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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 04202906 (England and Wales) REGISTERED CHARITY NUMBER: 1087755

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PENDEEN COMMUNITY HERITAGE

TC Group The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

PENDEEN COMMUNITY HERITAGE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 11
Independent Examiner's Report 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 19 to 29
Detailed Statement of Financial Activities 30 to 31

PENDEEN COMMUNITY HERITAGE

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES K A C Baker J S Swarbrooke N M Davies B Corn Ms M E Soper W Lakin B D Oldcorn (appointed 21/09/2023) COMPANY SECRETARY Mrs K Law REGISTERED OFFICE Count House Office Pendeen Penzance Cornwall TR19 7EW REGISTERED COMPANY 04202906 (England and Wales) NUMBER REGISTERED CHARITY 1087755 NUMBER INDEPENDENT EXAMINER TC Group The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG SOLICITORS CVC Solicitors Unit N Questmap Business Park Longrock Penzance Cornwall TR20 8AS

Page 1

PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).

Report of the Chair of the Board of Trustees

There is no doubt that the highlight of the past year was the signing of a new 99-year-lease between PCH and Cornwall Council. This not only gives PCH more autonomy over how it manages Geevor but it also means that for the first time ever we are able to apply for external funding for projects designed to secure the long-term future of Geevor.

We have already taken advantage of this new ability to apply for funding by securing a substantial grant under the Shared Prosperity Fund to improve the facilities in the café for the benefit of both customers and the operators.

At the same time we are seizing the greater freedom which we enjoy under the new lease to provide a venue for events designed to benefit the local community. We have already organised four music gigs on site and welcomed the Bournemouth Symphony Orchestra. We are also hosting a series of talks on local subjects and planning an even bigger and better 'Meet Santa' event on site at Christmas time. We have even hosted a film premiere!

We have worked hard to maintain healthy visitor numbers and increase per head spend by visitors at a time when tourist numbers in Cornwall are significantly down on previous years.

We have broken our previous record this year for the number of school visitors from Cornwall and elsewhere in Britain and even abroad. And we continue to offer free use of Geevor to our local schools.

Our commitment to education remains at the heart of what we do and we are launching a campaign to promote ourselves as a centre for STEM - Science, Technology, Engineering and Mathematics - education.

We have exciting plans for the future of Geevor and are confident about its future but it is important to recognise that we also face challenges. From January 2025 PCH/Geevor will receive no funding whatsoever from Cornwall Council due to their financial crisis. Furthermore the costs of running this huge site are rising all the time. However, we are already developing other sources of income and starting to attract sponsorship offers so the future looks bright.

PCH is proud of being based in Pendeen and being a community based charity. We already make a major contribution to the community by employing local people, generating money for the local economy, and providing a learning resource for local schools. We also want to promote the site as a venue for events for the benefit of the local community from theatre and music performances to children's parties, film shows to talks and lectures, wedding receptions to craft workshops.

And we are always looking for volunteers to help us with everything from restoring mining machinery to conserving our archives to organising events.

This year we have been very fortunate that no fewer than four people have kindly offered their time and expertise to Geevor by becoming Trustees. Their appointment will hopefully be confirmed at this year's AGM.

Sadly, in what has otherwise been an exciting and successful year for PCH and Geevor in May 2024 we lost our inspirational former Chair, Bill Lakin. He was loved and admired by everyone at Geevor as well as being a highly respected member of the local community. It is probably no exaggeration to say that without Bill's dogged determination and hard work over more than two decades PCH would not exist and Geevor would not be the success story that it is today. We are so grateful that Bill lived long enough to see the signing of the new long-term lease, something which he had wanted to see and worked towards for many years.

I would like to end by thanking every PCH member for their support and expressing my gratitude to all of our staff and volunteers for all their dedication and commitment to Geevor

John Swarbrooke Chair of Trustees

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PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

Objectives and Aims

The objectives of the charity remain the same:

Operational Targets

Operational financial and other targets are set annually by the Directors. A budget was prepared in March 2023 for the April 2023-March 2024 financial year which had forecasted 38,900 visitors for the year. Projected turnover was forecast at £657,072 resulting in a small operational deficit of approximately £11,200.

At the end of the year, the charity carries forward unrestricted funds of £305,418, which includes free funds of £109,927 and an amount of £195,491 which has been designated for specific purposes. Restricted funds amount to £90,803 at the year end. A further description of the designated funds is given in the notes to the accounts.

Mine Shop

We are pleased to report that the mine shop, operated via our wholly owned subsidiary company, Geevor Trading Limited, generated an operational surplus of £1,125 in the last financial year, and this sum was donated via gift aid to Pendeen Community Heritage.

In addition to the numbers of visitors to the museum, it is estimated that at least an additional 7,000 people per annum visit the cafe and mine shop, many of these being people from within the local area.

Partnership working

We have again worked with a wide range of partners. These include: the National Trust, the Sensory Trust, the Centre of Pendeen, Pendeen Pilot Gig Club [storage for a boat], the St. Just Mines Research Group, the Trevithick Society, [some of whose collection is stored on site], Penlee House Museum & Gallery, PK Porthcurno, VisitCornwall, Cornwall Association of Tourist Attractions, The World Heritage Site office, Cornwall Museums Partnership, Lands End Cycle Hire and Cornwall Heritage Trust who occupy two of our buildings.

Geevor is a major partner in the Tin Coast Partnership, a Coastal Communities-funded project created to boost sustainable tourism in this region of West Cornwall. This is a partnership of local businesses and organisations in the public, private and voluntary sectors, who work in the interest of its long term sustainability, so that the Tin Coast remains a great place to live, work, and visit.

