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2021-03-31-accounts

Charity Registration No. 291607

Company Registration No. 01901905 (England and Wales)

THE CORNWALL HERITAGE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

THE CORNWALL HERITAGE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs AC Davey Mr R Farrant (Appointed 20 August 2020) Mr P Herring (Appointed 20 August 2020) Mrs C Hunn Mrs E Jacques Mr A Moore (Appointed 20 August 2020) Mrs H Rawe Mr B Salmon Lt Col RB Trant Dr G Tregidga President Col Edward Bolitho, OBE Life Vice President Mrs M Tangye Mr C Roberts Chief Executive Officer Cathy Woolcock Digital & Designed Officer Alison Bick Heritage Sites Officer Dick Cole Community Engagement Officer Belinda Body Financial Admin Assistant Kath Layte Administrative Assistant Ruth Bowles Voyce Charity number 291607 Company number 01901905 Principal address G03, The Percy Williams Building Krowji West Park REDRUTH Cornwall TR15 3AJ Registered office G03, The Percy Williams Building Krowji West Park REDRUTH Cornwall TR15 3AJ Independent examiner Mark Williams FCA DChA RRL LLP Peat House Newham Road TRURO Cornwall TR1 2DP

THE CORNWALL HERITAGE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers

Lloyds Bank plc Unit 14 White River Place ST AUSTELL PL25 5AZ

Investment advisors

Brewin Dolphin plc 24 Lemon Street TRURO TR1 2LS

THE CORNWALL HERITAGE TRUST

CONTENTS

Page
Trustees' report 1 - 16
Independent examiner's report 17
Statement of financial activities 18 - 19
Balance sheet 20 - 21
Notes to the financial statements 22 - 39

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The Council of Management of the Cornwall Heritage Trust (CHT) present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association , the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

Objectives of the charity:

Strategy to achieve objectives:

The achievements and progress of the charity set against its objectives for the year ended are stated in the annual report.

Financial statements are presented to the Annual General Meeting for approval by the membership.

The Council reviews the aims, objectives and activities at least once each year to look at what has been achieved in the previous 12 months.

Importantly, the Council refers to the Charity Commission's general guidance on public benefit when reviewing its objectives and in planning future activities.

Achievements and performance

Some might think that just coping with the challenges of the last year was enough of an achievement but we would argue that we have done more than that – perhaps even emerging from the lockdown as a stronger organisation.

During the enforced quiet time we took the opportunity to review our governance structures and policies, engaging Elanor Hoskin Consulting to look at the responsibilities of the subcommittees, the role of trustees and identification of areas for improvement within our governance. This led to the terms of reference for each subcommittee being re-drafted and key policies being amended to reflect the Trust as it is today. This was a big piece of work, which in turn inspired the “Resilience Project” that we are currently engaged with.

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Through necessity we have all become experts at virtual meetings and the use of platforms like Zoom and Teams, however back in March 2020 CHT had little experience of these methods for holding meetings. The staff have all made the use of the technology to enable them to work from home as well, thanks to some hasty planning this has actually been very successful. We even managed to hold our AGM by Zoom albeit without the presence of our members and friends – hopefully we will all be able to be together this year.

Effective communication has been even more important than usual this year as we engaged with our members and supporters almost entirely online. This was challenging at a time when we had less than usual to talk about! Having said that, the incredibly successful virtual Story Cafes proved that we reach far and wide – regularly touching the diaspora in Australia and America. Our social media following has grown and we now have over 5,200 followers on Facebook, nearly 3,000 on Twitter and over 2,300 on Instagram. We posted 310 times on Facebook, tweeted 324 times and posted 96 times on Instagram during the year, so if you don’t follow our social media channels you may be missing out. The website was also busy and received 30,700 visitors with Cornwall Forever! recording 32,350 visits.

Membership numbers have grown this year, perhaps not with the same trajectory as the year before, but certainly enough to keep us busy! We are very grateful to all of our members for their ongoing support during such difficult times and hope to thank them for their loyalty by offering some members-only guided walks as soon as we are able to.

Our sites have been well-used during lockdown and it has been a joy to hear from people who have visited some of them for the first time, despite them being on their doorstep! Castle an Dinas received some longawaited clearance works in the autumn and more is planned, while Treffry Viaduct was given its three-yearly weed and vegetation clearance from the St Ives Steeplejacks.

Three of our sites have also been filmed for use by schools unable to physically visit them at present. Thanks to grant-funding from the National Lottery Heritage Fund we were able to produce short films of Castle an Dinas, Carn Euny and The Hurlers, all of which are available on our website. We are also launching a new costume resource imminently so watch this space!

We are still living in uncertain times but we have proven that we can adapt and make the most of the quieter times to strengthen our processes and introduce new initiatives; something we intend to build on next year!

Heritage sites

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The Trust manages an important portfolio of Cornish Heritage sites. This consists of five sites owned by the Trust and an additional seven sites owned by English Heritage (EH) managed by the Trust. Management and oversight of the portfolio is led the Property Sub Committee and supported by the Trust’s Heritage Sites Officer.

The Trust seeks to achieve a high standard of maintenance as well as implementation of a variety of improvements in respect of both owned and managed sites.

Site name Heritage importance Highlights Plans





















Castle an Dinas One of the largest and
most impressive hillforts
in Cornwall, dating from
around 2500BC


Consists of 3 ditch and
rampart concentric rings,
850 feet in diameter and
standing 700 feet above
sea level. Two bronze
age barrows in the central
enclosed area.





The
programme
of
vegetation clearance Was
started during the year
and good progress made.
Re-fencing of the whole
site took place thanks to
grant funding from the
Heritage At Risk fund
managed
by
Historic
England
Sancreed Beacon A beautiful stretch of the
West Penwith moorland
with the remains of 2
burial mounds visible on
the
summit
and
the
remains of what is thought
to be a bronze age hut on
the western slope






Spectacular views across
Mount’s
Bay
and
to
Land’s End. Part of the
stewardship
programme
for the land includes the
permanent grazing of 4
ponies at the site.





