RRL Charity Registration No. 291607 Company Reglstratlon No. 01901906 IEngland and Wales) THE CORNWALL HERITAGE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
RRL" THE CORNWALL HERITAGE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mrs AC Davey Mr R Farrant Mr P Herring Mrs C Hunn Mrs E Jacques MrA Moore Mrs H Rawe Ll Col RB Trant Dr G Tregidga E Carne {Appointed 17 February 20221 President Col Edward Bolilho, OBE Llfo Vlcg Prgsldent Mrs M Tangye Mr C Roberts Chief Executive Officer Dlgltsl & Deslgned Offlcer Heritage Sites Officer Community Engagement Officer Financè Officer Administrative Assistant Fundraising Officer Mèmbership Offic&r Custodian of Carn Euny Cathy Woolcock Alison Bick Dick Cole Belinda Body Kath Layte Emily Vvheeler Antonia Mullaly Sophie Meyer Graham Reynolds Charty number 291607 Company numbar 01901905 Prlnclpal addrgss G03. The Percy Imlliams Building Krowji West Park REDRUTH Coinwall TR15 3GE Reglster&d offlce G03, The Percy Imlliams Building Krowji West Park REDRUTH Cornwall TR15 3GE Independent examiner Mark Wlliams FCA DChA RRL LLP Peal House Newham Road TRURO Coinwall TR1 2DP
RRL" THE CORNWALL HERITAGE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Bankers Lloyds Bank plc Uni(14 While River Place ST AUSTELL PL25 5AZ Investment advisors Brewin Dolphin plc 24 Lemon Street TRURO TR12LS
RRL" THE CORNWALL HERITAGE TRUST CONTENTS Page Trustees, report Independent examinerfs report statement of financial activities 14-15 Balance sheet 16-17 Notes lo the financial ststemenls 18-34
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2022 The Council of Management of the Comwall Heritage Trust ICHT) present their report and financial stslemenls for thè year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out In note 1 to the financial slalements and comply wth the charity's Memorandum and Articles of Associats"on, the Companies Act 2006 and 'Accounling and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191" Objectlves and actlvltles Objectives of CHT.. The acquisition and maintenance of land, buildings and assets of significance to Comwall's Heritage Provision of grants to support preservation of buildings, artefacts and Other assets or contributions of significance lo Cornwall's Heritage. Education of the public and in particular education of young people, school children and students about Cornwall's Heritage. iv. Promotion of Cornwall's Heritage in a sensitive manner Raising ftjnds and achieving favourable publicity for the charity Strategy lo achieve objectives." A Business Development Plan has been formulated for the next four years, focusing on income generation lo ensure the Trust's future sustainability vi. An annual business plan and budget are drawn up and approved by the Council of Management ICoun¢ill at the beginning of each financial year. This is managed by the Chief Executive Officer and the operations team, with oversight provided by the sub committees vii. Any matters arising outside of the business plan and budget are referred lo the Council for decision as and when they arise viii. The plan and budget are monitored, reviewed and managed quarterfy by sub committees and by Council ix. An Investment Strategy is in place lo inform decision-making The SilesAcquisilion Policy has been ratified by Council this year xi. A Fundraising Strategy is being written The achievements and progress of the charity set against ils objectives for the year ended are slated in the annual report. Financial slalements are presented lo the Annual General Meeting for adoption by the membership. Achievements and performance Strategy A second year of lockdown and reslriclions enabled us to build on the work that we started last year and primarily focused on carrying out the "Resilience Project. funded by the Culture Recovery Fund. This was an invaluable piece of work which resulted in.. Formulation of a Business Development Plan with the primary objective ol ensuring CHT'S future sustsinability Staff and trustee training and development Creation of a Fundraising Strategy lo assist with income generation Further development of the Trust's terms of referen and policies to ensure that they are fit for purpose Re-launch of the corporate sponsorship scheme Offering more Story Cafes and guided walks The project was a team effort, with trustees and staff working alongside external consullanls to ensure a cohesive strategy moving forwards. The Business Development Plan was delivered and its recommendations adopted by trustees in October and requires significant investment in stsff and infrastructure in order to achieve its challenging objectives., this is a calculated risk but one wth which trustees are confident.
