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2025-03-31-accounts

Company registration number 01901905 (England and Wales) Charity registration number 291607 (England and Wales)

THE CORNWALL HERITAGE TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE CORNWALL HERITAGE TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Operations Team

Mrs A C Davey Mr M S Dickinson Mr R G Farrant Mr P C Herring Mrs E C Jacques Lt Col R B Trant Ms E Carne Mrs A Preston-Jones

Mr M Johns

Cathy Woolcock Alison Bick Dick Cole Belinda Body Kathryn Layte Sophie Meyer Caroline Davey

Antonia Mullaly Grace Kennard Graham Reynolds Hollie Ferris James Shipway Casey Meyer-Bourne Isobel Bloomfield Vaughn Chambers Sarah Carter Jamie Boddington Carolyn Kennett Katie Yeomans

(Appointed 11 November 2024) (Appointed 13 March 2025)

Chief Executive Officer Digital & Design Officer Heritage Sites Officer Events Officer Finance Officer Engagement Manager Education & Outreach Manager Fundraising Officer Marketing Officer Custodian of Carn Euny Countryside Ranger Ranger Apprentice Administration Assistant Volunteering Officer Administrative Apprentice Operations Manager Business Administration Apprentice Projects Manager (Sites) Membership Administrator

Charity number (England and Wales) 291607 Company number 01901905

Registered office G03, The Percy Williams Building Krowji West Park Redruth Cornwall TR15 3GE

Auditor

BK Plus Audit Limited 3 Chapel Street Redruth Cornwall TR15 2BY

THE CORNWALL HERITAGE TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers Flagstone Investment 1st Floor, Clareville House 26-27 Oxendone Street London SW1Y 4EL Lloyds Bank Plc PO Box 1000 Andover BX1 1LT CCLA Investment Management Ltd 1 Angel Lane London EC4R 3AB

THE CORNWALL HERITAGE TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 7
Statement of trustees' responsibilities 8
Independent auditor's report 9 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 37

THE CORNWALL HERITAGE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The Council of Management ("Council") of the Cornwall Heritage Trust (CHT) present their report and financial statements for the year ended 31st March 2025. This report is a combined annual report containing a directors' report as required by company law.

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

Objectives and activities

The objectives of the charity are set out as follows:

i. The acquisition and maintenance of land, buildings and assets of significance to Cornwall's heritage

ii. Provision of grants to support preservation of buildings, artefacts, and other assets or contributions of significance to Cornwall's heritage

iii. 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

v. Raising funds and achieving favourable publicity for the charity

Strategies for achieving aims and objectives

i. A four year Business Development Plan has been formulated to improve organisational resilience and financial stability; this strategy focuses on income generation;

ii. An annual budget is devised and approved by the Council of Management (Council) at the beginning of each year. The intention being to carry out the requirements of the Business Development Plan. The budget is managed by the Chief Executive Officer (CEO) and the operations team with oversight provided by the sub committees; iii. Any matters arising outside of the Business Development Plan and budget are referred to the Council for decision as they arise;

iv. The plan and budget are monitored and reviewed and quarterly by the sub committees and Council;

v. An Investment Strategy is in place to inform decision-making and is reviewed annually:;

vi. The charity has a Fundraising Strategy in place which is managed by the CEO and monitored quarterly by sub committees and the Council.

vii. Site Acquisition follows a policy ratified by the Council.

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

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

Public benefit

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

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

THE CORNWALL HERITAGE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

Significant activities and achievements against objectives

Following the successful work undertaken as part of the first phase of the “Resilience Project” the Business Development Plan was reviewed by consultants in February 2024 and appropriate adjustments made to budgets and workflows. For example, membership subscriptions were increased and the option to add a donation at sign-up was introduced. This year was the third full year following Plan and Fundraising Strategy. The strategy focuses on increasing membership numbers; relaunching the volunteering scheme; funding projects and core costs with external grants; and establishing a strategy for sites acquisition.

