| Contents | Page |
|---|---|
| Reference and Administrative Information |
|
| Directors Report | 2 —15 |
| Independent Examiner's Report |
16 |
| Statement ofFinancial Activities | 17 |
| Balance Sheet | 18 |
| Notes to the Financial Statements | 19-30 |
| THE ROYAL CORNWALL POLYTECHNIC SOCIETY LIMITED | THE ROYAL CORNWALL POLYTECHNIC SOCIETY LIMITED | THE ROYAL CORNWALL POLYTECHNIC SOCIETY LIMITED | THE ROYAL CORNWALL POLYTECHNIC SOCIETY LIMITED | THE ROYAL CORNWALL POLYTECHNIC SOCIETY LIMITED | |||
|---|---|---|---|---|---|---|---|
| (a charitable | company limited |
by guarantee) | |||||
| REFERENCE AND | ADMINISTRATIVE | INFORMATION | |||||
| Company | Registered | Number: | 03909555 | ||||
| Charity Number: | 1081199 | ||||||
| Registered | Office and | Principal | Address: | The Poly, | |||
| 24 Church Street, | |||||||
| Falmouth, | |||||||
| TR113EG | |||||||
| Website | www. the poly.org | ||||||
| facebook. corn/polyfalmouth | |||||||
| twitter. corn/PolyFalmouth | |||||||
| Directors at | 1"June 2022: | ||||||
| Virginia Button —Chair |
|||||||
| Sue Radmore | |||||||
| Amanda Rundle |
|||||||
| Tim Parnell | |||||||
| Louis Turner | |||||||
| Tom ingate | |||||||
| Colin Midson | |||||||
| Lauren Hogan | |||||||
| Jones Oviawe (resigned | 16June 2022) | ||||||
| Mark Smith | |||||||
| Bankers: | HSBC pic | ||||||
| Market Street, | |||||||
| Falmouth. | |||||||
| Accountants: | RRLLLP | ||||||
| Statutory Auditors, |
|||||||
| Chartered Accountants, |
|||||||
| Truro. | |||||||
| Investment | Managers: | Brewin Dolphin | Ltd | ||||
| Ashleigh Court, |
Ashleigh | Way, | |||||
| Langage Business Park, | |||||||
| Plymouth. | |||||||
| independent | Financial | Advisers | Bishop Fleming | ||||
| Salt Quay House, | |||||||
| Sutton Harbour, | |||||||
| Plymouth. |
| No. of Events | No. | oftickets | sold | ||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||
| Film | 0 | 65 | 229 | 0 | 3082 | 13579 | |
| Theatre | 15 | 46 | 737 | 651 | 3416 | ||
| Dance | 203 | ||||||
| Comedy | 247 | 262 | 327 | ||||
| Music | 32 | 191 | 290 | 1967 | |||
| Talks | 52 | 90 | 2347 | ||||
| Poetry | |||||||
| Spoken Word 8 |
12 | 119 | 1028 | 130 | 536 | ||
| Workshops | |||||||
| Pottery workshops |
27 | 70 | 79 | 43 | 407 | ||
| Totals | 61 | 106 | 536 | 2334 | 4548 | 22782 |
| Unrestricted | Restricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | 2020 | |||
| Notes | E | F | E | F | |||
| income and endowments | |||||||
| Donations and legacies |
70115 | 17974 | 88089 | 195219 | |||
| Charitable activities |
121917 | 121917 | 108558 | ||||
| Investments | 13505 | 4033 | 17538 | 17229 | |||
| Profit on disposal of | fixed assets | 52812 | |||||
| Total incoming resources |
205537 | 17974 | 4033 | 227544 | 373818 | ||
| Expenditure | |||||||
| Charitable activities |
266659 | 39428 | 306087 | 229849 | |||
| Total expenditure | 266659 | 39428 | 306087 | 229849 | |||
| Gains on investment | assets | 57863 | 57863 | 25829 | |||
| Net (expenditure)lincome | (3259) | (21454) | 4033 | (20680) | 169798 | ||
| Transfers between |
funds | (108625) | 112658 | (4033) | |||
