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← The Royal Institution Of Cornwall

2025-03-31-accounts

Charity registration number 1150749 (England and Wales) Company registration number 08362598

THE ROYAL INSTITUTION OF CORNWALL

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE ROYAL INSTITUTION OF CORNWALL

LEGAL AND ADMINISTRATIVE INFORMATION

President Colonel Sir Edward Bolitho, KCVO OBE CStJ
Honorary Vice President Sir Ferrers Vyvyan
Trustees A Allen
M Brooks
M Bunney
M Godwin
R Gripper
J Seyler
N Watts
P Holden
K Brown
K Bellamy
S Webb
K Orchard
J Heugh
Custodian trustee Barclays Bank Trust Company Limited
Directors Jonathan Morton
Bryony Robins
Charity number (England and Wales) 1150749
Company number 08362598
Registered office Royal Cornwall Museum
25 River Street
Truro
Cornwall
England
TR1 2SJ
Website www.cornwallmuseum.org
Auditor bk plus Audit Limited
Lakeside Offices
The Old Cattle Market
Helston
Cornwall
TR13 0SR
Bankers Lloyds Bank plc
7 Boscawen Street
Truro
Cornwall
TR1 2QT

THE ROYAL INSTITUTION OF CORNWALL

LEGAL AND ADMINISTRATIVE INFORMATION

Solicitors

Stephens Scown Osprey House Malpas Road Truro TR1 1UT

Investment advisors

Charles Stanley & Company Ltd Broadwalk House Southernhay West Exeter EX1 1TS

THE ROYAL INSTITUTION OF CORNWALL

CONTENTS

Page
Chair's report 1
Trustees' report 2 - 11
Independent auditor's report 12 - 14
Statement of financial activities 15 - 16
Statement of financial position 17
Statement of cash flows 18
Notes to the financial statements 19 - 37

THE ROYAL INSTITUTION OF CORNWALL

CHAIR'S REPORT

FOR THE YEAR ENDED 31 MARCH 2025

2024/25 has been one of the most ambitious and transformative years in the recent history of the Royal Institution of Cornwall. From the reopening of the Mineral Gallery to the successful completion of the first phase of our capital transformation project — delivered on time and on budget — the past year has demonstrated the power of vision, determination, and teamwork.

These achievements are a testament to the dedication of our staff, trustees, volunteers, and supporters. Together, we have not only enhanced our spaces and collections but expanded our reach and impact across Cornwall. Through exhibitions, learning programmes, and inclusive community outreach, we have engaged thousands of visitors, families, and schools — creating moments of inspiration, pride, and belonging.

We continue to celebrate and share Cornish culture in dynamic and meaningful ways, strengthening our role as a cultural cornerstone for the region.

The financial landscape remains complex, with less ‘bridging funding’ being available through our capital programmes and without core local authority funding we remain in a critical position with our long-term sustainability aspirations. While this presents real challenges, it has also prompted innovation, partnership, and long-term thinking.

Our overall reported surplus of £651,889 largely reflects the restricted grant income received to support our capital development programme. These funds have been appropriately capitalised on the balance sheet, and do not reflect the unrestricted, day-to-day operational position of the museum.

After adjusting for these restricted and capital-related funds, our underlying trading deficit stands at £104,047 (see note 28). This figure highlights the structural funding challenges we continue to face. Despite holding over £7.4 million in assets, the majority are tied up in fixed assets or restricted endowments, leaving our level of free reserves limited. Addressing this will be a key priority in the year ahead, as we work to build a more resilient financial base.

Nonetheless, the progress we have made gives us great confidence in our future. The trustees remain committed to delivering a bold but achievable vision: a museum, art gallery and library rooted in Cornish heritage, thriving through creativity, community engagement, and sustainable growth.

We are deeply grateful to our members, new and longstanding trustees, volunteers, and the partners and funders who continue to believe in our mission — including Arts Council England, Cornwall Council, and the National Lottery Heritage Fund.

With continued collaboration and clear purpose, the RIC will not only endure but flourish — inspiring pride in Cornwall’s past, and ambition for its future.

Julie Seyler Chair of trustees

Date: 15 October 2025

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

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 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.

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Aims and Objectives

The RIC's 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:

The role of museums 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 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

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 2028, in line with the next phase of capital works. We will develop a financial strategy that is flexible and secures economic sustainability.

We will be an environmentally sustainable museum by 2030. We carried out a decarbonisation survey in 2023/24 and we will ensure 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 2028. We will further develop and review the 2023 audience development plan 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's accreditation is renewed, and the mineral collection is considered for Designation by 2026.