Highlights of the year include;

• Caer Bran removed from the Heritage at Risk Register as a direct result of interventions made by Cornwall Heritage Trust following its acquisition in February 2022;

• 7,863 people attending a community event or heritage workshop run by Cornwall Heritage Trust – 27 events were organised at our historic sites and a further 29 elsewhere;

• Our education programme continuing to go from strength to strength with 46 school visits taking place and 2,224 young people participating in a workshop run by Cornwall Heritage Trust. We established a series of workshops for children in alternative education provision as well as running 31 social prescribing and wellbeing activities at our sites this year;

• 2024 marks ten years of our schools transport grants, which enable primary schools to visit heritage sites and venues throughout Cornwall. Over the last ten years the grants have benefited over 25,000 children who have been on over 600 trips to 42 different heritage sites throughout Cornwall. This year we funded 93 trips enjoyed by nearly 4,000 children;

• 106 volunteers donating 2,576 hours of their time, which is the equivalent of 368 working days. Volunteers reported an increase in their knowledge of practical conservation and a reduction in feelings of isolation;

• Hosting the CREST project, which was particularly rewarding as we worked closely with the team who provided Cornish hedging training and created newly qualified hedging trainers as well as raising awareness of this red listed heritage craft;

• Launching the well-received Young Rangers Climate Action Programme and attracting funding and recognition for its unique approach to providing young people with the tools to address their concerns over the climate crisis; • Welcoming 1,500 people to our heritage festival, “Awenek!”, at The Lost Gardens of Heligan – despite the weather!

The usual established programme of Story Cafes, Open Gardens, Royal Cornwall Show, St Cleer Well Dressing, the midsummer beacon lighting at Sancreed and the annual Awards Night also took place and kept the team busy.

Fundraising performance

Fundraising is a key element of the Business Development Plan and we were fortunate to benefit from levelling-up funding as well as a large grant from the National Lottery Heritage Fund, amongst others, to help our Resilience Project. We also continued to support CREST with their Cornish hedging project which was funded by Farming in Protected Landscapes (FiPL).

THE CORNWALL HERITAGE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

Financial statements are presented to the Annual General Meeting for adoption by the membership. The Trust is committed to organisational resilience and financial sustainability and is very grateful for the support of funding from the National Lottery Heritage Fund, Garfield Weston Fund, GWR, English Heritage, FiPL, Historic England, National Lottery Community Fund and FEAST.

We are grateful for the support of organisations who have enabled us to build and consolidate our activities through corporate sponsorship. Membership subscriptions also help to close the gap between income and expenditure and their importance should not be underestimated; subscriptions represent an increasingly important contribution to our annual budget.

2025 will see the Trust celebrate the 40th anniversary of its formation and a packed calendar of events is planned to mark this significant milestone. In the time-honoured tradition we will commence the festivities by lighting a specially commissioned brazier at each of the sites in our care; culminating in the midsummer beacon lighting at Sancreed Beacon.

Reserves policy

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

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

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

The results for the year are shown in the statement of financial activities on page 13 and show the net incoming resources for the year of £139,071 (2024: £134,009) which together with the reserves brought forward of £2,854,614 (2024: £2,720,605) gives a total reserves figure of £2,993,685 (2024: £2,854,614) of this amount, £2,443,902 (£2,586,882) is unrestricted.

THE CORNWALL HERITAGE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Free Reserves

These are intended to provide and internal source of funds for situations such as sudden increase in expenses, one-time unbudgeted items, unanticipated loss of funding, or uninsured losses.

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

The target minimum reserves is equal to six 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. Depreciation in kind and other non-cash 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.

Designated Reserves

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

The future project fund reserve is intended to provide funds to meet special targets of opportunity or need that further the mission of the charity, which may or may not have specific expectation of incremental or long term increased income.

The target amount of the future project fund reserve will 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.

The target amount of the educational grants reserve will 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.

Restricted Funds

Funds where the trust has received income reserved specifically for a single future purpose.

Investment Policy

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

Approximately £741k is held within the Charity, Church and Local Authority (CCLA) Investment fund, split between deposit accounts, dividend income and accumulation accounts. In addition, the Mills legacy funds, valued at around £1.08m, 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

The main grants schemes are currently closed, however, a sum is earmarked each year for educational projects, which includes the Bursary Scheme for Postgraduate Research and Schools Transport grants.

THE CORNWALL HERITAGE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Major risks

Risk Management

The charity has adopted a robust view of risk management which provides a set of processes for assessing, managing and regularly updating key risks. These are recorded on the charity’s risk register. Key identified risks at the end of March 2025 lay in the following areas:

ii. Possibility of an incident on a CHT site involving a member of the public or damage to other people’s property iii. Medium to long term impact of external factors e.g. competition for funding, cost of living crisis

The risk register is reviewed at least annually and mitigating actions discussed and introduced. These are then monitored by the relevant sub committees and the operations team.

