| Trustees | M R Bird | |||||
|---|---|---|---|---|---|---|
| N Scott | ||||||
| M Barrett | ||||||
| V Button | ||||||
| BNaughton-Rumbo | ||||||
| LTait | ||||||
| R Dunlop | (Appointed | 1 December 2021) | ||||
| G Buenfeld-Murley | (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 | ||||||
| Cornwall | ||||||
| United Kingdom |
||||||
| TR182NL | ||||||
| Auditor | Azets Audit | Services | ||||
| Woodlands | Court | |||||
| Truro Business Park | ||||||
| Truro | ||||||
| Cornwall | ||||||
| United Kingdom |
||||||
| TR4 9NH | ||||||
| Gallery | Director | J Green | ||||
| Observers | M Jivram, Arts Council England |
| Page | ||
|---|---|---|
| Trustees' report |
1-6 | |
| Statement oftrustees' |
responsibilities | |
| Independent auditor's |
report | 8-10 |
| Statement offinancial |
activities | 11 - 12 |
| Balance sheet | ||
| Statement ofcash flows |
14 | |
| Notes to the financial | statements | 15-36 |
| Current financial year | Current financial year | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Restricted | Total | Total | ||||
| funds | funds | funds | ||||||
| designated | ||||||||
| 2022 | 2022 | 2022 | 2021 | |||||
| Notes | E | |||||||
| Income from: | ||||||||
| Donations and |
legacies | 89,511 | 2,789 | 92,300 | 192,616 | |||
| Charitable activities |
434,498 | 535,256 | 969,754 | 737,859 | ||||
| Other trading activities |
139,302 | 309 | 139,611 | 81,836 | ||||
| Investments | 1,489 | 1,489 | 23 | |||||
| Total income | 664,800 | 538,354 | 1,203,154 | 1,012,334 | ||||
| Ex enditure on: | ||||||||
| Raising funds | 118,987 | 4,285 | 123,272 | 81,364 | ||||
| Charitable activities |
404,467 | 483,776 | 888,243 | 683,194 | ||||
| Other | 785 | |||||||
| Total resources expended | 523,454 | 488,061 | 1,011,515 | 765,343 | ||||
| Net incoming | resources | before | ||||||
| transfers | 141,346 | 50,293 | 191,639 | 246,991 | ||||
| Gross transfers | between | funds | 102,355 | (102,355) | ||||
| Net income/(expenditure) | for the | year/ | ||||||
| Net movement | in funds | 243,701 | (52,062) | 191,639 | 246,991 | |||
| Fund balances | at 1 April | 2021 | 2,328,383 | 527,373 | 1,450,306 | 4,306,062 | 4,059,071 | |
| Fund balances | at 31 March 2022 | 2,572,084 | 527,373 | 1,398,244 | 4,497,701 | 4,306,062 |
| Prior financial | year | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Restricted | Total | ||||
| funds | funds | funds | |||||
| designated | |||||||
| 2021 | 2021 | 2021 | 2021 | ||||
| Notes | f. | E | |||||
| Income from: | |||||||
| Donations and |
legacies | 188,436 | 4,180 | 192,616 | |||
| Charitable activities |
410,015 | 327,844 | 737,859 | ||||
| Other trading activities |
77,101 | 4,735 | 81,836 | ||||
| Investments | 23 | 23 | |||||