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Achievements and perforniance Recruitment has taken place for a Membership Manager, Volunteering Officer and Fundraising Administrator with a Marketing Officer lo follow. They join our existing staff lo help achieve the strategy which is based on increasing membership numbers., establishing a strong volunteering team., funding projects and core Costs with external grants., and introducing a sites acquisition strategy. The first recruits started work at the end of January. Mgmbershlp Membership numbers increased dramatically this year thanks to a social media campaign and the increase of visitors to Cornwall in the summer. After the initial boost the momentum slowed but has remained strong. At the end of March 2022 there were 2,479 members compared to 334 at the same time last year. This unexpectedly proved the hypothesis that income from memberships could be grown and gave confidence lo trustees. Aiong with Gift Aid contributions this resulted in £53,404 from MeMr$hiP income this year which is an all-time t0[d. Grants During the pandemic the main grants scheme was closed, with only the small grants scheme for applications of up to £500 remaining open. This year 16 applications were reiVed leading lo 6 projects being supported with £2.700 committed. The Business Development Plan involves a reduction in expenditure and so both schemes have now closed for the new financial year. It is hoped that these wll re-open in the future however they were traditionally intended as a mechanism to achieve some of our charitable aims,. much of which is now fulfilled through the work the Trust carries out itself. Heritage Sites The routine clearance works have continued this year and the fencing al Castle an Dinas was completed thanks to a grant from Histori¢ England however the main achievements have been the acquisition of two siles. The first was actually a return to the portFolio as the mining buildings at Casue an Dinas were advertised for sale. The Trust sold these buildings some years ago however the plans for the Mine Captain's Office. which is located in the Trust's car park, to be turned into a residential dwelling caused some concern. In order to protect the Trust's car park and the setting of the monument it was deaded to re-acquire the small Offi building. Sadly, the building is in a poor condition however the new owners of the other buildings are keen lo work wth the Trust and part of the agreement was that they would refurbish the entrance track. Plans for the building will be ¢onfirmed over the next year. In January the opportunity lo purchase Caer Bran Iron Age HilKort arose. 11 became clear that the was a risk that the sile would be bought for intensive farming purposes. which resulted in the acquisition becoming a rescue mission. 11 is a property which has been in our sights for several years and is located in between Sancreed Beacon and Carn Euny. We are in the earfy stages of formulating a management plan for this new sile and hope lo secure some extemal funding to help with some of the management and capital works costs. The Trust manages an important portfolio of Comish Heritage sites. This consists of five siles owned by the Trust and an additional seven siles owned by English Heritage IEHI bul managed by the Trust. Management and oversight of the portfolio is led by the Property Sub Commillèe and supported by the Trust's Herrtage Siles Officer. The Trust seeks to achieve a high standard of maintenance as well as implemenlalion of a variety of improvements in respect of both owned and managed sites, with a focus on the environmentsl and ecological needs of the land as well as the historic maintenance needs.
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 ite name Heritage importance Highlights Plans astle an Dinas ne of the largest and mos mpressive hillforts ornwall, dating round 2500BC Consists of 3 ditch and rampart concentric rings, 850 eel in diameter and standing 00 feel above sea level. wo bronze age bairows in he central enclosed area. egetation clearanc continued and the re-fencing of the whole site wa completed. The Min Captain's Office was acquired o safeguard the car park and setting of the monument from ancreed Beacon beautiful stretch of th sl Penwilh moorland "th the MaInS of 2 burial ounds visible on th ummil and the remains o hal is thought to be a ronze age hut on th estern slope Spectacular views across Mount's Bay and lo Land's End. Part of the stewardship programme for the land includes the permanen razing of 4 ponies al th site. Plans are in place for clearance project at the sil his year, along with som èncing repairs revanion ulverhouse 11 preserved 131h lo 141 ntury dovecote Ipigeon ouse) Complete with keystone finish roof, one of only 4 surviving xamples in Comwall Following a land slip th ence at the rear of th property will be replaced and some planting installed reffry Viaduct Built beeen 1839 and 1842 by J T Treffry, iaduct built to carry a ramway and a high level eat across Luxulyan Valley Ithin a Comish Mining Drld Heritage Site. the iaduct is 90 feel high and 70 feet long wf(h 10 equal span arches and is now a Scheduled Ancient Monumen n the Heritage Al Ris Register. Unusually, this structure is both an aquedLJ nd viaduct and a railwa road and river run beneath it. It is hoped that som volunteering sessions will ake place e.g. lo clear th gorse from the tramway rethevy Quoit he Trust purchased th ield lo protect the setting or the Quoit rethevy Quoit sits within this 3 acre field, a burial chambe hich may have been buil round 3500BC, which is arfier than Stonehenge he site will be maintained a usual, a volunteering day i scheduled for maintenanc around the Quoit
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Sites managed for English Heritage The Trust also manages seven Heritage siles in Comwall owned by English Heritage". its name Description King Doniert's Stone wo ancient carved stones which stand in an enclosure on the road whic links the A38 to Minion5 and Upton Cross on the southern side of Bodmi Moor. The two stones are parts of medieval crosses, probably from th 9th cenluryAD The Hurfers Stone Circles his line of three eady Bronze Age stone circles is one of the bes xamplès of ceremonial standing stones in the South West Trethevy Quoit particularly well-preserved portal dolmen from the late Neolithic period, ne ot the most impressive in Britain upalh Well he largest and most impressive Well House in Cornwall. Thought I have been built in 1510, it is an almost complete granite Well House buil ver an ancient spring Cam Euny well-preserved iron age village with a stunning fogou lundergroun hamberl. The village was occupied beeen approx. 500BC an D400 TTrgiffian Bunal Chamber late Neolilhicl earfy Bronze Age burial chamber near the Merry Maiden Stone Cirde l Breock Monolith he heaviest standing stone in Cornwall, weighing in at approx. 16.5 tons This responsibility derives from a 10 year Maintained PropeeS Agreement between CHT and EH. under which the Trust receives annLJal payments for day-to-day care and management of EH sites. Routine maintenance is performed by CHT within the temis of the Agreement, bul additional works al individual sites is subject ID prior agreement beheen CHT and EH, funded by EH as appropriate. The agreement was renewed last year for a further ten years.
