Company reglstration number.. 01901905 Charlty r¢glstrailon number: 291607 The Cornwall Heritage Trust Limited {A company limited by guarantee) Annual Report and Flnanclal Statements for the Year Ended 31 March 2024 BK Plus Limited 3 Chapel Street Redruth Comwall TR15 2BY The Cornwall Heritage Trust Limited Contents Reference and Admln15tradve Detslls Trustees, Report 2to8 Independent ExBmlnerfs Report Statement of Nnancial Activitie5 io Balance Sheet li ststement of Cash Flows 12 Notes to the Nnancoal Ststements 13to29 The Cornwall Heritsge Trust Llmited Reference and Admlnlstratlve Details Tru¥t•es Mrs A C Davey Mr M S Dlcklnson Mr R G Farrant Mr P C Herring Mrs E C Jacques Mrs H V Rawe Lt Col R B Trant Dr G Tregldga Ms E Carne Operatlofts Team Cathy Wool￿d(, Chlef Executlve Offlcer Allson Blck, Dlgltsl & De51gn Officer Dick Cole, Herltage Sltes Offlcer Belinda Body, Events Offi￿r Kathryn Layte, Finance Offi￿r Sophie Meyer, Engagement Manager Camllne Davey, Education and Outréoth Manager Antonla Mullaly, Fundralslng Officer Grace Kennard, Markeilng Off￿•r Graham Reynolds, Custodlan of Carn Euny Hgllle Fe￿}5, Countryslde Ranger James Shlpway, Ranger Apprertlce Casey meyer-6ouTh￿, Admlnlstrntlon As515tant Isobel Bloornfleld, Volunteerlng Offlcer Voughn Charnbets, Adminlstratlve App￿ntI Charity R•g58tr•tlon Number 291607 Company R•glstrntlon Numb•r 01901905 R•glrt•v•d Qffico G03, The Percy Wllliams Building Krowji West Park Redruth Cornwall TR15 3GE Independent Ex•mlner BK Plu5 LlmSted 3 Chapel Street Redruth Cornwall TRIS 2BY Page I The Cornwall Heritage Trust Limited Trustees. Report The Coundl ol Management rcoundl.) of the Cornwall Her￿age Trust (CHT} present thelr report and flnancljl statements for the year ended 31st March 2024. Ths rep¢)rt Is a comblned annual report contslnlng a dirertors. report as ￿quIred by company law. The flnancl)15tstements have been prepared in accordan￿ wfth the occounting polities set out in note I to the financlal statement5 and tomply wlth the charlty's Memorandum and Artlcles of A550clation, the Companles Art 2006 and Accounting and Reportirrfj by Cha￿tIes.. 5tstement of Recommended Practlce applkable to charttle5 preparlng their aCcL￿n￿ in accortlan￿ wlth the Nnancial Reporting Stèndard applicable In the UK and Republic of Ireland IFRS 1021 (effectyve l January 20191., Objectlves and Actlvltles The obJertlves of the tharity are set out as follows.. l. The acqulsltlon and malntenance of land, buildings and assets of slgnlflcance to Cornwall 5 herltag* ii. Provlslon of grants to support preservatlon of bulldlngs, artefvtts, and other assets or contrfbutlons of slgnlficance to Comwall's herita9e ill. Educatlon of the publlc and In partlcular educatson tsf young people, school chlldren and students about Cornwall's heritage . Promo￿On of Cornwall's herltrge In a sensitive manner v. Ralslng funds and achlevlng favourdble publlcoty for the charlty Strategy lo athieve obSectives'. l. A four year Buslness Development Plan has been formulated to Improve organlsatlonal res11￿n￿ and finandal sustalnablllty: thls strategy focuses on income gener8tlon: il. An annual budget Is devlsed and approved by the Council of Management Icouncll) al the beglnnlng of each year. The Inlentlon being to carry out the requlrements of the Buslness Development PtsA. The budget Is managed by the Chlef EXeCE￿1ve Officer (CEO) and the operations team with over5vJht provided by the sub ommlttees; iii. Any matters arfslng outslde of the Buslness Development Flan and budget are referred to the Councll for decision as they èrlse; Iv. The plan and budget are monltored and revlewed quarterly by the sub committees and Councll. v. An Investrnent Strategy is in pkce to inform decI￿on-makIng and Is revleweit quarterty by the Thnante sub vl. The char￿Y hè5 a Fundra151ng Strategy In place whlth Is m)naged by the CEO and rnonitored quarter￿ by sub conmiittes and the Covncil: vii. Site5 Acquisition follows è policy ratlfied by the Council. The ad)levements and progress of the charity set agalnst Its objectlves for the year ended are stated In the annual report. FinontK41 statements ère presented to the Annual General Meeting for adoptlon by the membershlp. A¢hl•tMm•nts and Perfovmance Str?l¢gy Following the successful work undertaken as part of the flr5t phase of the-Re51IIen￿ Projetv this year was the second full year following the recommendatlons of the Business Development Plan and Fundrnlslng 5tr8tegy. The strate9y focused on Increaslng membership numbers. relaunching the volunteerfn9 scheme,. fvndirvj projects and core costs wlth extemal grants. and éstabllshln9 a strategy for sltes acqulsltlon. The Hon wa5 revlewed In Febwary 2024 and athons will be taken forward Into the new financlal year. Fundt7ising is è key element ol the Bu￿neSS Development Plan and thbs year has seen sl9nificant projects made p0551ble due to grants and sponsorshlp from a variety of funders- this has Included the creatlon of an In-house sltes management team. expanslon ol the education pro9ramme and the Introductlon of new InitIa￿Ve$ such as Open GE4rdens. The hIghl￿￿ts frorn the year were,. 3 new herltjge slte5, Lammana Chapel, Tregonnlng Hlll and Duloe Stone Circle wtre taken into our care. The heritage slte of St Cleer Hoty Well and Cross w)5 saved from the Herltage at RL4( Re9lster. 6.122 people attended a communlty event or helrtage workshop Tun by Cornwall Hèrlta9è Trust. Page 2 The Cornwall Heritage Trust Limited Trustees. Report Followlng the rÈcrultment of our Educatlon & Outreach Mènager we were able to bulld our educatlon pro9ramme. 1,089 thildren took part in 4 Comwall Herfts9e Trust workshop, Includlng 86 chlldren In altematlve provlslon educatlon. 