**REGISTERED COMPANY NUMBER: 08362598 (England and Wales) REGISTERED CHARITY NUMBER: 1150749** 

**Report of the Trustees and Financial Statements for the Year Ended 31 March 2024 for The Royal Institution of Cornwall** 

BK Plus Audit Limited Chartered Certified Accountants & Statutory Auditors Lakeside Offices The Old Cattle Market Coronation Park Helston Cornwall TR13 0SR 



**The Royal Institution of Cornwall** 

## **Contents of the Financial Statements for the Year Ended 31 March 2024** 

||**Page**|
|---|---|
|**Report of the Trustees**|1 to  10|
|**Report of the Independent Auditors**|11 to  13|
|**Statement of Financial Activities**|14|
|**Balance Sheet**|15|
|**Cash Flow Statement**|16|
|**Notes to the Cash Flow Statement**|17|
|**Notes to the Financial Statements**|18 to  31|





**The Royal Institution of Cornwall** 

**Report of the Trustees for the Year Ended 31 March 2024** 

|**REFERENCE AND ADMINISTRATION DETAILS**|**REFERENCE AND ADMINISTRATION DETAILS**|||
|---|---|---|---|
|**Patron**|HM King Charles III|**Vice – Patron**|TBC|
|**President**|Colonel Sir Edward|**Honorary Vice**|Sir Ferrers Vyvyan|
||Bolitho, KCVO OBE|**Presidents**|Mrs B Spring|
||CStJ|||
|**Trustees**|A Allen|||
||M Brooks|||
||R Gripper|||
||J Seyler (Chair)|||
||N Watts|||
||M Godwin|||
||M Bunney|||
||P Holden (appointed|||
||1 March 2024)|||
|**Directors**|Jonathan Morton|**Custodian**|Barclays Bank Trust Company|
||Bryony Robins|**trustee**|Limited|
|**Registered**|Royal Cornwall Museum|**Website**|www.royalcornwallmuseum.org.uk|
|**office and**|25 River Street|||
|**operating**|Truro|||
|**address**|TR1 2SJ|||
|**Bankers**|Lloyds Bank PLC|**Solicitors**|Stephens Scown|
||7 Boscawen Street||Osprey House|
||Truro||Malpas Road|
||TR1 2QT||Truro|
||||TR1 1UT|
|**Investment**|Charles Stanley & Company|**Auditors**|BK Plus Audit Limited|
|**advisers**|Ltd||6 Manor Park Business Centre|
||Broadwalk House||Mackenzie Way|
||Southernhay West||Cheltenham|
||Exeter||Gloucestershire|
||EX1 1TS||GL51 9TX|
|**Charity**|1150749|**Company**|08362598|
|**number**||**number**||



Page 1 



**The Royal Institution of Cornwall** 

## **Report of the Trustees for the Year Ended 31 March 2024** 

## **CHAIR'S REPORT** 

We care for and share some of the most significant collections in Cornwall that, together, tell the story of this nation and our links to the rest of the world. 

With our communities, we use these collections to look back in order to make sense of our lives today and improve our future. We believe that, in building understanding together, we build stronger communities. 

Through our activities we contribute to Cornwall's cultural, educational, social, and economic development. 

We create inclusive opportunities for learning, Inspiration, social gathering, and well-being. We want to enrich people's lives by engaging with all our communities through exciting and inspiring activities that explore current issues through the lens of Cornish culture and heritage. 

The RIC board of trustees and the team continue to focus on growing audiences, developing, and delivering the first stages of the capital transformation project whilst securing further revenue income and capital funding to keep the museum doors open. 

The 44% growth in visitors this year is testament to the focus on high quality, relevant and inspiring exhibitions and family activities sitting alongside an improved marketing and communication strategy. 

Building on last year’s successful Town Deal funding, further capital funding has been secured to complete the second phase of the museum transformation. A successful £1.5M grant application through the DCMS MEND heritage buildings programme will ensure emergency building repairs are carried out in 2024/25. A successful Shared Prosperity Fund, Good Growth application will support the transformation of the Main gallery, the Nature Gallery, and the external garden space. 

Whilst the organisation is in a much-improved position the underlying fact remains that the RIC still needs to build a more robust financial model which includes diversifying our sources of earned income and making the case for core grant funding. Both sources of revenue are required if we are to cement our position as an inspiring cultural space, connected to its community and valued by residents and visitors in Truro and Cornwall. 

As clearly noted last year the balance sheet, on face value, has significant value (circa £7.1M) but very little of this is available to run the charity day to day. Most of this balance sheet value is tied up in the freehold property and infrastructure that the Charity operates from along with endowments held in the form of Investments, the majority of which is unable to be used for operational purposes (albeit the charity does benefit from some investment income). This means that of the £7.1M balance sheet that only reserves of £469,314 were actually available to run the charity at 31 March 2024. The surplus of £550,855 should also be considered in the context of the level of costs that have been capitalised during the year that relate to income that is recognised in the Statement of financial activities. 

The low level of reserves places the charity at risk of not being able to continue to operate in the longer term and it is therefore crucial from a financial perspective that during the next four years the charity is successful in securing core funding. The trustees are aware that there may be deficits coming in 12 – 18 months while the museum builds its profile following the capital redevelopment. It is therefore essential that the free reserves are built upon to allow the charity to operate during this potentially difficult period. 

This next step in the RIC future will be critical to the success of the organisation, and we are grateful for the support of Arts Council England, Cornwall Council and The National Lottery Heritage Fund. 

We would like to thank our partners, members, funders, and communities. The ongoing support makes all the different to our museum. We are building on this momentum to develop the resources for the RIC to thrive. We value and need continued support from all our partners. 

## **Julie Seyler, Chair of Trustees** 

Page 2 



**The Royal Institution of Cornwall** 

## **Report of the Trustees** 

## **for the Year Ended 31 March 2024** 

## **Background and Objectives** 

Founded in 1818 as the Cornwall Literary and Philosophical Society, the Royal Institution of Cornwall (RIC) was one of the earliest of five similar societies established in England and Wales during the 19th century. These voluntary bodies typically founded a library and a museum, offered a lecture programme and scientific demonstrations, and gave instruction to the local population, well before state education was available. Today the RIC (so called after receiving royal patronage in 1821) remains true to the objects stated in its constitution, which are 'To advance the education of the public by encouraging and promoting the study and knowledge of literature, natural sciences, archaeology, history, ethnology, geology and the fine and applied arts with special reference to Cornwall.' 

In pursuit of these objectives the RIC operates Cornwall's oldest and most prestigious museum, the Royal Cornwall Museum (RCM) and the Courtney Library, as well as publishing the annual RIC journal. The values that led to the creation of the RIC in 1818, the sharing of knowledge and understanding about Cornwall and the opportunities this provided to connect with people and place, are as relevant now as they were then. With the collection at the heart of the organisation the opportunity exists to re-imagine the RIC as a hub which explores and celebrates a distinctly Cornish narrative. When visitors engage with the museum, or the library, they will be in no doubt that they are in Cornwall and visiting an organisation with a strong history and legacy where knowledge and ideas about Cornwall have been absorbed, debated, and challenged and where people can now explore and be inspired by the distinctiveness of place. 

The RIC positions itself as the beacon for Cornish history and culture, establishing the Royal Cornwall Museum as the place where everyone who either lives in or visits Cornwall can explore Cornwall's rich cultural heritage. The focus will be on developing our audiences by making a positive impact on the lives of everyone who engages with us relative to their needs and interests. Our programme will reveal a story about Cornwall which is inspiring, and which encourages people to delve deeper into Cornish culture and landscape, visit other places, and create a sense of place which is relevant to them. This also reflects Cornwall's connections across the globe and to bring the world to Cornwall. 

