OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

Page
Reference and administrative details ofthe Company, its Trustees and advisers 1-2
Trustees' report 3-21
Independent auditors'
report		 on the financial statements 22 - 25
Consolidated statement offinanclal activities 26 - 27
Consolidated balance sheet 28-29
Company balance sheet 30-31
Consolidated statement ofcash flows 32
Notes to the financial statements 33-72
IRONBRIDGE GORGE MUSEUM TRUST LIMITED IRONBRIDGE GORGE MUSEUM TRUST LIMITED IRONBRIDGE GORGE MUSEUM TRUST LIMITED IRONBRIDGE GORGE MUSEUM TRUST LIMITED IRONBRIDGE GORGE MUSEUM TRUST LIMITED IRONBRIDGE GORGE MUSEUM TRUST LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE
DETAILS OFTHE		 COMPANY, ITSTRUSTEES AND ADVISERS
FORTHE YEAR ENDED 31 DECEMBER 2021
Trustees G Adkins (resigned 28 July 2021)
D Brammer
RClowns (resigned 28 July 2021)
G Finchett
R Kenyon-Slaney,
Deputy Chairman
J Kidson
K iviackenzie,
Honorary		 Treasurer
ENichohon
C M Pemberton,
Chairman
LPotter
H Thome (appointed 28 July 2021)
Company registered
number 00918560
Charity registered
number 503717-R
Registered office Coalbrookdale
Telford
Shropshire
TF87DQ
Chief Executive Officer Nick Rails
Senior management Nick Rails, CEO
team Nick Booth, Collections & Learning Director (appointed 21 February 2022)
Gillian Crumpton,
Collections 8 Learning		 Director (resigned 31 July 2021)
Karen Device, Museum Development Director
Rory Hunter, Special Projects Director
Justin Toss, Visitor Engagement Director (resigned 31 December 2021)
Kirsty Vlemmiks,
Finance Director
David Wright,
Marketing		 Director (appointed 4January 2022)

Independent auditors WR Partners WR Partners
Chartered Accountants
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY26LG
Bankers Barclays Bank PLC
PO Box89
Shrewsbury
Shropshire
SY12WQ
Investment Managers Quilter Cheviot
8th Floor
2 Snow Hill
Birmingham
846GA

Strategic Report Strategic Report Strategic Report -Objectives and activities (continued)
Authenticity and Authority
-we INSPIRE To engage and inspire our audiences
in a way that builds trust,		 we must be authentic.
The stories we tell ofthe Ironbridge
Gorge will continue to be supported
by		 thorough
research that ensures their historical accuracy, as well as providing engaging detail.
As a leading
independent
museum
in a World Heritage Site, we have a responsibility
to be an authority
on the international
story cfour industrial,
social and economic past.
Itisa responsibility
that we welcome
in every aspect ofour work.
Community and Place
—we INVOLVE The UNESCO World HeMage Site designation
for Ironbridge
is		 important. Byworking
with and involving
partners,
we will retain the historic integrity of Ironbridge.
Unlike many other historic estates, which are frozen
in time, the Ironbridge		 Gorge is a
thriving
community,
alongside
which the museums
and mcnuments		 are situated.
This presents
an opportunity.
We are a key part ofthe tourism
and		 cultural economy
and we will work alongside
partner organisations
to strengthen		 the economic benefit
for local businesses.
We will develop strong
links as part ofthe local communities
with individuals,
organisations
and public sector bodies to improve engagement		 and pride
in		 the
significance ofthe Gorge.
The Trust will take a lead and work with these partners to improve the pride and
sense ofplace.
Invention and Experimentation
—we INNOVATE Ironbridge
is a place where
industrial
entrepreneurs
experimented
and innovated.
Transformation
and vision are part ofour local history.
The Museum
is a part ofthis continuing
story of innovation
and		 will embrace this
willingness
to experiment
and be bold and rise to the challenges		 ahead of us.
Our Strategic Priorities: Protecting our past, looking to our future
Bringing to life the voices ofthe past
Community,
place and partners
Quality visitor experience
Our staff and volunteers
Caring for environment
Financial resilience

Aedll Henieegee HR, wetthre & celleclieee evetcpmeet yiemm Heekh & uerleghg Heekh & uerleghg oiveruty,
& Reemeeregoe &teeming Safely &&dec lhcleeivay &
hyeeeetehlp RIBlhmece
D Br enmer
G Flcchelt
RKedr cnaletvy
J Kidvcc
Kueckehzle
Ergchchch
cu r ecsench
LPeter
HThcme