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.

Achievements and performance

2024/25 - Year in focus

2024/25 has marked a period of transformation and transition for the Cornwall Museum and Courtney Library. In a year defined by both inspiring progress and operational complexity, the institution has continued to evolve, embracing its role as a vibrant cultural, educational and heritage centre for Cornwall. With capital development milestones, strategic partnerships, inclusive programming, the museum has strengthened its commitment to relevance, resilience and long-term sustainability.

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Transformation and Capital Development

At the heart of this year’s achievements lies the completion and public unveiling of the Mineral Gallery — the first of the Truro Town Deal capital projects to be delivered. Launched in July with both a private member preview and a highly successful public celebration, the new gallery has transformed a previously underutilised space into an immersive and visually stunning experience. Visitors of all ages have responded positively to the innovative interpretation and accessible design.

Delivered on time and within budget, the project exemplifies the museum team’s capability to manage complex capital developments with creative vision and sound governance. The successful delivery has already shifted public and partner perceptions of the institution, reinforcing confidence in our leadership and capacity to shape the future of heritage in Cornwall.

This year also saw significant progress on the Shared Prosperity Fund (SPF) supported redevelopment of the main gallery, balcony, and nature gallery spaces. While the logistical complexity of installing multiple permanent and temporary exhibitions within a condensed timeframe presented challenges, the team navigated these with remarkable agility. Over 500 people attended the initial launch event, and we anticipate even greater engagement as the spaces fully reopen in early 2025.

Landscaping works, though delayed due to planning requirements, are now being delivered in phases, with strong communication and cooperation between project teams, contractors, and funders. These improvements to external public space will enhance both the curb appeal and accessibility of the museum.

Due to wider challenges currently affecting the construction industry, the MEND project to repair the roof has experienced some delays and increased costs. However, we’re pleased to share that strong steps have been taken to keep things moving forward. These include bringing on a new project manager and quantity surveyor, securing additional funding through successful grant applications, updating the roofing plan in collaboration with our contractors, RG Kellow, and working closely with Arts Council England to ensure everything stays aligned in terms of budget and scope.

Public Programming and Exhibitions

Exhibitions throughout 2024 and into early 2025 have continued to reflect the museum’s dedication to showcasing Cornish heritage, engaging with urgent global themes, and celebrating artistic excellence.

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Our programme included:

Forthcoming highlights include Biodiversity by Kurt Jackson, Withy Lore by Anna Pope and Storylines, and a collaborative exhibition with St Petrocs. These reinforce our commitment to exploring environmental responsibility, social inclusion, and contemporary creativity.

Audience Development and Education

Visitor numbers in 2024 reflected broader regional trends. A hot and dry summer, paired with a reported 20–25% drop in tourism to Cornwall, impacted attendance. This was compounded by building works that disrupted visitor flow and access to key galleries. Nevertheless, the museum’s overall visitor figures remained above national averages, and strategic programming, particularly the Finding Father Christmas performance with Coppice Theatre, helped sustain momentum into winter.

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Despite these fluctuations, engagement with schools and families has remained strong:

Our outreach presence at festivals and public events, from Falmouth Week to Cornwall Pride, significantly enhanced our visibility and reinforced our role as a key contributor to Cornwall’s cultural landscape.

Community and Wellbeing

2024 continued our longstanding commitment to wellbeing, inclusion, and community care:

We also piloted the Early Bird Explorers Club during the summer, offering families on lower incomes free breakfasts, museum admission and creative activities, a success we plan to build upon in future years.

Collections and Conservation

Key acquisitions and stewardship milestones include:

Collections care saw major improvements, including a project to introduce conservation-grade storage for the Henderson archive and improved housing for stored mineral collections.

Volunteers

Volunteers remain an important part of the organisation, fulfilling crucial roles as gallery invigilators, in collections care, in supporting engagement activities and in being local advocates for the museum. We currently have 60 volunteers with ongoing recruitment. Volunteers are supported through a programme of social and development activities, including exhibition introductions, safe-guarding and artists talks.

Looking Ahead

As we prepare to relaunch fully transformed gallery spaces in March 2025, Royal Cornwall Museum are poised for a bold new chapter. We remain focused on:

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Our ambition is to keep growing interest and enthusiasm for Cornish heritage, welcoming more visitors to the museum and library, and encouraging new members to join us in supporting the future of the RIC. For us, 2025 isn’t just an important year in our capital plans, it marks a turning point in how we think about relevance, sustainability, and excellence for heritage and culture in Cornwall going forward.

