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2022-01-31-accounts

Annual Report and Financial Sta te ments for the year ende d 31 Jan
Trustees Annual
Report
CONTENTS Page
Chairman's
Introduction
Objectives
and Activities
Chertlable
Purpose
Mission Statement
Key Actfy itics
A/ms
Meeting the Alms end Objectives
Audience
Development
end Equality		 and Diversity
Meesudng
Our Success
Development
Plena snd Fundreislng		 Strategy
Achievements,
Performance
and Public Benefit
Overview
Organisation
wide adlvibes
Equality and diversity
Preservagon
and conservation		 ofihe collection
Preservation
and conservation		 of Ihe Scheduled Ancient Monument
Education,
Information
and Interpretation
Community,
audience
and stakeholder		 engagement
Wotkforce —volunteers
and employees
Financial Review 10
Reserves Policy 10
Principal
Funding Sources		 11
Pdnclpal
Risks and Ifncetteinties		 11
Pey Policy for Senior Steff 11
impact of COVID-f9 11
Plans for Future Periods 12
Structure Governance
and management		 14
Relationship
with Subsidiary'
Company		 14
Recmitment
end eppointmeni
ot Trustees		 14
Reference and Administrative
Details		 16
Responsibilities
ofthe Trustees		 16
Independent
Auditor's
Report to the Members		 17
.Consolidated
Statement
of Financial Activities		 20
Balance Sheets 21
Notes and Accounting
Policies		 22

Unrestricted
Funds		 Restricted
Funds		 Total 2022 Total 2021
Note 6 5
Income
Donations 22,971 22,971 115,152
Income from charitable activities 139,133 197,780 336,913 248,213
Investment
income		 2,502 2,502 2
Income from other Trading
Activities
Commercial
trading		 151,485 151,485 95,331
Other
16,029 16,029 1,017
Total income 332,120 197,780 529,900 459,715
Expenditure
Costs of raising funds:
Commercial
Trading		 125,378 125,378 92,616
Other 20,623 20,623 17,189
Charitable
activities:
Museum 102,799 310,608 413,407 279,269
Education 34,269 9 34,278 27,607
Total expenditure 283,069 310,617 593,686 416,681
Net income/
(expenditure)
the year before transfers		 for 49,051 (112,837) (63,786) 43,034
Transfers
between
funds		 (1.506) 1.506
Net Movement
in Funds
tax		 Before 47,545 (111,331) (63,786) 43,034
Taxation credit/(charge) 158
Net movements
In funds		 47,545 (111,331) (63,786) 43,192
Total
funds
brought
(restated)		 forward 1,558,542 1,679,877 1,636,685
Total funds carried forward 18 158,780 1,457,311 1,616,091 1,579,877

31 January 20 22
2022 2021 (restated)
Group Charity Group Charity
Note 5 6 6 F
Fixed assets
Tangible assets 14 1,503,695 1,496,548 1,523,531 1,514,198
Investments 15 100 100
1,503,695 1,496,648 1,523,531 1,514,298
Current assets
Stocks 21,381 22,390
Debtors 16 161,920 161,097 170,981 199,550
Cash at bank and in hand 208,066 166,981 250,402 185,994
391,367 328,078 443,773 385,544
Creditors: amounts
due within one year		 falling 17 (254,304) (244,314) (100,427) (91,537)
Net current assets 137,063 83,764 343,346 294,007
Creditors:
amounts
due after more than one		 falling
year		 (24,667) (187,000) (150,000)
Net assets 1,616,091 1,580,412 1,679.877 1,658,305
Funds
Restricted funds 20 1,467,311 1,457,311 1,568,642 1,568,642
Designated
Funds
Unrestricted funds 20 158,780 123,101 111,235 89,663
Total charity funds 1,616,091 1,580,412 1,679,877 1,658,305