| Total income | 675,575 | 336,759 | 1,012,334 | ||||
| Ex enditure on: | |||||||
| Raising funds | 81,360 | 81,364 | |||||
| Charitable activities |
463,281 | 219,913 | 683,194 | ||||
| Other | 12 | 785 | 785 | ||||
| Total resources expended | 545,426 | 219,917 | 765,343 | ||||
| Net incoming | resources | before transfers | 130,149 | 116,842 | 246,991 | ||
| Net income/(expenditure) | for the year/ | ||||||
| Net movement | in funds | 130,149 | 116,842 | 246,991 | |||
| Fund balances | at 1 April 2020 | 2,198,234 | 527,373 | 1,333,464 | 4,059,071 | ||
| Fund balances | at 31 March 2021 | 2,328,383 | 527,373 | 1,450,306 | 4,306,062 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | |||||||
| Fixed assets | |||||||
| Tangible assets | 13 | 3,382,842 | 3,412,289 | ||||
| Heritage assets | 14 | 527,373 | 527,373 | ||||
| Investments | 15 | 82,117 | 82,117 | ||||
| 3,992,332 | 4,021,779 | ||||||
| Current assets | |||||||
| Stocks | 16 | 29,745 | 19,884 | ||||
| Debtors | 17 | 160,161 | 66,091 | ||||
| Cash at bank and in | hand | 526,615 | 375,345 | ||||
| 716,521 | 461,320 | ||||||
| Creditors: | amounts | falling due within | |||||
| one year | 18 | (128,828) | (72,885) | ||||
| Net current | assets | 587,693 | 388,435 | ||||
| Total assets less current liabilities | 4,580,025 | 4,410,214 | |||||
| Creditors: | amounts | falling due after | |||||
| more than | one year | 19 | (82,324) | (104,152) | |||
| Net assets | 4,497,701 | 4,306,062 | |||||
| Income funds | |||||||
| Restricted | funds | 22 | 1,398,244 | 1,450,306 | |||
| Endowment | funds - designated | 527,373 | 527,373 | ||||
| Unrestricted | funds | 2,572,084 | 2,328,383 | ||||
| 4,497,701 | 4,306,062 |
| Miranda | Bird (Dec15,2022 1220 GMT) | Myf | arrett (Dec, 2022 1202 GMT) |
|---|---|---|---|
| M R | Bird | M | Barrett |
| Trustee | Trustee |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Notes | F | |||||||
| Cash flows from operating | activities | |||||||
| Cash generated from operations |
26 | 222,709 | 384,622 | |||||
| Investing | activities | |||||||
| Purchase | oftangible fixed assets |
(63,436) | (25,241) | |||||
| Proceeds | on disposal oftangible | fixed | ||||||
| assets | 12,149 | |||||||
| Interest received | 1,489 | 23 | ||||||
| Net cash | used in investing | activities | (61,947) | (13,069) | ||||
| Financing | activities | |||||||
| Repayment | of bank loans | (9,492) | (9,591) | |||||
| Net cash | used in financing | activities | (9,492) | (9,591) | ||||
| Net increase in cash and cash |
equivalents | 151,270 | 361,962 | |||||
| Cash and | cash equivalents | at beginning | ofyear | 375,345 | 13,383 | |||
| Cash and | cash equivalents | at end of | year | 526,615 | 375,345 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||