Refencing
project
and
continued
vegetation
clearance
is
planned.
Work is needed to clear
part of the site to make it
useable for grazing
Trevanion Culverhouse Well preserved 13 th to
14 th
century
dovecote
(pigeon house)

Complete with keystone
finish roof, one of only 4
surviving
examples
in
Cornwall


Review of the front of the
site, potentially to include
railings
Treffry Viaduct Built between 1839 and
1842 by J T Treffry, a
viaduct built to carry a
tramway and a high level
leat
across
Luxulyan
Valley




Within a Cornish Mining
World Heritage Site, the
viaduct is 90 feet high and
670 feet long with 10
equal span arches and is
now a Scheduled Ancient
Monument
on
the
Heritage At Risk Register.
Unusually, this structure is
both an aqueduct and
viaduct and a railway line,
road
and
river
run
beneath it.











Rope-access
clearance
works has taken place
and the boundary marking
work beneath the viaduct
has
been
undertaken.
Plans
to
clear
the
tramway of vegetation are
in place
Trethevy Quoit The Trust purchased the
field to protect the setting
for the Quoit

Trethevy Quoit sits within
this 3 acre field, a burial
chamber which may have
been
built
around
3500BC, which is earlier
than Stonehenge



THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Treffry Viaduct

The investigatory works were completed at the viaduct at the end of 2019 and provided a positive outcome. While any future renovation scheme would involve significant works to the leat system, abutments and aqueduct channel, at least we will be more informed regarding the structure. Rope access vegetation clearance was planned for March 2020, however this was delayed and it is now hoped it will take place later in 2020.

Sancreed Beacon

We manage the land under the Natural England Higher Level Stewardship scheme with the aim of improving the bio-diversity of the hill by controlling and removing areas of scrub to enable heathland regeneration.

Castle-an-Dinas

One of the most impressive hillforts in Cornwall, this site continues to be managed as part of the Higher Level Stewardship Agreement with Natural England (NE). Sheep graze the site from April to October as a means of controlling vegetation growth. This year will see a continued focus on vegetation clearance on the site, building on the work already carried-out.

Trevanion Culverhouse

The boundary of this site has been remodelled and consideration is being given to improving the frontal presentation of the building through the addition of metal railings.

Trethevy Quoit field

The culmination of the project to acquire and improve the setting of the monument was an archaeological dig, which took place in July 2019 in conjunction with Cornwall Archaeological Unit and Cornwall Archaeological Society. We were delighted that, due to our interventions, the monument was removed from the Heritage At Risk Register.

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Sites managed for English Heritage

The Trust also manages seven Heritage sites in Cornwall owned by English Heritage:

Site name Description Location
King Doniert’s Stone Two ancient carved stones which
stand in an enclosure on the road
which links the A38 to Minions and
Upton Cross on the southern side
of Bodmin Moor. The two stones
are parts of medieval crosses,
probably from the 9 th century AD





1 mile north-east of St Cleer off the
B3254. PL14 6EG
The Hurlers Stone Circles This line of three early Bronze Age
stone circles is one of the best
examples of ceremonial standing
stones in the South West


Half a mile north-west of Minions
off the B3254, approx. 4 miles
north of Liskeard. PL14 5LL
Trethevy Quoit A particularly well-preserved portal
dolmen from the late Neolithic
period, one of the most impressive
in Britain


Off B3254, near Darite, St Cleer
PL14 5JY
Dupath Well The largest and most impressive
Well House in Cornwall. Thought
to have been built in 1510, it is an
almost
complete
granite
Well
House built over an ancient spring



1 mile east of Callington of the
A388. PL17 8AD
Carn Euny A well-preserved iron age village
with
a
stunning
fogou
(underground
chamber).
The
village
was
occupied
between
approx. 500BC and AD400



Half a mile north of Brane, West
Penwith. TR20 8QZ
Tregiffian Burial Chamber A late Neolithic/ early Bronze Age
burial chamber near the Merry
Maidens Stone Circle

2 miles south-east of St Buryan,
next to the B3315
St Breock Monolith The heaviest standing stone in
Cornwall, weighing in at approx.
16.5 tons

3.5
miles
south-west
of
Wadebridge, off the A39. PL27
7LG

This responsibility derives from a 10 year Maintained Properties Agreement between CHT and EH, under which the Trust receives annual payments for day to day care and management of EH sites. Routine maintenance is performed by CHT within the terms of the Agreement, but additional works at individual sites is subject to prior agreement between CHT and EH, funded by EH as appropriate. The agreement was renewed this year for a further ten years.

Heritage Grants

During the year we continued to offer financial support through our grants schemes to other organisations and groups undertaking heritage projects however the decision was made to only offer the small grants scheme (up to £500) due to the difficulty of discussion and decision-making over Zoom.

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The grant schemes support heritage projects and activities undertaken across Cornwall that meet CHT’s aims.

We received 23 applications for grant assistance and 20 new grants were approved for funding, a total of £10,000 committed. Heritage projects for which grant-funding support was agreed included the following:

Organisation funded Project Amount
IntoBodmin – The Kernow
Bedroom Choir
A series of online tutorials and resources to help people
learn a range of traditional Cornish folk songs in various
parts. A longer-term aim was to bring people together
during the COVID-19 Crisis and set them up for a more
social gathering when the social distancing restrictions
are lifted.