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Heritage Grants During the year we continued lo offer financial support through our grants schemes lo other organisalions and groups undertaking heritage projects however the decision was made lo only offer the small grants scheme lup lo £5001 due lo the difficulty of discussion and decision-making over Zoom. The grant schemes support heritsge projerts and activities undertaken across Comwall that meet CHT'S aims. We received 16 applications for grant assistance and S new grants were approved for funding, a total of £2,700 committed. Heritage projects for which granl-funding support was agreed included the following.. rganisation funded Project mount Bodmin Regimental Museum - The project is the first stage of a major plan to enabl he museum lo stay in rfts historic home, 500 Keeping us at The Keep First Steps he Keep al Bodmin. This will be a major project designed o make the keep more accessible and sustainable whil maximising inlerprelalion of the heritage for our visitors. ousin Jack's Theatre Co Kevrenna Development of a mobile phone app that enable mmunities on the Tin Coast to share stories with young people. 500 AST- he project aims to raise awareness Df the quality o Helslon's built heritage, to Increase local pride and t Inspire members of Helslon Town Council and Cornwall ouncil, local residents and specialist visitors lo see th potential of this heritsge in contributing lo Helslon's future. 500 ater and elebration Heritage stone, Helston's of amuel Bestwick- film Iravelling the length of the Tamar capturing people, ttempls of adaplalion lo it," specifically the 22 bridges tha ross the river. CHT funding helped secure archiv ootage lo add to the film. 00 Dowr Tamar l Great Water ensory Trust- More Than Words will demonstrate how sensory-rich pproaches lo inlerpretalion can be used lo improv ccess lo heritage for visitors with disabilities and Impaitments, evidenced as those who face the mos barriers lo accessing heritsge and natural heritage. 500 ore Than Words Rescorla Centre Further improvement and development of the Centre, pecifically lo walls and windows. 500
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Each year we also support Cornwall Historic Churches Trust, the Junior Gigs Championships and the Sl Mawgan Cornish Wrestling Tournament. vlIe the Gigs and Wrestling events were unable lo go ahead this year we still provided our annual grant of £5,000 lo CHCT. Fundralslng The Resilien¢e Project was funded with a £50,000 Culture Recovery Grant and enabled us lo carry out all the work that involved without depleting our reserves. The Business Development Plan requires LJS to increase the amount of external fvnding we attract and so this year we are concentrating on finalising our Fundraising Strategy and submitting bids ID funders to help pay for the projects we have planned. Just al the end of the financial year we heard that we h8d received £49,832 from the Nation81 Lottery fund towards our Jubilee Volunteering Scheme. This is a Iwo-year project aimed al establishing a robust volunteering scheme within CHT and more information wll be available on that scheme next year. Corporate sponsorship is an important part of fundraising and our Heritage Friends Scheme stsrted lo pick-up again following the restrictions $0 that we were able to Ver some of the Costs of our annual calendar and the schools transport grants this year as well as welcoming new Friends. and welcoming back established ones. Education Over the last couple of years demand for Schools Transport Grants has understandably been non-existènt, however in the last few months schools have started lo submit applications once again and numbers are starting lo pick up", during the year we were able lo support 88 trips which benefited 3.283 children and committed £13,951. With costs constantly increasing this scheme is even more important than ever to enable children lo visit heritage sites in Cornwall and so we are delighted lo confirm that it has been decided to wntinue the programme in the new financial year. We also provided three educational bursaries during the year, granting £1,250 in total. Community Engagement We made a lenlalive return lo attending events al the end of this year however the real success story has been the re-launch of the Cornish Story Cafes. both online and. lallerly, in person. We have also been able lo offer guided walks at some of our srtes lo our members and hope lo build on this moving forwards. Herltage Promotlon Online engagement and numbers of followers continues to grow.. ocial Media channel 021-22 020-21 % incr•as& Facebook ,269 5,200 210 TheCornwallHerilageTrusl tter ,548 ,931 21% Heritage Trust Inslagram ,764 ,321 190 CornwallHeritageTrusl
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Financial review The results for the year are shown in the statement of financial activities on page 14 and show nel incoming resources for the year of £122,568 12021. £373,299) which, together with the reserves brought forward of £2,892,335 12021.. £2,319,036) gives a total resetves figure of £2,814,903 12021.. £2,692,335),. of this amount £2,897,581 12021.. £2,555,083) is unrestricted. Undoubtedly the restrictions have been a lesling lime however we pul that lime lo good use and now have a Business Development Plan in place which provides a strategy for the next four years. 11 Is challenging and demands significant investTllenl in order lo achieve ils tsrgels bul we think il Is achievable. Trustees made thè decision lo adopt the Business Development Plan and the associated budget and we gol started slraighl away. Recruitment of additional staff was high on the agenda and we now have four new team members who are directly associated with the Plan, plus an Admin & Events Assistant. Investment in staff has been substantial however all have been recruited on two-year contracts and dear job descriptions. They also all have budgets to work within and expected income targets, as do the existing staff team. Income received of £253,492 this year was boosted by a large increase in membership numbers over the summer and a plan is in place lo work on retaining as many of those as possible al rènewal. Grants income of £52,151 funded the Story Cafes and the Resilience Project and we benefited from £3,250 of corporate sponsorship as well. We also received a bequest of £59.856.' this sum represents the first inslalmenl and we hope to receive the remainder in the nexi financial year. Due to the ongoing restrictions expenditure in some areas was lower than forecast., this includes the cost of events and communty engagement., schools transport grants., and heritage grants. In turn the costs associated with membership were higher than expected due to the numbers of new members. At the end of the year the oullurn was favourable wlh a much smaller than anlicipaled deficit for operational spend. The unplanned capital expenditure of £150,000 (plus costs) on sites acquisitions meant that we ulilised some reserves however they were deemed to be wise, strategic purchases. The aim of the work undertaken through the Resilience Project was lo increase income generation lo "close the gap" and ensure our ongoing resilience and financial sustainability,. we aim lo do over the next four years now that we have the strategy firmly in place.
