Charlty re815tratlon number 1087755 Company reglstratlon number 04202906 (England and Wales) PENDEEN COMMUNITY HERITAGE ANNUAL REPORT AND UNAUDITED FINANCIAL sfATEMENT5 FOR THE YEAR ENDED 31 MARCH 2025
PENDEEN COMMUNITY HERITAGE LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrKACBaker Mr J S Swarbrooke Mr N M Davies Mr B Corn Mr B D Oldcorn Mrs C Tomlinson Mr P M Warren Mrj J Hardv IAppointed 23 January 20251 (Appointed 19 October 2024) (Appolnted 19 October 20241 Senlor rnana8ement Mlke Slmpson Mlne mana8er Charlty number 1087755 Compary number 04202906 e8lstered offlce Count House Office Pendeen Penzance Cornwall England TR19 7EW Independent examlner TC Group Vivian House Newham Road Truro Cornwall United Kingdom TRI 2DP
PENDEEN COMMUNITY HERITAGE CONTEPK5 Report of the Chair of the Board of Trustees Trustees, report 3-15 Independent examiner's report 16 Statement of financial activities 17 Balance sheet 18-19 Statement of cash flows 20 Notes to the financial statements 21-35
PEIIDEEN COMMUNITY HERITAGE REPORT OF THE CHAIR OF THE BOARD OF TRUSTEES FOR THE YE4R ENDED 31 MARCH 2025 The year from April 2024 to March 2025 was a challenging year for Pendeen Community Heritage IPCHI and Geevor. Like all vlsltor attractions we were affected by the substantial downturn in tourist numbers In Cornwall. However. because of our marketin8 efforts we were able to weather the storm much better than many of our competitors in a year which Saw a number of well-known local attractions close for good. We have also had to èbsorb the rlslng cost of ener8y and the Increasln8 Cost of stte malntenance. Due to its financial crisis Cornwall Council will no longer be paying an annual management fee to PCH to help us manage and conserve the site which they own. This fee had been pakl every year since 2001 but we received the last ever payment in January this year. On a much happier note the year also saw sorne spectacular successes such as the staging of the excellent 'Stran8er Beasts, show on site which generoted 518nificant income for us. We also had our best ever year for school groups and began to implement our plan to make Geevor a centre of excellence for the teachlng of science, technology, engineering, and mathematics. This involved amongrt other things givin8 local young people to chance to build an electric car at Geevor. And we launched a series of successful music events and a talks programme on site. We have also been fortunate to recruit excellent new members of the staff team as well as four dynamic new Trustees who are already maklng a p051tive difference at Geevor. It is really important for the future of Geevor that we have succession planning for the future so that as staff and Trustees retire there are others ready to tske their place. It was our first year of having a 99-year lease from Cornwall Councll which gives us much more autonomy and we are already taking advantage of that newfound freedom tt) launch a number of income generating activtties. The Board of trustees is looklng to the future and developing a lon8-term flnancial Strate for Geevor to ensure that that ourfinances ore suttainable for many years to come. This Involves bulldln8 on the success of our summer 2025 event5 pro8ramme to make Geevor an all-yeaf-round events venue for the benefit of the local ¢omrnunity as well a5 our visitors. We are also looking to bring buildings which are currently unused or underused back Into productive and profitable use as we have already done with the premises that are now occupied by Lands. End Cycle Hlre. All of this is desi8ned to reduce our dependence on income from ticket sales 8iven the volatllhy of the tourlsm market In Cornwall.
PENDEEN COMMUNITY HERITAGE REPORT OF ThE CHAIR OF THE BOARD OF TRUSTEES (coNfiNUED) FOR THE YEAR ENDED 31 MARCH 2025 This summer we introduced our new 'Friends of Geevor, scheme to generate income but more importantly to engage visitors and locals more deeply with Geevor and PCH. PCH will rna1n the charity that controls Geevor and existing PCH member5 will also be automatically 'Frends of Geevor, but the 'Friends' will be the public face of PCH. We were delighted to receive substantial fundlng through the government'5 Sh3Ted Prosperity Fund for major improvements to the café and opening of the Mossel 'take away, facility. The work has increased the capacity of the café and improved the customer experience throu8h the comfortable new furniture and the new table servlce system. Finally in terms of what we are doing we want to grow our tearn of volunteer5 50 that we can achieve more wlth the same financial and staff resources. Geevor is a great place to be involved with and over the comin8 year we will be advertising Opportunities for volunteers of all ages. It ha5 been a dlfficult year but we have come through it in good shape and we are confident that Geevor has a brlght future. This is In no small part thanks to the hard work and dedication of our staff team and volunteers and, of course, you as members of PCH and supporters ofGeevor. John Swarbrooke Chalr, Board of Trustees
PENDEEN COMMUNITY HERITAGE TRUSTEE5' REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual port and financial statements for the year ended 31 March 2025. The followin8 report illustrate5 our work over the past financial year and hi8hll8hts some of our key achievements. The financial staternents have been prepared in accordance with the accountin8 policles set out in note I to the flnancial statement5 and comply with the charity's governing document, the Companies Act 2006 and "Accountin8 and Reporting by Charitle5'. Statement of Recommended Prartice applicable to charities preparin8 their accounts In accordan¢e with the Financial Reportln8 standard applicable In the UK and Republlc of Ireland IFRS 1021" (effective l January 20191. Oblertl¥es and attlvltles The oblectfves of the charlty remain the sarne: to manage preserve, protect and interpret the mining heritage of Geevor Mine and other mining site5 in the Pendeen & St. Just area, for the benefrt of the people of Pendeen and St. Just and the public at large: to educate the public about the hlstory of mining in Cornwall: to advance education and trnining in ski115 relevènt to securing employment in industrial heritage preservation and allied field5,' to promote the beneftt of the people St. Just & Pendeen by ensuring that developments on the Geevor slte take full account of local social welfare interest and are con515tent with the object of improving the quality of life for local inhabitsnts • to further any other charitable purpose for the benefit of those Ilvlng In the Pendeen & St. Just area Strotegie5fvr achieving alm5 and obJertlve5 Operatlonal Targets Operational financial and other targets are set annually by the Directors. A budget was prepared In March 2024 for the April 2024-March 2025 financial year which had forecasted 39,910 vlsltors for the year. ProJerted turnover wa5 forecast at £642,051 SUItIng in an operational deficit of approximately £52,¢X)O. reflecting the loss of £50,000 of the management fee from Cornwall Council following the terms of the lon8-term contract. Mlne Shop The mine shop, opernted by our wholly owned subsidiary company. Geevor Trading Limlted. generated an operational deficit of £600 in the last financial year, and accordingly no donation via gift aid has been made to Pendeen Communlty Heritage thls year. In additlon to the numbers of visitor5 to the museum, it Is estimated that at least an addttlonal 7.CKKI people per annum visit the cafe and mine Shop, many of these beln8 people from wlthln the local area. Public beneflt The trustees have pald due regard to 8uidance issued by the Charlty Commission in decidin8 what activities the charity should undertake.
