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|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|
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||||||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|
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|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|
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|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|
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|||||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|
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|||||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|
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|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|
##
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||||||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|
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|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|
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|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|
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|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|
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|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|
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|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|
##
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|||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|
##