| Page | ||||
|---|---|---|---|---|
| Report ofthe Trustees | 1 | to | 5 | |
| Report ofthe Independent Auditors |
6 | to | 9 | |
| Statement ofFinancial | Activities | 10 | ||
| Statement ofFinancial | Position | |||
| Statement ofCash Flows | 12 | |||
| Notes to the Statement | ofCash Flows | 13 | ||
| Notes to the Financial | Statements | 14 | to | 23 |
| Detailed Statement of | Financial Activities | 24 | to | 25 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Unresiricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| Notes | |||||||
| I'NCOME AND ENDOWMENTS | FROM | ||||||
| Donations and legacies |
54,674 | 405,888 | 460,562 | 93,713 | |||
| Charitable activities |
|||||||
| Rental income | 95,262 | 95,262 | 100,964 | ||||
| Other trading activities | 853 | 853 | 4,271 | ||||
| Investment income |
3,629 | 3,629 | 5,259 | ||||
| Total | 154,418 | 405,888 | 560,306 | 204,207 | |||
| EXPENDITURE ON | |||||||
| Raising funds | 811 | 10,816 | 11,627 | 23,495 | |||
| Charitable activities |
|||||||
| Rental income | 988 | 988 | |||||
| Charitable activities |
86,955 | 2,987 | 89,942 | 130,857 | |||
| Total | 87,766 | 14,791 | 102,557 | 154,352 | |||
| NET INCOME | 66,652 | 391,097 | 457,749 | 49,855 | |||
| Transfers between funds |
18 | (13,611) | 13,611 | ||||
| Net movement in funds |
53,041 | 404,708 | 457,749 | 49,855 | |||
| RECONCILIATION | OF FUNDS | ||||||
| Total funds brought | forward | 202,562 | 4,049,783 | 4,252,345 | 4,202,490 | ||
| TOTAL FUNDS CARRIED FORWARD | 255,603 | 4,454,491 | 4,710,094 | 4,252,345 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| Notes | |||||||
| FIXED | ASSETS | ||||||
| Tangible | assets | 13 | 46,755 | 46,755 | 46,755 | ||
| Heritage | assets | 14 | 4,153,316 | 4,153,316 | 3,731,720 | ||
| 4,200,071 | 4,200,071 | 3,778,475 | |||||
| CURRENT ASSETS | |||||||
| Stocks | 15 | 10,411 | 10,411 | 10,770 | |||
| Debtors | 16 | 24,108 | 64,379 | 88,487 | 10,618 | ||
| Cash at bank | 222,834 | 213,403 | 436,237 | 467,878 | |||
| 257,353 | 277,782 | 535,135 | 489,266 | ||||
| CREDITORS | |||||||
| Amounts | falling due within | one year | 17 | (1,750) | (23,362) | (25,112) | (15,396) |
| NET CURRENT ASSETS | 255,603 | 754,420 | 510,023 | 473,870 | |||
| TOTAL | ASSETS LESSCURRENT | ||||||
| LIABILITIES | 255,603 | 4,454,491 | 4,710,094 | 4,252,345 | |||
| NET ASSETS | 255,603 | 4,454,491 | 4,710,094 | 4,252,345 | |||
| FUNDS | |||||||
| Unrestricted funds |
255,603 | 202,562 | |||||
| Restricted | funds | 4,454,491 | 4,049,783 | ||||
| TOTAL | FUNDS | 4,710,094 | 4,252,345 |
| BORL | ASE SiYIART JOHN | ASE SiYIART JOHN | WFLLS TRUST LTD | ||||
|---|---|---|---|---|---|---|---|
| STATEMENT OF | CASH FLOWS | ||||||
| FOR | THE YEAR ENDED 31 MARCH 2021 | ||||||
| 2021 | 2020 | ||||||
| Notes | |||||||
| Cash flows from operating | activities | ||||||
| Cash generated from operations |
386,326 | 41,041 | |||||
| Net cash provided by operating |
activities | 386,326 | 41,041 | ||||
| Cash flows from investing | activities | ||||||
| Purchase ofheritage assets |
(421,596) | (22,744) | |||||
| Interest received | 3,629 | 5,259 | |||||
| Net cash used in investing | activities | (417,967) | (17,485) | ||||
| Change in cash and cash |
equivalents | in | |||||
| the reporting period |
(31,641) | 23,556 | |||||
| Cash and cash equivalents | at | the | |||||
| beginning ofthe reporting |
period | 467,878 | 444,322 | ||||
| Cash and cash equivalents | at | the end | of | ||||
| the reporting period |
436,237 | 467,878 |
| NOTES TO THF. STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2021 |