| Net movement in funds |
(111884) | 91204 | (20680) | 169798 | |||
| Reconciliation offunds: |
|||||||
| Total funds brought | forward | 838178 | 33602 | 871780 | 701982 | ||
| Total funds carried | forward | 726294 | 124806 | 851100 | 871780 |
| Notes | 2021 | 2020 | |||
|---|---|---|---|---|---|
| E | F | ||||
| Fixed assets: | |||||
| Tangible assets | 10 | 158708 | 159838 | ||
| Heritage assets | 10and 24 | 3980 | 3980 | ||
| Investments | 11 | 585853 | 544404 | ||
| Total fixed assets | 748541 | 708222 | |||
| Current assets: | |||||
| Stocks | 12 | 4025 | 2626 | ||
| Debtors | 13 | 25693 | 29029 | ||
| Cash at bank and in | hand | 176441 | 243674 | ||
| Total current assets | 206159 | 275329 | |||
| Liabilities: | |||||
| Creditors: Amounts | falling | due within one year | 68813 | 67346 | |
| Net current assets | 137346 | 207983 | |||
| Total assets less current | liabilities | 885887 | 916205 | ||
| Creditors: Amounts | falling | due after more than one | |||
| year | 16 | 34787 | 44425 | ||
| Total net assets or | liabilities | 851100 | 871780 | ||
| The funds ofthe charity: | |||||
| Restricted income funds |
/7 | 124806 | 33602 | ||
| Unrestricted funds |
17 | 139941 | 293274 | ||
| Designated funds |
17 | 586353 | 544904 | ||
| Total charityfunds | 851100 | 871780 |
| Unrestricted | funds | Restricted funds | 2021 | 2020 | |||
|---|---|---|---|---|---|---|---|
| F | F | E | |||||
| Grants | |||||||
| Falmouth | and | 5000 | 5000 | ||||
| Penryn Foundation |
|||||||
| Dipping Needle |
1100 | 1100 | |||||
| Fund | |||||||
| Covid 19 | Grants | 62083 | 9212 | 71295 | 164997 | ||
| Medals Project | 7550 | ||||||
| Cultivator | Live | 3000 | |||||
| Streaming | Fund | 2475 | |||||
| BFI Film Project | |||||||
| Other | |||||||
| Subscriptions | and | 6685 | 6685 | 5057 | |||
| Gift Aid | |||||||
| Donations | 1347 | 402 | 1749 | 7881 | |||
| Poly Fund | 2260 | 2260 | 4259 | ||||
| 70115 | 17974 | 88089 | 195219 |
| Incoming resources from cha |
ritable activities |
||||
|---|---|---|---|---|---|
| Unrestricted | funds | Restricted funds | 2021 | 2020 | |
| F | E | ||||
| Sundry income |
13728 | 13728 | 5509 | ||
| Galleries hire |
10654 | 10654 | 12235 | ||
| Film revenue | 18256 | ||||
| Live events | 13064 | 13064 | 11953 | ||
| Lectures revenue | 7055 | 7055 | 1894 | ||
| Poly Guild | 54622 | 54622 | 33705 | ||
| Bar income | 2015 | 2015 | 7730 | ||
| Poly Pottery | 20779 | 20779 | l7276 | ||
| 121917 | 121917 | 108558 |
| (2020:E108 | ,558) and FNil was | restricted (2020:FNil). |
||
|---|---|---|---|---|
| Investment | income | |||
| 2021 | 2020 | |||
| F | ||||
| Income from | listed investments | and government | 14523 | 13674 |
| securities | ||||
| Rental income | 3015 | 3555 | ||
| 17538 | 17229 |
| Unrestricted | funds | Restricted | 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | ||||||||||
| f | ||||||||||
| Film costs | 7388 | |||||||||
| Live events | and | Lectures | 15866 | 15866 | 8645 | |||||
| Performing | Rights fees | 136 | 136 | 282 | ||||||
| Freelance Payments | 18505 | 18505 | 5244 | |||||||