Financial review

Total income for 2024/25 was £3,124,165 (2023/24: £1,316,018) while total expenditure was £2,455,729 (2023/24: £963,414).

The resulting surplus for the year was £651,889 (2023/24: £550,855). The surplus is primarily a result of an increase in restricted grant income received during the year towards the capital project, meaning that the majority of related costs have been capitalised rather than recorded through the Statement of Financial Activities. This has been offset to some extent by the impairment loss of £1.4m in order to show the freehold property at a more accurate carrying value.

The net movement in reserves is an increase of £651,889 to give a year end reserve total of £7,816,148.

A significant amount of the reserves total is tied up in endowment and restricted funds (see Notes 24, 25 and 29). 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 2025 is largely a result of the grant funding received towards this project.

Investments

Despite the income generated by the investment portfolio being higher than expected, the current economic climate and world events has resulted in a net loss of £16,547 on the carrying value of investments.

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 recognise the importance of maintaining adequate financial reserves to safeguard the Royal Institution of Cornwall’s long-term stability and to ensure the Museum and Art Gallery can continue to serve the community and its members. In setting the reserves policy, the trustees aim to balance resilience with the effective use of funds in support of the charity’s objectives.

The trustees aim to maintain unrestricted general funds at a figure equal to at least three months’ operating expenditure, requiring minimum reserves of £213,000.

The reserve policy is reviewed annually to set the target contingency fund level. In response to continuing volatility and inflation, the Board is considering raising the target contingency level a figure equivalent to six months’ operating expenditure, while maintaining the three-month threshold to drive consideration of corrective actions.

This policy is being reviewed and will be aligned to the charity’s risk management framework and investment policy.

At the end of 2024/25 the general fund or "free" reserves were £359,685 (2023/24 £469,314).

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 Committee (ARC) who compare performance with appropriate indices and meet with the charity's brokers on a regular basis.

The investment policy sets out the charity’s requirements relating to income, risk, and asset mix. The ARC is engaged in an ongoing strategic review of the RIC’s investment 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 investment portfolio remains a key part of the ongoing sustainability of the organisation, and it is a priority of the ARC to ensure that this is managed correctly.

The funds are held on a long-term basis and an average return of 3.64% on cost was obtained during the year from these investments.

Risk management

The trustees recognise that effective risk management is essential to safeguarding the charity’s assets, people and reputation, and to ensuring the continued delivery of its charitable objectives. Overall responsibility for risk management rests with the Board of Trustees, supported by the Audit and Risk Committee (ARC) and the directors.

Major risks to which RIC is exposed are formally reviewed on an annual basis, and systems are in place to monitor and control these risks throughout the year. Financial, building and business risks are monitored by the directors and the ARC, with monthly reporting through management accounts. Risks relating to the collections are overseen by the Directors and collections team, supported by a suite of policies, procedures and an emergency plan to protect the museum’s assets. Risks affecting visitors, staff and volunteers are managed through the charity’s health and safety policy and procedures, ensuring compliance with statutory requirements and the promotion of a safe environment.

The trustees take a proactive approach to risk, seeking to anticipate issues and mitigate their impact through strong governance and clear escalation processes. The risk register is updated regularly and informs the Board’s decisionmaking, with financial resilience, safeguarding, workforce capacity and compliance remaining areas of ongoing focus. In this context, the reserves policy is recognised as a key mitigating control, providing a financial buffer against unforeseen challenges and ensuring the organisation can respond effectively to risks as they arise.

The risk policy is reviewed annually to ensure it remains proportionate, aligned to strategic priorities, and responsive to the external environment in which RIC operates.

Plans for future periods

By 2027, the museum will be:

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 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 co-directors, who are not trustees, are responsible for day-to- day operation of the RIC and manages the staff on behalf of the trustees.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

A Allen

M Brooks

M Bunney

M Godwin

R Gripper J Seyler N Watts

P Holden K Brown K Bellamy S Webb K Orchard J Heugh

Recruitment and appointment of trustees

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.

Key management personnel

The trustees consider the board of trustees, the co-directors, 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.

Statement of trustees' responsibilities

The trustees, who are also the directors of The Royal Institution of Cornwall for the purpose of company law, are responsible for preparing the Trustees' Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

THE ROYAL INSTITUTION OF CORNWALL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

In preparing these financial statements, the trustees are required to:

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

Auditor

In accordance with the company's articles, a resolution proposing that bk plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

A Allen J Seyler Trustee Trustee

Date: 15[th] October 2025

THE ROYAL INSTITUTION OF CORNWALL

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE ROYAL INSTITUTION OF CORNWALL

Opinion

We have audited the financial statements of The Royal Institution of Cornwall (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

THE ROYAL INSTITUTION OF CORNWALL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE ROYAL INSTITUTION OF CORNWALL

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

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

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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.