NOTES TO THF. STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2021 |
S | |||
|---|---|---|---|---|---|
| RECONCILIATION | OF NET INCOME TO NET CASH FLOW FROM | OPERATING | ACTIVITIES | ||
| 2021 | 2020 | ||||
| Net income for the | reporting | period (as per the Statement ofFinancial | |||
| Activities) | 457,749 | 49,855 | |||
| Adjustments for: |
|||||
| Interest received | (3,629) | (5,259) | |||
| Decrease in stocks | 359 | 359 | |||
| (Increase)/decrease | in | debtors | (77,869) | 10,177 | |
| Increase/(decrease) | in | creditors | 9,716 | (14,091) | |
| Net cash provided | by | operations | 386,326 | 41,041 |
| At I/4/20 | Cash flow | At 31/3/21 | |
|---|---|---|---|
| Net cash | |||
| Cash at bank and in hand | 467,878 | (31,64]) | 436,237 |
| 467,878 | (31,641) | 436,237 | |
| Total | 467,878 | (31,641) | 436,237 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Donations | 1,250 | 3,421 | |||
| Grants | 459,312 | 90,292 | |||
| 460,562 | 93,713 | ||||
| Grants received, included |
in | the above, are as follows: | |||
| 2021 | 2020 | ||||
| Barns-Graham Charitable |
Trust | 7,500 | 22,650 | ||
| ACE Catalyst Grant | 25,000 | 27,892 | |||
| HLF Development | Funding | 319,900 | |||
| Cornwal 1Council |
20,000 | ||||
| A&S Bowness | 1,500 | ||||
| Historic England | 33,938 | 4,750 | |||
| Sylvia Waddilove | Foundation | UK | 5,000 | ||
| Garfield Weston Trust | 10,000 | ||||
| Cornwal1 Heritage | Trust | 1,800 | |||
| Pilgrim Trust | 10,000 | ||||
| Tanner Trust | 6,000 | ||||
| Government CJRS claims |
4,005 | ||||
| Council Covid Grants | 49,669 | ||||
| 459,312 | 90,292 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| General fundraising | 853 | 4,271 | ||||||
| 4. | INVESTM ENT INCOM E | |||||||
| 2021 | 2020 | |||||||
| Deposit account interest | 3,629 | 5,259 | ||||||
| 5. | INCOME | FROM | CHARITABLE ACTIVITIES | |||||
| 2021 | 2020 | |||||||
| Activity | ||||||||
| Rental income | Rental income | 95,262 | 100,964 | |||||
| 6. | RAISING | FUNDS | ||||||
| Raising donations | and | legacies | ||||||
| 2021 | 2020 | |||||||
| Fundraising | costs | 811 | 2,032 | |||||
| Residency | Programme | expenses | 10,816 | 21,463 | ||||
| ]1,627 | 23,495 | |||||||
| 7. | CHARITABLE ACTIVITIES | COSTS | ||||||
| Support | ||||||||
| Direct | costs (see | |||||||
| Costs | note 8) | Totals | ||||||
| Rental income | 988 | 988 | ||||||
| Charitable | activities | 81,667 | 8,275 | 89,942 | ||||
| 82,655 | 8,275 | 90,930 | ||||||
| 8. | SUPPORT | COSTS | ||||||
| Governance | ||||||||
| costs | ||||||||
| Charitable | activities | 8,275 |
| 2021 | 2020 | ||
|---|---|---|---|
| Accountancy | fees | 2,350 | 2,580 |
| Audit fees | 4.250 | ||
| Administrations | costs | 1,675 | 3,703 |
| There were no trustee 31 March 2020. |
s' | remuneration | or o | ther ben | efits for the year ended 31 Marc | h 2021 nor for | the year end |
|
|---|---|---|---|---|---|---|---|---|
| Trustees' expenses |
||||||||
| 2021 | 2020 | |||||||
| Trustees' expenses | 106 | |||||||
| The number oftrustees | that have claimed | expenses | in this year is nil. (2020:2) | |||||
| 11. | STAFF COSTS | |||||||
| 2021 | 2020 | |||||||
| Wages and salaries | 50,441 | 57,396 | ||||||
| Social security costs | 113 | 1,451 | ||||||
| Other pension costs | 90 | 389 | ||||||
| 50,644 | 59,236 | |||||||
| The average monthly | number ofemployees | during | the year was as follows: | |||||
| 2021 | 2020 | |||||||
| Administration | 2 | 3 | ||||||
| No employees received |
emoluments | in excess ofK60,000. |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Gross wages | 35,779 | 30,410 | ||
| Employers national |
