2023-03-31-accounts - The Royal Institution Of Cornwall

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			Page
Report ofthe Trustees		1	to	9
Report ofthe independent Auditors		10	to	12
Statement of Financial	Activities		13
Balance Sheet
Cash Flow Statement			15
Notes to the Cash Flow Statement			16
Notes to the Financial	Statements	17	to	29
Detailed Statement of	Financial Activities	30	to	31

			for the Year	Ende 31Marc	h 2023
REFERENCE AND ADMINISTRATION DETAILS
Patron	HM King Charles		RI	Vice —Patron		TBC
President	Colonel ETBogtho,			Honorary	Vice	Sir Ferrers Vyvyan
	Lord Lieutenant		of	Presidents		Mrs BSpring
	Comwall
Trustees	A Allen
	M Brooks
	R Gripper
	N Johnson
	P Marsden
	JCaplln-Grey (Chair)
	N Watts
	M Godwin (appointed
	26 November	2022)
	M Bunney (appointed
	26 November	2022)
Directors	Jonathan Morton			Custodian		Barclays Bank Trust Company
	Bryony Robins			trustee		Limited
Registered	Royal Corn wall	Museum		Webslte		www. royalcornwallmuseum.	org, uk
offic and	26 River Street
operating	Truro
address	TR12SJ
Bankers	Uoyds Bank PLC			Solidtors		Stephens Scown
	7 Boscawen Street					Osprey House
	Truro					Malpas Road
	TR12QT					Truro
						TR11UT
Investment	Charles Stanley	lk Company		Auditors		Atkins Ferric
advisers	Ltd					Lakeside Offices
	Broadwalk House					The Old Cattle Market
	Southernhay West					Helston
	Exeter					TR13OSR
	EX11TS
Charity	1150749			Company		08362598
number				number

		Statement ofFlnandal Activi les	Statement ofFlnandal Activi les	Statement ofFlnandal Activi les
	Incor	or nc	e and Ex endlture	Account
		for the Year Ended 31March 2023
					2023	2022
		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
	Notes	6	E	E	E	E
INCOME AND ENDOWMENTS
FROM
Donations and legacies		285,201	515,898		801,099	347,008
Charitable activities
Operation of RIC		121,480			121,480	98,069
Other trading activities		103,891			103,891	74,829
Investment income		12,355	87,715		100,070	90,929
Total		522,927	603,613		1,126,540	610,835
EXPENDITURE ON
Raising funds		22,276		23,568	45,844	64,673
Charitable activities
Operation of RIC		474,472	194,998		669,470	668,545
Total		496,748	194,998	23,568	715,314	733,218
Net gains/(losses) on Investments		(16,815)		(197,394)	(214,209)	153,011
NET INCOME/(EXPENDITURE)		9,364	408,615	(220,962)	197,017	30,628
Transfers between funds	21	202	(202)
Net movement in funds		9,566	408,413	(220,962)	197,017	30,628
RECONCILIATION OF FUNDS
Total funds brought forward		1,014,992	1,897,020	3,504,375	6,416,387	6,385,759
TOTAL FUNDS CARRIED FORWARD		1,024,558	2,305,433	3,283,413	6,613,404	6,416,387

					2023	2022
		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
	Notes	E	E	E	E	E
FIXEDASSETS
Intangible assets	14	7,000			7,000	7,000
Tangible assets	15	676,296	1,797,648		2,473,944	2,476,712
Heritage assets	16		32,555		32,555	32,555
Investments	17	280,014		3,213,110	3,493,124	3,732,939
		963,310	1,830,203	3,213,110	6,006,623	6,249,206
CURRENT ASSETS
Stocks	18	7,542			7,542	8,514
Debtors	19	47,063	26,740		73,803	114,244
Cash at bank and in hand		64,348	452,150	70,303	586,801	123,623
		118,953	478,890	70,303	668,146	246,381
CREDITORS
Amounts falling due within one year	20	(57,705)	(3,660)		(61,365)	(79,200)
NET CURRENT ASSETS		61,248	475,230	70,303	606,781	167,181
TOTAL ASSETS LESS CURRENT
LIABILITIES		1,024,558	2,305,433	3,283,413	6,613,404	6,416,387
NET ASSETS		1,024,558	2,305,433	3,283,413	6,613,404	6,416,387
FUNDS	21
Unrestricted funds					1,024,558	1,014,992
Restricted funds					2,305,433	1,897,020
Endowment funds					3,283,413	3,504,375
TOTALFUNDS					6,613,404	6,416,387