PENDEEN COMMUNITY HERITAGE TRUSTEES. REPORT (INCLUDING DIREcfoR5' REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achlevements and perforniance Slgnificant octwities and ochievements agalnst objettives Mlne Managerfs Report- Mlke Slmpson The 12 month perlod from April 2024 to March 2025 wa5 another challenging year, with 38,433 visltors enloyin8 the Geevor experience. a slight decrease of 2.7% compared with the previous year; visitor numbers for March 2025 were the lowert forthe month for manyyears. Whlle Income was lower than anticipated, overall cost5 were well contalned in a difflcult economlc climate. Vi51tor satisfaction remain5 high: In July we were informed that Geevor was awarded the coveted 'Travellers Cholce, award by Trip Advisor, a reflection of our vlsitors, posltlve experiences at the mine during thelr tlme here. We have received the highest accolade from the or8an15ation continually for many years. In May 2024. our frlend. colleague and Pendeen Community Heritage co-founder and the first chair of trustees, Bill Lakln, passed away. Over many years Bill worked tlrelessly for the benefft of Geevor. He was instrumental In workin8 to obtaln the vital fvnds for the £3.8m Lottery-funded 2(10718 Geevor Project that helped save the slte and enabled all subsequent development work to continue. The year also saw a number of long-term staff retire. Shella Russell, a co-founder of PCH and the first Company Secretary, and Kay Law, Company Secretary, both tired from our accounts team. Former Geevor miners. Eddie Strick and Mick McArdle. together wtth colleague Mark Edwards retired as mine guldes. We thank them all for their VA)rk with the charity and wish them a long and happy retirement. I thanks all of the Geevor staff and volunteers for their dedication and enthusiasm and for ensuring that all of our vlsit0 were provlded with the excellent Geevor experience. My thanks also go to Matt 8urford and Mar8aret Burford and their team at the Count House Cèfé. They have developed a conslderable reputation for providlng excellence both for Geevor customers and locally-based resldents. While the café may be franchlsed the café management and Geevor work as a team. Museum and Operatlon$ Manager's Report- Jack Roberts Shared Prosperlty Fund At the beglnnin8 of the year we received the great new5 that our appllcatlon to the Shared Prosperlty Fund had been successful for the project to rfrdevelop the Geevor cafe. Capltal works commenced wlth the renovatlon of an old staff kitchen space in the Reception Count House building to create a new 'M055el' takeaway outlet. which was opened in tlme for the school May half term. At the same time a shipping container. fitted out as a preparatlon kttchen. was installed at the rear of the current cafe kttchen. These improvements have made a hu8e dlfference a5 to how the cafe operates. wtth the option of dining and takeaway offers from separate locations. The project was paused overthe busy summer months with capltal work5 re5umlng In December 2024 In the maln cafe kitchen and dining space. We made the decision to close the cafe in the quietest month of January to allow our contractors excluslve access to the building. Work was completed to a high standard and on time with the café reopening In early February. The refurbishment has receNed fantastic feedback from visitors. staff, and volunteer5. The Shared Prosperity Fund has seen almost £3IXI,OQO worth of investment on the Geevor 51te and sets U5 up for a prosperous future. As part of the fundlng arrangements we have agreed a new lease wlth the Count House Cafe whlch wlll see a slgnifKant increase In our annual rental income.
PENDEEN COMMUNITY HERITAGE TRU5TEE5' REPORT (INCWDING DIRECTORS, REPORn ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 l Mllllon Vlsltors Wednesday Ortober 2nd 2024 was a momentous day for Geevor Tin Mine when Pendeen Communty Herftage welcomed St Hllary School as the one millionth visitors since we opened a5 a museum and visitor attractlon In 1993. Thi5 is an incredible milestone for everyone that has been involved with Geevor, from the time of convertlng the closed mlne Into a mining museum, to the multl-award winnlng vlsrtor experience that it is today. Wlld Works: Stran8er Beasts Followin8 initial discussions in April PCH aed to host a series of open air theatre performances of '5tranger Beasts, by the Wild Works production team to be staged around the Geevor site. Wild Works had a presence on site for severnl months assembllng stages and rehearsin8. The show ran for 3 weeks in late September/earlv October attracting over 30(MJ people to Geevor. It was an incredibly well-run production and a Bat advertisement of the Geevor slte. Based on attendee feedback, 60% of those attendin8 had not VlSfted Geevor before. The production generated over £ll,OL)J of additional income to PCH. Collaborating with Wlld Works was a Bat experience which we would be more than happyto do agaln. Gl8s and events During the year Geevor hosted a series of musical gigs in the café and h05ted a number of tslks which brought a different audlence to the site. Our annual ChrSstmas event attracted over 200 people, mostly local famllle5 and chlldren. and desplte losln8 one of our two dates to poor weather, thls provlded a much needed income boost at a quiet time of year. Geevof Shop In December we saw the departure of shop manager Tom Barton. He had achieved a great deal as shop manager over the last few years and, combined with hls excellent design work, he also contributed to the Geevor Site. I have since taken on the running of the Shop focusing on building upon the great rdnge of stock Tom had collated. Museums Accredltstlon After being granted a year's provisional accreditation in 20241 resubmitted our application to the Arts Council in January 2025 for full accredFtation. This SUbMiSsion was focused mainly around the ownership of the collection which had been hlghllghted as an Issue during the prevlous submisslon. After completing a slte Inventory and submittin8 this to Cornwall Council we have signed a Collections Management Agreement and Plan which will hopefully provide clarity for the Arts Council in the accreditation process. Volunteers and Work Experlence Our excellent 8roup of volunteers have continued to progress variou5 restoration projects on site. We thank Pete, Steve. Jerry, Ash, Andy. John, Eric, Kevin, John. Jack, Josh, and Michael for their hard work and commltment. We also extend our thank5 to Vaughan, Marcia and Collette for all of thelr work durlng the year. Our archive volunteers have continued their great work on cataloguing the collection and helping us with plans to rnodernise the archive. Their input in the accredltatlon process has been really useful. Thank you to Jean, Ann, Jenny, Frank. Linda and Quentin. We have contlnued to build upon on SEND Volunteering opportunltles wtth volunteers Josh, Jack. Eric, and Michael all pro8resslng and contlnuln8 to work wlth u5. We have also developed rtrong connections With 'Learn 2 Cornwall, a local education organisatton that specialises in workin8 With youn8 people wtth a range of learning disabilities. We have welcomed 4 separate work experience students to the site in this period.
