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2023-03-31-accounts

Reference and Administrative
Details
Trustees'
Report		 2 to 13
Statement ofTrustees'
Responsibilities		 14
Independent
Auditors'
Report		 15to 18
Consolidated
Statement of Financial		 Activities 19
Consolidated
Balance Sheet		 20
Balance Sheet 21
Consolidated
Statement ofCash Flows		 22
Statement
of Cash Flows		 23
Notes to the Financial Statements 24 to 51

Refere nce and Ad minis minis trati ve
De		 tails
Chief Executive Officer Fiona Catherine Wotton
Trustees John Alfred
Pulford
Simon Paul Harvey (resigned 19October 2022)
Eleanor Jubb (resigned 31October 2023)
Ajay Chhabra
Amanda
Berry
Tamara
Bedford
Jonathan
Mark Bray
Hannah
Marie Irwin
James Sculthorp-Wright
Charlotte
Emma		 June Somers (appointed 6 October 2022 and resigned 7
September 2023)
Paul Springer
(appointed		 25 February 2023)
Paul Kevin Brookes (appointed 15 May 2023)
Secretary Fiona Catherine Wotton
Principal S.Registered Office Krowji
West Park
Redruth
Cornwall
TR15 3AJ
Other Names ofthe Charity Arts Centre Trust, ACT, Creative Skills
ComPany Registration Number 1727731
Charity Registration Number 292138
Solicitors Nalders
Farley House
Falmouth
Road
Tl'Urn
TR1 2HX
Bankers CAF Bank Limited
PO Box289
West Mailing
Kent
M19 47A
Lloyds Bank Pic
Truro
7 Boscawen Street
Truro
TR12QT
Senior Statutory Auditor Paula Thomas
BA FCA DChA
AudItor Walker Hoyle Ltd
3 Chapel Street
Redruth
Corn wall
TR15 2BY
Page 1

Unrestricted Restricted Total Totai
funds funds 2023 2022
Note 8 E
Income and Endowments from:
Donations
and legacies		 3 333,077 1,671,552 2,004,629 2,237,683
Commercial
trading		 operations 722,519 241,204 963,723 739,305
Investment
income		 4 5,221 5,221 1,295
Charitable
activities		 5 80,083 15,880 95,963 140,420
Other income 6 35 606 035
Total Income 1920 636 3675 571 3 118703
Expenditure
on:
Commercial
trading
Charitable
activities
Total Expenditure		 operations (630,882)
~48D 635
~2		 (241,203)
~79 223
~2020
26		 (872,085)
~858
~3		 (696,436)
~233 3
3033816
Net income/(expenditure)
Transfers
between
funds		 635,418
6
3		 (91,790)
~613		 543,628 84,887
Net movement
in funds		 641,561 (97,933) 543,628 84,887
Reconciliation
of		 funds
Total funds brought
Total funds carried		 forward
forward		 »8
»9		 06 327
30039		 ~
245
307 073		 759358
844 245

2023 2022
Note 6
FIxed assets
Tangible assets 12 5,060,688 5,187,104
Current assets
Debtors 14 668,453 551,774
Cash at bank and in hand 15 974 161 749 682
176421614 173011456
Creditors: Amounts falling due within one year 16 ~957 438 ~1184634
Net current assets 685 176 116822
Total assets less current liabilities 5,745,864 5,303,926
Creditors: Amounts falling due after more than one year 17 (4,307,161) (4,441,809)
Provisions 20 50 830 17872
Net assets 1 387 873 844 245
Funds ofthe group:
Restricted funds 308,394 406,327
Unrestricted income funds
Unrestricted
funds		 1079479 437 918
Total funds 21 1387 873 844 245