£500
CAST – CAST-Off This project created a self-guided trail for families,
offering creative things to discover and do along the
Cober Valley – from Lowertown, through the Moors
beside the river, to the boating lake, Penrose and Loe
Bar



£500
Tamar
Valley
AONB
-
Rediscovering
Gunnislake
Clitters

Part of a larger project, the grant from CHT helped
towards the cost of vegetation clearance on adjacent
pathways and repair of fencing

£500
St Just & District Trust CIO -
St Just Ordinalia 2021
To produce, over 2 weeks in September 2021, large-
scale outdoor community productions of all three
Cornish 14th Century Ordinalia miracle plays, in their
original medieval historic setting of the Plen an Gwari, St
Just - the oldest outdoor working theatre space in Britain


£500
Cousin Jack's Theatre Co
CIC - A History of Trebah
Building on the connections already established through
Operation Overlord this project would now like to work
with the community that is connected to Trebah to
collate and share Trebah’s wider story. Through
informally held conversations and public callouts for
documents and photographs in partnership with Trebah,
this would pull together this fascinating estate’s 200-year
history and then donate the findings, documents etc to
the collections at Kresen Kernow for future generations
to easily access








£500
Blystra Arts CIC - Snapshots
in Time
Snapshots in Time is a digital project that will allow
dissemination of some of the heritage of Newquay
£500
Battle
of
Helhill
1300
Committee - Battle of Helhill
1300 Festival

A grant was agreed towards the educational elements of
the project to stage a re-enactment of the Battle of
Helhill to commemorate its 1300th anniversary in 2022

£500

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Queer
Kernow
-
Queer
Kernow History Project
To research the often forgotten stories of Cornwalls
queer history and share these on the Queer Kernow
website. The CHT funding enabled the team to visit the
National archives where they can see the original
documents relating to LGBTQ Cornish history



£500
Cornwall Archaeological Unit
-
Cornwall
Monument
Management
Scheme
2020-2022


The overarching aim of the project is to conserve a small
number of scheduled monuments in Cornwall so that
their condition is improved and they can be removed
from the Heritage at Risk register. A secondary aim will
be to provide public value by involving volunteers in
activities and training wherever possible and improving
access to information on the sites as appropriate. Six
scheduled monuments will benefit, representing a range
of periods and site types, from a Neolithic henge to a
medieval holy well and two significant Bronze Age
barrow groups









£500
Millbrook Chapel of Rest -
Restoration of Millbrook Old
Chapel

The Friends of Millbrook Chapel of Rest was formed in
2017 and now after 3 years of fundraising, have
purchased the chapel from the Church of England. The
long-term aim is to repair and restore it; re-opening as a
community
space,
primarily
as
a
Heritage
and
Educational Centre. CHT were able to provide a grant
towards
the
repairs
to
ensure
the
building
is
weatherproof for the winter






£500
St Cleer Parish Council -
Trethevy Quoit Information
Sign

To replace signage at Trethevy Quoit. The Quoit sign is
old, out of date and damaged.
£500
In Search of Tywardreath -
Tywardreath History Lectern

CHT agreed a grant towards placing a lectern in the
centre of the village with an informative history of this
ancient village, to make both locals and visitors alike
aware of how important Tywardreath was from pre
Roman times through the Medieval Ages, with its Priory,
the mining, the railways and much more.




£500
Godolphin Cross Comm'y
Ass'n - Godolphin Cross
Tinners' Festival 2021

A grant was agreed towards the project to stage a
heritage celebration at the heart of a village which is
itself in the middle of a World Heritage Site for Mining.
This will remember and celebrate a story of very local
people and their families and educate local children and
adults alike about the real, unvarnished story of tin and
its impacts on local people and places.





£500
Michelle Brown - The Word
and the Shaping of Cornwall:
Stones,
Scriptures
and
Playscripts


To write a book entitled The Word and the Shaping of
Cornwall: Stones, Scriptures and Playscripts, which will
discuss the significance of the written artefacts
(inscribed stones including the newly discovered
Tintagel
inscriptions,
Scripture
and
servicebooks,
Playscripts and Saints’ Lives) of Cornwall from
c.200-1550.





£500

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Rescorla Centre - Museum
and performance space.
A grant was agreed towards the project to develop a
space within the building to preserve and display the
Centre’s growing number of artefacts. In addition the
project will develop a performance space for singers and
musicians to perform traditional Cornish music and
heritage lectures




£500
Global Jamming – Rosebud The Rosebud project aims to combine original music
and film to bring the story of Newlyn's Rosebud to a new
and wider audience - and to draw parallels with the
ongoing need for community action in matters of social
justice



£500
Deviock Parish Council -
WWII Tank Trap Monument -
Seaton

During construction of an access slipway onto Seaton
beach a number of damaged concrete tank traps were
exposed, measuring originally about 1.2m square by
2.4m high. The aim of this project is to re-site three or
four nearby as a display and provide an information
board




£500
Robin Sullivan - Archaeology
of the St Austell China Clay
Area

This project which seeks to produce a series of public
engagement
activities
culminating
in
a
(15min)
documentary video capturing the fascinating history and
Archaeology of the St Austell China Clay Area. The
project has been brought about to help engage, educate
and preserve the St Austell China Clay Landscape,
increase appreciate and knowledge, beyond the china
clay history, taking it back to its neolithic origin.






£500
Bude-Stratton Town Council
- The Compass Point Project
The Compass Point Project aims to save the Storm
Tower on Efford Down, Bude from falling into the sea
due to ongoing coastal erosion. As well as moving the
structure the Town Council are looking to build an
interactive exhibition at The Castle Heritage Centre,
Bude highlighting the importance of the structure, its
history and the significant importance it plays in Bude’s
heritage






£500
Crowdy Crawn - Brenda yn
Kernewek Book + Double CD

A grant was agreed to help to produce a Brenda
Wootton songbook and 2 CDs entirely of her Cornish
language recordings, most of which were composed by
Richard Gendall; many are unpublished. The book to
include 3 sets of lyrics in English, Richard’s original
Cornish and SWF




£500

Each year we also support Cornwall Historic Churches Trust, the Junior Gigs Championships and the St Mawgan Cornish Wrestling Tournament . While the Gigs and Wrestling events were unable to go ahead this year we still provided our annual grant of £5,000 to CHCT.