| F | F | ||||||
| Donations | including | ||||||
| admissions | 37,281 | 1,632 | 38,913 | 19,436 | 4,180 | 23,616 | |
| Government | Covid | ||||||
| related grants | 48,430 | 1,157 | 49,587 | 166,593 | 166,593 | ||
| Subscriptions | 3,800 | 3,800 | 2,407 | 2,407 | |||
| 89,511 | 2,789 | 92,300 | 188,436 | 4,180 | 192,616 |
| Charitable | Charitable | |||
|---|---|---|---|---|
| Activities | Activities | |||
| 2022 | 2021 | |||
| Performance | related grants | 933,215 | 718,254 | |
| Other income | 36,539 | 19,605 | ||
| 969,754 | 737,859 | |||
| Analysis by fund |
||||
| Unrestricted | funds | 434,498 | 410,015 | |
| Restricted funds |
535,256 | 327,844 | ||
| 969,754 | 737,859 | |||
| Performance | related | grants | ||
| Arts Council | of England | 373,173 | 368,474 | |
| Other grant income | 74,445 | 65,300 | ||
| Cornwall Council |
21,936 | 21,936 | ||
| Arts Council | Catalyst Scheme | 112,961 | ||
| Arts Council | Collection | 170,000 | 120,000 | |
| Trusts and Foundations | Project grants | 100,000 | 14,000 | |
| Trusts and Foundations | Capital Works grants | 128,544 | ||
| Other | 80,700 | |||
| 933,215 | 718,254 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||
| F | F | F | |||||
| Fundraising | events | 4,401 | 278 | 4,679 | 100 | 4,735 | 4,835 |
| Shop and cafe income | 117,715 | 117,715 | 63,859 | 63,859 | |||
| Rental and other trading | |||||||
| income | 17,186 | 31 | 17,217 | 13,142 | 13,142 | ||
| Other trading | activities | 139,302 | 309 | 139,611 | 77,101 | 4,735 | 81,836 |
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| F | |||
| Interest | receivable | 1,489 | 23 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||
| F | F | F | |||||
| Trading costs | |||||||
| Purchases | 74,249 | 3,024 | 77,273 | 28,975 | 28,979 | ||
| Stock movement | (9,861) | (9,861) | 2,857 | 2,857 | |||
| Cleaning | 845 | 845 | 240 | 240 | |||
| Utilities and | property | ||||||
| maintenance | 3,017 | 392 | 3,409 | 374 | 374 | ||
| Consumables | 5,829 | 869 | 6,698 | 3,127 | 3,127 | ||
| Equipment | hire | 1,545 | 1,545 | 1,605 | 1,605 | ||
| Staff costs | 43,363 | 43,363 | 44,182 | 44,182 | |||
| Trading costs | 118,987 | 4,285 | 123,272 | 81,360 | 81,364 | ||
| 118,987 | 4,285 | 123,272 | 81,360 | 81,364 |
| Charitable | Charitable | ||||
|---|---|---|---|---|---|
| Activities | Activities | ||||
| 2022 | 2021 | ||||
| Staff costs | 428,799 | 402,356 | |||
| Depreciation | and | impairment | 103,125 | 99,117 | |
| Telephone | 2,777 | 3,082 | |||
| Postage | 4,407 | 2,622 | |||
| Advertising | 34,778 | 14,879 | |||
| Utilities and | property | maintenance | 61,718 | 41,996 | |
| Repairs and | renewals | 28,026 | 23,291 | ||