PENDEEN COMMUNITY HERITAGE TRUSTEES, REPORT {INauDING DIRECTORS. REPORT) (CONTINUEOI FOR THE YEAR ENDED 31 MARCH 2025 Retlrlnz Forn)er Mlners This period also marked the retirement of two of our Geevor guide5 and former miners Mick McArdle and Eddle Strick. Both Mick and Eddie have led the way in keeping Geevor's history alive and sharing thelr memorles of their time underground at Geevor with our visitors. They have been exemplary advocates of all that we have achieved at Geevor since it reopened as a museum. Their humour and camaraderie on a daily basis will be 8reatly missedl Thank you Mick and Eddiel l also thank Mark Edwards for his time working as a guide and for a long and healthy retirement. Communlty Outreath and Networkln8 I have continued to ensure that Geevor plays a leading role in our industry and communlty- I have continued as the chair of the Tin Coast Partnership working to expand the partnership's work within the community. This has been enhanced by workin8 With St Just Town Council and the Town Vitality Fund project. I have a150 continued my role as Vice Chair of the St Just Miner5 Chapel charity which shares many joint aims with Geevor. My role 35 a director of CATA (Cornwall A550clation of Tourist Attrartlonsl ensures that Geevor has a stron8 voice in our Industry and helps shape declslons made. I have also attended severnl meetings of the Far West Busine55 Network, a local business network, aimin8 to help small and large businesses collaborate effectively. Finally. I have been working wtth the Lafrowda Club wlth a particular focus on their plans for an archive space in St Just, and how we might collaborate with them. Learnlng Team Mana8er's Report- Cllnt Hosklng Irrtroductlon Geevor's Learning and Outreach Program has continued to expand and diversify Its activities, reaching new audiences and strengthenin8 partnerships with edutational institutions, herltsge or8anisatlons, and Industry sponsors. Thls report outlines recent development5 and successes across outreach, school engagement. and community involvement. with particular highli8hts from the New Outreach Program and collaborative efforts with key stakeholders. STEM Engagement at Geevor Careers Falr5 Durin8 2025, Geevor particlpated in severdl careers fairs, including two signlficant event5 In February. The first was the Cornwall Mining and Geo-Resources Alliance ICMGAI Futures Day held at Cornwall Colle8e. St Austell Campus. The second was the Hayle Futures Day at Hayle Rugby Club. where Geevor represented the mining industry. The Hayle event was attended by more than 500 students. At both events, Geevor delivered interactive stalls featuring STEM activitie5 based on geology and engineerin designed to highlight potential career pathways within the mining sector. Collaboratlon wlth Greenpower Educatlon Trust (Gm Geevor continued its collaboration wrth the Greenpower Education Trust throughout the year. The Learnlng Team supported Pendeen School's after-school STEM Car Build Club and subsequently participated In the race day event at Predannack Alrfleld. Thls event broughi tO8ether 5choo15 from across Cornwall. provldlng students with hands- on emperience In engineerln8 and teamwork.
PENDEEN COMMUNITY HERITAGE TRU5TEE5' REPORT (INCLUDING DIREcfoRS' REPORn ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Mlnerals Matter Partnershlp On the recommendation of STEM Learnin& Geevor has initiated a partnership wlth Minerals Matter, the educational arm of the mining industry. Minerals Matter works to promote and encourage career5 in mining and quarrying amon8 youn8 people. Discussions are also underway with STEM Learning re8arding the appointment of Geevor staff members as STEM Ambassadors, which will further strengthen our OUta¢h and engagement with students across the region. New Outreach *08ram A new outreach Initiative combinlng music and mining stories has been successfully launched, targetin8 adult audience5. This program has resonated particularly well with: Holiday parks The Women's Institute Care homes The inttiative celebrates Cornwall's industrial herttage through engaging, accessible storytelling and has proven effective in connecting with non-school audiences in a meaningful and enjoyable way. Industry Partnershlps and Spon50rshlp Geevor's Learning Program continues to benefit from stron8 partnership5 With industry 5UPPOrter5. In partlcular.. Cornwall Herita8e Trust and Cornish Meta15 have jolntly sponsored transport for several 5choo15, removlng access barriers. Cornish Metals has also funded admisslon and outreach sessions. allowing a Breater number of students to benefit from Geevor's educational resources. Aspert Holidays has supported outreach efforts by promoting programs to vlsltlng groups. These collabordtlons enable enhanced educatlonal opportunltles both onslte and In community settln8S. Carnyorth Outdoor Leamlng Centre Collaboratlon With the Aspire Academic Trust now operating the nearby Camyorth Outdoor Learnlng Centre, near all visiting schools now incorporate Geevor into their itinerary. These extended stays alk)w for., Deeper engagement through longer slte visit5. Joint programming Wlth Levant Mine, where Geevor s Learnln8 Team collaborates wlth Levant staff to deliver complementary workshop5. This dual-slte approach enriches student understanding of: Historical mlnin8 period5 Technolo8icèI development The comparative learnln8 approach Is especially effertive in delivering core currlculum content in a dynamlc and immersive setting.