Restricted
funds		 Unrestricted Restricted 8
funds subtotal		 Endow-
ment
funds		 Total
funds		 Total
funds
2021 2021 2021 2021 2021 2020
Note 6 8 8
Income and
endowments
from:
Donations
and
legacies		 3 472,643 4,682,349 5,154,992 410,750 5,565,742 4,836,870
Charitable
activities		 1,849,430 1,849,430 1,849,430 1,156,I49
Other trading
activities:
Rent receivable 171,309 171,309 171,309 I46,095
Trading
activities		 1,325,757 1,325,757 1,325,757 829,261
Investments 6 23,993 28 24,021 24,021 'f1,'i41
Otherincome 7 284,000
Total income
and		 4~96636 8~028873 8525 509 410750 8936259 7263515
endowments
Expenditure on:
Raising funds:
Fundraising
&
publidty
costs		 548,779 548,779 548,779 113,482
Trading costs 1,217,674 1,217,674 1,217,674 1,092,272
Charitable
activities		 9 612,154 5,344,381 5,956,535 5,956,535 5,249,649
Total ~612154 ~71t0834 ~7722988 ~77
expenditure
Net income I
(expenditure) (115,518) 918,039 802,521 410,750 1,213,271 808,113
carried forward

CONSOLIDATED STATEteENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED STATEteENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED STATEteENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED STATEteENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED STATEteENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED STATEteENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED STATEteENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED STATEteENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND INCOME AND INCOME AND
EXPENDITURE ACCOUNT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Restricted
funds		 Unrestricted
funds		 Restricted 8
Unrestricted
funds
subtotal		 Endow-
ment
funds		 Total
funds		 Total
funds
2021 2021 2021 2021 2021 2020
Note
Net Income I
(expenditure) (115,518) 918,039 802,521 410,750 1,213,271 808,113
brought
forward
Transfers 22 196,435 196,435 (196,435)
between funds
Net movement in
funds before 80,917 918,039 998,956 214,315 1,213,271 808,113
other recognised
gains I(losses)
Other
recognised
gains I(losses):
Actuarial (losses)
/ gains on defined
benefit pension		 28 544,000 544,000 544,000 (320,000)
schemes
Other gains $,885 9,885 119,523 129,408 17,107
Net movement in
funds
Reconciliation of
funds:
Total funds
brought
forward		 37,309,298 1,084,974 38,394,272 833,861 39,228,133 38,722,913
Net movement
funds		 in 90,802 1,462,0391,552,841 333,838 1,886,679 505,220
Total funds
carried forward		 ~6 4~111 512
The Consolidated Statement of Financial ActiviTies includes ag gains and losses recognised in the year.

CONSOLIDATED CONSOLIDATED BALANCE SHEET
AS AT 31DECEMBER2021
2021 2020
6
Fixed assets
Tangible assets 14 41,581,049 41,060,751
Investments 16 1,167,699 833,861
42,748,748 41,894,612
Current assets
Stocks 17 120,487 110,588
Debtors 18 733,387 889,027
Investments 19 446,788 108,253
Cash at bank and in hand 305,113 290,777
1,605,775 1,398,545
Creditors: amounts falling due within one
year 20 (2,138,505) (2,873,842)
Net current liabilities (532,730) (1,475,197)
Total assets less current liabilities 42,216,018 40,419,415
Creditors: amounts falling due after more
than one year 21 (761,206) (329,282)
Net assets excluding pension liability 41,454,812 40,090,133
Defined benefit pension scheme liability 28 (340,000) (862,000)
Total net assets ~~5122

CONSOLIDATED CONSOLIDATED BALANCE SHEET (CONTINUED) BALANCE SHEET (CONTINUED) BALANCE SHEET (CONTINUED)
AS AT 31DECEMBER2021
2021 2020
Note 6
Charity funds
Endowmentfunds 22 1,167,699 833,861
Restricted funds:
Restricted funds - cash & current
investments 22 453,097 342,472
Restricted funds - fixed assets 22 36,947,003 36,966,826
Total restricted funds 37,400,100 37,309,298
Unrestricted
funds
Unrestricted
funds		 excluding pension liability 22 2,887,013 1,946,974
Pension reserve 22 (340,000) (862,000)
Total unrestricted funds 22 2,547,013 1,084,974
Total funds