PCH remains a member of the Association of Independent Museums (AIM) and of the National Association of Mining History Organisations.

Schools and other educational organisations with whom we have worked are included in the report by the Learning Team Manager.

Funders

Pendeen Community Heritage is grateful to funders who have supported us during the year. PCH and Cornwall Council had previously worked in partnership to put together a bid to the Devolution Fund. The award of £530,000 was used by Cornwall Council contractors for essential repairs to the Mill building together with cladding and decoration of the Reception/ Count House buildings.

The report by the Museum and Operations Manager details the successful bid from the Shared Prosperity Fund towards café outcome improvements.

Future Developments

Pendeen Community Heritage continues to develop ideas for improving Geevor Tin Mine's economic sustainability and the need to address the site's being placed on Historic England's Heritage at Risk Register in 2014. The 'Vision Document' produced by PCH in 2019 is the framework for ensuring Geevor is financially sustainable and able to play an important role in the economic development within West Cornwall.

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PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Mine Manager's Report

The 12 month period from April 2023 to March 2024 saw a significant improvement in visitor numbers with 39,485 enjoying the Geevor experience, an increase of 18% compared with the previous year.

While visitor numbers were slightly above budget income from visitors was below expectation. Overall costs were well contained in a difficult economic climate.

Work to carry out essential repairs to the Mill buildings which was part funded by the £530,000 received from the successful Devolution Fund bid commenced in April. Insulation, timber cladding and redecoration work was completed to the reception and Count House buildings concurrently with the Mill works. The Mine Manager acted as the site project manager working with contractors and the Plymouth-based project manager and Cornwall Council works manager. The main work programme required the closure of the mill buildings during our busiest time of the year between July and September. However, we were able modify the visitor route and provide popular family activities elsewhere on the site to ensure that the loss of the mill building to the visitor experience was minimised. The repair programme was completed in October ensuring the core site is in a compliant condition for many years.

I can report that we retained our CHAS (Contractors Health and Safety Assessment Scheme) accreditation status demonstrating our commitment to the safety and health of everyone.

In July we were informed that Geevor was awarded the coveted 'Travellers Choice' award by Trip Advisor, a reflection of our visitors' positive experiences at the mine during their time here.

My thanks must go to all of the Geevor staff and volunteers for their dedication and enthusiasm and for ensuring that all of our visitors were provided with the excellent Geevor experience.

My thanks also go to Matt Burford and Margaret Burford and their team at the Count House Café. They have developed a considerable reputation for providing excellence both for Geevor customers and locally-based residents. While the café may be franchised the café management and Geevor work as a team.

Annual Report April 2023-March 2024 - Jack Roberts - Museum and Operations Manager

This report covers a period of great challenges but also huge opportunity for Geevor and Pendeen Community Heritage. We have seen significant investment brought into the site together with strong partnership working helping to build resilience and stability. Although visitor numbers have fluctuated we have seen exciting events bring new audiences to Geevor.

Staff Updates

During the year we welcomed two additions to our Geevor team with Matt Watts joining the guiding team and Claire North joining our Reception/Shop team. Both have fitted in seamlessly. Matt has a strong background from his previous role working with Penwith Landscape Partnership and has brought his enthusiasm and knowledge to the guiding team. Claire has brought great experience in customer facing roles and adapted very quickly to our work systems.

Partnership Working

We have continued to build upon our established network of partnerships within our community and beyond. In May 2023 I was appointed Chair of the Tin Coast Partnership. We have developed a strong community partnership and, as chair moving forward, we will continue to work with our community and bring more opportunities Geevor's way. I have also become a trustee of the St Just Miners Chapel Charity. Although this role is in a personal capacity it will forge close links between PCH and another important charity in the area.

We have continued to work closely with our colleagues at CATA (Cornwall Association of Tourist Attractions) sharing ideas and feedback, attending meetings, and collaborating. I have also joined the CATA board of directors which will help us have a greater say in our industry with more influence in the advertising and engagement CATA carries out. We have continued to work closely with the Cornish Mining World Heritage office on various projects. In April 2023 we welcomed a delegation from Australia who had contacted the World Heritage office to establish links and explore possibilities for their own World Heritage bid. Working with the World Heritage team we offered a tour of the Tin Coast and Miners Chapel to the group from Australia sharing our experiences with them.

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PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Volunteers and Work Experience

Our excellent group of volunteers have continued to progress various restoration projects on site. They have managed to restore two more underground locomotives, a second mucker, and our Ball Mill which has moved for the first time since the mine closed in 1990. Restoration work is well underway on the steam winder to try and run it on compressed air, and also a small regrind mill and rake classifier. These projects will progress significantly by the end of 2024 and provide our visitors with more working machinery to appreciate, funded by their Gift Aid donations.

We sadly lost one of our long serving and highly respected volunteers, Ron Flaxman, who passed away after a period of illness in early March. We are hugely grateful for Ron's time at Geevor. He has been a driving force behind the restoration of all of our locos, and he will be greatly missed. Our restoration volunteers will continue the great work Ron started. We thank Pete, Steve, Jerry, Ash, Andy, John, Eric, Kevin, John, Jack, Josh, and Michael for their hard work and commitment.

Our archive volunteers have continued their great work on cataloguing the collection and helping us with plans to modernise the archive. Their input in the accreditation process has been really useful. Thank you to Jean, Ann, Jenny, Frank, and Quentin.

