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2025-01-31-accounts

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust (a company limited by guarantee)

Annual Report and Financial Statements

Year ended 31 January 2025

Charity number 1001838

Registered company number 01160460

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Annual Report and Financial Statements for the year ended 31 January 2025

Highlights of the Financial Year for the benefit of the public

The historic grounds and museum at Wheal Martyn continued to provide a source of inspiration, knowledge and enjoyment for many people, with an increase in visitor numbers and instances of community engagement seen in the year. Our regular events include family activities, Memory Café and Cornish speaking mornings continued whilst we expanded our creative workshops and music events. The natural environment within the grounds provided a space for people to escape and unwind, providing benefits to their health and wellbeing. Opportunities for learning ranged from visiting new temporary exhibitions, featuring inspirational work from ceramicists and artists, as well as objects from our stored collection, to our busy schools and home education sessions. We launched our Readying Wheal Martyn for the Future project, with funding from the National Lottery Heritage Fund, which will see the growth of volunteering and the development off key projects that will help to make Wheal Martyn increasingly resilient into the future.

As ever, the scale of achievements has only been possible with the continued dedication and hard work of our staff and many volunteers. Their work not only helps to protect and safeguard our collections and historic buildings but is also essential in providing our visitors with the best experience.

Highlights of the year include:

None of this work would be possible without the generous support of our Friends, donors and Cornwall Council as well as a range of funding bodies who have supported specific projects.

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Annual Report and Financial Statements for the year ended 31 January 2025

CONTENTS Page
Chairman’s Introduction 1
Objectives and Activities 2
Charitable Purpose 2
Key Activities 2
Aims 3
Meeting the Aims and Objectives 3
Strategic Framework 3
Audience Development and Equality and Diversity 4
Measuring Our Success 4
Development Plans and Fundraising Strategy 4
Achievements, Performance and Public Benefit 5
Overview 5
Organisation wide activities 5
Fundraising 5
Equality and diversity 6
Preservation and conservation of the collection 6
Preservation and conservation of the Scheduled Ancient Monument 6
Environmental 7
Education, Information and Interpretation 7
Community, audience and stakeholder engagement 8
Workforce – volunteers and employees 10
Financial Review 10
Reserves Policy 11
Principal Funding Sources 11
Principal Risks and Uncertainties 11
Pay Policy for Senior Staff 12
Plans for Future Periods 12
Structure Governance and management 14
Relationship with Subsidiary Company 14
Recruitment and appointment of Trustees 14
Reference and Administrative Details 15
Responsibilities of the Trustees 16
Independent Auditor’s Report to the Members 17
Consolidated Statement of Financial Activities 21
Balance Sheets 22
Notes and Accounting Policies 23

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

Chairman’s Introduction

It gives me great pleasure to share our Annual Report for 2024/25 which records the progress and achievements of our charity over the last year. Despite economic challenges and declining numbers of visitors to Cornwall, more people visited Wheal Martyn than the prior year and participated in a wide range of cultural activity as we pursue our vision – Confident Communities Inspiring Others.

We are mindful, however, of the challenges those in our community face at this time and believe that our work to preserve and share the heritage of Cornwall’s largest mining industry has a vital role to play in fostering greater positivity and sense of place in our communities. Meanwhile, engagement with the cultural experiences we offer and the tranquil historic grounds provide real benefit for health and wellbeing, necessary now more than ever. In showcasing the impact that our area has had, not just locally but across the globe, we aim to inspire future success in our young people as well as illustrate to visitors the importance of mid-Cornwall.

Our achievements and ongoing development are strengthened by the continued support of Cornwall Council through its Culture and Creative Investment Programme and by Arts Council England through investment via the mc[7] Consortia, both of which enable us to reach wider audiences from the St Austell and clay area, which has high levels of deprivation, and beyond.

People continue to be at the heart of all that we achieve – our staff and volunteer team bring enthusiasm and dedication to our work every day. The experience of our visitors is enriched by the knowledge of our volunteers, many of whom are also active members of our China Clay History Society and continue to play a vital role in helping to safeguard and document our extensive archive as well as sharing the stories they hold through exhibitions and research enquiries. The skills and experience of our growing team of volunteers also enables greater progress to be made with preservation of our collections and delivery of a more diverse programme of events and activities.

With the support of funding from the National Lottery Heritage Fund we commenced our Readying Wheal Martyn for the Future project, which will see the development of key projects and the building of the capacity and skills of our volunteer team. Other notable achievements include securing the continuation of Museum Accreditation following a periodic review; building on new initiatives launched the prior year including monthly music evenings and creative workshops; and delivery of schools projects working with artistic and industry partners.

As we enter our 50[th] year as a museum in 2025, I look forward with optimism as this significant milestone reminds us of our ability to adapt and flex to the challenges we face within the world we operate. Whilst there is no doubt that challenges will continue to be a feature of the future, I am also confident that our plans, people and positivity provide firm foundations for the next 50 years.

I hope you enjoy reading of our progress and are inspired to get involved as we continue to realise our ambitious plans at Wheal Martyn, which contribute to the delivery of broader strategies such as Cornwall Council’s Creative Manifesto and Arts Council England’s Let’s Create .

A big thank you to everyone who has contributed to the success and impact Wheal Martyn has achieved in the last year – our individual donors, Friends, funding bodies and volunteers who have all made it possible for more people from our communities to gain from meaningful experiences, learning and opportunities for social cohesion routed in our china clay heritage.

JOHN WOOD Chairman

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

The Trustees are pleased to present their annual Group Trustees’ report together with the consolidated financial statements of the charity and its subsidiary for the year ending 31 January 2025, which are also prepared to meet the requirements for directors’ report and financial statements for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association 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

Charitable Purpose

Wheal Martyn Trust’s charitable objects, approved by the Charity Commission, are:

“To secure for the benefit of the public the preservation, restoration, improvements, enhancements and maintenance of features and objects of historical and industrial interest in the area of St Austell and the surrounding districts of Cornwall including the provision of an industrial museum relating to the china clay industry and the organisation of meetings, exhibitions, lectures, publications and other forms of instruction relevant to the historical and industrial development of central Cornwall.”

Key Activities

In order to fulfil the Trust’s charitable objects the following activities are carried out:

Operation of an Accredited Museum

Education of the public

The Trust operates a trading subsidiary comprising a café and gift shop, with profits Gift Aided to the charity to further its work. Administrative support is provided by South West Lakes Trust and includes administration, finance, IT, HR, training, marketing, public relations, development and planning.

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

Aims

To ensure a self-sustaining Accredited Museum set within historic grounds, contributing to the long-term prosperity of the area. Managed to enhance its special qualities, with long term economic and environmental impacts in mind, priority is given to engaging a wider range of people with our collections and historic site, enabling our communities and visitors to be inspired by and actively involved with the industrial heritage which shaped the area, enhancing their knowledge, enjoyment, confidence and wellbeing.