Plans for future periods

Structure, governance and management

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

Mrs A C Davey

Mr M S Dickinson Mr R G Farrant Mr P C Herring Mrs E C Jacques Mrs H V Rawe (Resigned 11 November 2024) Lt Col R B Trant Dr G Tregidga (Resigned 11 November 2024) Ms E Carne Mrs A Preston-Jones (Appointed 11 November 2024) Mr M Johns (Appointed 13 March 2025) Mr A Moore (Resigned 1 November 2024)

President

Col E Bolitho, LL OBE

Life Vice President

Mrs M Tangye

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

THE CORNWALL HERITAGE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Organisational structure

Historic Sites

The Trust owns and/or manages an important portfolio of sixteen Cornish heritage sites. This consists of nine sites owned by the Trust, one site managed under a long-term lease agreement and a further seven sites managed on behalf of English Heritage (one of which is jointly owned). This management agreement has a ten-year term, under which the Trust receives an annual payment for day-to-day care and management of the sites; additional capital projects are subject to prior agreement with English Heritage and funded by them on a case by case basis.

Sites owned by Cornwall Heritage Trust:

Sites managed on behalf of English Heritage:

Sites managed on a long-term lease:

Auditor

In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

THE CORNWALL HERITAGE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Lt Col R B Trant

Trustee

27 November 2025

THE CORNWALL HERITAGE TRUST LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors of The Cornwall Heritage Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE CORNWALL HERITAGE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE CORNWALL HERITAGE TRUST LIMITED

Opinion

We have audited the financial statements of The Cornwall Heritage Trust Limited (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THE CORNWALL HERITAGE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CORNWALL HERITAGE TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

THE CORNWALL HERITAGE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CORNWALL HERITAGE TRUST LIMITED

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity at the planning stage of the audit. The charity is subject to laws and regulations that directly affect the financial statements, specifically the Companies Act 2006, Charities Act 2011 and Charities Statement of Recommended Practice. We assessed the extent of compliance with laws and regulations as part of our procedures on the related financial statement items. The charity is also subject to laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or loss of the charity's ability to operate. In making this assessment we determined that the most significant elements of legislation include those relating to employment laws and regulations, health and safety standards and environmental regulations.

Basis on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

• Making enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries, we also discussed with management changes in risk assessment relating to fraud, and whether there have been any known instances, allegations or suspicions of fraud, of which there were none.

• Considering the filings made at Companies House and any omissions thereon, of which none were identified.

• Discussing with management compliance with health and safety and environmental legislation.

• Making enquiries of management and reviewing charity expenditure for any evidence of disputes, actual or potential litigations and claims, with regulators or any other such body.

• Audited the risk of management override of controls, including through testing of journal entries and other adjustments for appropriateness, and evaluating the rationale for significant transactions outside the normal course of charitable activities, of which there were none.

• Reviewed the estimates and judgements made in the financial statements for any indication of bias and challenged assumptions used by management in making the estimates.

• Reviewed Board minutes and correspondence with regulators to corroborate the findings from the above.

Due to the inherent limitations of an audit, there remains a risk that we may not have detected some material misstatements in the financial statements or non-compliance with laws and regulations. This is despite the fact that we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed irregularities are from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there remained a high risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. This risk was reduced by a thorough review of all controls in place that monitor items and transactions affecting the financial statements. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

All relevant laws, regulations and significant risks of fraud identified have been clearly communicated to each member of the audit engagement team.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE CORNWALL HERITAGE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CORNWALL HERITAGE TRUST LIMITED

Other matters

Comparative information in the financial statements is derived from the charity's prior period financial statements which were not audited.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Hastings FMAAT, ACA (Senior Statutory Auditor)

For and on behalf of BK Plus Audit Limited, Statutory Auditor Chartered Certified Accountants 3 Chapel Street Redruth Cornwall TR15 2BY 28 November 2025

THE CORNWALL HERITAGE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
124,059
845,121
Charitable activities
4
109,979
-
Other trading activities
5
45,397
-
Investments
6
58,102
-
Total income
337,537
845,121
Expenditure on:
Raising funds
7
96,429
88,817
Charitable activities
8
361,454
488,348
Total expenditure
457,883
577,165
Net gains/(losses) on
investments
14
(4,724)
(3,815)
Net income/(expenditure)
(125,070)
264,141
Transfers between
funds
(15,643)
15,643
Net movement in
funds
11
(140,713)
279,784
Reconciliation of funds:
Fund balances at 1 April 2024
2,586,882
267,732
Fund balances at 31 March
2025
2,446,169
547,516		 Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
as restated
as restated
£
£
£
£
969,180
90,538
492,936
583,474
109,979
99,082
-
99,082
45,397
17,269
-
17,269
58,102
58,065
2,591
60,656
1,182,658
264,954
495,527
760,481
185,246
63,220
8,824
72,044
849,802
218,060
466,153
684,213
1,035,048
281,280
474,977
756,257
(8,539)
122,897
6,888
129,785
139,071
106,571
27,438
134,009
-
-
-
-
139,071
106,571
27,438
134,009
2,854,614
2,480,311
240,294
2,720,605
2,993,685
2,586,882
267,732
2,854,614		 Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
as restated
as restated
£
£
£
£
969,180
90,538
492,936
583,474
109,979
99,082
-
99,082
45,397
17,269
-
17,269
58,102
58,065
2,591
60,656
1,182,658
264,954
495,527
760,481
185,246
63,220
8,824
72,044
849,802
218,060
466,153
684,213
1,035,048
281,280
474,977
756,257
(8,539)
122,897
6,888
129,785
139,071
106,571
27,438
134,009
-
-
-
-
139,071
106,571
27,438
134,009
2,854,614
2,480,311
240,294
2,720,605
2,993,685
2,586,882
267,732
2,854,614
760,481
72,044
684,213
756,257
129,785
134,009
-
134,009
2,720,605
2,854,614