PENDEEN COMMUNITY HERITAGE TRUSTEES, REPORT IINCWDING DIREcfoR5' REPORn ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Further and Hl8her Educatlon Engagement Geevor has strengthened links with p05t-16 education providers: Cornwall College hosted their Senior Staff Development Day at Geevor. This led to an invltation to participate In a Careers Falr at the St Au5tell Campus, wlth plan5 to attend Similar events in the future. These connections are vital for promotin8 heritage careers and educational pathways lated to history, tourism. 8eolo8y, and the environment. Key Stage Three Engagement While en8a8ing Key Stage 3 students remalns a challenge due to schedullng constraints, Geevor has bulh regular relatlonshlps with: Richard Lander School Camborne Science and International Academy Their photography students benefit from the stte's visual richness and hlstorical significance. Geevor provides interpretation to ensure that the educatlonal value of thelr images is fully understood, offerlng a rare opportunitv to link art with social and industrial hlstory. Work Experlence and Incluslve Learnlni Geevor's Work Experience Program remain5 a valuable offering for local secondary school students. In additlon, collaboration with Ductu. an or8anisation supporting disadvantaged and disabled students, has expanded the inclusivsty of the pro8ram. Students gain hands-on experience In areas such as: Education delivery Retail and customer service Front-of-house operations Curatorial and heritage work These placements a tailored to individual needs and abilitie5, ensuring positive outcomes for all participants. Con¢luslon Geevor'5 Learnin8 and Outreach work contlnues to evolve, underpinned by strong partnerships, Innovative programming, and a commitment to incluslvlty. The combination of curriculum-linked content. adult-ft)cused outreach, and meaningful industry support ensures that Geevor remains a leading educational resource In Cornwall.
PENDEEN COMMUNITY HERITAGE TRU5TEES' REpoirr IINCWDING DIRECTOR5. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Significontfartors School Vlslt Statlstl We are dellghted to report that thos reporting year was our most successful to date. Workin8 With Carnyorth and the Aspire Academy Trust, our summer term was a particularly busy perlod with more than a quarter of our school 8roiips v151tin8 during this perlod. Many of these schools are regular vlsltors, one for twenty years. The development of good partnershlps with teacher5 and academlc trusts has proved to be an essential part of our contlnuin8 succes5. Jun-12 I11 F•13 Tot 140 Ed. Grou io Stthn15 it 223 61 177 j2 rtr24 1024 io 24 io No. Ed. Gr No. Ed. VIsitslStudents 140. td. On41 Vi51tS P4D. E¢1. VWtal¥QP45nE 12 351 sa 575 $91 226 141 41 Jufv14 21 No Ed. f0 No. Ed. Ch)YteVislts No. Ed. OntEVi5lts TO1 Il•. Ed. W10%01151rE n51te io 5t¥dènt5 ij 25 347 47 22 18 97 17 iii 45 144 Outreach S¢sslons Outreach sessions have once agaln been a standout success this year, driven by the expansion of our programme and the Incluslon of music sessions and talks for lifelong learners. These workshops not only broaden our engagement with the community but also present a previously untapped source of income for the site. lun.12 Jul.11 No. ELI. OUTrEACHES No. Ed. Qlf511e Vlslts'lsrudents 1tr23 213 167 Ng. Ed.,1. OFF5[ 91 Jufv23 Ott-23 N•. Ed.OUTREACHfS No. Erj. Ofls+te VlsllS'lSiu&ents No. Ed. Offsiie Vlslts'lAdvlts D¢- Toi¥$ 27 257 15 si 24 No. Ed OUTrUCMES tr24 J¥*.2S F• Students In 15 174 U74 42 55 Totafwth E..t¥s. OFFSITE
PENDEEN COMMUNITY HERITAGE TRUSTEE5' REPORT {INCLUDING DIRECTORS, REPORTI (CONTINUEDI FOR ThIE YEAR ENDED 31 MARCH 2025 Flnanclal revlew The charity generated a surplus of £95.318 for the year which comprised of a unrestrirted deficit of £100,958 and a restrlrted Surplus of £196.276. The restricted surplus arose primar1 as a result of the Shared Prosperity Fund grant which funded a capital project, the costs of which are inltlally shown In the charlty's balance sheet and will result in depreciation charges Within expenditu in future period5. At the end of the year. the charÉty carries forward unrestricted funds of £204,460. whlch Includes free funds of £117,454 and an amount of £87,( which has been desi8nated for specific purposes. Restricted funds amount to £287,079 at the year end. A further de5criptlon of the nature and PUfP05e of the funds is 8iven in the notes to the accounts. The financial deficits recorded dijring the year under VIeW require explanation. This is the first full year of PCH operating under the terms of the new lease from Cornwall Councll. The 1055 of £100,958 includes a one-off expenditure of £51,000 of unreclaimable VAT inCUrd from the Shared Prosperity funding of the café refurbishment. However, following completion of the works and the hi8hly successful operatlon of the café and takeaway outlet during the year we will be able to report Si8nificant increased revenue from the café in next year's financial accounts. The maintenance 8rant from Comwall Councll was reduced by £50.CIXJ accordlng to the terms of the lon8-term lease a8ernent. The small deficit recorded by Geevor Tradlng lrnlne shopl wa5 primarily the result of a large stock order that wa5 placed in December 2024 for the following season. The benefrts of the sales of this stock will be flected in the current financial year. Trustees and management have been proactive in addressing the deficlt Incurred by the charlty. Flve members of staff who retired or SIgned in the last year have not been replaced. wrth workin8 practices altered to accommodate the reduction in stsfflng numbers. Staffing hours during the winter months of 202516 will be dUCed with attention to planned works. There has been strong focus on reducin8 costs in other areas of our operatlons and these savlngs are alreadv being reco8nised. Following the departure of the shop manager in December 2024 due to relocation, trustees and management determlned that the position would not be fllled, with the operation of the shop being carrled out by PCH rtaff and the charity charging staff time to the Company towards the costs of its operation. Trustees and mana8ement are artively exploring new revenue streams that are not solely dependent on people visiting the mine. Reserves policy It is the policy of the charity that unrestricted funds whlch have not been de5i8nated for a specific use should be malntalned at a level sufficlent to ensure that. in the event of a slgnificant drop in fundin8, they will be able to continue the chariV5 current activities while consideration is given to ways in which additional funds rnay be raised. 10-