Auditor's responsibilities for the audit of the financial statements

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 an auditor's report 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 noncompliance with laws and regulations, was as follows:

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

THE ROYAL INSTITUTION OF CORNWALL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE ROYAL INSTITUTION OF CORNWALL

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:

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

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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor’s 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.

David Hastings FMAAT, ACA (Senior Statutory Auditor)

For and on behalf of bk plus Audit Limited, Statutory Auditor Chartered Certified Accountants Lakeside Offices The Old Cattle Market Helston Cornwall TR13 0SR Date: 20[th] October 2025

THE ROYAL INSTITUTION OF CORNWALL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Restricted
Endowment
funds
funds
funds
2025
2025
2025
Notes
£
£
£
Income from:
Grants, donations and
legacies
3
60,439
2,700,204
-
Charitable activities
4
164,417
-
-
Other trading activities
5
77,998
-
-
Investments
6
16,220
104,887
-
Total income
319,074
2,805,091
-
Expenditure on:
Raising funds
7
21,169
-
23,541
Charitable activities
8
1,019,729
1,391,290
-
Total expenditure
1,040,898
1,391,290
23,541
Net gains/(losses) on
investments
13
(2,776)
-
(13,771)
Net income/(expenditure) and
movement in funds
(724,600)
1,413,801
(37,312)
Reconciliation of funds:
Fund balances at 1 April 2024
1,142,912
2,572,214
3,449,133
Fund balances at 31 March 2025
418,312
3,986,015
3,411,821		 Total
2025
£
2,760,643
164,417
77,998
121,107
3,124,165
44,710
2,411,019
2,455,729
(16,547)
651,889
7,164,259
7,816,148		 Total
2024
£
951,487
165,602
87,676
111,253
1,316,018
45,722
917,692
963,414
198,251
550,855
6,613,404
7,164,259

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE ROYAL INSTITUTION OF CORNWALL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year
Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Grants, donations and legacies
3
156,958
794,529
-
Charitable activities
4
165,602
-
-
Other trading activities
5
87,676
-
-
Investments
6
17,191
94,062
-
Total income
427,427
888,591
-
Expenditure on:
Raising funds
7
19,805
3,000
22,917
Charitable activities
8
298,882
618,810
-
Total expenditure
318,687
621,810
22,917
Net gains/(losses) on investments
13
9,614
-
188,637
Net income and movement in funds
118,354
266,781
165,720
Reconciliation of funds:
Fund balances at 1 April 2023
1,024,558
2,305,433
3,283,413
Fund balances at 31 March 2024
1,142,912
2,572,214
3,449,133		 Total
2024
£
951,487
165,602
87,676
111,253
1,316,018
45,722
917,692
963,414
198,251
550,855
6,613,404
7,164,259

THE ROYAL INSTITUTION OF CORNWALL

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Fixed assets
Intangible assets 16 7,000 7,000
Tangible assets 17 3,895,429 3,088,979
Heritage assets 18 32,555 32,555
Investments 19 3,524,948 3,566,455
7,459,932 6,694,989
Current assets
Stocks 20 10,563 8,589
Debtors 21 505,614 154,683
Cash at bank and in hand 368,710 528,871
884,887 692,143
Creditors: amounts falling due within 22
one year (528,671) (222,873)
Net current assets 356,216 469,270
Total assets less current liabilities 7,816,148 7,164,259
The funds of the charity
Endowment funds 24 3,411,821 3,449,133
Restricted income funds 25 3,986,015 2,572,214
Unrestricted funds 26 418,312 1,142,912
7,816,148 7,164,259

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

Included in the funds above is a revaluation reserve of £207,324 (2024: £337,180).

The financial statements were approved by the trustees on 15 October 2025.

. ..................... ......... A Allen J Seyler Trustee Trustee

Company registration number 08362598 (England and Wales)

THE ROYAL INSTITUTION OF CORNWALL

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
33
1,936,463
Investing activities
Purchase of tangible fixed assets
(2,242,689)
Net investment disposals / (additions)
36,907
Investment income received
121,107
Net cash used in investing activities
(2,084,675)
Net cash generated from financing activities
-
Net decrease in cash and cash equivalents
(148,212)
Cash and cash equivalents at beginning of year
648,790
Cash and cash equivalents at end of year
500,578
Relating to:
Cash at bank and in hand
368,710
Short term deposits included in current asset
investments
131,868		 2024
£
£
327,787
(621,890)
156,243
111,253
(354,394)
-
(26,607)
675,397
648,790
528,871
119,919

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

The Royal Institution of Cornwall is a private company limited by guarantee incorporated in England and Wales. The registered office is Royal Cornwall Museum, 25 River Street, Truro, Cornwall, TR1 2SJ, England.