130 thlldren attessed a free CHT workshop at one of our herltage sltes. IOB VDlunteers gave us 2,629 hours of their time, whl¢h equates to 376 days of work. 70 volunteets took part in tralning Includlng blochar creatlon, sqthlng, blrdlngs tracklng, hedgerow management, flora and fauna hlentificatlon. food hygiene, and Comlsh hedglng. We funded 84 school trlps, totalllng a spend of nearfy £27k and benefittlng 7,196 students. We funded nea £Sk In access grants to secondary schools and tommunlty groups, We supported the use of herltage for wellbelng, by partnedng wlth tsr9anlsatlons Includlng the InspIrl￿j Wornen's Network, Cornwall Prlde, Carefree Comwall and the NHS Mentsl Heath Outpatient, Make it Better CIC. These partnershlp5 en?bled 145 people access to green space. We launched J partner5hlp projeci wlth Gorsedh Kernow and the Federation of Old Cornwall Socletks to Introdu￿ a herttagè plaqltes scheme for Cornwall, calle£l 'Pobel a Gerr￿W.. We 5UPPOrted the launch and ongolng h05tlng of Comwall Rural Educabon and Skllls Trust. CREsf was founded t¢ )ddress the need for tralnlng in the craft of Cornlsh hedglng and rabse awareness of the rfch value of hedges In the landscape. We held our first ever herwe festlval 'AwenekiW at The Lost Gardens of Hellgan 4nd welcomed 2.000 vlsltors to the event. We launched our Open Gardens scheme wlth four gardens klndly openlng to help ralse funds lor the charlty. In add￿lon to 811 of thls we also contynued wlth our rnore establlshetl pro9rarnmes, Such as the 5ucce5sful Story Cafes, Royal Cornwzll Show and the annval Awards Night at whlch we created three-HerStage Champlons. We also held another very successful mldsummer beacon lighting at Sancreed. Page 3 The Cornwall Heritage Trust Llmited Trustees. Report Flnanaal Review FlnaKl•l Statements a￿ presented to the Annual General Meeting for adoptlon by the membershlp. The Trust Ss commltted to organisatoonal reslllence and flnanclal sustslnablllty arKI is very grateful for the support of fundlng from tht National Lottery Hedtage Fund, Cornwall Council, Engltsh Herltage, Natlonal Lottery - Communlty Fund ljubllee), Ban15ter Charitable Trust and Comwall Wlldllfe Tnjst. Cgrporète sponsorshlp and membershlp substhptlons help to dose the gap be￿een Incpme and expendlture. The outturTh at the end of the year amounted to an excess of Income over expendlture of £134,1)09, after Investment 9ains of £129.785. Trustees had antlclpated an outturn of £14.658. Whlle the investment performance helped bolster thls budget its remains a much better out¢ome than budgeted and a pattern that It Is hoped wlll contlnue. Of the total funds of the charfty, whlch stsnd at £2,929,456 12023: £2.795,447), £2,361,153 (2023.. E2,361,153} Is consldered desl9nated. belng the aggreg4te carryiThJ value of funds as d•strfbed Designated reserves wlthln the Trustees, report. strurturfy Governan￿ •nd Comwall Herftage Trust ts a reglstered charlty as well as 4 company limlted by guorantee govemed by Memorandum and A￿cleS of Assodatlon,. Mèmbershlp of CHT Is open tg all members of the publlc,. . Members are entltled to attend general meetlngs of the charfjty and vote at these meetings; The pollcy forrnlng body of the charlty Is the Councll of Management fThe Council-l. Membet5 are elected and become trustees of the charlty and directgrs of the company. Trustees 5erv¢ a three-year term aft*r which they can be re-elected to a maxlmum of three terms; - The Councll sets the strategy for the vrganlsatlon and refers to the Charfty Commlsslon's general guidance on public benefit when revlewing its objethves and In plannlng future actlvltles. The alm5, objectlves and actlvldes a￿ revlewed at ￿ast once ) year to look at what has been achieved in the past year; Trustees are members of sub commtttees. whlch cover the key areas of the Trust's work - these include finance, property, and education & en9agement. These commlttees meet quartedy and are attended by relevant 5tsff member5- . The day-to-day oPera￿onal managwnènt of the organlsatjon 15 Overs￿ by ihe CEO alongslde the staff team who Implement the strategy; . The staff team comprises IS members of staff employed on ¥ varitty of tontracts which equates to 10.9 FfE. Page 4 The Cornwall Heritage Trust Limited Trustees, Report Hl•torlc Slt•s The Trnst owns andlor manages an Impothnt portfollo of seventeen Comlsh herltage sY(es. Thls conslst5 of nlne sltes owned by the Trust, one slte mana9ed under a long-term lease aoreement antl a further seven sltes m)n)ged on behaff of Engllsh Herttage {one of whlch bg Jolntly owned). Thls man4gement agreement has ten-year tem, under whlch the Ttwst recelves an annual payment for day-to.doy care and management of the $ltes,' addltyonal capltal projects are subject to prior agreement wlth Engllsh Heritsge and fvnded by thern a5 approprlate. Sttes owned by Comwall Herlts9e Tntst: Castle an Dlnas . Sancreed Beacon Trev4nion Culverhouse . Treffry Viadurt . The flekl In whlch Trethewy Qwlt stand5 st Cleer Holy Well . Caer Bran Lamm?na Chapel Tregonnln9 Hlll Sltes managed on behalf of Eng115h Herltsge.. King Donlert's Stone The Hurlers Stone Clrcles . T￿the¥Y Quolt {the rnonumenti Dupath Well . Carn Euny . Tregiffian Burfal Chamber st Breock Monollth site managed on a ltsng tem lease Duloe Stone Clrde Risk Management The Charity has adopted a robust vlew of dsk management whith provldes a Set gf processes for asse5sing¢ managing and regularly updatlng key rlsks. These are recorded on the thorlty's risk registsr. Key Idents￿ed rlsks at the end of March 2024 lay in the fdlowing areas.. l. Wsk of Ina¢JequJte resourtin9 for dellvery 11. Medlum to long temi Impact of global emeryencles and Covld 111. Opportunltles for external fvndraisir9 missed or not exploited The rlsk reg15ter Is revlewed at least annually. R•Mr¥e$ Pollcy The charity's Resekves Pollcy relates to reserves held within the followlng categories.. UnrestrScted funds Desl9nated funds Restrlcteil funds The pvrpose or the Reserves Policy ts to ensure the stabillty of the mlsslon, programmes, employment and ongoing operations of the charity and to provlde a source of it)temal funds for the charlty's prioritie5 suth as bu1￿[n9 repalr and lrnprovemenk programme opportunity and capaclty bulldlng. The Reserves Policy will be implemented in concert w5th the other governance and flnanclal polScles of CFff and 15 Intended to support ihe goals and sirategles contalned In these