2021-01-31-accounts - Wheal Martyn Trust Ltd

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Annual	Report and Financial	Sta	tements	for the year end	ed 31Ja
Trustees	Annual Report
CONTENTS					Page
Chairman's Introduction
Objectives and Activities
	Charitable Purpose
	Mission Statement
	Key Activities
	Aims
	Meeting the Aims and Objectives
	Audience Development and Equality		and Diversity
	Measuring Our Success
	Development Plans and Fundraising		Strategy
Achievements, Performance and Public Benefit
	Overview
	Organisation wide activities
	Equality and diversity
	Preservation and conservation	ofthe	collection
	Preservation and conservation	of the	Scheduled	Ancient Monument
	Education, Information and Interpretation
	Community, audience and stakeholder		engagement
	Workforce —volunteers and employees
Financial	Review				10
	Reserves Policy				10
	Principal Funding Sources				11
	Principal Risks and Uncertainties				11
	Pay Policy for Senior Staff				11
	Impact ofCOVID-19				11
Plans for	Future Periods				12
Structure	Governance and management				14
Relationship with Subsidiary Company					14
Recruitment	and appointment ofTrustees				14
Reference	and Administrative Details				15
Responsibilities ofthe Trustees					16
Independent Auditor's Report to the Members
Consolidated Statement ofFinancial Activities					21
Balance Sheets
Notes and	Accounting Policies				23

					Unrestricted Funds	Restricted Funds	Total 2021	Total 2020
				Note	F
Income
Donations					18,995		18,995	1,664
Income from charitable		activities			186,185	158,185	344,370	283,908
Investment income					2		2	3,005
Income from other	Trading
Activities
Commercial trading Other					95,331		95,331	148,458
					1,017		1,017	7,489
Total income					301,530	158,185	459715	444 524
Expenditure
Costs ofraising funds:
Commercial Trading					92,616		92,616	130,040
Other					17,189		17,189	17,731
Charitable activities:
Museum					116,053	163,216	279,269	232, I69
Education					27,607		27,607	37,125
Total expenditure					253,465	163,216	416681	417,065
Net incomei (expenditure) the year before transfers			for		48,065	(5,031)	43,034	27,459
Transfers between	funds				(6,502)	6,502
Net Movement in Funds tax		Before			41,563	1,471	43,034	27,459
Taxation credit/(charge)					158		158	(600)
Net movements in	funds				41,721	1,471	43,192	26,859
Total funds brought	forward				89,459	1,547,226	1,636,685	1,609,826
Total funds carried	forward			18	131,180	1,548,697	1,679,877	1,636,685

					2026
			Group
			E
Fixed assets
Tangible assets			1,623&531	1,514,198	1.222,73'I	1+12,115
Investments		I5		1II0		1%I
			1,523„rr31	1,614,298	1/22,731	1,212,215
Current assets
Stada;			22,390		24,468
bebtonr CeA at bank and in hend			170,961 250~	189,590 165,994	377,363 153,265	380,980 143,690
				365,544	555,096	524,870
&editors: due vrithfn	amounts f4linI one year		(10it~)	($1+37)	(14$~142)	(124,~
Net cument	assets		343,346	294,II67	413.954	400,093
Long Term	Lmsa		t187,NO)	t150,0M)
Net assets			1,579,877	1,658~5	1,638,685	1,612,3Q9
Funds
I"mired funds		18	1,546,697	1,tt48,697	l.547,226	1.547~6
Designated	Funda
Unrestricted	funda		131,16O	109,608		65,082
Total charity funds				1 ~QVQ5	1 636685	l 612ZI8

					2021		2020
					F		F
Income Expenditure	on charitable	activities			364,384 318387		296,066 275,025
Net income / (expenditure) Represented by:					45,997		21,041
Restricted Unrestricted	Funds Funds				1,471 44,526		27,140 (6,099)
Total funds	brought forward				1,612,308		1,585,443
Wheal Martyn Enterprises Total funds carried forward		Profits gift aided			1,658,305		5,824 1,612,308
Represented by:
Restricted funds					1,548,697		1,547,226
Unrestricted	funds
					109,608		65,082
					1 658,305		1 612,308
4 Income from Donations
			Unrestricted	Restricted
			Funds	Funds	Total	2021	Total 2020
Donations Job Retention Scheme Donation from Friends ofMuseum			f. 1,217 17,278 500	E 1,217 17,278 500			E 799 865
			18,995		18,995		1,664

