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||||Page||
|---|---|---|---|---|
|Report ofthe Trustees||1|to|5|
|Report ofthe Independent<br>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|





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|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||Unresiricted|Restricted|Total|Total|
|||||funds|funds|funds|funds|
||||Notes|||||
|I'NCOME AND ENDOWMENTS||FROM||||||
|Donations<br>and legacies||||54,674|405,888|460,562|93,713|
|Charitable<br>activities||||||||
|Rental income||||95,262||95,262|100,964|
|Other trading activities||||853||853|4,271|
|Investment<br>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<br>activities||||||||
|Rental income|||||988|988||
|Charitable<br>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<br>between<br>funds|||18|(13,611)|13,611|||
|Net movement<br>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|





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|||||||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<br>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<br>from operations||||||386,326|41,041|
|Net cash provided<br>by operating|||activities|||386,326|41,041|
|Cash flows from investing||activities||||||
|Purchase ofheritage<br>assets||||||(421,596)|(22,744)|
|Interest received||||||3,629|5,259|
|Net cash used in investing|activities|||||(417,967)|(17,485)|
|Change<br>in cash and cash|equivalents|||in||||
|the reporting<br>period||||||(31,641)|23,556|
|Cash and cash equivalents||at|the|||||
|beginning<br>ofthe reporting||period||||467,878|444,322|
|Cash and cash equivalents||at|the end|of||||
|the reporting<br>period||||||436,237|467,878|





## 

|||NOTES TO THF. STATEMENT OF CASH FLOW<br>FOR THE YEAR ENDED 31 MARCH 2021|NOTES TO THF. STATEMENT OF CASH FLOW<br>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<br>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|





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|||||2021|2020|
|---|---|---|---|---|---|
|Donations||||1,250|3,421|
|Grants||||459,312|90,292|
|||||460,562|93,713|
|Grants received,<br>included||in|the above, are as follows:|||
|||||2021|2020|
|Barns-Graham<br>Charitable||Trust||7,500|22,650|
|ACE Catalyst Grant||||25,000|27,892|
|HLF Development|Funding|||319,900||
|Cornwal<br>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<br>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<br>31 March 2020.|s'|remuneration|or o|ther ben|efits for the year ended 31 Marc|h 2021 nor for|the year<br>end|
|---|---|---|---|---|---|---|---|---|
||Trustees'<br>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<br>received||emoluments|in excess ofK60,000.|||||



||||2021|2020|
|---|---|---|---|---|
|Gross wages|||35,779|30,410|
|Employers<br>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<br>and legacies|||||2,671|9],042|93.713|
||Charitable<br>activities||||||||
||Rental income|||||100,964||100,964|
||Other trading<br>activities|||||3,980|291|4,271|
||Investment<br>income|||||5,259||5,259|
||Total|||||112,874|91,333|204,207|
||EXPENDITURE ON||||||||
||Raising funds|||||2 033|21,462|23,495|
||Charitable<br>activities||||||||
||Charitable<br>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<br>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<br>1 April 2020 and 31||March 2021||24,210|46,755|2,578|73,543|
||DEPRECIATION||||||||
||At<br>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<br>1 Apri<br>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|



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|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<br>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<br>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<br>fund|||]54,418|(87,766)|66,652|
|Restricted<br>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<br>fund||127,635||3,127|(15,200)|115,562|
|Building<br>Maintenance|||||||
|Reserve Fund||71,800|||15,200|87,000|
|||199,435||3,127||202,562|
|Restricted<br>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<br>fund||112,874|(109,747)|3,127|
|Restricted<br>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|





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## 

||||Prior|Net|Transfers||
|---|---|---|---|---|---|---|
||||year|movement|between|At|
|||At 1/4/19|adjustment|in funds|funds|31/3/21|
|Unrestricted|funds||||||
|General<br>fund<br>Building Maintenance||127,635||69,779|(42,811)|154,603|
|Reserve Fund||71,800|||29,200|101,000|
|Restricted<br>funds||199,435||69,779|(13,611)|255,603|
|Porthmeor<br>Anchor<br>Trewarveneth<br>Artists' Residency||3,776,539<br>13,900<br>126,327|23,095|460,096|13,611|3,776,539<br>510,702<br>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<br>funds|||||
|Gener'al<br>fund||267,292|(197,513)|69,779|
|Restricted<br>funds|||||
|Anchor<br>Artists' Residency|Programme|460,279<br>36,942|(183)<br>(59,213)|460,096<br>(22,271)|
|||497,221|(59,396)|437,825|
|TOTAL FUNDS||764,513|(256,909)|507,604|





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|||||FOR THE YEAR ENDED|31 MARCH 2021||
|---|---|---|---|---|---|---|
||||||2021|2020|
|INCOME AND||ENDOWMENTS|||||
|Donations<br>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<br>income|||||||
|Deposit account|interest||||3,629|5,259|
|Charitable<br>activities|||||||
|Rental income|||||95,262|100,964|
|Total incoming|resources||||560,306|204,207|
|EXPENDITURE|||||||
|Raising donations|||and|legacies|||
|Fundraising<br>costs|||||811|2,032|
|Residency<br>Programme||||expenses|10,816|21,463|
||||||11,627|23,495|
|Charitable<br>activities|||||||
|Trustees'<br>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<br>costs|||||||
|Accountancy<br>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|