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2022-03-31-accounts

Page
1-11
Trustees'
report
12-15
Independent Auditors'
report
Consolidated statement
offinancial		 activities 16
Consolidated and Charity balance sheets 17
Group statement
ofcash flows		 18
Notes to the group statement of cash flows 19
Notes to the financial statements 20-36
Patron HM King Charles HM King Charles HM King Charles HM King Charles III Vice-Patron TBC
President Colonel ET Bolitho, Lord Honorary Sir Ferrers Vyvyan
Lieutenant of Cornwall Vice- Mrs BSpring
Presidents
Trustees A Allen
M Brooks
M Chanter (resigned 21June
2021)
R Gripper
N Johnson
P Marsden
J Caplin-Grey (Chair)
A Watts
Director Jonathan Morton Custodian Barclays Bank Trust Company Limited
trustee
Registered Royal Cornwa II Museum, Website www. ro alcornwallmuseum. or .uk
office and 25 River Street,
operating Truro,
address TR1 2SJ
Bankers Lloyds Bank PLC, Solicitors Foot Anstey,
7 Boscawen Street, High Water House,
Truro, Truro,
TR1 2QT TR1 1QH
Investment Charles Stanley & Company Auditors RRL LLP
advisers Ltd, Peat House,
Broadwalk House, Newham Road,
Southernhay West, Truro,
Exeter, TR12DP
EX11TS
Charity 1150749 Company 08362598
number number

Note Unrestricted Restricted Endowment Total
2020/21 Funds Funds Funds Funds
f E E E f
Income
Donations and legacies
384,897 ~ Grants 170,885 68,692 239,577
17,078 ~ Donations & legacies 68,214 35,975 104,189
723 ~ Gift Aid 3,242 3,242
income from charitable activities:
Admissions 45,698 45,698
1,811 Learning 16,467 16,467
2,041 Members subscriptions 12,203 12,203
3,127 Other 23,701 23,701
Other trading
activities
80 ~ Retail activities 12,420 12,420
28,498 ~ Rental income 62,409 62,409
75,850 Investment Income 14,298 76,620 90,918
52 Other Income 11 11
514,157 Totallncome 429,548 181,287 610,835
Expenditure
Cost ofraising funds:
8,200 Generating voluntary income 23,376 23,376
3,922 Retail activities 14,644 14,644
24,519 Investment management 2,130 24,523 26,653
Charitable activities:
571,936 Operation of RIC 500,995 167,550 668,545
608,577 Total expenditure 541,145 167,550 24,523 733,218
445,815 Net gains on investment assets 9,980 143,031 153,011
351,395 Net income/(expenditure) before (101,617) 13,737 118,508 30,628
transfers
Transfer between
funds		 (6,068) 6,068
351,395 Net movement
in funds		 for year (107,685) 19,805 118,508 30,628
6,036,907 Total funds brought forward 1,125,220 1,877,215 3,385,867 6,388,302
6,388,302 Total funds carried forward 16 1,017,535 1,897,020 3,504,375 6,418,930

Group Charity Group Charity
2021 2021 Note 2022 2022
f f f f
Fixed Assets
7,000 7,000 Intangible
assets		 9 7,000 7,000
2,537,185 2,537,185 Tangible assets 10 2,476,712 2,476,712
32,555 32,555 Heritage assets 10 32,555 32,555
3,603,330 3,604,330 Investments 12 3,731,939 3,732,939
6,180,070 6,181,070 6,248,206 6,249,206
Current Assets
8,266 8,266 Stock 8,514 8,514
64,624 64,624 Debtors 13 114,244 114,244
196,425 196,425 Cash at bank and in hand 123,623 123,623
269,315 269,315 246,381 246,381
(61,083) (64,626) Creditors: amounts falling due within one year 14 (75,657) (79,200)
208,232 204,689 Net Current Assets 170,725 167,181
6,388,302 6,385,759 Net assets 6,418,930 6,416,387
Funds ofthe charity
385,296 382,753 Unrestricted general funds 338,084 335,541
739,924 739,924 Unrestricted designated funds 679,451 679,451
1,125,220 1,122,677 Total Unrestricted Funds 15 1,017,535 1,014,992
1,877,215 1,877,215 Restricted
Funds		 15 1,897,020 1,897,020
3,385,867 3,385,867 Endowment Funds 15 3,504,375 3,504,375
6,388,302 6,385,759 Total Charity Funds 16 6,418,930 6,416,387
2022 2021
Notes f f
Cash flows from operating activities:
Net cash used
in operating		 activities (187,382) (97,656)
Cash flows from investing activities:
Investment
income received		 90,918 75,850
Net investment
disposals/(additions)		 62,448 (103,687)
Fixed asset additions (2,991) (690)
Heritage asset additions (355)
Net cash provided
by/(used		 in) investing
activities 150,375 (28,882)
Change
in cash and cash equivalents		 in
the reporting
period		 (37,007) (126,538)
Cash and cash equivalents at the
beginning
ofthe reporting		 period 289,097 415,635
Cash and cash equivalents at the end of
the reporting
period		 252,090 289,097