COMPANY BALANCE SHEET
AS AT 31 DECEMBER2021
2021 2020
Note 6
Fixed assets
Tangible assets 14 41,581,049 41,060,751
Investments 16 1,374,398 1,040,560
42,955,447 42,101,311
Current assets
Stocks 17 2,809 4,530
Debtors 18 731,922 886,427
Investments 19 446,788 108,253
Cash at bank and in hand 149,109 234,433
1,330,628 1,233,643
Creditors:
amounts		 falling due within one
year 20 (2,083,473) (2,914,693)
Net current liabilities (752,845) (1,681,050)
Total assets less current labilities 42,202,602 40,420,261
Creditors: amounts falling due after more
than one year 21 (761,206) (329,282)
Net assets excluding pension liability 41,441,396 40,090,979
Defined benefit pension scheme liability 26 (340,000) (862,000)
Total net assets ~41 101 95 MKZZLSZR

COMPANY COMPANY BALANCE SHEET (CONTINUED) BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
Note 2021f 2020
Charity funds
Endowmentfunds 1,167,699 833,861
Restricted funds:
Restricted funds - cash 22 453,097 342,472
Restricted funds —fixed assets 22 36,947,003 36,966,826
Total restricted funds 22 37,400,100 37,309,298
Unrestricted
funds
Unrestricted
funds		 excluding pension liability 22 2,$73,597 1,947,820
Pension reserve 22 (340,000) (862,000)
Total unrestricted funds 22 2,533,597 1,085,820
Total funds

2021 2020
Note 6
Cash flows from operating
activities
Net cash inflow from operating
activities		 25 857,001 1,684,699
Cash flows from investing
activities
Dividends,
interests
and rents from investments		 195,330 157,236
Proceeds from the sale oftangible fixed assets 254,000
Purchase cftangible fixed assets (1,000,542) (109,277)
Purchase of investments (542,965) (883,981)
Sale of investments 307,510
Nst cash used in investing
activities		 (1,348,177) (274,512)
Cash flows from financing
activities
Cash inflowe from new borrowing 572,000
Repayments
of borrowing		 (38,040) (41,487)
Repayments
offinance leases		 (28,448) (26,380)
Net cash provided
byi(used
in) financing		 activities 505,512 (67,867)
Change
in cash and cash equivalents		 ln the year 14,336 1,342,320
Cash and cash equivalents
at the beginning		 ofthe year 290,777 (1,051,543)
Cash and cash equivalents
atthe end of		 the year 26 'EEL11t~9()ZZL
The notes on pages 33to 72form part ofthese financial statements

Endowment Endowment Endowment Restricted Restricted Unrastdcted Total Total
funds funds funds funds funds
2021 2021
f		 2021
8		 2021
8		 2020
Donations
and Subscdiptions		 174,085 234,955 409,040 829,248
GM Aid 136,282 136,282 135,408
Arts Council Funding 1,315,850 1,315,850 936,181
Other Grants (see below) 298,558 2,995,262 3,293,820 2935,033
National
Lottery Heritage		 Fund 410,750 410,750
Total 2021
Total 2020
Other Grants
2021 2020
8 8
Arts Council England Culture Recovery Fund (CRF) Grant 1 - see below 1,460,000 400,000
Arts Council England Culture Recovery Fund (CRF) Grant 2 - see below 1,140,000
Coronavirus Job Retention Scheme Grant 344,280 970,934
Social Investment
Business		 Grant 228,000
Other Grants 121,540 494,899
Arts Council England (ACE) Emergency Response Fund Grant 500,000
Marches LEP Grant 230,000
Arts Council England Exceptional Circumstances Grant 199,200
Coronavirus Retail Hospitality and Leisure Fund Grant 140,000
~~2~ 2~33

4. Income from charitable activities
Unrestricted Total Total
funds funds funds
2021 2021 2020
6 2
Admissions 1,401,814 1,401,814 727,815
Other income 447,616 447,616 428,334
Total 2021
Total 2020 ~tt I 9~ra&

Unrestricted Total Total
funds funds funds
2021
6		 2021
6		 2020f
Rents receivable 171,309 171,309 146,095
Total2021
Total 2020