					Cash Flow Statement
				for the	Year Ended 31Ma	2
							2023	2022
				Notes			E	6
Cash flows from operating	activities
Cash generated from operations							351,514	(187,382)
Net cash provided by/(used	in) operating		activities				351,514	(187,382)
Cash flows from Investing	activities
Purchase oftangible fixed	assets						(11,469)	(2,991)
Net investment disposals/(additions)							(16,808)	62,448
Investment income received							100,070	90,918
Net cash provided by Investing activities							71,793	150,375
Change in cash and cash equivalents		In the
reporting period							423,307	(37,007)
Cash and cash equivalents	at the beginning			of
the reporting period							252,090	289,097
Cash and cash equivalents	at the end	of	the
reporting period							675,397	252,090

RECONCILIA	TION	OF NET IN	C	OME TO NET CASH FLOW FR	OM OPERATING ACTIVITIES
						2023	2022
						E	E
Net Income	for the	reporting		period (as per the Statement	of Financial Activities)	196,017	30,628
Adjustments	for:
Depreciation	charges					14,237	61,213
Losses/(gain)	on investments					214,209	(153,011)
Investment	income	received				(100,070)	(90,918)
Decrease/(increase)		in stocks				972	(248)
Decrease/(increase)		in debtors				40,441	(49,620)
(Decrease)/Increase		in creditors				~14,292)	14,574
Net cash provided		by/(used	ln) operations			351,514	(187,382)
ANALYSIS OF CHANGES IN NET FUNDS
					At 1.4.22	Cash flow	At 31.3.23
					6	E	E
Net cash
Cash at bank	and In	hand			123,622	463,179	586,801
Cash held ln	investments				128,468	(39,872)	88,596
Total					252,090	423,307	675,397
ANALYSIS OF CASH		AND CASH		EQUIVALENTS
						2023	2022
						E	E
Cash in hand							3
Cash In bank	—current accounts					23,922	28,055
Cash In bank	—deposit accounts					562,879	95,565
Cash held in	investments					88,596	128,467
Total cash and cash		equivalents				675,397	252,090

				2023	2022
				6	E
Donations				13,116	20,794
Gift aid				5,646	3,242
Legacies				131,053	83,395
Grants				651,284	239,577
				801,099	347,008
Grant income consists ofthe			following:
				E	f
Cornwall	Council - funding	allocation		100,000	78,971
Cornwall	Council - devolution		funding	415,000
Cornwall	Council - Schools	Art Collection		10,000	10,000
Arts Council England - NPO				76,897	68,692
Cornwall	Councg- Covid Business Support				24,000
CIRSgrants					6,444
Other grants				49,387	51,470
				651,284	239,577

OTHER TRADING ACTIVITIES
	2023	2022
	6	E
Retail activities	20,902	12,420
Rentallncome	82,989	62,409
	103,891	74,829
INVESTMENT INCOME
	2023	2022
	6	E
Income from fixed asset Investments	99,719	90,918
Deposit account Interest	351	11
	100,070	90,929

									2023	2022
						Activity			E	E
	Admissions					Operation	of RIC		79,385	45,698
	Learning					Operation	of RIC		26,248	16,467
	Members		subscriptlons			Operation	of RIC		12,068	12,203
	Other					Operation	of RIC		3,779	23,701
									121,480	98,069
7.	RAISING FUNDS
	Raising donations			and legacies
									2023	2022
									f	E
	Staff costs								3,749
	Fundraising		costs						951	23,376
									4,700	23,376
	Other trading activities
									2023	2022
									E	E
	Purchases								15,540	14,644
	Investment		management		costs
									2023	2022
									f	f
	Portfolio management								25,604	26,653
	Aggregate		amounts						45,844	64,673
8.	CHARITABLE ACTIVITIES				COSTS
									2023
									Support
								Direct	costs (see
								Costs	note 9)	Totals
								E	6	E
	Operation	of RIC						107,997	561,473	669,470
									2022
									Support
								Direct	costs (see
								Costs	note 9)	Totals
								E	E	E
	Operation	of RIC						78,112	590,433	668,545