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE CORNWALL HERITAGE TRUST LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Intangible assets
16
Tangible assets
17
Investments
19
Current assets
Stocks
20
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within
one year
23
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
24
Net assets
The funds of the charity
Restricted income funds
26
Unrestricted funds
27		 2025
£
£
-
789,163
1,828,207
2,617,370
6,353
114,126
389,163
509,642
(116,822)
392,820
3,010,190
(16,505)
2,993,685
547,516
2,446,169
2,993,685		 2024
as restated
£
£
1,900
623,707
2,021,433
2,647,040
2,357
174,768
83,439
260,564
(28,854)
231,710
2,878,750
(24,136)
2,854,614
267,732
2,586,882
2,854,614

The financial statements were approved by the trustees on 27 November 2025

Lt Col R B Trant Trustee

Company registration number 01901905 (England and Wales)

THE CORNWALL HERITAGE TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

2025
Notes
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
31
Investing activities
Purchase of tangible fixed assets
(228,267)
Proceeds from disposal of tangible fixed
assets
2,617
Purchase of investments
(140,112)
Proceeds from disposal of investments
324,799
Investment income received
58,102
Net cash generated from investing activities
Financing activities
Payment of finance leases obligations
(6,778)
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
£
295,363
(112,208)
(370,852)
-
(59,020)
369,254
60,656
17,139
38
(5,926)
(6,778)
(5,926)
305,724
(118,096)
83,439
201,535
389,163
83,439

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

The Cornwall Heritage Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is G03, The Percy Williams Building, Krowji, West Park, Redruth, Cornwall, TR15 3GE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention unless otherwise stated in the relevant accounting policy notes. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

Further details of funds held are contained within the trustee's report.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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

Legacies are recognised according to the period in which the charity becomes entitled to it, unless it is incapable of financial measurement.

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

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when:

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

Investment income is recognised on a receivable basis.

1.5 Expenditure

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

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

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

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

Support costs

Support costs include central functions that have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Taxation

The charity is considered to pass the tests set in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.6 Intangible fixed assets other than goodwill

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

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

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

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

Website design

20% straight line

1.7 Tangible fixed assets

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

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Land and buildings Nil Short leasehold property Straight line over length of the lease Fixtures and fittings 15% - 33% reducing balance Motor vehicles 20% reducing balance Art collection Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.12 Financial instruments

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

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

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

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.13 Employee benefits

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

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

1.14 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.16 Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowing are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2 Critical accounting estimates and judgements

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

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

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
100,834
36,185
Grants
-
808,936
Corporate sponsorship
23,225
-
124,059
845,121
Donations and gifts
Bequests and legacies
75,484
-
Gift aid recovery
15,269
-
Course income
-
29,276
NFU Mutual
-
6,509
St Cleer Fundraiser
-
400
Donations and gifts
10,081
-
100,834
36,185		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
137,019
14,230
51,789
808,936
50,000
441,147
23,225
26,308
-
969,180
90,538
492,936
75,484
-
-
15,269
-
-
29,276
-
-
6,509
-
-
400
-
-
10,081
14,230
51,789
137,019
14,230
51,789		 Total
2024
£
66,019
491,147
26,308
583,474
-
-
-
-
-
66,019
66,019