Bala nce Sheet as at 31 March 2023
2023 2022
Note 6 6
FIxed assets
Tangible assets 12 279,983 276,937
Investments 13 201 201
280
8		 » 38
Current assets
Debtors 14 1,074,838 953,874
Cash at bank and in hand 4 809
Creditors: Amounts falling due within one year 6 1,789,647
~196 69		 1,562,920
~33041
Net current assets
Total assets less current liabilities
Creditors: Amounts
falling due after more than one year		 13 5288
1,873,062
~3		 989
1,407,017
~452
23
Net assent 5989 95 894
Funds ofthe charity:
Restricted funds 256,574 353,953
Unrestricted
income funds
Unrestricted
funds		 1 169415 6' 9
Totalfunds 21 5 989 95 894
Charity's
surplus for the financial		 year » 095 46 869


March 202		 3
2023 2022
Note
Cash flows from operating
activities
Net income 543,628 84,887
Adjustments
to cash flows from non-cash		 items
Depreciation 137,260 135,779
Investment
income		 (5,221) (1,295)
Impairment
loss on disposal of fixed assets held for the group's
use		 own 9903
675,667 229,274
Working capital adjustments
Decrease/(increase)
in debtors		 14 (116,679) 108,779
(Decrease)/increase
in cmditors		 16, 17 (312,815) 172,757
(Decrease)/increase
in provisions		 20 32 958 6 389
Net cash flows from operating
activities		 9 131 5 7 199
Cash flows from investing
actIvities
Interest received on bank deposits 4 4,021 95
Rent Income
Rent income from lease
Rent income from lease - cons adj
Purchase oftangible
fixed assets		 4
4
4
12		 1,200
5,151
(5,151)
~38 844		 1,200
5,151
(5,151)
~8
Net cash flows from investing
activities		 (5,623) (19,006)
Cash flows from financing
activities
Repayment
ofloans and borrowings		 16,17 49 029 153800
Net increase
in cash and cash equivalents		 224,479 344,393
Cash and cash equivalents
at 1 April		 749 682 405 289
Cash and cash equivalents
at 31 March		 9
161		 682

2023 (As restated)
2022
Note
Cash flows from operating
activities
Net income 471,095 46,869
Adjustments
to cash flows from non-cash		 items
Depreciation 4,379 3 773
Investment
Income		 (28,368) (16,726)
Impairment
loss on disposal of fixed assets held for the charity's
own use 9 903
447,106 43,819
Working capital adjustments
(Increase)/decrease
In debtors
(Decrease)/increase
in creditors		 14
16, 1		 (120,964)
~243 322		 57,147
1915 9
Net cash flows from operating
activities		 8
020		 292 405
Cash flows from investing
activities
Interest receivable
and similar income
Purchase oftangible
fixed assets		 12 28,368
~7425		 16,726
~4237
Net cash flows from investing
activities		 20 943 12409
Net increase
in cash and cash equivalents		 105,763 304,974
Cash and cash equivalents
at I April		 30
072
Cash and cash equivalents
at 31 March		 7
809		 609
6

Unrestricted
funds
Restricted
General funds 2023 2022
E E 6
Grants
Carn to Cove - Cornwall Council 12,730 12,730 16,650
Carn to Cove - Arts Council 80,000 5,044 85,044 91,319
Cern to Cove - Other 4,971 4,971 41,701
FEAST - Cornwall Council 143,760 143,760 203,141
FEAST - Arts Council 100,000 100,000 95,000
FEAST - ESF 41,208 41,208
FEAST - Other 12,500
Cultivator 79,778 1,2997900 1,379,678 1,484,441
Other Projects - Comwall Council 3,650 116,920 120,570 133,953
Other Projects - Arts Council 36,588 36,588 71,588
Other Projects - Other 16,967 60,220 77,187 35,549
Donations
Carn to Cove - Donations 978
FEAST - Donations
Other Donations		 3 36 ~471 2 093 50 586
2»
333077 1 671 552 2 004 629 2 237 603
4 Investment income
Unrestricted
funds
Total Total
General 2023 2022
f. 6 E
Interest receivable and similar income;
Interest received on bank deposits 4,021 4,021 95
Rent receivable 1200 00 1 200
5 221 5 22 1 295