				Unrestricted	Restricted	Total	Total
				Funds	Funds	2021	2020
Admission Income Gift Aid on Admissions Grants				60,056 7,525		60,056 7,525	108,041 17,059
	Comwall County Other Grants	Council		118,604		118,604	25,000
	Clay Works (Delivery) Luxulyan Valley				23,353 12,000	23,353 12,000	44,551
	Historic England	Covid
	Emergency Fund NPO Programme Woolfson Development		Funds		21,103 46,729 55,000	21,103 46,729 55,000	73,305
	Light and Clay						15,952
				186,185	158,185	344,370	283,908

restricted and F186,1	restricted and F186,1	85(2020:2150,100)is	, unrestricted.		, (:	,808)
6 Investment		Income
			Unrestricted	Restricted	Total	Total
			Funds	Funds	2021	2020
Bank Interest Rents receivable			2		2	E 285 2,720
						3,005
All income received	in	2021 was unrestricted.
7a Income from Trading Activities
			Unrestricted	Restricted	Total	Total
			Funds	Funds	2021	2020
			E
Commercial Trading Misc. Income/Events Room Hire	Activities		95,331 789		95,331 789	148,458 3,396
Corporate Sponsorship/Fundraising Recharges			2 226		2 226	3,564 529
			96,348		96,348	155,947

			2021	2020
			E	E
	Summary Profit and Loss Account
	Turnover		70+48	148,458
	Job Retention Scheme		25,083
	Cost ofsales		(24,808)	(49,427)
	Gross profit		70,523	99,031
	Administrative expenses		(73,486)	(92,612)
	Operating profit / (loss)		(2,963)	6,419
	Amounts gift aided to the charity Tax on profit on ordinary activities			(5,824) 600
	Profit / (loss) retained in the subsidiary		(2,805)	(5)
			2021	2020
			K
	The assets and liabilities ofthe subsidiary	were:
	Tangible assets		9,333	10,616
	Current assets		87,388	37,091
	Creditors: amounts falling due within one year		(38,049)	(23,230)
	Creditors: amounts falling due after more than	one year	(37,000)
	Total net assets		21,672	24,477
	Aggregate share capital and reserves		21,672	24,477
8	Costs ofraising funds

9a Costs ofcharit	able activities
				Total
		Museum	Education	2021	Total 2020
		E			E
Unrestricted Funds
Employee costs		58,685	8,484	67,169	94,630
Rent and water Light and heat		3,334 4,083	1,111 1,361	4,445 5,444	5,084 5,521
Insurance		5,655	1,885	7,540	7,691
Repairs and maintenance		10,434	3,478	13,912	8,972
Equipment hire		1,024	341	1,365	1,323
Computer expenses		773	258	1,031	832
Postage and telephone		3,622	1,207	4,829	4,765
Printing and stationery		979	327	1,306	904
Bank interest and charges Vehicle expenses		1,367 2	456 1	1,823 3	3,741 151
Travel and entertaining Governance		4	1	5	93
Training and subscriptions Depreciation		1,703 2,884	568 961	2+71 3,845	(594) 3,717
Support		14,909	4,970	19,879	14,400
		6,595	2,198	8,793	6,540
Total Unrestricted Funds
Restricted Funds		116,053	27,607	143,660	157,770
Museum Development Clay Works Historic England Covid	Fund emergency	26,433 48,140		26,433 48,140	26,432 12,857
fund		13,123		13,123
NPO Programme Light and Clay Luxulyan Valley		71,645 3,875		71,645 3,875	53,485 18,305
Total Restricted Funds Total		163,216		163,216	111,524
		279,269	27,607	306,876	269,294