| Event costs | 12,542 | 9,007 | |||
| Education | 44,565 | 10,514 | |||
| Exhibitions | 102,635 | 32,868 | |||
| Sundry expenditure | 167 | (2,180) | |||
| Travel and subsistence | 8,895 | 1,583 | |||
| Consultancy, | legal and professional | 28,439 | 7,461 | ||
| Bank charges | 3,459 | 2,006 | |||
| Irrecoverable | VAT | 1,126 | |||
| Hire ofequipment | 3,723 | 5,147 | |||
| Insurance | 7,405 | 8,412 | |||
| Other charitable | expenditure | (19,080) | 494 | ||
| 856,380 | 663,781 | ||||
| Share ofsupport | costs (see note 9) | 2,580 | 2,464 | ||
| Share ofgovernance | costs (see note 9) | 29,283 | 16,949 | ||
| 888,243 | 683,194 | ||||
| Analysis by |
fund | ||||
| Unrestricted | funds | 404,467 | 463,281 | ||
| Restricted funds |
483,776 | 219,913 | |||
| 888,243 | 683,194 |
| Support | costs | ||||||
|---|---|---|---|---|---|---|---|
| Support | Governance | 2022Support costs | Governance | 2021 | |||
| costs | costs | costs | |||||
| F | E | F | F | ||||
| Interest payable | 2,580 | 2,580 | 2,464 | 2,464 | |||
| Auditor's | remuneration | 8,000 | 8,000 | 5,300 | 5,300 | ||
| Auditor's | remuneration | ||||||
| for non-audit work |
6,956 | 6,956 | 1,573 | 1,573 | |||
| Legal and | professional | 14,327 | 14,327 | 10,076 | 10,076 | ||
| 2,580 | 29,283 | 31,863 | 2,464 | 16,949 | 19,413 | ||
| Analysed | between | ||||||
| Charitable | activities | 2,580 | 29,283 | 31,863 | 2,464 | 16,949 | 19,413 |
| 2022 | 2021 | ||
|---|---|---|---|
| Number | Number | ||
| Employees | 27 | 30 | |
| Employment | costs | 2022 | 2021 |
| F | |||
| Wages and salaries | 423,784 | 393,077 | |
| Social security costs | 31,658 | 20,685 | |
| Other pension costs | 16,720 | 32,776 | |
| 472,162 | 446,538 |
| Total | Unrestricted | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | ||||||||||
| 2022 | 2021 | |||||||||
| Net loss | on disposal oftangible | fixed | assets | 785 | ||||||
| 13 | Tangible | fixed assets | ||||||||
| Freehold | Leasehold | Tools and | Computer | Total | ||||||
| property | land and | equipment | equipment | |||||||
| buildings | ||||||||||
| F | ||||||||||
| Cost | ||||||||||
| At 1 April | 2021 | 2,639,589 | 1,961,127 | 79,472 | 63,868 | 4,744,056 | ||||
| Additions | 36,240 | 14,447 | 22,989 | 73,676 | ||||||
| At 31 March | 2022 | 2,675,829 | 1,961,127 | 93,919 | 86,857 | 4,817,732 | ||||
| Depreciation | and impairment | |||||||||
| At 1 April | 2021 | 668,888 | 548,877 | 56,039 | 57,963 | 1,331,767 | ||||
| Depreciation | charged | in the year | 52,936 | 39,222 | 3,996 | 6,969 | 103,123 | |||
| At 31 March | 2022 | 721,824 | 588,099 | 60,035 | 64,932 | 1,434,890 | ||||
| Carrying | amount | |||||||||
| At 31 March | 2022 | 1,954,005 | 1,373,028 | 33,884 | 21,925 | 3,382,842 | ||||