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Re5erve5 policy The charity's reserves policy lateS lo reserves held within the following categories. Unrestricted funds Designated funds Restricted funds Purpose The purpose of the Reserves Policy for Cornwall Heritage Trust is lo ensure the stability of the mission, programmes, employment, and ongoing operations of the charity and lo provide a source of internal funds for the charity's priorities such as building repair and improvement, programme opportunty, and capacity building. The Reserves Policy will be implemented in concert wlh the other governance and financial policies of Cornwall Heritage Trust and is intended lo support the goals and strategies contained in these related policies and in strategic and operational plans. Deflnltlons and goals reseThes The Free Reserves are intended lo provide an internal source of funds for situations such as a sudden increase in expenses, one-time unbudgeted expenses, unanlicipaled loss in funding, or uninsured losses. Free Reserves are not intended lo replace a permanent loss of funds or eliminate an ongoing budget gap. It is the intention of Cornwall Heritage Trust for Free Reserves lo be used and replenished within a reasonably short period of lime. 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 lo 6 months of average operating costs. The calculation of average monthly operating costs includes all recurring, predictable expenses such as salaries and benefits, occupancy, office, travel, programme, and ongoing professional services. Depiecialion, in-kind, and other non<ash expenses are not included in the calculation. The calculation of average monthly expenses also excludes some expenses, e.g. one-off or unusual expenses and capital purchases. De$lgnat9d rgsgrvgs 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 CapilalAssel Resefrve The Building and Capital Asset Reserve is intended to provide a ready Sour of funds for repair or acquisition of buildings, leaseholds, furniture, fixtures, and equipment necessary for the effective operation of the organisalion and programmes. The target amount of the Building and Capital Asset Reserve will be determinèd by a percentage of the overall reserves funds as informed by the strategy of the Trust," this may also include an allowan for planned projects or expenditu. Development Reserve The Development Reserve is aligned lo the planned expendrf(ure as part of the five-year Business Development Plan agreed in October 2021. It 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-temi capacity. Future Project Fund The Future Project Fund Reserve is intended lo 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 long-temi increased income. The largel amount of the Fuluie Project Fund Reserve will bè detemiined by a pèrcentage of the overall reserves funds as informed by the strategy of the Trust", this may also include an allowance for planned projects or expenditure.
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Educational GTrnls ResgNe The Educational Grants Reserve is intended to fund expenditure on educational projects and grants schemes, which includes the Schools Transport Scheme. The target amount of the Educational Grants Reserve wll be determined by a percentage of the overall reserves funds as informed by the strategy of the Trust., this may also include an allowance for planned projects or expenditure. Restrlcted funds Funds where the Trust has received income reserved specifically for a single ftjture 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 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 ICCLAI Investment Fund, split between Deposit Accounts, Dividend Income and Accumulation Accounts. In addition. the Mills legacy funds. valued at around £1.81 m, 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 lo assist other organisalions to apply for support for projects and activities that lie wlhin the charity's objectives lo preserve and strengthen Cornwall's heritage. Additionally, a sum is earmarked each year for educational project$, which indudes the bursary scheme for post-graduate research and the schools transport grants. Rlsk management The charity has adopted a robust view of risk management which provides a sel 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 2022 lay in the followng areas.. Impact of Covid-19 on the Trust's Investments and strategic plan. xii. Risk of inadequate resourcing for delivery. xiii. Risk of delay in deciding a way forward for the Trust's aim to achieve n0VatIOn of the Treffry Viaduct in the aftemiath of the termination of the HLF project. xiv. Failure to fully exploit opportunities which exist for fundraising (to oplimise charitable delivery workl.