1.1 Accounting convention

The financial statements of the charitable company, which is a public benefit entity, have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The trustees have carefully considered the going concern status of the charity, following a financial year in which an unrestricted deficit of £724,600 was incurred. 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.4 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. Government grants are recognised in accordance with the performance model.

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).

1.5 Expenditure

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

1.6 Tangible fixed assets

Tangible fixed assets costing more than £1,000 are capitalised and included at cost less accumulated depreciation and impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Nil Fixtures and fittings 4 - 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

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.

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.7 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.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/ (expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Stocks

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

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.11 Financial instruments

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

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from grants, donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
19,759
-
Legacies
1,081
-
Grants
39,599
2,700,204
60,439
2,700,204		 Total Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
19,759
30,978
-
1,081
-
-
2,739,803
125,980
794,529
2,760,643
156,958
794,529		 Total
2024
£
30,978
-
920,509
951,487

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

3 Income from grants, donations and legacies

(Continued)

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Grants
Cornwall Council -
Funding allocation
-
-
Cornwall Council -
Schools Art Collection
10,000
-
Cornwall Council - Town
Deal
-
102,434
Cornwall Council - MEND
-
-
Arts Council England -
NPO
-
80,000
National Lottery Heritage
Fund
-
92,362
Shared Prosperity Fund
-
2,425,408
Other grants
29,599
-
39,599
2,700,204		 Total Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
-
100,000
-
10,000
10,000
-
102,434
-
364,000
-
-
45,000
80,000
-
80,000
92,362
-
157,639
2,425,408
-
145,224
29,599
15,980
2,666
2,739,803
125,980
794,529		 Total
2024
£
100,000
10,000
364,000
45,000
80,000
157,639
145,224
18,646
920,509

The Cornwall Council grant of £102,434 and the Shared Prosperity Fund grant of £2,425,408 noted above are capital grants received during the year to be used solely towards the costs of the transformation of the museum in order to safeguard its long-term future. The costs incurred to date have been capitalised under 'Assets under construction'.

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Operation of RIC
Admissions 112,785 113,254
Learning 28,265 31,366
Members subscriptions 19,432 13,158
Other 3,935 7,824
164,417 165,602

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Retail activities 27,336 21,342
Rental income 50,662 66,334
Other trading activities 77,998 87,676

6 Income from investments

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Income from fixed asset
investments
11,050
104,887
Interest receivable
5,170
-
16,220
104,887		 Total Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
115,937
12,715
94,062
5,170
4,476
-
121,107
17,191
94,062		 Total
2024
£
106,777
4,476
111,253

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Expenditure on raising funds

Unrestricted
Restricted Endowment
funds
funds
funds
2025
2025
2025
£
£
£
Fundraising and publicity
Other fundraising costs
2,930
-
-
Trading costs
Purchases
16,820
-
-
Investment management
1,419
-
23,541
Total costs
21,169
-
23,541		 Total
Unrestricted
Restricted Endowment
funds
funds
funds
2025
2024
2024
2024
£
£
£
£
2,930
3,750
3,000
-
16,820
14,050
-
-
24,960
2,005
-
22,917
44,710
19,805
3,000
22,917		 Total
2024
£
6,750
14,050
24,922
45,722

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

8 Expenditure on charitable activities

Operation of Operation of
RIC RIC
2025 2024
£ £
Direct costs
Staff costs 90,540 90,375
Depreciation and impairment 1,419,004 -
Sundries 1,845 3,201
Temporary exhibition costs 42,866 18,307
Learning and events 13,108 10,614
Project costs 45,677 117,791
Rental offsite 2,221 1,937
1,615,261 242,225
Share of support and governance costs (see note 9)
Support 780,232 654,175
Governance 15,526 21,292
2,411,019 917,692
Analysis by fund
Unrestricted funds 1,019,729 298,882
Restricted funds 1,391,290 618,810
2,411,019 917,692
Support costs allocated to activities
2025 2024
£ £
Staff costs 446,800 367,539
Depreciation 17,237 6,855
Professional fees and agency staffing 6,798 7,931
Bank charges 5,574 5,790
Rates, utilities and insurance 81,673 69,865
Telephone, postage and stationery 8,324 6,748
Marketing 100,361 59,685
Property repairs and maintenance 23,419 56,000
IT costs 27,212 30,355
Irrecoverable VAT 50,119 31,367
Sundries 12,714 12,040
Governance costs 15,527 21,292
795,758 675,467
Analysed between:
Operation of RIC 795,758 675,467