| At 31 March | 2021 | 1,970,701 | 1,412,250 | 23,433 | 5,905 | 3,412,289 |
| Debtors | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Amounts falling due |
within one year: | ||||
| Trade debtors | 11,959 | 22,153 | |||
| Other debtors | 19,073 | 6,419 | |||
| Prepayments | and accrued income | 129,129 | 37,519 | ||
| 160,161 | 66,091 | ||||
| Creditors: amounts | falling due within one year | ||||
| 2022 | 2021 | ||||
| Notes | |||||
| Bank loans | 20 | 9,688 | 9,354 | ||
| Other taxation | and social security | 8,330 | 5,128 | ||
| Trade creditors | 54,150 | 27,697 | |||
| Other creditors | 32,056 | 16,549 | |||
| Accruals and | deferred | income | 24,604 | 14,157 | |
| 128,828 | 72,885 |
| Credi | tors: amounts falling due after m |
ore than one year | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Notes | ||||
| Bank | loans | 20 | 48,775 | 58,601 |
| Other | creditors | 33,549 | 45,551 | |
| 82,324 | 104,152 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Bank loans | 58,463 | 67,955 | ||
| Payable | within one year | 9,688 | 9,354 | |
| Payable | after one year | 48,775 | 58,601 | |
| Amounts | included above which |
fall due after five years: | ||
| Payable | by instalments | 21,185 |
| (h Cl th0O. D.0 aa=0 (60. Vl |
th 'U |
O (6 Oj fff (6 tal Kl ~aQ fhC (6I- |
(a( | CD CO (0 CD |
(A CD Al |
p p CV CD |
(A Alca |
(0 CO CO a |
CD (A O a |
CD CO |
O ca ca |
IA (A CV ca |
(6 U0 (6 N C6 Ulc (6 |
c0 Vl Vl E E00 C6 C6 6)0 |
C U) 0 c aa— 6)0 0 (60. i |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vl i 0 (Lf th (6 Ul |
aac c Cl E)0Z |
fh 'O Cl f(a O~ L O g xI Cfl fh O I0 OO OO f(a C fh |
Cl CO ca CD |
O (A (A CD |
IA (0 (0 Al a |
CO (A Cl C) ca ca |
Cal ca |
YJ CD CD Al |
' CD CO N |
cfO (D 'ct (O CO (0 CD |
(6 (6 Vl (6 (6 Vl 0 |
U U) i Io 0 Ul (LI (0 |
0 Vl C6 (LI ca Vl i 4) |
||||||||||||
| (6 | (0 | C6 | |||||||||||||||||||||||
| thc0 (6 0 aa—0 |
fff (af Cl fO O (af ttf 'a- O. g) aC |
0 CO |
Cal (0 (A |
(A ca |
O CO Al |
CO ca ca (A |
Cl N(6 0. X |
U)c LLI 0 0O |
Vl Vl m |
||||||||||||||||
| CI LLIDZI-Z0 U V)I-Z LLI K LLI |
U | Vl(60c (6 (6 (6 0)0. XIc Ul 00 (Lf Ul th iO. E00 thc aa— (60 i th (Lf (Lf |
Vl 'U aa Cl E 0K |
fh 'O QO~ ~ c O g xI Ql N O I0 OO OO Q C fh ~ fO fff (af Cl O O Ca( ttf 'a- O. g) aC |
ca CO ca CD CD ca |
CO CD CO (0 CO |
(0 Al Ocf (A O CO (0 |
ca ca ca (A (0 |
ca ca ca ca ca (0 (A(0 |
c) ca CO |
O CO Al |
(La fll Vl (6(3 (6 Ul (6 0X LLI (6 Vl (Lf th 0 (6 (La0.00. 0 (6 0) aa (6 |
Vl m (LI C6 U) C6 a00. E 6) 0O (LIc I-~ ~ 6) (6c 'Ul 0 c 0 C X 6) |
8 c (6 (6 U& &0 & 0 (6 (La (6 Ul th |
i0 0 I (LI CL i(6 6) C6 Q 0 VlI i6) C6 Ul 6) C6 Vl (Ll0c 'U Vl I X Vl Vl |
~ c U |
|||||||||
| tO | 0c | 0 | Vl (Lf |
UI c 0~ |
m (6 |
m8 0 |