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Plans for future periods We aspire lo achieving the following through the implementation of the Business Development Plan. Enrich the membership offering lo relain existing members and attract new members, thereby increasing our income from this source Utilise the Fundraising Strategy to increase the number of projects and elements of our work that are funded externally Build a varied and engaging Volunteering scheme Increase the number of events antl activities that we organise and attend lo raise awareness of the Trust and Cornwall's heritage Aim lo add one property per year to our portfolio and improve Inlerpretalion of our siles Develop our education resources and schemes lo benefrt a wider audience Increase income generation Structure. governance and management The charity is a company limited by guarantee governed by ils Memorandum and Articles ofAssociation. Membership of CHT is open to all members of the public. Members are enlided to attend general meetings of the charity and vote al these meetings. The policy forming body of the charity is the Council of Management I'The Coun¢il'l. 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 quartedy and are attended by Trustees as well as our internal team. The day-t¢Fday management of the charity is overseen by the CEO and the internal team who implement the $lralegy. Our internal team mainly comprises part-time staff and, in aggregation, represents 5.3 fill time equivalent employees. Staff numbers have Increased this year to meet the demands of the Business Development Plan and new staff have been initially recruited on fixed term contracts lo reflect this. Publlc benefit statement The Council reviews the aims, objectives and activities al least once each year lo look at what has been achieved in the previous 12 months. Importantly, the Council refers lo the Charity Commission's general guidance on public benefit when reviewing its objectives and in planning future activib"es. Tax status The company is a registered charity and therefore exempl from corporation lax. 10-
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 The trustees, who are also the directors for the purpose of company law, and who served during the year and up lo thè dale of signature of the financial stslemenls were". Mrs AC Davey Mr R Farranl Mr P Herring Mrs C Hunn Mrs E Jacques MrA Moore Mrs H Rawe Mr B Salmon Ll Col RB Trant Dr G Tregidga E Carne (Resigned 4 November 20211 (Appointed 17 February 20221 Chairrn Lzcd Ilithwd Tnt Sub Committtrs Oporaticqts Tearn r5 CJtyWcd Propèrtv MEmbst1P M3llager Ertu(aEIDn Di£itsl &De* Dmte Finantlèl¥rk Icel VoluntEenr¥ OFFiceF 1aJ LFri Adrnin & Event: 4551st
RRL" THE CORNWALL HERITAGE TRUST TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Statement of disclosure to independent examiner So far as the Trustees are aware". there is no relevant infomialion of which the charitsble company's independent examiner is unaware., and the Trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant infomiation and to establish that the independent examiner is aware of that information. This report has been prepared in accordance with the speaal provisions of Part 15 of the Cornpanies Act 2006 relating lo small companies. The trustees, report was approved by the Board of Trustees. Ll Col RB Tranl Trusta8 26 September 2022 12-
RRL" THE CORNWALL HERITAGE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CORNWALL HERITAGE TRUST I report to the Iruslees on my examination of the financial statements of The Comwall Heritage Trust (the charity) for thè year ended 31 March 2022. Responsibilities and basis of report As the trustees of the charity land also ils directors for the purposes of company lawl you are responsible for the preparation of the financial slalements in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Act). Having satisfied myself that the financial slalements of the charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the ¢harity's financial statements carried OLJI 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 14515llbl of the 2011 Act. Independent examinerfs ststement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Ad. l confirm that l am qualified lo undertake the examination because l am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect". accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial slalements do not accord with those records., or the financial slalemenls do not Comply with the a¢untIng requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a maller considered as part of an independent examination,. or the financial slalements have not been prepared in accordance wth the methods and principles of thè Statement of Recommended Practice for accounting and reporting by charities Spplicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slalements lo be reached. Mark Williams FCA DChA RRL LLP Peal House Newham Road TRURO Cornwall TR12DP Dated.. 24 October 2022 13-
RRL" THE CORNWALL HERITAGE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Current financial year Unrestrlcted Restrlcted funds funds 2022 2022 Total Totsl 2022 2021 Notes Income from- Donations and legacies Charitable activities Other trading activities Investments 71,839 71,999 1,793 53,587 52,151 123.990 71,999 1.793 55,710 68,059 33,982 1,344 56.093 2,143 Totsl Income 199,198 54,294 253.492 159,478 Ex enditure on- Raising funds 32,317 9,970 42,287 24,740 Charitable activities 172,483 50,867 223,350 174,871 Totsl resources expended 204,800 60,837 265.637 199,611 Net gainslllossesl on investments 13 128,498 6,215 134,713 413,432 Net incominglloutgoingi resources before transfers 122,896 13281 122,568 373,299 Gross transfers between funds 19,602 119,6021 Net movement in funds 142,498 119,9301 122,568 373,299 Fund balances al 1 April 2021 2,555,083 137,252 2.692,335 2,319,036 Fund balances at 31 March 2022 2,697,581 117,322 2,814.903 2,692,335 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. The statement of financial activities also complies with the requirements for an income and expenditure aOunt under the Companies Act 2006. 14-