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Education and the Arts

The Trust’s Education and Arts Committee has sought to continue with a broadened agenda and to explore new areas for support and action. Key achievements during the year were:

Heritage Promotion

Social Media channel Followers 2019-20 % increase
Facebook @TheCornwallHeritageTrust 5,200 4,086 27%
Twitter @Heritage_Trust 2,931 2,098 39%
Instagram @CornwallHeritageTrust 2,321 1,943 19%

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Development of the Trust's Operations

Over the last year we took time to review our governance framework and drafted our Strategic Plan for the next five years; all with the aim of assuring the long-term sustainability of the Trust. To progress this work we were delighted to receive a grant of £50K from the Culture Recovery Fund to carry out our “Resilience Project” which enabled us to engage consultants to formulate plans for Business Development and Fundraising as well as providing staff and trustee training and funding the progression of some of the governance work. This has been a very exciting project and we hope the effects will be noticeable over the next couple of years as we strive to increase our income generation.

Some of the key governing documents of the Trust are in the process of being reviewed, or have already been amended and agreed, to ensure that we are able to move forwards confidently. For example, the Articles of Association for the Trust are being reviewed by our solicitors so that they reflect the modern ways of working; we have also re-written the terms of reference for each subcommittee and amended the Financial Scheme of Delegation.

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Financial review

The results for the year are shown in the statement of financial activities on page 18 and show net incoming resources for the year of £373,299 (2020: net outgoing resources of £353,181) which, together with the reserves brought forward of £2,319,036 (2020: £2,672,217) gives a total reserves figure of £2,692,335 (2020: £2,319,036); of this amount £2,555,083 (2020: £2,197,010) is unrestricted.

It is fair to say that the year ended better than it started from a financial point of view. At the end of the last financial year our investments were battered by the impact of the outbreak of the pandemic on the Stock Markets. With so much uncertainty the value of our reserves dropped from £2.672m at the end of March 2019 to £2.319m at the end of March 2020. We had no choice but to wait and despite the restrictions and lockdowns the valuation has recovered to £2.69 2 m at the end of March 2021.

Over the last few years we have knowingly set a deficit budget, mainly due to planned capital expenditure on our sites or project commitments but also to grow and raise awareness of the work of the Trust. With the office closed and all activities suspended for the foreseeable future trustees took the difficult decision to reduce expenditure wherever possible for the year as there was potential for impact on the income we could expect to receive.

We were unable to plan our usual programme of events and obviously our schools transport grants were largely unspent; we also took the difficult decision to only offer the small grants scheme and therefore limited each award to a maximum of £500 which reduced expenditure on grants.

The Government’s Job Retention Scheme enabled us to furlough two members of staff almost immediately, thereby saving the majority of the cost of their salaries. We had recruited Ruth Bowles-Voyce as our new Admin Assistant only a few weeks before lockdown and in August the difficult decision was made to make that role redundant as it was very difficult to provide the training necessary for her to complete the role and there was less work for her to do.

We were able to benefit from various emergency grants; the cashflow grant of £30K from the National Lottery Heritage Fund helped us to cover our costs while our investments recovered and rent and business rates were also funded by a grant from Cornwall Council which also took the pressure off the cashflow when it was most needed.

This year we came to the end of the management agreement for the seven English Heritage sites that we look after. This agreement is negotiated every ten years and we were delighted to sign a new agreement until 2031, giving us some peace of mind in a turbulent year.

While new initiatives such as the virtual Story Cafes were introduced during the year they were funded with grants from Cornwall Community Foundation and the NLHF. Similarly, essential works to the fencing at Castle an Dinas were paid for with an emergency grant from Historic England; this work would not have taken place without this vital funding. Our expenditure dropped considerably due to cost-cutting and the effects of lockdown restrictions however while this had a positive effect on our bottom line this is not sustainable when we return to “normal”.

It’s been a difficult year however the work carried out on our governance and through the Resilience Project will enable us to put in place a framework for the next five years aimed at reducing our reliance on our investments and increasing income generation to “close the gap” and ultimately no longer set a deficit budget.

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Reserves policy

The charity’s reserves policy relates to reserves held within the following categories:

Purpose

The purpose of the Reserves Policy for Cornwall Heritage Trust is to ensure the stability of the mission, programs, employment, and ongoing operations of the charity and to provide a source of internal funds for the charity’s priorities such as building repair and improvement, programme opportunity, and capacity building.

The Reserves Policy will be implemented in concert with the other governance and financial polices of Cornwall Heritage Trust and is intended to support the goals and strategies contained in these related policies and in strategic and operational plans.

Unrestricted reserves

Free reserves

The Free Reserves are intended to provide an internal source of funds for situations such as a sudden increase in expenses, one-time unbudgeted expenses, unanticipated loss in funding, or uninsured losses. Free Reserves are not intended to replace a permanent loss of funds or eliminate an ongoing budget gap. It is the intention of Cornwall Heritage Trust for Free Reserves to be used and replenished within a reasonably short period of time. The minimum amount to be held as Free Reserves will be established in an amount sufficient to maintain ongoing operations and programmes measured for a set period of time, measured in months. The Free Reserves serve a dynamic role and will be reviewed and adjusted in response to both internal and external changes.

The target minimum Free Reserves is equal to 6 months of average operating costs. Free reserves as at 31 March 2021 were £255,083 (2020: £587,158).

Designated reserves

These are funds that have been donated to the charity and earmarked or ring fenced by the Council against particular potential heritage expenditure plans.