Ul | ||||||||||||||||||
| UZ Z LLIZI-0I- V) UJI-0Z |
0 0 Lu 0 LL. |
Vl 'U aa 'UI0 thI CV Cal |
(6 0 (6 aa0 fllc aa— (6 E00c 0) I- |
(6 C6 OO (h (6 cL' I- |
00 | c0 0 6) 0O 0 0O Vl |
6) O 0 |
0 0 Vl U |
c LL aa— Cl m O |
0 CL Cl (6 U 0 0 (6 c m z |
m UI g) (6 Vl .0 2 |
p U |
c (6 (6 |
c (6 N(6 'g X C~ (6 UI (6 C Ul gJ O 0 = 0 0 UO N Vl C( cL' |
(6 Vl 'U Cl M UI o o Q m thI lO |
m (6 (6 ~ ~ 'g i 0 0 0 fh (6 i v- |
c (D —E N CI Cl Vl z& 'U ~ 00 II J H |
| CI LLIDZI-Z00 (III-Z LLI K LLI (II OZ Z LLIZI-0I- V) UJI-0Z |
U 0 0 Lu 0 LL. |
C 0 O Vl C» 4l O Vl Ql CV CV |
8 C X (6» 8 E0 (0 Vl »i- Vl O Y 0 0 O 3 (0 Ul C Vl 'C Vl» m LL 8 Ql Ql cD E m E (6 " Cn0 Ql CL ~ Cn I- c L) m mE0 8 C) m Vl 3 Z o C8 (6 Cx O 8 & c C C 88 c 3 e Vl Ql 8 Q. 0 Vl Ql c UC m 8 C (0 (6 ),8 Ql I Ql 0 iZ ~C m Vl Ul C Ql LLI E O m N i4' 8c C cn m 0 &c (6 c v 'v m C Z» C & 0— —3 O Ql Ql i o v o5 .=O CO~ pc c C= c( (00 |
(n 8 m) c pc Ql Vl~ CL O ~o (6 (0 Ul C C C (6 00 Ul- C (6 'cI c c ~o (D Ql 8) C (6 0 (0 Bo 8 c —U E 'U C C 0 8 'vl Vl-O 'v c C (6 8 o 8 0 E (0 (6 0 = (n (6 Q.! 0 0~ S~O ') (6 v O~ 0 (n c» (n Q LL 0 8c»(6 0 (n 0 (ng 0 Vl~ 8 CL~ m 8 Ul m N —CDO mo.co 0 N Vl 'V ~ Ql .) c 'C (0 (6 m —~ S~O O (6~ Vl 'C (6 8 (~) vl E 9 C m c g CO 'U 2 Ql (6 0 VP (6 (6 3 Y C l I (n 00 m (n C (n~ m ~ E(L SO ) Y Ci( m»Vl meoE I-5O |
8 c (6 m c8 m 'v 8 Ul (6 8 c e 3 8 QlO I Vl V 0 0 Vl O Ql CD (6 I~ Cn o v CDc C Ql 3 E 0 8 0 0 Vl CL e E C Ql 00 (6»C 8 0 Vl »~ mUl C C Q Vl Ql i8 'v c C 0 (6 O Vl Ql Q ) !8 O C Ul 8 Vl LLI » 8 8 O 3 vl (68. » 'v 0 (6 O m Vl- Vl (0 0 0» Q. Vl CL C0 Vl»Q. E— (6 C O»0 Ql ~0 v Q. UO U (n C 0 Vl c 80 co c 8 C (6 0 C X (6 Ql Ql'0 C iQ. Ql C (6 m E O Ql X (6 C(6 0 8 (6C Ql 0 Ul 0 ) c o c (6 o 8 c„ C Vl 'U ) 0 Ql .) m Q» Vl (6-"m O Vl i o N (6 (6 ~o o) e m~ Q p I- ~ cL Q Q. o mvl (6 0 5 e C c~ c 8— (6 0 8 CL~ c (6 C c 8 Vl Qlc~ 0» Ul Ql 8 C0. Vl c cn m c( —— m C »- (0 O Eea E 0~ m 0 0 Vl CLO ocI(n p 8 p —(D O 0 —8 C Ql Ql N 'U 0 8 ! m & x m m, c~ (n- .'cn 0 el e vl om.e (6 i Ez(g 8 CL '8 a e m m 0&'U o&-I- m 0 (h Z E |
0 0 CL Vl Ql 8 Vl m Vl8 Ql (YI Ulz Ql Q. mO0 (n8 (6 E E CD C 0 (6 O0 0 Vl Vl E E0 O0 m UlC UJ O i0 Vlz OOO (A Ql'v (6 VlC0 (6 Vl C(6 Ul0 (6 O O 0 QlC088 8 O o™ cn (n .C cn C C Ul 'V E(6— P O iQ C m vl Vl~ C (n 0 Ql O i g + p (6 O CD'V 8 c ! ~ 8 Ul»» p m Ql Vl (n ~ I 8 0~ (6 o» Ql 8 p Vl m» Ql 8 0 SZ p 8 o N C pc 0 Z—— 0 &mern O O m C Ql" N)e m O 8& E 2 'v» C— m mO Ul p P O m Q Vl Vl m? 8 c (6 C )!C i 8~8 (6 'v C 9 8 0 (ng» (6 )!P (n E m (6 (n E ~Ec (3,—m ce3 3 C cL 0'v (n g Ql 8 vl (Y'g 0 cn E 38 a ON 5 8 e SZ~ (6 0» O0 E vl 'm C 8 0 m » Ul (D 0 mNm8 ) E~ 8 o 0 m Q. UlC! 8 0 E Ul 8 CL0 Ql (6C m Vl Vl m Ql m m0 O m C0 VlC(6 Ql Vl m (n 0 (6 Vl m Ul0 0 CL CL Vl0 Vl 0 C0 O Ql (n Vl C (6 0 (g C Oo ~v co g' N Q C m 8 ! 8 'U 2 «0 »8 Ql Ql» m E h (6 Ql 0I- |
