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





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|Trustees||EAppleby<br>(appointed||27 July 2022)|27 July 2022)||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||D Brammer|||||||||
|||G Finchett (resigned|27 July 2022)||||||||
|||J Francis (appointed|27 July 2022)||||||||
|||R Kenyon-Slaney,<br>Deputy Chairman|||||||||
|||J Kidson|||||||||
|||M Kirk (appointed<br>27|July 2022)||||||||
|||KMackenzie,<br>Honorary||Treasurer|||||||
|||E Nicholson|||||||||
|||C M Pemberton,<br>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,<br>Estates,|Projects &Facilities||||Director||||
|||Abbie King, Chief Operating<br>Officer|||(appointed|||1 September 2022)|||
|||Kirsty Vlemmiks,<br>Finance Director|||||||||
|||David Wright,<br>Marketing||Director (appointed|||4|January|2022)||
|||Jamie Watson,<br>Interim||Visitor Engagement|||Director (appointed|||1 March 2022,|
|||resigned<br>31 July 2022)|||||||||





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||Audit|Rominalon|RR, Welfare e Colleobons|RR, Welfare e Colleobons|Onioiopment|Finance|Iteatth S hhrhsting|Iteatth S hhrhsting|Cimrsty,|Eneronmentsl|
|---|---|---|---|---|---|---|---|---|---|---|
|||It|Remureratlnn|a Leamine|||Safety|aSales|Inrdusivity||
|||hlemhe nb ip|||||||a<br>Relemn ca|Sustainahility|
|EApyhtb|||||||||||
|O Eramnm|||||||||||
|G Firohstt|||||||||||
|J Franc's|||||||||||
|RIrenycnalsrey|||||||||||
|J Kdscn|||||||||||
|kl Kik|||||||||||
|Kuswenza|||||||||||
|El4chrecn|||||||||||
|Ckt Pembcrtim|||||||||||
|LPetto|||||||||||
|H churns|||||||||||
|CWalko|||||||||||



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||||||Restricted<br>&||||
|---|---|---|---|---|---|---|---|---|
||||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<br>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<br>&||||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<br>activities<br>Totai<br>expenditure||8|6,527,691<br>6 527 691|5,097,026<br>6975275|11,624,717<br>13502966||11,624,717<br>13662 666|5,958,535<br>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<br>f|2022<br>f|2022<br>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<br>funds||21|(193,156)|(30,000)|(223,156)|223 156|||
|Net movement|||||||||
|in funds before|||||||||
|other|||||||||
|recognised<br>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<br>surplus|||||||||
|Actuarial<br>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<br>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<br>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;<br>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<br>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<br>funds|||21||34,829,995||37,400,100||
|Unrestricted<br>funds:|||||||||
|Unrestricted<br>funds|excluding|pension asset/|||||||
|(liability)|||21|1,802,472||2,887,013|||
|Pension<br>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)<br>from operating||activities||24|(895,574)|857,001|
|Cash flows from investing|activities||||||
|Dividends,<br>interests<br>and rents from investments|||||263,427|105,330|
|Purchase<br>of tangible<br>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<br>of borrowing|||||(98,905)|(38,040)|
|Repayments<br>offinance leases|||||(30,681)|(28,448)|
|Net cash (used in)/provided|by financing||activities||(129,586)|505,512|
|Change<br>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|||||||





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||||||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<br>Lottery|||||||||||||
|Heritage<br>Fund|||||202,967||||||202,96'7|4f0,750|
|Other Grants|||||||||||||
|(see below)|||||242,659|||||81,709|324,368|3,293,820|
|Donations<br>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<br>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~|





## 

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## 

## 

||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<br>f|2022<br>8|2022|2021f|
|Rents receivable|||118,047|118,047|171,309|
|Fundraising|events|44,195||44,195||
|Total 2022||~5055|~20705|~42<br>42|ttt 200|
|Total 2021|||~72 4475~t7t<br>0|||





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## 

|||||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<br>Total 2021|||~23|~|~Jl2i||





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## 

## 

## 

||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2022f|2022<br>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<br>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<br>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<br>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||





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## 

|10.|Auditors'<br>remuneration|||||
|---|---|---|---|---|---|
|||||2022|2021|
|||||6|5|
||Fees payable to the Trust's auditor for <br>accounts|the audit ofthe Group's|annual|~tas|~140|
|11.|Staff costs|||||
|||Group<br>2022|Group<br>2021|Company<br>2022|Company<br>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<br>4%00(|80,281<br>94,335<br>~~5385. '~~||80,281<br> ~858~1|



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





## 

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## 

|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<br>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<br>1||903691|~~~i|
|At 31December 2021|~Q,~~4se 208||~TT52~a~||





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## 

|Company|||||
|---|---|---|---|---|
|||Development|||
|||&restoration|||
||Freehold|ofhistoric|Fixtures and||
||propertyf|exhibits<br>F|fittings|Total<br>5|
|Cost or valuation<br>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<br>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<br>charge||5,210,273||5,210,273|
|At 31 December 2022||8,212,185|2,450,186|10,662,371|
|Net book value<br>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%<br>Yes||||
|Company<br>Limited|||||||Museum||giftware|||and|||||
||||||||souvenirs,|||the|||||||
||||||||provision||of||catering||||||
||||||||services||and||||||||
||||||||Conference||||&||||||
||||||||Banqueting|||services|||||||
|The financial<br>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<br>Limited|||||||||||||||||
|Investments<br>-Endowment|||||||||||||||||
|||||||||||||||2022||2021|
|||||||||||||||6||8|
|Heritage<br>Foundation<br>Endowment<br>Clothworkers'<br>Company - Costume||||Endowment|||||||||3,921,566<br>52,330|||60,601|
|Lady Labouchere - Rosehill Endowment||||||||||||||64,250||74,441|
|National<br>Lottery|Heritage<br>Fund (NLHF)||||||||||||951,873||884,717||
|Lady Elton<br>Education<br>Fund|||||||||||||5,060<br>35,702|||5,862<br>41,347|
|Heritage<br>Conservation|||Fund||||||||||86,983||100,731||
||||||||||||||5117764||1~f9k||





