,968	245,579
	Professional,	insurance	& bad	debts		331,767	331,767	210,470
	Governance costs					18,923	18,923	18,400
	Finance					66,063	66,063	90,673
	Sundry					134,622	134,622	187,589
	Total2020					~5542IQE	~SSQ08.	1545300
	Total 2019						o oo
11.	Auditors' remuneration
							2020 6	2019 f
	Fees payable	to the company's		auditor for	the audit ofthe Group's annual
	accounts
12.	Staff costs
					Group	Group	Company	Company
					2020	2019	2020	2019
					6		6	5
	Wages and salaries				3,562,577	3,201,535	2,936,849	2,940,085
	Pension costs				91,508	32,896	91,508	32,895
					~6&QSE~~24~		~AL357.~2962

Group	Group
2020	2019
No.	No.

Group	Group
2020	2019
No.	No.

		Development	Fixtures,
		8 restoration	fittings,
	Freehold	ofhistoric	plant and
	property 6	exhibits 6	equipment 6	Total
Cost orvaluation
At 1 January 2020	138,381	42,583,834	3/470,050	46,192,265
Additions	30,000	50,650	58,627	139,277
Disposals	(400)		(281,290)	(281,690)
At31December 2020	167,981	42,634,484	3,247,387	46,049,852
Depreciation
At 1 January 2020		2,383,849	2,422,362	4,806,211
Charge for the year		248,342	215,838	464,180
On disposals			(281,290)	(281,290)
At 31 December 2020		2,632,191	2,356,910	4,989,101
Net book value
At 31 December 2020
At 31December 2019	~IVII'~	lUllun~tM7,		~4eus

		Development
		8 restoration
	Freehold	ofhistoric	Fixtures
	properly6	exhibits 6	and fittings 6	Total 8
Cost or valuation
At 1 January 2020	138,381	42,583,834	3,383,531	46,105,746
Additions	30,000	50,650	58,627	139,277
Disposals	(400)		(281,290)	(281,690)
At 31 December 2020	167,981	42,634,484	3,160,868	45,963,333
Depreciation
At 1 January 2020		2,383,849	2,335,843	4,719,692
Charge for the year		248,342	215,838	464,180
On disposals			(281,290)	(281,290)
At 31 December 2020		2,632,191	2,270,391	4,902,582
Net book value
At31December 2020
At 31December 2019	~LKL	~IUEEB!k	47

Principal su	Principal su	bsidiaries	bsidiaries	bsidiaries
The following		was a subsidiary			undertaking			ofthe	Company:
Name							Company			Principal		activity			Holding	Included	In
							number									consolidation
The Ironbridge			Gorge	Trading			01343616			The retailing			of		100'/o	Yes
Company	Limited									Museum	giftware and
										souvenirs,		the
										provision	of		catering
										services	and
										Conference			6
										Banqueting		services
The snancial		results ofthe subsidiaries					for the year were:
Names								Income 6		Expenditure				f	Profit/(Loss) for the year	Net	assets 6
															6
The Ironbridge			Gorge	Trading				1,095,917		1,209,517					(113600)		206,599
Company	Limited
Investments		-	Endowment
															2020		2019f
Clothworkers'		Company - Costume				Endowment									54,059		55,291
Lady Labouchere - Rosehill Endowment															67,593		28,818
National	Lottery		Heritage Fund		(NLHF)										580,114		88,548
Lady Elton															5,331		5,466
Education	Fund														36,890		37,599
Heritage	Conservation			Fund											89,874		gf,785

	Listed Investments	Listed Investments
						2020 6	2019f
	UK					833,861	126,172
	Overseas						181,335
						~333i51~~707
17.	Stocks
			Group		Group	Company	Company
			2020f		2019 f	2020 f	2019
	Consumable stores		4,530		2,082	4,530	2,962
	Finished goods for resale		106,058 ~aa	152,801 ~57		~rer	~lfr
18.	Debtors
			Group		Group	Company	Company
			2020 6		2019 f	2020	2019 f
	Due within one year
	Trade debtors		12,194	117,691		9,598	63,203
	Other debtors	- see below	799,179		32,457	799,175	32,453
	Prepayments	and accrued income	77,654		56,315	77,654	55,306
	f744,000ofother debtors relates to the		ACE CRF grant as explained		in note 3on page 38.
19.	Current asset investments
			Group		Group	Company	Company
	Listed investments		2020 6 ~h253.		2019 f	2020 F	2019

