2022-12-31-accounts - Ironbridge Gorge Museum Trust Limited

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				Page
Reference and administrative		details ofthe Company,	its Trustees and advisers	1-2
Trustees' report				3-19
independent	auditors' report	on the financial statements		20 - 23
Consolidated	statement offinancial activities			24 - 25
Consolidated	balance sheet			26 - 27
Company balance sheet				28 - 29
Consolidated	statement ofcash flows			30
Notes tothe	financial statements			31-69

Trustees		EAppleby (appointed		27 July 2022)	27 July 2022)
		D Brammer
		G Finchett (resigned	27 July 2022)
		J Francis (appointed	27 July 2022)
		R Kenyon-Slaney, Deputy Chairman
		J Kidson
		M Kirk (appointed 27	July 2022)
		KMackenzie, Honorary		Treasurer
		E Nicholson
		C M Pemberton, Chairman
		L Potter (resigned 27	July 2022)
		H Thorne
		CWalker (appointed	27 July 2022)
Company	registered
number		00918560
Charity registered
number		503717
Registered	office	Coalbrookdale
		Telford
		Shropshire
		TFB7DQ
Chief Executive Officer		Nick Rails
Senior management		Nick Rails, CEO
team		Nick Booth, Collections		&Learning	Director		(appointed		21 February 2022)
		Karen Device, Museum		Development		Director
		Rory Hunter, Estates,	Projects &Facilities				Director
		Abbie King, Chief Operating Officer			(appointed			1 September 2022)
		Kirsty Vlemmiks, Finance Director
		David Wright, Marketing		Director (appointed			4	January	2022)
		Jamie Watson, Interim		Visitor Engagement			Director (appointed			1 March 2022,
		resigned 31 July 2022)

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					Restricted &
			Restricted	Unrestricted	Unrestricted	Endow-	Total	Tofaf
			funds	funds	funds subtotal	ment funds	funds	funds
			2022	2022	2022	2022	2022	2021
		Note		6	8		5
Income and
endowments
from:
Donations and			4,086,615	1,474,964	5,561,579	3745.784	9,307,363	5,585,742
legacies
Charitable				2,425,755	2,425,755		2,425,755	1,849,430
activities
Other trading
activities:
Rent receivable		&	44,195	118,047	162,242		162,242	f71,309
fundraising
Trading activities				1,884,791	1,884,791		1,884,791	1,325,757
investments		6	44,288	177	44,465	56,895	101,360	24,021
Total income	and
endowments			~4175098	~5903734	~10078 832	~3802 679	~13881 511	8938259
Expenditure	on:
Raising funds:		7
Fundraising &				313,265	313,265		313,265	548,779
publicity costs
Trading costs				1,564,984	1,564,984		1,564,984	1,217,874
Charitable activities Totai expenditure		8	6,527,691 6 527 691	5,097,026 6975275	11,624,717 13502966		11,624,717 13662 666	5,958,535 2 222688.
Net incomef
(expenditure)
carried forward			(2,352,593)	(1,071,541)	(3424,134)	3802,679	378,545	1,213,271

					Restricted 8
			Restricted	Unrestricted	Unrestricted	Endow-	Total	Total
			funds	funds	funds subtotal	ment funds	funds	funds
		Note	2022f	2022 f	2022 f	2022 f	2022f	2021f
Net incomel
(expenditure)			(2,352,593)	(1,071,541)	(3,424,134)	3,802,679	378,545	1,213,271
carried forward
Transfers
between funds		21	(193,156)	(30,000)	(223,156)	223 156
Net movement
in funds before
other
recognised gains/(losses)			(2,545,749)	(1,101,541)	(3,647,290)	4025835	378,545	1,213,271
Other
recognised
gains/(losses):
Derecognition	of			(579,000)	(579,000)		(579,000)
pension surplus
Actuarial gains
on defined
benefit pension		27		936,000	936,000		936,000	544,000
schemes
Other			(24,356)		(24,356)	(75,770)	(100,126)	120,408
(losses)/gains
Net movement
in funds
Reconciliation
offunds:
Total funds
brought forward		21	37,400,100	2 547013	39947113	1,167,699	41 114812	30228 133
Net movement
in funds			(2,570,105)	(744,541)	(3,314,646)	3g50 065	635,419	1,886,679
Total funds carried forward			~fJ)2L99K~g~		~L63~		2 1	~1~822
The Consolidated		Statement of Financial		Activities includes	all gains and losses recognised		in the year.