insurance | contributions | 3,728 | 3,006 |
| Pension costs | ||||
| 39,507 | 33,416 |
| FOR THE YEAR | FOR THE YEAR | FOR THE YEAR | ENDED 31 MAR | CH 2021 | ||||
|---|---|---|---|---|---|---|---|---|
| ]2 | COMPARATIVES | FOR THE STATEMENT | OF FINANCIAL | ACTIVITIES | ||||
| Unrestricted | Restricted | Total | ||||||
| funds | funds | funds | ||||||
| INCOME AND ENDOWMENTS | FROM | |||||||
| Donations and legacies |
2,671 | 9],042 | 93.713 | |||||
| Charitable activities |
||||||||
| Rental income | 100,964 | 100,964 | ||||||
| Other trading activities |
3,980 | 291 | 4,271 | |||||
| Investment income |
5,259 | 5,259 | ||||||
| Total | 112,874 | 91,333 | 204,207 | |||||
| EXPENDITURE ON | ||||||||
| Raising funds | 2 033 | 21,462 | 23,495 | |||||
| Charitable activities |
||||||||
| Charitable activities |
107,715 | 23,142 | 130,857 | |||||
| Total | 109,748 | 44,604 | 154,352 | |||||
| NET INCOME | 3,126 | 46,729 | 49,855 | |||||
| RECONCILIATION | OF FUNDS | |||||||
| Total funds brought | forward | |||||||
| As previously reported |
199,435 | 3,979,960 | 4,179,395 | |||||
| Prior year adjustment | 23,095 | 23,095 | ||||||
| As restated | 199,435 | 4,003,055 | 4,202,490 | |||||
| TOTAL FUNDS CARRIED FORWARD | 202,561 | 4,049,784 | 4,252,345 | |||||
| 13. | TANGIBLE FIXED | ASSETS | ||||||
| Plant and | Computer | |||||||
| machinery | Artwork | equipment | Totals | |||||
| COST | ||||||||
| At 1 April 2020 and 31 |
March 2021 | 24,210 | 46,755 | 2,578 | 73,543 | |||
| DEPRECIATION | ||||||||
| At 1 April 2020 and 31 |
March 2021 | 24,210 | 2,578 | 26,788 | ||||
| NET BOOK VALUE | ||||||||
| At 31 March 2021 | 46,755 | 46,755 | ||||||
| At 31 March 2020 | 46,755 | 46,755 |
| HERITAG E ASSFTS | |
|---|---|
| Total | |
| MARKET VALUE | |
| At 1 Apri I 2020 |
3,731,720 |
| Additions | 421,596 |
| At 31 March 2021 | 4,153,316 |
| NET BOOK VALUE | |
| At 31 March 2021 | 4,153,316 |
| At 31 March 2020 | 3,731,720 |
| STOCKS | ||
|---|---|---|
| 2021 | 2020 | |
| Stocks | 10,411 | 10,770 |
| DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2021 | 2020 | |
| VAT | 16,315 | 576 |
| Debtors and prepayments | 72,172 | 10,042 |
| 88,487 | 10,618 |
| 17. | CREDI | TOR | S | : AMO | UNTS FALLING |
DUE WITHIN ONE | YEAR | ||
|---|---|---|---|---|---|---|---|---|---|
| 202 1 | 2020 | ||||||||
| Creditors | and | accruals | 25,112 | 15,396 | |||||
| 18. | MOVEMENT | IN FUNDS | |||||||
| Net | Transfers | ||||||||
| movement | between | At | |||||||
| At 1/4/20 | in funds | funds | 31/3/21 | ||||||
| Unrestricted | funds | ||||||||
| General | fund | 115,562 | 66,652 | (27,611) | 154,.603 | ||||
| Building | Maintenance | Reserve Fund | 87,000 | 14,000 | 101,000 | ||||
| 202,562 | 66,652 | (13,611) | 255,603 | ||||||
| Restricted funds |
|||||||||
| Porthmeor | 3,776,539 | 3,776,539 | |||||||
| Anchor | 100,453 | 396,638 | 13,611 | 510,702 | |||||
| Trewarveneth | 126,327 | 126,327 | |||||||
| Artists' Residency Programme | 46,464 | (5,541) | 40,923 | ||||||
| 4,049,783 | 391,097 | 13,611 | 4,454,491 | ||||||
| TOTAL | FUNDS | 4,252,345 | 457,749 | 4,710,094 |
| Incoming | Resources | Movement | |||
|---|---|---|---|---|---|
| resources | expended | in funds | |||
| Unr estricted | funds | ||||
| General fund |
]54,418 | (87,766) | 66,652 | ||
| Restricted funds |
|||||
| Anchor | 396,638 | 396,638 | |||
| Artists' Residency | Programme | 9,250 | (14,791) | (5,541) | |
| 405,888 | (14,791) | 391,097 | |||
| TOTAL FUNDS | 560,306 | (102,557) | 457,749 |
| Prior | Net | Transfers | ||||
|---|---|---|---|---|---|---|
| year | movement | between | At | |||