		Group	Group	Company	Company
		2020f	2019	2020 5	2019f
Bank overdrafts			1,075,193		1,075,193
Bankloans		45,779	47,294	45,779	47,294
Other loans		40,573	40,572	40,573	40,572
Trade creditors		284,096	488,202	236,279	411,893
Amounts owed to group undertakings				142,119	222,795
Other taxation and social security		52,450	49,463	52,450	49,453
Obligations under 5nance lease and hire
purchase contracts		35,104	35,105	35,104	35,105
Other creditors		145,448	24,759	126,448	4,759
Accruals		633,937	399,972	600,486	371,650
Deferred income		1,636,455	292 750	1,636,455	292,760
		~su552	2453329	~21ue	~3255
		Group	Group	Company	Company
		2020 8	2019f	2020f	2019f
Deferred income at 1 January		292,760	210,837	292,760	210,837
Resources deferred during the year - see
below		1,636/55	292,750	1,636,455	292,780
Amounts released from previous	periods	(292,760)	(210,837)	(292,760)	(210,837)
		~5u522	~292I	~asia	~22I

			Group	Group	Company	Company
			2020	2019	2020	2019
					6	8
Bankloans			92,724	131,339	92,724	131,339
Other loans			170,934	178,881	170,934	178,881
Net obligations	under finance lease and	h&re
purchase contracts			65,624	92,004	65,624	92,004
			~su82	402 224	~am	402 22

Statement offunds
Statement offunds	- current year
						Balance at
Balance at 1						31
	January			Transfers	Gains/	December
	2020 5	Income 6	Expenditure	inloutf	(Losses) 5	2020 6
Unrestricted
funds
Designated
funds
Designated
Funds - all funds	80000			50000		30000
Generalfunds
GeneralFunds-
all funds	1,069,680	6,623,640	(5,885,793)	109,447		1,916,974
Pension reserve	(501,000)		(41,000)		(320,000)	(862,000)
	560 60D	6623 040	~0900703	109447	~320 000	1054974
Total
Unrestricted
funds	000 600	6633000	~0920793	09407	~220 000	1 084 074
Endowment
funds
Fixed asset
investments	307507			509247	17107	833861

Current asset
investment fund				108,253	108,253
Coalbrookdale
Projects	111,000		(1,000)	(100,000)	10,000
Clothing the
Working Man	60,522	1,487	(31,364)		30,645
M &J Darby
Fund	10,075	500		(5,000)	5,575
Rosehill Fund	31,520	36,687		(70,798)	(2,591)
MOG
Refurbishment	7,500	66,109		(60,109)	13,500
Friends of
Ironbridge
Gorge Museum	14,844		(427)	(4,900)	9,517
Heritage Lottery
Ludlow Races		44,668	(399)	(43,794)	475
Flood Appeal		79,532			79,532
Heritage
Conservation
Fund	173,803	2,469	(176,272)
Heritage Lottery
Fund tor the
Future	5,849	406,783		(383,449)	29,183
Education fund	92,308	1,011	(56,735)		36,584
Otherfunds	36,019	630	(3,000)	(11,850)	21,799
	M3ll0	639876	~269 197	~571 647	342472

Restdcted
funds - Fixed
Assets
Blists Hill Project	10,413,223	(146,204)			10,267,019
Coalbrookdale
Projects	8,829,406	(55,144)			8,774,262
Other Property
Fund	8,674,765				8,674,765
Jackfield Project	7,413,568				7,413,568
Bedlam
Furnaces	1,039,066	(21,480)			1,017,606
Sidaway Legacy	665,199	(14,578)			650,621
Other Fixed
Assets	188,039	(22	007)	2,953	168,985
	37223266	~259	1	2953	36966826
Total Restricted funds	37766726	635876~52	815	~886695	~37 58298
Total offunds					M&83L~a22IW