To balance management of the historic environment and collections care with public access, recreation and educational activities, providing access for all, wherever practicable, increasing awareness with high quality indoor and outdoor exhibitions, interpretation and activities.

To have a thriving trading subsidiary, supported by the local community, making significant contributions to the charity’s finances, helping to assure the Trust’s long-term future.

To develop and sustain a skilled and increasingly diverse workforce of trustees, staff and volunteers.

Meeting the Aims and Objectives

A Strategic Plan and Business Plan are in place to support and plan for the delivery of our charitable objects:

Strategic Framework

Our current strategic framework, adopted in early 2022 is as follows:

Vision Confident communities, inspiring others Mission As we safeguard our heritage, we provide opportunities for everyone to be inspired by and learn from Cornwall’s important china clay industry, helping to create a stronger sense of place, pride and confidence in our communities to support ambitious, flourishing futures

Strategic pillars

For our community - A place at the heart of our communities For our heritage - Protect, share and learn from our heritage For everyone - A great day out for everyone For our environment - Protect and connect with our environment For our future resilience - Thrive for the future In partnership - Working together to achieve more

Values Ambitious; Spirited; Authentic; Collaborative; Adaptable; Welcoming

Business Plan objectives

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

A number of reports commissioned in previous years, including a professional audit of the collection and a Conservation Management Plan for the Scheduled Ancient Monument inform our approach to delivering preservation work. Meeting the needs of the general public is informed by market research, regional and national policy, an access audit and stakeholder engagement. A Museum Masterplan and Interpretation Strategy are in place and being delivered in phased approach.

The Trust paid due consideration to the Charity Commission’s Public Benefit Guidance throughout the year.

Audience Development and Equality and Diversity

We are committed at Wheal Martyn to diversifying our audiences and extending our charitable reach and impact to a broader range of people. Taking into account our geographical context, the following priorities have been identified as particular areas of focus for the charity:

An Equality, Equity, Diversity and Inclusion Policy, Access Policy, Access Plan and Audience Development Plan are in place.

Measuring Success

Key Performance Indicators (KPI’s) are used to measure our success – these focus on four key areas:

Health and safety incidents and accidents are also recorded, monitored and compared with prior years.

The KPI’s link with our annual budgets and progress is reported to Trustees on a quarterly basis and used by the Board to identify deviation from our targets, enabling plans to be developed to address this. In addition, progress with delivery of key plans and projects are reported to Trustees on a regular basis.

Development Plans and Fundraising Strategy

In order to ensure that the charitable objects are delivered for the long term, a number of projects and initiatives have been identified and set out within a Masterplan that supports our Strategic Plan and Business Plan, which will achieve the following aims:

Specific fundraising plans are developed and implemented in order to deliver projects which realise these aims. Fundraising initiatives are also part of our core activity, supporting revenue generation for day-today operations.

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

ACHIEVEMENTS, PERFORMANCE AND PUBLIC BENEFIT

Overview

For the fourth consecutive year since the pandemic lockdowns visitor numbers have grown, albeit marginally this year, with economic factors continuing to have an impact on the local and tourist market which in Cornwall declined in 2024. During the year 25,829 people visited Wheal Martyn, experiencing benefit from a wide range of cultural activity including arts based and historical exhibitions and an extensive programme of activities and events. The historic grounds continue to provide acres of outdoor space which have positive benefits for health and wellbeing. Our Cornwall Residents Pass was taken up by more people (c11% up on last year) however numbers of educational participation slightly declined with many schools citing the cost of travel as a barrier. Volunteers continued to play a vital role enabling more people to engage with our collections and take part in activities, as well as deliver crucial work to help preserve items from the collections and maintain the grounds. The following report contains details of our achievements and progress over the year broken down into key areas of our work.

Organisation wide activity

mc7 Programme (2023-26) – a three year programme of activity supported by funding from Arts Council England, secured in June 2023 through a collaboration of seven museums in Cornwall (PK Porthcurno, Cornwall Museum and Art Gallery, Bodmin Keep, The Museum of Cornish Life, Penlee House Gallery and Museum and Falmouth Art Gallery). The collaboration are working together to develop a dynamic new model of collective working and programming across the consortia, creating an innovative, autonomous delivery approach which enables funding to reach museums and their users directly for maximum impact. The programme includes activity which supports organisational sustainability and resilience, programming for our communities, development of leadership through coaching and initiatives which support wellbeing and diversity in our teams. Alongside, tailored support from sector experts is supporting the consortia’s strategic development. Specific activities from the programme are referred to throughout this report.

Readying Wheal Martyn for the Future project – in February we commenced a three year project funded by the National Lottery Heritage Fund (NLHF) designed to enhance Wheal Martyn’s sustainability and resilience. It aims to make the charity stronger so that it is in a good position to tackle challenges and take advantage of future opportunities – a part time Development Manager is working to develop plans and secure funding for important projects from our Masterplan and Conservation Management Plan, as well as trialling new fundraising approaches such as digital, whilst a Volunteer Development Officer is working to develop the capacity and skills of the volunteer workforce, broadening the volunteer base and trialling new ways of attracting and working with volunteers, as well as developing Lead Volunteers and volunteer management skills across the organisation.

Culture and Creative Investment Programme grant (2022-26) – investment from Cornwall Council is supporting a range of educational and community engagement activity.

Fundraising – we have built on initiatives introduced last year to help generate and diversify the Trust’s income, including monthly music evenings, creative workshops and a joint fundraising event with a local shanty festival. We also delivered two further Clothes Swap events, combining fundraising with environmentally responsible buying; held a ‘paws in the park’ dog show and walk along the Clay Trails as fundraising events as well as held our second annual Wine and Wisdom fundraising evening generously supported with match funds from Santander bank.

Funding applications were developed and submitted to: Arts Council England’s Museum Estate and Development Fund (MEND) (successful) for essential repairs to Building 14 (Pan Kiln and Linhay extension) within the Scheduled Ancient Monument; Treverbyn Community Fund (successful) towards buying a defibrillator; and bids were submitted (outcome pending at year end) to The Wolfson Foundation and The Headley Trust towards the repairs of Building 14.

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

Equality and Diversity

We continue to implement initiatives which enable the charity to become increasingly inclusive and are proactive in engaging with and providing relevant opportunities for a wider, more diverse of audience. Key achievements in the year include:

Preservation and conservation of the collection

Preservation and conservation of the Scheduled Ancient Monument

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

in February 2025) . The project, required to stabilise the roof structure and replace the asbestos sheeting, will take place once match funding is secured and will enable Wheal Martyn to be removed from Historic England’s Heritage at Risk Register. Scheduled Monument Consent was sought from Historic England to cover these works (granted in February 2025) .