Unrestri cted Total Total
funds funds funds
2021f 2021
8		 2020
Trading income - The Ironbridge Gorge Trading Company 1,325,757 1,325,757 829,261
Limited
Total 2021 ~~GZ. ~1328~11 -82E28L
Total 2020
Investment income
Restricted Unrestricted Total Total
funds funds funds funds
2021 2021 2021 2020
8 8 8
Investment income - dividends 23,993 23,993 11,132
Investment income —interest 28 28
Total 2021
Total 2020		 uu2~~41

Unrestricted Total Total
funds funds funds
2021 2021 2020
8
Direct Costs 400,292 400,292 78,245
Support Costs 148,487 148,487 35,237
Tote I2021 ~scs~usl ~tf d 2
Total 2020 482 ~sez

Unrestricted Total Total
funds funds funds
2021 2021f 2020
Ironbridge Gorge Trading Company Limited - Expenditure 740,520 740,520 466,544
Ironbridge Gorge Trading Company Limited - Staff Costs 477,154 477,154 625,726
Total 2021 ~Iv2 ~~22a~12272
Total 2020 ~1272 ~1)2222

Restricted Unrestricted Total Total
funds funds funds funds
2021 2021f 2021f 2020
Charitable Activities - Museum &Visitor
Operations 612,154 5,344,381 5,956,535 5,249,649
Tots I2021 ~~xL ~B~L1.~ISL535~2%0df
Total 2020 ~IUU2. ~2721 ~249~

Activities
undertaken Support Total Total
directly costs funds funds
2021f 2021
6		 2021
6		 2020
Charitable Activities - Museum 8 Visitor 4,170,586 1,785,949 5,956,535 5,249,649
Operations
Total 2021 ~L556.~~B.~I~5~6 ~249~
Total 2020
Analysis ofdirect costs
Total Total
Trust funds funds
2021 2021 2020
6 6
Stafcosts 2,072,812 2,072,812 1,982,666
Depreciation 480,246 480,246 464,I81
Museum &Visitor Operations 1,617,528 1,617,528 1,147,993
Total 2021
Total 2020 ~riKall ~3594

Total Total
Trust funds funds
2021
6		 2021
6		 2020f
Pension cost on FRS102pension 11,000 11,000 I1,000
Staff costs 796,879 796,879 1,045,691
Motor and travel 36,106 36,106 21,775
Office expenses 203,666 203,666 24,988
Professional, insurance 8 bad debts 359,301 359,301 331,767
Governance costs 23,750 23,750 18,923
Finance 36,121 36,121 86,063
Sundry 319,126 319,126 134,622
Total 2021 ~~49 ~176~ I054609
Total 2020
11. Auditors'
remuneration
2021 2020
6 6
Fees payable
accounts		 to the company's auditor for the audit ofthe Group's annual ~89lL~QQ

Group Group Company Company
2021
f		 2020 2021 2020
Wages and salaries 3,054,920 3,356,598 2,579,071 2733,435
Social security costs 211,644 205,979 210,339 203,414
Pension costs 80,281 91,508 80,281 91,508
Group Group Group
2021 2020
No. No.
Employees
The number of employees whose employee benefits (excluding employer pension costs) exceeded
660,000was:
Gmup Group
2021 2020
No. No.
In the band 660,001 -270,000
In the band 280,001 -f90,000

14. Tangible fixed assets
Group
Development
6restoration		 Fixtures,
fittings,
Freehold ofhistoric plant and
property
f		 exhibits
f		 equipmentf Totalf
Cost or valuation
At 1 January 2021 167,981 42,634,484 3,247,387 46,049,852
Additions 8,000 815,282 17a,28o 1,000,542
Disposals (193,077) (193,077)
At 31 December 2021 173,981 43,449,766 3,233,570 46,857,317
Depmciation
At 1 January 2021 2,632,191 2356,910 4,989,101
Charge for the year 286,259 taa,aao 480,245
On disposals (193,078) (193,078)
At 31 December 2021 2,918,450 2,357,818 5,276,268
Net book value
At 31 December 2021
At 31December 2020 ~f 4/~02 293 JISILgZZ ~fgg~71

Development
&restoration
Freehold ofhistoric Fixtures and
property exhibits fittings Total
5 8 5 5
Cost orvaluation
At 1 January 2021 167,981 42,834,484 3,160,868 45,983,333
Additions 6,000 815,282 179,260 1,000,542
Dispossh (193,077) (193,077)
At 31 December 2021 173981 43449788 3)147y051 46770798
Depreciation
At 1 January 2021 2,632,191 2,270,391 4,902,582
Charge for the year 286,259 193,986 480,245
On disposals (193,078) (193,078)
At 31 December 2021 2,918,450 2,271,299 5,189,749
Net book value
At 31 December 2021
At 31December 2020

