## ## ## |Trustees|||M R Bird|| |---|---|---|---|---| ||||N Scott|| ||||M Barrett|| ||||V Button|| ||||BNaughton-Rumbo|| ||||LTait|| ||||G Buenfeld-Murley|| ||||H Buckingham|| ||||J Bulman|| ||||N Williams|| |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||1-9| |Statement
oftrustees'|responsibilities|10| |Independent
auditor's|report|| |Statement
offinancial|activities|| |Balance sheet||16| |Statement
ofcash flows||17| |Notes to the financial|statements|18-39| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |The trustees,|who are also the directors for the|who are also the directors for the|purpose ofcompany|law, and who served|during|the year and up to| |---|---|---|---|---|---|---| |the date of signature||ofthe financial statements|were:|||| |M R Bird||||||| |N Scott||||||| |M Barrett||||||| |V Button||||||| |BNaughton-Rumbo||||||| |LTait||||||| |C Rayment|||(Resigned 26|September 2022)||| |R Dunlop|||(Resigned 26|September 2022)||| |G Buenfeld-Murley||||||| |H Buckingham||||||| |J Bulman||||||| |N Williams||||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Current financial year|Current financial year|||||||| |---|---|---|---|---|---|---|---|---| |||||Unrestricted|Endowment|Restricted|Total|Total| |||||funds|funds|funds||| ||||||designated|||| |||||2023|2023|2023|2023|| ||||Notes|||f.|E|| |Income from:||||||||| |Donations
and|legacies|||66,960||928|67,888|92,300| |Charitable
activities||||453,760||103,515|557,275|969,754| |Other trading
activities||||182,381||3,989|186,370|139,611| |Investments||||3,211|||3,211|1,489| |Total income||||706,312||108,432|814,744|1,203,154| |Ex enditure on:||||||||| |Raising funds||||163,058||1,212|164,270|123,272| |Charitable
activities||||610,246||450,222|1,060,468|888,243| |Total expenditure||||773,304||451,434|1,224,738|1,011,515| |Net (outgoing)/incoming||resources|before|||||| |transfers||||(66,992)||(343,002)|(409,994)|191,639| |Gross transfers|between|funds|23|123,352||(123,352)||| |Net income/(expenditure)||for the year/||||||| |Net movement|in funds|||56,360||(466,354)|(409,994)|191,639| |Fund balances|at 1 April|2022||2,572,084|527,373|1,398,244|4,497,701|4,306,062| |Fund balances|at 31 March 2023|||2,628,444|527,373|931,890|4,087,707|4,497,701| ## ## ## |Prior financial|year|||||||| |---|---|---|---|---|---|---|---|---| ||||||Unrestricted|Endowment|Restricted|Total| ||||||funds|funds|funds|| |||||||designated||| ||||||2022|2022|2022|2022| |||||Notes||f.|E|| |Income from:||||||||| |Donations
and|legacies||||89,511||2,789|92,300| |Charitable
activities|||||434,498||535,256|969,754| |Other trading
activities|||||139,302||309|139,611| |Investments|||||1,489|||1,489| |Total income|||||664,800||538,354|1,203,154| |Ex enditure on:||||||||| |Raising funds|||||118,987||4,285|123,272| |Charitable
activities|||||404,467||483,776|888,243| |Total expenditure|||||523,454||488,061|1,011,515| |Net (outgoing)/incoming||resources|before|transfers|141,346||50,293|191,639| |Gross transfers|between|funds||23|102,355||(102,355)|| |Net income/(expenditure)||for the year/||||||| |Net movement|in funds||||243,701||(52,062)|191,639| |Fund balances|at 1 April|2021|||2,328,383|527,373|1,450,306|4,306,062| |Fund balances|at 31 March 2022||||2,572,084|527,373|1,398,244|4,497,701| ## ## ## |||||2023||2022|| |---|---|---|---|---|---|---|---| ||||Notes||||| |Fixed assets|||||||| |Tangible assets|||12||3,342,765||3,382,842| |Heritage