related pollcles and In strateglc and operètional plans. Frte Re•eN These are Intended to provide an internal s¢)urte of funds for sltuatlons such 05 sudden intrease In expenses, one-tlme unbudgetsd Iterns, unantkipated loss ol fundlng, or unlnsured losse5. Page 5 The Cornwall Heritage Trust Limited Trustees. Report F￿ Reserves a￿ not Intended to replace a permanent loss of funds or ellmlnate an tsngoln9 budget 9ap. It Is the intentson of Cornw811 Herltage Ttitst for Free Reserves to be used and replenSshed wlthln a reasonabty short perfod of tlme. The mlnlmuffl amount to be held as Free Reserves will be established in an amount suffKient to malntaSn ongolng operations •nd programme$ measured for a set perlod of tlme, measured In mgnths. The Free kesetves serve a dynamit rDle and will be reviewèd and adjusted In response to both Internal and external change5. The target mlnlmum Free Re$erves are equal to Six months of average opèrating tosts. The calojlatlon of average nw)nthly operatlng costs Includes all recurrfn9, p￿dICtable expense5 such a5 Salaries and beneflts, occupanty, Offi￿ travel, progrbmme and on9olng professional 5ervlces. Depredatlon In klnd and other non-cash expenses are not Included In the calculatlon. The caloJlation of average monthly expenses also excludes some expenses, e.g. one-off or unusual expenses and capltal purthases. Deslgn4ted re$er¥o¥ These are funds that have been donated to the charlty and earmarked or dng fen￿d by the Coundl against partlcular potential heFrta9e eX￿ndItuTe plans. Buildlng and Capltal Asset Reserve The Bulldlng and Capltal Assel Reserve is intended to provide a ready sourte of funds for repalr or oequlslti¢n of bulldlngs, land, leaseholds, furnlture, Ilxiures, and equlpment necessary for the effethve Opera￿on of the or9aThisation and prggramme5. The target amount of the bulldlThJ and cap6ts1 asset reserve wlll be detemilned by a percentage of the overall reseNes funds as Informed by the strate9y of the tsIL%t; Thi5 may also Include an allowance for planned projects or expendlture. Development Reserve The development resetve Is allgned to the planned expendlture as part of the fve-year Buslness Developrnent Plan agreed In Ortober 2021. It is also Intended as a sourtt of internal fvnds for 0ryanisa￿onal caPac￿Y bulldlng, sych a5 staff developrnenL research and development, or Investment In Infrastructure that will bvild long terrn capacity. . Future Project Fund The Futu￿ Project Fund Reserve Is Intènded to provlde funds to meet speclal tèrgets of opportunlty or ne that further the mlsslon of the tharity, whlch may or may not hjve spetlflc expectatyon of Incremental or lor term Increased Income. The target omovnt of the future project fund resèrve wlll be determlned by a percentage of the overall reserves nds as Informed by the strategy of the Trust,. This may aLso Include an allowance for planne(I projects or expendlture. Educatlonal Grants Reserve The Educational Grènts ReseNe Is Intended to fvnd expendlture on educavonal projerts and grJnts schemes. whlch Include5 the school's transport scheme. The tsrget amount of the educat#)nol grants reserve wlll be determined by a percentage of the overall reserve5 funds as Informed by the strategy of the Trust; thls may also include an allowance for planneil projects or expendlture. Restrlrtod fvnds Funds where the Trust has recelved Incorne resemd speclflcally lor a slngle future purpose. Investment pollLy A small amount of nioney wès Invested by the charlty In Bodmln and Wenford Rallway PLC some ye?rs ago - a company whose shares are not marketsble. Othernise, all investment funds held by the tharity ère deposlted on ¥ low-rlsk bèsls. Approximately É772k Is held wlthln the Charity, Church and Local Authorlty ICCLA) Investment fund, spllt between deposlt accounts. dlvldend Income and accumulatlon accounts. In addition, the Mllls legary funds. valued at around £1.25m, are managed by the Investment management company B￿wfjn Dolphln PLC. These are held In a portfollo of equities, fixed Interest deposits and tash, accordlng to pollcy paTrmeter5 ègreefj by the Councll. Perforniance 15 belng overseen by the Council's FInan￿ sub-comrnlttee. GAnt m•l(In9 poIIcy The maln 9rants schemes are cUrren￿V closed, however, a surn Is eamarked each year for educatSonal projects, whlch Inclu+Yes the Bursary Scheme for Postgraduate Research and Sthools Transport gronts. Page 6 The Cornwall Heritage Trust Llmlted Trustees, Report Fut¥re Plan$ Build on thè existing In-house sltes management team tg enable the Trust to better mana9e 6ts sltes and conunue to rescue Comlsh hlstorlc sttes at rlsk,. . Grow the educatlon programme whlch Indudes workshops and act5vOtles. both at the hlstork sltes and wlthln the educ/tlonal establlshments. Integratlon of sltes management plans Inlormed by the ecologlcal surveys Car￿ed out thls year- Contr"nue ts integrate volunteers Into all aspects of the Trust's work by offerlng new and excf(Ing opportunitle5' Increase the number of communlty events and estsbllsh annu41 tradlUons- Continue to sourte external funding for projects and core c05ts' Develop opportunitie5 to iricrease income generatlon for the organisation. Publ1¢ Benefft Statement The Councll revlews the alrns, oblecilves and activitie5 at least once each year to look at what hès been athieved in the previous 12 months. Importantly, the Coundl refers to the Charfty Commlsslon's general guidance on public benefit when reviewlng its Objectlves and In plannlng ftjlure artfjvStles. Tax Status The company Is a reglstered tharity, theref¢re exempt from corporatyon tsx. Mrs A C Davty Mr M Dlcklnson Mr R Farrènt Mr P Herring Mrs C D Hunn {reslgned 16 November 2023) Mrs E C Jacques Mr A Moore Ire5igned l November 20241 Mrs H Rawe Lt Col R B Trant Dr G Tregid9a Mrs E Carne Prnsldent Col Edward Bolltho, LL OBE LKe VI￿ p￿￿dent Mrs M Tangye Operatlons Toam Chief Executlve Offlcer- Cathy Woolcock Dlgltsl & Desi9n Officer- Allson Blck Herttage S￿5 Offi￿r - Dlck Cole Events Officer- 8elinda Body nance Officer- Kath Layte Engagèment Manager- Sophle