The trustees confirm that they have had regard to the Charity Commission's guidance on public benefit and confirm that they are satisfied the charity has met the relevant requirements. 

## **Structure, governance and management** 

The RIC is an incorporated association and a registered charity, governed by its Memorandum and Articles of Association. It was incorporated in January 2013 and commenced trading on the 1 April 2013. Following the approval of the members, all the assets and liabilities of the former RIC, the unincorporated charity, were transferred to the incorporated RIC. The incorporated charity is the sole trustee of the endowments that had been previously established. 

The RIC's governing body is a board of trustees, which is responsible for the policies, control and monitoring of the RIC's day-to-day management. Under the constitution, the board of trustees is made up of between eight and fourteen members comprising: 

- The trustees elected at the Annual General Meeting 

- Members co-opted by the existing trustees until the following Annual General Meeting. 

The trustee selection process is designed to appoint persons who have the necessary skills to contribute to the RIC's management and development. Newly appointed trustees are introduced to the work of the RIC and provided with the information they need to fulfil their roles, which includes information about the role of trustees and charity law. 

The board meets no less than three times a year. There are also regular meetings of subcommittees. An Audit & Risk subcommittee is also in place; three trustees sit on this subcommittee. 

The Executive Director and Artistic Director, who are not trustees, are responsible for day-to- day operation of the RIC and manages the staff on behalf of the trustees. 

## **Key management personnel** 

The trustees consider the board of trustees, the Executive Director the Artistic Director, and the senior management team as comprising the key management personnel of the charity, in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give their time freely and no trustee remuneration was paid in the year. The pay of the charity's Directors and senior management team is reviewed annually and benchmarked against other organisations. 

Page 3 



**The Royal Institution of Cornwall** 

## **Report of the Trustees for the Year Ended 31 March 2024** 

## **Risk management** 

The major risks to which the RIC is exposed have been reviewed and systems have been developed to monitor and control those risks in order to mitigate any impact that they may have on the RIC in the future. Risk management overall is ultimately the responsibility of the Trustees and the Directors. 

Financial, building and business risks are monitored by the Directors and the Trustees' Audit & Risk subcommittee. Risks to the collections are monitored by the Directors and the collections team and covered by a suite of policies and procedures including an emergency plan. Risks to visitors, staff and volunteers are covered by the RIC's Health and Safety Policy and Procedures. 

## **Investment Policy** 

The Charity's investment powers are set out in its Memorandum and Articles of Association. The investments are monitored by the Audit & Risk Subcommittee who compare performance with appropriate indices and meet with the charity's brokers on a regular basis. An investment policy document has been produced setting out the charity's requirements relating to income, risk, and asset mix. Last year, the Audit & Risk subcommittee embarked on a medium to long-term strategic review of the RIC's investment (endowment) holdings, ensuring that the RIC's goals of generating usable income, restricted and unrestricted, while ensuring future growth, continue to be resiliently and effectively achieved. The review is still ongoing as there were significant changes to the museums funding during 2023/24 which has led to a delay in the completion of this work. The investment portfolio remains a key part of the ongoing sustainability of the organisation, and it is a priority of the sub-committee to ensure that this is managed correctly. 

The funds are held on a long-term basis and an average return of 3.00% on cost was obtained during the year from these investments. 

## **Aims and Objectives** 

The RIC charitable objective is ' _to advance the education of the public by encouraging and promoting the study and knowledge of literature, natural sciences, archaeology, history, ethnology, geology and the fine and applied arts, with special reference to Cornwall'_ . 

The founding values from 1818 are: 

- To establish and share collections and archives that celebrate Cornwall and Cornish culture 

- To create a space at the heart of Cornwall society where ideas could be discussed and challenged 

- To be a place for sharing knowledge learning, creativity and ambition 

The role of museum's is changing, and our vision and values reflect this shift whilst recognising that the 1818 founding principles and values still hold true today. From 2021 the RIC activities, approach and decision making will be driven by the charitable objectives, vision and values. 

## **Vision** 

Cornwall is unique. The seas and the landscapes, the language and the minerals, as well as countless generations of Cornish people, have all combined, overtime, to make Cornwall a place like no other. 

At the very heart of Cornwall and its cultural life, the Royal Cornwall Museum is a centre of exploration and learning, using the eclectic collections of Cornish culture, art, antiquities, archaeology, science and natural history we take people on a journey from Cornwall deep into the ground, up into the sky, around the world and way back in time, and we use our collections to help our communities look forward together. 

## **Our Values** 

Shared vision, purpose driven 

- We recognise that everyone brings something different and valuable to our organisation. Our aim is that everyone in the team will work towards a shared goal, that we are accountable for our actions and that our contributions are recognised. 

Collaboration and imagination 

- We acknowledge that considered risks are necessary to innovate, change and adapt in a way that is necessary to create dynamic, relevant and exciting programmes and activities. We are ambitious and agile, we will test new ways of working and accept that mistakes will be made that we can learn from, making us better at what we do. We will work flexibly and collaboratively with each other, with our partners and our audiences. 

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## **The Royal Institution of Cornwall** 

## **Report of the Trustees for the Year Ended 31 March 2024** 

## Open and inclusive 

We respect people; within the workplace, our audiences and communities, and we aim to make everyone feel valued. We will take a shared and open approach to our programme and decision making. We welcome respectful challenge and debate. We want to connect and engage with more people and will achieve this through an iterative approach of empathetic listening, adapting and reinventing. 

## Environmentally responsible 

We are concerned about the climate crisis and are committed to improving our carbon footprint by addressing our energy efficiency and reducing our water consumption. We will reduce the amount of non-recyclable waste we generate through our programme and develop an environmental purchasing plan. We will consider and reduce the environmental impact of all our activities. 

Supportive and flexible workplace 

We understand that individuals work differently and there is need for flexibility, particularly in these changing times. Individuals have more to offer than the parameters of their roles, we welcome ideas sharing and we should all feel confident in asking for help. We will allow appropriate time and materials, to help prioritise and work to our agreed goals. 

## **Strategic Priorities** 

Our strategic priorities have been shaped to address our existing challenges and respond to current opportunities, around; strengthening financial performance, developing leadership, build environmental sustainability, welcome more visitors, engage with more people in meaningful ways, provide cultural access for young people and improve care and management of our collections.  We will do all of this to achieve our vision and help our communities look forward together. 

We will stabilise the finances and future proof the business model by 2025/26.  We will develop a financial strategy that is flexible and secures **economic sustainability** . 

We will be an **environmentally sustainable** museum by 2030.  We will carry out a decarbonisation survey in 2023/24 ensuring all the work we do now and in the future contributes to positive environmental impacts. 

We will address **social sustainability** and grow engagement, building audiences to 60k by 2026.  We will develop an audience development plan in 2024 to ensure all activity meets the needs of our local audience with particular emphasis on wellbeing. 

We will provide high-quality heritage-based learning and engagement for **diverse communities** and **young people** .  We will deliver our engagement plan, and review and expand the learning offer onsite, offsite, and online. 

We will protect and share Cornish art and heritage through effective **collections management** .  A comprehensive review will improve standards in the collections, library and archive ensuring the Museum is Accredited renewed and the mineral collection is considered for Designation by 2025. 

We will build **high performing teams** who are inspired by our vision and organisational values.  Our teams are the members, staff, volunteers, the Board, our partners, and stakeholders.  We are committed to impactful collaboration, recognising that success can only be achieved together. 

## **2023/24 - Year in Focus** 

After an exceptionally challenging period in 2022/23 where the future of the RCM hung in the balance, the year ended 31st March 2024 was an exciting and eventful year for the museum. We successfully received backing and financial investment to protect the building, its collection and Cornwall's heritage. Thanks to funding from Cornwall Council, National Lottery Heritage Fund and Arts Council England in 2023/24, the museum has begun a significant transformation to re-engage visitors and repair the building, home to our 200 year old institution and more than one million artefacts. 