assets|||13||527,373||527,373| |Investments|||14||82,117||82,117| ||||||3,952,255||3,992,332| |Current assets|||||||| |Stocks|||15|32,750||29,745|| |Debtors|||16|182,163||160,161|| |Cash at bank and in||hand||109,163||526,615|| |||||324,076||716,521|| |Creditors:|amounts|falling due within|||||| |one year|||17|(80,683)||(128,828)|| |Net current|assets||||243,393||587,693| |Total assets less current liabilities|||||4,195,648||4,580,025| |Creditors:|amounts|falling due after|||||| |more than|one year||||(107,941)||(82,324)| |Net assets|||||4,087,707||4,497,701| |Income funds|||||||| |Restricted|funds||23||931,890||1,398,244| |Endowment|funds - designated||||527,373||527,373| |Unrestricted|funds||||2,628,444||2,572,084| ||||||4,087,707||4,497,701| |Th|e finan|cial
statements
were approv|ed
by the Truste|es on ....|.........'............| |---|---|---|---|---|---| ||||||cF~~| |Miran|a Bird (|v29, 202313:23GMT)|Myf|arrett|ov 29,202313:10GMT)| |M|R Bird|||M Barrett|| |Trustee||||Trustee|| ## ## ## ||||||2023||2022|| |---|---|---|---|---|---|---|---|---| |||||Notes|F|||| |Cash flows from operating|||activities|||||| |Cash (absorbed
by)/generated|||from|20||||| |operations||||||(344,624)||222,709| |Investing|activities|||||||| |Purchase|oftangible
fixed|assets|||(66,014)||(63,436)|| |Interest received|||||3,211||1,489|| |Net cash|used in investing||activities|||(62,803)||(61,947)| |Financing|activities|||||||| |Repayment|of bank loans||||(10,025)||(9,492)|| |Net cash|used in financing||activities|||(10,025)||(9,492)| |Net (decrease)/increase||in|cash and|cash||||| |equivalents||||||(417,452)||151,270| |Cash and|cash equivalents|at beginning||ofyear||526,615||375,345| |Cash and|cash equivalents||at end of|year||109,163||526,615| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---|---| |||funds|funds||funds|funds|| |||2023|2023|2023|2022|2022|2022| ||||||F||F| |Donations|including||||||| |admissions||64,534|928|65,462|37,281|1,632|38,913| |Government|Covid||||||| |related grants|||||48,430|1,157|49,587| |Subscriptions||2,426||2,426|3,800||3,800| |||66,960|928|67,888|89,511|2,789|92,300| ## ## ## ||||Charitable|Charitable| |---|---|---|---|---| ||||Activities|Activities| ||||2023|2022| |Performance|related grants||496,438|933,215| |Other income|||60,837|36,539| ||||557,275|969,754| |Analysis
by fund||||| |Unrestricted|funds||453,760|434,498| |Restricted
funds|||103,515|535,256| ||||557,275|969,754| |Performance|related|grants||| |Arts Council|of England||368,435|373,173| |Other grant income|||89,827|74,445| |Cornwall
Council|||28,750|21,936| |Arts Council|Catalyst Scheme|||112,961| |Arts Council|Collection|||170,000| |Trusts and Foundations||Project grants|4,426|100,000| |Trusts and Foundations||Capital Works grants|5,000|| |Other||||80,700| ||||496,438|933,215| ## |||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---|---| |||funds|funds||funds|funds|| |||2023|2023|2023|2022|2022|2022| ||||||F|F|F| |Fundraising|events|386|4,020|4,406|4,401|278|4,679| |Shop and cafe income||161,025||161,025|117,715||117,715| |Rental and other trading|||||||| |income||20,970|(31)|20,939|17,186|31|17,217| |Other trading|activities|182,381|3,989|186,370|139,302|309|139,611| ## ## ## ## |||Unrestricted|Unrestricted| |---|---|---|---| |||funds|funds| |||2023|2022| ||||F| |Interest|receivable|3,211|1,489| ## |||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---|---| |||funds|funds||funds|funds|| |||2023|2023|2023|2022|2022|2022| ||||||F|F|F| |Trading