A summary
 ofthe fina ncial performance ofthe charity alone is set out below:
2022 2021
5 5
Income 390,415 364,384
Expenditure on charitable activities 468 308 318387
Net income I (expenditure) 77 893 45,997
Represented
by;
Restricted Funds (111,331) 1,471
Unrestricted Funds 33438 44 526
Total funds brought forward 1,658,305 1,612,308
Total funds carried forward 1 580412 1 658 305
Represented
by:
Restricted funds 1,457,311 1,568,642
Unrestricted funds 123101 89663
1 580412 1 658 305
4
Income from Donations
Unrestricted Restricted
Fundsf Funds
f		 Tots I 2022
8		 Total 2021
8
Donations 804 804 1,217
Job Retention
Scheme		 6,249 6,249 17,278
Covid Support Grants 15,393 15,393 96,157
Donation
from Friends of Museum		 525 525 500
22,971 22,971 115,152

Unrestricted Restricted
Funds Funds Tota I 2022 Total 2021
E E E E
Admission
Income		 105,275 105,275 60,056
Gift Aid on Admissions 14,475 14,475 7,525
Grants
Cornwall County Council 19,383 19,383 22,447
Other Grants
Clay Works (Delivery) 10,559 10,559 23,353
Luxulyan Valley 3,958 3,958 12,000
Historic England Covid
Emergency
Fund		 21,103
NPO Programme 85,267 85,267 46,729
Wolfson Development Funds 55,000
Archive Covid Support 50,000 50,000
Covid Recovery Arts fund 47,996 47,996
139,133 197,780 336,913 248,213
r estricte d
and F139,1		 33(2021:E90,0 28) is unrestricted.
6 Investment Income
Unrestricted Restricted Total Total
Funds Funds 2022 2021
E E E E
Bank Interest 2
Rents receivable 2,502 2,502
2,502 2,502
a
In		 come fro m Trading Activit ies
Unrestricted Restricted Total Total
Funds Funds 2022 2021
E E E F.
Commercial Trading Activities 151,485 151,485 95,331
Misc. Income/Events 15,927 15,927 789
Corporate Sponsorship/Fundraising 102 102 2
Recharges 226
167,514 167,514 96,348

2022 2021
5 5
Summary
Profit		 and Loss Account
Turnover 142,366 70,248
Cost ofsales (48,664) (24,808)
Gross profit 93,702 45,440
Administrative
expenses		 (87,823) (73,486)
Other Operating Income 9,119 25,083
Operating
profit		 / (loss) 14,998 (2,963)
Interest Payable (891)
Tax on profit on ordinary
activities		 158
Profit
/ (loss) retained
in the subsidiary		 14,107 (2,805)
2022 2021
5 f
The assets and liabilities ofthe subsidiary were:
Tangible assets 7,146 9,333
Current assets 72,701 87,388
Creditors;
amounts		 falling due within one year (19,401) (38,049)
Creditors: amounts falling due after more than one year (24,667) (37,000)
Total net assets 35,779 21,672
Aggregate
share		 capital and reserves 35,779 21,672

Year ended 31 January Year ended 31 January 2022
9a
Costs ofcharitable		 activities
Museum Education Total 2022 Tots I 2021
5 f 6 8
Unrestricted
Funds
Employee costs 57,942 19,314 77,256 67,169
Rent and water 1,544 515 2,069 4,445
Light and heat 1,433 478 1,911 5,444
Insurance 4,438 1,479 5,917 7,540
Repairs and maintenance 9,413 3,138 12,551 13,912
Equipment
hire		 662 221 883 1,365
Computer
expenses		 598 199 797 1,031
Postage and telephone 2,714 904 3,618 4,829
Printing
and stationery		 826 276 1,102 1,306
Bank interest and charges 3,211 1,070 4,281 1,823
Vehicle expenses 68 23 91 3
Travel and entertaining 165 55 220 5
Training
and subscriptions		 198 67 265 2,271
Depreciation 2,543 848 3,391 3,845
Support 10,800 3,600 14,400 19,879
Governance 6,244 2,082 8,326 8,793
Total Unrestricted
Funds
102,799 34,269 137,068 143,660
Restricted
Funds
Museum
Development		 Fund 23,692 23,692 26,433
Clay Works 94,170 94,170 48,140
Historic
England
Covid		 emergency
fund 2,285 2,285 13,123
NPO Programme 76,005 76,005 71,645
Archive
Covid Support		 14,992 14,992
Luxulyan
Valley		 11,638 11,638 3,875
Covid Recovery Arts Fund 49,502 49,502
Wolfson Covid-1 9 Support 38,246 38,246
Major Partner
Museum		 Programme 78 87
Total Restricted
Funds		 310,608 9 310,617 163,216
Total 413,407 34,278 447,685 306,876

