THE true victims of the failure of the trading company behind Falmouth's arts centre have been revealed as the dedicated employees, who have been left more than £40,000 out of pocket.

Poly Trading Ltd went into voluntary liquidation in January and the creditor's report released to the West Briton this week shows it ceased trading with a total loss of £375,617.

Among the biggest creditors are the 16 former staff, who are owed £44,438 between them.

Another victim is Carrick Leisure (CLL), the trust that manages the Princess Pavilion, which is out of pocket by £20,023. This, says managing director for CLL Alan Horne, is "a substantial amount of money".

It relates to tickets sold through the Poly for events at the pavilion, an agreement the venues have had for several years.

Mr Horne said: "We worked very closely with the Poly for the last seven years and we never had a problem with them; it is just unfortunate we have become a casualty.

"This will affect our bottom line as we are a charitable organisation and run our budgets to break even not to make a profit."

The creditors' report states there are "insufficient assets" to pay unsecured creditors, which include Carrick Leisure and much of the employee claims.

Royal Cornwall Polytechnic Society (RCPS), which owns the building and gave the trading arm start-up loans in 2006, is owed £286,000.

Dr Alan Stanhope, a director of Poly Trading, told the creditors' meeting the company's revenue dropped significantly over the later part of last year.

He blamed much of it on the new cinema opening, claiming it increased the competition too much.

A spokesman for the Cornwall Film Festival said: "This level of loss is astounding and one questions how it was allowed to happen."

Those concerned with the future of the Poly are being encouraged to become members of the RCPS.

A members' meeting is due to take place on March 16, a spring conference will be in April and the AGM of the society will be on May 18.

Among the creditors are the following:

R Booth Print, Penryn £2,220; Twentieth Century Fox £219; Universal Pictures International UK £970; Warner brothers Entertainment UK Ltd, £1,403; Near-Ta Theatre Company £793; HM Customs and Revenue £9,848; Dr Alan Stanhope, £500; Alan Boyd (director of Poly Trading) £500.