PENDEEN COMMUNITY HERITAGE TRU5TEES' REPORT (INCLUDING DIREcfoRS' REPORT) ICONnNuED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future perlods Future Devtlopments Pendeen CommunSty Herltage contlnues to develop ideas for impri)ving Geevor Tln Mlne's economic sustalnablllty and the need to address the site's being placed on Historic England's Herf(3ge 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 on important role in the economic development within West Cornwall. Structiire. govemance and management The charity is a charitable company, limited by guarantee, as defined by the Companie5 Art 2006. It is governed by its memorandum and articles of a55OCiation. The trustee5, who are a150 the dirertor5 for the purpose of company law. and who served durin8 the year and up to the date of signature of the financial statements we. MrKACBaker Mr J S Swarbrooke MrN M Davies MrBCorn MrB Doldcorn Mrs C Tomlinson Mr P M Warn Mrj J Hardv Ms M E Soper (Appolnted 23 January 2025) (Appointed 19 October 20241 {Appointed 19 October 2024) (Resigned 25 May 20251 Recruitment ond appointment of trustee5 New Directors are recruited by co.option and election at the subsequent AGM. The Directors meet at two-rnonthly intervals. These meetlngs have taken place vlrtually on 'Zoom'. Full minutes are taken and are on file in the Geevor office. All policy decisions continue to be made by the Dirertors. Any financial transactions over El,000 In value require prior Dlrertor approval. None of the trustees has any beneficial interest in the company. All of the trustees are member5 of the company and guarantee to contribute £1 in the event of a winding up. 11
PENDEEN COMMUNITY HERITAGE TRUSTEES, REPORT IINCLUOING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR EhlDED 31 MARCH 2025 Orgonlsationalstrurture Day-to-day management Is delegated by the Trustees to: Mlke Slmpson- Mine Manager Slte 0erShIP Geevor Tin Mine Is a key centre of the Cornwall and West Devon Mining Landscape World Heritage Site and 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 Herttage as tenants. In January 2024 Pendeen Community Heritage signed a long term 99-year lease with Cornwall Council to continue the mana8ement of the site. Under the terms of the Mining Regulations 2014 Pendeen Comrnunity Herttage Is considered a5 the site owner and operator and, thus, 15 under the luri5diction of the Mlnes Inspectorate of the HSE. The charity {Pendeen Community Heritage) operntes under a Memorandum and Article5 of AsSOCiatlon as company 11med by 8uarantee and not having a share capital. The charty operates a wholly-owned subsidiary, Geevor Tradln8 Limited, whlch carries Out non-charltsble tradln8 actlvltles, with all proflts 81ft-alded to the charlty. 12-
PENDEEN COMMUNITY HERITAGE TRusfEES' REPORT IINCWDING DIREcfoRS' REPORn (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Other matters Staffln8 There are 24 full time and part time permanent Staff currently employed at Geevor, a team that is highly skllled and composed of utillty players able to operate across dlsclpllnes. Geevor Ss also extremely fortunate to have a team of skilled and enthusiastic volunteers. Rlsk management The Directors have a duty to identify and vIeW the risks to which the charty 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 15 exposed, as identifled by the Directors in the Rlsk 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 rlsks to which the charty is exposed under review since inception. Management accounts are produced monthly and are closety examined by Directors at 2-monthfy meetlngs. The revised system of reporting on the management accounts set up in 2tK)6 works well, with expenditure closely identified against viSed codes. A formal review of all risks is done annually ènd any new risks Identlfied 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. Operatlonal rfsk- Surfa and underground vlslt$ Operational risks a managed under stringent legislative requirements. Staff contlnue to carry out mlnor remedlal work to buildings, equipment and the underground sectloft as Identlfled during routine inspectlons. Dally mlll and UnderoUnd inspections by Geevor staff ensure the integrity of the buildings and underground visitor route. There were no reportable accidents or incidents on site durin8 the perlod under revlew. 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 strurtures. Flnandal rlsk exposure As with any business dependent on tourism, the main risks faced are financial. Over the twenty-four years that PCH has operated, minimisation strate8ie5 have been developed. A twelve month budget Is set which is reviewed at six monthly intervals, while the accounts are scrutinised at trustees. meetin8s. The management accounts are mentioned separately. The charity contlnue5 to Investigate strategies to make best use of its cash reserves. Dlrertor5 have determlned that sufflcient funds need to be held to enable projetts to further enhance the visltor experience can be realised. Pendeen Communlty Herltage continue5 to seek external fundlng for specific projects being developed on slte, In particular projects which will contribute to revenue generatlon. From January 2025 all revenue grants from Cornwall Councll, as agreed in the lease agreement, ceased. 13-
