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|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe Company,|its Trustees and advisers||
|Trustees'<br>report||||2 —16|
|Independent|auditors'<br>report|on the financial statements||17—20|
|Consolidated|statement<br>offinancial activities|||21-22|
|Consolidated|balance sheet|||23-24|
|Company<br>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<br>&|||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<br>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||||||||||





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|||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||||||



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|||Restricted<br>funds|Unrestricted|Unrestricted<br>funds subtotal|Endow-<br>ment<br>funds|Total<br>funds|Total<br>funds|
|---|---|---|---|---|---|---|---|
|||2020|2020|2020|2020|2020|2019|
||Note|||||||
|Income and||||||||
|endowments||||||||
|from:||||||||
|Donations<br>and<br>legacies||628,744|4,208,128|4,836,870||4,836,870|1,725,552|
|Charitable<br>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<br>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<br>and||~639876|6623640|7263516||~72<br>516|5818615|
|endowments||||||||
|Expenditure<br>on:||||||||
|Raising funds:||||||||
|Fundraising<br>&<br>publicity costs|||113,482|113,482||113,482|250,022|
|Trading costs|||1,092,272|1,092,272||1,092,272|990,587|
|Charitable<br>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)<br>carried forward||111,266|696,847|808,113||808,113|(734,222)|





## 

## 

||||Restricted<br>funds|Unrestricted<br>funds|Restricted<br>&<br>Unrestricted<br>funds<br>subtotal|Restricted<br>&<br>Unrestricted<br>funds<br>subtotal|Endow-<br>ment<br>funds|Total<br>funds|Total<br>funds|
|---|---|---|---|---|---|---|---|---|---|
||||2020|2020|2020||2020|2020|2019|
|||Note||||||||
|Net income I||||||||||
|(expenditure)|||111,266|696,847|808,113|||808,113|(734,222)|
|brought<br>forward||||||||||
|Transfers||22|(568,694)|59,447|(509,247)||509,247|||
|between<br>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<br>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<br>forward|||37,766,726|648,680|38,415,406||307,507|38,722,913|39,235,250|
|Net movement<br>funds|in||(457~28)|436,294|(21,134)||526,354|505,220|(513,337)|
|Totalfunds<br>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<br>1|





## 

||||||(A|company<br>limited|company<br>limited|company<br>limited|by guarantee)|by guarantee)||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||CONSOLIDATED||||BALANCE||SHEET (CONTINUED)|||||||
|||||FOR|THE YEAR ENDED 31 DECEMBER 2020|||||||||||
||||||||Note|||2020f||||2019f||
|Charity funds||||||||||||||||
|Endowment<br>funds|||||||22|||833,861||||307,507||
|Restricted funds:||||||||||||||||
|Restricted funds -|cash||||||22||342,472|||543,440||||
|Restricted<br>funds -|fixed|assets|||||22|36,966,826||||37,223,286||||
|Total restricted funds|||||||22|||37,309,298||||37,755,725||
|Unrestricted<br>funds||||||||||||||||
|Unrestricted<br>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<br>with|||the requirements||ofthe|Act with respect||to|
|accounting<br>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<br>limited|(A company<br>limited|(A company<br>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<br>funds||||||||||
|Unrestdicted<br>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<br>activities||||||
|Net cash flow from operating<br>activities|||25|1,667,592|(145,544)|
|Cash flows from investing<br>activities||||||
|Dividends,<br>interests<br>and rents from investments||||157,236|188,809|
|Proceeds from the sale oftangible<br>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<br>activities||||(257,405)|(137,574)|
|Cash flows from financing<br>activities||||||
|Cash inflows from new borrowing|||||358,347|
|Repayments<br>of borrowing||||(41,487)|(93,962)|
|Repayments<br>offinance leases||||(26,380)||
|Net cash (used In)lprovided<br>by financing||activities||(67,867)|264,385|
|Change<br>in cash and cash equivalents|In|the year||1,342,320|(18,833)|
|Cash and cash equivalents<br>at the beginning<br>Cash and cash equivalents<br>atthe end of||ofthe year<br>the year|26|(1,051,543)<br>(1,032710)<br>~S~~f)~3||
|The notes on pages 28to67form part ofthese financial statements||||||





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





## 

## 

## 

||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2020f|2020<br>f|2019<br>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||





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## 

## 

||||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<br>5|2020<br>K|2020<br>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||





## 

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## 

## 

||||Activities||||
|---|---|---|---|---|---|---|
||||undertaken|Support|Total|Total|
||||directly|costs|funds|funds|
||||2020<br>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<br>oo||
|11.|Auditors'<br>remuneration||||||||
||||||||2020<br>6|2019<br>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||