RRL" THE CORNWALL HERITAGE TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Prior financial year Unrestrlcted Re$trlcted funds funds 2021 2021 Totsl 2021 Notes Income from- Donations and legacies Charitable activities Other trading activities Investments 49,776 33,982 1,344 53,983 18.283 68,059 33,982 1,344 56.093 2,110 Totsl Income 139,085 20.393 159,478 Ex enditure on- Raising funds 24,740 24,740 Charitable activities 158,972 15,899 174,871 Totsl resources expended 183,712 15.899 199,611 Net gainslllossesl on investments 13 401,136 12,296 413,432 Net Incomlnglloutgolngl rg$ou¢S bgforg transfers 356,509 16,790 373,299 Gross transfers beeen funds 1,564 11.564) Net movement in funds 358,073 15,226 373,299 Fund balances al 1 April 2020 2,197,010 122,026 2,319,036 Fund balances at 31 March 2021 2,555,083 137,252 2,692,335 15-
RRL" THE CORNWALL HERITAGE TRUST BALANCE SHEET ASAT31 MARCH 2022 2022 2021 Notes Flxed assets Intangible assets Tangible assets Investments 14 15 16 5,898 328,598 2,371,194 7,597 168,756 2,384,281 2,705,490 2,560,634 Curr&nt a$s9ts stocks Debtors Cash at bank and in hand 1,350 7,019 105,562 1,350 10,464 123,414 18 113,931 135,228 Creditors: amounts falling due within one year 19 14,5181 13,5271 Net current assets 109,413 131,7Q1 Totsl assets less current Ilabllltle$ 2,814,903 2,692.335 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 21 117,322 137,252 22 2,600,000 97,581 2,300,000 255,083 2,697,581 2,555,083 2,814,903 2,692,335 16-
RRL" THE CORNWALL HERITAGE TRUST BALANCE SHEET ICONTINUED) ASAT31 MARCH 2022 The company is enlilled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022. The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial slatemenls. The members have not required the company lo obtain an audit of ils 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 28 September 2022 Lt Col RB Trant Trustee Company Registration No. 01901905 17-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Charity inforniation The Comwall Heritage Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is G03, The Percy Williams Building. Krowji, Wesl Park, REDRUTH, Cornwall, TR15 3GE. 1.1 Accountlng conventlon 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 IFRS 1021- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006, Induding Amendments lo Accounting and Reporting by Charities. Ststemenl of Recommended Practice applicable to charities preparing their accounts in accordance wi(h the Financial Reporting Standard applicable in the UK and Republic of Ireland.. The Cornwall Heritsge Trust meets the definition of a public benefit entty under FRS 102. The financial statements are prepared in sterling which is the fundional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwse slated in the relevant accounting policy nolelsl. 1.2 Income l incoming resources are recognised when the charity has enlillement lo the nds, it is probable the income will be received and the amount can be measured with sufficient reliability. Don81ions and legacies Donations are recognised on a re1vable basis where there is certainty of receipt and the amount can be reliably measured. Legacy income is recognised in the financial slalements according lo the period in which the charity becomes entitled to it, unless il is incapable of financial measurement. GTrnls ceIvable 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. Vvhere income is received in advance of entillemenl of receipt its recognition is deferred and induded in creditors a5 deferied Income. Where enliuemenl occuis before income is received, the income Is accrued. subscriptn$ Al membership subscriptions are credited to the statement of finanaal activities when they are received. Investment income Investment income is recognised on a ceIvable basis. 18-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles Icontlnuedl 1.3 Expendltu Al 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. Vvhere costs cannot be directly atlribuled lo particular headings they have been allocated on a basis consistent with the use of resources. Grants payable are charged in the period when the offer is conveyed lo 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 lo conditions which have not been met at the year end date are noted as a commitment bul not accrued as expenditure. Allocat of Costs Certain expenditure is directly attributsble to specific activities and has been included in those cost categories. Certain other costs, which are allributable lo 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 Intsngible assets acquired separately from a business are recognised al cost and are subsequently measured al cost less accumulated amortisalion and accumulated impaimient losses. Intsngible assets acquired on business combinations are recognised separately from goodwill al the acquisition date where it is probable that the expeded future economi¢ benefits that are attributable lo 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 200h 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 lo the nation's culture and education al 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 relevan lo the charity's aclivilies. No depreciation is provided because the land has an indefinite Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Heritage asset Art collection Fixtures and fittings 150h - 330/0 Reducing balance 19-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles Icontlnuedl 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. Impaimient losses are recognised in the ststement 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. 