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Net outgoing/(incoming)
res		 ources for the year include:
2023 2022
E E
Operating
lease rentals		 513 513
Auditors'
remuneration		 21,390 17,000
Other accountancy
services		 33,213 23,547
Impairment
loss on disposal		 of fixed assets held for the group's own use 9,903
Depreciation
of fixed assets		 33
79

11Group Staff costs
The aggregate
payroll costs were as follows:
2023 2022
E
Staff costs during the year were:
Wages and salades 922,756 935,604
Social secudty costs 73,855 73,441
Pension costs 25,764 26,235
Other staff costs 279 37 150
10 2 430
2023 2022
No No
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Charity
Freehold
Equipment
E		 Property Total
E
Cost
At 1 April 2022 43,114 303,142 346,256
Additions 7 425
At 31 March 2023 50539 303142 35368
Depreciation
At 1 April 2022 37,487 31,832 69,319
Charge for the year 3515 8~
At 31 March 2023 41002 32 696 73698
Net book value
At 31 March 2023 53 2 0
6		 279 983
At 31 March 2022 5 627 271 310 2 6 93

Details of the investments in which in which the group holds 20% or more of the nominal holds 20% or more of the nominal value of any class of share
capital are as follows:
Proportion of
Country of voting rights and
UndertakIng incorporation Holding shares held Principal activity
Subsidiary undertakings
receives rental
Krowji Limited United Kingdom Ordinary 100% income
property		 from a
that it leases
from the Charity
receives income from
Cornwall
Arts
Marketing
Limited		 United Kingdom Ordinary 100% the publishing
of
website
and magazine
listings
within
Cornwall
to develop the screen
Screen Cornwall
Umited		 United Kingdom Ordinary 100% industries
in Cornwall
to build a strong and
thriving
production
sector

Charity
2023 2022
E
Shares in group undertakings and participating interests 201 201
Shares In group undertakings and participating Interests
Subsidiary
undertakings Total
E
Cost
At 1April 2022 201 201
At 31 March 2023 201 201
fact book value
At 31 March 2023 20
At 31 March 2022 201 201
14Debtors
2023 Group 2022 2023 Charity 2022
E E E
Trade debtors 50,252 33,499 31,830 7,566
Grants
Receivable		 510,984 470,734 510,984 470,734
Due from group undertakings 515,633 460,810
Prepayments
Other debtors		 56,206
25,011
5 01»530		 13,036
3 355		 7,860
6 504
66 53 55 » 10 53 953 874

Group
2023		 2022 Charity
2023		 2022
6
Bank loans 49,029 55,436
Trade creditors 100,227 125,835 66,312 89,669
Other loans 400,000 400,000
Other taxation and social security 45,737 44,532 12,998 21,348
Accruals 116,219 101,868 46,566 56,132
Deferred income 202,806 414,574 65,207 258,396
Other creditors 3
20		 42 309 5 686 7 496
95
30		 0
63		 196769 433041
2023 Group 2022 Charity
2023
8 6
Bank Loans 49,029 55,436
Other Loans 400 000 0
455 436

Deferred
Charity		 income
2023
6
Deferred income at 1 April 2022 710,519
Resources
Amounts		 deferred
in the period
released from previous		 periods 60,156
~50395
Deferred income at 31 March 2023 5 2 200
Group
2023
Deferred income at 1 April 2022 3,934,126
Resources
Amounts		 deferred
in the period
released from previous		 periods 110,778
~072
Deferred income at 31 March 2023 3 630 332

Operating lease com mitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
Group
2023		 2022 Charity
2023		 2022
f. f. f.
Land and buildings
Within one year 12,000 7,833
Between one and five years 333 10 500
16333 8»
Other
Within one year 513 513 513 513
Between one and five years 256 769 256 769
769 1 28 769 282

Total
future
minimum
lease
payments
recei
follows'.		 vable
under
non-cancella		 ble
opera		 ting
le		 ases
as		 lessor ar
2023 Group 2022 Charity
2023
6 6
Land and buildings
Within one year 5,000 833
Between one and five years 833
6 833 833

Group
Deferred
Taxation Total
6 6
At 1 April 2022 17,872
Charged to the statement of recognised gains and losses 32958 32 950
At 31 lsarch 2023 50 030
Provisions are made up of deferred taxation, provided for at 25470 (2022 199'0).