We have also secured investment from the Cornwall and Isles of Scilly Good Growth Programme which is managed by Cornwall Council and funded by the UK Government through the UK Shared Prosperity Fund. 

As well as upgrades to our Heart of Cornwall exhibition in the Main Gallery, the Nature Gallery and our entrance, this investment will enable us to deliver a programme of activity building skills in Science, Technology, Engineering, Arts and Maths. 

Visitor numbers grew by 15% to a fantastic 41,231 and this was as a result of an inspiring and engaging exhibition programme, focussed marketing and expanding our events offering. 

Page 5 



**The Royal Institution of Cornwall** 

**Report of the Trustees for the Year Ended 31 March 2024** 

Our feature summer exhibition for 2023 was Adrift: Lego Lost at Sea. This attracted 21,980 visitors between July and November, 68% more visitors than the same period in 2022. Other popular exhibitions included A Different View, a Bryan Pearce retrospective, Spirit of Cornwall: Truro Open, One and All: Seamas Carey and Truro School Art Collection. RCM exhibitions have been complemented by a varied programme of digital, outreach and in-person engagement. We held family events, children's workshops, monthly lunchtime talks and a series of Museum Lates which brought in over 400 people after hours. We engaged with over 5,000 children by running a different activity every week based on the exhibition and over 1,250 school children visited the exhibition through our schools programme. 

Also in 2023/24, we collaborated with Cornwall Pride and Queer Kernow for a project celebrating 50 years of Pride in the UK and 15 years of Pride in Cornwall. We created a trail around the museum highlighting all the objects from our collections that have queer histories, and we shared those stories online via a social media campaign. There was also a community-curated wall featuring artworks donated by the LGBTQIA+ community in Cornwall, which included poems, textiles, and portraits. Queer Kernow and Cornwall Pride led training sessions with our volunteers, helping them talk confidently about the importance of Pride and making space for LGBTQIA+ voices and culture. We have kept the Pride flags flying in the Main Gallery with definitions of who they represent, as a sign of welcome to all our communities. 

In October 2023, RCM won Best Small Museum in the Kids in Museums Family Friendly Museum Awards 2023. We are proud to be recognised by this national award scheme that celebrates museums, galleries, historic homes and heritage sites in the UK that go the extra mile to provide a great experience for families.  Over the summer, five 'Secret Judge' families visited the museum and submitted feedback to Kids in Museums. They praised our helpful staff and the relaxed atmosphere, and felt that free children's entry and adult annual passes were good value for money. We were also pleased to be praised for supporting and representing the 

Page 6 



**The Royal Institution of Cornwall** 

## **Report of the Trustees for the Year Ended 31 March 2024** 

local area through our Pride exhibition, displaying young people's work, and engaging with the problem of plastic pollution. Thank you to all of those who nominated us for this award. We are committed to being a welcoming and inclusive space for every family. 

The year also saw the museum expand its events programme.  As well as the events related to Adrift, we held a number of successful, well-attended events including a Truro Open events evening for local artists, an opening event relating to the Seamas Carey One and All exhibition, an event exploring the museum's textile collection - Threads of Cornwall and the very successful Finding Father Christmas event. This festive event was run in conjunction with Coppice Theatre and Truro Bid and saw over 4,000 participants visit the museum. 

We have been working with an organisation called Counterculture on the Strategic Plan review funded by NLHF. This has involved a review of the existing business plan figures and refresh of the audience development plan. This will help to prioritise the activities set out in the 2017 Tricolour report and map out the plan to reach 60,000 visitors by 2026/27. We have 4 draft reports under review; the 10-year strategic plan, audience development plan, masterplan review and archaeology report. 

Mineral Gallery refurbishment through the Town Deal Fund project began in the third quarter of the year; collections were boxed and stored or removed for temporary redisplay in the Spotlight Gallery. We have been working with a geologist from National Museum Wales who has advised on movement of fragile minerals and which minerals cannot be redisplayed due to deterioration. The traditional exhibition cases are being taken off site for carpentry adjustment. The team have been working on interpretation narratives and text for labels, collecting audio stories for sound-based interactives. The old exhibition cases have been removed from site to make them more accessible and repair broken parts. They will be refitted with better LED lighting that is much more sensitive to the antique appearance of the cases. Electrical work is ongoing to bring power to the displays without having the overhead cables. The project is on track with both schedule and budget and the new Mineral Gallery will open in July 2024. 

Our continuing aim is to create a programme that is valued and relevant to our communities, that will increase engagement and create new audiences to build a sustainable future. The ongoing public support and dedication of our staff and volunteers means we ended the year on a very optimistic note. 

## Learning 

The learning programme continues to offer a popular and valued service for schools across Cornwall. 3,248 school children and 656 adults (accompanying teachers) took part in workshops in subjects ranging from Ancient Egypt, Stone Age to Iron Age and Old Toys. In addition, we offer an outreach loans box service that reached 2,475 children. We also delivered outreach sessions - Schools Art Collection Assemblies to 120 pupils, engaging with 362 pupils at careers events and attending a pop-up toy museum where we engaged with 96 pupils. 

Page 7 



**The Royal Institution of Cornwall** 

**Report of the Trustees for the Year Ended 31 March 2024** 

## Volunteers 

Volunteers remain an important part of the organisation, fulfilling crucial roles as gallery invigilators, in collections care, in engagement activities and in being local advocates for the museum. We currently have 54 volunteers with ongoing recruitment. Volunteers are supported through a programme of social and development activities, including exhibition  introductions, safeguarding and artists talks. 

## - Resilience and Long term Planning 

The museum has already begun a significant transformation project to re-engage visitors and repair the building, home to our 200 year old institution and more than one million artefacts. 

In addition, the RIC has secured £1.5m funding from the Arts Council DCMS fund to replace the roof and this work is expected to start in Autumn 2024. 

The transformation project will include upgrades to our Heart of Cornwall exhibition in the Main Gallery, the Nature Gallery and our entrance with the aim of creating financial sustainability for the next decade and beyond. 

## **FINANCIAL REVIEW** 

## **Financial position** 

Total income for 2023/24 was £1,316,018 (2022/23: £1,126,540) while total expenditure was £963,414 (2022/23: £715,314). 

The resulting surplus for the year, after deduction of investment gains of £198,251, was £550,855 (2022/23 £197,017). The surplus is primarily a result of an increase in grant income received during the year, mainly towards the capital redevelopment project. 

The net movement in reserves is an increase of £550,855 to give a year end reserve total of £7,164,259. 

A significant amount of the reserves total is tied up in endowment and restricted funds (see Notes 21 and 22). The trustees therefore continue to explore alternative ways of operating the charity on a sustainable basis, and have developed a long term capital project plan to lead the redevelopment of the museum to a more sustainable business model. This surplus seen in 2024 is partly a result of the grant funding received towards this project. 

## Investments 

Despite the ongoing Russia-Ukraine war and the cost of living crisis, the income generated by the investment portfolio was higher than expected and the valuation of the portfolio has increased within the year. 

Page 8 



**The Royal Institution of Cornwall** 

## **Report of the Trustees** 

## **for the Year Ended 31 March 2024** 

The Audit and Risk Committee is finalising its medium to long term strategic review of the RIC's investment (endowment) holdings ensuring that the organisation's goals of generating usable income, restricted and unrestricted, while ensuring future growth, continue to be resiliently and effectively achieved. This review will be presented and agreed by the board in due course. 

## **Reserves policy** 

The trustees review reserves policy annually and aim to maintain unrestricted general funds at a figure equal to at least three months operating expenditure, requiring minimum reserves of £206,000. 

In the prior years, mindful of reductions in the opening general reserves for the year, the trustees made the difficult decision to redesignate the RIC Endowment Fund previously set up by them to add this to the general reserve. 