Museum Education Total
Unrestricted Funds 6 5 6
Costs (102,799) (34,269) (137,068)
Admission Income 119,750 119,750
Grants 14,383 5,000 19,383
Net
Income		 / (Cost)
31 334 (29,269) 2,065
Restricted Funds
Costs (310,608) (9) (310,617)
Grants 197,780 197,780
Net
Income/(Costs)		 (112,828) (9) (112,837)
Total Net Income / (Cost) (81,494) (29,278) (110,772)
10
Support and Governance		 Costs
Support Governance Total Total
2022 2021
6 6
Audit fees 4,726 4,726 3,820
Head office recharges 14,400 3,600 18,000 24,849
Trustees' meetings 3
14,400 8,326 22,726 28,672

This is st ated after charg ing:
2022 2021
5 8
Depreciation 81,373 45,874
Auditor's remuneration:
audit ofthe financial statements 6,325 6,035
Operating leases 3,452 2,897
12
Staff costs and		 emoluments
Total s taff costs were as follows:
2022 2021
5 8
Wages and salaries 230,032 184,952
Social security costs 12,738 9,854
Other staff costs (pensions) 6,824 5,887
249,595 200,693

The average monthly monthly head count was 20 employees (2021:19employees) (2021:19employees) and the average number of full-
time equivalents employees, including casual and part time staff during the year was as follows;
2022 2021
No. No.
Direct charitable work 7 6
Administration 3 3
10 9

Year ended 31January
2022		 Year ended 31January
2022
14(a)
Tangible fixed assets - Group
Long leasehold Plant, Total
property machinery,
equipment
5
Cost
At 1 February 2021 1,961,263 506,749 2,458,012
Additions 50,092 11,445 61,537
At 31January 2022 2,011,355 518,194 2,529,549
Depreciation
At 1 February 2021 519,573 424,908 944,481
Charge for the year 69,614 11,759 81,373
At 31January 2022 589,187 436,667 1,025,854
Net book value
At 31January		 2022 1,422,168 81,527 1,603,695
At 31 January 2021 1,441,690 81,841 1,523,531
14(b)
Tangible fixed assets —Charity
Long leasehold Plant, Total
Property machinery,
equipment
f
Cost
At 1 February 2021 1,961,263 475,878 2,437,141
Additions 50,092 11.445 58,335
At 31January 2022 2,011,355 487,323 2,498,678
Depreciation
At 1 February 2021 519,573 403,370 922,943
Charge for the year 69,614 9,573 79,187
At 31January 2022 589,187 412,943 1,002,130
Net book value
At 31January		 2022 1,422,168 74,380 1,496,548
At 31 January 2021 1,441,690 72,508 1,514,198

