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2021-03-31-accounts
Trustees M R Bird
N Scott
M Barrett
V Button
B Naughton-Rumbo
LTait
C Rayment (Appointed 1 December 2021)
R Dunlop (Appointed 1 December 2021)
G Centre (Appointed 1 December 2021)
H Buckingham (Appointed 1 December 2021)
J Bulman (Appointed 1 December 2021)
N Williams (Appointed 1 December 2021)
Secretary N Scott
Charity number 273785
Company number 01310070
Registered office The Exchange
Princes Street
Penzance
Comwall
United
Kingdom
TR18 2NL
Auditor Azets Audit Services
Woodlands Court
Truro Business Park
Truro
Comwall
United
Kingdom
TR4 BNH
Gallery Director JGreen
Observers M Jivram, Arts Council England

Page
Trustees'
report		 1-8
Statement oftrustees' responsibilities
Independent
auditor's		 report 10-13
Statement offinancial activities 14- 15
Balance sheet 16
Statement ofcash flows 17
Notes to the financial statements 18-37

Current financial year Current financial year Current financial year
Unrestricted Endowment Restricted Total Total
funds funds funds
designated
2021 2021 2021 2021 2020
Notes F E E 8 8
Iagggtajmm:
Donations
and		 legacies 2 188,436 4,180 192,616 59,985
Charitable
activities		 3 410,015 327,844 737,859 749,490
Other trading
activities		 4 77,101 4,735 81,836 130,491
Investments 5 23 23 58
Total income 675,575 336,759 1,012,334 940,024
Raising funds 6 81,360 4 81,364 137,918
Charitable
activities		 7 463,281 219,913 683,194 721,605
Other 11 785 785
Total resources expended 545,426 219,917 765,343 859,523
Net gains/(losses) on investments 12 68,577
Net incoming resources 130,149 116,842 246,991 149,078
Other recognised gains and losses
Revaluation
of		 tangible fixed assets 144,443
Net movement in funds 130,149 116,842 246,991 293,521
Fund balances at 1 April 2020 2,198,234 527,373 1,333,464 4,059,071 3,765,548
Fund balances at 31 INarch 2021 2,328,383 527,373 1,450,306 4,306,062 4,059,069

Prior financial year
Unrestricted Endowment Restricted Total
funds funds funds
designated
Notes 2020
8		 2020
8		 2020
E		 2020f
Ittggmafrgtti.
Donations
and		 legacies 58,388 1,597 59,985
Charitable
activities		 435,655 313,835 749,490
Other trading
activities		 130,491 130,491
Investments 58 58
Total income 624,592 315,432 940,024
ExggtttIIItttE5ta;
Raising funds 6 137,910 8 137,918
Charitable
activities		 524,784 196,821 721,605
Total resources expended 662,694 196,829 859,523
Net gains/(losses)
on investments		 12 68,577 68,577
Gross transfers between funds 9,469 (9,469)
Net incoming resources 39,944 109,134 149,078
Other recognised
gains		 and losses
Revaluation
of		 tangible fixed assets 144,443 144,443
Net movement in funds 39,944 144,443 109,134 293,521
Fund balances at 1 April 2019 2,158,288 382,930 1,224,330 3,765,548
Fund balances at 31 March 2020 2,198,232 527,373 1,333,464 4,059,069

2021 2020
Notes 6
Fixed assets
Tangible assets 13 3,412,289 3,499,102
Heritage assets 14 527,373 527,373
Investments 15 82,117 82,117
4,021,779 4,108,592
Current assets
Stocks 16 19,884 22,955
Debtors 17 66.091 100,123
Cash at bank and in hand 375,345 13,383
461,320 136,461
Creditors: amounts falling due within
one year 18 (72,885) (71,578)
Net current assets 388,435 64,883
Total assets less current liabiTities 4,410,214 4,173,475
Creditors: amounts falling due after
more than one year 19 (104,152) (114,406)
Net assets 4,306,062 4,059,069
Income funds
Restricted funds 22 1,450,306 1,333,464
Endowment
funds		 - designated 527,373 527,373
Unrestricted
funds		 2,328,383 2,198,232
4,306,062 4,059,069

2021 2020
Notes K
Cash flows from operating activities
Cash generated
from operations		 26 384,622
Investing activities
Purchase oftangible
fixed assets		 (25,241) (29,380)
Proceeds on disposal oftangible fixed
assets 12,149
Interest received 23 58
Net cash used in investing activities (13,069)
Financing activities
Repayment ofbank loans (9,591) (8,016)
Net cash used in financing activities (9,591)
Net increase
in cash and cash		 equivalents 361,962
Cash and cash equivalents at beginning ofyear 13,383
Cash and cash equivalents at end of year 375,345