At the end of the 2023/24 the general fund or "free" reserves were £469,314 (2022/23 £348,262). 

## **FUTURE PLANS** 

By 2026, the museum will be; 

- Completing a capital project which will provide the spaces to improve the visitor experience, access, community engagement, sustainability and commercial enterprise. 

- Governed by a diverse, multiskilled board of trustees, measured by the organisations values and supported by a strong constitutional framework. 

- An important and integral part of the Cornwall cultural heritage offer, contributing to making Truro an exciting place to live, work and visit. 

- Working with a new staffing structure that is flexible, agile and focused on achieving the vision, goals and ambition. 

- Offering continual opportunities for young people to train, develop and thrive in the museum, charitable and work sectors in Cornwall 

- On course to be carbon neutral by 2030, having established an environmental policy and new partnerships to drive sustainable change. We will share our learning with the cultural sector and beyond. 

- Recognised nationally for our creative and innovative approach. 

## **TRUSTEES' RESPONSIBILITY STATEMENT** 

The trustees (who are also the directors of The Royal Institution of Cornwall for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the trustees are aware: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

Page 9 



**The Royal Institution of Cornwall** 

## **Report of the Trustees for the Year Ended 31 March 2024** 

This report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies. 

Approved by order of the board of trustees on 10 October 2024 and signed on its behalf by: 

Julie Seyler – Trustee 

Andrew Allen - Trustee 

Page 10 



## **Report of the Independent Auditors to the Members of The Royal Institution of Cornwall** 

## **Opinion** 

We have audited the financial statements of The Royal Institution of Cornwall (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to take advantage of the small companies’ exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. 

Page 11 



## **Report of the Independent Auditors to the Members of The Royal Institution of Cornwall** 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Our responsibilities for the audit of the financial statements** 

We have been appointed as auditors under the Companies Act 2006 and Section 151 of the Charities Act 2011 and report in accordance with those Acts and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Our approach to assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognised non-compliance with applicable laws and regulations. 

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006, the Charities Act 2011, the Charities Statement of Recommended Practice (FRS 102) and those that relate to employment, data protection (including General Data Protection Regulation) and health and safety legislation. 

We assessed the risks of material misstatement in respect of fraud by: 

- Making enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. 

- Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations. 

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. These included, but are not limited to: 

- Agreeing financial statement disclosures to underlying supporting documentation 

- Reading minutes of meetings of those charged with governance 

- Enquiring of management as to actual and potential litigation and claims 

- Reviewing correspondence with regulatory bodies. 

We considered the risk of fraud through management bias and override of controls, and in response, we: 

- Tested manual journal entries throughout the year to identify unusual transactions 

- Assessed whether judgements and assumptions made in determining the critical accounting estimates were indicative of potential bias 

- Investigated the rationale behind significant or unusual transactions. 

There are inherent limitations in detecting irregularities described above. The more that laws and regulations are less intrinsically linked to financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be more difficult to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

Page 12 



## **Report of the Independent Auditors to the Members of The Royal Institution of Cornwall** 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 

Christopher Hession C.A. (Senior Statutory Auditor) for and on behalf of BK Plus Audit Limited Chartered Accountants and Statutory Auditors 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL51 9TX 

Date: 18 October 2024 

Page 13 



## **The Royal Institution of Cornwall** 

|**Statement of Financial Activities**<br>**(Incorporating an Income and Expenditure Account)**<br>**for the Year Ended 31 March 2024**<br>Unrestricted<br>Restricted<br>Endowment<br>funds<br>funds<br>funds<br>Notes<br>£<br>£<br>£<br>**INCOME AND ENDOWMENTS**<br>**FROM**<br>Donations and legacies<br>3<br>156,958<br>794,529<br>-<br>**Charitable activities**<br>6<br>Operation of RIC<br>165,602<br>-<br>-<br>Other trading activities<br>4<br>87,676<br>-<br>-<br>Investment income<br>5<br>17,191<br>94,062<br>-<br>**Total**<br>427,427<br>888,591<br>-<br>**EXPENDITURE ON**<br>Raising funds<br>7<br>19,805<br>3,000<br>22,917<br>**Charitable activities**<br>8<br>Operation of RIC<br>298,882<br>618,810<br>-<br>**Total**<br>318,687<br>621,810<br>22,917<br>Net gains/(losses) on investments<br>9,614<br>-<br>188,637<br>**NET INCOME**<br>118,354<br>266,781<br>165,720<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>1,024,558<br>2,305,433<br>3,283,413<br>**TOTAL FUNDS CARRIED FORWARD**<br>1,142,912<br>2,572,214<br>3,449,133|2024<br>Total<br>funds<br>£<br>951,487<br>165,602<br>87,676<br>111,253<br>1,316,018<br>45,722<br>917,692<br>963,414<br>198,251<br>550,855<br>6,613,404<br>7,164,259|2023<br>Total<br>funds<br>£<br>801,099<br>121,480<br>103,891<br>100,070<br>1,126,540<br>45,844<br>669,470<br>715,314<br>(214,209)<br>197,017<br>6,416,387<br>6,613,404|
|---|---|---|



All income and expenditure is derived from continuing activities. 

The Statement of financial activities includes all gains and losses recognised in the year. 

The notes form part of these financial statements 

Page 14 



**The Royal Institution of Cornwall** 

## **Balance Sheet** 

## **31 March 2024** 

## **Company registration number: 08362598** 

|Unrestricted<br>funds<br>Notes<br>£<br>**FIXED ASSETS**<br>Intangible assets<br>14<br>7,000<br>Tangible assets<br>15<br>673,598<br>Heritage assets<br>16<br>-<br>Investments<br>17<br>187,625<br>868,223<br>**CURRENT ASSETS**<br>Stocks<br>18<br>8,589<br>Debtors<br>19<br>87,973<br>Cash at bank and in hand<br>278,870<br>375,432<br>**CREDITORS**<br>Amounts falling due within one year 20<br>(100,743)<br>**NET CURRENT ASSETS**<br>274,689<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>1,142,912<br>**NET ASSETS**<br>1,142,912<br>**FUNDS**<br>21<br>Unrestricted funds<br>Restricted funds<br>Endowment funds<br>**TOTAL FUNDS**|Restricted<br>funds<br>£<br>-<br>2,415,381<br>32,555<br>-<br>2,447,936<br>-<br>66,710<br>179,698<br>246,408<br>(122,130)<br>124,278<br>2,572,214<br>2,572,214|Endowment<br>funds<br>£<br>-<br>-<br>-<br>3,378,830<br>3,378,830<br>-<br>-<br>70,303<br>70,303<br>-<br>70,303<br>3,449,133<br>3,449,133|2024<br>Total<br>funds<br>£<br>7,000<br>3,088,979<br>32,555<br>3,566,455<br>6,694,989<br>8,589<br>154,683<br>528,871<br>692,143<br>(222,873)<br>469,270<br>7,164,259<br>7,164,259<br>1,142,912<br>2,572,214<br>3,449,133<br>7,164,259|2023<br>Total<br>funds<br>£<br>7,000<br>2,473,944<br>32,555<br>3,493,124<br>6,006,623<br>7,542<br>73,803<br>586,801<br>668,146<br>(61,365)<br>606,781<br>6,613,404<br>6,613,404<br>1,024,558<br>2,305,433<br>3,283,413<br>6,613,404|
|---|---|---|---|---|



Included in the funds above is a revaluation reserve of £337,180 (2023: £74,660). 

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. 