This table shows the cost ofthe t	This table shows the cost ofthe t	wo charitable activities and th	e income supporting t	hose activities:
Unrestricted Funds		Museum E	Education	Total
Costs Admission Grants	Income	(116,053) 67,581	(27,607)	(143,660) 67,581
		113,604	5,000	118,604
Net Income / (Cost)
		65,132	(22,607)	42,525
Restricted	Funds
Costs Grants		(163,216)		(163,216)
		152,685	5,500	158,185
Net Income		(10,531)	5,500	(5,031)
Total Net Income I(Cost)		54,601	(17,107)	37,494

10	Costs
	Support	Governance	Total	Total
			2021	2020
		E
Audit fees Head office recharges Trustees' meetings	19,879	3,820 4,970 3	3,820 24,849 3	2,850 18,000 90
	19,879	8,793	28,672	20,940

11 Net income I(expenditure) for the year - Group
This is stated after charging:
	2021	2020
		E
Depreciation Auditor's remuneration:	45,874	32,413
audit ofthe financial statements	6,035	4,700
Operating leases	2.897	2,645
12 Staff costs and emoluments
Total staff costs were as follows:
	2021	2020
Wages and salaries	184,952	210,342
Social security costs Other staff costs (pensions)	9,854 5,887	11,655 6,241
	200,693	228,238

Year ended 31January 2021	Year ended 31January 2021
14(a) Tangible fixed assets —Group
	Long leasehold	Plant, machinery,	Assets under construction	Total
	property	equipment
	f	f
Cost
At 1 February 2020	966,400	442,159	712,779	2,121,338
Additions	282,084	64,590		346,674
Transfers	712,779		(712,779)
At 31January 2021	1,961,263	506,749		2,468,012
Depreciation
At 1 February 2020	481,688	416,919		898,607
Charge for the year	37,885	7,989		45,874
At 31January 2021	519,573	424,908		944,481
Net book value At 31January 2021	1,441,690	81,841		1,523,531
At 31 January 2020	484,712	25,240	712,779	1,222,731
14(b) Tangible fixed assets —Charity
	Long leasehold	Plant, machinery,	Assets under construction	Total
	Property	equipment
		f
Cost
At 1 February 2020	966,400	412,576	712,779	2,091,755
Additions	282,084	63,302		345,386
Transfers	712,779		(712,779)
At 31January 2021	1,961463	475,878		2,437,141
Depreciation
At 1 February 2020	481,688	397,952		879,640
Charge for the year	37,885	5,418		43,303
At 31January 2021	519,573	403,370		922,943
Net book value
At 31January 2021	1,441,690	72,508		1,514,198
At 31January 2020	484,712	14,624	712,779	1,212,115

							2021	2020
								f.
investment in		subsidiary	at cost (note 7)					100
16	Debtors
					Group	Charity	Group	Charity
					2021	2021	2020	2020
					E	f	f	f
Trade debtors					7,188	7,000	14,560	12,967
Amounts	due	from subsidiary				29,159		6,665
Other debtors					8,631	8,465	5,809	5,132
Prepayments		and accrued income			155,162	154,926	356,994	356,216
					170,981	199,550	377,363	380,980
17	Creditors: amounts			falling due within one year
					Group	Charity	Group	Charity
					2021	2021	2020	2020
					E	f	f
Trade	creditors				5,043	4,288	27,110	22,763
Other creditors					27,642	27,642	5,706	5,706
Amounts due		to parent	undertaking		15,120	15,120	38,078	32,281
Accruals and		deferred	income		52622	44,487	70,248	63,827
					100,427	91,537	141,142	124,577

			Balance at February 2020	Incoming Resources	Outgoing Resources	Transfers	Balance at 31 January 2021
Restricted funds
Museum development		fund	464,759		(26,433)		438,326
Clay Works			1,067,503	23,353	(48,140)	4,000	1,046,716
Statues			664				664
Waterwheel			1,844				1,844
NPO programme			10,747	46,729	(71,645)	2,502	(11,667)
Luxulyan Valley Historic England	Covid-19		(445)	12,000	(3,875)		7,680
Emergency Fund Wolfson Covid-1 9Support				21,103	(13,123)		7,980
Fund				55,000			55,000
MPM Project			2,154				2,154
Total			1,547,226	158,185	(163,216)	6502	1 548697