| Depreciation | 16398 | 16398 | 12415 | |||||||
| Equipment | and | building | repairs | 6134 | 22047 | 28181 | 4860 | |||
| Poly Guild costs | 30303 | 30303 | 20983 | |||||||
| Barcosts | 2665 | 2665 | 4872 | |||||||
| Administration | and Sundry Expenses | 18923 | 6293 | 25216 | 14729 | |||||
| Interest Payable | 863 | 863 | 2042 | |||||||
| Card processing | charges | 7614 | 7614 | 6358 | ||||||
| Salaries and | National | Insurance | 93155 | 9212 | 102367 | 91198 | ||||
| Advertising | 7291 | 7291 | 10078 | |||||||
| Insurance | 7454 | 7454 | 6758 | |||||||
| Utilities | 16547 | 16547 | 13577 | |||||||
| Cleaning | 2000 | 2000 | 4188 | |||||||
| Poly Pottery | Costs | 7656 | 7656 | 7054 | ||||||
| Governance | costs (see note 7) | 15149 | 1876 | 17025 | 9178 | |||||
| 266659 | 39428 | 306087 | 229849 |
| 2021f | 2020f | |||
|---|---|---|---|---|
| Investment | Managers | 5904 | 5081 | |
| Legal and | Professional | 11121 | 4097 | |
| 17025 | 9178 | |||
| Net incomel(expenditure) | for the year | |||
| 2021 | 2020f | |||
| This is stated after charging: | ||||
| Operating | leases —equipment | 740 | ||
| Depreciation | 16398 | 12415 |
| 2021 | 2020 | ||
|---|---|---|---|
| E | |||
| Salaries | and wages | 97972 | 87750 |
| National | Insurance | 2818 | 1889 |
| Pension | costs | 1577 | 1559 |
| 102367 | 91198 |
| The average number ofemployees during the year w |
as as follows: | |
|---|---|---|
| 2021 | 2020 | |
| Number | Number | |
| Management |
| 10. | Fixed Assets | ||||||
|---|---|---|---|---|---|---|---|
| Donated | Building~ | Equipment | Fixtures 8 | Total | Heritage | ||
| Asset | Fittings | (excluding | Asset | ||||
| Heritage | |||||||
| Asset) | |||||||
| Cost or valuation | F | E | |||||
| At 1 January 2021 —company |
|||||||
| 20000 | 86031 | 91764 | 9008 | 206803 | |||
| Subsidiary charity |
38189 | 38189 | 3980 | ||||
| Additions atcost- company |
15268 | 15268 | |||||
| At 31 December 2021 | 20000 | 124220 | 107032 | 9008 | 260260 | 3980 | |
| Depreciation | |||||||
| At 1 January 2021 | 16500 | 61754 | 6900 | 85154 | |||
| Provision for the year | 2000 | 13498 | 900 | 16398 | |||
| At 31 December 2021 | 18500 | 75252 | 7800 | 101552 | |||
| Net Book Value | |||||||
| At 31 December 2021 | |||||||
| Company | 1500 | 86031 | 31780 | 1208 | 120519 | ||
| Subsidiary charity |
38189 | 38189 | 3980 | ||||
| 1500 | 124220 | 31780 | 1208 | 158708 | 3980 | ||
| As at 31 December 2020 | 3500 | 124220 | 30010 | 2108 | 159838 | 3980 |
| 14. | Creditors - amounts | Creditors - amounts | falling due | falling due | within one year | |||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| E | E | |||||||
| Company: | ||||||||
| Trade creditors | 8698 | 10315 | ||||||
| Tax and social security | 1471 | 1821 | ||||||
| Accruals | 34877 | 17052 | ||||||
| Deferred income | (see | note 15) | 14067 | 8043 | ||||
| Bank loan | 9700 | 5575 | ||||||
| Subsidiary charity: |
||||||||
| Bank loan | 24540 | |||||||
| 68813 | 67346 | |||||||
| 15. | Deferred income | |||||||
| E | ||||||||
| Balance as at 1 January | 2021 | 8043 | ||||||