Environmental

Education, information and Interpretation

“The workshop was very well organised with excellent communication throughout. The day was fun packed with learning opportunities and we very much appreciated Gerry's walking tour with all of his facts and the highlight being the Wheel! We also loved the workshops with yourself, Gemma. They were completed tailored to our curriculum of our local area, the local industry and the people it affected and how it would have looked. We also had the chance to get creative in an art workshop, using clay and paints to create our own local 'Sky tip' sculpture. This was purposeful and engaging. We had a great day – thank you Wheal Martyn and team for inspiring our learning! We can't wait to explore it further back in class!” (Teacher, Sky Primary School)

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

A paid intern from the University of Plymouth completed a 35 hour internship with Wheal Martyn, working on exhibitions and collections alongside our team, principally researching Cornish Unit houses for a future exhibition and creating an interactive ‘make your own’ element for children.

Community, audience and stakeholder engagement

The following initiatives have engaged wider audiences with Wheal Martyn:

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

aimed at providing learning and raising awareness about aspects of nature – examples include Fergus the Frog and Hettie the Hedgehog trails. Our holiday activities have been adjusted to be more accessible to a wider age group as a result of learning from attendance at an Early Years Learning Interventions in Museums session.

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

with networks and partners across Cornwall including Cornwall Council and Cornwall Association of Tourist Attractions. Our Curator hosted and chaired meetings of the Mid-Cornwall Museums Group and the Director continued as chair of the China Clay History Society. For the fourth year, Choose Nature CIC operated from Wheal Martyn offering a range of targeted activity including Forest School.

Workforce – volunteers and employees

FINANCIAL REVIEW

The Group reported a net surplus of £8,877 on unrestricted funds for the year, prior to transfers to restricted funds and taxation. This result exceeded expectations, despite ongoing economic challenges that have continued to affect both the local and tourist markets, as well as disruptions caused by prolonged roadworks. Although visitor numbers showed a marginal increase compared to the previous year, they fell short of the planned target. In response to the downturn in forecasted visitor numbers, expenditure was tightly controlled. Additionally, the successful award of funding for the 'Readying Wheal Martyn for the Future' project has contributed towards core operational costs.

Wheal Martyn Trust generated an unrestricted surplus for the year of £14,310, which is after a small contribution to the Creative Investment fund of £11. Wheal Martyn Enterprises Limited made a profit of £12,630 before interest payable and payment of 2024 taxable profit of £17,724 to the Trust. The taxable profit in 2024/2025 of £12,630 will be gift aided to the Trust in 2025.

There is a net deficit of £7,230 in the year on restricted funds. The is due to restricted income from funders being recognised in previous years, when the charity was legally entitled to the funds. In contrast, expenditure is recognised when it is incurred throughout the duration of the project.

Net surplus of £1,647 in the year on total funds.

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

The total reserves held at 31 January 2025 increased to £1,689,859 (2024; £1,688,212) which comprised of £156,654 (2024: £147,788) unrestricted funds and £1,533,205 (2024: £1,540,424) restricted funds.

• Reserves policy

The Trustees review the reserves policy annually. The review takes into account the need for the charity to hold reserves to cover the major financial risks to the income and costs of the charity. The Trustees have agreed to maintain the reserves target at £100,000. This is in response to the continued economic concerns affecting the tourism industry in Cornwall and the significant roadworks occurring in year which may have a detrimental impact on visitor numbers.

These reserves will cover core operating costs for at least two months, lease commitments and an allowance for unbudgeted costs or a downturn in income. The reserves target relates to the unrestricted free reserves only and excludes fixed assets.

Free reserves for the group as at 31 January 2025 were £130,332 (2024; £117,221) after accounting for tangible assets of £26,322 (see note 21). This is above our current target of £100,000. The excess funds will be used to cover the planned losses for the forthcoming year.

• Principal Funding Sources

The charity’s principal income comes from museum admission charges and trading income from Café and Gift Shop. Low key fundraising activity during the year included a series of music nights; a joint fundraising shanty event working with Mevagissey Shanty Festival; two second hand ‘cloths swap’ evenings; a clay trail walk; paws in the park event; and a Wine and Wisdom event supported by Santander bank through their match donation scheme.

Projects to further the work and reach of the charity are reliant on external funding – the most significant of our Restricted Funds in the year includes funds awarded from Arts Council England (ACE) through the mc7 Consortia and funds awarded by the National Lottery Heritage Fund (NLHF) for the Readying Wheal Martyn for the Future project (see page 5). The ACE investment was recognised in full in the previous year but is being applied evenly over three years to 31 March 2026. The NLHF funds have been recognised in full in the current year and will be applied in line with project plans over three years to 31 January 2027. Funds were also granted by The Wolfson Foundation Sustainability Fund and year three of Cornwall Councils’ Culture and Creative Investment grant programme has been delivered (funds recognised in full in 2022/23 but applied evenly over four years to 31 March 2026)

• Principal risks and uncertainties

The main risks identified in the coming year are:

These risks will be managed by

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

As set out at Note 12 to the financial statements, there are no key management personnel employed by the charity itself. The key management personnel are employed by the parent charity, South West Lakes Trust, with a proportion of their costs recharged to Wheal Martyn through the Head Office Recharge.

PLANS FOR THE FUTURE

2025 marks 50 years since Wheal Martyn opened its doors as a museum and therefore the year will be one of celebration throughout, with many aspects of our activity and programming linked to this.

Planning and sustainability

As challenges linked to the economy continue to face us and the communities we serve, we will remain adaptable and responsive to the changing environment, revising and reprioritising plans to ensure the charity remains financially sustainable and able to meet the needs of our audiences. We will continue to focus more on environmental responsibility and income generation, including building our fundraising activity. Our strategic framework will remain at the heart of all we do as we continue to implement our Business Plan approved in 2024. We will commence a review of our governing document and Board composition (postponed from 2024/25). We remain committed to delivering against Cornwall Councils Creative Manifesto and Arts Council England’s Let’s Create .

Inspiring our communities

Working in partnership with museums in Cornwall through the mc[7] Consortia remains a priority as we deliver the third year of a programme of activity supported by Arts Council England. We will continue to deliver and develop initiatives to inspire and engage a more diverse range of people in the following ways:

Developing new opportunities for visitors and preserving our built heritage

We will pursue match funding for the MEND grant in order to realise delivery of the project to repair and stabilise the roof of Building 14 (Pan Kiln and Linhay extension) and with the support of funding from the National Lottery Heritage Fund we will develop plans and seek to secure funding to deliver necessary preservation work to other aspects of the Scheduled Ancient Monument and develop the visitor experience in line with our Masterplan, Interpretation Strategy, Access Review and Conservation Management Plan.

