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##
|||||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||
##
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|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|||||
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||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||||||||||
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|LPeter||||||||||
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||||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||||||
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||||||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||
##
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##
||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||||||
||**Fu**nd
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||
##