Stateme	nt of	fun	ds - prior year
								Balance at
			Balance at					31
			1January			Transfers	Gains/	December
			2019	Income	Expenditure	in'out	(Losses)	2019
					5
Designated
funds
Designated
Funds -	all funds		30000	50000				80000
General	funds
General	Funds-
all funds			'1,577,948	5,686,223	(6,194,491)			1,069,680
Pension	reserve		(675,000)	11,000			163,000	(501,000)
			~9327e~7223		~0194491		163000	568680
Total
Unrestricted funds			~92 048	~747223	~0494 491		103000	048080
Endowment
funds
Endowment
3 d -	Ilk	d	437979			~fL(~7	57885	307507

Restricted
funds - Cash
Coalbrookdale
Projects	111,000				111,000
Britain(Australia
Bi-Centennial
Fund	17,653	1,379		(19,032)
Clothing the
Working Man	(746)	3,537	(33,070)	90,801	60,522
MSJ Darby Fund	11,075		('l,000)		10,075
Rosehill Fund	39,875	503	(8,858)		31,520
MOG
Refurbishment	10,025		(2,525)		7,500
Ken Jones
Legacy	14,730		(37)	(14,693)
Friends of
Ironbridge
Gorge Museum	24,344		(9,500)		14,844
Education fund				92308	92,308
Other funds	78,440	21,343	(19,861)	(43,903)	36,019
Heritage
Conservation
Fund				173,803	173,803
Heritage Lottery
Fund for the
Future	50,299			(88,080)	5,849
	356695	70302	~74051	t9t 204	543440

Blists Hill Project	10,598,551		(185,328)			10,413,223
Coalbrookdsle
Projects	8,878,387	1,000	(49,981)			8,829,406
Other Property
Fund	8,674,765					8,674,765
Jackfield Project	7,413,566					7,413,568
Bedlam
Furnaces	1,060,566		(21,480)			1,039,086
Sideway Legacy	682,723		(17,524)			665,199
Other Fixed
Assets	200,068		(9,182)	(2,847)		188,039
	~7508628	I 000	~663441~2847			37223286
Total Restricted funds	~37865	Tt 302	~358348	~18 357		37766 726
T I I ff 6	38236280	58t8615	~8882837		220885	38722913

Analysis	ofnet assets between	funds - curre	nt period
					Restricted
					funds-
		Endowment	Restricted		Fixed	Unrestricted	Total
		funds	funds		Assets	funds	funds
		2020	2020		2020	2020	2020
		8		6	6	6	6
Tangible	fixed assets				36,966,826	4,093,925	41,060,751
Fixed asset investments		833,861					833,861
Current assets			342,472			1,056,173	1,398,645
Creditors	due within one year					(2,873,842)	(2,873,842)
Creditors	due in more than one
year						(329,282)	(329,282)
Provisions	for liabilities and
charges						(862,000)	(862,000)
Total		~33~01~42 4		2
Analysis	ofnet assets between	funds - prior	period
					Restricted
		Endowment	Restricted		funds - Fixed	Vnrestricted	Total
		funds	funds		Assets	funds	funds
		2019 5	2019		2019 5	2019f	2019 5
Tangible fixed assets					37,380,830	4,005,224	41,385,054
Fixed asset investments		307,507					307,507
Current assets			385,896				385,896
Creditors	due within one year					(2,453,320)	(2453,320)
Creditors	due in more than one
year						(402,224)	(402224)
Provisions	for liabilities and
charges						(501,000)	(501,000)
Total		13332~M%II			~3MII30	~IIUtll	~332 1113