costs|||||||| |Purchases||90,185|(38)|90,147|74,249|3,024|77,273| |Stock movement||(3,006)||(3,006)|(9,861)||(9,861)| |Cleaning||473||473|845||845| |Utilities and|property||||||| |maintenance||1,466||1,466|3,017|392|3,409| |Consumables||7,720|1,250|8,970|5,829|869|6,698| |Equipment|hire|1,969||1,969|1,545||1,545| |Staff costs||64,251||64,251|43,363||43,363| |Trading costs||163,058|1,212|164,270|118,987|4,285|123,272| |||163,058|1,212|164,270|118,987|4,285|123,272| ## ## ## |||||Charitable|Charitable| |---|---|---|---|---|---| |||||Activities|Activities| |||||2023|2022| |Staff costs||||512,126|428,799| |Depreciation|and|impairment||106,091|103,125| |Telephone||||4,826|2,777| |Postage||||2,649|4,407| |Advertising||||28,063|34,778| |Utilities and|property||maintenance|66,210|61,718| |Repairs and|renewals|||52,625|28,026| |Event costs||||17,089|12,542| |Education||||52,208|44,565| |Exhibitions||||107,961|102,635| |Sundry expenditure||||821|167| |Travel and subsistence||||11,603|8,895| |Consultancy,|legal and professional|||17,035|28,439| |Bank charges||||5,794|3,459| |Irrecoverable|VAT|||20,807|| |Hire ofequipment||||3,904|3,723| |Insurance||||13,764|7,405| |Other charitable||expenditure||240|(19,080)| |||||1,023,816|856,380| |Share ofsupport||costs (see note 9)||2,580|2,580| |Share ofgovernance|||costs (see note 9)|34,072|29,283| |||||1,060,468|888,243| |Analysis
by|fund||||| |Unrestricted|funds|||610,246|404,467| |Restricted
funds||||450,222|483,776| |||||1,060,468|888,243| ## ## ## |Support|costs||||||| |---|---|---|---|---|---|---|---| |||Support|Governance|2023Support costs||Governance|2022| |||costs|costs|||costs|| |||F||E|F|F|| |Interest payable||2,580||2,580|2,580||2,580| |Auditor's|remuneration||12,750|12,750||8,000|8,000| |Auditor's|remuneration||||||| |for non-audit
work|||7,324|7,324||6,956|6,956| |Legal and|professional||13,998|13,998||14,327|14,327| |||2,580|34,072|36,652|2,580|29,283|31,863| |Analysed|between||||||| |Charitable|activities|2,580|34,072|36,652|2,580|29,283|31,863| ## ## |The average|monthly
number
ofemployees
during th|e year was:|| |---|---|---|---| |||2023|2022| |||Number|Number| |Employees||31|27| |Employment|costs|2023|2022| |||K|F| |Wages and salaries||475,419|423,784| |Social security costs||31,142|31,658| |Other pension costs||69,816|16,720| |||576,377|472,162| ## ## |12|Tangible fixed assets|Tangible fixed assets||||||| |---|---|---|---|---|---|---|---|---| |||||Freehold|Leasehold|Tools and|Computer|Total| |||||property|land and|equipment|equipment|| ||||||buildings|||| ||Cost|||||||| ||At 1 April 2022|||2,675,829|1,961,127|93,919|86,857|4,817,732| ||Additions|||62,575||1,336|2,103|66,014| ||At 31 March|2023||2,738,404|1,961,127|95,255|88,960|4,883,746| ||Depreciation|and impairment||||||| ||At 1 April 2022|||721,824|588,099|60,035|64,932|1,434,890| ||Depreciation|charged|in the year|53,312|39,223|5,141|8,415|106,091| ||At 31 March|2023||775,136|627,322|65,176|73,347|1,540,981| ||Carrying
amount|||||||| ||At 31 March|2023||1,963,268|1,333,805|30,079|15,613|3,342,765| ||At 31 March|2022||1,954,005|1,373,028|33,884|21,925|3,382,842| ## ## ## ## ## ## |Debtors|||||| |---|---|---|---|---|---| |||||2023|2022| |Amounts