Unrestricted Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021
f		 2021
f		 2021
f		 2020
f		 2020
f		 2020
F
Donations
including
admissions 19,436 4,180 23,616 53,658 1,597 55,255
Government Covid
related grants 166,593 166,593
Subscriptions 2,407 2,407 4,730 4,730
188,436 4,180 192,616 58,388 1,597 59,985
Charitable activities
Charitable Charitable
Activities Activities
2021
f		 2020
f
Performance related grants 718,254 729,992
Other income 19,605 19,498
737,859 749,490
Analysis
by		 fund
Unrestdicted funds 410,015 435,655
Restricted funds 327,844 313,835
737,859 749,490
Performance related grants
Arts Council of England 368,474 361,770
Other grant income 65,300 22,995
Cornwall
Council		 21,936 61,936
Arts Council Catalyst Scheme 46,456
Arts Council Collection 120,000 220,000
Trusts and Foundations Project grants 14,000 16,835
Trusts and Foundations Capital Works grants 128,544
718,254 729,992

Unrestricted Restricted Total Unrestricted
funds funds funds
2021 2021 2021 2020
6
Fundraising events 100 4,735 4,835
Shop and cafe income 63,859 63,859 111,961
Rental and other trading income 13,142 13,142 18,530
Other trading activities 77.101 4,735 81,836 130,491

Unrestricted Unrestricted
funds funds
2021 2020
E F
Interest receivable 23 58

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
6 6 6 6 5 F
~Tr din
cgBLs
Purchases 28,975 28,979 62,344 62,344
Stock movement 2,857 2,857 5,039 5,039
Cleaning 240 240 1,076 1,076
Utilities and property
maintenance 374 374 1,370 1,370
Consumables 3,127 3,127 7,619 7,619
Equipment hire 1,605 1,605 1,661 1,661
Staff costs 44,182 44,182 58,801 58,801
Trading costs 81,360 81,364 137,910 137,910
Irr~i
Other trading activities 8 8
81,360 4 81,364 137,910 8 137,918

Charitable Charitable
Activities Activities
2021 2020
8 6
Stalf costs 402,356 341,981
Depreciation and impairment 99,117 99,942
Telephone 3,082 4,193
Postage 2,622 4,956
Advertising 14,879 19,295
Utilities and property maintenance 41,996 49,166
Repairs and renewals 23,291 38,692
Event costs 9,007 11,678
Education 10,514 19,591
Exhibitions 32,868 51,172
Sundry
expenditure		 (2,180) 3,945
Travel and subsistence 1,583 12,467
Consultancy, legal and professional 7,461 7,449
Bank charges 2,006 3,261
Irrecoverable VAT 1,126 6,206
Hire ofequipment 5,147 6,064
Insurance 8,412 8,559
Other charitable expenditure 494 15,594
663,781 704,211
Share ofsupport costs (see note 8) 2,464 4,415
Share ofgovernance costs (see note 8) 16,949 12,979
683,194 721,605
Analysis
by		 fund
Unrestricted funds 463,281 524,784
Restricted funds 219,913 196,821
683,194 721,605

Support costs
Support Governance 2021 Support Governance 2020
costs costs costs costs
E 6 6 6 f E
Interest payable 2,464 2,464 4,415 4,415
Auditor's remuneration 5,300 5,300 5,000 5,000
Auditor's remuneration
for non-audit
work		 1,573 1,573 1,375 1,375
Legal and professional 10,076 10,076 6,604 6,604
2,464 16,949 19,413 4,415 12,979 17,394
Analysed between
Charitable activities 2,464 16,949 19,413 4,415 12,979 17,394

The average
monthly
number ofemployees
during t		 he year was:
2021 2020
Number Number
Employees 30 26
Employment
costs		 2021
5		 2020
6
Wages and salaries
Social security costs		 393,077
20,685		 361,680
19,673
Other pension costs 32,776 19,429
446,538 400,782

Unrestricted Total
funds
f
2021 2020
Net loss on disposal oftangible fixed assets 785
12 Net gains/(tosses)
on investments
Total Unrestricted
funds
2021 2020
f f
Revaluation of investments 68,577
13 Tangible fixed assets
Freehold Leasehold Tools and Computer Total
property land and equipment equipment
buildingsf
Cost
At 1 April 2020 2,620,954 1,961,127 91,983 62,190 4,736,254
Additions 18,635 4,928 1,678 25,241
Dieposals (17,439) (17,439)
At 31 March 2021 2,639,589 1,961,127 79,472 63,868 4,744,056
Depreciation and impairment
At 1 April 2020 616,096 509,654 56,654 54,750 1,237,154
Depreciation charged in the year 52,792 39,223 3,890 3,213 99,118
Eliminated in respect ofdisposals (4,505) - (4,505)
At 31 March 2021 668,888 548,877 56,039 57,963 1,331,767
Carrying amount
At 31 March 2021 1,970,701 1,412,250 23,433 5,905 3,412,289
At 31 March 2020 2,004,859 1,451,473 35,330 7,440 3,499,102