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

Priorities will include:

Protecting our collections

Working with volunteers we will continue to improve the condition and documentation of our object and archive collections. We will utilise the new workshop space for volunteer led practical conservation work and aim to secure funding to support conservation work in line with the priorities set out in our Conservation Programme. We will make an application to The National Archives, Archives Revealed, cataloguing grant programme to secure funds to employee an archivist for 12 months to commence cataloguing of the archive necessary for it to become more accessible and useable.

Workforce development

We will provide training and development opportunities to our employees and with support of funding from the National Lottery Heritage Fund, through the Readying Wheal Martyn for the Future project, will continue to develop our volunteer workforce in terms of capacity, skills and diversity. As part of this we will recruit new volunteers, trial new ways of working, provide training and celebrate our volunteers.

Working in partnerships

We will continue to work with partners to create exciting new opportunities at Wheal Martyn which contribute to the vibrancy and regeneration of our special part of Cornwall.

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

STRUCTURE GOVERNANCE AND MANAGEMENT

The charity operates under its Memorandum and Articles of Association and is constituted as a company limited by guarantee.

The Board of Trustees held three of its four planned quarterly meetings in the year (one was postponed from January 2024 to February 2025 due to Trustee availability), ensuring arrangements were appropriate and effective. The Board authorises the Chief Executive to direct the work of the charity in line with approved procedures and schemes of delegation. The Trustees approved a Business Plan for 2024 to 2027, a new Access Policy and new Equality, Equity, Diversity and Inclusion Policy, and revised/updated Health and Safety Policy; Safeguarding Policy and procedures; Collection Development Policy, Documentation Policy, Collection Care and Conservation Policy and Reserves Policy in the year. They also reviewed the Trust’s organisational risks and received updates on progress with delivery of key work and projects. There was Trustee representation on the joint SWLT and WMT Health and Safety Committee which met twice during the year.

Governance review

A planned governance review unfortunately did not get underway due to the need to divert limited capacity to more pressing matters, however the actions below, agreed by trustees in 2022/23 remain a priority and will be progressed in the year ahead.

Relationship with Subsidiary Company

The charity’s wholly-owned trading subsidiary ‘Wheal Martyn Enterprises Limited’, registered in England, Company No. 02599839, conducted non-charitable trading. Its board met at the same time as the Wheal Martyn Trust board. Directors are John Wood, Chairman, Colin Vallance, Evelyn Stacey, Chris Varcoe, and Jacky Swain (until 21 June 2024); the Company Secretary is Lesley Whitworth.

Recruitment and Appointment of Trustees

New Trustees are selected and appointed by the Board. Trustees are inducted and trained using Charity Commission documentation and the Trust’s policy manuals and procedures.

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Charity registration number 1001838 Company registration number 01160460

Registered Office

Wheal Martyn Carthew ST. AUSTELL PL26 8XG

Chairman John Wood

Named Trustees

Bankers

Lloyds Bank plc PO Box 340 2[nd] Floor, 234 High Street EXETER EX4 3ZB

Solicitors

Tozers LLP North Door, Broadwalk House Southernhay West EXETER EX1 1UA

Chartered accountants and

Registered auditors

PKF Francis Clark Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Christopher Varcoe (resigned 18 July 2025) Malcolm Bell Jacqueline Swain (appointed 18 July 2025)

Corporate Trustee South West Lakes Trust Registered charity number 1079966. (Represented by Christopher Balch and Ashley Shopland)

Chief Officers (employed by SW Lakes Trust) James Platts , Chief Executive Colin Vallance , Managing Director WMT Lesley Whitworth Chief Financial Officer

Wheal Martyn Team Sue Ford, Museum Manager Gemma Martin, Education Officer Jo Moore, Curator Julia Orchard, Development Manager Siân Powell, Exhibition and Engagement Officer

Company Secretary Wheal Martyn Trust and Wheal Martyn Enterprises Lesley Whitworth

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Wheal Martyn Trust

Trustees Group Annual Report for the year ended 31 January 2025

RESPONSIBILITES OF THE TRUSTEES

The charity trustees (who are also the directors of Wheal Martyn Trust for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which 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 of the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statements as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees' annual report:

Auditor

PKF Francis Clark has indicated that the firm is willing to be reappointed auditors in accordance with the Companies Act 2006.

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Approved by the trustees and signed on their behalf by:

11 August 2025 Mr John Wood A by:

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Wheal Martyn Trust

Independent Auditor’s Report to the Members of Wheal Martyn Trust

Year ended 31 January 2025

Opinion

We have audited the financial statements of Wheal Martyn Trust (the “Charity”) for the year ended 31 January 2025 which comprise Group Statement of Financial Activities, Group and Parent Company Balance Sheets, Statement of Consolidated Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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 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 going concern for a period of at least 12 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.

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Wheal Martyn Trust

Independent Auditor’s Report to the Members of Wheal Martyn Trust

Year ended 31 January 2025

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:

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 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:

18

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Independent Auditor’s Report to the Members of Wheal Martyn Trust

Year ended 31 January 2025

Responsibilities of the trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 14, the trustees (who are also the directors of the charity for the purposes 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 they 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 Charity or to cease operations, or have no realistic alternative but to do so.

Our 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity and the sector within which it operates to identify the key laws and regulations affecting it. As part of this the process, we reviewed the Charity’s website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were Charity legislation, health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). The Charity is also registered with the Fundraising Regulator. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation.

We discussed with management how the compliance with these laws and regulations is monitored and discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with relevant laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the Company’s ability to continue trading and the risk of material misstatement to the accounts.

19

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Independent Auditor’s Report to the Members of Wheal Martyn Trust

Year ended 31 January 2025

We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, including in relation to cash income and expenditure. We considered the primary sources of cash income, being admissions income, catering income from the museum’s cafe and income from the museums gift shop and obtained an understanding of the controls in place to mitigate the risk of cash fraud. We also discussed with management whether there had been any instances of known or alleged fraud, of which there were none. Based on our understanding we designed and conducted audit procedures including:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our Report

This report is made solely to the Charity’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 Charity’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 Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

LOUISE BRIDGETT (Senior Statutory Auditor) Signed by: For and on behalf of PKF FRANCIS CLARK O006DF78DEBD3402... Chartered Accountants & Statutory Auditor Centenary House 12 August 2025 Peninsula Park Rydon Lane Exeter EX2 7XE

20

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Consolidated Statement of Financial Activities (incorporating the Income and Expenditure Account)