PENDEEN COMMUNITY HERITAGE TRU5TEES' REPORT {INCLUDIIIG DIREcfoR5' REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Vlsltor Proffle The year under review was a successful one with 38,433 vlsitors welcomed to the mine, a decrease of 2.7% increase from the prevlous year, lar8e due to a quiet winter perlod. The visltor profile was again Ilttle changed from the prevlous year. Of total tlckets sold 21.8% were adult, 12.6% concession5, 6.6% individual childl students and 19.2% family groups,. the number of discounted tickets for all ticket categories (available as discount vouchers in guide booklets) further fell to 13.3% (when historically they We +20%). School 8roups reached a (ord level 110% of visitors). however. adult tour groups remaln 518niflcantly lower than prevpandernic levels12.3%1,' museum only tFcket sales were 2.2% ènd free entry (teachers, under-4'5, ex-Geevor miners etcl were 12% of total visltors. It is very pleasing to report that vlsitors from continental Europe continue to make a significant contrlbution to our overall number5. The unique selllng polnt of the vlsit to Geevor remalns the underground t(wr wlth more 97.8% of tickets sold including the underground experience. Vlsltor feedback Visitor 5atisfattion levels continue to be very hi8h. Such te5timonlals are provlded by word of mouth, visitor QuestionnaiS. letters, emails. comments books and social media. Geevor recelved the 2024 Travellers, Cholce Award from Trlp Adv150r for consistently hlgh customer revlews. Trip Advlsor revlews for Geevor Tln Mlne contlnue to Impress wlth 95.6% of the ievlews recognlslng thelr experlences a5 bein8 elther'very Good. or'Excellent'. From comments books/ Trip Advisor.. A must to visit In Cornwall, Couple Extraordinary experience, _ Family 'More to do than you thinW- Famlly 'The hl8hlight of my hollday. Solo 'Fanta5tic day out- Fami 14-
PENDEEN COMMUNITY HERITAGE TRU5TEES' REPOIIT {INauDING OIRECTORS, REPORn (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Relotionship with widernetwork Partnershlp workln8 We have again worked with a wide ranBe of partners. These include: the National Trust, the Sensory Trust, the Centre of Pendeen. Pendeen Pilot Glg Club Istorage for a boatl, the St. Just Mines Research Group. the Trevithkk Society, Isome of whose collection is stored on sitel, Penlee House Museum & Gallery, PK Porthcumo, Vi5itCornwall, Cornwall Association of Tourist Attrartion5. The World Herita8e Site office. Lands End Cycle Hire and Cornwall Herttage Trust who occupy two of our buildings. Geevor is a major partner in the Tin Coast Partnersh5p, a Coastal Communities-hjnded project created to boost 5UStainable tourism in thls region of West Cornwall. This is a partnership of local businesses and or8anlsations In the public. private and voluntary settors. who work in the interest of its long term sustainability, so that the Tln Coast remain5 a great place to live. work, and visit. PCH remalns a member of theAssoclation of Independent Museums IAIM} and ofthe Natlonal Associatlon of Mining History Organisations. Schoo15 and other educatSonal organisatlons wlth whom we have worked are Included in the report by the Learning Team Manager. Funders Pendeen Communlty Heritage is grateful to funders who have supported us durln8 the year. The Museums and Operations Mana8er's port 8ives details on the cafe improvements that resulted from Shad Prosperty Fund award. The trustees, report was approved by the Board of Trustees. r J S Swarbrooke Date=.. 15-
PENDEEN COMMU141TY HERITAGE INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF PENDEEN COMMUNITY HERITAGE I report to the trustees on my examination of the financi31 statements of Pendeen Communlty Herlta8e (the charity) for the year ended 31 March 2025. Responslbllltles and basls of report As the trustees of the charity land also Its dlrectors for the purposes of company lawl you are responsible for the prepardtion of the financial ststements in accordance with the requirements of the Companies Act 20061the 2006 Act). Having satisfied rnyself ihat the financial statements of the charity are not required to be audited under Part 16 of the 21J]6 Act and are eligible for independent examinatlon. I report in respect of my examination of the charlty's financlal statements carried out under section 145 of the Charities Act 2011 Ithe 2011 Artl. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llb) ofthe 2011 Act. Independent examlner's statemmt Since the charity's gross income exceeded £250,Q)O your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Instltute of Chartered Accountants In England and Wales, which 15 one of the listed bodles. I have completed my examinatlon. I confirm that no matters have come to my attertion in connectlon wlth the examlnatlon 8iving me cause to belleve that in any materlal respect: accounting records were not kept in respect of the charlty as required by Section 386 of the 2006 Act: or the flnancial statements do not accord with those records,. or the financlal statements do not comply wlth the accountlng requirements of sectlon 396 of the 2006 Act other than any requlrement that the account5 gfve a true and fair vlew whlch is not a matter considered as part of an independent examination,. or the financial statements have not been prepared In accordance with the methods and prlnciples of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts In accordance with the Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have mme across no other matters in connection with the examination to vthich attentlon should be drawn In this report in order to enable a proper understandin8 of the financial statement5 to be reached. TC Group Vlvlan House Newham Road Truro Cornwall TRI 20P United Kin8dom 16-
PENDEEN COMMUNITY HERITAGE srATEMENT OF FINANCIAL ACTIVITIES INCWDING INCOME AND EXPENDITURE AccouKr FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Restrfcted funds funds 2025 2025 Totsl Unrestrlrted Restrfrted nds funds 2024 2024 Totsl 2025 2024 Notes Income from: Donations and legacies Charitable attivities Investments 64.782 584,316 3.893 198,449 263,231 584.316 3.893 51,965 559,741 2,451 85,616 137,581 559.741 2,451 Total Income 652.991 198,449 851,440 614,157 85,616 699,773 EXpendIre on: Raislng fund5 Charitable activities Other expenditu 5,000 665.648 1,086 s,0 666,223 1,086 748,949 2,173 751.122 575 13 Totsl expendltufe 753,949 2.173 756.122 671.734 575 672,309 Net Incomellexpendlturel 1100,958) 196.276 95,318 (57,577) 85,041 27,464 Transfer5 between funds 15751 575 Net movement In funds io 1100,958) 196.276 95.318 158,152) 85.616 27,464 Recondllatlon (rf funds: Fund balances at l Aprll 2024 305,418 90.803 396,221 363,570 5,187 368,757 Fund balan$ at 31 Marth 2025 204.460 287.079 491,539 305.418 90,803 396.221 The statement of flnanclal artivtties includes all gains and losses recognlsed In the year. All Income and expenditu derive from contlnulng activitles. 17-