The financial statements were approved by the Board of Trustees and authorised for issue on 10 October 2024 and were signed on its behalf by: 

J Seyler – Trustee 

A Allen - Trustee 

The notes form part of these financial statements 

Page 15 



## **The Royal Institution of Cornwall** 

|**Cash Flow Statement**<br>**for the Year Ended 31 March 2024**<br>2024<br>Notes<br>£<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>327,786<br>Net cash provided by/(used in) operating activities<br>327,786<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>(621,890)<br>Net investment disposals/(additions)<br>156,243<br>Investment income received<br>111,253<br>Net cash provided by investing activities<br>(354,394)<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>(26,608)<br>**Cash and cash equivalents at the beginning of**<br>**the reporting period**<br>675,397<br>**Cash and cash equivalents at the end of the**<br>**reporting period**<br>648,789|2023<br>£<br>351,514<br>351,514<br>(11,469)<br>(16,808)<br>100,070<br>71,793<br>423,307<br>252,090<br>675,397|
|---|---|



The notes form part of these financial statements 

Page 16 



**The Royal Institution of Cornwall** 

## **Notes to the Cash Flow Statement for the Year Ended 31 March 2024** 

## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

||||2024|2023|
|---|---|---|---|---|
||||£|£|
||**Net income for the reporting period (as per the Statement of Financial Activities)**||550,855|196,017|
||**Adjustments for:**||||
||Depreciation charges||6,855|14,237|
||Losses/(gain) on investments||(198,251)|214,209|
||Investment income received||(111,253)|(100,070)|
||Decrease/(increase) in stocks||(1,047)|972|
||Decrease/(increase) in debtors||(80,880)|40,441|
||(Decrease)/increase in creditors||161,507|(14,292)|
||**Net cash provided by/(used in) operations**||327,786|351,514|
|**2.**|**ANALYSIS OF CHANGES IN NET FUNDS**||||
|||At 1.4.23|Cash flow|At 31.3.24|
|||£|£|£|
||**Net cash**||||
||Cash at bank and in hand|586,801|(57,931)|528,870|
||Cash held in investments|88,596|31,323|119,919|
||**Total**|675,397|(26,608)|648,789|
|**3.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**||||
||||2024|2023|
||||£|£|
||Cash in hand||2,344|3|
||Cash in bank – current accounts||10,008|23,922|
||Cash in bank – deposit accounts||516,518|562,879|
||Cash held in investments||119,919|88,596|
||**Total cash and cash equivalents**||648,789|675,397|



The notes form part of these financial statements 

Page 17 



**The Royal Institution of Cornwall** 

**Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **1. COMPANY INFORMATION** 

The charitable company ('charity'/'company') is a private company limited by guarantee, incorporated in England and Wales and its principal place of business is the same as its registered office, as disclosed in the Report of the Trustees. 

The nature of the charitable company's operations and its principal activities is disclosed in the Report of the Trustees. 

## **2. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charitable company, which is a public benefit entity, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

The financial statements are prepared in sterling which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest pound sterling. 

## **Preparation of consolidated financial statements** 

The financial statements contain information about The Royal Institution of Cornwall as an individual charity and do not contain consolidated information as the parent of a group. The charity has taken the option under Section 405(2) of the Companies Act 2006 not to prepare consolidated financial statements on the grounds that the subsidiary, RIC Museum Limited, is not material to the understanding of the accounts. RIC Museum Limited, was dormant during the year and has been dissolved in May 2023. 

## **Going concern** 

The trustees consider the charity to have adequate resources to continue to operate for at least 12 months following the date of approval of these financial statements. The trustees have arrived at this conclusion by considering financial projections for the charity over this period alongside the free reserves available to operate the business. The financial projections include reasonable assumptions about the future income and expenditure of the charity as well as reliance placed on expected income in the form of grants and investment income which the charity is accustomed to receiving each year. 

The trustees consider there to be no material uncertainties regarding going concern and it is therefore appropriate to prepare the financial statements on a going concern basis. 

## **Income** 

Donation and grant income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Such income is only deferred if the donor specifies that the grant or donation must only be used in future accounting periods, or the donor has imposed conditions which must be met before the charity has unconditional entitlement. 

Legacy income is recognised in the period to which the charity becomes entitled to the income, unless it is incapable of financial measurement. 

Income from trading activities is recognised as the related goods and services are provided. 

Investment income is recognised on a receivable basis. 

Income from charitable activities includes income received from admissions, members subscriptions and educational workshops. It is recognised as the related goods or services are provided. 

Intangible income is not included unless it represents goods or services which would otherwise be purchased. No amount is included in the financial statements for volunteer time in line with the Charities SORP (FRS 102). 

## **Expenditure** 

Expenditure is accounted for on an accruals basis and the irrecoverable element of VAT is included within the expense to 

continued... 

Page 18 



**The Royal Institution of Cornwall** 

**Notes to the Financial Statements - continued for the Year Ended 31 March 2024** 

## **2. ACCOUNTING POLICIES - continued** 

which it relates. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

Governance costs represent the cost of governance of the charity and its assets and are generally associated with constitutional and statutory requirements. 

The majority of costs are directly attributable to specific activities. Certain shared costs are apportioned to activities in furtherance of the objects of the charity on the basis of estimated usage by each cost centre of services provided. 

## **Tangible fixed assets (other than heritage assets)** 

Tangible fixed assets costing more than £1,000 are capitalised and included at cost less accumulated depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: 

Computer equipment 4 years Other equipment and furniture 5 - 10 years 

For assets purchases with restricted income recognised in prior years, the related depreciation has been charged against those restricted funds. 

With effect from 2004, the freehold land and buildings have not been depreciated, as they are considered to be in good working order and to have a residual value at least equal to the cost of the asset. 

## **Heritage assets** 

Heritage assets are tangible fixed assets which are of historical, artistic or scientific importance that are held and maintained principally for their contribution to knowledge and culture. They are capitalised and included at cost when purchases, or if donated, their valuation. When information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs any benefit to the users of the financial statements, then heritage assets are not recognised on the balance sheet. 

## **Investments** 

Listed investments are included in the balance sheet at market value. Unrealised gains and losses on revaluation and realised gains and losses on disposal are included in the Statement of Financial Activities and allocated to the correct fund. 

## **Stocks** 

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Pension costs and other post-retirement benefits** 

The charitable company operates a defined contribution pension scheme.  Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

## **Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

continued... 

Page 19 



**The Royal Institution of Cornwall** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 March 2024** 

## **2. ACCOUNTING POLICIES - continued** 

## **Creditors and provisions** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **Financial instruments** 

Basic financial instruments in the form of debtors and creditors payable within one year are recognised at transaction value. 

## **3.** 

## **DONATIONS AND LEGACIES** 

|Donations<br>Gift aid<br>Legacies<br>Grants<br>Grant income consists of the following:<br>Cornwall Council - Funding allocation<br> <br>Cornwall Council - Devolution funding<br>Cornwall Council - Schools Art Collection<br>Arts Council England - NPO<br>Cornwall Council – Town Deal<br> <br>Cornwall Council - MEND<br>National Lottery Heritage Fund<br> <br>Shared Prosperity Fund<br> <br>Other grants|2024<br>£<br>18,338<br>12,640<br>-<br>920,509<br>951,487<br>£<br>100,000<br>-<br>10,000<br>80,000<br>364,000<br>45,000<br>157,639<br>145,224<br>18,646<br>920,509|2023<br>£<br>13,116<br>5,646<br>131,053<br>651,284|
|---|---|---|
|||801,099|
|||£<br>100,000<br>415,000<br>10,000<br>76,897<br>-<br>-<br>-<br>49,387|
|||651,284|



The Cornwall Council grants of £364,000 and £45,000 noted above are capital grants received during the year to be used solely towards the costs of transformation of the museum in order to safeguard its long-term future. The costs incurred to date have been capitalised under ‘Capital projects under construction’. 

