## ## ## ## ||||||| |---|---|---|---|---|---| |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| ## ## ||||||Ih
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LI W||| ## ## ||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|