falling due||within one year:|||| |Trade debtors||||2,964|11,959| |Other debtors||||7,903|19,073| |Prepayments|and accrued income|||171,296|129,129| |||||182,163|160,161| |Creditors: amounts||falling due within one year|||| |||||2023|2022| ||||Notes||| |Bank loans|||19|10,025|9,688| |Other taxation|and social security|||8,055|8,330| |Trade creditors||||33,418|54,150| |Other creditors||||9,393|32,056| |Accruals and|deferred|income||19,792|24,604| |||||80,683|128,828| ## ## |Credi|tors: amounts
falling due after m|ore than one year||| |---|---|---|---|---| ||||2023|2022| |||Notes||| |Bank|loans|19|38,413|48,775| |Other|creditors||69,528|33,549| ||||107,941|82,324| ## |||2023|2022| |---|---|---|---| |Bank loans||48,438|58,463| |Payable|within one year|10,025|9,688| |Payable|after one year|38,413|48,775| ## ## ## ## ## ||b) the Capped Rate, being 4.95%.|b) the Capped Rate, being 4.95%.|b) the Capped Rate, being 4.95%.||||||| |---|---|---|---|---|---|---|---|---|---| ||From the end of the Capped
Rate Period,|||the rate|of interest|payable|will be|3.10% over Base Rate per|| ||annum.||||||||| |20|Cash generated
from operations|||||||2023|2022| ||(Deficit)/surpus
for the year|||||||(409,994)|191,639| ||Adjustments
for:||||||||| ||Investment
income recognised
in|statement||offinancial|activities|||(3,211)|(1,489)| ||Depreciation
and impairment
oftangible||fixed assets|||||106,091|103,123| ||Movements
in working
capital:||||||||| ||(Increase)
in stocks|||||||(3,005)|(9,861)| ||(Increase)
in debtors|||||||(22,002)|(94,070)| ||(Decrease)/increase
in creditors|||||||(12,503)|33,367| ||Cash (absorbed
by)/generated|from|operations|||||(344,624)|222,709| |21|Analysis ofchanges
in net funds||||||||| |||||||At 1 April 2022||Cash flowsAt 31 March 2023|| ||Cash at bank and
in hand|||||526,615||(417,452)|109,163| ||Loans falling due within one year||||||(9,688)|(337)|(10,025)| ||Loans falling due after more than|one year||||(48,775)||10,362|(38,413)| |||||||468,152||(407,427)|60,725| ## ## ## ## ||||||N
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C0|| ## ## ## ## ## |||||||2023|2022| |---|---|---|---|---|---|---|---| |||||||K|F| |Total|funds at 31 March|||||4,087,707|4,497,701| |Less:|endowment
funds|||||(527,373)|(527,373)| |Less:|Freehold
property|||||(1,963,268)|(1,954,005)| |Less:|Leasehold
property|||||(1,333,805)|(1,373,028)| |Less:|Tools and equipment|||||(30,079)|(33,884)| |Less:|Computer
equipment|||||(15,613)|(21,925)| |Less:|Tea, Cake &Art restricted||fund|||6,535|9,689| |Less:|Seaside restricted
fund||||||(2,957)| |Less:|Jerwood restricted
fund|||||(12,456)|(44,754)| |Less:|Arts Council Collection|restricted|||fund|25,694|(219,277)| |Less:|Weston Culture
restricted||fund|||(11,091)|(93,409)| |Less:|Film Historic restricted|fund|||||(3,461)| |Less:|National
Portrait Gallery||Project|||18|6,386| |Less:|Kickstarter grant|||||(10,292)|(10,159)| |Less:|JAFMO|||||289|289| |Less:|Paul Hamlyn|||||(46,167)|(100,014)| |Less:|Peer to Peer|||||(3,293)|| |Less:|ACC Workforce Development|||Grant||(31,309)|| |||||||135,497|129,819| ||||2023f|2022| |---|---|---|---|---| |Balance afstart ofyear|||129,819|(52,569)| |Fixed asset additions|||(66,014)|(73,676)| |Fixed asset depreciation|in the year||106,091|103,123| |Surplus /(Deficit) for the|year||(409,994)|191,638| |Less: revaluation
of heritage assets||||| |Decrease/(increase)
in restricted||funds (excl. property)|375,595|(38,697)| |Balance at end ofyear|||135,497|129,819| ## ## ## |2023|2022| |---|---| |144,745|137,793|