Meyer Education and Outreach Manager- Carollne Davey Fundraising offi￿r- Antonla Mullaly Marketfjng Offlcer- Grace Kennard Custodian of Carn Euny - Graham Reynolds Countryside Ranger- Hollie Ferris Ranger APPren￿ce - James Shlpway Administratitsn Asslstsnt - Casey Meyer-8oume Volunteerlng Offlcer- Isobel 81oomfleld Admlnlstratlve Apprent1￿ - Vaughn Chambers Charfty Number- 291607 Company Number- 01901905 Page 7 The Cornwall Heritage Trust Limited Trustees. Report Ii'N-2+' nnual report was approved by the trustees of the thority on . nd signed on its behalf by: Lt Col R B Trnnt Trustee Pa9e 8 The Cornwall Herltage Trust Limited Independent Examiner's Report to the trustees of The Cornwall Heritage Trust Limited ('the Company,) I ￿ptyrt to the chèrty trustees on my examlnatlon of the accounts of the Company for the year ended 31 March 2024. Responslbllltles and bas14 of rnport As the tharlty's trustee5 of the Company (and atso rts dlrectors for the purposts of tompany lawl you are responslble for the Preparauon of the accounts in accordance wlth the requlrements of the Companles Att 2006 Cthe 2006 AcY}. Havlng satlsfied mysew that the accounts of the Company are not required to be audlted under Part 16 of the 2006 Act ènd are ellglble for Sntdependent examlnatlon, I report In respeLt of my examlnatlon of your charty's accounts as cathed out under 5ectlon 145 of the Charities Art 2011 Vthe 2011 Act,). In carrying out my examlnauon I have followed the Dlrètuo￿ gfven by the Charfty Cornmlsslon under 5ectlgn 145(5)(b} of the 2011 Act. Ind•p•ndont •x•mlner's statement Since the Company's gross inttjme exceede(1 £250,000 your examlner must be a member of a body ltsted In sectlon 145 of thè 2011 Art. I conflrm that I am quallfled to undertake the examlnatlon because I am a member of the Lnsutute of Chartered Accountants In England and Wales, whlch is one of the Ilsted bodles. I have completed my examlnatlon. I confirm that no matters have come to my attentlon in tonnection wlth the examSnatlon givlng me cause to belbeve.. l. accountlrvj records were not kept In re5peLt of The Comwall Herltage Trust Umltèd as required by sectlon 386 of the 2006 Art,. or 2. the accounts do not accord w￿h those records,. or 3. the accounts do not compty wlth the accounting requ1￿Ments of sethi)n 396 of the 2006 Act other than any requlremert that the accounts 9lve a 'true and falr vlew, whSch Is not a Matter considered as p8rt of an Independent examination,. or 4. the accounts have not been prepared in accor(lance wlth the methods and prlndple5 of the Statement of Reeornmended Prathce for aC￿UntIng and reporknng by charities applicable to charities preparlng thelr ccounts In accordance wlth the Flnanclal Reporting Standard appllcable In the LIK and Republic of Ireland {FR5 1021. I have no concerns and have come across no other matters In connectlon with the examlnatlon to whlch attentlon should be drawn In thls report in order to enable a proper understandiThJ of the accounts to be re8ched. Davld ngs FMAAT ACA InstI￿te of Chartered Accountants In England and Wales BK Plus UM￿e￿ 3 Chapel Street Redruth Cornwall TR15 2BY Page 9 The Cornwall Heritage Trust Llmited Statement of Financlal Actlvities for the Year Ended 31 March 2024 (Includlng Income and Expendlture Account and Statement of Total Recognised Ga5ns and Losses) Vnrestrlthd funds R•stritt•d fun Total 2024 T•t•l 2023 Mot• Income and EndOWm￿ts from: Donations and legacles Charitsble activiiies Other tradSThJ actyvlttes Investrnent Income 90,538 99,082 17,269 492,936 583,474 99,082 17,269 312,206 90,362 5,218 Tot41 income 495 527 760 481 471 218 Exwndliyrè on: Ralslng funds Charitable actsviiies {63,220} (8,824) 466 153 {72,0441 684 213 (36,157) 350 536 Total exp•ntlrture Ga5n5llosses on Investrnent assets {281,2801 (474,977} {756,2571 1386,693) 122 897 129 785 103 981 Net Incgme/lexpenditure) 106 571 Net movement In funds 106,571 27,438 134,OtyJ (19,456) R•conclllatlon of funds Total funds brought forward 2 555 153 2 795 447 2 B14 903 Totsl funds carried fO￿ard 23 2 661 724 267 732 2 929 456 2 795 447 The ststement of flnanclal acifvlttes Includes all galr6 and losses recognlsed In the year. All of the charfty'5 artlvltles dethe from contlnulng operatlons durfng the above t￿0 perio¢ts. The statsment of finandal athvltles also complie$ wlth the requirernents for an income and expenditLFre account under the Companles Art 2006. The notes on pages 13 to 29 fomi an integral part of these financlal statements. Page 10 The Cornwall Heritage Trust Llmited (Registration number: 01901905) Balance Sheet as at 31 March 2024 2024 1023 14ote Plxed assets IniangSble •ssets Tanglble assets Investments 12 L3 14 1,900 698,549 2 021433 3.799 364,415 2 201 882 2 721 882 2 570 096 Cuvrent •Mets stocks Debtors Cash at bank and In hand 15 16 17 2,357 174,768 2,843 70,916 201 535 260,564 275,294 Credltors: Amounts lalllng du• wlthln on• y••r 18 Net cyrr•nt *ssrts 231 710 256 265 Total •s8ets less current Ilabllltles 2,953,592 2.826,36) Credltors: Amounts falllng du• •ft•r mor• than one year 19 2 929 456 2 795 447 Furbd¥ of th• tharlty: R•strld*d Incom• fvnd• Restricted fijnds 267.732 240,294 Vnrestrlct•d Ihtome fvndg Unrestrfcted funds 2 661 724 2 555 153 Total lunds 23 2 929 456 2 795 447 For the flnanclal year endlng 31 March 2024 the eharity was enYYed to exemption from aud￿ under sectH)n 477 of the Companle5 Art 2006 relatlng to small companles. Dlrectors, responslbllltles: The member5 have not requlred the tharlty to obtaln an audit ol Its accounts for the year in questlon in accordan￿ wlth sectlon 476; and The dlrectors acknowledge thelr responslbllttles for complylng wlth the rrfulrernents of the Act wlth respert to accountlng records and the preparttion of aceounts. financtsl statements on pages 10 to 29 were approved by the trustees, and authorfsed for Issue on nd slgned on thelr behalf by: Lt Col R B Tran Tntstee The notes on pages 13 to 29 form an Integral part of these flnanclal statements. Pagell The Cornwall Heritage Trust Limited Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Ca•h