## **4. OTHER TRADING ACTIVITIES** 

## **5.** 

|Retail activities<br>Rental income<br>**INVESTMENT INCOME**<br>Income from fixed asset investments<br>Deposit account interest|2024<br>£<br>21,342<br>66,334<br>87,676<br>2024<br>£<br>106,777<br>4,476<br>111,253|2023<br>£<br>20,902<br>82,989|
|---|---|---|
|||103,891|
|||2023<br>£<br>99,719<br>351|
|||100,070|



continued... 

Page 20 



**The Royal Institution of Cornwall** 

|**Notes to the Financial Statements- continued**<br>**for the Year Ended 31 March 2024**<br>**6.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>2024<br>Activity<br>£<br>Admissions<br>Operation of RIC<br>113,254<br>Learning<br>Operation of RIC<br>31,366<br>Members subscriptions<br>Operation of RIC<br>13,158<br>Other<br>Operation of RIC<br>7,824<br>165,602<br>**7.**<br>**RAISING FUNDS**<br>**Raising donations and legacies**<br>2024<br>£<br>Staff costs<br>-<br>Fundraising costs<br>6,750<br>6,750<br>**Other trading activities**<br>2024<br>£<br>Purchases<br>14,050<br>**Investment management costs**<br>2024<br>£<br>Portfolio management<br>24,922<br>Aggregate amounts<br>45,722<br>**8.**<br>**CHARITABLE ACTIVITIES COSTS**<br>2024<br>Support<br>Direct<br>costs (see<br>Costs<br>note 9)<br>£<br>£<br>Operation of RIC<br>242,225<br>675,467<br>2023<br>Support<br>Direct<br>costs (see<br>Costs<br>note 9)<br>£<br>£<br>Operation of RIC<br>107,997<br>561,473|2023<br>£<br>79,385<br>26,248<br>12,068<br>3,779|2023<br>£<br>79,385<br>26,248<br>12,068<br>3,779|
|---|---|---|
||121,480||
||2023<br>£<br>3,749<br>951<br>4,700<br>2023<br>£<br>15,540<br>2023<br>£<br>25,604<br>45,844<br>Totals<br>£<br>917,692|2023<br>£<br>3,749<br>951|
|||4,700|
|||2023<br>£<br>15,540|
|||2023<br>£<br>25,604|
|||45,844|
||Totals<br>£<br>669,470||



continued... 

Page 21 



**The Royal Institution of Cornwall** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 March 2024** 

## **9. SUPPORT COSTS** 

Support costs for the year ended 31 March 2024 are as follows: 

|Premises<br>and<br>Governance<br>Management<br>Finance<br>operations<br>costs<br>£<br>£<br>£<br>£<br>Operation of RIC<br>382,325<br>5,790<br>266,060<br>21,292<br>Support costs for the year ended 31 March 2023 are as follows:<br>Premises<br>and<br>Governance<br>Management<br>Finance<br>operations<br>costs<br>£<br>£<br>£<br>£<br>Operation of RIC<br>332,451<br>4,913<br>197,834<br>26,275<br>**NET INCOME/(EXPENDITURE)**<br>Net income/(expenditure) is stated after charging/(crediting):<br>2024<br>£<br>Depreciation - owned assets<br>Auditor remuneration:<br>6,855<br>Audit services<br>6,800<br>Non-audit services<br>3,700|Totals<br>£<br>675,467|Totals<br>£<br>675,467|
|---|---|---|
||Totals<br>£<br>561,473||
|||2023<br>£<br>14,237<br>6,500<br>3,600|



## **10. NET INCOME/(EXPENDITURE)** 

Net income/(expenditure) is stated after charging/(crediting): 

## **11. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 

## **12. STAFF COSTS** 

|**STAFF COSTS**|||
|---|---|---|
|Wages and salaries<br>Social security costs<br>Other pension costs|2024<br>£<br>420,537<br>29,637<br>7,740<br>457,914|2023<br>£<br>334,618<br>23,033<br>6,021|
|||363,672|



Employer's pension contributions for the year totalled £7,740 (2023: £6,021). There were contributions of £2,251 outstanding at the balance sheet date (2023: £nil). 

Key management personnel are considered to be the executive and artistic directors. The total remuneration and benefits of these employees for the year were £116,042 (2023: £110,642). 

No employees received emoluments in excess of £60,000. 

The average monthly number of employees employed during the year was 22 (2023: 20). 

continued... 

Page 22 



**The Royal Institution of Cornwall** 

## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** 

|**13.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>funds<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>285,201<br>**Charitable activities**<br>Operation of RIC<br>121,480<br>Other trading activities<br>103,891<br>Investment income<br>12,355<br>**Total**<br>522,927<br>**EXPENDITURE ON**<br>Raising funds<br>22,276<br>**Charitable activities**<br>Operation of RIC<br>474,472<br>**Total**<br>496,748<br>Net gains on investments<br>(16,815)<br>**NET INCOME/(EXPENDITURE)**<br>9,364<br>**Transfers between funds**<br>202<br>**Net movement in funds**<br>9,566<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>1,014,992<br>**TOTAL FUNDS CARRIED FORWARD**<br>1,024,558<br>**14.**<br>**INTANGIBLE FIXED ASSETS**<br>**COST**<br>At 1 April 2023 and 31 March 2024<br>**NET BOOK VALUE**<br>At 31 March 2024<br>At 31 March 2023|Restricted<br>funds<br>£<br>515,898<br>-<br>-<br>87,715<br>603,613<br>-<br>194,998<br>194,998<br>-<br>408,615<br>(202)<br>408,413<br>1,897,020<br>2,305,433|Endowment<br>Total<br>funds<br>funds<br>£<br>£<br>-<br>801,099<br>-<br>121,480<br>-<br>103,891<br>-<br>100,070<br>-<br>1,126,540<br>23,568<br>45,844<br>-<br>669,470<br>23,568<br>715,314<br>(197,394)<br>(214,209)<br>(220,962)<br>197,017<br>-<br>-<br>(220,962)<br>197,017<br>3,507,375<br>6,416,387<br>3,283,413<br>6,613,404<br>Patents and<br>licences<br>£<br>7,000<br>7,000<br>7,000|
|---|---|---|



Intangible fixed assets comprise the copyrights relating to the literary work of A L Rowse. 

continued... 

Page 23 



**The Royal Institution of Cornwall** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 March 2024** 

## **15. TANGIBLE FIXED ASSETS** 

|**COST**<br>At 1 April 2023<br>Additions<br>At 31 March 2024<br>**DEPRECIATION**<br>At 1 April 2023<br>Charge for year<br>At 31 March 2024<br>**NET BOOK VALUE**<br>At 31 March 2024<br>At 31 March 2023|Capital projects<br>Freehold<br>under<br>property<br>construction<br>£<br>£<br>2,543,613<br>-<br>-<br>617,935<br>2,543,613<br>617,935<br>124,611<br>-<br>-<br>-<br>124,611<br>-<br>2,419,002<br>617,935<br>2,419,002<br>-|Fixtures<br>and<br>fittings<br>£<br>738,534<br>3,955<br>742,489<br>683,592<br>6,855<br>690,447<br>52,042<br>54,942|Totals<br>£<br>3,282,147<br>621,890|
|---|---|---|---|
||||3,904,037|
||||808,203<br>6,855|
||||815,058|
||||3,088,979|
||||2,473,944|



Part of the museum is rented out to a third party and the associated rental income generated is used to further the charity's objectives. The trustees do not believe that it is practical to value the part of the building that could be classed as investment property. The trustees have no current or future intention to sell the property and any valuation would be of no additional use to the reader of the financial statements. 

The capital projects under construction relates to capital costs incurred to date relating to the transformation of the museum, funded by Cornwall Council and the Arts Council. 