1 Reconciliation ofnet income to net cash provided to net cash provided by operating activities
2022 2021
f f
Net income for the reporting period
(as per the statement offinancial activities) 30,62& 351,395
Adjusted for:
Depreciation and loss on disposals 61,213 81,560
Investment income (90,918) (75,850)
(Gains) on investments (153,011) (445,815)
(Increase)
in		 stock (248)
(Increase)
in		 debtors (49,620) (15,754)
Increase
in creditors		 within one year 14,574 6,808
Net cash used in operating activities (187,382) (97,656)
2 Analysis of cash and cash equivalents
2022 2021
f f
Cash in hand 3 503
Cash in bank —current accounts 28,055 31,075
Cash in bank —deposit accounts 95,565 164,847
Cash held
in		 investments 128,467 92,672
Total cash and cash equivalents 252,090 289,097

2021 2022
f f
1,000 Current assets 1,000
Current liabilities
1,000 Net assets 1,000
1,000 Share capital &.reserves 1,000

4. TOTAL INCOME
Donations Other Investment
Total and trading Charitable &other Total
2021
f		 legacies
f		 activities
f		 activities
f		 income
f		 2022
f
Grants:
~ Cornwall
Council—
126,096 funding
allocation		 78,971 78,971
~ Cornwall
Council Covid
Business Support
grants* 24,000 24,000
~ Cornwa
II Council—
10,000 Schools Art Collection 10,000 10,000
22,422 ~ CJRSgrants* 6,444 6,444
68,555 ~ Arts Council England- 68,692 68,692
NPO
157,824 ~ NLHF —Emergency grant
~ Other grants 51,470 51,470
17,078 Donations
and legacies		 104,189 104,189
723 Gift Aid 3,242 3,242
Admissions
(including		 Gift Aid) 45,698 45,698
80 Sale ofgoods 12,420 12,420
28,498 Property income 62,409 62,409
75,850 Investment
income		 90,918 90,918
Fees from workshops and other
1,811 learning activities 16,467 16,467
2,041 Members
subscriptions		 12,203 12,203
3,179 Other 23.712 23,712
514,157 347,008 74,829 98,080 90,918 610,835

Total Direct Apportioned Apportioned Total
2021 Costs support Governance 2022
costs Costs
f f f
Costs of raising funds:
8,200 ~ Generating voluntary income 23,376 23,376
3,922 ~ Retail activities 14,644 14,644
24,519 ~ Investment management 26,653 26,653
Charitable
activities:
571,936 ~ Operation of RIC 78,112 588,410 2,023 668,545
Other costs:
~ Governance costs
608,577 142,785 588,410 2,023 733,218

Total Premises & Management & Total
2021 Operation Administration 2022
f f f f
Generating voluntary income
Investment management
537,811 Charitable activities 204,153 384,257 588,410
537,811 204,153 384,257 588,410

re as foll ows:
2021 2022
f f
220,310 Wages and salaries 263,696
12,474 Employers national insurance 16,937
3,021 Pension costs 4,608
235,805 285,241

2021 2022
Auditors
remuneration		 for:
5,500 Audit services 5,750
3,700 Other services 3,750
81,560 Depreciation 61,213
7,786 Operating
lease rentals		 6,203