We have continued to build upon on SEND Volunteering opportunities with volunteers Josh, Jack, Eric, and Michael all progressing and continuing to work with us. We have also developed strong connections with 'Learn 2 Cornwall' a local education organisation that specialises in working with young people with a range of learning disabilities. We have welcomed 4 separate work experience students to the site in this period.

Accreditation and Archive

Our accreditation reapplication deadline fell during this period. This had previously been delayed several times due to the Covid Pandemic. Working alongside Stephen Murley I have collated all of the required evidence for the Arts Council which has involved updating several policies and creating new ones. We still have a lot to work on when it comes to professionalizing our archive, but the reaccreditation process has helped give us solid foundations moving forward. We have now been granted provisional accreditation for the next 12 months and after completing a few more objectives I am confident we can progress to full accreditation.

Events and Exhibitions

We have hosted several important events at Geevor during this period. We hosted a screening of BAFTA Award winning director Mark Jenkin's latest film, Enys Men. This was organised through the Cornish Mining World Heritage and created a great buzz around the site. We hosted our annual Geevor Gala celebration in August which was hugely successful with almost 900 people enjoying a great variety of activities, live music, and chatting to former miners. We received some great press coverage and attention on the event; it truly represented everything great about Geevor.

In October we opened a new exhibition in the Hard Rock Gallery to showcase Simon Jones' excellent collection of photographs. Simon is the creator of the Facebook page 'Cornish Mine Images' which has a large following across Cornwall and beyond. It is a great exhibition with an obvious and strong connection to Geevor and mining history in general. We hosted a launch event attend by approximately 100 people in the Hard Rock Museum bringing together lots of people in the mining community.

Funding Applications

During the year we developed several funding proposals working in consultation with Jill Stott, a freelance fundraising adviser. An application to the Heritage Lottery 'Dynamic Collections Fund' for work on archives and modernising facilities to make collections more accessible and available was unfortunately not successful. However, we have been encouraged to reapply with a wider, more ambitious focus. A second application to the Shared Prosperity Fund (part of the government 'Levelling Up Programme') focusing on maintenance and repair works that Cornwall Council had not managed to complete due to budget constraints was also unsuccessful due to 'a high level of competition'.

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PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Despite the setbacks we continued to develop new applications for projects we had previously identified to improve sustainability. We were fortunately successful with an application to another strand of the Shared Prosperity Fund, 'The Rural Fund'. This application centred on a two phased approach to solve many of the issues our cafe has faced over recent years and to generate more income for the site. The first phase was the refurbishment of an old staff kitchen space in the Count House building into a new takeaway/pasty production kitchen to take pressure off the main cafe during busy periods. A new shipping container would be installed behind the cafe to create more production space and food storage. The second phase in late 2024 will see the complete refurbishment of the existing cafe kitchen and the café front of house with new equipment and a much more efficient layout that will permit higher café throughput. As of the end of this reporting period work has begun on the takeaway kitchen and the project is progressing well. This application represents a significant investment of £283,000 into the site and addresses many of the issues that have held the cafe back over previous years. It also represents a great opportunity to increase income to PCH as we enter a new agreement with the Cafe.

Annual Report April 2023 to March 2024 Clint Hosking - Learning Team Manager

STEM Projects

During the year we have been working with the Greenpower Education Trust (GET) on battery-powered electric car build projects with local schools, Cape Cornwall School and Pendeen School.

Vaughan Curnow, a former Geevor miner, is the Community and Education Development Manager for GET. Vaughan has volunteered his time and expertise at Geevor securing four battery-powered cars to the value of £20,000 for our use with schools. In addition he has put the Learning Team in contact with STEM practitioners that will enable us to run new and exciting projects in the near future.

Both Pendeen School and Cape Cornwall School took part in races at Perranporth Airfield and Predannack Airfield respectively in June in the cars that they had built. The Cape Cornwall project was supported by the Royal Navy and local businesses.

We will continue to work with GET inviting schools to work with the cars and to develop other workshops that we can offer in future.

We are very excited to be further developing our STEM offer at Geevor and have ambitions to utilise existing buildings to develop a STEM Learning Hub that will serve groups from all areas of formal education and beyond. The mineral extraction industry has reported a skills deficit that is adversely affecting recruitment. Geevor Tin Mine is uniquely positioned to be able to counter this issue by providing workshops, seminars, activities and events that can support the development of skills and inspire future generations of mining engineers, metallurgists and geologists.

Cornish Mining World Heritage Site Outreach Project

This year we ran a series of Outreach sessions in schools supported by the Cornish Mining World Heritage Site (WHS) office. We targeted schools in areas that had not engaged with the WHS or Geevor for some years.

Several schools booked to visit Geevor following an outreach session and, in some cases, we have been able to have their visit sponsored. This is particularly helpful as many schools have issues with transport cost.

Camborne School of Mines

This year CSM began using Wheal Mexico mine for their third year students for underground geological and survey mapping. First year students visited Geevor as part of their introduction to Cornwall and the mining industry. This is scheduled to continue. PCH has developed a close working relationship with CSM and have been consulting with several members of faculty regarding Geevor's HE and FE offers.

We are exploring potential links with other universities outside of Cornwall and the interest of institutions overseas.

Sponsorship Program Launch

Geevor's Learning Program is seeking sponsorship from businesses with details now on our website. Several local businesses have expressed interest and we are currently in discussions exploring the potential of a partnership. Cornish Metals have continued to support the Learning Program again this year; we will be working together on a specific STEM project in the autumn term of 2024.