Listed
investments
Group 6
Cost orvaluation
At 1 January 2021 833,861
Additions 439,933
Transfer to current asset investments (225,618)
Revaluations 119,523
At 31 December 2021
Investments
In
subsidiary Listed
Company companies mvestments
6		 Totalf
Cost orvaluation
At 1 January 2021 206,699 833,861 1,040,560
Additions 439,933 439,933
Transfer to current asset investments (225,618) (225.618)
Revaluations 119,523 119.523
At 31 December 2021

Principal su bsidiaries bsidiaries bsidiaries bsidiaries
The following was a subsidiary undertaking of the Company:
Name Company Principal acgivity Holding Included in
number consolidation
The Ironbridge Gorge Trading 01343616 The retailing of 100% Yes
Company
Limited		 Museum giftware and
souvenirs, the
provision of catering
services and
Conference &
Banqueting services
The financial results of the subsidiaries for the year were:
Names income
6		 Expenditure 6 Profit/(Loss)
ISurplus/		 Net assets
6
(Deficit) for
the year
6
The Ironbridge Gorge Trading 1,397,413 1,383,151 14,262 220,861
Company
Limited
Investments - Endowment
2021 2020
6
Clothworkers' Company -Costume Endowment 60,661 54059
Lady Labouchere - Rosehill Endowment 74,441 67,593
National
Lottery		 Heritage Fund (NLHF) 884,717 580, 114
Lady Elton 5,862 5,33'I
Education
Fund		 41,347 36,890
Heritage Conservation Fund 100,731 89,874

Listed Investments Listed Investments
2021 2020
6 5
UK 1,167,699 833,851
17. Stocks
Group Group Company Company
2021 2020 2021 2020
8 6 5
Consumable stores 2,809 4,530 2,809 4,530
Finished goods for resale 117,678
~24L		 106,058
~1rnr~a~4
18. Debtors
Group Group Company Company
2021 2020 2021
6		 2020
f
Due within one year
Trade debtors 24,103 12,194 22,642 9,598
Other debtors - see below 415,079 799,179 415,075 799,175
Prepayments snd accrued income 294,205 77,654 294,205 77,654
Group Group Company Company
2021 2020 2021 2020
Listed investments 6
~LZSIL		 5
~OL253.~6628k		 ~L253.
Page 55

Group Group Company Company
2021 2020 2021 2020
8
Bank loans 109.939 45,770 109,939 45,779
Other loans 40,573 40,573
Trade creditors 502,424 284,096 445,344 236,279
Amounts
owed to group undertakings		 71,204 142,119
Other taxation and social security 54,052 52,450 54,052 52,450
Obligations
under finance lease and hire
purchase
contracts		 35,105 35,104 35,105 35,104
Other creditors 93,241 104,552 73,241 64,552
Accrue ls 824,574 674,833 775,418 641,362
Deferred income 519,170 1,636,455 519,170 1,636,455
~ML505~~~ 2I~47 ~224J)g
Group Group Company Company
2021f 2020
f		 2021
6		 2020
f
Deferred income at 1 January 2021 1,636,455 292,760 1,636,455 292,760
Resources deferred during the year - see
below 519,170 1,636,455 519,170 1,636,455
Amounts
released		 from previous periods (1,836,455) (292,760) (1,636,455) (292,760)

Group Group Company Company
2021 2020 2021 2020
6 6
Bank loans 558,576 92724 558,576 92,724
Other loans 185,455 f70,934 165,455 170,934
Net obligations under finance lease and hire
purchase
contracts		 37,175 65,624 37,175 55,824
lll172 ~9282 781 2M ~3292

NOTES TOTHE FINANCIAL STATEMENTS NOTES TOTHE FINANCIAL STATEMENTS NOTES TOTHE FINANCIAL STATEMENTS NOTES TOTHE FINANCIAL STATEMENTS NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
22. Statement offunds
Statement offunds -current year
Balance at
Balance at 1 31
January Transfers Gains/ December
2021 Income Expenditure in/out (Losses) 2021
6 6 6 6 6
Unrestricted
funds
Designated
funds
Designated
Funds - all funds		 30000 ~30 00
General funds
General
Funds - ag funds 1,916,974 8,028,873 (7,088,834) 2,857.013
Pension reserve (862,000) (22,000) 544,000 (340,000)
1,054,974 8,028,873 (7,110,834) 544,000 2,517,013
Total
Unrestricted
funds		 1,084,974 8,028,873 (7,110,834) 544,000 2,547,013
Endowment
funds
Fixed asset
investments		 633861~~7$ ~196000 ~119 0 ~tu3