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

3
Income from donations and legacies
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Grants
Garfield Weston Fund
-
-
Great Western Railway
-
8,105
Cornwall Council
-
416,973
National Heritage -
Resilience Project
-
116,535
National Lottery Heritage
Fund
-
97,909
English Heritage
-
4,500
FiPL (CREST)
-
125,799
Historic England
-
11,375
Schools Transport
-
2,000
Banister Charitable Trust
-
-
National Lottery
Community Fund
-
19,840
Cornwall Wildlife Trust
-
-
Cornish Lithium plc
-
5,000
National Lottery (Jubilee
Fund)
-
-
Creative Kernow
-
900
-
808,936		 Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£
(Continued)
-
50,000
-
50,000
8,105
-
33,237
33,237
416,973
-
160,339
160,339
116,535
-
109,187
109,187
97,909
-
-
-
4,500
-
-
-
125,799
-
107,875
107,875
11,375
-
19,709
19,709
2,000
-
3,831
3,831
-
-
3,000
3,000
19,840
-
-
1,500
1,500
5,000
-
-
-
-
-
1,469
1,469
900
-
1,000
1,000
808,936
50,000
441,147
491,147		 Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£
(Continued)
-
50,000
-
50,000
8,105
-
33,237
33,237
416,973
-
160,339
160,339
116,535
-
109,187
109,187
97,909
-
-
-
4,500
-
-
-
125,799
-
107,875
107,875
11,375
-
19,709
19,709
2,000
-
3,831
3,831
-
-
3,000
3,000
19,840
-
-
1,500
1,500
5,000
-
-
-
-
-
1,469
1,469
900
-
1,000
1,000
808,936
50,000
441,147
491,147
491,147

Government grants

Included within grant income was a total of £572,047 received from Cornwall Council by way of the following: Resilience Project - £241,260

Community Capacity Fund (Minions) - £28,899 Shared Prosperity Fund - £119,899 Farming in Protected Landscapes (CREST) - £155,074

Access for all & Natural Beauty and the Beast programmes - £26,915

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
English Heritage Management Fee 22,147 21,982
DEFRA Countryside Stewardship 13,451 7,092
Wayleave Payments 116 116
Memberships 74,265 69,892
109,979 99,082

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Events 36,331 7,757
Miscellaneous 9,066 9,512
Other trading activities 45,397 17,269

6 Income from investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Investment income 58,102 - 58,102 58,065 2,591 60,656

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Expenditure on raising funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Fundraising and publicity
Fundraiser costs
7,767
-
Support costs
76,699
88,817
84,466
88,817
Investment management
11,963
-
Total costs
96,429
88,817		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
7,767
293
-
165,516
52,885
8,824
173,283
53,178
8,824
11,963
10,042
-
185,246
63,220
8,824		 Total
2024
£
293
61,709
62,002
10,042
72,044

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Expenditure on charitable activities

Awards &
grants
Education
Heritage
Promotion
Heritage
Sites
2025
2025
2025
2025
£
£
£
£
Direct costs
Staff costs
-
33,111
46,026
74,488
Education
-
49,781
2,213
-
Membership and promotion costs
-
-
43,694
-
Site maintenance/ management
-
-
-
31,785
Professional fees
-
-
-
-
Grant funding of activities
12,469
-
-
-
Events
-
-
35,784
-
12,469
82,892
127,717
106,273
Share of support and governance costs (see note 10)
Support
110
64,839
51,522
66,932
Governance
1,245
3,425
24,596
1,868
13,824
151,156
203,835
175,073
Analysis by fund
Unrestricted funds
13,824
72,632
182,045
89,795
Restricted funds
-
78,524
21,790
85,278
13,824
151,156
203,835
175,073		 CREST
Projects
2025
2025
£
£
28,858
3,206
100,961
56,864
-
-
-
20,726
1,150
70,512
-
-
-
-
130,969
151,308
23,637
-
-
-
154,606
151,308
-
3,158
154,606
148,150
154,606
151,308		 Total
2025
£
185,689
209,819
43,694
52,511
71,662
12,469
35,784
611,628
207,040
31,134
849,802
361,454
488,348
849,802

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Previous year:
Awards &
grants
Education
Heritage
Promotion
Heritage
Sites
2024
2024
2024
2024
£
£
£
£
Direct costs
CREST
107,875
-
-
-
Education
-
59,333
-
-
Membership and promotion costs
-
-
90,680
-
Site maintenance/ management
-
-
-
111,556
Professional fees
-
-
-
5,820
Grant funding of activities
6,178
-
-
-
114,053
59,333
90,680
117,376
Share of support and governance costs (see note 10)
Support
33,280
20,164
177,453
54,249
Governance
705
1,939
13,923
1,058
148,038
81,436
282,056
172,683
Analysis by fund
Unrestricted funds
12,923
24,264
126,067
54,806
Restricted funds
135,115
57,172
155,989
117,877
148,038
81,436
282,056
172,683		 Total
2024
£
107,875
59,333
90,680
111,556
5,820
6,178
381,442
285,146
17,625
684,213
218,060
466,153
684,213