				Premises
				and	Governance
		Management	Finance	operations	costs	Totals
		6	6	f	6	6
Operation	of RIC	332,451	4,913	197,834	26,275	561,473
Support	costs for the year	ended 31March 2022 are	as follows;
				Premises
				and	Governance
		Management	Finance	operations	costs	Totals
		6	6	E	6	6
Operation	of RIC	360,135	3,974	204,152	22,172	590,433
NET INCOME/(EXPENDITURE)
Net income/(expenditure)		is stated after charging/(crediting);
					2023	2022
					6	6
Depreciation- owned assets					14,237	61,213
Auditor remuneration.
Audit services					6,500	5,750
Non-audit	services				3,600	3,750

STAFF	COSTS
		2023	2022
		f	6
Wages	and salaries	334,618	263,696
Social	security costs	23,033	16,937
Other	pension costs	6,021	4,608
		363,672	285,241

	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
				Unrestricted	Restricted	Endowment	Tota I
				funds	funds	funds	funds
				E	E	E	E
	INCOME AND ENDOWMENTS		FROM
	Donations and legacies			242,341	104,667		347,008
	Charitable activities
	Operation of RIC			98,069			98,069
	Other trading activities			74,829			74,829
	Investment income			14,309	76,620		90,929
	Total			429,548	181,287		610,835
	EXPENDITURE ON
	Raising funds			40,150		24,523	64,673
	Charitable activities
	Operation of RIC			500,995	167,550		668,545
	Total			541,145	167,550	24,523	733,219
	Net gains on investments			9,980		143,031	153,011
	NET INCOME/(EXPENDITURE)			(101,617)	13,737	118,508	30,628
	Transfers between	funds		(6,068)	6,068
	Net movement ln funds			(107,685)	19,805	118,508	30,628
	RECONQLIATION OF FUNDS
	Total funds brought	forward		1,122,677	1,877,215	3,385,867	6,385,759
	TOTAL FUNDS CARRIED FORWARD			1,014,992	1,897,020	3,504,375	6,416,387
14.	INTANGIBLE FIXED ASSETS
							Patents and
							licences
							E
	COST
	At 1April 2022 and	31March	2023				7,000
	NET BOOK VALUE
	At 31March 2023						7,000
	At 31March 2022						7,000

TANGIBLE FIXED ASSETS
		Fixtures
	Freehold	and
	property	fittings	Totals
	E	E	E
COST
At 1April 2022	2,543,615	735,680	3,279,295
Additions		11,469	11,469
Disposals		(8,616)	(8,616)
At 31March 2023	2,543,615	738,533	3,282,148
DEPRECIATION
At 1April 2022	124,611	677,972	802,583
Charge for year Eliminated on disposal		14,237 (8,616)	14,237 ~8,616)
At 31March 2023	124,611	683,593	808,204
NET BOOK VALUE
At 31March 2023	2,419,004	54,940	2,473,944
At 31March 2022	2,419,004	57,708	2,476,712

HERITAGE ASSETS
	Total
	E
COST OR VALUATION
At 1April 2022 and 31March 2023	32,555
NET BOOK VALUE
At 31March 2023	32,555
At 31March 2022	32,555

FIXEDASSET INVESTMENTS
	2023	2022
	E	E
Listed investments	3,403,528	3,604,472
Shares in group undertakings	1,000	1,000
Bank and other deposits	88,596	128,467
	3,493,124	3,732,939

	Sharesin
	group	Listed
	undertakings	Investments	Totals
	6	6	6
MARKET VALUE
At 1April 2022	1,000	3,603,472	3,604,472
Additions		455,601	455,601
Disposals		(1,154,395)	(1,154,395)
Revaluations		498,850	498,850
At 31March 2023	1,000	3,403,528	3,404,528
NET BOOK VALUE
At 31March 2023	1,000	3,403,528	3,404,528
At 31March 2022	1,000	3,603,472	3,604,472

STOCKS
					2023	2022
					f	6
Stocks					7,542	8,514
DEBTORS:AMOUNTS			FALLING DUE WITHIN ONE YEAR
					2023	2022
					6	6
Trade debtors					31,942	70,075
Other debtors						2,651
VAT					843
Prepayments		and accrued Income			41,018	41,518
					73,803	114,244
CREDITORS: AMOUNTS				FALLING DUE WITHIN ONE YEAR
					2023	2022
					6	E
Trade creditors					41,649	46,175
Amounts	owed to group			undertakings		3,543
VAT						901
Other creditors					1,760	5,461
Accruals	and deferred		income		17,956	23,120
					61,365	79,200