Building and Capital Asset Reserve

The Building and Capital Asset Reserve is intended to provide a ready source of funds for repair or acquisition of buildings, leaseholds, furniture, fixtures, and equipment necessary for the effective operation of the organisation and programmes.

Opportunity Reserve

The Opportunity Reserve is intended to provide funds to meet special targets of opportunity or need that further the mission of the charity, which may or may not have specific expectation of incremental or longterm increased income. The Opportunity Reserve is also intended as a source of internal funds for organisational capacity building such as staff development, research and development, or investment in infrastructure that will build long-term capacity.

Treffry Viaduct Reserve

In March 2014 the Council approved the designation of £700k of funds derived from the Mills legacy, together with an existing £50k reserve, to be earmarked as designated funds specifically against future work on the Treffry Viaduct. These funds were set aside at the time to underpin a financial pledge by the charity to support the then application for HLF grant funding towards the Luxulyan Valley Heritage project covering renovation of the Viaduct. Despite termination of the HLF Project in June 2018 renovation of the Viaduct remains an objective and future plans will be informed by outcome of the investigatory works.

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Restricted funds

Funds where the Trust has received income reserved specifically for a single future purpose. Further details of these funds is included within note 21.

Investment policy

A small amount of money was invested by the charity in Bodmin and Wenford Railway plc some years ago – a company whose shares are not marketable. Otherwise, all investment funds held by the charity are deposited on a low risk basis.

Approximately £667k is held with the Charity, Church and Local Authority (CCLA) Investment Fund, split between Deposit Accounts, Dividend Income and Accumulation Accounts. In addition, the Mills legacy funds, valued at around £1.81m, are managed by the investment management company, Brewin Dolphin plc. These are held in a portfolio of equities, fixed interest deposits and cash, according to policy parameters agreed by the Council. Performance is being overseen by the Council’s Finance Sub-Committee.

Grant making policy

A sum budgeted each year, within the overall annual budget, is available to assist other organisations to apply for support for projects and activities that lie within the charity’s objectives to preserve and strengthen Cornwall’s heritage. Additionally, a sum is earmarked each year for educational projects, which includes the bursary scheme for post-graduate research and the schools transport grants.

Risk management

The charity has adopted a robust view of risk management which provides a set of processes for assessing, managing and regularly updating key risks. These are recorded on the charity’s risk register. Key identified risks at the end of March 2021 lay in the following areas:

Plans for the future

The focus for the forthcoming year will be to complete the work undertaken through the Resilience Project and use its recommendations to make the Trust sustainable for the future.

We plan to re-start our community engagement programme and build on the work already started to expand the Story Cafés, guided walks and volunteering scheme. We are looking forward to getting out and about and meeting our members and friends again.

We will review the Strategic Plan to reflect the priorities identified through the Resilience Project, these are likely to include:

All ultimately aimed at reducing the gap between our income and expenditure, thereby ensuring our resilience and sustainability.

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association.

Membership of CHT is open to all members of the public.

Members are entitled to attend general meetings of the charity and vote at these meetings.

The policy forming body of the charity is the Council of Management (‘The Council’). Members are elected and become Trustees of the charity and directors of the company: Trustees serve a three-year term after which they can stand for re-election.

Trustees are members of sub committees, which cover the key areas of the Trust’s work.

These committees meet quarterly and are attended by Trustees as well as our internal team.

Prospective trustees take part in an informal process which starts with a meeting with the Chair and CEO to give them the opportunity to find out more about the Trust and ask any questions. They are then invited to a meeting of the Council of Management and after a couple of meetings will be in a position to decide if they would like to join a sub committee, according to their interests and experience. They are also provided with an induction pack, which includes documents such as the Memorandum and Articles of Association, Trustee Handbook, Annual Reviews and the various Charity Commission and Companies House guides for trustees and directors. They are also offered the chance to "buddy" with an established trustee.

The day-to-day management of the charity is overseen by the CEO and the internal team who implement the strategy.

The trustees consider the CEO to comprise the key management personnel of the charity.

The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the trustees benchmark against pay levels in other similar organisations.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs AC Davey Mr R Farrant (Appointed 20 August 2020) Mr P Herring (Appointed 20 August 2020) Mrs C Hunn Mrs E Jacques Mr A Moore (Appointed 20 August 2020) Mrs H Rawe Mr B Salmon Lt Col RB Trant Dr G Tregidga Mr K Golding (Resigned 2 June 2020) Dr L Spry (Resigned 3 June 2020) Mr JR Smith (Resigned 31 March 2021)

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Out internal team are part-time and, in aggregation, represent 2.3 full time equivalent employees.

Statement of disclosure to independent examiner

So far that the trustees are aware, there is no relevant information of which the charity's independent examiner is unaware.

Additionally the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant information and to establish that the charity's independent examiner is aware of that information.

This report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to Small Companies.

THE CORNWALL HERITAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The trustees' r eport was approved by the Board of Trustees.

..............................

Trustee Dated: .........................

THE CORNWALL HERITAGE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CORNWALL HERITAGE TRUST

I report to the trustees on my examination of the financial statements of The Cornwall Heritage Trust (the charity) for the year ended 31 March 2021.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mark Williams FCA DChA

RRL LLP Peat House Newham Road TRURO Cornwall TR1 2DP

Dated: .........................