			CONSOLIDATED	BALANCE SHEET
			AS AT 31DECEMBER 2022
				2022		2021
			Note	F
Fixed assets
Tangible assets			13	37,458,415		41,434,400
Heritage assets				1,801,640		146,640
Investments			15	5,117,764		1,167,690
				44,377,819		42,748,748
Current assets
Stocks			16	132,358	120,487
Debtors			17	137,157	733,387
Investments			18	199,276	446,788
Cash at bank and	in hand			54,029	305,113
				522,820	1,605,775
Creditors; amounts	falling due within		one
year			19	(2,588,510)	(2, I38,505)
Net current liabilities				(2,065,690)		(532,730)
Total assets less	current liabilities			42,312,129		42,216,018
Creditors: amounts	falling due after		more
than one year			20	(561,898)		(761,206)
Net assets excluding		pension asset I
(liability)				41,750,231		41,454,812
Defined benefit pension		scheme asset I
(liability)			27			(340,000)
Total net assets				~jS}~21		41 114 12

					2022			2021
			Note					5
Charity funds
Endowment funds			21		5,117,764		1 167699
Restricted funds:
Restricted funds -	cash &current
investments			21	149,140		453,097
Restricted funds -	fixed assets		21	34,680,855		36,947,003
Total restricted funds			21		34,829,995		37,400,100
Unrestricted funds:
Unrestricted funds	excluding	pension asset/
(liability)			21	1,802,472		2,887,013
Pension asset/(liability)			21			(340,000)
Total unrestricted	funds		21		1,802,472		2,547,013
Tote I funds					41 75 2 1		41 11	12

		COMPANY	BALANCE SHEET
		AS AT 31	DECEMBER2022
			2022		2021
		Note			6
Fixed assets
Tangible assets			37,458,415		41,434,409
Heritage assets		14	1,801,640		146,640
Investments		15	5,324,463		1,374,398
			44,584,518		42,955,447
Current assets
Stocks		16	2,058	2,809
Debtors		17	135,841	731,922
Investments		18	199,276	446,788
Cash at bank and	in hand		14,815	149,109
			351,990	1,330,628
Creditors: amounts	falling due within one
year		19	(2,687,153)	(2,083,473)
Net current liabilities			(2,335,163)		(752,845)
Total assets less	current liabilities		42,249,355		42,202,602
Creditors: amounts	falling due after more
than one year		20	(561,898)		(761,206)
Net assets excluding		pension asset (
(liability)			41,687,457		41,441,396
Defined benefit pension		scheme asset I
(liability)		27			(340,000)
Total net assets					41Q)1~

			COMPANT	BALANCE	SHEET (CONTINUED)
			AS	AT 31DECEMBER 2022
					2022		2021
				Note
Charity funds
Endowment	funds			21	5,117,764		1,167,699
Restricted	funds:
Restricted	funds -	cash &current
investments				21	149,140	453,097
Restdicted	funds -	fixed assets		21	34,680,855	35,947,003
Total restricted funds				21	34,829,995		37,400,100
Unrestricted	funds:
Unrestricted	funds	excluding	pension asset/
(liability)				21	1,739,698	2,873,597
Pension asset/(liability)						(340,000)
Total unrestricted		funds		21	1,739,698		2,533,597
Total funds

					2022	2021
				Note
Cash flows from operating	activities
Net cash inflow/(outflow) from operating		activities		24	(895,574)	857,001
Cash flows from investing	activities
Dividends, interests and rents from investments					263,427	105,330
Purchase of tangible fixed assets					(208,717)	(1,000,542)
Purchase of investments					(56,895)	(542,965)
Net cash used in investing	activities				(2,185)	(1,348,177)
Cash flows from financing	activities
Cash inflows from new borrowing						572,000
Repayments of borrowing					(98,905)	(38,040)
Repayments offinance leases					(30,681)	(28,448)
Net cash (used in)/provided	by financing		activities		(129,586)	505,512
Change in cash and cash	equivalents	in	the year		(1,027,345)	14,336
Cash and cash equivalents	at the beginning		ofthe year		305,113	290,777
Cash and cash equivalents	at the end of		the year	25	~722.232)~Q~
The notes on pages 31 to 69 form part ofthese financial statements