Grollp
Balance at Balance at
1April Incoming Resources 31March
2022
6		 resources
6		 expended Transfers
6		 2023
6
Unrestricted funds
General
Unrestricted 437,918 1,746,934 (1,111,516) 6,143 1,079,479
Restricted funds
Restricted		 406 327 1 920 637 ~2020 427 ~0 143 308 394
Total funds 04
245		 3 675 57 ~33 9 3
Balance at 1 Incoming Resources Balance at 31
April 2021 resources
6		 expended
8		 March 2022
6
Unrestricted funds
General
Unrestricted 505,097 1,050,429 (1,117,608) 437,918
Restricted funds
Restricted		 254 261 2 060 274 ~1916 208 400 327
Total funds 59 350 3 I 0
03		 ~3033 8 6 8 *
5

Charity
Balance at Balance at
1April
2022
6		 Incoming
resources
6		 Resources
expended
6		 Transfers 31faarcll
2023
8
Unrestricted
funds
Geneml
General 600,941 1,052,063 (489,732) 6,143 1I169I415
Restricted funds
Carn to Cove Locomotor 3,009 (464) 2,545
Carn to Cove Villages in Action
- Headley Trust Donation 5,000 5,000
Piano Go Round 2,316 (956) (1,360)
Inn Crowd 1,814 1,690 (602) 2,902
)aw)aw 150 150
C-Fylm - Cultivator 476 476
C-Fylm - International Women 926 926
C2C C-Fylm Watershed FAN
Fund 4,971 4,971
C2C Symphony ofthe
Countryside 1,777 1,777
C2C Culture
Recovery		 Grant 7,728 5,044 12,772
C2C - C-Fylm Crowdfunder 3,330 3,330
C2C Klckstart 716 716
C2C - C-Fylm Green Week 4,054 1,000 (25) 5,029
C2C - Cobweb - Redruth 1,049 (703) 346
C2C - TK Music Lab 20,000 (1,648) (18,352)
British
Film Institute -		 Cinema
Equipment
Package		 56 56
FEASTYear 9 2,753 (2,753)
FEASTYear 10 10,712 (10,712)
FEASTYear 11 6,746 (6,746)
FEASTYear 12 12,783 (1,083) (235) 11,465
FEAST Year 13 32,514 (3,946) 28,568
FEASTYear 14 24,892 (28,096) 5,740 2,536
FEASTYear 15 63,237 (53,626) 34,558 44,169
FEAST Bright Sparks 4,347 (4,347)
FEAST Gamechanger 10,609 41,208 (51,453) 364
FEAST Bill's Attic 258 6,105 (11,086) (4,723)
FEAST Cornwall Community
Foundation 160 (50) (110)
FEAST Cornwall Comm
Foundation
Covid Emergency
Fund 6,405 10,000 (6,546) 110 9,969
FEAST Redruth HSHAZ 2,084 2,084
FEAST Kresen Kernow
Commissioning 2,500 (2,500)
FEAST Redruth Unlimited 27,883 14,182 (26,079) (10,000) 5,986

Notes to the Finan cial Statem ents
for
2023		 the Year Ended 31 March
Balance at Balance at
1April
2022
f.		 Incoming
resources
E		 Resovl'ces
expended
6		 Transfers
6		 31March
2023
f.
FEAST Shout LOUDER 5,005 (2,000) (3,005)
FEAST Arts Lab 52,787 55,203 (107,641) 349
FEAST Fun Palaces 5,780 (3,954) 1,826
FEAST Arts Lab 2 63,746 (33,646) 30,100
Cultivator 1,299,899 (1,299,771) 128
NFASP 23,843 (2,784) 21,059
The Tamara Project
Commission
22/23		 1,651 (1,651)
G7
Krowji Fire - Phoenix
Tresorys Kernow
Total restricted
funds		 Fund 40,832
34,439
353953		 1169 0
1608 032		 (13,522)
~220 020
~779 200		 ~6143
~6 243		 27,310
34,439
~51
256 57
Totalfunds 954 094 095 ~22260 F00 25 909