| At I/4/19 | adjustment | in funds | funds | 31/3/20 | ||
| Unrestricted | funds | |||||
| General fund |
127,635 | 3,127 | (15,200) | 115,562 | ||
| Building Maintenance |
||||||
| Reserve Fund | 71,800 | 15,200 | 87,000 | |||
| 199,435 | 3,127 | 202,562 | ||||
| Restricted funds |
||||||
| Porthmeor | 3,776,539 | 3,776,539 | ||||
| Anchor | 13,900 | 23,095 | 63,458 | 100,453 | ||
| Trewarveneth | 126,327 | 126,327 | ||||
| Artists' Residency | ||||||
| Programme | 63,194 | (16,730) | 46,464 | |||
| 3,979,960 | 23,095 | 46,728 | 4,049,783 | |||
| TOTAL FUNDS | 4,179,395 | 23,095 | 49,855 | 4,252,345 |
| Incoming | Resources | Movement | ||
|---|---|---|---|---|
| resources | expended | in funds | ||
| Unrestricted | funds | |||
| General fund |
112,874 | (109,747) | 3,127 | |
| Restricted funds |
||||
| Anchor | 63,641 | (183) | 63,458 | |
| Artists' Residency Programme | 27,692 | (44,422) | (16,730) | |
| 91,333 | (44,605) | 46,728 | ||
| TOTAL FUNDS | 204,207 | (154,352) | 49,855 |
| Prior | Net | Transfers | ||||
|---|---|---|---|---|---|---|
| year | movement | between | At | |||
| At 1/4/19 | adjustment | in funds | funds | 31/3/21 | ||
| Unrestricted | funds | |||||
| General fund Building Maintenance |
127,635 | 69,779 | (42,811) | 154,603 | ||
| Reserve Fund | 71,800 | 29,200 | 101,000 | |||
| Restricted funds |
199,435 | 69,779 | (13,611) | 255,603 | ||
| Porthmeor Anchor Trewarveneth Artists' Residency |
3,776,539 13,900 126,327 |
23,095 | 460,096 | 13,611 | 3,776,539 510,702 126,327 |
|
| Programme | 63,194 | (22,271) | 40,923 | |||
| 3,979,960 | 23,095 | 437,825 | 13,611 | 4,454,491 | ||
| TOTAL FUNDS | 4,179,395 | 23,095 | 507,604 | 4,710,094 |
| Incoming | Resources | Movement | ||
|---|---|---|---|---|
| resources | expended | in funds | ||
| Unrestricted funds |
||||
| Gener'al fund |
267,292 | (197,513) | 69,779 | |
| Restricted funds |
||||
| Anchor Artists' Residency |
Programme | 460,279 36,942 |
(183) (59,213) |
460,096 (22,271) |
| 497,221 | (59,396) | 437,825 | ||
| TOTAL FUNDS | 764,513 | (256,909) | 507,604 |
| FOR THE YEAR ENDED | 31 MARCH 2021 | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| INCOME AND | ENDOWMENTS | |||||
| Donations and |
legacies | |||||
| Donations | 1,250 | 3,421 | ||||
| Grants | 459,312 | 90,292 | ||||
| 460,562 | 93,713 | |||||
| Other trading | activities | |||||
| General fundraising | 853 | 4,271 | ||||
| Investment income |
||||||
| Deposit account | interest | 3,629 | 5,259 | |||
| Charitable activities |
||||||
| Rental income | 95,262 | 100,964 | ||||
| Total incoming | resources | 560,306 | 204,207 | |||
| EXPENDITURE | ||||||
| Raising donations | and | legacies | ||||
| Fundraising costs |
811 | 2,032 | ||||
| Residency Programme |
expenses | 10,816 | 21,463 | |||
| 11,627 | 23,495 | |||||
| Charitable activities |
||||||
| Trustees' expenses |
106 | |||||
| Wages | 50,441 | 57,396 | ||||
| Social security | 113 | 1,451 | ||||
| Pensions | 90 | 389 | ||||
| Rates and water | (699) | 1,463 | ||||
| Insurance | 9,769 | 9,562 | ||||
| Light and heat | 7,725 | 5,285 | ||||
| Telephone | 1,221 | 1,327 | ||||
| Repairs and maintenance | 12,264 | 43,068 | ||||
| Bank charges | 212 | 254 | ||||
| Website costs | 531 | 620 | ||||
| Rent | 988 | 2,618 | ||||
| 82,655 | 123,539 | |||||
| Support costs | ||||||
| Governance costs |
||||||
| Accountancy fees |
6,600 | 2,580 | ||||
| Administrations | costs | 1,675 | 3,703 | |||
| Legal fees | 1,035 | |||||
| 8,275 | 7,318 |
| FOR THE YEAR FN | DED 31 MARCH 2021 | |
|---|---|---|
| 2021 | 2020 | |
| Total resources expended | 102,557 | 154,352 |
| Net income | 457,749 | 49,855 |