					Restricted	Restricted
					funds - cash		Restricted
		Endowment			&current		funds- fixed			Unrestricted	Total	Total
			funds		investments			assets		funds	funds	funds
			2022		2022			2022		2022	2022	2021
						E			E	K	E	E
Telford Heritage
Foundation			3,745,784		250,000		3,314,000				7,309,784
National Lottery
Heritage Fund					202,967						202,96'7	4f0,750
Other Grants
(see below)					242,659					81,709	324,368	3,293,820
Donations and
Subscriptions					76,989					196,411	273,400	409,040
Gift Aid										167,125	167,125	136,282
Arts Council										1,029,719	1,029,719	1,315,850
Funding
Total 2022
Total 2021		~4~tt0~ 7~~n.JI4Z
Other Grants
											2022f	2021 E
Arts Council	England		Culture	Recovery Fund		(CRF)		Grant	1			1,460,000
Arts Council	England		Culture	Recovery Fund		(CRF)		Grant	2			1,140,000
Coronavirus	Job	Retention Scheme Grant										344,280
Social Investment		Business Grant										228,000
Other Grants											171,368	121,540
Arts Council	England		Museum		Estate & Development			Fund
(MEND) Grant											153,000
											324388	~292~

	Unrestricted	Total	Total
	funds	funds	funds
	2022	2022	2021
	6		5
Admissions	1,959,046	1,959,046	1,401,814
Other income	466,709	466,709	447,616
Total 2022	~5S55~5S0755		~t040 4 0
Total 2021

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2022 f	2022 8	2022	2021f
Rents receivable			118,047	118,047	171,309
Fundraising	events	44,195		44,195
Total 2022		~5055	~20705	~42 42	ttt 200
Total 2021			~72 4475~t7t 0

				Unrestricted	Total	Total
				funds	funds	funds
				2022	2022	2021
				E	E
Trading	income - The ironbridge	Gorge Trading	Company
Limited				1,884,791	1,884,791	1,325,757
Total 2022
Total 2021

		Endowment	Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds	funds
		2022	2022	2022	2022	2021
		E	E	E	E	E
Investment	income - dividends	56,895	44,288		101,183	23,993
Investment	income - interest			177	177	28
Total 2022 Total 2021			~23	~	~Jl2i

	Unrestricted	Total	Total
	funds	funds	funds
	2022f	2022 F	2021
Direct Costs	245,250	245,250	400,292
Support Costs	68,015	68,015	148,487
Total 2022
Total 2021	~dEZZR	~8~77

					Unrestricted	Total	Total
					funds	funds	funds
					2022	2022	2021
						E
Ironbridge	Gorge Trading	Company	Limited	- Expenditure	887,636	887,636	740,520
Ironbridge	Gorge Trading	Company	Limited	-Staff Costs	677,348	677,348	477,154
Total 2022					~54uI54.	~~@4.	12175Z4.
Total 2021

			Restricted	Unrestricted
			funds	funds	Total	Total
			2022	2022f	2022 6	2021
Charitable	Activities - Museum	&Visitor
Operations			1,317,418	5,097,026	6,414,444	5,956,535
Charitable	Activities - Fixed Asset impairment		5,210,273		5,210,273
Total 2022
Total 2021

			Activities
			undertaken	Support	Total	Total
			directly	costs	funds	funds
			2022	2022	2022	2021
			6	6	6	6
Charitable	Activities - Museum	&Visitor
Operations			4,243,364	2,171,080	6,414,444	5,956,535
Charitable	Activities - Fixed Asset impairment		5,210,273		5,210,273
Total 2022
Total 2021			~41705	~~~~JRuQS