0.TANGIBLE FIXED ASSETS
Freehold Furniture 5 Total Heritage Group
premises equipment Tangible assets Total
Assets
f f
Cost or valuation
At 1"April 2021 2,543,615 736,909 3,280,524 32,555 3,313,079
Additions 2,991 2,991 2,991
Disposals (4,220) (4,220) - (4,220)
At 31"March 2022 2,543,615 735,680 3,279,295 32,555 3,311,850
Depreciation
At 1"April 2021		 124,611 618,728 743,339 743,339
Charge for the year 61,213 61,213 61,213
Eliminated
on disposal		 (1,969) (1,969) (1,969)
At 31"March 2022 124,611 677,972 802,583 802,583
Net Book Value
At 31"March 2022 2,419,004 57,708 2,476,712 32,555 2,509,267
At 31"March 2021 2,419,004 118,181 2,537,185 32,555 2,569,740

2021 2022 2022
Unrestricted Restricted Endowment Total
f f f f
Group (all in the UK)
3,510,658 Listed investments 3,603,472 3,603,472
92,672 Bank and other deposits 128,467 128,467
3,603,330 3,731,939 3,731,939
Charity:
3,603,330 As above 3,731,939
Investment in subsidiary
1,000 undertaking 1,000
3,604,330 3,732,939
Movement in listed
investment assets:
2,961,156 At 1"April 2021 3,510,658
1,044,775 Additions at cost 732,816
(876,305) Disposals at carrying value (765,154)
381,032 Net gain on revaluation 125,152
3,510,658 At 31"March 2022 3,603,472

Group Charity Group Charity
2021 2021 2022 2022
f f f f
3,768 3,768 Trade debtors 70,075 70,075
54,898 54,898 Prepayments and accrued income 44,169 44,169
5,958 5,958 Value added tax
64,624 64,624 114,244 114,244
CREDITORS: AMOUNTS
FALLING		 DUE WITHIN ONE YEAR
Group Charity Group Charity
2021 2021 2022 2022
f f f f
25,849 25,849 Trade creditors 46,175 46,175
3,543 Amount
owed to subsidiary		 undertaking 3,543
29,783 29,783 Accruals and deferred income 23,120 23,120
5,451 5,451 Other creditors incl. tax and social security 6,362 6,362
61,083 64,626 75,657 79,200

Balance Balance
Balance 1" 31st
April 2021 Transfers, March
Income Expenditure gains/losses 2022
Note f f f f
Unrestricted
Funds
General fund 385,296 429,548 (541,145) 64,385 338,084
General fund (a)
asset reserve 739,924 (60,473) 679,451
1,125,220 429,548 (541,145) 3,912 1,017,535
a)
The		 general fund asset reserve is the value of the assets of the RIC used in the day to
day operations of the RIC. They are not readily convertible into cash. This also has the
effect ofshowing usable or free reserves separately.
Balance 1" Transfers, Balance 31"
April 2021 Income Expenditure gains/losses March 2022
Note f f
Restricted funds:
Buildings (a) 1,647,018 1,647,018
HC Cardew
Rendle		 (b) 20,832 (20,832)
Reverend Selkirk (c) 28,009 28,009
Winston Graham (d) 12,000 12,000
Hawkins Galsworthy (e) 55,788 (55,788)
Heritage Lottery Fund (f) 150,243 150,243
St Levan Coin Hoard (g) 31,047 31,047
Arts Council England-
NPO (h) 68,692 (68,692)
Heritage Addition - (i) 300 300
Painting
iayne Wackett (j) 6,403 6,403
Memorial
Fund
Cornish Language Book (k) 2,195 3,975 (7,000) 830
Cornwall Wildlife Trust-
Epsom Projector (I) 2,000 2,000
Capital Project - Funding 10,000 (15,238) 5,238
Income (m)
Courtney Library (n) 20,000 20,000
1,877,215 181,287 (167,550) 6,068 1,897,020

Balance Income Expenditure Transfers, Balance
1
April		 gains/ 31"March
2021 losses 2022
Note f f f
Endowment funds
HC Cardew
Rendle Capital (a) 687,551 (5,055) 34,061 716,557
Winston
Graham		 (a) 41,105 (322) 2,244 43,027
Hawkins
Galsworthy (b) 2,528,503 (18,162) 103,158 2,613,499
HLF —Endowing
the next 200 years (c) 128,708 (984) 3,568 131,292
3,385,867 (24,523) 143,031 3,504,375