Investment
in		 subsidiary at cost (note 7) at cost (note 7) 100 100
16
Debtors
Group Charity Group Charity
2022 2022 2021 2021
6 5 5 5
Trade debtors 7,682 7,509 7,188 7,000
Amounts
due		 from subsidiary 29,159
Other debtors 5,275 5,275 8,631 8,465
Prepayments and accrued income 148,963 148,313 155,162 154,926
161,920 161,097 170,981 199,550
17
Creditors: amounts		 falling due within one year
Group Charity Group Charity
2022 2022 2021 2021
F f 5 5
Loan and borrowings 157,400 150,000
Trade creditors 22,242 20,510 5,043 4,288
Amounts
due to parent		 undertaking 22,266 19,869 15,120 15,120
Amounts
due to subsidiary		 9,413
Other creditors 8,514 8,514 27,642 27,642
Accruals
and		 deferred income 43,882 36,008 52,622 44,487
254,304 244,314 100,427 91,537
Group Charity Group Charity
2022 2022 2021 2021
Loans and borrowings due after one year 5 5 5
Bank borrowings 24,667 187,000 150,000

Year e nded 31 January
20		 nded 31 January
20		 22 22
19 Loans and borrowings due after one year
Group Charity Group Charity
2022 2022 2021 2021
Loans and borrowings due after one year f f f f
Bank borrowings 24,667 187,000 150,000
Group Charity Group Charity
2022 2022 2021 2021
Current loans and borrowings f f f f
Bank borrowings 157,400 150,000
Current loans and borrowings
includes		 a f150,000 loan from Comwall Council. In February 2022, Cornwall
Council agreed to convert F80,000 ofthe f150,000 loan to a grant to fund the remaining costs associated
with
the Clay Works project. f55,600 ofthe remaining loan is not required and was repaid to the Council on the 29
April 2022, leaving f14,400 remaining as a loan at 0% interest which will be repaid on the 31 March 2023.
20 Analysis ofcharitable funds
Analysis of movements In restricted funds —Group and Company
Balance at
1
February		 Incoming
Resources		 Outgoing
Resources		 Transfers Balance
at
31 January
2022
f f
Restricted funds
Museum development
fund
(restated) 458,272 (23,692) 434,580
Clay Works (capital) 1,045,139 (52,104) 50,710 1,043,745
Clay Works (revenue) 1,576 10,559 (42,066) (50,710) (80,641)
Statues 664 664
Waterwh eel 1,844 1,844
NPO programme (11,667) 85,267 (76,005) (2,405)
Covid Recovery Arts Fund 47,996 (49,502) 1,506
Luxulyan Valley 7,680 3,958 (11,638)
Historic England
Covid-19
Emergency
Fund		 7,980 (2,285) 5,695
Wolfson Covid-19 Support
Fund 55,000 (38,246) 16,754
Archive Covid Support 50,000 (14,992) 35,008
MPM Project 2,154 (87) 2,067
Total 1,568,642 197,780 (310,617) 1,506 1,457,311

Analysis
of movement		 in unrestricted funds - Group
2022 2021
Balance at 1 February (restated) 111,235 69,514
Income 332,120 301,530
Expenditure (283,069) (253,307)
Transfer from/(to)
restricted		 funds (1,506) (6,502)
Balance at 31 January 158,780 111,235
Analysis of movement in unrestricted funds - Charity
2022 2021
Balance at 1 February (restated) 89,663 45,137
Income 192,635 211,877
Expenditure (157,691) (160,849)
Transfer from/(to)
restricted		 funds (1,506) (6,502)
Balance at 31 January 123,101 89,663

Unrestricted Unrestricted Designated Restricted Total
Funds Funds Funds Funds
6 6 6 6
Tangible assets 25,370 1,478,325 1,503,695
Current assets 220,425 170,942 391,367
Current liabilities (62,348) (191,956) (254,304)
Long term liabilities (24,667) (24,667)
158,780 1,457,311 1,616,091
Comparative
information		 in respect ofthe preceding period
is as follows (restated):
Unrestricted Designated Restricted Total
Funds Funds Funds Funds
6 6 6 f
Tangible assets 20,120 1,503,411 1,523,531
Current assets 216,875 226,898 443,773
Current liabilities (88,760) (11,667) (100,427)
Long term liabilities (37,000) (150,000) (187,000)
111,235 1,568,642 1,679,877