			Total	Total
Analysis ofdirect costs			funds	funds
			2022	2021
			E
Staff costs			2,347,242	2072,812
Depreciation			497,566	480,246
Museum and Visitor Operations			1,251,070	1,617,528
Education costs			11,614
Loss on disposal offixed assets			135,872
Fixed Asset	Impairment		5,210,273
Total 2022			~94A5~	41Z0~
Analysis of	support costs
			Total	Total
			funds	funds
			2022 F	2021f
FRS102 pension cost			7,000	11,000
Staffcosts			994,318	706,879
Motor and travel			35,424	36,106
Office expenses			309,972	203,666
Professional,	insurance	& bad debts	448,026	359,301
Governance	costs		23,150	23,750
Finance			60,406	36,121
Sundry			292,784	319,126
Total 2022			~gf)0 ~17 59d9

10.	Auditors' remuneration
				2022	2021
				6	5
	Fees payable to the Trust's auditor for accounts	the audit ofthe Group's	annual	~tas	~140
11.	Staff costs
		Group 2022	Group 2021	Company 2022	Company 2021
		F	8	6	5
	Wages and salaries	3,634,219	3,054,920	2,958,986	2,579,071
	Social security costs	290,354	211,644	288,239	210,339
	Pension costs	94,335 4%00(	80,281 94,335 ~~5385. '~~		80,281 ~858~1

							Group	Group
							2022	2021
							No.	No.
Employees
The number	of employees	whose	employee	benefits	(excluding	employer	pension costs)	exceeded
F60,000was:							Group	Group
							2022	2021
							No.	No.
In the band 560,001 - F70,000 In the band 570,001 -f80,000
In the band 680,001 - 290,000

Group
		Development	Fixtures,
		&restoration	fittings,
	Freehold	ofhistoric	plant and
	property	exhibits	eguipment	Total
		6
Cost or valuation
At 1 January 2022	90,449	43,386,658	3,233,570	46,710,677
Additions	1,659,000	1,891	206,826	1,867,717
Disposals	(10,735)	(360,354)		(371,089)
At 31 December 2022	1,738,714	43,028,195	3,440,396	48,207,305
Depreciation
At 1 January 2022		2,918,450	2,357,818	5,276,268
Charge for the year		318,679	178,887	497,566
On disposals		(235,217)		(235,217)
Impairment charge		5,210,273		5,210,273
At 31 December 2022		8,212,185	2,536,705	10,748,890
Net book value
At 31 December 2022	~17~~3I~16 1		903691	~~~i
At 31December 2021	~Q,~~4se 208		~TT52~a~

Company
		Development
		&restoration
	Freehold	ofhistoric	Fixtures and
	propertyf	exhibits F	fittings	Total 5
Cost or valuation At 1 January 2022	90,449	43,386,658	3,147,051	46,624,158
Additions	1,659,000	1,891	206,826	1,867,717
Disposals	(10,735)	(360,354)		(371,089)
At 31 December 2022	1,738,714	43,028,195	3,353,877	48,120,786
Depreciation At 1 January 2022		2,918,450	2,271,299	5,189,749
Charge for the year		318,679	178,887	497,566
On disposals		(235,217)		(235,217)
Impairment charge		5,210,273		5,210,273
At 31 December 2022		8,212,185	2,450,186	10,662,371
Net book value At 31 December 2022	1~~71	~/~1910	~~581~~8~
At 31December 2021

Name					Company	Company	Principal	Principal		activity	activity		Holding	Included	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		ofthe subsidiaries			for the	year	were:
Names						Income		Expenditure					Profit/(Loss)		Net	assets
												6	for the	year
														E
The Ironbridge	Gorge		Trading		1,884,967				1,821,347				63,620		270,219
Company Limited
Investments -Endowment
														2022		2021
														6		8
Heritage Foundation Endowment Clothworkers' Company - Costume				Endowment									3,921,566 52,330			60,601
Lady Labouchere - Rosehill Endowment														64,250		74,441
National Lottery	Heritage Fund (NLHF)												951,873		884,717
Lady Elton Education Fund													5,060 35,702			5,862 41,347
Heritage Conservation			Fund										86,983		100,731
													5117764		1~f9k