PENDEEN COMMUNITY HERITAGE BAiANCE SHEEr ASAT31 MARCH 2025 2025 2024 Note5 Flxed •ssets Tanglble assets Investments 15 16 327,439 io 11,222 io 327,449 11,232 Current a$5ets Stocks Oebtors Cash at bank and in hand 17 18 901 130,658 56,489 1,292 181,446 233.979 188.048 416,717 CredltOTS: amounts fallln8 due wlthln one vear 19 {23.9581 13L7281 Net current assets 164.090 384,989 Totsl assets less TTent Ilabllltles 491,539 396,221 Net assets exdudlng penslon Ilablllty 491.539 396,221 The funds ol the tharlty Restricted income funds Unrestricted fund5 21 287.079 204,460 90,803 305,418 491,539 396.221 The company is entitled to the exemption from the audit requirement contained In sectlon 477 of the Companies Act 2006. for the year ended 31 March 2025. The dlrertor5 acknowledge thelr responslbllltles for complyin8 With the requirements of the Companles Act 2006 wlth respect to accountln8 record5 and the preparatlon of financlal statements. The member5 have not requlred the company to obtsln an audit of Its financial statements for the year In que5tlon in accordance with section 476. These flnancial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies re8lme. 18-
PENDEEN COMMUNITY HERITAGE LANCE SHEET (CONTINUED) ASAf31 MARCH 2025 The financlal statements were approved bythe trustees on......... S Swarbrooke Trustee Company registration number 04202906 (England and Wales) 19-
PENDEEN COMMUNrrY HERITAGE srATEMEKf OF CASH FLOW5 R?R ThIE YEAR EPIDED 31 MARCH 2025 2025 2024 Notes Cash flows from operntlng actlvkles Cash generated fromllabsorbed by) operations 26 136,877 1119,435} Investlng artlvltl•s Purchase of tan8ible flxed assets Investment income received 1318.2601 3.893 14991 2,451 Net cash (used In)/generated from Investln8 actlvltles 1314,3671 1,952 Net Cash used In flnan¢ln8 actlvltles Net dttrease In cash ond fash equlvalents (177,4901 1117,4831 Cash and cash equivalents at beginning of year 233.979 351.462 Cash and cash equlvalonts at end of year 56,489 233,979 -20-
PENDEEN COMMUNITY HERITAGE NOTES TO THE FINANCIAL STATEMEt4T5 R?R THE YEAR ENDED 31 MARCH 2025 Accountlng polldes Charlty Informatlon Pendeen Communty Herlta8e Is a prlvate company Ilmlted by guarantee incorporated In England and Wale5. The reglstered OtCe is Count House Office, Pendeen. Penzance. Cornwall, TR19 7EW, England. 1.1 Accountlng conventlon The financlal statements have been prepared in accordance wtth the charity's Igoverning documentl, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" leffective l January 20191. The charity15 a Publlc Benefit Entity as defined by FRS 102, The financial statement5 are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial Statements are rounded to the nearest £. The financial statements have been pPared under the historical cost convention. The prlncipal accounting pollcies adopted are set out below. 1.2 Golng concern At the time of approving the financial statement5, the trustees have a reasonable expectatlon that the charlty has adequate resources to continue in operatlonal ex15tence for the foreseeable future. Thus the trustees continue to adopt the 8oin8 concern basis of accounting in preparing the financial statements. A detailed explanatlon on the going concern status of the charlty is given In the Flnanclal Review sectlon of the Trustees, Report. 1.3 Charltable fvnds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. De518nated funds are unrestrlcted funds that the charrty's trustees have eamiarked for a specific purpose, and they are accounted for within the un$trItted funds on the balance sheet. Restricted funds are subject to spetific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. IA Income Income is reco8nised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it Is probable that income will be recelved. Cash donations are reco8nised on ceIpt. Other donation5 are recognised once the charity has been notlfled of the donation, unless performance conditions requlre deferral of the amount. Income tsx recoverable in relation to donations recelved under Gift Aid or deeds of covenant Is recognised at the time of the donation. 21-
PENDEEN COMMUNITY HERITAGE NOTE5 TO THE FINANaAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polldes {Contlnuedl Grnnt Income is recognised when entitlement to the funds arises - inclyding meetlng any performance- related obllgations, receipt of the funds is consldered to be probable and the amount can be rellably measured. 1.5 Expendlture Expenditure is reco8nised once there 15 a legal or constructive obligation to transfer economic benefft to a third party. it is probable that a transfer of economic beneffts will be required in settlement, and the amount of the obli8aiion can be measured reliably. Expendlture is classlfted by actlvity. The costs of each actlvlty are made up of the total of direct costs and shared costs, including 5UPPOrt costs involved in undertaking each activity. Direct costs attrlbutable to a single activity are allocated dirertly to that activity. Shared costs which contribute to more than one artivity and support costs which are not attrlbutable to a single activity are apportioned between those actlvities on ba515 consistent with the use of resources. Central staff costs are allocated on the basi5 of time spent. and depreclation charge5 are allocated on the portion of the asset's use. 1.6 Thn8lble flxed assets Tangible fixed assets are Inltlally measured at cost and subsequently measured at cost or valuatlon. net of depreciation and any Impairrnent losses. Depreciation is recognised so as to wrlte off the cost or valuation of assets less thelr resldual values over thelr useful Ilve5 on the following bases: Leasehold improvements Fixtures and fittin85 Computers Motor vehicles Over the lease term 20% on c05t 33% on cost 25% on cost The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and 15 reco8nlsed In the stotement of financlal activitle5. 1.7 Hxed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reportlng date. Changes In falr value zre recognlsed In net ncome/lexpenditurel for the year. Transaction costs are expensed as incurred. A subsidiary Is an entlty controlled by the charity. Control Is the power to govern the financlal and operatln8 pollcles of the entity so a5 to obtsin benefrts frorn Its actlvitles. 1.8 Impalrment of fixed assets At each reporting end date, the charlty reviews the carrying amounts of Its tsngible assets to determlne whether there Is any indication that those assets have Suffered an impalrment loss. If any such Indicatlon exists. the recoverable amount of the asset is estimated in order to determine the extent of the impalrment loss {if any). -22-