Ilows from op•rnting acllvltleg Net Cash Ir￿orne/(eXpen￿it￿￿I 134,009 119.456) AdJustm•nts to ash flows frnm non-L•*h Item% Depreclatlon AMortIs￿On Investment Income Rtvaluètlon of Investments 36,718 1,899 (60,6561 129 785 11,065 1,899 163,432) 103 981 {17,8151 34,057 WorftlThg copii•l adJustm•nts Decreosel(Intreasel In stocks Increase In debtors Increase In (redltor5 Ir￿rease in deferred Income 15 16 18 19 486 (103,852} 6,973 (1,493) {63,897) 8,585 Net cosh flows from operatlr¥J actwities 112 208 C•sh flo￿ from Inv¢rtlng actlvlti•s Interest recelvable and 51mllar Income Purchase of tangible fixe¢l assets Purchase of Investrnents Sale of Snvestments 60,656 {370,852) (59,020) 369 254 63,432 {46,BB21 (496,6851 562 016 13 14 Net cash flows from invesknng actIv￿leS 38 81.881 Cash flows from fin•n¢ing •ctlvltle Repayment of capttal element of finan￿ leases and HP Contracts Net {de¢reaselllnerease In cash and cash equlvalents 20 1118,0961 95,973 Cash and cash equlvalents at l April 201 535 105 562 Cash and ush equlvalents at 31 March 201 535 All of the cash flow5 are derived from contlnulng operatitsns durlng the above h¥0 perlod5. The notes on pages 13 to 29 fom) an integral part of these finantsal statements. Page 12 The Cornwall Heritage Trust Limited Notes to the Financlal Statements for the Year Ended 31 March 2024 I Ch•rlty ststus The charlty Is lirnited by guarnntee, Incorporated in England and Wales, and consequenuy does not have share capltal. Each of the trustees ts Ilable to contrlbute an amount not exceedlng El toward5 the assets of th Ltharity In the event of I￿ul￿atiOft. The address of it5 registered office is- G03, The Percy Wllllams Bullding Krowjl West Park RedNth Comwall TRIS 3GE Z Accountlng pollcl• Summary of $1gnlfiant DccountlrwJ pollcl•s and key a¢countlng wtlm•t•s The p￿ncIpal accountlno pol5cl￿ applled In the prepèration ol these flnandal staternents are Set out below. Thtse policies have been consistently aprAied to all the years presented, unless otherwlse stated. St•toment of compll•n¢4 The finantial statements have been prepared In accordan￿ wlth Attountlng and Reportlr¥J by Charttlés.. Statement of Retommenijed Practlce {appllcable to charities preparlng their accounts in accordan￿ with the Flnanclal Reportlng Standard appllc?ble In the UK and Republic vf Ireland {FRS ID2)) (issued in October 20191 Icharftles SORP IFRS 102)), the Financial ReporUn9 Standard appllcable In the UK and Republ1¢ of Ireland IFRS 1021 and the Componie5 Act 2006. Ba51* of p￿paratIon The Comwall Her￿age Trust Llmlted meets the definition of a publlc benefit entlty under FRS 102. A55ets and Ibabllltles a￿ initlally ￿cOgnISed at hlstorkal c05t or transaetion value unless otherlvise stated In the relevant accountlng pollcy notes. The flnanclal statements are prepareil in sEerlin9 whlch 15 the functional currency of the charlty. Monetsry amounts In these flnanclal statements are rounded to the nearest £, Assets and Ilabllltles are Inttlally recogn&ed at h15torfcal cost or transartlon value unless otherwise stated in the relevant accountlng pollcy note(s). Golng concern The trustees conslder that there are no materlal unortalntles about the chadty's ablllty to contlrbue as a going concern nor any $19nifieant areas of uncertainty that affert the carrylng value of assets held by the charfty. Income ond endovnnents All intt*mlng resources are recognlsed when the charlty has entlljement to the fvnds, ft ts probable thè Incorre wlll be received and the amount can be meosured with sufficient ￿lIabIlIty. Donatlons and 10gad•s Donatlohs are recognlsed on a recelvable bosls where there is certalnty of recelpt and the omount can be relitibly measured. Legacy Income Is recognlsed In the flnanclal ststements accordlng to the period In whlch the chartty becomes entitkd to it, unless it is incapable of flnanclal measurement. Page 13 The Cornwall Heritage Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Gr•nts r•¢•lv•bl• Grants are induded In the statement of flnanclal acuvltles on a receivable basls. The balance of Income recelved for spedflc purpose5 but not expended durlng the period is Shown in the relevart fvnds on the balan￿ sheet. Where incorne Is reCe￿e£l In advance of entltlement of recelpt Its recognltlon Is deferred and included In rxedltors as deferred inctsme. Where entidement occurs belore Income Is re￿￿￿￿, the Income ts accrued. Deferred Income represents amounts recelved for fvture perlods and Is released to Incomlng resources In the perlod for whlch, It has been received. Suth Income is only deferred when: The donor Specifies that the grant or donatim must only be used In future accountlng perfods; or The donor has imposed condltlgns whlch must be met before the charity has unconditional en￿tleMent. other tradlng artlvftl• All member5hlp 5Ubscr6puo￿ are credlted to the statement of flThandal artlvltles when th•y are recelved. Investment Income Ls recognlsed on o re￿1vable b8s1s. Expendltur• All expenditure is recogni5ed in perlod In whlch a Ilablllty 15 Incurred and has been cl?ssmÉd under hea¢Jln95 that aggregate all ctssts related to that category. Where costs cannot be direcdy attributed to partlcular headings they have been allocated on a basls consistent with the use of resources. Grants payable are charged In the period when the offer Is conveyed to the reelpient ex￿pt In those casts where the offer Is condlyonal, such grants belng recognlsed as expenditure when the condltlons attathin9 are fulfilled. Grants offered subject to condltlons whlch have T￿t been Met at the year end date are nDted as a commltment but not accrued as expendlture. Allocatlon of costs Certaln expendlture 15 dlrectly attributsble to specrfic Ktwities has been Included In those cost categorks. Certain other costs, which are attrtbutsble to more than one actlvlty, are apportloned acr05S C05t cate9odes on the basis of the number of stsff. Governantt costs represent the cost of audlt and accovntsncy fees and trustees, expenses. All costs are Incluslve of Irrncoverable VAT. sypport costs