9 Support costs allocated to activities

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements 6,800 6,800
- for other assurance services 3,700 3,700
Depreciation of owned tangible fixed assets 17,237 6,855
Impairment of owned tangible fixed assets 1,419,004 -

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
24
2025
£
490,675
37,464
9,201
537,340		 2024
Number
22
2024
£
420,537
29,637
7,740
457,914

Employer's pension contributions for the year totalled £9,201 (2024 £7,740). There were contributions of £2,346 outstanding at the balance sheet date (2024: £2,251).

The number of employees whose annual remuneration was more than £60,000 is as follows:

2025 2024
Number Number
£60,001 to £70,000 2 -

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

12 Employees

(Continued)

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 120,578 116,042

13 Gains and losses on investments

Unrestricted Endowment Total **Unrestricted ** Endowment Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Gains/(losses) arising on: £ £ £ £ £ £
Revaluation of
investments (2,776) (13,771) (16,547) 9,614 188,637 198,251

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

15 Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss (see note 17 for detail):

2025 2024
£ £
In respect of:
Freehold property 1,419,004 -

16 Intangible fixed assets

Intangible fixed assets
Cost
At 1 April 2024 and 31 March 2025
Amortisation and impairment
At 1 April 2024 and 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024		 Patents &
licences
£
7,000
-
7,000
7,000

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Intangible fixed assets

(Continued)

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

17 Tangible fixed assets

Freehold land
and buildings
Assets under
construction
Fixtures and
fittings
£
£
£
Cost
At 1 April 2024
2,543,615
617,935
742,489
Additions
-
2,218,867
23,822
At 31 March 2025
2,543,615
2,836,802
766,311
Depreciation and impairment
At 1 April 2024
124,611
-
690,447
Depreciation charged in the year
-
-
17,237
Impairment losses
1,419,004
-
-
At 31 March 2025
1,543,615
-
707,684
Carrying amount
At 31 March 2025
1,000,000
2,836,802
58,627
At 31 March 2024
2,419,002
617,935
52,042		 Total
£
3,904,039
2,242,689
6,146,728
815,058
17,237
1,419,004
2,251,299
3,895,429
3,088,979

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

The trustees consider the combined freehold property and integral features have a carrying value of £3,836,802. This is based on professional valuations obtained in 2022 combined with a review of capital costs incurred for the capital transformation project since this date. An impairment charge of £1,419,004 has therefore been recognised during the year, with £620,553 being allocated to unrestricted funds and £798,451 being allocated to restricted funds.

Part of the museum is rented out to a third party and the associated rental income generates 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.

18 Heritage assets

St Levan Coin
Hoard
£
At 1 April 2024 and at 31 March 2025 32,555

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Heritage assets

(Continued)

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.

19 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 April 2024
3,446,536
Additions
601,001
Valuation changes
(16,922)
Disposals
(637,535)
At 31 March 2025
3,393,080
Carrying amount
At 31 March 2025
3,393,080
At 31 March 2024
3,446,536		 Cash in
portfolio
£
119,919
11,949
-
-
131,868
131,868
119,919		 Total
£
3,566,455
612,950
(16,922)
(637,535)
3,524,948
3,524,948
3,566,455

Fixed asset investments revalued

Fixed asset investments were valued on an open market basis on 31 March 2025 by Charles Stanley & Company Ltd.

The cost of the above investments at 31 March 2025 is £3,185,756 (2024: £3,109,356).

20 Stocks

Stocks
2025 2024
£ £
Finished goods and goods for resale 10,563 8,589

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

21
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
8,744
56,158
440,712
505,614		 2024
£
61,727
29,632
63,324
154,683

22 Creditors: amounts falling due within one year

22
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
23
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
10,494
449,715
3,740
64,722
528,671
2025
£
9,201		 2024
£
10,452
147,587
2,254
62,580
222,873
2024
£
7,740