Comparative informati	on in re	spect ofthe precedi	spect ofthe precedi	ng period is as	follows:
		Balance at 1 February 2019		Incoming Resources	Outgoing Resources	Transfers	Balance at 31 January 2020
		F				E
Restricted funds
Museum development	fund		491,191		(26,432)			464,759
Clay Works			1,035,809	44,551	(12,857)		1,067,503
Statues			664					664
Waterwheel			1,844					1,844
NPO programme			(11,576)	73,305	(53,485)	2,503		10,747
Luxulyan Valley					(445)			(445)
Light and Clay				15,952	(18,305)	2,353
MPM Project			2,154					2,154
Total			1,520,086	133,808	(111,524)	4 856	1547226

Historic England Covid-19 Emergency Funds —funds granted to cover six months employment of the Grounds Maintenance Supervisor and materials for essential repairs to the Scheduled Ancient Monument to address issues ofdeterioration suffered during lockdown. The remaining funds will be utilised in early 2021.	Historic England Covid-19 Emergency Funds —funds granted to cover six months employment of the Grounds Maintenance Supervisor and materials for essential repairs to the Scheduled Ancient Monument to address issues ofdeterioration suffered during lockdown. The remaining funds will be utilised in early 2021.	Historic England Covid-19 Emergency Funds —funds granted to cover six months employment of the Grounds Maintenance Supervisor and materials for essential repairs to the Scheduled Ancient Monument to address issues ofdeterioration suffered during lockdown. The remaining funds will be utilised in early 2021.	Historic England Covid-19 Emergency Funds —funds granted to cover six months employment of the Grounds Maintenance Supervisor and materials for essential repairs to the Scheduled Ancient Monument to address issues ofdeterioration suffered during lockdown. The remaining funds will be utilised in early 2021.	Historic England Covid-19 Emergency Funds —funds granted to cover six months employment of the Grounds Maintenance Supervisor and materials for essential repairs to the Scheduled Ancient Monument to address issues ofdeterioration suffered during lockdown. The remaining funds will be utilised in early 2021.
Wolfson Covid-19 Support Fund —funds granted by The Wolfson Foundation Covid-19 Support Fund. The funding will cover the replacement ofthe heating and CCTVsystems (essential costs which we cannot currently resource), development costs to support recovery and to help mitigate other Covid-19 related impact over the year ahead, including contribution to loses in 2021/22 should that be necessary.
Analysis ofmovement in unrestricted	funds -Group
			2021	2020
Balance at 1 February 2020			89,459	89,740
Income			301,530	310,716
Expenditure Transfer from/(to) restricted funds		(253,307) (6,502)		(306,141) (4,856)
Balance at 31January 2021			131,180	89,459
Analysis ofmovement in unrestricted	funds - Charity
			2021	2020
Balance at 1 February 2020			65,082	65,357
Wheal Martyn Enterprises Profits gift aided				5,824
Income Expenditure Transfer from/(to) restricted funds		206,199 (160,849) (6,502)		174,258 (175,501) (4,856)
Balance at 31January 2021			103,930	65,082

		Unrestricted	Designated	Restricted	Total
		Funds f	Funds	Funds E	Funds
Tangible Current	assets assets	40,066 366,874		1,483,465 76,899	1,523,531 443,773
Current liabilities Long term liabilities		(88,760) (187,000)		(11,667)	(100„427) (187,000)
		131,180		1,548,697	1,679,877

		Unrestricted	Designated	Restricted	Total
		Funds	Funds	Funds	Funds
					E.
Tangible Current Current	assets assets liabilities	45,192 184,964 (140,697)		1,177,539 370,132 (445)	1,222,731 555,096 (141,142)
		89,459		1,547,226	1,636,685

At 31 January 2021 the company an ancellable operating leases:	d group had the following total	commitments	under
2021	Land and Buildings		Total
		Z
Less than one year	251	2,502	2,753
Two to five years	1,004	3,860	4,864
More than five years	1,766		1,766
Total	3,021	6,362	9,383

One ofthe operating leases expires in 2	042. From 2033the rent will be ba	sed on open	market va
2020	Land and Buildings	Other	Total
			E
Less than one year	251	2,502	2,753
Two to five years	1,004	6,362	7,366
More than five years	2,018		2,018
Total	3,273	8,864	12,137