## **16. HERITAGE ASSETS** 

|**HERITAGE ASSETS**||
|---|---|
|**COST OR VALUATION**<br>At 1 April 2023 and 31 March 2024<br>**NET BOOK VALUE**<br>At 31 March 2024<br>At 31 March 2023|Total<br>£<br>32,555|
||32,555|
||32,555|



The RIC's collections are diverse in origin and nature. The vast majority of the objects held were acquired many years ago. In the opinion of the Trustees, reliable information on cost or valuation is not available for the majority of the museum's collections. This is due to the lack of information on the purchase cost, the lack of comparable market values, the diverse nature of the objects and the volume of items held. These collections are therefore not reported as assets in the balance sheet. The value of heritage assets held by the RIC is very significant. 

The £32,555 included above largely relates to the St Levan Coin Hoard of which a monetary value could be accurately ascertained. 

The RIC’s policy for the acquisition, preservations, management and disposal of heritage assets is available on its website. 

## **17. FIXED ASSET INVESTMENTS** 

|Listed investments<br>Shares in group undertakings<br>Bank and other deposits|2024<br>£<br>3,446,536<br>-<br>119,919<br>3,566,455|2023<br>£<br>3,403,528<br>1,000<br>88,596|
|---|---|---|
|||3,493,124|



continued... 

Page 24 



**The Royal Institution of Cornwall** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 March 2024** 

## **17. FIXED ASSET INVESTMENTS - continued** 

Additional information as follows: 

|Shares in<br>group<br>Listed<br>undertakings<br>investments<br>£<br>£<br>**MARKET VALUE**<br>At 1 April 2023<br>1,000<br>3,403,528<br>Additions<br>-<br>416,110<br>Disposals<br>(1,000)<br>(575,637)<br>Revaluations<br>-<br>202,535<br>At 31 March 2024<br>-<br>3,446,536<br>**NET BOOK VALUE**<br>At 31 March 2024<br>-<br>3,446,536<br>At 31 March 2023<br>1,000<br>3,403,528|Totals<br>£<br>3,404,528<br>416,110<br>(576,637)<br>202,535<br>3,446,536<br>3,446,536<br>3,404,528|
|---|---|



Fixed asset investments were valued on an open market basis on 31 March 2024 by Charles Stanley & Company Ltd. 

The cost of the above investments at 31 March 2024 is £3,109,356 (2022: £3,328,868). 

The shares in group undertakings related to a dormant subsidiary, RIC Museum Limited, which has been dissolved in May 2023. 

|**18.**<br>**STOCKS**<br>Stocks<br>**19.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade debtors<br>VAT<br>Prepayments and accrued income<br>**20.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade creditors<br>Social security and other taxes<br>Other creditors<br>Accruals and deferred income|2024<br>£<br>8,589<br>2024<br>£<br>61,727<br>29,632<br>63,324<br>154,683<br>2024<br>£<br>147,587<br>10,452<br>2,254<br>62,580<br>222,873||2023<br>£<br>7,542<br>2023<br>£<br>31,942<br>843<br>41,018<br>73,803<br>2023<br>£<br>41,649<br>-<br>1,760<br>17,956<br>61,365|
|---|---|---|---|
|||||
|||||



continued... 

Page 25 



**The Royal Institution of Cornwall** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 March 2024** 

## **21. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>General fund asset reserve<br>**Restricted funds**<br>Buildings<br>Reverend Selkirk<br>Winston Graham<br>Heritage Lottery Fund<br>St Levan Coin Hoard<br>Heritage Addition - Painting<br>Jayne Wackett<br>Cornish Wildlife Trust - Epsom Projector<br>Capital Project - Funding Income<br>Courtney Library<br>Shared ProsperityFund<br>National Lottery Heritage Fund – Building<br>Resilience<br>**Endowment funds**<br>Hawkins Galsworthy<br>Cardew Rendle<br>Winston Graham<br>HLF Endowment Fund<br>**TOTAL FUNDS**|At 1.4.23<br>£<br>348,262<br>676,296<br>1,024,558<br>1,647,018<br>27,511<br>12,000<br>150,243<br>31,047<br>300<br>6,403<br>1,595<br>404,294<br>25,022<br>-<br>-<br>2,305,433<br>2,447,724<br>671,164<br>41,021<br>123,504<br>3,283,413<br>6,613,404|Net<br>movement<br>in funds<br>£<br>118,354<br>-<br>118,354<br>-<br>-<br>(4,760)<br>-<br>-<br>300<br>-<br>(202)<br>411,366<br>-<br>(69,272)<br>(70,651)<br>266,781<br>124,468<br>33,170<br>2,098<br>5,984<br>165,720<br>550,855|Transfers<br>between<br>funds<br>£<br>2,698<br>(2,698)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|At 31.3.24<br>£<br>469,314<br>673,598<br>1,142,912<br>1,647,018<br>27,511<br>7,240<br>150,243<br>31,047<br>600<br>6,403<br>1,393<br>815,660<br>25,022<br>(69,272)<br>(70,651)<br>2,572,214<br>2,572,192<br>704,334<br>43,119<br>129,488<br>3,449,133<br>7,164,259|
|---|---|---|---|---|



continued... 

Page 26 



**The Royal Institution of Cornwall** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 March 2024** 

## **21. MOVEMENT IN FUNDS - continued** 

Net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>HC Cardew Rendle<br>Winston Graham<br>Hawkins Galsworthy<br>Arts Council England - NPO<br>Heritage Addition – Painting<br>Cornish Wildlife Trust - Epsom Projector<br>Capital Project - Funding Income<br>Shared Prosperity Fund<br>National Lottery Heritage Fund – Building<br>Resilience<br>**Endowment funds**<br>Hawkins Galsworthy<br>Cardew Rendle<br>Winston Graham<br>HLF Endowment Fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>427,427<br>22,293<br>-<br>71,769<br>80,000<br>300<br>-<br>411,366<br>145,224<br>157,639<br>888,591<br>-<br>-<br>-<br>-<br>-<br>1,316,018|Resources<br>expended<br>£<br>(318,687)<br>(22,293)<br>(4,760)<br>(71,769)<br>(80,000)<br>-<br>(202)<br>-<br>(214,496)<br>(228,290)<br>(621,810)<br>(16,951)<br>(4,741)<br>(310)<br>(915)<br>(22,917)<br>(963,414)|Gains and<br>losses<br>£<br>9,614<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>141,419<br>37,911<br>2,408<br>6,899<br>188,637<br>198,251|Movement<br>in funds<br>£<br>118,354<br>-<br>(4,760)<br>-<br>-<br>300<br>(202)<br>411,366<br>(69,272)<br>(70,651)<br>266,781<br>124,468<br>33,170<br>2,098<br>5,984<br>165,720<br>550,855|
|---|---|---|---|---|



During the year, £100,000 was withdrawn from an RIC unrestricted endowment, as approved by the trustees, to cover the delay in receipt of funding. This is to be-reinvested back into the endowment once available. 

continued... 