										Group	Group
										2020	2019
										6
	Net income/expenditure	for the		period	(as per		Statement		of Financial
	Activities)
										808,113	(734,222)
	Adjustments for:
	Depreciation charges									464,180	468,527
	Gains on sale ofinvestments										23,921
	Dividends, interests and	rents	from investments							(157,236)	(188,609)
	Profit on the sale offixed assets									(283,600)	(187,450)
	Decrease in stocks									45,195	68,491
	Decrease/(increase) in debtors									(682,564)	213,658
	Increase in creditors									1,490,640	239,820
	Defined benefit pension	scheme costs less				contributions		payable		(69,000)	(68,000)
	Defined benefit pension	scheme finance			cost					110,000	57,000
	Investments revaluation									(58,136)	(38,780)
	Net cash provided by/(used		In)	operating		activities
26.	Analysis ofcash and cash equivalents
										Group	Group
										2020	2019
										6	5
	Cash in hand									290,777	23,650
	Overdraft facility repayable on		demand								(1,075,193)
	Total cash and cash equivalents

			A(1		At 31
			January		December
			2020	Cash flowsf	2020 6
			6
Cash at bank and in hand			23,650	267,127	290,777
Bank overdrafts	repayable	on demand	(1,075,193)	1,075,193
Debt due within	1 year		(87,866)	1,514	(86,352)
Debt due after 1 year			(310,220)	46,562	(263,658)
Financeleases			(127,109)	26,381	(100,728)
Liquid investments				108,253	108,253

which is	disclosed. The informa	tion disclosed is at 31 December 2020.
Principal	actuarial assumptions	at the Balance sheet date (expressed as weighted	averages):
			At 31	Af 31
		December		December
			2020	2019
			'/o	96
Discount	rate		1AO	2.00
Future salary increases			3.85	3.35
Future pension increases			2.50	2.20
Rate of	CPI inflation
			At 31	At 31
		December		December
			2020	2019
			Years	Years
Mortality	rates (in years)
-for a male aged 65 now			22.9	22.8
-at 65 for a male aged 45 now			24.2	24.1
-for a female aged 65 now			25.0	24.9
-at 65fora female aged 45 now

							At 31	At 31
							December	December
							2020 f	2019 f
Discount rate +0.1%							806,000	449,000
Mortality assumption - 1 year increase							1,024,000	634,000
C PI rate +0.1%
The Group's share ofthe		assets in the scheme			was:
							At 31	At 31
							December	December
							2020f	2019
Equities							2,033,000	2,077,000
Other Bonds							846,000	900,000
Property							163,000	188,000
Cash and other liquid assets							49,000	33,000
Other Assets							ere,ooo	891,000
Total fair value ofassets
The actual return on scheme assets wasf206					000(2019- f370000).
The amounts recognised		in	the Consolidated	Statement of Financial		Activities	are as follows:
							2020	2019f
Current service	cost						(26,000)	(30,000)
Past service cost							(33,000)	(8,000)
Interest income							79,000	105,000
Interest cost							(90,000)	(123,000)
Administrative	expenses							(1,000)
Total amount	recognised		In the Consolidated		Statement ofFinancial
Activities

Pension commitments (	continued)	continued)
Movements in the present	value ofthe defined benefit obligation were as follows:
			2020f
Opening defined benefit obligation			4,590,000
Interest cost			90,000
Contributions by scheme	participants		4,000
Actuarial losses			448,000
Benefits paid			(261,000)
Current service cost			25,000
Past service costs			33,000
Closing defined benefit	obligation
Movements in the fair value ofthe Group's share ofscheme assets were as follows:
			2020
Opening fair value ofscheme assets			4,089,000
Expected return on assets			79,000
Actuarial gains			128,000
Contributions by employer			28,000
Contributions by scheme	participants		4,000
Benefits paid			(261,000)
Closing fair value ofscheme assets
Summary
		2020	2019
		5
Present value ofthe defined benefit obligation		(4,929,000)	(4,590,000)
Fair value ofscheme assets		4,067,000	4,089,000
Defined benefit pension	liability

payments	und	er non-cancellable operating lease	s as follows:
			Group	Group	Company	Company
			2020	2019	2020	2019
				5	5
Not later than		1 year	4,357	5,030	4,357	5,030
Later than	1 year and not later than 5years		4,095	8,228	4,095	8,228
				13258