MOVEM	ENT IN	FUNDS
					Net	Transfers
					movement	between
				At 1.4.22	in funds	funds	At 31.3.23
				f	E	E	E
Unrestricted funds
General General	fund fund asset reserve			335,541 679,451	9,364	3,357 ~3,155)	348,262 676,296
				1,014,992	9,364	202	1,024,558
Restricted funds
Buildings				1,647,018			1,647,018
Reverend	Selkirk			28,009	(498)		27,511
Winston	Graham			12,000			12,000
I-leritage	Lottery	Fund		150,243			150,243
St Levan	Coin Hoard			31,047			31,047
Heritage	Addition	- Painting		300			300
Jayne Wackett				6,403			6,403
Cornish Wildlife Trust -			Epsom Projector	2,000	(203)	(202)	1,595
Capital Project -		Funding	Income		404,294		404,294
Courtney	Library			20,000	5,022		25,022
				1,897,020	408,615	(202)	2,305,433
Endowment funds
Hawkins	Galsworthy			2,613,499	(165,775)		2,447,724
Cardew Rendle				716,557	(45,393)		671,164
Winston	Graham			43,027	(2,006)		41,021
HLF Endowment		Fund		131,292	(7,788)		123,504
				3,504,375	(220,962)		3,283,413
TOTALFUNDS				6,416,387	197,017		6,613,404

			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
			f	f	E	f
Unrestricted funds
General fund			522,928	(496,749)	(16,815)	9,364
Restricted funds
HC Cardew Rendle			21,028	(21,028)
Reverend Selkirk				(498)		(498)
I-lawkins Galsworthy			66,687	(66,687)
Arts Council England - NPO			76,897	(76,897)
Cornish Wildlife	Trust -	Epsom ProJector		(203)		(203)
Capital Pro)ect -	Funding	Income	415,000	(10,706)		404,294
Courtney Ubrary			20,000	(14,978)		5,022
Memory Matters			4,000	(4,000)
			603,612	(194,997)		408,615
Endowment funds
Hawklns Galsworthy				(17,452)	(148,323)	(165,775)
Cardew Rendle				(4,869)	(40,524)	(45,393)
Winston Graham				(314)	(1,692)	(2,006)
HLF Endowment	Fund			(933)	(6,855)	(7,788)
				(23,568)	(197,394)	~220,962)
TOTALFUNDS			1,126,540	(715,314)	(214,209)	197,017

					Net	Transfers
					movement	between
				At 1.4.21	in funds	funds	At 31.3.22
				E	E	E	E
Unrestricted funds
General	fund			382,753	(101,617)	54,405	335,541
General	fund asset reserve			739,924		(60,473)	679,451
				1,122,677	(101,617)	(6,068)	1,014,992
Restricted funds
Buildings				1,647,018			1,647,018
Reverend Selklrk				28,009			28,009
Winston	Graham			12,000			12,000
Heritage	Lottery	Fund		150,243			150,243
St Levan	Coin Hoard			31,047			31,047
Heritage	Addition	- Painting		300			300
Jayne Wackett				6,403			6,403
Cornish	Language	Book		2,195	(3,025)	830
Cornish	Wildlife Trust -		Epsom Projector		2,000		2,000
Capital Project -		Funding	Income		(5,238)	5,238
Courtney	Library				20,000		20,000
				1,877,215	13,737	6,068	1,897,020
Endowment funds
Hawkins	Galsworthy			2,528,503	84,996		2,613,499
Cardew	Rendle			687,551	29,006		716,557
Winston	Graham			41,105	1,922		43,027
HLF Endowment		Fund		128,708	2,584		131,292
				3,385,867	118,508		3,504,375
TOTALFUNDS				6,385,759	30,628		6,416,387