## 

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|Group|Group|
|---|---|
|2020|2019|
|No.|No.|



|Group|Group|
|---|---|
|2020|2019|
|No.|No.|



## 



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## 

|||Development|Fixtures,||
|---|---|---|---|---|
|||8 restoration|fittings,||
||Freehold|ofhistoric|plant and||
||property<br>6|exhibits<br>6|equipment<br>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|





## 

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## 

|||Development|||
|---|---|---|---|---|
|||8 restoration|||
||Freehold|ofhistoric|Fixtures||
||properly6|exhibits<br>6|and fittings<br>6|Total<br>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<br>6||Expenditure||||f|Profit/(Loss)<br>for the year|Net|assets<br>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<br>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<br>6|2019f|
||UK|||||833,861|126,172|
||Overseas||||||181,335|
|||||||~333i51~~707||
|17.|Stocks|||||||
||||Group||Group|Company|Company|
||||2020f||2019<br>f|2020<br>f|2019|
||Consumable<br>stores||4,530||2,082|4,530|2,962|
||Finished goods for resale||106,058<br>~aa|152,801<br>~57||~rer|~lfr|
|18.|Debtors|||||||
||||Group||Group|Company|Company|
||||2020<br>6||2019<br>f|2020|2019<br>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<br>6<br>~h253.||2019<br>f|2020<br>F|2019|





## 

## 

## 

## 

## 

|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2020f|2019|2020<br>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<br>owed to group undertakings||||142,119|222,795|
|Other taxation and social security||52,450|49,463|52,450|49,453|
|Obligations<br>under 5nance lease and hire||||||
|purchase<br>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<br>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<br>released<br>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|





## 

## 

|22.|Statement offunds|||||||
|---|---|---|---|---|---|---|---|
||Statement offunds|- current year||||||
||||||||Balance at|
||Balance at 1||||||31|
|||January|||Transfers|Gains/|December|
|||2020<br>5|Income<br>6|Expenditure|inloutf|(Losses)<br>5|2020<br>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<br>fund||||108,253|108,253|
|Coalbrookdale||||||
|Projects|111,000||(1,000)|(100,000)|10,000|
|Clothing the||||||
|Working<br>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<br>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<br>Lottery||||||
|Fund tor the||||||
|Future|5,849|406,783||(383,449)|29,183|
|Education<br>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<br>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<br>funds|||~92 048|~747223|~0494 491||103000|048080|
|Endowment|||||||||
|funds|||||||||
|Endowment|||||||||
|3<br>d<br>-|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<br>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<br>fund||||92308|92,308|
|Other funds|78,440|21,343|(19,861)|(43,903)|36,019|
|Heritage||||||
|Conservation||||||
|Fund||||173,803|173,803|
|Heritage<br>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<br>funds|~37865|Tt 302|~358348|~18 357||37766 726|
|T I<br>I ff<br>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<br>5|2019||2019<br>5|2019f|2019<br>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<br>income/expenditure|for the||period|(as per||Statement||of Financial|||
||Activities)|||||||||||
|||||||||||808,113|(734,222)|
||Adjustments<br>for:|||||||||||
||Depreciation<br>charges|||||||||464,180|468,527|
||Gains on sale ofinvestments||||||||||23,921|
||Dividends,<br>interests<br>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)<br>in debtors|||||||||(682,564)|213,658|
||Increase<br>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<br>revaluation|||||||||(58,136)|(38,780)|
||Net cash provided<br>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<br>facility repayable<br>on||demand||||||||(1,075,193)|
||Total cash and cash equivalents|||||||||||





## 

## 

## 

## 

||||A(1||At 31|
|---|---|---|---|---|---|
||||January||December|
||||2020|Cash flowsf|2020<br>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.<br>The informa|tion<br>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<br>f|2019<br>f|
|Discount rate +0.1%|||||||806,000|449,000|
|Mortality<br>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<br>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<br>(|continued)|continued)||
|---|---|---|---|
|Movements<br>in the present|value ofthe defined benefit obligation were as follows:|||
||||2020f|
|Opening<br>defined benefit obligation|||4,590,000|
|Interest cost|||90,000|
|Contributions<br>by scheme|participants||4,000|
|Actuarial<br>losses|||448,000|
|Benefits paid|||(261,000)|
|Current service cost|||25,000|
|Past service costs|||33,000|
|Closing defined benefit|obligation|||
|Movements<br>in the fair value ofthe Group's share ofscheme assets were as follows:||||
||||2020|
|Opening<br>fair value ofscheme assets|||4,089,000|
|Expected return on assets|||79,000|
|Actuarial gains|||128,000|
|Contributions<br>by employer|||28,000|
|Contributions<br>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<br>operating<br>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|||



##