1.6 Flxed asset investments Investments are a fomi of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as al the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluats'on and disposals throughout the year. The Trust does not acquire pul options, derivatives or other complex financial inslrumenls. 1.7 Stocks Stock 15 valued al the lower of cost and net realisable value. 1.8 Cash and cash equivalents Cash al bank and cash in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the dale 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 finanaal instruments. Financial instruments are recognised in the charity's balan sheet when the charity becomes party to the conlraclual provisions of the Inslrumenl. Financial assets and liabilities are offset. with the nel amounts presented in the financial stslemenls, when there is a legally enforable right lo sel off the recognised amounts and there is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. 8aslc flnanclal assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction pri including transaction costs and are subsequently carried at amortised cost using the effective Interest method unless the arrangement constilules a financing transaction, where the transaction Is measured at the present value of the future reIP1S discounted at a market rale 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 al transaction price unless the arrangement constitutes a financing Iransaclion. where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequenuy carried al amortised cost, using the effective Inlèresl rale method. Trade creditors are obligations to pay for goods or services that have bèen 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-currenl liabilities. Trade Creditors are recognised initially at transaction price and subsequenuy measured al amortised cost using the effective interest method. -20-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles Icontlnuedl Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday enlitlemenl is recognised in the period in which the employee's services are received. Temiinalion benefits are recognised immediately as an expense when the charity is demonstrably committed lo lerminale the employment of an employee or to provide termination benefits. Crltlcal accountlng estlmates and Judgements In the application of the charity's accounting policies, the Iruslees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUrs. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales 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. Donations and legacies Unrestricted Restricted funds funds Total Unrestricted funds Restricted funds Total 2022 2022 2022 2021 2021 2021 Donations and gnls Grants 68,111 3,728 68,111 55,879 3,389 46,387 3,389 64,670 52,151 18,283 71,839 52,151 123,990 49,776 18.283 68,059 Grants receivable for core activities HMRC Cornwall Council National Lottery Heritage Fund Cornwall Community Foundation Historic England The Archileclural Heritsge Fund Corporate Sponsorship 478 478 5,387 11.000 5,387 11.000 30,000 9,900 39,900 5,000 6,453 5,000 6,453 2,151 2,151 50,000 50.000 3,250 13,0701 {3,0701 3,250 3,728 52.151 55.879 46.387 18,283 64,670 21
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Donatlons and legacles Icontlnuedl HMRC - grants have been received lotalling £47812021.. £5,387) lo help with the furloughed staff whilst in a nationwide lockdown due to COVID-19. Cornwall Council - grants have been received totalling £Nil {2021.' £11,000). The local restrictions SUPPDrt grant has been issued to help businesses during the national lockdown and COVID-19 outbreak. Charltsble adlvltlgs Othor Herltsge sltes Totsl 2022 Other Herltage slt88 Total 2021 2022 2022 2021 2021 English Heritage Management Fee DEFRA Countryside stewardship Wayleave Payments Memberships 19,258 19,258 19,258 19,258 7,092 116 7,092 116 45,533 6,808 116 6,808 116 7.800 45,533 7.800 45,533 26,466 71,999 7,800 26,182 33,982 Other trading activities Unrestricted Unrestricted funds funds 2022 2021 Miscellaneous 1,793 1,344 Invgstments Unrestrlcted Restrlcted funds funds Total Unrestricted funds Restricted nds Total 2022 2022 2022 2021 2021 2021 Investment income 53,567 2,143 55,710 53,983 2,110 56,093 -22-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Raising funds Unrestricted Restricted funds funds Total Unrestricted funds 2022 2022 2022 2021 Fundraisin and ublici Governance costs Fundraiser costs Support ¢osl$ 538 6,325 13,115 538 16,295 13,653 765 2,894 10,098 9,970 Fundraising and publicity 19,978 9,970 29,948 13,757 Investment mana emenl 12,339 12,339 10,983 32,317 9,970 42,287 24,740 -23-
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RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Grants payable Awards 2022 Awards 2021 Grants lo institutions.. Cornish Pilot Gig Association - Bird Collection Project Awen Productions- Doc Rowe Project Cornish Historic Churches Trust Lowender Paren Looe Development Trust Borlase Smart John Wells Trust Carclew Intneal Martyn Trust Cornish Building Group Other 3,000 5,000 5,000 1,840 5,670 1,800 5,000 5,000 1,667 5,300 1,667 6.103 15,770 31,277 10 Support costs Support Governance costs costs 2022Support costs Govemance costs 2021 Staff costs Depre¢ialion and amortisation Legal and professional Office expenses Insurance Equipment rentsl 35,644 35,644 38,030 38,030 4,541 1,369 40,937 4,155 786 4,541 1,933 40,937 4,155 786 5.361 5,262 13,534 4,077 1,059 5.361 6,958 13,534 4,077 1,059 1,696 Accountancy and independent examination Trustee expenses 2,940 86 2,940 86 3,180 225 3,180 225 87,432 3,590 91,022 67,323 5,101 72,424 Analysed between Fundraising Charitable activib'es 13,115 74,317 538 3,052 13,653 77,369 10,098 57,225 765 4,336 10,863 61,561 87,432 3,590 91,022 67,323 5,101 72,424 Costs have been allocated to activities as a % based on time. -26-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 11 Trustees None of the trustees lor any persons connected wth them) received any remuneration during the year, but 4 of them were reimbursed a total of £86 for miscellaneous expenses12021.' 