Year ended 31 January 2025

Note
Income
Donations
4
Income from charitable activities
5
Investment income
6
Income from other Trading
Activities
7
Commercial trading
Other
Total income
Expenditure
Costs of raising funds:
Commercial Trading
8
Other
8
Charitable activities:
Museum
9
Education
9
Total expenditure
Net income/ (expenditure) for
the year before transfers
Transfers between funds
Net movements in funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
Funds
Restricted
Funds
Total 2025
Total 2024
£
£
£
£
2,258
-
2,258
1,787
161,012
228,354
389,366
420,931
5,041
-
5,041
5,036
198,720
-
198,720
191,396
17,274
-
17,274
16,329
384,305
228,354
612,659
635,479
174,440
-
174,440
161,880
28,278
-
28,278
30,698
129,532
226,014
355,546
315,029
43,178
9,570
52,748
58,008
375,428
235,584
611,012
565,615
8,877
(7,230)
1,647
69,864
(11)
11
-
-
8,866
(7,219)
1,647
69,864
147,788
1,540,424
1,688,212
1,618,348
156,654
1,533,205
1,689,859
1,688,212

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities

21

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Balance Sheets

31 January 2025

2025 2024
Group Charity Group Charity
Note £ £ £ £
Fixed assets
Tangible assets 14 1,268,047 1,264,251 1,350,868 1,346,646
Investments 15 - 100 - 100
1,268,047 1,264,351 1,350,868 1,346,746
Current assets
Stocks 28,562 1,384 30,831 1,563
Debtors 16 332,775 330,947 260,593 274,665
Cash at bank and in hand 137,971 119,354 125,398 75,902
499,308 451,685 416,822 352,130
Creditors: amounts falling
due within one year		 17 (75,029) (57,477) (69,611) (47,408)
Net current assets 424,279 394,208 347,211 304,722
Creditors:
amounts
falling
due after more than one year		 18 (2,467) - (9,867) -
Net assets 1,689,859 1,658,559 1,688,212 1,651,468
Funds
Restricted funds 20 1,533,205 1,533,205 1,540,424 1,540,424
Unrestricted funds 20 156,654 125,354 147,788 111,044
Total charity funds 1,689,859 1,658,559 1,688,212 1,651,468

A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The net income for the charity alone was £7,091 with total funds of £1,658,559. A summary of the financial performance of the charity is provided in Note 3 of the accounts.

These financial statements were approved and signed by the board of trustees on 11 August 2025

Chairman A by: Mr John Wood

Registered company number 01160460

22

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the financial statements are set out below.

(a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Companies Act 2006.

Wheal Martyn Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical or transaction value unless otherwise stated in the relevant accounting policy note.

The functional currency of the Wheal Martyn Trust is considered to be Pounds Sterling as that is the currency of the primary economic environment in which the trust operates.

The directors have taken advantage of the exemption in FRS 102 from including a cash flow statement in the financial statements on the grounds that the company is wholly owned and its parent publishes a consolidated cash flow statement.

(b) Going concern

The Trustees have critically reviewed the Income and Expenditure and Cash Flow Forecasts, which have been prepared by management, and which are based on a cautious approach using the best information available at the time.

The Trustees have concluded that the charity and its trading subsidiary are expected to have sufficient cash and unrestricted reserves to continue to operate for the foreseeable future and conclude that there are no material uncertainties and the going concern basis is appropriate.

(c) Income

All income is included in the Statement of Financial Resources (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income:

23

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

1 Accounting policies (cont.)

(d) Tangible Fixed Assets

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Leasehold property - over the life of the lease Plant, machinery and equipment - 10% to 33.3% per annum on cost

(e) Investments

Fixed asset investments are stated at cost less any provision for permanent diminution in value.

(f) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

(g) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

(h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

24

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

1 Accounting policies (cont.)

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

(i) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Trust’s work or for specific artistic projects being undertaken by the Trust.

(j) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts museum. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 10.

(k) Stock

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

(l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(n) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2 Legal status of the charity

The charity is a company limited by guarantee. The members of the company are the trustees who are also ordinary members. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

25

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

3 Financial Performance of the charity

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Wheal Martyn Enterprises Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

A summary of the financial performance of the charity alone is set out below:

Income
Expenditure on charitable activities
Net income / (expenditure)
Represented by:
Restricted Funds
Unrestricted Funds
Total funds brought forward
Total funds carried forward
Represented by:
Restricted funds
Unrestricted funds		 2025
2024
£
£
443,674
478,031
(436,583)
(403,547)
7,091
74,484
(7,219)
70,534
14,310
3,950
7,091
74,484
1,651,468
1,576,984
1,658,559
1,651,468
1,533,205
1,540,424
125,354
111,044
1,658,559
1,651,468

4 Income from Donations

4
Income from Donations
Donations
Donation from Friends of Museum		 Unrestricted
Funds
Restricted
Funds
Total 2025
Total 2024
£
£
£
£
1,741
-
1,741
1,316
517
-
517
471
2,258
-
2,258
1,787

.

26

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

5 Income from Charitable Activities

Admission Income
Gift Aid on Admissions
Grants
CC/Cultivator
Memory Café
NPO Programme
Archive Covid Support
MC7Programme
WM Collections
Readying WM for the future
Defibrillator		 Unrestricted
Funds
Restricted
Funds
Total 2025
Total 2024
£
£
£
£
135,282
-
135,282
132,549
25,730
-
25,730
18,755
-
-
-
4,377
-
200
200
250
-
-
-
21,623
-
-
-
1,377
-
6,240
6,240
240,000
-
-
-
2,000
219,694
219,694
-
2,220
2,220
-
161,012
228,354
389,366
420,931

Income from charitable activities of £389,366 (2024: £420,931) of which £228,354 (2024: £269,627) is restricted and £161,012 (2024: £151,304) is unrestricted.

6 Investment Income

Investment Income
Bank Interest
Rents receivable		 Unrestricted
Funds
Restricted
Funds
Total
2025
Total
2024
£
£
£
£
37
-
37
32
5,004
-
5,004
5,004
5,041
-
5,041
5,036

7a Income from Trading Activities

a
Income from Trading Activities
Commercial Trading Activities
Misc. Income/Events
Corporate Sponsorship/Fundraising
Recharges		 Unrestricted
Funds
Restricted
Funds
Total
2025
Total
2024
£
£
£
£
198,720
-
198,720
191,396
7,056
-
7,056
8,668
10,218
-
10,218
7,435
-
-
-
226
215,994
-
215,994
207,725

27

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

7b Commercial trading operations and investment in trading subsidiary

The charity owns the entire issued share capital of Wheal Martyn Enterprises Limited, which is incorporated in England & Wales and operates the commercial activities at the Wheal Martyn Museum, St Austell.