Support costs Include central functlons and have been allocatetl to actlvlty cost categories on a basls conslstent wlth the usè of resources, for example, allocatlng property costs by floor areas, or per capita, staff costs by the time spent and Other costs by their usage. Irretovernble VAT Irrecoverab￿ VAT is charged agalnst the catsgory of resources expended for whlch It was incurred. Taxatlon The chadty Is ￿￿Idered to pass the tests set out In P4ra9raph I Schedule 6 of the Flnance Act 2010 and therefore it meets the definttion of a charltable company for UK corporatlon tsx purposes. Accordingly, the ch)rity is potentialty exempt from trxatlon In respect of Income or ca￿tal goins received wlthln categori£ covered by Chapter 3 Part 11 of the Corporation Tax Art 2010 or Section 256 of the Taxatlon of Chargeable Galns Act 1992. to the extent that such Income or galns are applled excluslvely to tha￿table purposes. Page 14 The Cornwall Herltage Trust Limited Notes to the Flnancial Statements for the Year Ended 31 March 2024 Int•fvolble *￿ets Intangible assets acquirthl separatety from a bU￿￿e$S are recogn15*J at cost and are subsequent￿ measured at cost less accumulated amortlsatlon and aC￿mUlated Impalrment losses. Intsn9lble assets acquired on business comblnations are recoonlseé separatety from goodwlll at the acqulsltyon date where It Is probab￿ that the expected fvture economk benefits that are attributable to the asset wlll ftow to the entlty and the faor value of the asset can be measured rellablyi the intan9lble asset arf5es from contrartLFoI or other Wal rl9hts; and the irtangible asset Is separable from the en￿ty. Tanglble flxed as5•ts Her￿age assets are assets of hlstorlcal or scientific irnportan￿ that are held to advance the preservatlorn, conseryatlon and educational objectlves of the charity and through public access contrlbute tc the natlon's culture and educatlon at efjther a nallonal or local level. Freehold land ts Included in herltage flxed assets at its acqu151tlon cost and It Is not revalued or depreclated. The charlty alm5 to preserve and enhance Its heritsge slte5, whlth are not held for thelr resale POten￿al. The market value of these as$ets are of no practlcal relevance to the charlty's ac￿VIt￿5. No depreclatfjon Is provlded because the land has arÈ Sndefinite Ilfe. Amortlsatlon AmordSa￿on Is recognlsetl so as to wrfte off the cost or valuaUon of Jssets less thelr resldual values over thelr useful lives on the following bases.. Aswt cl• Webslte design Amortlsatlon m•thod •nd rnt• Depre¢l•tlon Depreclauon Is recognlsed so as to wr￿e off the cost or valuatlon of assets less thelr residual values over thelr useful Ilves on the followiNJ bases: Asset tl•#8 Herftage asset5 Short leasehold PTopety Art collectlon FIxtU￿ and fltungs Motor vehicle5 D•prnd•tlon method and r•t• stralght Ilne over length of lease 15Wo - 33% Reduclng balance 20% reduc1￿ balance Im￿[rMInt of Ilxed assets A wlew for tmpalrment of a flxed asset Is carrled out If events or changes In drtumstances Indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrylng value of flxed assets and thelr recoverable amounts are recogni5•d as impalmients. Impairment losses are recognlsed In the statement of flnanclal artfvities. Assets costlng £1,000 or less are wrttten off to the statement of financlèl activitie5 in the perlod in which they are acquired. Flxed investments Investments are a form of baslc flnanclal Instrument and are Initlally recognlsed at thelr transartlon value and subsequently measured at thelr falr value as at the balance sheet date uslng the tl¢)slng quoted market prlce. The statement of financial artlvltle$ Include5 the net gains and losses arising on revaluation and dlsposals throughout the year. The Trust ijoes not arqulre put options, derlvauves or other complex flnancSal Instruments. Page 15 The Cornwall Heritage Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Stock Stock Is valued at the lower of cost and net reallsable value. Trndo debtors Trade debtors are amounts due fmm cu5tomer5 for merehandlse sold or se￿1￿ performéd in thè ordinèry course of buslness, Trade debtor5 are recogni5ed Initlally at the tran$artlon prke. They are sub5equentty measured at amort($ed cost uslNJ the effethve Interest method, less prov151on for Impalmient. A provlslon for the Impalrment of trade debtors ￿ established when there is oblertlve eVIden￿ that the charlty wlll not be able to collect all amounts due aecordln9 to the orlglnal terms of the recelvables. C•sh and cash equlv•leThts Cash at bank and cash in hand Indudes cash and short term highly liquid investments with a short maturity of threè months or less from the date of acqulsliknn or openlng of the depo$f( or slmllar account. rrBd• crndltor# Tra¢Je credltors are obllgatlons to pay for goods or seNlces that have been aqulred In the ordlnary course of business from supplie￿. Atttsunts payable are cla5slfied as current Ilabllltles If the charlty does not have an uncondltlonal right, at the end of th• ￿PortIng perlod, to defer settlement of the creditor for at least twelve months after the reportlng dats. If there is an UnCond￿10nal rlght to defer settlement for at least twelve months alter the reportlng date. they are presented as non-current Ilabllltles. Tra*Ye credltors are recognlsed on￿[al￿ at the transactlon pdce and subsequently measured at amgrtlse¢l ctsst usin9 the effective interest method. BoYrowlngS Interest-bearfng borrowln9s 8re Inltlalty rttorded at falr value, net of transactlon costs, Interest-beartng borrowlros are SubSequen￿v cJrrled at amortlsed costy with the dlfference between the prO￿edS, net of transactlon costs, and the amount due on redemptk+n belng recognlsed as a tharge to the Ststement of Financial Activitie5 over the perictyj of the relevant borrowlrrfj. Interest expense Is recoqnlsed on the basts of the effedve Interest method and Is Induded In Interest payab and simllar charyes. Borrowlngs are dasslfled as current Ilabllltle5 unless the charfty ha5 an uncondltlontyl rluht to defer settlernent of the Ilablllty