(6 Ul Ul C 8 O CL N Vl (0 (n Oe 3 X» (0 Zp 0 8 (6 C— (6 o .) (0 Ql5 (D8 o c Vl " Vl Ql UlC (0~ Q.— 0 5 (0 M 0»0 C Ql— 8 C cn 0 O C (0 (6 3 EZ C m C(6 (6 QlO 0 C(6 (6 NC Ql 0 Ul (n m i Ql » c (n .0 m! m UO Ql (6 )0 0 O» o Y~ Q C (0 0 I Ul C (6 Vl m -" Ql 8 Ql Ql 3 E $8 8 O C N m8 C 'U C(6 |
(6 0 Ul O Ql QlO (6 NC8 (L E8 (6 O (6 (Q Vl 0 E0 Vl Q. CL UlC)0 (3 CL 8 (6 U m 0 CL (6C0 (6 Ql 3 Q. Vl Ql mQ. (60 C 4l ~~'v 0 e 0. 8 p C8 Ql m 3 +c) m o 0 Ql Q J3 —E mC0 8 ~0 (6Z C |
C m Ul 8)0 CL G CLZ CV Ci( i Ql E E (n C Ql UlC(6 oX LLI Ql I— (6 Ql C8 Vl Ql Q. (n(6 0 X Ql Ql I- C0 o8 0o Ql 0 CL E m 0 (6C C Vl G (LZ Ql C0 Ul 3 i'v oOO ~ Vl Ql . x c ~m (6 Vl 'C0 C CL (6 Q. E vl |
|---|---|---|---|---|---|---|---|---|---|
| t6 I0 |
CV C) CV |
0) CO CV |
CV IA t0 |
CV CD C) CD C) |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4) 0 thI |
V) MC ll |
CV C) CV |
p C) |
CD CO C) tA |
|||||||||
| t: tD |
C | CV C) |
|||||||||||
| CV | |||||||||||||
| 0 | |||||||||||||
| t: | |||||||||||||
| LLI | |||||||||||||
| 4) 0 thIt: |
th MC ll |
CV C) CV |
tA CD C) CO |
CV tA t0 |
CO CO Al |
||||||||
| m0 | CV CV C) |
ClI | CO | ||||||||||
| CV | CV | Al | |||||||||||
| CO | CO | ||||||||||||
| tD V t |
N '0 lg |
CV CV C) CV |
ClI | p tA C) |
|||||||||
| N4l | CD | ||||||||||||
| IL | |||||||||||||
| 0 p |
C v- |
N CV C) CV |
ClI | ||||||||||
| 0 | tA | ||||||||||||
| 0 | |||||||||||||
| LLI | |||||||||||||
| CI LLIDZI-Z00 |
4l V t N D |
N '0 lg |
CV CV C) CV |
ClI | tA CD CV CV |
CD Alt0 t0 CO |
Al CO |
'ct CO C) Al tA |
|||||
| V)I-Z | It: | ||||||||||||
| LLI K LLI |
U | N'0 | 4) th4l0. 4l |
||||||||||
| tO | P tI |
4l t6 |
|||||||||||
| OZ Z |
0 0 |
N Cl lh th |
0 t6 |
th4l C6 |
th4l | ||||||||
| LLIZI-0I- V) UJI-0Z |
Lu 0 LL. |
Cl 0 N th m tc( |
t6 th4)0 t6 U |
th th tD tD V) th th th m m tD —cn ~ m 'g) ~ c ' m z |
N c 4) E tfl C |
thI Vl tht6 C:I O |
C6 E Ult:0 |
| A liability has been recognised in |
A liability has been recognised in |
the | the | balance sheet |
balance sheet |
equal | to the net present | value of these | future | deficit | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| reduction payments. The payments |
are | discounted | to | present | value using a yield | curve derived | from AA rated | ||||
| bonds in the iBoxx sterling corporate |
bond index, this gave a | rate of2.4% (2021: | 0.7%).The net | present | value | ||||||
| of the sum of the remaining monthly |
contributions | as | at 31 March 2022 is F41,892 (2021:F54,989) and this | ||||||||
| has been recorded as | a liability in |
the balance sheet with F8,343 (2021:f9,348) | in creditors falling due |
within | |||||||