THE CORNWALL HERITAGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Current financial year
Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
49,776
18,283
Charitable activities
4
33,982
-
Other trading activities
5
1,344
-
Investments
6
53,983
2,110
Total income
139,085
20,393
Expenditure on:
Raising funds
7
24,740
-
Charitable activities
8
158,972
15,899
Total resources expended
183,712
15,899
Net gains/(losses) on investments
13
401,136
12,296
Net incoming/(outgoing) resources before
transfers
356,509
16,790
Gross transfers between funds
1,564
(1,564)
Net movement in funds
358,073
15,226
Fund balances at 1 April 2020
2,197,010
122,026
Fund balances at 31 March 2021
2,555,083
137,252		 Total
2021
£
68,059
33,982
1,344
56,093
159,478
24,740
174,871
199,611
413,432
373,299
-
373,299
2,319,036
2,692,335		 Total
2020
£
33,920
38,252
1,681
72,195
146,048
38,609
238,989
277,598
(221,631)
(353,181)
-
(353,181)
2,672,217
2,319,036

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE CORNWALL HERITAGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Prior financial year

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
3
11,196
22,724
Charitable activities
4
38,252
-
Other trading activities
5
1,681
-
Investments
6
70,083
2,112
Total income
121,212
24,836
Expenditure on:
Raising funds
7
38,609
-
Charitable activities
8
179,506
59,483
Total resources expended
218,115
59,483
Net gains/(losses) on investments
13
(219,550)
(2,081)
Net incoming/(outgoing) resources before transfers
(316,453)
(36,728)
Net movement in funds
(316,453)
(36,728)
Fund balances at 1 April 2019
2,513,463
158,754
Fund balances at 31 March 2020
2,197,010
122,026		 Total
2020
£
33,920
38,252
1,681
72,195
146,048
38,609
238,989
277,598
(221,631)
(353,181)
(353,181)
2,672,217
2,319,036

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE CORNWALL HERITAGE TRUST

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Stocks
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Income funds
Restricted funds (includes fair value
reserve of £31,551)
21
Unrestricted funds
Designated funds (includes fair value
reserve of £563,680)
22
General unrestricted funds		 2021
£
£
7,597
168,756
2,384,281
2,560,634
1,350
10,464
123,414
135,228
(3,527)
131,701
2,692,335
137,252
2,300,000
255,083
2,555,083
2,692,335		 2020
£
£
-
167,692
2,054,630
2,222,322
1,350
28,638
71,278
101,266
(4,552)
96,714
2,319,036
122,026
1,461,894
735,116
2,197,010
2,319,036

THE CORNWALL HERITAGE TRUST

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2021

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

..............................

Trustee

Company Registration No. 01901905

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006, including “Amendments to Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland”.

The Cornwall Heritage Trust meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) .

1.2 Income

All incoming resources are recognised when the charity has entitlement to the funds, it is probable the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations are recognised on a receivable basis where there is certainty of receipt and the amount can be reliably measured.

Legacy income is recognised in the financial statements according to the period in which the charity becomes entitled to it, unless it is incapable of financial measurement.

Grants receivable

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Subscriptions

All membership subscriptions are credited to the statement of financial activities when they are received.

Investment income

Investment income is recognised on a receivable basis.

1.3 Expenditure

All expenditure is recognised in the period in which a liability is incurred and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Grants payable are charged in the period when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation of costs

Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of the number of staff. Governance costs represent the cost of audit and accountancy fees and trustees’ expenses. All costs are inclusive of irrecoverable VAT.

1.4 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website design 20%

1.5 Tangible fixed assets

Heritage assets are assets of historical or scientific importance that are held to advance the preservation, conservation and educational objectives of the charity and through public access contribute to the nation’s culture and education at either a national or local level. Freehold land is included in heritage fixed assets at its acquisition cost and it is not revalued or depreciated. The charity aims to preserve and enhance its heritage sites, which are not held for their resale potential. The market value of these assets are of no practical relevance to the charity’s activities. No depreciation is provided because the land has an indefinite life

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Heritage asset Nil Art collection Nil Fixtures and fittings 15% - 33% Reducing balance

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities.

Assets costing £1,000 or less are written off to the statement of financial activities in the period in which they are acquired.

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.6 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

1.7 Stocks

Stock is valued at the lower of cost and net realisable value.

1.8 Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity ’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
3,389
-
Grants
46,387
18,283
49,776
18,283
Grants receivable for
core activities
HMRC
5,387
-
Cornwall Council
11,000
-
National Lottery Heritage
Fund
30,000
9,900
Cornwall Community
Foundation
-
5,000
Historic England
-
6,453
The Architectural
Heritage Fund
-
(3,070)
46,387
18,283		 TotalUnrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
3,389
11,196
-
64,670
-
22,724
68,059
11,196
22,724
5,387
-
-
11,000
-
-
39,900
-
-
5,000
-
-
6,453
-
7,724
(3,070)
-
15,000
64,670
-
22,724		 Total
2020
£
11,196
22,724
33,920
-
-
-
-
7,724
15,000
22,724

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

3 Donations and legacies

(Continued)

HMRC - grants have been received totalling £5,387 (2019:Nil) to help with the furloughed staff whilst in a nationwide lockdown due to COVID-19.

Cornwall Council - grants have been received totalling £11,000 (2019: Nil). The local restrictions support grant has been issued to help businesses during the national lockdown and COVID-19 outbreak.