		Group 2022 f.	Group 2021 f	Company 2022 F	Company 2021
Consumable	stores	2,058	2,809	2,058	2,809
Finished goods for resale		130,300 ~1'	117,678 t~87~2		~09.
Debtors
		Group 2022f	Group 2021	Company 2022	Company 2021f
Due within	one year
Trade debtors		18,292	24,103	16,980	22,642
Other debtors		78,524	415,079	78,520	415,075
Prepaymenis	and accrued income	40,341	294,205 7~8Z	40,341 294,205 135,841~1~

	Prepaymenis and accrued income	Prepaymenis and accrued income	40,341	294,205 7~8Z	40,341 135,841	294,205 ~1~
18.	Current asset investments
			Group 2022f	Group 2021 f	Company 2022 f	Company 2021
	I isted investments	(UK)		4~489	~L227	4~4

					Group	Group	Company	Company
					2022	2021	2022	2021
					5
Bank overdrafts					776,261		776,261
Bankloans					179,661	109,939	179,661	109,939
Trade creditors					410,251	502,424	360,019	445,344
Amounts owed	to	group undertakings					220,031	71,204
Other taxation	and	social	security		66,118	54,052	66,118	54,052
Obligations under		finance	lease and hire
purchase contracts					35,105	35,105	35,105	35,105
Other creditors					46,172	93,241	26,172	73,241
Accruals					439,278	731,964	388,122	682,808
Deferred income					635,664	611,780	635,664	611,780
					~MK530	2 %%505~Ji(ZJ.'i3		~((347
					Group	Group	Company	Company
					2022	2021	2022	2021
Deferred income at 1 January 2022					611,780	1,636,455	611,780	1,636,455
Resources deferred		during	the year		635,664	611,780	635,664	511,780
Amounts released		from previous		periods	(611,780)	(1,536,455)	(611,780)	(1,636,455)

	Group 2022f	Group 2021 f	Company 2022 6	Company 2021 f
Bank loans	385,333	558,576	385,333	558,576
Other loans	170,071	165,455	170,071	165,455
Net obligations under finance lease and hire purchase contracts	6,494 ~kMI	37,175 Zkkkkk	6,494 37,175 ~III!kk~kl 2

							Balance at 31
		Balance at 1			Transfers	Gains/	December
		January 2022	Income	Expenditure	in/out	(Losses)	2022
		6		6	6	6
Restricted funds—
Current asset
investments
Heritage Lottery Fund for the Future		275,091			(223,156)	(1,273)	50,662
MOG Roof		76,034				(10,222)	65,812
Flood appeal		80,974				(10,886)	70,088
Other funds		14,689				(1,975)	12,714
Subtotal		446,788			(223,156)	(24,356)	199,276
Restricted funds—
Cash
Heritage
Conservation	Fund		2,801	(442)	(16,542)		(14,183)
Education fund		28,294	1,147	(25,619)	(1,952)		1,870
Clothing the
Working Man		16,276	1,688	(12,045)			5,919
Rosehiil Fund		(18,453)	3,881				(14,572)
M &J Darby	Fund	5,700					5,700
Heritage Lottery
Fund for the Future		(88,057)	588,772	(799,506)			(298,791)
MOG Roof		(14,189)	20,179	(5,781)			209
Flood Appeal		3,349	2,341				5,690
Museum Estate &
Development	Fund
(MEND)			201,950		18,923		220,873
National Heritage
Memorial Fund
(NHMF)				(2,632)			(2,632)
Other funds		73,389	38,339	(64,352)	(7,595)		39,781
		453,097	861,098	(910,377)	(230,322)	(24,356)	149,140

							Balance at 31
		Balance at 1			Transfers	Gains/	December
		January 2022	Income	Expenditure	in/out	(Losses) '	2022
			K		8	6	6
Restricted
funds - Fixed
Assets
Blists Hill
Project - post	2009	10,362,678		(5,478,249)			4,884,429
Coalbrookdale
Projects		8,716,768		(81,494)			8,635,274
Blists Hill
development	of
exhibits - pre	2009	8,674,765					8,674,765
Jackfield Project		7,413,568					7,413,568
Bedlam Furnaces		996,126		(21,480)			974,646
Sidaway Legacy		636,043		(14,578)			621,465
Other Fixed
Assets		147,055		(21,513)			125,542
Ironbridge
Heritage
Foundation
Properties			3,314,000				3,314,000
Museum Estate &
Development					37,166		37,166
Fund (MEND)
		36,947,003	3,314,000	(5,617,314)	37,166		34,680,855
Total Restricted
funds		37,400,100	4,175,098	(6,527,691)	(193,156)	(24,356)	34,829,995
Total offunds		rLI2d~	~IL511~402aMS)