9 Grants payable

Grants payable
Awards &
grants
2025
£
Grants to institutions:
Institutions 12,469
-
12,469

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Support costs allocated to activities

Staff costs
Depreciation
Merchandise
Grant projects
Heritage promotion
Other administrative costs
Governance costs
Analysed between:
Fundraising
Awards & grants
Education
Heritage Promotion
Heritage Sites
CREST
11
Net movement in funds
The net movement in funds is stated after charging:
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
- for the independent examination of the charity's financial statements
- for other assurance services
Depreciation of owned tangible fixed assets
Amortisation of intangible assets		 2025
£
217,071
62,094
6,171
-
19,317
67,903
31,134
403,690
165,516
1,355
68,264
76,118
68,800
23,637
403,690
2025
£
5,000
-
3,500
60,194
1,900		 2024
£
74,413
38,617
6,040
27,240
177,453
23,092
17,625
364,480
61,709
33,985
22,103
191,376
55,307
-
364,480
2024
£
-
2,400
3,000
36,718
1,899

12 Trustees

No trustee expenses have been incurred during the period, nor have any trustees received any remuneration.

13 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
19 16

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

13
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2025
2024
£
£
358,620
261,395
21,957
12,660
6,663
4,742
387,240
278,797		 (Continued)
2025
2024
£
£
358,620
261,395
21,957
12,660
6,663
4,742
387,240
278,797
278,797

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 45,072 48,349
14 Gains and losses on investments Gains and losses on investments
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Gains/(losses) arising on: £ £ £ £ £ £
Revaluation of
investments (4,724) (3,815) (8,539) 122,897 6,888 129,785

15 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

16 Intangible fixed assets

Cost
At 1 April 2024 and 31 March 2025
Amortisation and impairment
At 1 April 2024
Amortisation charged for the year
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024		 Website
design
£
9,496
7,596
1,900
9,496
-
1,900

17 Tangible fixed assets

a
Cost
At 1 April 2024
Additions
Transfer to held for sale
At 31 March 2025
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024		 Land and
buildings
Fixtures and
fittings
s restated
£
£
476,679
47,079
59,681
91,767
-
-
536,360
138,846
113
37,816
1,231
16,548
1,344
54,364
535,016
84,482
476,566
9,263		 Motor
vehicles
Art collection
a
£
£
177,847
2,617
76,819
-
-
(2,617)
254,666
-
42,586
-
42,415
-
85,001
-
169,665
-
135,261
2,617		 Total
s restated
£
704,222
228,267
(2,617)
929,872
80,515
60,194
140,709
789,163
623,707

Included within the net book value of land and buildings above are Heritage assets with a net book value of £466,680 (2024: £466,717) consisting of land designated as heritage sites by the charity and acquired by gift or purchase. This also includes £790 (2024: £827) in respect of short leasehold property which is depreciated over the length of the lease.

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Heritage assets

At 1 April
Purchases
Depreciation
At 31 March		 2025
£
466,718
-
(38)
466,680		 2024
£
233,357
233,473
(112)
466,718		 2023
£
232,691
666
-
233,357		 2022
£
76,734
155,957
-		 2021
£
76,734
-
-
232,691 76,734

19 Fixed asset investments

Listed
investments
Unlisted
investments
£
£
Cost or valuation
At 1 April 2024
2,020,913
520
Additions
140,112
-
Valuation changes
(8,539)
-
Disposals
(324,799)
-
At 31 March 2025
1,827,687
520
Carrying amount
At 31 March 2025
1,827,687
520
At 31 March 2024
2,020,913
520		 Total
£
2,021,433
140,112
(8,539
(324,799
1,828,207
1,828,207
2,021,433

The cost of investments included above as at 31 March 2025 was £1,291,965 (2024: £1,431,530 ).

20 Stocks

20
Stocks
Livestock and merchandise
21
Debtors
Amounts falling due within one year:
Trade debtors
Accrued income
Prepayments		 2025
£
6,353
2025
£
47,999
62,506
3,621
114,126		 2024
£
2,357
2024
£
1,846
164,173
8,749
174,768

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

22 Finance lease obligations

Future minimum lease payments due under finance leases:

Within one year
Within two and five years		 2025
£
7,631
16,505
24,136		 2024
£
6,778
24,136
30,914

The above finance lease obligations relate to motor vehicles included in tangible fixed assets.

Total finance charges for the agreement are equal to £3,962 with £1,776 still outstanding.