| one year and F33,549 | (2021:F45,551) | in creditors | falling due | after one year. | |||||||
| 26 | Cash generated from |
operations | 2022 | 2021 | |||||||
| Surplus for the year | 191,639 | 246,996 | |||||||||
| Adjustments for: |
|||||||||||
| Investment income recognised in statement offinancial |
activities | (1,489) | (23) | ||||||||
| (Gain)/loss on disposal |
oftangible | fixed | assets | 785 | |||||||
| Depreciation and impairment oftangible |
fixed assets | 103,123 | 99,117 | ||||||||
| Movements in working |
capital: | ||||||||||
| (Increase)/decrease in |
stocks | (9,861) | 3,071 | ||||||||
| (Increase)/decrease in |
debtors | (94,070) | 34,032 | ||||||||
| Increase in creditors |
33,367 | 644 | |||||||||
| Cash generated from |
operations | 222,709 | 384,622 |
| 27 | Analysis ofchanges in net funds |
Analysis ofchanges in net funds |
||||
|---|---|---|---|---|---|---|
| At | 1 April 2021 | Cash flowsAt 31 March 2022 | ||||
| Cash at bank and | in hand | 375,345 | 151,270 | 526,615 | ||
| Loans falling due | within one year | (9,354) | (334) | (9,688) | ||
| Loans falling due | after more than one year | (58,601) | 9,826 | (48,775) | ||
| 307,390 | 160,762 | 468,152 |
| 2022 | 2021 | |
|---|---|---|
| Within one year | 2,787 | 2,787 |
| Between two and five years | 1,690 | 4,477 |
| 4,477 | 7,264 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| K | F | ||||||
| Total | funds at 31 March | 4,497,701 | 4,306,063 | ||||
| Less: | endowment funds |
(527,373) | (527,373) | ||||
| Less: | Freehold property |
(1,954,005) | (1,970,701) | ||||
| Less: | Leasehold property |
(1,373,028) | (1,412,250) | ||||
| Less: | Tea, Cake &Art restricted | fund | 9,689 | 80 | |||
| Less: | Seaside restricted | fund | (2,957) | (25,622) | |||
| Less: | Jerwood restricted | fund | (44,754) | (40,537) | |||
| Less: | Arts Council Collection | restricted | fund | (219,277) | (222,133) | ||
| Less: | Weston Culture restricted |
fund | (93,409) | (128,544) | |||
| Less: | Film Historic restricted | fund | (3,461) | (3,494) | |||
| Less: | Cultural Relief restricted |
fund | 1,280 | ||||
| Less: | National Portrait Gallery |
Project | 6,386 | ||||
| Less: | Kickstarter grant | (10,159) | |||||
| Less: | JAFMO | 289 | |||||
| Less: | Paul Hamlyn | (100,014) | |||||
| 185,628 | (23,231) |
| 2022 | 2021 | |||
|---|---|---|---|---|
| f. | ||||
| Balance | atstart ofyear | (23,231) | (136,003) | |
| Property | additions | (36,240) | (18,635) | |
| Property | depreciation in the year |
92,158 | 92,015 | |
| Surplus | /(Deficit) for the year | 191,638 | 246,992 | |
| Less: revaluation of heritage assets |
||||
| Decrease/(increase) in restricted |
funds (excl. property) | (38,697) | (207,600) | |
| Balance | at end ofyear | 185,628 | (23,231) |