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

24 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Permanent endowments
Hawkins Galsworthy
Cardew Rendle
Winston Graham
HLF Endowment Fund		 At 1 April
2024
Resources
expended
Gains and
losses
At 31 March
2025
£
£
£
£
2,572,192
(17,233)
(12,833)
2,542,126
704,334
(5,011)
(2,528)
696,795
43,119
(329)
521
43,311
129,488
(968)
1,069
129,589
3,449,133
(23,541)
(13,771)
3,411,821		 At 1 April
2024
Resources
expended
Gains and
losses
At 31 March
2025
£
£
£
£
2,572,192
(17,233)
(12,833)
2,542,126
704,334
(5,011)
(2,528)
696,795
43,119
(329)
521
43,311
129,488
(968)
1,069
129,589
3,449,133
(23,541)
(13,771)
3,411,821
3,411,821

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

24
Endowment funds
Previous year:
Permanent endowments
Hawkins Galsworthy
Cardew Rendle
Winston Graham
HLF Endowment Fund		 (Continued)
At 1 April
2023
Resources
expended
Gains and
losses
At 31 March
2024
£
£
£
£
2,447,724
(16,951)
141,419
2,572,192
671,164
(4,741)
37,911
704,334
41,021
(310)
2,408
43,119
123,504
(915)
6,899
129,488
3,283,413
(22,917)
188,637
3,449,133		 (Continued)
At 1 April
2023
Resources
expended
Gains and
losses
At 31 March
2024
£
£
£
£
2,447,724
(16,951)
141,419
2,572,192
671,164
(4,741)
37,911
704,334
41,021
(310)
2,408
43,119
123,504
(915)
6,899
129,488
3,283,413
(22,917)
188,637
3,449,133
3,449,133

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.

25 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Buildings
Reverend Selkirk
HC Cardew Rendle
Winston Graham
Hawkins Galsworthy
Arts Council England - NPO
Heritage Lottery Fund
St Levan Coin Hoard
Heritage Addition - Painting
Jayne Wackett
Cornish Wildlife Trust - Epsom Projector
Capital Project - Funding Income
Courtney Library
Shared Prosperity Fund
National Lottery Heritage Fund - Building
Resilience		 At 1 April
2024
Incoming
resources
Resources
expended
At 31 March
2025
£
£
£
£
1,647,018
-
(798,451)
848,567
27,511
-
-
27,511
-
25,982
(25,982)
-
7,240
-
(535)
6,705
-
78,905
(78,905)
-
-
80,000
(80,000)
-
150,243
-
-
150,243
31,047
-
-
31,047
600
-
-
600
6,403
-
-
6,403
1,393
-
(202)
1,191
815,660
102,434
-
918,094
25,022
-
-
25,022
(69,272)
2,425,408
(385,504)
1,970,632
(70,651)
92,362
(21,711)
-
2,572,214
2,805,091
(1,391,290)
3,986,015		 At 1 April
2024
Incoming
resources
Resources
expended
At 31 March
2025
£
£
£
£
1,647,018
-
(798,451)
848,567
27,511
-
-
27,511
-
25,982
(25,982)
-
7,240
-
(535)
6,705
-
78,905
(78,905)
-
-
80,000
(80,000)
-
150,243
-
-
150,243
31,047
-
-
31,047
600
-
-
600
6,403
-
-
6,403
1,393
-
(202)
1,191
815,660
102,434
-
918,094
25,022
-
-
25,022
(69,272)
2,425,408
(385,504)
1,970,632
(70,651)
92,362
(21,711)
-
2,572,214
2,805,091
(1,391,290)
3,986,015
3,986,015

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

25
Restricted funds
Previous year:
Buildings
Reverend Selkirk
HC Cardew Rendle
Winston Graham
Hawkins Galsworthy
Arts Council England - NPO
Heritage Lottery Fund
St Levan Coin Hoard
Heritage Addition - Painting
Jayne Wackett
Cornish Wildlife Trust - Epsom Projector
Capital Project - Funding Income
Courtney Library
Shared Prosperity Fund
National Lottery Heritage Fund - Building
Resilience		 (Continued)
At 1 April
2023
Incoming
resources
Resources
expended
At 31 March
2024
£
£
£
£
1,647,018
-
-
1,647,018
27,511
-
-
27,511
-
22,293
(22,293)
-
12,000
-
(4,760)
7,240
-
71,769
(71,769)
-
-
80,000
(80,000)
-
150,243
-
-
150,243
31,047
-
-
31,047
300
300
-
600
6,403
-
-
6,403
1,595
-
(202)
1,393
404,294
411,366
-
815,660
25,022
-
-
25,022
-
145,224
(214,496)
(69,272)
-
157,639
(228,290)
(70,651)
2,305,433
888,591
(621,810)
2,572,214

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

25 Restricted funds

(Continued)

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.

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.