23 Creditors: amounts falling due within one year

23
Creditors: amounts falling due within one year
Notes
Obligations under finance leases
22
Deferred income
25
Trade creditors
Other creditors
Accruals
24
Creditors: amounts falling due after more than one year
Notes
Obligations under finance leases
22
25
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:		 2025
£
7,631
4,440
85,878
7,051
11,822
116,822
2025
£
16,505
2025
£
4,440
2025
£
4,440		 2024
£
6,778
2,000
12,916
1,409
5,751
28,854
2024
£
24,136
2024
£
2,000
2024
£
2,000

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

25 Deferred income (Continued)
Deferred income at 1 April 2024 2,000 -
Released from previous periods (2,000) -
Resources deferred in the year 4,440 2,000
Deferred income at 31 March 2025 4,440 2,000

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

26 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources Transfers Gains and At 31 March
2024 resources expended losses 2025
£ £ £ £ £ £
Piet Mendels
Foundation
Fund 97,681 - - - (3,815) 93,866
Historic England
West Tremar
Farm 25,280 - - - - 25,280
Historic England - 11,375 (2,060) - - 9,315
Cornwall
Community
Foundation -
Treffry 500 - - - - 500
GWR -
Community
Fund - 8,105 (4,694) - - 3,411
National Lottery
- Community
Fund - 19,840 - - - 19,840
English
Heritage - Youth
Rangers - 4,500 (4,642) 142 - -
NLHF -
Resilience 32,579 116,535 (125,993) - - 23,121
NLHF -
Preserve - 97,909 (4,134) - - 93,775
Cornwall
Council - RPF - 241,260 (98,676) - - 142,584
NFU Mutual - 6,509 (6,509) - - -
Cornwall
Council
Community
Capacity Fund - 28,899 (30,000) 1,101 - -
Cornwall
Council -
Access for
All/NBB - 26,916 (13,480) - - 13,436
Cornwall
Lithium plc. - 5,000 (5,000) - - -
Cornwall
Council - SPF 61,692 119,899 (127,190) 14,400 - 68,801
FiPL (CREST) - 155,074 (154,787) - - 287
St Cleer
Fundraiser - 400 - - - 400
Property
Acquisition 50,000 - - - - 50,000
FEAST - 900 - - - 900
CCF Manor
Solar Farm - 2,000 - - - 2,000

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

26 Restricted funds (Continued)
267,732 845,121 (577,165) 15,643 (3,815) 547,516
Previous year: At 1 April Incoming Resources Transfers Gains and At 31 March
2023 resources expended losses 2024
£ £ £ £ £ £
Piet Mendels
Foundation
Fund 88,202 2,591 - - 6,888 97,681
Historic England
West Tremar
Farm 25,280 - - - - 25,280
Treffry - signage 500 - - - - 500
National Lottery
Heritage Fund 1,811 109,187 (78,419) - - 32,579
GWR -
Community
Fund 10,105 33,237 (43,342) - - -
National Lottery
- Community
Fund (Jubilee) 49,832 1,469 (51,301) - - -
Banister
Charitable Trust 5,374 3,000 (8,374) - - -
Cornwall
Wildlife Trust 2,700 1,500 (4,200) - - -
Tanner Phoenix
Trust 10,000 - (10,000) - - -
Cornwall
Community
Foundation -
Wellness Packs 6,194 - (6,194) - - -
Historic England 14,021 19,709 (33,730) - - -
Cornwall
Council -
various 26,275 160,339 (124,922) - - 61,692
Creative
Kernow - 1,000 (1,000) - - -
Schools
Transport
Grants - 3,831 (3,831) - - -
FiPL (CREST) - 107,875 (107,875) - - -
St Cleer
Fundraiser - 1,289 (1,289) - - -
Property
Acquisition - 50,000 - - - 50,000
Gigs Prizes
2024 - 500 (500) - - -
240,294 495,527 (474,977) - 6,888 267,732

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

26 Restricted funds

(Continued)

The specific purposes for which the funds are to be applied are as follows:

Piet Mendels Foundation Fund - Bequest received to support activities within the charity's missions connected with the education of children on Cornwall's heritage.

Historic England West Tremar Farm - Funding to assist with the acquisition of the land at West Tremar in 2017, being the field in which Trethevy Quoit stands, as well as some remedial works to the Cornish hedge.

Historic England - Two year funding of the ranger's time to undertake volunteering activities in Penwith.

National Lottery Community Fund - Funding for the charity to expand its community outreach activities by building its wellbeing programme for young people in rural areas.