Statement o	ffund	s - prior year
		Balance at						Balance at
		1 January			Transfers	Gains'		31Decemtter
		2021f	Incomef	Expendituref	in/outf	(Losses) f		2021 f
Designated	funds
Designated
Funds - all funds		30000
General funds
General
Funds - all funds		1,916,974	8,028,873	(7,088,834)				2,857,013
Pension reserve		(862000)		(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		~633 Ot	476 736		~tw4	~tt	2	t~tt a

	Balance at					Balance at
	1 January			Transfers	Gains/	31December
	2021	Income	Expenditure	in/out	(Losses)	2021
	F	8	2		E
Restricted funds
—Current asset
investments
Heritage Lottery
Fund for the
Future	43,794			225,618	5,679	275,091
MOG Roof	60,109			13,500	2,425	76,034
Flood appeal				79,532	1,442	80,974
Other funds	4,350			10,000	339	14,689
Subtotal	108,253			328,650	9,885	446,788
Restricted funds
-Cash
Heritage
Conservation
Fund		2,961	(2,961)
Education fund	36,584	1,213	(9,503)			28,294
Clothing the
Working Man	30,645	1,784	(16,153)			16,276
Rosehill Fund	(2,591)	1,738	(17,600)			(18,453)
M &J Darby Fund	5,575	125				5,700
Heritage Lottery
Fund forthe
Future	29,658	137,086	(225,618)	(29,183)		(88,057)
MOG Roof	13,500	43,861	(58,050)	(13,500)		(14,189)
Flood Appeal	79,532	3,349		(79,532)		3,349
Other funds	41,316	304,519	(2046)	(270,400)		73,389
	342,472	496,636	(331,931)	(63,965)	9,885	453,097

		Balance at					Balance at
		1January			Transfers	Gainsf	31December
		2021 E	Income f	Expendifure	in/oui 2	(Losses) E	2021 f
Restricted
funds - Fixed
Assets
Blists Hill
Project - post	2009	10,267,019		(164,741)	260,400		10,362 678
Coalbrookdale
Projects		8,774,262		(57,494)			8,716,768
Blists Hill
development	of
exhibits - pre	2009	8,674,765					8,674,765
Jackfield Project		7,413,568					7,413,568
Bedlam Furnaces		1,017,606		(21,480)			996,126
Sideway 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	(612154)	196,435	9,885	37,400,100
Total offunds		~E22E233~IL259~~(E

		Restricted
		funds - cash	Restricted
	Endowment	tt cunent	funds - Fixed	Unrestricted	Total
	funds	investments	Assets	funds	funds
	2022 8	2022 f	2022 f	2022 f	2022f
Tangible fixed assets			34,680,855	4,579,200	39,260,055
Fixed asset investments	5,117,764				5,117,764
Current assets		149,140		373,680	522,820
Creditors due within one year				(2,588,510)	(2,588,510)
Creditors due in more than one				(561,898)	(581,898)
year Total		-14E3dg~~~~0~~5L233.
Analysis ofnet assets between	funds -prior year
		Restricted
		funds - cash 5	Reslricled
	Endos'mani	current	funds - Fixed	Vnrestricled	Total
	funds	investments	Assets	funds	funds
	2021	2021	2021	2021	2021f
Tangible fixed assets			36,947,003	4,634,046	41,581,049
Fixed asset investments	1,167,699				1,167,699
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				(761,206)	(761,206)
Pension liability				(340,000)	(340,000)