Summary Profit and Loss Account
Turnover
Cost of sales
Gross profit
Administrative expenses
Other Operating Income
Operating profit / (loss)
Interest Payable
Taxation
Amount gifted to the Charity
Profit / (loss) retained in the subsidiary
The assets and liabilities of the subsidiary were:
Tangible assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Total net assets
Aggregate share capital and reserves		 2025
2024
£
£
198,720
191,396
(66,899)
(65,393)
131,821
126,003
(119,191)
(107,967)
-
-
12,630
18,036
(350)
(531)
-
11
(17,724)
(21,948)
(5,444)
(4,432)
2025
2024
£
£
3,696
4,222
54,879
79,581
(24,808)
(37,092)
(2,467)
(9,867)
31,300
36,844
31,300
36,844

8 Costs of raising funds

The costs of raising funds for commercial trading are the costs above less the intercompany recharge.

The costs of raising funds other has been calculated based on pro rata staff full time equivalents

28

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

9a Costs of charitable activities

a Costs of charitable activities
Unrestricted Funds
Employee costs
COS – workshop supplies
Rent and water
Light and heat
Insurance
Repairs and maintenance
Equipment hire
Computer expenses
Postage and telephone
Printing and stationery
Bank interest and charges
Vehicle expenses
Travel and entertaining
Training and subscriptions
Depreciation
Support
Governance
Total Unrestricted Funds
Restricted Funds
Museum Development Fund
Clay Works
Defibrillator
NPO Programme
MC7 Programme
Archive Covid Support
Memory Café
Water wheel renovation
Readying WM for the future
Development Fund
CC Creative Investment Fund
Cultivator Cornwall
Sustainability Fund
Total Restricted Funds
Total		 Museum
Education
Total
2025
Total
2024
£
£
£
£
78,029
26,010
104,039
108,349
167
56
223
408
3,075
1,025
4,100
3,412
2,867
956
3,823
(949)
7,851
2,617
10,468
10,303
11,192
3,730
14,922
15,007
731
244
975
0
332
111
443
504
1,277
426
1,703
2,789
1,199
400
1,599
1,508
1,897
632
2,529
2,815
252
84
336
245
25
8
33
225
(204)
(68)
(272)
2.560
3,268
1,089
4,357
3,369
10,800
3,600
14,400
14,400
6,774
2,258
9,032
8,928
129,532
43,178
172,710
173,873
22,091
-
22,091
22,091
56,485
-
56,485
56,486
1,653
-
1,653
-
-
-
-
17,743
76,831
-
76,831
61,257
-
-
-
1,377
301
-
301
42
-
-
-
237
68,653
-
68,653
-
-
-
5,408
-
9,570
9,570
14,540
-
-
-
4,148
-
-
-
15,835
226,014
9,570
235,584
199,164
355,546
52,748
408,294
373,037

29

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

9b Summary analysis of expenditure and related income for charitable activities

This table shows the cost of the two charitable activities and the income supporting those activities:

Unrestricted Funds
Costs
Admission Income
Grants
Net Income / (Cost)
Restricted Funds
Costs
Grants
Net Income/(Costs)
Total Net Income / (Cost)
10
Support and Governance Costs
Support
£
Audit fees
-
Other accountancy services
-
Head office recharges
14,400
Trustees’ meetings
-
14,400		 Unrestricted Funds
Costs
Admission Income
Grants
Net Income / (Cost)
Restricted Funds
Costs
Grants
Net Income/(Costs)
Total Net Income / (Cost)
10
Support and Governance Costs
Support
£
Audit fees
-
Other accountancy services
-
Head office recharges
14,400
Trustees’ meetings
-
14,400		 Museum
Education
Total
£
£
£
(129,532)
(43,178)
(172,710)
161,012
-
161,012
-
-
-
31,480
(43,178)
(11,698)
(226,014)
(9,570)
(235,584)
228,354
228,354
2,340
(9,570)
(7,230)
33,820
(52,748)
(18,928)
Governance
Total
Total
2025
2024
£
£
£
7,740
7,740
4,148
-
-
1,180
3,600
18,000
18,000
168
168
-
14,400 11,508
25,908
23,328

30

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

11 Net income / (expenditure) for the year - Group

This is stated after charging:

This is stated after charging:
2025 2024
£ £
Depreciation 84,367 83,707
Auditor’s remuneration:
- audit of the financial statements 7,740 7,600
Operating leases 3,191 3,104

12 Staff costs and emoluments

Total staff costs were as follows:

Wages and salaries
Social security costs
Other staff costs (pensions)		 2025
2024
£
£
270,301
242,705
15,563
13,858
9,929
9,709
295,793
266,272

13 Staff numbers

The average monthly head count was 20 employees (2024: 20 employees) and the average number of fulltime equivalents employees, including casual and part time staff during the year was as follows:

Direct charitable work
Administration		 2025
2024
No.
No.
6
7
4
3
10
10

The key management personnel of the charity comprise the trustees. None of the trustees have been paid any remuneration or received any reimbursement for expenses incurred.

There are no employees who receive employee benefits of more that £60,000

31

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

14 (a)
Tangible fixed assets – Group
Long leasehold Plant, Total
property machinery,
equipment
£ £ £
Cost
At 1 February 2024 2,013,557 531,727 2,545,284
Additions - 1,546 1546
At 31 January 2025 2,013,557 533,273 2,546,830
Depreciation
At 1 February 2024 733,001 461,415 1,194,416
Charge for the year 72,024 12,343 84,367
At 31 January 2025 805,025 473,758 1,278,783
Net book value
At 31 January 2025		 1,208,532 59,515 1,268,047
At 31 January 2024 1,280,556 70,312 1,350,868
14 (b)
Tangible fixed assets – Charity
Long leasehold Plant, Total
Property machinery,
equipment
£ £ £
Cost
At 1 February 2024 2,013,557 499,900 2,513,457
Additions - 538 538
At 31 January 2025 2,013,557 500,438 2,513,995
Depreciation
At 1 February 2024 733,001 433,810 1,166,811
Charge for the year 72,024 10,909 82,933
At 31 January 2025 805,025 444,719 1,249,744
Net book value
At 31 January 2025		 1,208,532 55,719 1,264,251
At 31 January 2024 1,280,556 66,090 1,346,646

32

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

Year ended 31 January 2025
15
Investments - Charity
Investment in subsidiary at cost
16
Debtors
Group
Charity
2025
2025
£
£
Trade debtors
4,038
3,102
Amounts due from subsidiary
-
-
Amounts due from parent undertaking
-
-
Prepayments and accrued income
328,737
327,845
332,775
330,947
17
Creditors: amounts falling due within one year
Group
Charity
2025
2025
£
£
Loan and borrowings
7,400
-
Trade creditors
14,747
11,533
Amounts due to parent undertaking
25,256
21,494
Amounts due to subsidiary
-
7,256
Other creditors
5,000
5,000
Taxation
3,213
3,213
Accruals and deferred income
19,413
8,981
75,029
57,477		 Group
Charity
2025
2025
£
£
4,038
3,102
-
-
-
-
328,737
327,845		 2025
2024
£
£
100
100
Group
Charity
2024
2024
£
£
4,707
4,667
-
14,888
170
170
255,716
254,940
260,593
274,665
Group
Charity
2024
2024
£
£
7,400
-
16,026
12,987
18,296
15,889
-
-
5,719
5,719
2,204
2,204
19,966
10,609
332,775
330,947
75,029
57,477		 69,611
47,408