				Incoming	Resources	Gains and	Movement
				resources	expended	losses	In funds
				E	E	E	E
Unrestricted funds
General fund				429,549	(541,146)	9,980	(101,617)
Restricted funds
HC Cardew Rendle				20,832	(20,832)
Hawkins Galsworthy				55,788	(55,788)
Arts Council England		- NPO		68,692	(68,692)
Cornish Language	Book			3,975	(7,000)		(3,025)
Cornish Wlldgfe Trust		-	Epsom Projector	2,000			2,000
Capital Project-	Funding		Income	10,000	(15,238)		(5,238)
Courtney Library				20,000			20,000
				181,287	(167,550)		13,737
Endowment funds
Hawkins Galsworthy					(18,162)	103,158	84,996
Cardew Rendle					(5,055)	34,061	29,006
Winston Graham					(322)	2,244	1,922
HLF Endowment	Fund				(984)	3,568	2,584
					(24,523)	143,031	118,508
TOTALFUNDS				610,836	(733,219)	153,011	30,628

				2023	2022
				6	f
Total funds at 31March				6,613,404	6,416,387
Less: endowment funds				(3,283,413)	(3,504,375)
Less; restricted funds				(2,305,433)	(1,897,020)
Less: freehold property				(621,356)	(621,743)
Less; Rxtures and fittings				(54,940)	(57,708)
				348,262	335,541
The movement in free reserves		is as	follows:
				2023	2022
				E	E
Balance at start ofyear				335,541	382,753
Fixed asset additions				(11,469)	(2,991)
Fixed asset disposals				8,616	4,220
Fixed asset depreciation/	eliminated		on disposal	5,621	59,244
Transfer between funds				202	(6,068)
Correction between fixed	assets	from prior year		387
Surplus/(deficit) for the year				9,364	(101,617)
Balance at end ofyear				348,262	335,541

Paee 29

The aggregate	ofthe subsidiary's	assets, liabilities
			2023	2022
			E	E
Assets			1,000	1,000
Liabilities
Net assets/ share capital &reserves			1,000	1,000
The subsidiary	is held in unrestricted	funds.

	for t Year Ended	31March 2023
		2023	2022
		E	E
INCOME AND ENDOWMENTS
Donations and legacies
Donations		13,116	20,794
Gift aid		5,646	3,242
Legacies		131,053	83,395
Grants		651,284	239,577
		801,099	347,008
Other trading activities
Retail activities		20,902	12,420
Rental income		82,989	62,409
		103,891	74,829
Investment income
Income from fixed asset	investments	99,719	90,918
Deposit account Interest		351	11
		100,070	90,929
Charitable activities
Admissions		79,385	45,698
Learning		26,248	16,467
Members subscriptions		12,068	12,203
Other		3,779	23,701
		121,480	98,069
Total incoming resources		1,126,540	610,835
EXPENDITURE
Raising donations and legacies
Wages		3,478
Social security		271
Fundraislng costs		951	23,376
		4,700	23,376
Other trading activities
Purchases		15,540	14,644
Investment management	costs
Porffollo management		25,604	26,653
Charitable activities
Wages		60,459	29,751
Sundries		6,373	5,140
Temporary exhibition costs		13,495	23,680
Learning and events		9,293	3,085
Project costs		16,852	5,070
Rental offsite		1,525	11,387
		107,997	78,113

			2023	2022
			E	6
Support costs
Management
Wages			270,681	233,945
Social security			22,762	16,937
Pensions			6,021	4,608
Professionalfees			2,752	32,869
Agency stafhng			9,223	10,563
Restructuring	costs		6,775
Fixtures and	fittings depreciation		14,237	61,213
			332,451	360,135
Finance
Bank charges			4,913	3,974
Premises and operations
Rates and water			10,579	5,535
Insurance			20,779	15,553
Light and heat			26,095	28,665
Telephone			4,083	3,473
Postage and	stationery		2,564	1,830
Marketing			20,797	24,631
Travel and subsistence			5,344	5,032
Training			187	695
ITcosts			17,792	18,629
Property repairs and maintenance			66,562	58,143
Books and subscriptions			3,643	13,398
Irrecoverable	VAT		17,605	28,114
Bad debts			1,804	440
Late filing penalties				14
			197,834	204,152
Governance	costs
Auditors' remuneration			11,900	9,250
Insurance			1,109	1,086
Accountancy	fees		12,956	10,899
Meeting costs			310	937
			26,275	22,172
Total resources	expended		715,314	733,219
Net income/(expenditure)		before gains and losses	411,226	(122,383)
Gains and losses on Investments
(Losses)/gains	on Rxed asset Investments		(214,209)	153,011
Net income			197,017	30,628