24.	Reconciliation ofnet movement in funds	to net cash	flow from operating	activities
				Group	Group
				2022	2021f
	Net income for the year (as per Statement of Financial Activities)			378,545	1,213,271
	Adjustments for:
	Depreciation charges			497,566	480,245
	Dividends, interests and rents from investments			(263,427)	(195,330)
	Loss on the disposal offixed assets			135,874
	Increase in stocks			(11,871)	(9,899)
	Decrease in debtors			598,230	155,640
	Decrease in creditors			(395,980)	(808,928)
	Defined benefit pension scheme costs less	contributions	payable	17,000	22,000
	Assets transferred in			(7,059,784)
	Fixed Asset impairment			5,210,273
	Net cash provided by/(used in) operating	activities		~QLb~r4	~KB(11
25.	Analysis ofcash and cash equivalents
				Group	Group
				2022	2021
				5
	Cash in hand			54,029	305,113
	Overdraft facility repayable on demand			(776,261)
	Total cash and cash equivalents			~~232),~Q~).

			At 1		At 31
			January		December
			2022	Cash flows	2022
				K	8
			6
Cash at bank and in hand			305,113	(251,084)	54,029
Bank overdrafts	repayable	on demand		(776,261)	(776,261)
Debt due within	1 year		(109,939)	(69,722)	(179,661)
Debt due after 1 year			(724,031)	168,627	(555,404)
Finance leases			(72,280)	30,681	(41,599)
Liquid investments			446,788	(247,512)	199,276
			~1~4~9	~1~~289 6220

which is	disclosed.	The informa	tion disclosed is at 31 December 2022.
Principal	actuarial	assumptions	at the balance sheet date (expressed as weighted	averages):
				At 31	At 31
			December		December
				2022	2021
Discount	rate			5.10	1.80
Future salary increases				3.95	4.05
Future pension increases				2.80	2.90
Rate of	CPI inflation
				At 31	At 31
			December		December
				2022	2021
				Years	Years
Mortality	rates (in	years)
-for a male aged		65 now		22.1	23.0
-at 65for a male		aged 45 now		23.4	24.3
-for a female aged 65 now				24.4	25.1
-at 65for a female aged 45 now

Sensitivity	analysis	analysis
				At 31	At31
				December	December
				2022	2021
				8
Discount rate +0.5%(2021:+0.1%)				(769,000)	286,000
Mortality assumption			- 1 year increase	(508,000)	500,000
CP I rate +0.25%(2021:+0.1%)				~49(0,~KAQQ
The Group's	share ofthe assets in the scheme was:
				At 31	Al 31
				December	December
				2022	2021
				E	5
Equities				2,013,000	2,220,000
Other Bonds				758,000	826,000
Property				144,000	158,000
Cash and other liquid			assets	12,000	97,000
Other Assets				1,061,000	1,095,000
Total fair value ofassets				~3sJlu	~439 00
The actual return		on scheme assets wasf348,000 (2021-8502 OOO).

			2022f	2021f
Current service cost			(22,000)	(26,000)
Interest income			78,000	56,000
Interest cost			(85,000)	(67,000)
Total amount recognised Activities	in the Consolidated	Statement ofFinancial	~29 QQQ)	~lgOOO

Pension commitments (continued)
Movements in the present value ofthe defined	benefit obligation	were as follows:	2022
			6
Opening defined benefit obligation			4,736,000
Interest cost			85,000
Contributions by scheme participants			3,000
Actuarial gains			(1,250,000)
Benefits paid			(187,000)
Current service cost			22,000
Closing defined benefit obligation
Movements in the fair value of the Group's share of scheme assets were as follows:
			2022
Opening fair value ofscheme assets			4,396,000
Expected return on assets			78,000
Actuarial (losses)/gains			(314,000)
Contributions by employer			12,000
Contributions by scheme participants			3,000
Benefits paid			(187,000)
Closing fair value ofscheme assets
Summary		2022	2021
		6
Present value ofthe defined benefit obligation		(3,409,000)	(4,736,000)
Fair value ofscheme assets		3,988,000	4,396,000
Defined benefit pension asset/(liability)

payments	und	er non-cancellable operating le	ases as follows:
			Group	Group	Company	Company
			2022	2021	2022	2021
			E		E.
Not later than		1 year	7,480	8,065	7,480	8,065
Later than	1 year and not later than 5years		22,431	24,656	22,431	24,656
Later than	5years		399 5,255 ~931IL~77		399 5,255 ~3310~7gl