Current year Current year Unrestricted Restricted Endowment Total
Funds Funds Funds
f f f f
Intangible fixed assets 7,000 7,000
Tangible fixed assets 679,451 1,797,261 2,476,712
Heritage fixed assets 32,555 32,555
Fixed asset investments 297,866 3,434,073 3,731,939
Net current assets 33,218 67,204 70,302 170,724
1,017,535 1,897,020 3,504,375 6,418,930
Prior year Unrestricted Restricted Endowment Total
Funds Funds Funds
f f f
Intangible fixed assets 7,000 7,000
Tangible fixed assets 739,924 1,797,261 2,537,185
Heritage fixed assets 32,555 32,555
Fixed asset investments 288,472 3,314,858 3,603,330
Net current assets 89,824 47,399 71,009 208,232
1,125,220 1,877,215 3,385,867 6,388,302

(including
Inc		 om e 8 Expenditure
A		 ccount) —Comp arative
period
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
E f f f
Income
Donations
and legacies
~
Grants		 316,342 68,555 384,897
~
Donations		 S.legacies 5,342 2,495 9,241 17,078
~
Gift Aid		 723 723
Income from charitable activities:
Admissions
Learning 1,811 1,811
Members
subscriptions		 2,041 2,041
Other 3,127 3,127
Other trading
activities
~
Retail activities		 80 80
~
Rental income		 28,498 28,498
Investment
Income		 5,097 70,753 75,850
Other Income 52 52
Totallncome 363,113 141,803 9,241 514,157
Expenditure
Cost ofraising funds:
Generating
voluntary		 income 8,200 8,200
Retail activities 3,922 3,922
Investment
management		 1,981 22,538 24,519
Charitable
activities:
Operation
of RIC		 429,628 142,308 571,936
Total expenditure 443,731 142,308 22,538 608,577
Net gains on investment assets 34,818 410,997 445,815
Net income/(expenditure) before transfers (45,880) (505) 397,700 351,395
Transfer between
funds
Gain on cessation of defined benefit
pension scheme
Net Movement
in funds		 for the year (45,880) (505) 397,700 351,395
Total funds brought forward 1,171,020 1,&77,720 2,988,167 6,036,907
Total funds carried forward 1,125,220 1,877,215 3,385,867 6,388,302
Balance
Balance 1" 31st
April 2020 Transfers, March
Income Expenditure gains/losses 2021
Note f f f f
Unrestricted
Funds
General fund 349,834 363,113 (443,731) 116,080 385,296
General fund (a)
asset reserve 821,186 (81,262) 739,924
1,171,020 363,113 (443,731) 34,818 1,125,220

Balance
Balance 31st
1"April Transfers, March
2020 Income Expenditure gains/losses 2021
Note f f f f f
Restricted funds:
Buildings (a) 1,647,018 1,647,018
HC Cardew Rendle (b)
Income 17,995 (17,995)
Reverend
Selkirk		 (c) 28,009 28,009
PAS (d)
Winston Graham (e) 15,000 (3,000) 12,000
Hawkins Galsworthy (f) 52,758 (52,758)
Heritage Lottery (g) 150,243 150,243
Fund
St Levan Coin Hoard (h) 31,047 31,047
Arts Council England —(i) 68,555 (68,555)
National Portfolio via
Cornwall Museum
Partnership
Heritage Addition — (j) 300 300
Painting
Jayne Wackett (I&) 6,403 6,403
Memorial
Fund
Cornish Language Bool (I) 2,195 2,195
1,877,720 141,803 (142,308) 1,877,215
Balance
1"April		 Income Expenditure Transfers,
gains/		 Balance
31"March
2020 losses 2021
Note f000s f000s f000s f000s
Endowment funds
HC Cardew
Rendle Capital (a) 609,214 (4,677) 83,014 687,551
Winston
Graham		 (a) 35,450 (295) 5,950 41,105
Hawkins
Galsworthy (b) 2,239,781 (16,769) 305,491 2,528,503
HLF —Endowing
the next 200 years (c) 103,722 9,241 (797) 16,542 128,708
2,988,167 9,241 (22,538) 410,997 3,385,867