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PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Our ambition is for Geevor's Learning and Outreach to be developed in partnership with industry, to provide facilities that best serve and inspire the next generation of engineers, miners and geologists. Our ultimate aim is to develop facilities that will benefit students of all ages, formal and informal learners, who will develop real skills that will lead to careers and solve the skills gap issue the industry currently wrestles with.

We are very keen to work with industry partners to fulfil these ambitions and create a centre of excellence at Geevor Tin Mine creating career pathways.

Cornwall Heritage Trust

The Cornwall Heritage Trust (CHT) has again provided travel costs for schools to attend Geevor. Many schools report that these visits would not have been possible with the additional support. These schools have all provided very positive feedback that has been shared on the CHT website.

The Learning attended CHT's Arwenek!, The Great Cornish Heritage Festival Event, that presented STEM activities for visitors that proved to be very popular. We will be attending again in 2024 with more activities and promotional material.

School Feedback Comments

"Lots to see and explore. Info pitched at right level and pupils were excited to share what they had found out. Really good for pupil's knowledge of local history. "

Jonathon Hart St Ives Infant School "All excellent, particularly the outreach visit. Exceeded expectations" Claire Green Kea CP School "Students and staff loved it! Perfect!" Claire Whitehouse St Piran's School

"Thank you, Marc for a brilliant day at Geevor Tin Min. It was amazing when you took us underground. It was a great day!

Billy St Piran's School Pupil

School Visit Statistics

In terms of site visits this was Geevor Learning Team's most successful year. Working with Sally Weston who leads the Cornish Mining World Heritage Site we have been able to reach out to schools in areas that have not engaged with the site in the past. This has encouraged new schools to participate in our program

The continued support of Cornwall Heritage Trust and Cornish Metals has also allowed us to support and engage with schools that otherwise would have found the cost of transport unaffordable.

2021-2022 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Totals
No. Ed. Groups onsite (days) 0 6 7 3 0 4 1 3 1 4 9 10 48
No.Ed. Onsite Visits (Students) 0 158 252 464 0 80 54 134 55 346 335 311 2189
No. Ed.OnsiteVisits (Adults) 0 20 45 53 0 14 5 19 9 66 57 50 338
Total No. Ed. Visitors ONSITE 0 178 297 517 0 94 59 153 64 412 392 361 2527
2022-2023 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Totals
No.Ed. Groups onsite (days) 2 11 14 10 0 5 8 9 0 6 7 6 78
No. Ed.OnsiteVisits (Students) 105 406 441 483 0 158 225 305 0 223 304 213 2863
No. Ed. Onsite Visits (Adults) 8 61 59 69 0 19 42 63 0 35 45 33 434
Total No. Ed. Visitors ONSITE 112 467 500 552 0 177 267 368 0 258 349 246 3296
2023-2024 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Totals
No. Ed. Groups onsite (days) 9 12 18 20 0 6 11 3 0 10 10 6 105
No. Ed. Onsite Visits (Students) 351 498 579 591 0 160 226 141 0 307 444 122 3419
No.Ed. OnsiteVisits (Adults) 53 66 85 112 0 21 41 22 0 44 60 19 523
Total No. Ed. Visitors ONSITE 404 564 664 704 0 181 267 163 0 351 504 141 3943

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PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

School Outreach Sessions

Geevor's Learning Team have undertaken more outreach sessions as part of a project with the Cornish Mining World Heritage Site. This has allowed us to engage with schools in harder to reach areas.

2021-2022 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Totals
No. Ed. OUTREACHES 0 4 2 0 0 1 1 2 0 3 3 1 17
No. Ed. Offsite'Visits'(Students) 0 103 51 0 0 15 28 62 0 267 163 56 745
No.Ed. Offsite'Visits'(Adults) 0 11 9 0 0 1 3 7 0 43 17 5 96
Total No. Ed.'visitors' OFFSITE 0 114 60 0 0 16 31 69 0 310 180 61 841
2022-2023 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Totals
No. Ed.OUTREACHES 2 4 3 0 0 3 0 0 0 3 0 1 16
No. Ed. Offsite'Visits'(Students) 89 213 78 0 0 142 0 0 0 267 0 26 815
No. Ed. Offsite'Visits'(Adults) 15 26 13 0 0 21 0 0 0 43 0 3 121
Total No. Ed. 'visitors' OFFSITE 104 239 91 0 0 163 0 0 0 310 0 29 936
2023-2024 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Totals
No.Ed. OUTREACHES 2 1 7 1 0 0 2 0 0 7 2 3 25
No. Ed.Offsite'Visits'(Students) 89 0 339 27 0 0 60 0 0 257 58 92 922
No. Ed.Offsite'Visits'(Adults) 15 20 51 6 0 0 19 0 0 40 13 19 183
Total No. Ed. 'visitors' OFFSITE 104 20 390 33 0 0 79 0 0 297 71 111 1105

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PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is a charitable company, limited by guarantee, as defined by the Companies Act 2006. It is governed by its memorandum and articles of association.

Day - to - day management is delegated by the Trustees to :

Mike Simpson - Mine Manager

Site Ownership

Geevor Tin Mine is a key centre of the Cornwall and West Devon Mining Landscape World Heritage Site and a designated nationally and internationally important scheduled monument. It is the last example of a complete tin mine with its associated surface buildings and machinery in Europe and stands as a reminder of Cornwall and West Devon's stature as a major producer of tin, copper, and other metals over the centuries.

Cornwall Council owns the freehold of the site and acts as landlords with Pendeen Community Heritage as tenants. In January 2024 Pendeen Community Heritage signed a long term 99-year lease with Cornwall Council to continue the management of the site.