22. Statement offunds (continued)
Restricted funds—
Current Asset
Investment
Funds
Heritage Lottery
Endowment 43.794 225,618 s,670 27s,aaf
MOG Roof 60,109 13.500 2,425 76,034
Flood appeal 79,532 80,974
Other funds 4,350 10,000 33a 14,68a
Restricted funds
—Cash
Heritage
Conservason
Fund 2,961 (2,961)
Education fund 36,584 11213 (9,503) 28,294
Coalbrookdale
Projects 10,000 (10,000)
Clothing the
Working
Man		 1,784 (16,153) 16,276
Rosehill Fund (2,591) 1,738 (17,600) (tsA53)
Friends of
Ironbridge
Gorge
Museum 9,517 9,547
M 5 J Darby
Fund 5,575 125 5,700
Heritage Lottery
Endowment 29,658 137,086 (225,618) (29,183) (88,057)
MOG
Refurbishment 13,500 43,861 (58.050) (13,500) (14,189)
Rood Appeal 79,532 3,349 P9,532)
Blists Hill Project 280,650 (260,400) 20,250
Other funds 21,799 23,825 (2,076)
342/72 498,636 (331,931) (63,965) 9,885 453,097

22. Statement offunds (continued) Statement offunds (continued)
Restricted
funds - Fixed
Assets
Blists Hill Project 10,287,019 (164,741) 280,400 10,362,678
Coalbrookdale
Projects 8,774,262 (57,494) 8,716,768
Other Property
Fund 8,874,765 8,874,765
Jackfield Project 7,413,568 7,413,568
Bedlam
Furnaces 1,017,606 (21,480) 996,126
Sidaway Legacy 650,621 (14,578) 636,043
Other Fixed
Assets 168,985 (21,930) 147,055
36,966,826 (280,223) 260,400 36,947,003
Total Restricted
funds 37,309,298 496,636 (612,154) 196,435 9,885 37,400,100
Total offunds ~IL22(L)23 ~L83WK ~&~),

22. Statement offunds (continued)
Statement offunds - prior year
Balance at
Balance et 31
1January Transfers Gains/ December
2020 Income Expenditure inyout (Losses) 2020
8
Designated
funds
Designated
Funds - allfunds		 80000 ~50 00 30000
General funds
General
Funds - all funds 1,069,S80 S,S23,S40 (5,885,793) 109,447 1,916,974
Pension reserve (501,000) (41,000) (320,000) (862,000)
568,680 6,623,640 (5,926,793) 't09,447 (320,000) 1,054,974
Total
Unrestricted 648,680 6,623,640 (5,925,793) 59,447 (320,000) 1,084,974
funds
Endowment
funds
Fixed asset
investments 307507 500257 17t&7 &730&t

22. Statement offunds (continuedj
Restricted
funds - Cash
Flood appeal 108,253 108,253
Otherfunds 111,000 (1,000) (100,000) 10,000
Education
fund		 60,522 1,487 (31,364) 30,645
Coalbrookdale
Projects 10,075 500 (5,000) 5,575
Clothing the
Working
Man		 31,520 36,687 (70,798) (2,591)
Rosehill Fund 7,500 66,109 (60,109) 13,500
Friends of
Ironbridge
Gorge Museum 14,844 (427) (4,900) 9,517
Heritage
Lottery
Endowment 44,668 (399) (43,794) 475
Flood Appeal 79,532 79,532
MOG
Refurbishment 173,803 2469 (176,272)
Heritage
Lottery
Fund for the
Future 5,849 406,783 (383,449) 29,183
Education
fund		 92,308 1,011 (56,735) 36,584
Other funds 36,019 (3,000) (11,850) 21,799
543,440 639,876 (269,197) (571,647) 342,472