for at least twelvè months after the reportlng date. Fund strnLturn Restrirteij incorne fund5 are those donated for use In a partJcular areo or for speclflc purposes, the use of whlth Is restrlcted to that area or purpose. Hlre purchase and flnbnce le•s•s Leases a￿ classlfled as fInan￿ leases whenever the temis or the lease transfer substantially all the rlsk5 and rewards of ownershlp to the lessee. A55ets held under finance leases ore capltalised in the balance sheet as tangible flxed a55ets and are recognlsed èt the lower of thelr falr value at Inceptlon of the lease and the present value of the mlnlmum lease payments. These assets ère deprecSated on a reducln9 balance basss over the useful Ilfe of the asset. The capitsl elements of future obligations under the leases are Induded as Ilabllttles In the balance sheet. Lease payments are charyed to the Statement of Flnanclal Artivltles and are apportloned between finance costs artd the reduction of the lease obllgat¢on so as to achleve a constant peri¢xlit rth of Interest on the Temalnlng balance Df the Ilablllty. The interest element of the rental obllgatlon is charyed to the Statement of ￿nanCIal Athvftles over the pedod of the lease and represents a constant proportk)n of the bolance of capltsl repayments outstrndlng. Page 16 The Cornwall Herltage Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Flnan¢lal Instrym•nts Classillcatlon The charSty has elected to apply the pro¥lslons of Sectlon 11 'Baslc Financial Instnjments, and Sectlon 12 'Other Finanaal It￿rUments 155ue5' of FRS 102 to all of Its flnanclal Instruments. Flnanthl Instruments are recognlsed In the charity's balance sheet vA)en the charty becomes party to the tontrartual provisions of the Instrument. Flnanclal assets and IlablliVes are offset, wlth the net amounts presentsd In the finarydal ststements, whe there Is a legally enforceable right to set off the recogn15ed amounts and there Is an intentlon to setue on a net ba51$ or to reallse the asset and settle the Ilablllty simu￿aneously. 8èsic flnandal assets Baslc flnanclal o5sets, whid) include debtors and cash and bank balances, a￿ Inltlalty measured at transaction price Includlrw transactlon c¢ists and are subsequently carried bt amorttsed cost uslng the effecuve Interest method unless the arrangement ¢on5titutes a finandng transathon, where the trdnsathon Is measured at the present value of the ftjture re￿ipts dlscounted at a market rate of Interest. Financlal assets classified as recelvable with5n one year are not amortlsed. Basi¢ financ6al Ilabllktiès Baslc financial liabllltles, Includlng credltors and bank loar￿ are initially recognlsed at transattlon price unless the arrangement constltutes 3 financlng tTrnsaction, where the debt Instrument Is measured at the present value of the future payments discounted at a market rate of Interest. Financial Ilab116ties classifled as payable within one year are not amortiséd. Debt Instruments are subsequentty ¢arrled at amortlsed cost. using the effecvve Interest rate method. Trade credltor5 are obllgatyons to pay for goods or services that have been atqulred In the ordlnary course of opera￿On5 from suppllers. Amounts payable are das5ified as current liabilities If payment is due wlthin one year or less. If not, they are presented as non-current Ilabllltle5. Trade credltors are recognised Inltlalty at transactlon pdce and subsequently measured at amortlsed cost the effectlve interest method. Derecognltlon of flnanclal Ilablllves Fittanoal Ilabllltles are derecognlsed when the charfty's contrartual obligation5 eJ¢plre or are dlscharyed or cancelled. Employee benefrtS The cost of any unused hDliday enJdem•nt is recognlsed In the perlod In whlth the emp￿vee,5 servlces are recelved. Termlnjtlon beneflts are recogni5ed immedlately os an expense when the charity Is ¢Jemonstrably commltted to terniinate the employment of an employee or to provlde temlnatlon benefits. Crltlcal accoyntlng estlm•tes and Jud9*ments In thé appllcatlon of the tharlty's accountlThJ pollcle5, the trustses are requlred to make Judgements. estimates and assumptions aboyl the carrying amount of assets and Ilabilbties that are not readlly apparent from other sources. The estlmates and assoclated assumptlons are based on historical expederte and other factors that art consldered to be relevant. Artual results may ¢lffer from these estlmates. The estimates and underlylng assumptyons are revlewed on an ongoing bass. Revlslons to accounvng estimates are recognlsed in the Pe￿0d In which the estlmate Is revlsed where the rev151on affects only that perfod, or In the perltsd of the revl$lon and fubjre perfods where the revlslon affKts both current and fvwre perlods. Page 17 The Cornwall Heritage Trust Limited Notes to the Flnanclal Statements for the Year Ended 31 March 2024 3 Income from dorbations •md le9•des Unr•strlct•d R•strfrted Total 2024 Tot•1 2023 Donatlons and glfts Grants - Corporate sponsorshlp Grants - Garfleld Weston Fund Grants- Cdb Hut Grants- Great Western Rallway Grants- National Lottery {Jubllee Fund) GTrnts- Banlster Charltable Trust Grants- Comwall Wildllfe Trust Grants- Tanner Phoenix Trust Grnnts - Comw411 Communlty Foundation Grants - Historic England Grants - Cornwall Couneil Grants - Crea￿ve Kemow Grant5 - Sthools Transport Grants - Nats'onal Hedtage - Reslllen Project Grants - CREST Total 14,230 26,308 50,(M)O 51,789 66.019 26,308 50.000 123,639 10,063 30,000 710 io.ios 89,832 19.942 2,700 10.000 6,194 14,021 35.000 33,237 1,469 3,000 1,500 33,237 1.469 3,000 1,500 19,709 160,339 1,000 3,831 109,167 19.709 160,339 3,831 109,187 107 875 492,936 107 875 3,474 90,538 312.206 4 1Th￿Me frtsm ch•rltabl• actlvfvleg UnTestrbct•d funds Total 2024 Total Z023 Engllsh Herltoge Management fee DEFIiA Countryside Stewardshlp Wayleave Payments Membershlps 21,982 7,092 J16 21,982 7,092 116 19,528 7,092 116 5 In¢omq from other tr•dlng actlvltl•s ilnrestrlrt•d funds 7,757 T¢)tal 2024 Totsl 2023 Events Miscellaneous Totsl 7,757 523 17,269 17,269 5,218 6 Inveatment Income Unrestrlcted R•strlcted fvnd$ funds 