Under the terms of the Mining Regulations 2014 Pendeen Community Heritage is considered as the site owner and operator and, thus, is under the jurisdiction of the Mines Inspectorate of the HSE.

The charity (Pendeen Community Heritage) operates under a Memorandum and Articles of Association as a company limited by guarantee and not having a share capital. The charity operates a wholly-owned subsidiary, Geevor Trading Limited, which carries out non-charitable trading activities, with all profits gift-aided to the charity.

The Trustees/ Directors

New Directors are recruited by co-option and election at the subsequent AGM.

The Directors meet at 2-monthly intervals. These meetings have taken place virtually on 'Zoom'. Full minutes are taken and are on file in the Geevor office. All policy decisions continue to be made by the Directors. Any financial transactions over £1000 in value require prior Director approval.

Staffing

There are 25 full time and part time permanent staff currently employed at Geevor, a team that is highly skilled and composed of utility players able to operate across disciplines. Geevor is also extremely fortunate to have a team of skilled and enthusiastic volunteers.

Risk Management

The Directors have a duty to identify and review the risks to which the charity is exposed and to ensure that all appropriate controls are in place to provide reasonable assurance against fraud and error.

The Directors again confirm that the major risks to which the charity is exposed, as identified by the Directors in the Risk Register, have been reviewed in the course of the year and that all possible risk management systems are in place. The Directors have kept all risks to which the charity is exposed under review since inception.

Management accounts are produced monthly and are closely examined by Directors at 2-monthly meetings. The revised system of reporting on the management accounts set up in 2006 works well, with expenditure closely identified against revised codes. A formal review of all risks is done annually and any new risks identified are reported on here.

The risk for the café has continued to be carried by Matt Burford and Margaret Burford who operate the business as a franchise with the rent reviewed annually. Shared Prosperity…

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PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Operational risk - surface and underground visits

Operational risks are managed under stringent legislative requirements. Staff continue to carry out minor remedial work to buildings, equipment and the underground section as identified during routine inspections. Daily mill and underground inspections by Geevor staff ensure the integrity of the buildings and underground visitor route.

There were no reportable accidents or incidents on site during the period under review.

PCH has responsibility for on-site health and safety and to provide the wherewithal for any work deemed necessary on safety grounds to buildings and structures.

PCH again achieved the Contractors Health and Safety Assessment Scheme (CHAS) Accreditation reflecting the high standards of safety and health practiced on the site.

Financial risk exposure

As with any business dependent on tourism, the main risks faced are financial. Over the twenty-three years that PCH has operated, minimisation strategies have been developed. A twelve month budget is set which is reviewed at six monthly intervals, while the accounts are scrutinised at trustees' meetings. The management accounts are mentioned separately. The charity continues to investigate strategies to make best use of its cash reserves.

Directors have determined that sufficient funds need to be held to enable projects to further enhance the visitor experience can be realised.

With the signing of the long-term lease Pendeen Community Heritage will seek external funding for specific projects being developed on site, in particular projects which will contribute to revenue generation. From January 2025 all revenue grants from Cornwall Council, as agreed in the lease agreement, will cease.

Visitor Profile

The year under review was a successful one with 39,485 visitors welcomed to the mine, a significant 18% increase on the previous year.

The visitor profile was little changed from the previous year. Of total tickets sold 21.4% were adult, 11.6% concessions, 6.5% individual child/ students and 20.8% family groups; the number of discounted tickets for all ticket categories (available as discount vouchers in guide booklets) fell to 13.5% (when historically they were +20%). While school groups returned to pre-pandemic levels (9.4% of visitors), adult tour groups remain significantly lower than previous 'normal' years (2.3%); museum only ticket sales were 1.9% and free entry (teachers, under-4's, Cornwall Heritage Trust etc) were 12.6% of total visitors. Visitors from Europe continued to increase and made a significant contribution to our overall numbers.

The unique selling point of the visit to Geevor remains the underground tour with more than 98% of tickets sold including the underground experience.

Visitor feedback

Visitor satisfaction levels continue to be very high. Such affidavits are provided by word of mouth, visitor questionnaires, letters, emails, comments books and social media.

Geevor received the 2023 Travellers' Choice Award for consistently high customer reviews. Trip Advisor had, to the end of March 2024, received 1460 reviews for Geevor Tin Mine with 95.6% of the reviews either 'Very Good' or 'Excellent'.

From comments books/ Trip Advisor:

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PENDEEN COMMUNITY HERITAGE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2024

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

8 October 2024

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ J W Swarbrooke - Trustee

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENDEEN COMMUNITY HERITAGE

Independent examiner's report to the trustees of Pendeen Community Heritage ('the Company')

I report to the trustees on my examination of the financial statements Pendeen Community Heritage (the charity) for the year ended 31[st] March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

<@ Ge?