Notes to the Financial Statements
2023		 for the Ye ar Ended 3 1March
Balance at 1
April 2021		 Incoming
resources		 Resources
expended		 Balance at 31
March 2022
8 8
Unrestricted
funds
General
General 685,730 443,803 (528,592) 600,941
Restricted funds
Carn to Cove Locomotor 52,141 33,188 (82,320) 3,009
Carn to Cove Villages in Action-
Headley Trust Donation 5,000 5,000
Piano Go Round 3,496 80 (1,260) 2,316
Inn Crowd 1,250 1,110 (546) 1,814
Jaw 3aw 150 150
C-Fylm - Cultivator 476 476
C-Fylm - International Women 926 926
C2C Symphony
ofthe		 Countryside 1,815 (38) 1,777
C2C Tin Coast 1,682 (1,682)
C2C Culture
Recovery		 Grant 9,510 (1,782) 7,728
C2C - C-Fylm Crowdfunder 3,330 3,330
C2C - Scops Arts Trust (R) 4,000 (4,000)
C2C Klckstart 716 716
CZC - C-Fylm Green Week 5,054 (1,000) 4,054
C2C - Cobweb - Redruth 2,000 (951) 1,049
C2C - TK Music Lab 20,000 20,000
British
Film Institute		 - Cinema
Equipment
Package		 56 56
FEASTYear 9 5,253 (2,500) 2,753
FEASTYear 10 10,712 10,712
FEAST Year 11 6,746 6,746
FEASTYear 12 19,299 (6,516) 12,783
FEASTYear 13 62,475 (29,961) 32,514
FEASTYear 14 68,002 (43,110) 24,892
FEAST Bright Sparks 4,347 4,347
FEAST Gamechanger 18,245 (7,636) 10,609
FEAST Bill's Attic 1,545 4,065 (5,352) 258
FEAST Cornwall
Community
Foundation 160 160
FEAST Cornwall
Comm		 Foundation
Covid Emergency
Fund		 350 10,000 (3,945) 6,405
FEAST Redruth
HSHAZ		 5,650 2,900 (6,466) 2,084
FEAST Kresen Kernow
Commissioning 500 2,650 (650) 2,500
FEAST Redruth
Unlimited		 44,000 (16,117) 27,883
FEASTShout LOUDER 30,000 (24,995) 5,005
FEAST Arts Lab 61,725 (8,938) 52,787
Cultivator (2,465) 1,405,962 (1,403,497)
HFASP 23,891 (48) 23,843
G7 129,720 (88,888) 40,832
Krowji Fire - Phoenix Fund 85,159 (50,720) 34,439
Page 47

Unrestricted Restricted Total Total Total
funds funds 2023 2022
Note E
Income and Endowments from:
Donations
and legacies		 3 337,577 1,671,552 2,009,129 2,237,683
Charitable
activities		 5 80,083 16,480 96,563 140,420
Investment
income		 28,368 28,368 16,726
insurance
proceeds		 6 606 035 606 035
Total Income 1052 063 1688 032 2 740 095 2 394 829
Expenditure
on:
Charitable
activities
Total Expenditure		 ~489 732
~32		 ~9268
~177'
6		 ~2
~2		 269 000 2 347 960
2 347 960
Net income/(expenditure) 562,331 (91,236) 471,095 46,869
Transfers
between		 funds
Net movement
in funds		 568,474 (97,379) 471,095 46,869
Reconciliation
of		 funds
Total funds brought forward F00 353 953 95 09 908 025
7 111 4
l H		 I
6		 21 1 169415 256 574 1 425 909 954 094