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31DECEMBER 2021
22. Statement offunds (continuedj
Restricted
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
rnaces		 8,674,765 8,674,785
Jackfield Project 7,413,568 7,413,568
Bedlam
1,039,086 (21,480) 1,017,606
Sktaway Legacy 665,199 (14,578) 650,621
Other Fixed
Assets 188,039 (22,007) 2,953 168,985
37,223,286 (259,413) 2,953 36,966,826
Total Restricted
funds 37,768,728 639,876 (528,610) (568,694) 37,309,298
Total offunds ~722.9Q. 7253,5%M85~4 - ~EdfRR ~2(L133

Analysis ofnet assets between funds - curren t year
Restricted
Endowment Restricted funds - Fixe Unrestri cted Total
funds funds d Assets funds funds
2021 2021 2021 2021 2021
6 f. 6 5
Tangible fixed assets 36,947,003 4,634,046 41,581,049
Fixed asset investments 1,167,699 1,167,6SS
Current assets 453,097 1,152,678 1,605,775
Creditors due within one year (2,138,505) (2,138,505)
Creditors due in more than one
year P61,206) (761,206)
Pension liability (340,000) (340,000)

Analysis ofnet assets between funds - prior year
Restricted
Endowment Restricted funds - Fixed Vnrsstri cisd Total
funds funds Assets funds funds
2020f 2020f 2020 2020
5		 2020
5
Tangible fixed assets 36,966,826 4,093,925 4I,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
yeal' (329,282) (329,282)
Pension liability (862,000) (862,000)
Total

25. Reconcigation of net movement In funds to net cash flow from operating In funds to net cash flow from operating activities
Group Gmup
2021f 2020f
Net income forthe year (as per Statement of Financial Activities) 1,213,271 808,113
Adjustments
for:
Depreciation
charges		 480,245
Dividends,
interests		 and rents from investments (195330) (157238)
Loss/(profit)
on the		 sale offixed assets (283,600)
Decrease/(increase) In stocks (9&899) 45,195
Decrease/(increase) in debtors 155,640 (882,584)
Increase/(decrease) in creditors (808,926) 1,480,840
Defined benefit pension scheme costs less contributions payable 22,000 41,000
Other non-cash movements (41,029)
Net cash provided by operating activities
26. Analysis ofcash and cash equivalents
Group Group
2021 2020
8
Cash in hand 305,113 290,777
Total cash and cash equivalents

At 1 At 31
January December
2021 Cash flows 2021
5 8
Cash at bank and in hand 290,777 14,336 305,113
Debt due within 1 year (86,352) (23,587) (109,939)
Debt due aRer 1 year (263,658) (460,373) (724.031)
Finance leases (100,728) 28,448 (72,280)
Liquid investments 108,253 338,535 446,786
~ci~17 @~12~t ~14~)

which is disclosed.
The inform		 ation
disclosed is at 31 December 2021.
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
At 31 Af31
December December
2021 2020
Discount rate 1.80 1.40
Future salary increases 4.05 3.05
Future pension increases 2.90 2.50
Rate ofCPI inflafion
At 31 At 31
December December
2021 2020
Years Years
Mortality rates (in years)
-for a male aged 65now 23.0 22.9
-al 65fora male aged 45now 24.3 24.2
-for a fernale aged 65now 25.1 25.0
-at 65for a female aged 45 now

Sensitivity
analysis
At 31 At 31
December December
2021 2020
Discount rate +0.1% 286,000 806,000
Mortality
assumption		 - I year increase 500,000 1,024,000
CPI rate +0.1%
The Group's share ofthe assets in the scheme was:
At 31 Ar 31
December December
2021 2020
5 6
Equities 2,220,000 2,033,000
Other Bonds 826,000 846,000
Property 158,000 163,000
Cash and other liquid assets 97,000 49,000
Other Assets 1,095,000 976,000
Total fair value ofassets
The actual return on scheme assets was 5502,000 (2020- 5206,000).
The amounts
recognised		 in the Consolidated Statement of Financial Activities are as follows:
2021 2020
5
Current service cost (26,000) (25,000)
Past service cost (33,000)
Interest income 56,000 79,000
interest cost (67,000) (90,000)
Total amount recognised In the Consolidated Statement ofFinancial
Activities


payments
under non-csncegable
operating
lease		 s as follows:
Group Gmup Company Company
2021f 2020
f		 2021
f		 2020
f
Not later than 1 year 8,065 4,357 8,065 4,357
Later than 1 year and not later than 5years 24,856 4,095 4,095
Later than 5years 5,255 5,255