4 Charitable activities

English Heritage
Management Fee
DEFRA Countryside
Stewardship
Wayleave Payments
Memberships		 Other Heritage sites
2021
2021
£
£
-
19,258
-
6,808
-
116
7,800
-
7,800
26,182		 Total
2021
£
19,258
6,808
116
7,800
33,982		 Other Heritage sites
2020
2020
£
£
-
19,593
-
8,865
-
171
9,623
-
9,623
28,629		 Total
2020
£
19,593
8,865
171
9,623
38,252

5 Other trading activities

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Miscellaneous 1,344 1,681
Investments
Unrestricted Restricted Total Unrestricted
Restricted		 Total
funds funds funds
funds
2021 2021 2021 2020
2020		 2020
£ £ £ £
£		 £
Investment income 53,983 2,110 56,093 70,083
2,112		 72,195

6 Investments

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

7 Raising funds

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising and publicity
Governance costs 765 809
Fundraiser costs 2,894 13,261
Support costs 10,098 11,079
Fundraising and publicity 13,757 25,149
Investment management 10,983 13,460
24,740 38,609

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

8 Charitable activities

Education
Membership and promotion costs
Site maintenance/ management
Professional fees
Project costs
Grant funding of activities (see note 9)
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds		 Awards Education Heritage Promotion
Heritage Sites
2021
2021
2021
2021
£
£
£
£
-
10,646
-
-
-
-
18,317
-
-
-
-
38,597
-
-
-
14,473
-
-
-
-
-
10,646
18,317
53,070
31,277
-
-
-
6,732
10,098
20,198
16,831
510
765
1,531
1,275
38,519
21,509
40,046
71,176
38,519
16,135
40,046
60,651
-
5,374
-
10,525
38,519
21,509
40,046
71,176		 Treffry
2021
£
-
-
-
-
-
-
-
3,366
255
3,621
3,621
-
3,621		 Total
2021
£
10,646
18,317
38,597
14,473
-
82,033
31,277
57,225
4,336
174,871
158,972
15,899
174,871		 Total
2020
£
25,117
13,698
98,606
2,616
1,417
141,454
30,171
62,782
4,582
238,989
179,506
59,483
238,989

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

8 Charitable activities

(Continued)

For the year ended 31 March 2020

Education
Membership and promotion costs
Site maintenance/ management
Professional fees
Project costs
Grant funding of activities (see note 9)
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds		 Awards Education
Heritage
Promotion
Heritage
Sites
£
£
£
£
-
25,117
-
-
-
-
13,698
-
-
-
-
98,606
-
-
-
2,616
-
-
-
1,417
-
25,117
13,698
102,639
30,171
-
-
-
7,386
11,079
22,158
18,466
539
809
1,617
1,348
38,096
37,005
37,473
122,453
38,096
37,005
37,473
62,970
-
-
-
59,483
38,096
37,005
37,473
122,453		 Treffry
£
-
-
-
-
-
-
-
3,693
269
3,962
3,962
-
3,962		 Total
2020
£
25,117
13,698
98,606
2,616
1,417
141,454
30,171
62,782
4,582
238,989
179,506
59,483
238,989

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Grants payable

Awards Awards
2021 2020
£ £
Grants to institutions:
Awen Productions - 1,800
Bude Canal & Harbour Society - 2,000
Cornish Historic Churches Trust 5,000 5,000
Cornish Pilot Gig Association - 3,000
Hypatia Trust - 3,000
Launcells Parish Council - 1,500
Lowender Paren 1,840 2,300
St Day Old Church CIC - 1,500
St Piran Trust - 5,000
Looe Development Trust 5,670 -
Borlase Smart John Wells Trust 1,800 -
Carclew 5,000 -
Wheal Martyn Trust 5,000 -
Cornish Building Group 1,667 -
Other 5,300 5,071
31,277 30,171

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

10
Support costs
Support
costs
Governance
costs
£
£
Staff costs
38,030
-
Depreciation and
amortisation
5,361
-
Legal and professional
5,262
1,696
Recruitment costs
-
-
Office expenses
13,534
-
Insurance
4,077
-
Equipment rental
1,059
-
Publicity
-
-
Other costs
-
-
Accountancy and
independent
examination
-
3,180
Trustee expenses
-
225
67,323
5,101
Analysed between
Fundraising
10,098
765
Charitable activities
57,225
4,336
67,323
5,101		 2021
Support
costs
Governance
costs
£
£
£
38,030
37,848
-
5,361
2,841
-
6,958
2,616
-
-
118
-
13,534
15,901
-
4,077
3,954
-
1,059
497
-
-
9,738
-
-
348
-
3,180
-
2,611
225
-
2,780
72,424
73,861
5,391
10,863
11,079
809
61,561
62,782
4,582
72,424
73,861
5,391		 2020
£
37,848
2,841
2,616
118
15,901
3,954
497
9,738
348
2,611
2,780
79,252
11,888
67,364
79,252

Costs have been allocated to activities as a % based on time.

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 4 of them were reimbursed a total of £225 for miscellaneous expenses (20 20 : 4 trustees were reimbursed £2,781).

12 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
6 7

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12
Employees
Employment costs
Wages and salaries
Other pension costs		 (Continued)
2021
2020
£
£
66,782
64,977
1,321
538
68,103
65,515

The average number (full time equivalents) of employees during the year was 2.3 (20 20 : 2. 9 ).

No employee received emoluments of more than £60,000.

13 Net gains/(losses) on investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Revaluation of
investments 401,136 12,296 413,432 (219,550) (2,081) (221,631)

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

14 Intangible fixed assets

Intangible fixed assets
Website design
£
Cost
At 1 April 2020 -
Additions 9,496
At 31 March 2021 9,496
Amortisation and impairment
At 1 April 2020 -
Amortisation charged for the year 1,899
At 31 March 2021 1,899
Carrying amount
At 31 March 2021 7,597
At 31 March 2020 -
Tangible fixed assets
Heritage asset Art collection Fixtures and Total
fittings
£ £ £ £
Cost
At 1 April 2020 161,425 2,617 30,278 194,320
Additions - - 4,526 4,526
At 31 March 2021 161,425 2,617 34,804 198,846
Depreciation and impairment
At 1 April 2020 - - 26,628 26,628
Depreciation charged in the year - - 3,462 3,462
At 31 March 2021 - - 30,090 30,090
Carrying amount
At 31 March 2021 161,425 2,617 4,714 168,756
At 31 March 2020 161,425 2,617 3,650 167,692

15 Tangible fixed assets

Heritage assets consist of land designated as heritage sites by the charity and acquired by gift or purchase.