18 Creditors: amounts falling due after more than one year

Due after one year

Group Charity Group Charity
2025 2025 2024 2024
Loans and borrowings due after one year £ £ £ £
Bank borrowings 2,467 - 9,867 -

19 Loans and borrowings due after one year

33

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

ear ended 31 January 2025
Group Charity Group Charity
2025 2025 2024 2024
Loans and borrowings due after one year £ £ £ £
Bank borrowings 2,467 - 9,867 -
Group Charity Group Charity
2025 2025 2024 2024
Current loans and borrowings £ £ £ £
Bank borrowings 7,400 - 7,400 -

20 Analysis of charitable funds

Analysis of movements in restricted funds – Group and Company

Restricted funds
Museum development fund
(restated)
Clay Works (capital)
Statues
Waterwheel
Memory Café
NPO programme
MC7 Programme
Wolfson Covid-19 Support
Fund
Historic England Covid-19
Emergency Fund
Archive Covid Support
Cornwall Council Creative
Investment Grant
WM Collections
MPM Project
Readying WM for the future
Defibrillator
Cultivator Cornwall
Total		 Balance at
1 February
2024
Incoming
Resources
Outgoing
Resources
Transfers
Balance at
31 January
2025
£
£
£
£
£
390,398
-
22,091
-
368,307
929,903
-
56,485
-
873,418
664
-
-
-
664
1,607
-
-
-
1,607
208
200
301
-
107
4,162
-
-
-
4,162
178,743
6,240
76,831
-
108,152
1,219
-
-
-
1,219
5,606
-
-
-
5,606
2,290
-
-
-
2,290
21,549
-
9,570
11
11,990
2,000
-
-
-
2,000
2,067
-
-
-
2,067
-
219,694
68,653
-
151,041
-
2,220
1,653
-
567
8
-
-
-
8
1,540,424
228,354
235,584
11
1,533,205

Note 20 cont’d Comparative information in respect of the preceding period is as follows:

34

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

Restricted funds
Museum development fund
(restated)
Clay Works (capital)
Clay Works (revenue)
Statues
Waterwheel
Memory Café
NPO programme
MC7 Programme
Wolfson Covid-19 Support
Fund
Historic England Covid-19
Emergency Fund
Archive Covid Support
Cornwall Council Creative
Investment Grant
Wolfson Sustainability fund
WM Collections
MPM Project
Cultivator Cornwall
Total		 Balance at
1 February
2023
Incoming
Resources
Outgoing
Resources
Transfers
Balance at
31 January
2024
£
£
£
£
£
412,489
-
(22,091)
-
390,398
986,388
-
(56,485)
-
929,903
5,694
-
-
(5,694)
-
664
-
-
-
664
1,844
-
(237)
-
1,607
-
250
(42)
-
208
(5,412)
21,623
(17,743)
5,694
4,162
-
240,000
(61,257)
-
178,743
6,627
-
(5,408)
-
1,219
5,606
-
-
5,606
2,290
1,377
(1,377)
-
2,290
36,053
-
(14,540)
36
21,549
15,800
-
(15,835)
35
-
-
2,000
-
-
2,000
2,067
-
-
-
2,067
(220)
4,377
(4,149)
-
8
1,469,890
269,627
(199,164)
71
1,540,424

Restricted fund descriptions:

The Museum Development Fund relates to the previous improvements to the museum carried out in 2004/2005. Annual depreciation on fixed assets acquired by the fund is charged to this fund.

Clay Works project – concluded in June 2022 and was funded by the National Lottery Heritage Fund, Garfield Weston Foundation, Cornwall Council, Foyle Foundation, Arts Council England through the NPO programme (see below), Historic England, The Pilgrim Trust, The Wolfson Foundation, Viridor Credits Pennon Environmental Fund, Imerys Minerals Ltd., Cornwall Heritage Trust and The Hobson Charity. The following were the key achievements during the lifetime of the project: Restoration work to the Pan Kiln roof and Mica Dry building, improved physical access to the historic buildings, creation of an activity/ learning space and a space for temporary exhibitions, practical heritage preservation skills training and an extensive programme of educational, engagement and volunteering activity. The capital funds remaining on this project are to cover the depreciation on the building and assets bought as part of the project.

Note 20 cont’d

35

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

Statues – in 2018 Wheal Martyn’s clay worker statues, displayed at the museum entrance, were damaged by vandals. Public donations were received towards their repair which was completed in early 2019. Insurance money was also received. The remaining funds will be used to continue to maintain the statues as required.

Waterwheel Renovation – the 18 foot waterwheel, part of the Scheduled Ancient Monument, had deteriorated beyond a working state and was restored in 2017 through this project with funding from the Association for Industrial Archaeology, Cornwall Heritage Trust, Historic England, Sylvia Waddilove Foundation, and private donations. The remaining funds will be used for future maintenance of the Scheduled Ancient Monument. During 2023/24 some funds were used to purchase new leather, required for maintenance of the slurry pump.

Memory Café – Funds provided to support some of the costs of delivering for the bi-monthly Memory Café such external activity providers. Income during the year was from individual donations.

– NPO Programme in partnership with six museums in Cornwall, Wheal Martyn was part of an Arts Council England funded, National Portfolio Organisation programme from April 2018 to March 2022 (extended post pandemic to March 2023). The programme has supported collections management and conservation work at Wheal Martyn and part funded the employment of a full time Exhibition and Engagement Officer. It also enabled a range of initiatives including exhibitions, activities and targeted projects all aimed at engaging a wider range of people with the museum and sharing our collections and heritage with a broader audience. The programme was administered by Cornwall Museums Partnership (charity number 1160147) who distributed the funding from Arts Council England and other funders between the partner organisations. Wheal Martyn was responsible for raising match funding for various elements of the programme – this has included funds from the National Lottery Heritage Fund (through the Clay Works project), Cornwall Community Foundation, Cornwall Council Community Chest, European Social Fund (via Cultivator Cornwall), Creative Skills, Feast (Bright Sparks), Ecclesiastical, Imerys Employees Charitable Trust, British Science Association, St. Austell’s Whitegold Project, The Association of Independent Museums. The balance of funds arises from match funding contributions and will be used to fund future exhibitions and inclusive engagement activity.