| Amount released | to income earned | from charitable | activities | (5268) | ||||
| Amount deferred |
in the | year | 11292 | |||||
| Balance as at 31 | December 2021 | 14067 |
| Creditors —amounts falling due after more than |
one year | |
|---|---|---|
| 2021 | 2020 | |
| E | E | |
| Company: | ||
| Loan —HSBC Bank pic | 34787 | 44425 |
| Subsidiary charity: |
||
| Loan —HSBC Bank pic | ||
| 34787 | 44425 | |
| Due in overfive years | 4600 |
| Opening | Incoming | Resources | Transfers | Gains and | Closing | ||
|---|---|---|---|---|---|---|---|
| Funds | Resources | Expended | losses | Funds | |||
| Company: | E | F | E | F | E | ||
| Unrestricted | funds | (7640) | 195047 | 260591 | (112658) | (185842) | |
| Restricted | funds | 33602 | 17974 | 39428 | 112658 | 124806 | |
| 25962 | 213021 | 300019 | (61036) | ||||
| Subsidiary | charity: | ||||||
| Unrestricted | funds | 300914 | 10490 | 6068 | 20447 | 325783 | |
| Designated | funds | 544904 | (16414) | 57863 | 586353 | ||
| Endowmentfunds | 4033 | (4033) | |||||
| 871780 | 227544 | 306087 | 57863 | 851100 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| F | F | |||
| Poly Fund | 16856 | |||
| Medals | Fund | 7550 | 7550 | |
| BFI Film | Project | 2475 | 2475 | |
| Dipping | Needle | Fund | 721 | |
| Main Gallery Roof Fund | 114781 | 6000 | ||
| 124806 | 33602 |
| Prior year | movement |
on funds | |||||
|---|---|---|---|---|---|---|---|
| Opening | Incoming | Resources | Transfers | Gains and | Closing | ||
| Funds | Resources | Expended | losses | Funds | |||
| Company: | E | F | |||||
| Unrestricted | funds | (134299) | 284173 | 163859 | 6345 | (7640) | |
| Restricted | funds | 24303 | 75971 | 60237 | (6345) | 33602 | |
| (109996) | 360144 | 224186 | 25962 | ||||
| Subsidiary | chadty; | ||||||
| Unrestricted | funds | 277446 | 10125 | 5663 | 19006 | 300914 | |
| Designated | funds | 534532 | (15457) | 25829 | 544904 | ||
| Endowment | funds | 3549 | (3549) | ||||
| 701982 | 373818 | 229849 | 25829 | 871780 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| E | F | |||
| Poly Fund | 16856 | 17582 | ||
| Medals | Fund | 7550 | ||
| BFI Film | Project | 2475 | ||
| Dipping | Needle | Fund | 721 | 721 |
| Main Gallery Roof Fund | 6000 | 6000 | ||
| 33602 | 24303 |
| Analysis ofnet as | sets between funds |
|||||
|---|---|---|---|---|---|---|
| Fixed Assets | Bank | Other | Current | & long | Fund Total | |
| Deposits | Current | term Liabilities | ||||
| Assets | ||||||
| E | E | E | F | E | ||
| Unrestricted | 162688 | 51801 | 29052 | 103600 | 139941 | |
| Restricted | 124140 | 666 | 124806 | |||
| Designated | 585853 | 500 | 586353 | |||
| 748541 | 176441 | 29718 | 103600 | 851100 | ||
| Prior year analysis | ofnet assets between | funds | ||||
| Fixed Assets | Bank | Other | Current | 8 long | Fund Total | |
| Deposits | Current | term Liabilities | ||||
| Assets | ||||||
| F | E | E | ||||
| Unrestricted | 163818 | 217822 | 23405 | 111771 | 293274 | |
| Restricted | 25352 | 8250 | 33602 | |||
| Designated | 544404 | 500 | 544904 | |||
| 708222 | 243674 | 31655 | 111771 | 871780 |