Linked to the above strategic plan is the Shared Prosperity Fund (SPF). This fund has provided significant grant income towards the transformation of the museum. The funds outstanding of £1,970,632 at 31 March 2025 do not reflect unspent monies, but reflect costs that have been capitalised on the balance sheet. This will reduce over time once depreciation is charged.

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

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

26 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General fund
asset reserve
General funds
Previous year:
General fund
asset reserve
General funds		 At 1 April
2024
Incoming
resources
Resources
expended
£
£
£
673,598
-
-
469,314
319,074
(1,040,898)
1,142,912
319,074
(1,040,898)
At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
676,296
-
-
348,262
427,427
(318,687)
1,024,558
427,427
(318,687)		 Transfers
Gains and
losses
At 31 March
2025
£
£
£
(614,973)
-
58,625
614,973
(2,776)
359,687
-
(2,776)
418,312
Transfers
Gains and
losses
At 31 March
2024
£
£
£
(2,698)
-
673,598
2,698
9,614
469,314
-
9,614
1,142,912		 Transfers
Gains and
losses
At 31 March
2025
£
£
£
(614,973)
-
58,625
614,973
(2,776)
359,687
-
(2,776)
418,312
Transfers
Gains and
losses
At 31 March
2024
£
£
£
(2,698)
-
673,598
2,698
9,614
469,314
-
9,614
1,142,912
1,142,912

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.

27 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Intangible fixed assets
7,000
-
-
Tangible assets
58,626
3,836,803
-
Heritage assets
-
32,555
-
Investments
183,430
-
3,341,518
Current assets/(liabilities)
169,256
116,657
70,303
418,312
3,986,015
3,411,821		 Total
2025
£
7,000
3,895,429
32,555
3,524,948
356,216
7,816,148

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

27 Analysis of net assets between funds

(Continued)

Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Intangible fixed assets
7,000
-
-
Tangible assets
673,598
2,415,381
-
Heritage assets
-
32,555
-
Investments
187,625
-
3,378,830
Current assets/(liabilities)
274,689
124,278
70,303
1,142,912
2,572,214
3,449,133		 Total
2024
£
7,000
3,088,979
32,555
3,566,455
469,270
7,164,259

28 Reconciliation of trading deficit

The trading deficit for the year is arrived at as follows:

Unrestricted (deficit)/ surplus per Statement of Financial
Activities
Add back impairment of property (unrestricted funds share)
Unrestricted trading (deficit)/ surplus		 2025
£
(724,600)
620,553
(104,047)		 2024
£
118,354
-
118,354

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

29 Free reserves

Of the £7,816,148 funds held at the year end, £418,312 are 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 2025 the charity’s free reserves were in surplus by £359,685 (2024: £469,314).

2025 2024
£ £
Total funds at 31 March 7,816,148 7,164,259
Less: endowment funds (3,411,821) (3,449,133)
Less: restricted funds (3,986,015) (2,572,214)
Less: freehold property - (621,356)
Less: fixtures and fittings (58,627) (52,242)
359,685 469,314
Balance at start of year 469,314 348,262
Fixed asset additions (23,822) (3,955)
Fixed asset impairment 620,553 -
Fixed asset depreciation/ eliminated on disposal 17,237 6,855
Correction between fixed assets from prior year 1,003 (202)
Surplus/ (deficit) for the year (724,600) 118,354
Balance at end of year 359,685 469,314

30 Financial commitments, guarantees and 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.

A grant of £3,046,632 was provided by Cornwall Council towards thr capital transformation project, including the Mineral Gallery refurbishment. There is a legal charge of £3,046,632 on the freehold property, 25 River Street, Truro, which was provided to Cornwall Council as the grants are repayable in certain circumstances.

A grant of £1,494,284 was provided after the year end by the Arts Council of England towards the capital transformation project. There is a legal charge of £1,494,284 on the freehold property, 25 River Street, Truro, which was provided to Arts Council of England as the grant is repayable in certain circumstances.

31 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 a capital grant funding agreement in place with DCMS Arts Council (Museum Estate and Development Fund) whereby the income has not yet been received. The grant amount is £1,494,284. Although the agreement is in place, it has not been recognised in 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 his grant is to be incurred after the balance sheet date.

THE ROYAL INSTITUTION OF CORNWALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

32 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

33
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in stocks
(Increase) in debtors
Increase in creditors
Cash generated from operations		 2025
£
651,889
(121,107)
16,547
1,436,241
(1,974)
(350,931)
305,798
1,936,463		 2024
£
550,855
(111,253)
(198,251)
6,855
(1,047)
(80,880)
161,508
327,787

34 Analysis of changes in net funds

The charity had no material debt during the year.