MC[7] Programme – in partnership with six museums in Cornwall, Wheal Martyn was part of a successful application to Arts Council England (ACE) for a funded programme called Supporting a Consortium of Museums in Cornwall, which runs from 26 June 2023 to 31 March 2026. Funds are distributed by the Lead Partner, PK Porthcurno (charity number 1189090). The programme supports a range of costs including the Curator and Exhibition and Engagement Officer posts, programming and activity costs and other costs as agreed through annual budget approval process with ACE. During the year match funds into the project were received from The Royal Society, funds for the University of Exeter internship and additional funds to cover the travel expenses.

Wolfson Covid-19 Support Fund – granted by The Wolfson Foundation to replace the heating and CCTV systems (essential costs which we couldn’t resource internally during the pandemic) and development costs to support post pandemic recovery and to help mitigate other Covid-19 related impact. Remaining funds will support further development work.

Historic England Covid-19 Emergency Funds – granted to cover six months employment of the Maintenance Supervisor and materials for repairs to the Scheduled Ancient Monument to address issues of deterioration suffered during lockdown. The remaining funds will be utilised for future repairs to the Monument.

36

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

Note 20 cont’d

Archive Covid Support – HM Treasury funding distributed by The National Archives to tackle challenges faced by archives during the pandemic, funded a part-time archivist for 12 months to September 2022. Working with volunteers, the majority of the archive, stored off site in substandard conditions, was cleaned, repackaged and moved to substantially better, temporary facilities at Wheal Martyn. This provides safer storage for material and a better working environment for volunteers until funds can be raised to build a purpose built facility. In 2023/24 an anonymous donation was received into the project to further this work. Remaining funds will be spent to support ongoing work on the archive.

Cornwall Council Creative Investment Grant – Investment by Cornwall Council through their 2022-2026 Culture and Creative Investment Programme. Over four years, the funding supports Education Officer time and resources for activities, in line with an agreed programme of targeted educational and engagement work within the St. Austell and wider clay area communities.

Wolfson Sustainability Fund – funds granted by The Wolfson Foundation Sustainability Fund in support of improvements to support sustainability, used to replace lighting in the café and heaters, water heaters and a water pump in the museum to more energy efficient alternatives.

WM Collections – a donation received by a member of the public, given specifically to support work on the museum collections. This will be spent on staff time and resources to further priority collections work.

– MPM Programme in partnership with five museums in Cornwall, Wheal Martyn was part of an Arts Council England funded, Major Partner Museum programme from April 2015 to March 2018, which included Wheal Martyn supporting museums in Cornwall on collections management issues and delivering a programme of initiatives to engage broader audiences with the museum through new exhibitions, inclusion and community arts projects. The programme was administered by Cornwall Museums Partnership (charity number 1160147). Wheal Martyn raised match funding for various elements of the work from a range of funders. The balance of funds arises from match funding contributions and will be used to fund future inclusive engagement activities.

Cultivator Cornwall – European Social Funds, Arts Council England and Cornwall Council investment through Cultivator Cornwall, supporting the mentoring of two employees; purchase of equipment including a kiln to develop a new income stream by establishing experiential tourism products; and delivery of training, Exceeding Visitor Expectations, to the workforce. Match funding towards elements of this project was received from the Manor Solar Farm Fund distributed by Cornwall Community Foundation.

Readying Wheal Martyn for the Future – a three year project started in February 2024, funded by the National Lottery Heritage Fund (NLHF) designed to enhance Wheal Martyn’s sustainability and resilience. The project funds a part time Development Manager, working to develop plans and secure funding for projects from our Masterplan and Conservation Management Plan as well as trialling new fundraising approaches such as digital; and a Volunteer Development Officer, working to develop the capacity and skills of the volunteer workforce.

Defibrillator – funding from the Treverbyn Community Fund and an individual donation to purchase and install a defibrillator. The remaining funds will support ongoing annual maintenance.

37

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

Note 20 cont’d

Analysis of movement in unrestricted funds - Group

2025 2024
£ £
Balance at 1 February 147,788 148,458
Income 384,305 365,852
Expenditure (375,428) (366,451)
Transfer from/(to) restricted funds (11) (71)
Balance at 31 January 156,654 147,788
Analysis of movement in unrestricted funds - Charity
2025 2024
£ £
Balance at 1 February 111,044 107,094
Income 215,309 208,404
Expenditure (200,988) (204,383)
Transfer from/(to) restricted funds (11) (71)
Balance at 31 January 125,354 111,044
21
Analysis of group net assets between funds
Unrestricted Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Tangible assets 26,322 - 1,241,725 1,268,047
Current assets 207,788 - 291,520 499,308
Current liabilities (74,989) - (40) (75,029)
Long term liabilities (2,467) - - (2,467)
156,654 - 1,533,205 1,689,859

38

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

Note 21 Cont’d Analysis of group net assets between funds

Comparative information in respect of the preceding period is as follows (restated):

Tangible assets
Current assets
Current liabilities
Long term liabilities		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
Funds
£
£
£
£
30,567
-
1,320,301
1,350,868
196,434
-
220,388
416,822
(69,346)
-
(265)
(69,611)
(9,867)
-
-
(9,867)
147,788
-
1,540,424
1,688,212

22 Related Party Transactions

The charity has taken advantage of the exemption which is available under Financial Reporting Standard 102 to not disclose transactions with its parent charitable company and other wholly owned subsidiaries, as the company is a wholly-owned subsidiary of South West Lakes Trust.

23 Operating lease commitments

At 31 January 2025 the company and group had the following total commitments under noncancellable operating leases:

2025
Less than one year
Two to five years
More than five years
Total
2024
Less than one year
Two to five years
More than five years
Total		 Land and
Buildings
Other
Total
£
£
£
1,924
1,267
3,191
7,694
4,646
12,340
6,902
-
6,902
16,520
5,913
22,433
Land and
Buildings
Other
Total
£
£
£
1,851
314
2,165
7,404
-
7,404
7,413
-
7,413
16,668
314
16,982

Land and Buildings includes a lease of which the annual rent is the greater of £250 or 1.5% of the gross income from the entrance fees. The rental payment for next year will be £1,923 per annum (2024: £1,850). The total commitments have been calculated based on these numbers.

39

Docusign Envelope ID: A9F9EF53-34D5-42E9-BF61-79C4835B670F

Wheal Martyn Trust

Notes and Accounting Policies

Year ended 31 January 2025

24 Capital commitments

There are no capital commitments.

25 Controlling Party

The ultimate parent undertaking is South West Lakes Trust, a company limited by guarantee which is registered in England & Wales, and which is controlled by its board of trustees. A copy of its financial statements can be obtained from its registered office.

40