## 

|||||Page|
|---|---|---|---|---|
|||||1-11|
|Trustees'<br>report|||||
|||||12-15|
|Independent|Auditors'<br>report||||
|Consolidated|statement<br>offinancial||activities|16|
|Consolidated|and Charity balance sheets|||17|
|Group statement<br>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||||





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|||||||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<br>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<br>funds||||||(6,068)|6,068|||
|351,395|Net movement<br>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<br>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<br>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<br>in operating|activities||||(187,382)||(97,656)|
|Cash flows from investing|activities:|||||||
|Investment<br>income received||||90,918||75,850||
|Net investment<br>disposals/(additions)||||62,448||(103,687)||
|Fixed asset additions||||(2,991)||(690)||
|Heritage asset additions||||||(355)||
|Net cash provided<br>by/(used|in) investing|||||||
|activities|||||150,375||(28,882)|
|Change<br>in cash and cash equivalents||in||||||
|the reporting<br>period|||||(37,007)||(126,538)|
|Cash and cash equivalents|at the|||||||
|beginning<br>ofthe reporting|period||||289,097||415,635|
|Cash and cash equivalents|at the end|of||||||
|the reporting<br>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)<br>in|stock||||||(248)||
||(Increase)<br>in|debtors||||||(49,620)|(15,754)|
||Increase<br>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<br>in|investments||||||128,467|92,672|
||Total cash and cash||equivalents|||||252,090|289,097|





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|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<br>f|||||legacies<br>f|activities<br>f|activities<br>f|income<br>f|2022<br>f|
||Grants:|||||||||
||~|Cornwall<br>Council—||||||||
|126,096||funding<br>allocation|||78,971||||78,971|
||~|Cornwall<br>Council Covid||||||||
|||Business Support||||||||
|||grants*|||24,000||||24,000|
||~|Cornwa<br>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<br>and legacies||||104,189||||104,189|
|723|Gift Aid||||3,242||||3,242|
||Admissions<br>(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<br>income|||||||90,918|90,918|
||Fees from workshops||and other|||||||
|1,811|learning|activities|||||16,467||16,467|
|2,041|Members<br>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<br>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<br>remuneration|for:||
|5,500|Audit services||5,750|
|3,700|Other services||3,750|
|81,560|Depreciation||61,213|
|7,786|Operating<br>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<br>At 1"April 2021|124,611|618,728|743,339||743,339|
|Charge for the year||61,213|61,213||61,213|
|Eliminated<br>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<br>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<br>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)<br>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<br>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<br>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<br>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<br>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|



## 

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## 

## 



## 

## 

|(including<br>Inc|om|e 8|Expenditure<br>A|ccount) —Comp|arative<br>period|||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Endowment|Total|
|||||Funds|Funds|Funds|Funds|
|||||E|f|f|f|
|Income||||||||
|Donations<br>and legacies||||||||
|~<br>Grants||||316,342|68,555||384,897|
|~<br>Donations|S.legacies|||5,342|2,495|9,241|17,078|
|~<br>Gift Aid||||723|||723|
|Income from charitable||activities:||||||
|Admissions||||||||
|Learning||||1,811|||1,811|
|Members<br>subscriptions||||2,041|||2,041|
|Other||||3,127|||3,127|
|Other trading<br>activities||||||||
|~<br>Retail activities||||80|||80|
|~<br>Rental income||||28,498|||28,498|
|Investment<br>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<br>voluntary|income|||8,200|||8,200|
|Retail activities||||3,922|||3,922|
|Investment<br>management||||1,981||22,538|24,519|
|Charitable<br>activities:||||||||
|Operation<br>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<br>funds||||||||
|Gain on cessation of|defined||benefit|||||
|pension scheme||||||||
|Net Movement<br>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<br>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<br>Fund|||||||||
|Cornish|Language|Bool|(I)||2,195|||2,195|
|||||1,877,720|141,803|(142,308)||1,877,215|





||||Balance<br>1"April|Income|Expenditure|Transfers,<br>gains/|Balance<br>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<br>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|