16 Fixed asset investments

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

16 Fixed asset investments (Continued)
Listed Unlisted Total
investments investments
£ £ £
Cost or valuation
At 1 April 2020 2,054,110 520 2,054,630
Additions 231,704 - 231,704
Valuation changes 387,895 - 387,895
Disposals (289,948)
-		 (289,948)
At 31 March 2021 2,383,761 520 2,384,281
Carrying amount
At 31 March 2021 2,383,761 520 2,384,281
At 31 March 2020 2,054,110 520 2,054,630

The cost of the investments included above as at 31 March 2021 was £1,789,051 (2020: £1,866,278).

17
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
18
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
19
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income		 2021
£
2,383,761
2021
£
6,365
4,099
10,464
2021
£
1,000
7
2,520
3,527		 2020
£
2,054,110
2020
£
4,799
23,839
28,638
2020
£
1,700
332
2,520
4,552

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

20 Retirement benefit schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The pension costs for the year represent the contributions payable by the charity to the independently administered pension fund and amounted to £ 1,321 (20 20 : £ 538 ). There were £Nil unpaid contributions at the year end (20 20 : £Nil).

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

21 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes :

Balance at
1 April 2019

£
Piet Mendels Foundation Fund
66,031
KBV
671
Historic England West Tremar
Farm
19,734
Historic England Treffry Quiot
54,318
Treffry - other
18,000
Cornwall Community
Foundation - Treffry Signage
-
Redruth Library
-
Historic England - Fencing at
Castle-an-Dinas
-
National Lottery Heritage Fund
-
Cornwall Community
Foundation
-
158,754		 Movement in funds
Incoming
resources
Resources
expended
Revaluations,
gains and
losses
Balance at
1 April 2020

£
£
£
£
2,112
-
(2,081)
66,062
-
-
-
671
5,546
-
-
25,280
1,678
(55,996)
-
-
-
(2,070)
-
15,930
500
-
-
500
15,000
(1,417)
-
13,583
-
-
-
-
-
-
-
-
-
-
-
-
24,836
(59,483)
(2,081)
122,026		 Movement in funds
Incoming
resources
Resources
expended
Transfers Revaluations,
gains and
losses
Balance at
31 March 2021
£
£
£
£
£
2,110
-
-
12,296
80,468
-
-
(671)
-
-
-
-
-
-
25,280
-
-
-
-
-
-
-
-
-
15,930
-
-
-
-
500
(3,070)
(10,525)
12
-
-
6,453
-
-
-
6,453
9,900
(5,374)
(905)
-
3,621
5,000
-
-
-
5,000
20,393
(15,899)
(1,564)
12,296
137,252

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

21 Restricted funds

(Continued)

Purpose of restricted funds:

Piet Mendels Foundation Fund : income received to support activities within the charity's missions connected with the education of children on Cornwall's Heritage.

Cornish Mining World Heritage Site: Kernow Bys Vyken, website project providing an update of the millennium book project which gave the book to every school child in Cornwall in 2001.

Historic England West Tremar Farm: grant income received towards the cost of the land at West Tremar Farm.

Historic England Treffry: grant income received towards investigatory work at Treffry.

Treffry - other: donations received towards investigatory work at Treffry.

Redruth Library: grant income received towards viability project.

Historic England - Castle-as-Dinas: grant income received towards fencing required at Castle-as-Dinas.

National Lottery Heritage Fund: grant income received towards purchase of a gazebo and film costs.

Cornwall Community Foundation: grant income received for Story Cafes.

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

22 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes (see Trustees' Report for more details) :

Treffry
Viaduct fund
Building/
Capital
reserve
Opportunity
reserve
Fair value
reserve
Grants
reserve		 Balance at
1 April 2019
£
671,945
-
-
426,871
-
1,098,816		 Transfers Revaluations,
gains and
losses
£
£
-
-
164,350
-
456,500
-
-
(257,772)
-
-
620,850
(257,772)		 Balance at
1 April 2020
£
671,945
164,350
456,500
169,099
-
1,461,894		 Transfers Revaluations,
gains and
losses
31
£
£
118,055
-
65,650
-
183,500
-
(563,680)
394,581
640,000
-
443,525
394,581		 Balance at
March 2021
£
790,000
230,000
640,000
-
640,000
2,300,000

Included within the above designated funds is a fair value reserve totalling £563,680 representing the value of fixed asset investments in excess of cost.

23 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
March 2021 are
represented by:
Intangible fixed assets
7,597
-
Tangible assets
145,401
23,355
Investments
2,312,584
71,697
Current assets/
(liabilities)
89,501
42,200
2,555,083
137,252		 TotalUnrestricted
funds
2021
2020
£
£
7,597
-
168,756
147,958
2,384,281
1,995,229
131,701
53,823
2,692,335
2,197,010		 Restricted
funds
2020
£
-
19,734
59,401
42,891
122,026		 Total
2020
£
-
167,692
2,054,630
96,714
2,319,036

THE CORNWALL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

24 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
696
696
1,392		 2020
£
696
1,392
2,088

25 Contingent liability

Grant income amounting to £48,060 was received from the Heritage Lottery Fund in 2016, 2017 and 2018. This income relates to the partial funding of the updating, digitalising and re-launching of the Millennium Book of Cornish Heritage. Should this be sold or the charity cease to operate, then this funding may become repayable.

Grant income amounting to £19,734 was received from Historic England in 2017. This income relates to the purchase of land. Should this land be sold or the charity cease to operate, then this funding may become repayable.

26 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2021 2020
£ £
Aggregate compensation 30,031 25,946

27 Grant commitments

At the year end, grants awarded which have been approved but not yet drawn down totalled £ 2 6,023 (20 20 : £ 13,309 ).