Fixed as set investments
Other
investments
Valuation
At 1 April 2020 8 31 March 2021 82,117
Carrying amount
At 31 March 2021 82,117
At 31 March 2020 82,117

16 Stocks
2021 2020
K
Stock 19,884 22,955
17 Debtors
2021 2020
Amounts
falling due		 within one year: 8
Trade debtors 22,153 8,444
Other debtors 6,419 12,349
Prepayments and accrued income 37,519 79,330
66,091 100,123
18 Creditors: amounts falling due within one year
2021 2020
Notes 6
Bank loans 20 9,354 9,208
Other taxation and social security 5,128 6,560
Trade creditors 27,697 26,129
Other creditors 16,549 12,507
Accruals and deferred income 14,157 17,174
72,885 71,578

Credi tors: amounts
falling due after m		 ore than one year
2021 2020
Notes 8 6
Bank loans 20 58,601 68,338
Other creditors 45,551 46,068
104,152 114,406

2021 2020
6
Bank loans 67,955 77,546
Payable
Payable		 within one year
after one year		 9,354
58,601		 9,208
68,338
Amounts included above which fall due after five years:
Payable by instalments 21,185 31,506

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31 May 2027. There was no change to the funding
actuarial valuation.		 31 May 2027. There was no change to the funding
actuarial valuation.		 31 May 2027. There was no change to the funding
actuarial valuation.		 31 May 2027. There was no change to the funding
actuarial valuation.		 liability or pay liability or pay liability or pay ment
schedu		 ment
schedu		 ment
schedu		 le
following
the most recent		 le
following
the most recent
A liability
has been recognised
in the balance sheet		 equal to the net present value of these future
deficit
reduction
payments.
The payments
are discounted
rated
bonds
in the iBoxx sterling
corporate
bond		 to present
value using
index, this gave a rate		 a
of		 yield curve derived
from AA
0.7% (2020: 2.4%). The net
present
value of the sum of the remaining		 monthly contributions as at 31 March 2021 is E54,989 (2020:
E55,416) and
this has been
recorded as		 a liability in the balance
sheet		 with E9,348 (2020: E9,348) in
creditors falling due within one year and E45,551 (2020: E46,068) in creditors falling due afier one year.
26 Cash generated
from operations		 2021 2020
E E
Surplus for the year 246,996 149,079
Adjustments
for:
Investment
income recognised
in statement		 offinancial activities (23) (58)
Loss on disposal oftangible fixed assets 785
Fair value gains and losses on investments (68,577)
Depreciation
and impairment
oftangible		 fixed assets 99,117 99,942
Movements
in working
capital:
Decrease
in stocks		 3,071 5,039
Decrease/(increase)
in debtors		 34,032 (62,120)
increase/(decrease)
in creditors		 644 (71,079)
Cash generated
from operations		 384,622 52,226
27 Analysis ofchanges
in net funds/(debt)
At 1April 2020 Ceeh flovveet 31 March 2021
E E E
Cash at bank and in hand 13,383 361,962 375,345
Loans falling due within one year (9,208) (146) (9,354)
Loans falling due aRer more than one year (68,338) 9,737 (58,601)
(64,163) 371,553 307,390

2021 2020
Within one year
Between two and five years		 2,787
4,477		 4,058
7,263
7,264 11,321

2021
6		 2020f
Total funds at 31 March 4,306,063 4,059,069
Less: endowment
funds		 (527,373) (527,373)
Less: Freehold
property		 (1,970,701) (2,004,859)
Less: Leasehold
property		 (1,412,250) (1,451,473)
Less: Tea, Cake 5 Art restdicted fund 80 (2,836)
Less: Seaside restricted
fund		 (25,622) (16,384)
Less: Jerwood restricted
fund		 (40,537) (26,537)
Less: Arts Council Collection restricted fund (222,133) (165,610)
Less: Weston Culture restricted fund (128,544)
Less: Film Historic restricted fund (3,494)
Less: Cultural
Relief restricted		 fund 1,280
(23,231) (136,003)

Moveme nt
in Free Reserves:
2021 2020
6 6
Balance atstart ofyear (136,003) (166,119)
Property additions (18,635) (10,499)
Property depreciation
in the year		 92,015 91,430
Surplus I(Deficit) for the year 246,992 293,521
Less: revaluation
ofheritage assets		 (144,443)
Increase in restricted
funds (excl. property)		 (207,600) (199,893)
Balance at end ofyear (23,231) (136,003)

2021 2020
5 5
135,575 132,215