Page 27 



**The Royal Institution of Cornwall** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 March 2024** 

## **21. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>General fund asset reserve<br>**Restricted funds**<br>Buildings<br>Reverend Selkirk<br>Winston Graham<br>Heritage Lottery Fund<br>St Levan Coin Hoard<br>Heritage Addition - Painting<br>Jayne Wackett<br>Cornish Wildlife Trust - Epsom Projector<br>Capital Project - Funding Income<br>Courtney Library<br>**Endowment funds**<br>Hawkins Galsworthy<br>Cardew Rendle<br>Winston Graham<br>HLF Endowment Fund<br>**TOTAL FUNDS**|At 1.4.22<br>£<br>335,541<br>679,451<br>1,014,992<br>1,647,018<br>28,009<br>12,000<br>150,243<br>31,047<br>300<br>6,403<br>2,000<br>-<br>20,000<br>1,897,020<br>2,613,499<br>716,557<br>43,027<br>131,292<br>3,504,375<br>6,416,387|Net<br>movement<br>in funds<br>£<br>9,364<br>-<br>(101,617)<br>-<br>(498)<br>-<br>-<br>-<br>-<br>-<br>(203)<br>404,294<br>5,022<br>408,615<br>(165,775)<br>(45,393)<br>(2,006)<br>(7,788)<br>(220,962)<br>197,017|Transfers<br>between<br>funds<br>£<br>3,357<br>(3,155)<br>202<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(202)<br>-<br>-<br>(202)<br>-<br>-<br>-<br>-<br>-<br>-|At 31.3.23<br>£<br>348,262<br>676,296|
|---|---|---|---|---|
|||||1,024,558<br>1,647,018<br>27,511<br>12,000<br>150,243<br>31,047<br>300<br>6,403<br>1,595<br>404,294<br>25,022|
|||||2,305,433<br>2,447,724<br>671,164<br>41,021<br>123,504|
|||||3,283,413|
|||||6,613,404|



continued... 

Page 28 



## **The Royal Institution of Cornwall** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 March 2024** 

## **21. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|522,928|(496,749)|(16,815)|9,364|
|**Restricted funds**|||||
|HC Cardew Rendle|21,028|(20,832)|-|-|
|Reverend Selkirk|-|(498)|-|(498)|
|Hawkins Galsworthy|66,687|(66,687)|-|-|
|Arts Council England - NPO|76,897|(76,897)|-|-|
|Cornish Wildlife Trust - Epsom Projector|-|(203)|-|(203)|
|Capital Project - Funding Income|415,000|(10,706)|-|404,294|
|Courtney Library|20,000|(14,978)|-|5,022|
|Memory Matters|4,000|(4,000)|-|-|
||603,612|(194,997)|-|408,615|
|**Endowment funds**|||||
|Hawkins 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)|
||-|(24,523)|(197,394)|(220,962)|
|**TOTAL FUNDS**|1,126,540|(715,314)|(214,209)|197,017|



## Unrestricted funds 

The General fund asset reserve is the value of the assets of the RIC used in the day-to-day operations of the RIC, which are not readily convertible into cash. This also has the effect of showing usable reserves separately. 

## Restricted funds 

The Buildings fund represents funding received for capital building projects. 

The HC Cardew Rendle fund comprises investment income generated by the HC Cardew permanent endowment fund. 

The Reverend Selkirk fund relates to a legacy to be used for the purchase of materials and equipment for the RIC's Courtney Library. 

The Winston Graham fund relates to a historical prize competition. 

The Hawkins Galsworthy fund comprises investment income generated by the Hawkins Galsworthy permanent endowment fund. 

The Arts Council England fund is the National Portfolio Organisation's funding via the Cornwall Museum Partnership. 

The Heritage Lottery fund relates to the capital expenditure for the installation of the Ancient Civilisations exhibition in the De Pass gallery. 

The St Levan Coin Hoard relates to the purchase of a coin hoard. 

The Heritage Addition fund was a Cornwall Council Community Chest grant towards the acquisition of a portrait of the Cornish Artist, Jack Pender, by Clifford Fishwick. 

The Jayne Wackett fund relates to donations received in memory of Jayne Wackett. 

The Cornish Wildlife fund relates to a grant received to purchase a projector that enables relevant media to be played in the wildlife exhibition gallery. 

continued... 

Page 29 



**The Royal Institution of Cornwall** 

**Notes to the Financial Statements - continued** 

**for the Year Ended 31 March 2024** 

## **21. MOVEMENT IN FUNDS - continued** 

The Capital Project fund relates to a long term strategic plan to redevelop the museum building to extend the exhibition and gallery spaces, the retail and other public areas in order to provide the museum with additional sources of income and become a sustainable organisation and secure the future of the museum. 

The Courtney Library fund comprises of a legacy received in the prior year to be spent within the library. 

The Memory Matters fund comprises of money received to be used for the Monday Memory Matters club. 

The Shared Prosperity Fund comprises of money received to assist in the delivery of the redevelopment project. The deficit balance at the year end relates to income received after the balance sheet date but the entitlement criteria was not met as at 31 March 2024, and therefore the total income is not yet recognised. 

The National Lottery Heritage Building Resilience fund comprises of money received to assist in ensuring the future sustainability of the museum.  The deficit balance at the year end relates to income received after the balance sheet date but the entitlement criteria was not met as at 31 March 2024, and therefore the total income is not yet recognised. 

## Endowment funds 

The HC Cardew Rendle and Winston Graham funds represent permanent endowments, from legacies, to be held indefinitely and the income restricted. 

The Hawkins Galsworthy fund represents a permanent endowment created from the sale of two paintings and the income restricted to use on the care of RIC’s collections. 

The HLF fund represents funding for the long-term sustainability of the RIC which is made up of legacies and donations received which have been matched by a grant from the Heritage Lottery Fund. 

## **22. FREE RESERVES** 

Of the £7,164,259 funds held at the year end, £1,142,912 were unrestricted. Free reserves are that part of the charity’s unrestricted funds that is freely available to spend on any of the charity’s purposes. At 31 March 2024 the charity’s free reserves were in surplus by £469,314 (2023: £348,262). 

|Total funds at 31 March<br>Less: endowment funds<br>Less: restricted funds<br>Less: freehold property<br>Less: fixtures and fittings<br> <br>The movement in free reserves is as follows:<br>Balance at start of year<br>Fixed asset additions<br>Fixed asset disposals<br>Fixed asset depreciation/ eliminated on disposal<br>Transfer between funds<br>Correction between fixed assets from prior year<br>Surplus/(deficit) for the year<br>Balance at end of year|2024<br>£<br>7,164,259<br>(3,449,133)<br>(2,572,214)<br>(621,356)<br>(52,242)<br>469,314<br>2024<br>£<br>348,262<br>(3,955)<br>-<br>6,855<br>-<br>(202)<br>118,354<br>469,314|2023<br>£<br>6,613,404<br> <br> <br> <br> <br>(3,283,413)<br>(2,305,433)<br>(621,356)<br>(54,940)<br>348,262<br>2023<br>£<br> <br>335,541<br> <br> <br>(11,469)<br>8,616<br>5,621<br>202<br>387<br>9,364<br> <br>348,262|
|---|---|---|



Page 30 



**The Royal Institution of Cornwall** 

**Notes to the Financial Statements - continued for the Year Ended 31 March 2024** 

## **23. CONTINGENT LIABILITIES** 

A grant of £233,000 was provided by the National Heritage Lottery Fund towards the installation costs of the Ancient Civilisations gallery. There is a legal charge of £233,000 on the freehold property, 25 River Street, Truro, which was provided to the National Heritage Memorial Fund as the grant is repayable in certain circumstances. 

## **24. CONTINGENT ASSETS** 

The charity is aware that it is the beneficiary of a number of legacies. The total amount receivable from these legacies cannot be accurately quantified at this time, therefore no income has been accrued in the financial statements. 

The charity has capital grant funding agreements in place whereby the income has not yet been received. Although agreements are in place, these have not been recognised as income during this financial year due to the terms and conditions in place and the income criteria not yet being met. The capital expenditure relating to these grants is to be incurred after the balance sheet date. The total grant amounts are as follows: 

DCMS Arts Council Museum Estate and Development Fund £1,494,284 Cornwall Council Shared Prosperity Fund £1,500,000 

## **25. CAPITAL AND OTHER COMMITMENTS** 

During the year, the charity received grant funding of £411,366. These are capital grants to be used solely towards the costs of transformation of the museum in order to safeguard its long-term future. Some of these costs have been incurred during the year and capitalised, however the remaining costs relating to this work are expected to be incurred after the balance sheet date. 

## **26. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 March 2024 or 31 March 2023. 

Page 31