## 

## 

## 

## 

|||Group<br>2022<br>f.|Group<br>2021<br>f|Company<br>2022<br>F|Company<br>2021|
|---|---|---|---|---|---|
|Consumable|stores|2,058|2,809|2,058|2,809|
|Finished goods for resale||130,300<br>~1'|117,678<br>t~87~2||~09.|
|Debtors||||||
|||Group<br>2022f|Group<br>2021|Company<br>2022|Company<br>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<br>7~8Z|40,341<br>294,205<br>135,841~1~||



## 

||Prepaymenis<br>and accrued income|Prepaymenis<br>and accrued income|40,341|294,205<br>7~8Z|40,341<br>135,841|294,205<br>~1~|
|---|---|---|---|---|---|---|
|18.|Current asset investments||||||
||||Group<br>2022f|Group<br>2021<br>f|Company<br>2022<br>f|Company<br>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<br>owed|to|group undertakings|||||220,031|71,204|
|Other taxation|and|social|security||66,118|54,052|66,118|54,052|
|Obligations<br>under||finance|lease and hire||||||
|purchase<br>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<br>released||from previous||periods|(611,780)|(1,536,455)|(611,780)|(1,636,455)|





## 

## 

## 

## 

|||Group<br>2022f|Group<br>2021<br>f|Company<br>2022<br>6|Company<br>2021<br>f|
|---|---|---|---|---|---|
|Bank loans||385,333|558,576|385,333|558,576|
|Other loans||170,071|165,455|170,071|165,455|
|Net obligations<br>under finance lease and hire<br>purchase<br>contracts||6,494<br>~kMI|37,175<br>Zkkkkk|6,494<br>37,175<br> ~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<br>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<br>fund||28,294|1,147|(25,619)|(1,952)||1,870|
|Clothing the||||||||
|Working<br>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<br>Estate &||||||||
|Development|Fund|||||||
|(MEND)|||201,950||18,923||220,873|
|National<br>Heritage||||||||
|Memorial<br>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)<br>'|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<br>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<br>o|ffund|s - prior year|||||||
|---|---|---|---|---|---|---|---|---|
|||Balance at||||||Balance at|
|||1 January|||Transfers|Gains'||31Decemtter|
|||2021f|Incomef|Expendituref|in/outf|(Losses)<br>f||2021<br>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<br>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<br>fund|36,584|1,213|(9,503)|||28,294|
|Clothing the|||||||
|Working<br>Man|30,645|1,784|(16,153)|||16,276|
|Rosehill<br>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<br>E|Income<br>f|Expendifure|in/oui<br>2|(Losses)<br>E|2021<br>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<br>8|2022<br>f|2022<br>f|2022<br>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<br>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<br>liability||||(340,000)|(340,000)|





## 

## 

## 

|24.|Reconciliation<br>ofnet movement<br>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<br>for:|||||
||Depreciation<br>charges|||497,566|480,245|
||Dividends,<br>interests<br>and rents from investments|||(263,427)|(195,330)|
||Loss on the disposal offixed assets|||135,874||
||Increase<br>in stocks|||(11,871)|(9,899)|
||Decrease<br>in debtors|||598,230|155,640|
||Decrease<br>in creditors|||(395,980)|(808,928)|
||Defined benefit pension scheme costs less|contributions|payable|17,000|22,000|
||Assets transferred<br>in|||(7,059,784)||
||Fixed Asset impairment|||5,210,273||
||Net cash provided<br>by/(used<br>in) operating|activities||~QLb~r4|~KB(11|
|25.|Analysis ofcash and cash equivalents|||||
|||||Group|Group|
|||||2022|2021|
|||||5||
||Cash<br>in hand|||54,029|305,113|
||Overdraft<br>facility repayable<br>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<br>disclosed<br>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<br>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<br>Activities|in the Consolidated|Statement ofFinancial|~29 QQQ)|~lgOOO|





## 

## 

## 

|27.|Pension commitments<br>(continued)||||
|---|---|---|---|---|
||Movements<br>in the present value ofthe defined|benefit obligation|were as follows:|2022|
|||||6|
||Opening<br>defined<br>benefit obligation|||4,736,000|
||Interest cost|||85,000|
||Contributions<br>by scheme participants|||3,000|
||Actuarial<br>gains|||(1,250,000)|
||Benefits paid|||(187,000)|
||Current service cost|||22,000|
||Closing defined benefit obligation||||
||Movements<br>in the fair value of the Group's share of scheme assets were as follows:||||
|||||2022|
||Opening<br>fair value ofscheme assets|||4,396,000|
||Expected return<br>on assets|||78,000|
||Actuarial (losses)/gains|||(314,000)|
||Contributions<br>by employer|||12,000|
||Contributions<br>by scheme participants|||3,000|
||Benefits paid|||(187,000)|
||Closing fair value ofscheme assets||||
||Summary||2022|2021|
||||6||
||Present value ofthe defined<br>benefit obligation||(3,409,000)|(4,736,000)|
||Fair value ofscheme assets||3,988,000|4,396,000|
||Defined benefit pension<br>asset/(liability)||||





## 

## 

|payments|und|er non-cancellable<br>operating<br>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<br>5,255<br>~931IL~77||399<br>5,255<br> ~3310~7gl||



##