58,065 58,065 T¢)tal 2024 Total 2023 Investment Ina>m¢ Total 2,591 60,656 63,432 Page 18 The Cornwall Heritage Trust Llmited Notes to the Flnanclal Statements for the Year Ended 31 March 2024 7 Expendlturo on r•i$lng fvnd* Unr•strlrt•d fvnds RestrfLt funds Total 2024 Total 2023 Fundraiser costs Support costs Investment manjgemeftt Totjl 293 52,885 293 61,709 516 24,90S 8,824 63,220 8,824 72.0 36,157 P•ge 19 The Cornwall Heritage Trust Llmited Notes to the Financial Statements for the Year Ended 31 March 2024 8 Expendlt¥r• ¢h•rlt•bl• actlvltl Award$ & Grants 107,B75 Educatlo Herftwe Promvtlon Herlta9e Sltea Total 2024 CREST Educatlon Membership and promgtyon tosts 107,875 59,333 90,680 59,333 90,680 Slte rnaintenènce I management Professlonal ftes Grant funding of actIV￿leS Share of 5UPPOrt costs Share of governance costs Total 111,556 111,556 5,820 5,820 6,178 6,178 33,280 705 20,164 1,939 177,453 13,923 54,249 1.058 285,146 17,625 148,038 81,436 282,056 172,683 684,213 Analys15 by fund Unrestricted funds Restritted funds Total 12,923 135 115 148,038 24,264 126,067 155 989 282,056 S4,806 117877 172,683 218,060 466 153 684,213 81,436 Award• & Grants Educatlo Herfta9e Promotlon H•Tltag• Slt•s Tot•t 2023 Awards and grants Education Membershlp and prnmrtlon costs 23,891 23,891 83,716 83,716 site malntenance I management Pfofe55ionBI fees Grant fundlng ol attivlUes Share of $upport Costs Share of governan costs Total 75,961 75,961 8,725 4,307 k3,032 5,866 5,866 4.151 278 16,603 764 66,413 5,485 53,959 417 141,126 6,944 10,295 41,258 164,339 134,644 350,536 Analy•l6 by fvnd Unrestrtcted fvnds Restrjrted funds Tot81 10,295 41,258 155,614 119.366 326,533 10.295 41,258 164,339 134,6H 350,536 Page 20 The Cornwall Herltage Trust Limited Notes to the Financlal Statements for the Year Ended 31 March 2024 9 Gr4ntsm•kiryg AMlysl• of grnnts Grnnts to institutions 2014 2023 An•ly811 CRE Other Grants payable 107,875 114 053 10 Trustees remuneradon •x￿￿•e$ Durfng the year the charity made the followlrg transactions wlth irustees.. No trusteès, nor èny persons connerted wfth them, have re￿fved any rtmuneratlon from the charty during the year. N¢) trustees have recelved any rtlmbursed •xpenses from the charlty durlng the year. 11 Sthff ¢o*ts The Jggregate payroll costs were as follows.. 2024 274,055 2023 170,232 Wa9e5 and salaries other pen51on costs Total 278,797 172,801 The monthly average number of pers01￿ lindudln9 senior management I leadership team) employed by the thjrfty t1urlng the year was as ftsllows,. 2024 No 2023 No Employees 16 12 No employee recewed emoluments of more than £60.000 durlng the year. Page 21 The Cornwall Heritage Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 12 Int•llgibl• ftx•d as*ets Wèbsité deslgn rotsi Cost At l April 2023 At 31 March 2024 Amortlsotlon At l April 2023 Charge for the year 5,697 99 5.697 At 31 Marth 2024 N•t book v•lue At 31 March 2024 At 31 March 2023 13 Tanglble fIX￿ Land and bulidlng• Fbxtsres and fittln9S Motor vehldes Art coll•¢tlon Tot•1 At l Aprll 2023 Addl￿On$ 318,048 233 473 43,698 43,849 133 998 2,617 408,212 370 852 At 31 March 2024 551 521 177 847 Depredatlon Al l April 2023 Charye for the year 35,027 8.770 43,797 L13 At 31 Ma￿h 2024 113 N•t b¢>ok ¥•lu• At 31 Marth 2024 135 261 698 549 At 31 March 2023 InclLMled wlthln the net bC￿k valsje of land and bulldlngs above are Heritage assets whlch conslsts of land de$lgnated as her[t￿e sites by the charfjty and acquired by glft or purchase. Thls also Indudes £827 12023.. ÉThlll In respett of short leasehold property whlch Is depreaated over the length of the lease. Page 22 The Cornwall Herltage Trust Llmlted Notes to the Financial Statements for the Year Ended 31 March 2024 14 Flx•d as%•t Inv••tm•nts Othar Investments Llsted Investments Unllsted Inv•stm•nts Tot•1 Cost or V•lu•tion At l Aprfl 2023 Revaluation Addltlon5 2,201.362 129,78S 59.020 369 254 520 2,201,882 129.785 59,020 369 254 Dlsposals At 31 March 2024 2 020 913 520 2 021433 Met book v•lu• At 31 March 2024 2 020 913 520 2 021433 At 31 March 2023 2 201 362 520 2 201 882 The cost of the Investments included above as at 31 M)r¢h 2024 was £1.431,530 12023: EI,705,7881. 15 StoL* 2024 2023 Ltvestock and merchandlse 2843 lfj D•btor8 2024 2023 Trndt debtors Prepayments Accrued Income Other debtors I,B46 B.749 164,L73 2,598 9,112 55,963 3.243 174 768 17 C*sh and equlv•lonts 2024 2023 Cash ot bank 201 53S Page 23 The Cornwall Herltage Trust Llmited Notes to the Financial Statements for the Year Ended 31 March 2024 18 Credltor•: •moyhts f•lllng du• wlthlTh 01￿ y￿r 2024 Z023 Trade creditors Hlre purchase and finance leases Other creditors Attruals Deferred Income 12.916 6,778 1,409 5,751 4.944 5.926 2,464 5,695 19 Creditorn: •moynts f•lling du• •ft•r one ￿•r 2024 2023 Hire purchase and finance leases 20 Obli9•tion* under le•Ae• •nd hlre punhax contrn1gLL C£D8J8E>c8c rLIFzZ8iz2￿Oz8￿82￿ZU The Cornwall Heritage Trust Llmlted Notes to the Financlal Statements for the Year Ended 31 March 2024 24 An•ly$l$ of n•t •550ts bety￿n funds Unrestricted fvnds Genernl Total funds at 31 M•r¢h 2024 Restrlcted fund$ Inlanglble fixed assets Tanglble fixed assets Fixed asset Investments Current assets Current Ilabllltles Credltors ovw l year 1,900 541,148 1.939,553 230,113 126,8541 1.900 698,549 2,021,433 260,564 128,854) 157,401 Bl,880 30.451 (2.000) Total net assets 2 661 724 267 732 2 929 456 Unrestrlcted funds 6en¢rnl Total fvnds at 31 March 2023 R•*trlct•d funds Intsnglble llxed assets Tanglble flxed 4ssets Fixed a55et Investments Current assets Current liabilities Credltors over l year 3.799 336,825 2,126,890 137,582 119,029) 3,799 364,415 2,201,882 275,294 119,029) 27,590 74,992 137,712 Totsl net assets 2 555 153 2 795 447 25 Rel•ted party tr•ns•ctloM R•munerntk￿ of key manag•ment personnel The remuneration of key management personnel Is as follow: 2024 4B,349 2023 42,536 A9gregats tompensatlon 26 Ind•p•nd•nt examinerfl rnmuneratlon 2024 Z023 Other feu to examiners The examlnlng of oc¢ounts of any assoclate of the tharity All other 5ervSce5 2.400 2,360 Page 29