James Pearce FCA TC Group The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

8 October 2024 Date: .............................................

Page 12

PENDEEN COMMUNITY HERITAGE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
51,965
Charitable activities
5
Site Heritage
544,958
Other trading activities
3
14,783
Investment income
4
2,451
Total
614,157
EXPENDITURE ON
Raising funds
6
5,000
Charitable activities
7
Site Heritage
650,507
Education and Community Outreach
15,141
Other
1,086
Total
671,734
NET INCOME/(EXPENDITURE)
(57,577)
Transfers between funds
(575)
Net movement in funds
(58,152)
RECONCILIATION OF FUNDS
Total funds brought forward
363,570
TOTAL FUNDS CARRIED FORWARD
305,418		 Restricted
funds
£
85,616
-
-
-
85,616
-
575
-
-
575
85,041
575
85,616
5,187
90,803		 2024
Total
funds
£
137,581
544,958
14,783
2,451
699,773
5,000
651,082
15,141
1,086
672,309
27,464
-
27,464
368,757
396,221		 2023
Total
funds
£
48,570
496,497
16,569
1,619
563,255
5,000
570,838
13,544
-
589,382
(26,127)
-
(26,127)
395,285
369,158

The notes form part of these financial statements

Page 13

PENDEEN COMMUNITY HERITAGE

BALANCE SHEET 31 MARCH 2024

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
14
11,222
Investments
15
10
11,232
CURRENT ASSETS
Stocks
16
1,292
Debtors
17
29,616
Cash at bank and in hand
295,006
325,914
CREDITORS
Amounts falling due within one year
18
(31,728)
NET CURRENT ASSETS
294,186
TOTAL ASSETS LESS CURRENT
LIABILITIES
305,418
NET ASSETS
305,418
FUNDS
20
Unrestricted funds:
General fund
Fixed asset reserve
Site maintenance and machinery restoration
Engineering restoration legacy fund
Restricted funds:
Miner Statue Fund
James Barber Project
Dance
Penwith Landscape Project
Outreach project
Shared Prosperity Fund - Cafe Refurbishment
TOTAL FUNDS		 Restricted
funds
£
-
-
-
-
151,830
(61,027)
90,803
-
90,803
90,803
90,803		 2024
Total
funds
£
11,222
10
11,232
1,292
181,446
233,979
416,717
(31,728)
384,989
396,221
396,221
109,927
11,232
172,357
11,902
305,418
1,918
-
550
1,819
900
85,616
90,803
396,221		 2023
Total
funds
£
13,025
10
13,035
2,040
25,330
351,863
378,954
(23,110)
356,123
369,158
369,158
204,280
13,035
129,654
17,002
363,971
1,918
-
550
1,819
900
-
5,187
369,158

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The notes form part of these financial statements

continued...

Page 14

PENDEEN COMMUNITY HERITAGE

BALANCE SHEET - continued 31 MARCH 2024

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 8 October 2024

............................................. fra J W Swarbrooke - Trustee

The notes form part of these financial statements

Page 15

PENDEEN COMMUNITY HERITAGE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by investing activities
Cash flows from financing activities
Movement on intercompany loan
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the end of
the reporting period
2		 2024
£
(120,365)
(120,365)
(499)
2,451
1,952
-
-
(118,413)
351,863
233,979		 2023
£
(19,547)
(19,547)
-
1,619
1,619
(945)
(945)
(18,873)
370,736
351,863

The notes form part of these financial statements

Page 16

PENDEEN COMMUNITY HERITAGE

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
2024 2023
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 27,464 (26,127)
Adjustments for:
Depreciation charges 2,302 3,296
Interest received (2,451) (1,619)
Decrease in stocks 748 1,152
(Increase)/decrease in debtors (157,046) 5,259
Increase/(decrease) in creditors 8,618 (1,508)
Net cash used in operations (120,365) (19,547)
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2024 2023
£ £
Cash in Hand 233,979 351,863
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1/4/23 Cash flow At 31/3/24
£ £ £
Net Cash 351,863 (117,884) 233,979

The notes form part of these financial statements

Page 17

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating staff costs by time spent and other costs by their usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold - Over the lease term Fixtures and fittings - 20% on cost Computer equipment - 33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Irrecoverable vat

Irrecoverable VAT is included as a support cost and attributed directly to charitable activities.

continued...

Page 18

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

2. DONATIONS AND LEGACIES

Donations
Grants
Subscriptions
Grants received, included in the above, are as follows:
Cornwall Council
Carew Pole Trust
Other grants
3.
OTHER TRADING ACTIVITIES
Miscellaneous income
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Admissions
Site Heritage
Management fees
Site Heritage
Rental income
Site Heritage
6.
RAISING FUNDS
Raising donations and legacies
Support costs		 2024
£
47,325
88,651
1,605
137,581
2024
£
85,616
-
3,035
88,651
2024
£
14,783
2024
£
2,451
2024
£
474,923
50,000
20,035
544,958
2024
£
5,000		 2023
£
43,122
3,600
1,848
48,570
2023
£
-
900
2,700
3,600
2023
£
16,569

continued...

Page 19

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

7. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Site Heritage
Education and Community Outreach
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Services and Utilities
Licences and insurances
Project costs
Maintenance and development
Other site costs		 Direct
Costs (see
note 8)
£
528,021
15,141
543,162		 Support
costs (see
note 9)
£
123,061
-
123,061
2024
£
423,972
58,884
23,258
775
20,681
15,592
543,162		 Totals
£
651,082
15,141
666,223
2023
£
383,664
53,339
23,292
3,006
22,040
12,575
497,916

8. DIRECT COSTS OF CHARITABLE ACTIVITIES

9. SUPPORT COSTS

Raising donations and legacies
Site Heritage
pport costs, included in the above, are as follows:
Raising
donations
and
legacies
£
Wages
5,000
Services and utilities
-
Irrecoverable VAT
-
Audit and accountancy
-
Postage and stationery
-
Advertising and Marketing
-
Sundries
-
Finance costs
-
Depreciation of tangible and heritage
assets
-
Legal fees
-
5,000		 Management
£
5,000
121,508
128,008
Site
Heritage
£
1,500
1,202
48,914
3,915
7,734
51,197
1,468
4,776
2,302
53
123,061		 Governance
costs
£
-
53
53
2024
Total
activities
£
6,500
1,202
48,914
3,915
7,734
51,197
1,468
4,776
2,302
53
128,061		 Totals
£
5,000
121,561
128,061
2023
Total
activities
£
6,500
1,089
7,147
3,928
11,115
50,007
2,478
5,364
3,296
542
91,466		 Totals
£
5,000
121,561
128,061

Support costs, included in the above, are as follows:

continued...