Shared Prosperity Fund - Funding received from Levelling-Up to support the charity in establishing an inhouse sites management team and introducing a broader education programme .

NLHF Resilience - Funding for the “Resilience Project”, a two year project which seeks to build resilience and financial sustainability for the charity by broadening audiences; increasing their portfolio of historic properties; strengthening our governance and strategy; collaborating with partners to use the sites in a variety of unique ways; and seeking new ways to generate income.

NLHF Preserve - Grant funding to support the charity as it expands its portfolio of historic sites.

Rural Prosperity Fund - Capital investment provided to improve the facilities at the historic sites owned by the charity thereby facilitating a longer and more interactive visit; making it easier to access and understand our historic sites; and provide opportunities for engagement.

FiPL (CREST) - A Farming in Protected Landscapes (FiPL) grant awarded to the charity to strengthen the red listed heritage skill of Cornish hedging through skills training and awareness raising.

Property Acquisition - Includes a £50,000 donation to the charity for the purchase of Tregonning Hill in 2023.

27 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April
2024
Incoming
resources
Resources
expended
as restated
£
£
£
£
Future Project
fund
380,000
-
-
Building and
Capital reserve
893,604
-
-
Development
reserve
707,549
-
-
Educational
Grants
380,000
-
-
General funds
225,729
337,537
(457,883)
2,586,882
337,537
(457,883)		 Transfers
Gains and
losses
At 31 March
2025
£
£
-
-
380,000
-
-
893,604
-
-
707,549
-
-
380,000
(15,643)
(4,724)
85,016
(15,643)
(4,724)
2,446,169

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

27
Unrestricted funds
Previous year:
At 1 April
2023
Incoming
resources
Resources
expended
as restated
£
£
£
£
Future Project
fund
380,000
-
-
Building and
Capital reserve
893,604
-
-
Development
reserve
707,549
-
-
Educational
Grants
380,000
-
-
General funds
119,158
264,954
(281,280)
2,480,311
264,954
(281,280)		 (Continued)
Transfers
Gains and
losses
At 31 March
2024
as restated
£
£
-
-
380,000
-
-
893,604
-
-
707,549
-
-
380,000
-
122,897
225,729
-
122,897
2,586,882

28 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 March 2025:
Tangible assets
447,946
341,217
Investments
1,750,142
78,065
Current assets/(liabilities)
264,586
128,234
Long term liabilities
(16,505)
-
2,446,169
547,516
Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 March 2024:
Intangible fixed assets
1,900
-
Tangible assets
466,306
157,401
Investments
1,939,553
81,880
Current assets/(liabilities)
203,259
28,451
Long term liabilities
(24,136)
-
2,586,882
267,732		 Total
2025
£
789,163
1,828,207
392,820
(16,505)
2,993,685
Total
2024
£
1,900
623,707
2,021,433
231,710
(24,136)
2,854,614

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

29 Financial commitments, guarantees and contingent liabilities

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

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

30 Related party transactions

Expenses of £738 were reimbursed to Cathy Woolcock (CEO) relating to travel and subsistence costs (2024 - none).

31

Cash generated from/(absorbed by) operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Amortisation and impairment of intangible assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase in creditors
Increase in deferred income
Cash generated from/(absorbed by) operations		 2025
2024
£
£
139,071
134,009
(58,102)
(60,656)
8,539
(129,785)
1,900
1,899
60,194
36,718
(3,997)
486
60,642
(103,852)
84,675
6,973
2,440
2,000
295,362
(112,208)

32 Analysis of changes in net funds

Analysis of changes in net funds
At 1 April 2024 Cash flowsAt 31 March 2025
£ £ £
Cash at bank and in hand 83,439 305,724 389,163
Obligations under finance leases (30,914) 6,778 (24,136)
52,525 312,502 365,027

33 Prior period adjustment

THE CORNWALL HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Prior period adjustment (Continued)
Changes to the balance sheet
At 31 March 2024
As previously Adjustment As restated
reported
£ £ £
Fixed assets
Tangible assets 698,549 (74,842) 623,707
Income funds
Restricted funds 267,732 - 267,732
Unrestricted funds 2,661,724 (74,842) 2,586,882
Total equity 2,929,456 (74,842) 2,854,614

33 Prior period adjustment

The comparatives shown in the financial statements for the year ended 31 March 2024 have been restated for the following reasons:

To derecognise legal fees capitalised in relation to a project at Treffry Viaduct. The project was terminated in September 2018 and as such, those items no longer met the definition of an asset. This has resulted in a reduction in the value of Land and buildings shown in tangible fixed assets as well as unrestricted funds brought forward.