4 trustees were reimbursed £2251. 12 Employees The average monthly number of employees during the year was.. 2022 Number 2021 Number Employment costs 2022 2021 Wages and salaries Other pension costs 79,652 1,971 66,782 1,321 81,623 68,103 The average number Ifull time equivalents) of employees during the year was 2.8 {2021'. 2.31. No employee received emoluments of more than £60,000. 13 Net gainsl{lossesl on investments Unrestrlcted Re$trlctgd funds funds Total Unrestricted funds Restricted funds Total 2022 2022 2022 2021 2021 2021 Revaluation of investments Gainlllossl on sale of investments 111,785 6,215 118,000 401,136 12,296 413,432 16,713 16,713 128.498 6.215 134.713 401.136 12,296 413,432 -27-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 14 Intangible fixed assets Website design Cost Al 1 April 2021 and 31 March 2022 9,496 Amortlsatlon and Impalmient At 1 April 2021 Amortisation charged for the year 1,899 1,899 At 31 March 2022 3,798 Carrying amount Al 31 March 2022 5,698 At 31 March 2021 7,597 15 Tangible fixed assets Heritage a55et Art collection Fixture5 and fittings Total Cost At 1 April 2021 Additions 161,425 155,957 2,617 34,804 6,527 198,846 162,484 At 31 March 2022 317,382 2,617 41,331 361,330 Depreciation and impairment At 1 April 2021 Depreciation charged in the year 30,090 2,642 30,090 2,642 Al 31 March 2022 32,732 32,732 Carrying amount Al 31 March 2022 317,382 2,617 8,599 328,598 Al 31 March 2021 161,425 2,617 4,714 168,756 Heritage assets consist of land designated as heritage srtes by the charity and acquired by gift or purchase. -28-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 16 Fixed asset investments Llsted Unllsted Investments Investments Total Cost or valuation At 1 April 2021 Additions Valuation changes Disposals 2.383.761 17,510 118.001 1148,5981 520 2,384,281 17,510 118,001 1148,5981 Al 31 March 2022 2,370.674 520 2,371,194 Carrylng amount At 31 March 2022 2,370,674 520 2,371,194 Al 31 March 2021 2.383.761 520 2,384,281 The cost of the investments included above as at 31 March 2022 was £1,701,80712021'. £1,789,051). 17 Flnan¢lal Instrumgnls 2022 2021 Carrylng amount of flnanclal assets Instruments measured at fair value through profit or loss 2,370,674 2,383,761 18 Debtors 2022 2021 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 524 3.205 3,290 6,365 4,099 7,019 10,464 19 Creditors: amounts falling due within one year 2022 2021 Trade creditors Other creditors Accruals and deferred income 1.172 823 2,523 1,000 2,520 4,518 3,527 -29-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 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 charty In an independently administered fund. The pension costs for the year represent the contributions payable by the charity lo the indepèndently administered pension fund and amounted to £1,971 12021. £1,321). There were £Nil unpaid contributions al the year end12021.' £Nill. 30-
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RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 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 Iruslees for specific purposes (see Trustees, Report for more delailsl.. Balance at 1 April 202 TraThsfvrs Revaluation5, Balance at gains and 1 April 2021 losse5 Transfer5 Revaluations, Balance at gains and 31 March 2022 losses Future Project fund Building and Capital reserve Development reserve Fair value reserve Educational Grants 671,945 118,055 790,000 1398,0001 392,000 164,350 65,650 230,000 741.000 971,000 456,500 183,500 640,000 205,000 845,000 169,099 1563,6801 394,581 1111,7851 111,785 640,000 640,000 1248,0001 392,000 1,461,894 443,525 394,581 2,300,000 188,215 111,785 2,600,000 Included within the above designated funds is a fair value reserve lotalling £631,099 representing the value of fixed asset investments in excess of cost. 23 Analysis of net assets between funds Unrestricted Restricted funds funds 2022 2022 Total Unrestricted Restricted funds funds 2021 2021 Total 2022 2021 Fund balances al 31 March 2022 are represented by.. Intangible fixed assets 5,698 Tangible assets 305,243 Investments 2,293,281 Current assetsllliabililiesl 93,359 5,698 328.598 2,371,194 109,413 7,597 145.401 2,312,584 89,501 7,597 168,756 2,384,281 131,701 23,355 77,913 16,054 23.355 71,697 42,200 2,697,581 117,322 2,814,903 2,555,083 137,252 2,692,335 24 Operatlng loas8 commltments Al the reporting end dale the charity had oulslanding commitments for future minimum lease payments under non-can¢ellable operating leases, which fall due as follows". 2022 2021 Within one year Between two and five years 696 696 696 696 1,392 33-
RRL" THE CORNWALL HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 25 Contingent liability Grant income amounting lo £48,060 was received from the Heritage Lollery Fund in 2016, 2017 and 2018. This Income relates to the partial funding of the updating, digitslising and re-launching of the Millennium Book of Cornish Heritage. Should this be sold or the charity cease lo operate, then this funding may become repayable. Grant income amounting lo £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 lo operate, then this ftjnding may become repayable. 26 Relatgd party tran$a¢tlon$ There were no disclosable related paty Iransa¢lions during the year12021.' none). Remuneration of key management personnel The remuneration of key management personnel is as follows. 2022 2021 Aggregate compensation 38,137 30,031 27 Grant commitments At the year end, grants awarded which have been approved bul not yet drawn down lotalled £8,817 {2021'. £26,0231. 34-