Page 20

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets

2024 2023
£ £
2,302 3,296

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2024
£
395,270
28,236
6,966
430,472		 2023
£
360,086
24,501
5,577
390,164

The average monthly number of employees during the year was as follows:

Site Heritage
Education		 2024
22
2
24		 2023
21
2
23

No employees received emoluments in excess of £60,000.

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
44,970
Charitable activities
Site Heritage
496,497
Other trading activities
16,569
Investment income
1,619
Total
559,655
EXPENDITURE ON
Raising funds
5,000		 Restricted
funds
£
3,600
-
-
-
3,600
-		 Total
funds
£
48,57
496,49
16,56
1,61
563,25
5,00

continued...

Page 22

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
Restricted
funds
funds
£
£
Charitable activities
Site Heritage
567,832
3,006
Education and Community Outreach
13,544
-
Total
586,376
3,006
NET INCOME/(EXPENDITURE)
(26,721)
594
Transfers between funds
(1,944)
1,944
Net movement in funds
(28,665)
2,538
RECONCILIATION OF FUNDS
Total funds brought forward
392,636
2,649
TOTAL FUNDS CARRIED FORWARD
363,971
5,187
14.
TANGIBLE FIXED ASSETS
Fixtures
Short
and
Computer
leasehold
fittings
equipment
£
£
£
COST
At 1 April 2023
53,484
50,581
19,991

Additions
-
-
499
At 31 March 2024
53,484
50,581
20,490

DEPRECIATION
At 1 April 2023
43,489
48,035
19,507

Charge for year
-
1,712
590
At 31 March 2024
43,489
49,747
20,097

NET BOOK VALUE
At 31 March 2024
9,995
834
393
At 31 March 2023
9,995
2,546
484		 Total
funds
£
570,838
13,544
589,382
(26,127)
-
(26,127)
395,285
369,158
Totals
£
124,056
499
124,555
111,031
2,302
113,333
11,222
13,025

continued...

Page 23

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

15. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
MARKET VALUE
At 1 April 2023 and 31 March 2024 10
NET BOOK VALUE
At 31 March 2024 10
At 31 March 2023 10

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Geevor Trading Limited

Registered office: Nature of business: Shop

Geevor Trading Limited
Registered office:
Nature of business: Shop
%
Class of share: holding
Ordinary 100
2024 2023
£ £
Aggregate capital and reserves 14,301 14,301

Geevor Trading Limited is a wholly owned subsidiary, which operates a shop at Geevor Tin Mine. Accounts are filed with the Registrar of Companies. A summary of its results are given below:

Turnover
Cost of Sales
Administrative expenses
Other operating income
Net Profit
Donation to Pendeen Community Heritage		 2024
£
85,544
(37,828)
47,716
(46,591)
-
1,125
(1,125)
-		 2023
£
79,163
(37,224)
41,939
(41,293)
-
646
(646)
-

continued...

Page 24

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024

16.
STOCKS
Guide books
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
VAT
Prepayments and accrued income
Prepayments
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
Other creditors
Accrued expenses		 2024
£
1,292
2024
£
6,078
7,719
3,907
-
85,616
78,126
181,446
2024
£
19,573
281
7,674
4,200
31,728		 2023
£
2,040
2023
£
2,247
8,649
4,267
230
-
9,937
25,330
2023
£
13,531
-
5,759
3,820
23,110

continued...

Page 25

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Fixed asset reserve
Site maintenance and machinery restoration
Engineering restoration legacy fund
Restricted funds
Miner Statue Fund
James Barber Project
Dance
Penwith Landscape Project
Outreach project
Shared Prosperity Fund - Cafe
Refurbishment
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Fixed asset reserve
Restricted funds
James Barber Project
Shared Prosperity Fund - Cafe
Refurbishment
TOTAL FUNDS		 At 1/4/23
£
203,879
13,035
129,654
17,002
363,570
1,918
-
550
1,819
900
-
5,187
368,757
as follows:		 Net
movement
in funds
£
(50,174)
(2,303)
-
(5,100)
(57,577)
-
(575)
-
-
-
85,616
85,041
27,464
Incoming
resources
£
614,157
-
614,157
-
85,616
85,616
699,773		 Transfers
between
At
funds
31/3/24
£
£
(43,778)
109,927
500
11,232
42,703
172,357
-
17,002
(575)
305,418
-
1,918
575
-
-
550
-
1,819
-
900
-
85,616
-
90,803
-
396,221
Resources
Movement
expended
in funds
£
£
(669,432)
(55,275)
(2,302)
(2,302)
(671,734)
(57,577)
(575)
(575)
-
85,616
(575)
85,041
(672,309)
27,464

continued...

