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 MeM￿r$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 re￿iVed 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 be￿een 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 be￿een 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 Prope￿eS 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 beh￿een 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. v￿lIe 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 0 (4 a) c o 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- >>Ez>èi'_ Co> c ffj >E￿ fi (L￿VUlL￿ ttILLL)zfL)L)LL < I 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-