## 



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|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<br>Kingdom||||
||||TR182NL||||
|Auditor|||Azets Audit|Services|||
||||Woodlands|Court|||
||||Truro Business Park||||
||||Truro||||
||||Cornwall||||
||||United<br>Kingdom||||
||||TR4 9NH||||
|Gallery|Director||J Green||||
|Observers|||M Jivram, Arts Council England||||





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|||Page|
|---|---|---|
|Trustees'<br>report||1-6|
|Statement<br>oftrustees'|responsibilities||
|Independent<br>auditor's|report|8-10|
|Statement<br>offinancial|activities|11 - 12|
|Balance sheet|||
|Statement<br>ofcash flows||14|
|Notes to the financial|statements|15-36|





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|Current financial year|Current financial year||||||||
|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|Endowment|Restricted|Total|Total|
|||||funds|funds|funds|||
||||||designated||||
|||||2022|2022||2022|2021|
||||Notes||||E||
|Income from:|||||||||
|Donations<br>and|legacies|||89,511||2,789|92,300|192,616|
|Charitable<br>activities||||434,498||535,256|969,754|737,859|
|Other trading<br>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<br>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|





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|Prior financial|year|||||||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Endowment|Restricted|Total|
|||||funds|funds|funds||
||||||designated|||
|||||2021|2021|2021|2021|
||||Notes||f.|E||
|Income from:||||||||
|Donations<br>and|legacies|||188,436||4,180|192,616|
|Charitable<br>activities||||410,015||327,844|737,859|
|Other trading<br>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<br>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|





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|||||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||





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## 

||||||2022||2021||
|---|---|---|---|---|---|---|---|---|
|||||Notes|F||||
|Cash flows from operating||activities|||||||
|Cash generated<br>from operations||||26||222,709||384,622|
|Investing|activities||||||||
|Purchase|oftangible<br>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<br>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|





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|||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|





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## 

## 

||||Charitable|Charitable|
|---|---|---|---|---|
||||Activities|Activities|
||||2022|2021|
|Performance|related grants||933,215|718,254|
|Other income|||36,539|19,605|
||||969,754|737,859|
|Analysis<br>by fund|||||
|Unrestricted|funds||434,498|410,015|
|Restricted<br>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<br>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|





## 

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## 

## 

|||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<br>by|fund|||||
|Unrestricted|funds|||404,467|463,281|
|Restricted<br>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<br>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|





## 

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## 

||||||||||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|





## 

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## 






## 

## 

## 

## 

|Debtors||||||
|---|---|---|---|---|---|
|||||2022|2021|
|Amounts<br>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<br>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<br>above which|fall due after five years:|||
|Payable|by instalments|||21,185|



## 

## 



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||A liability<br>has been recognised<br>in|A liability<br>has been recognised<br>in|the|the|balance<br>sheet|balance<br>sheet|equal|to the net present|value of these|future|deficit|
|---|---|---|---|---|---|---|---|---|---|---|---|
||reduction<br>payments.<br>The payments|||are|discounted|to|present|value using a yield|curve derived|from AA rated||
||bonds<br>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<br>monthly|||contributions||as|at 31 March 2022 is F41,892 (2021:F54,989) and this|||||
||has been recorded as|a liability<br>in|the balance sheet with F8,343 (2021:f9,348)||||||in creditors<br>falling due||within|
||one year and F33,549|(2021:F45,551)|||in creditors|falling due||after one year.||||
|26|Cash generated<br>from|operations|||||||2022||2021|
||Surplus for the year||||||||191,639|246,996||
||Adjustments<br>for:|||||||||||
||Investment<br>income recognised<br>in statement<br>offinancial||||||activities||(1,489)||(23)|
||(Gain)/loss<br>on disposal|oftangible|fixed||assets||||||785|
||Depreciation<br>and impairment<br>oftangible||||fixed assets||||103,123||99,117|
||Movements<br>in working|capital:||||||||||
||(Increase)/decrease<br>in|stocks|||||||(9,861)||3,071|
||(Increase)/decrease<br>in|debtors|||||||(94,070)||34,032|
||Increase<br>in creditors||||||||33,367||644|
||Cash generated<br>from|operations|||||||222,709|384,622||





## 

## 

|27|Analysis ofchanges<br>in net funds|Analysis ofchanges<br>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<br>funds|||||(527,373)|(527,373)|
|Less:|Freehold<br>property|||||(1,954,005)|(1,970,701)|
|Less:|Leasehold<br>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<br>restricted|||fund||(93,409)|(128,544)|
|Less:|Film Historic restricted||fund|||(3,461)|(3,494)|
|Less:|Cultural<br>Relief restricted|||fund|||1,280|
|Less:|National<br>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<br>in the year||92,158|92,015|
|Surplus|/(Deficit) for the year||191,638|246,992|
|Less: revaluation<br>of heritage assets|||||
|Decrease/(increase)<br>in restricted||funds (excl. property)|(38,697)|(207,600)|
|Balance|at end ofyear||185,628|(23,231)|





## 

## 

## 

## 

##