Page 26

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1/4/22
in funds
£
£
Unrestricted funds
General fund
264,819
(23,425)
Fixed asset reserve
16,331
(3,296)
Site maintenance and machinery restoration
94,484
-
Engineering restoration legacy fund
17,002
-
392,636
(26,721)
Restricted funds
Miner Statue Fund
1,918
-
James Barber Project
-
(727)
Dance
550
-
Tin Coast Project
181
(1,398)
Penwith Landscape Project
-
1,819
Outreach project
-
900
2,649
594
TOTAL FUNDS
395,285
(26,127)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
559,655
Fixed asset reserve
-
559,655
Restricted funds
James Barber Project
-
Tin Coast Project
-
Penwith Landscape Project
2,700
Outreach project
900
3,600
TOTAL FUNDS
563,255		 At 1/4/22
£
264,819
16,331
94,484
17,002
392,636
1,918
-
550
181
-
-
2,649		 Net
movement
in funds
£
(23,425)
(3,296)
-
-
(26,721)
-
(727)
-
(1,398)
1,819
900
594		 Transfers
between
funds
£
(37,114)
-
35,170
-
(1,944)
-
727
-
1,217
-
-
1,944

continued...

Page 27

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Fixed asset reserve
Site maintenance and machinery restoration
Engineering restoration legacy fund
Restricted funds
Miner Statue Fund
James Barber Project
Dance
Tin Coast Project
Penwith Landscape Project
Outreach project
Shared Prosperity Fund - Cafe
Refurbishment
TOTAL FUNDS		 At 1/4/22
£
264,819
16,331
94,484
17,002
392,636
1,918
-
550
181
-
-
-
2,649		 Net
movement
in funds
£
(73,600)
(5,599)
-
(5,100)
(84,299)
-
(1,302)
-
(1,398)
1,819
900
85,616
85,635		 Transfers
between
funds
£
(80,892)
500
77,873
-
(2,519)
-
1,302
-
1,217
-
-
-
2,519		 At
31/3/24
£
110,327
11,232
172,357
11,902
305,818
1,918
-
550
-
1,819
900
85,616
90,803
396,621
395,285 1,336 -

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
Resources		 Movement
resources
expended		 in funds
£ £ £
Unrestricted funds
General fund 1,173,812 (1,247,411) (73,600)
Fixed asset reserve - (5,599) (5,599)
Engineering restoration legacy fund - (5,100) (5,100)
1,173,812 (1,258,110) (84,299)
Restricted funds
James Barber Project - (1,302) (1,302)
Tin Coast Project - (1,398) (1,398)
Penwith Landscape Project 2,700 (881) 1,819
Outreach project 900 - 900
Shared Prosperity Fund - Cafe 85,616 - 85,616
Refurbishment
89,216 (3,581) 85,635
TOTAL FUNDS 1,263,028 (1,261,691) 1,336

continued...

Page 28

PENDEEN COMMUNITY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024

20. MOVEMENT IN FUNDS - continued

The unrestricted fund, less fixed assets, represent the free funds of the charity, which are not designated for particular purposes.

Purposes of designated funds:

Fixed asset reserve - has been set up to assist in identifying those funds which are not free funds. It represents the net book value of tangible fixed assets.

Site maintenance and machinery restoration - has been created to set aside funds earmarked for improvements to the site and for the restoration and preservation of historical mining machinery.

Further funds amounting to £42,703 (2023: £35,170) have been set aside for this purpose in 2024.

Purposes of restricted funds:

The Miner Statue funds represent a grant towards the ongoing preservation and maintenance of the statue at the entrance to the Geevor site.

The Tin Coast fund represents funding received via the National Trust from the Coastal Communities Fund for various projects including the installation of facilities for a cycle hub centre and associated costs, contributions towards signage and other works on site and other cultural projects.

The Shared Prosperity Rural fund represents funding received to support a reimagining and redevelopment of Geevor Cafe. The cafe was not built to accommodate the much-increased number of visitors we currently receive. We are therefore finding innovative solutions to better accommodate increased visitor numbers and have developed a solution. This project focuses on 4 key objectives:

The costs for the project incurred up to 31 March 2024, of £66,214 have been included in prepayments and will be released to the appropriate capital and revenue expenditure headings in the accounts on completion of the project.

The other restricted funds represent grants received for specific projects for education, cultural and heritage projects.

21. RELATED PARTY DISCLOSURES

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

There were no related party transactions for the year ended 31 March 2024.

Page 29

PENDEEN COMMUNITY HERITAGE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Subscriptions
Other trading activities
Miscellaneous income
Investment income
Deposit account interest
Charitable activities
Admissions
Management fees
Rental income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Services and Utilities
Licences and insurances
Project costs
Maintenance and development
Other site costs
Other
Bad Debts
Support costs
Management
Wages
Services and utilities
Irrecoverable VAT
Audit and accountancy
Postage and stationery
Advertising and Marketing
Carried forward		 2024
£
47,325
88,651
1,605
137,581
14,783
2,451
474,923
50,000
20,035
544,958
699,773
388,770
28,236
6,966
58,884
23,258
775
20,681
15,592
543,162
1,086
6,500
1,202
48,914
3,915
7,734
51,197
119,462		 2023
£
43,122
3,600
1,848
48,570
16,569
1,619
404,440
75,000
17,057
496,497
563,255
353,586
24,501
5,577
53,339
23,292
3,006
22,040
12,575
497,916
-
6,500
1,089
7,147
3,928
11,115
50,007
79,786

This page does not form part of the statutory financial statements

Page 30

PENDEEN COMMUNITY HERITAGE

Management
Brought forward
Sundries
Finance costs
Fixtures and fittings
Governance costs
Legal fees
Total resources expended
Net income/(expenditure)		 DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
 2024
£
119,462
1,468
4,776
2,302
128,008
53
672,309
27,464		 2023
£
79,786
2,478
5,364
3,296
90,924
542
589,382
(26,127)

This page does not form part of the statutory financial statements

Page 31