PENDEEN COMMUNtTY HERITAGE NOTES TO THE FINANaAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Contlnuedl 1.9 Stocks Stocks are stated at the lower of cost and estlmated selling price le55 Costs to complete and sell. Cost comprises direct materials and. wheie applicable. direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condttion. Items held for distributlon at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be Incurred In marketlng, 5elllng and distflbutlon. 1.10 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call wlth banks. other short-terni liquld Invertments wlth original maturltles of three months or less, and bank overdrafts. Bank overdrdfts are shown within borrowin85 in cUrnt liabilities. 1.11 Flnanclal Instruments The charlty has elerted to apply the prov15ions of Sectlon 11 'Baslc Flnanci?I Instruments. and Sertlon 12 'Other Flnancial Instruments Issues. of FRS 102 to all of its flnancial instruments. Financlal instruments are recognised In the charty's balance sheet when the charEty become5 party to the contractual provislons of the Instrument. Finantial assets and liabilities are offset, with the net amounts psented in the financial statements, when there is a legally enforceable right to set off the reco8ni5ed amounts and there Is an Intention to settle on net basis or to alIse the asset and settle the liability simuttaneously. Boslcflnanclal assets Basic financial assets. which include #tErm6. cash and bank balances and loans from the trading subsidiary, are initially measured at transaction price includln8 transartion costs and a subsequently carrted at amortised cost usin8 the effective interest method unless the arrangement constitutes a financin8 transactlon, where the transaction is measured at the present value of the future receipts dtscounted at a market rate of Interest. Financial a$5ets classlfled as receivable wtthln one year are not amortlsed. Baslcflnandal Ilqbllltles Basic ftnanclal Ilabi1Stles, Includlng creditor5 are Inltlally recogni5ed at transattion prlce unless the arranBement constitutes a financlng transartion. where the debt instrument Is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilltles classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortlsed cost, uslng the effectlve interest rdte method. Trade creditors are obli8atlons to pay for goods or servlces that have been acqulred in the ordlnary course of operations from suppliers. Amounts payable are classlfied a5 current liabiltties if payment is due within one year or less. If not. they a presented as non-current Ilabl1les. Trade CdItOrs are reco8nised initially at transaction price and subsequently measured at amortised cost Using the effective interest method. -23-
PENDEEN COMMUI4ITY HERJTAGE NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polldes Icontlnued) Derewnltlon ofllnandal Ilabllltles Flnanclal Ilabllltles are dereco8nlsed when the charltrfs contractual obll8atlons explre or a dlseharged or cancelled. 1.12 Employee beneflts The cosi of any unused holiday entitlement Is reco8ni5ed In the perlod in whlch the employee's serrflces a recelved. Tem)Ination beneffts are reco8nlsed Immedlately as an expense when the charity is demonstrabty committed to terminate the employment of an employee or to provlde terminatlon benefrts. 1.13 Retlrement beneflts Payments to deflned contrlbutlon retlrement benellt schemes are charged a5 an expense as they hll due. Crftlcal •¢countlng estlmates and Judgements In the appllcatlon of the charlty'5 accountln8 pollcies, the trustees are required to make Judgements, estimates and assumptions about the carrying amount of assets and liabilities that a not readi apparent from other sources. The estimates and associated assumptions a based on historical experlence and other factors that are considered to be relevart. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on80in8 basls. Revision5 to accountlng estlmates are Ognised in the period in which the estimate is viSed where the revision affects On that perlod, or in the period of the revlsion and future periods where the revision affects both current and future period5. -24-
PENDEEN COMMUNITY HERITAGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 Income from donatlons and legades Unrostrlrted Restrlrted funds funds 2025 2025 Totsl Unrestrlrted Restrlrted funds lund5 2024 2024 Totsl 2025 2024 Donations and gifts Grants Membership fee5 62.846 62.846 198,449 1.936 47,325 3,035 1,605 47.325 88.651 1.605 198.449 85.616 1,936 64,782 198.449 263,231 51.965 85.616 137,581 Grants recelvable for core actlvltles Cornwall Councll Other 198,449 198,449 85,616 85,616 3,035 3,035 198,449 198.449 3,035 85.616 88,651 Income frnm charltable actlvltles Unrestrlcted funds 2025 Unrestrlcted funds 2024 Slte herftage Adm155ions Miscellaneous income Charitsble rental income Site mana8ement fees 507.128 27.746 24.442 25,01 474,923 14.783 20,035 50,000 584,316 559,741 Income from Investments Unrejtrkted Unrestrlrted funds funds 2025 2024 Interest receivable 3.893 2.451 -25-
PENDEEN COMMUNITY HERITAGE NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on ralsln8 fund5 Unrertrlrt•d Unrestrlcted fvnds fund5 2025 2024 FUndraIn8 and publlclty Staff costs 5.000 S.CQO Expendlture on chafltable actlvltle$ Slte herltage 2025 Educatlon 2025 Totsl Slte herltage Educatlon 2025 2024 2024 Total 2024 Dlrert costs Staff costs Services and utllities cences and insurance Project costs Maintenance and development Other site costs 463.616 43,359 26,129 3.072 463,616 51.195 30.740 3.072 423.972 49.571 19,769 775 423,972 58.884 23,258 775 7.836 4.611 9.313 3.489 33,373 18,221 33.373 21.437 20,681 13,253 20.681 15.592 3,216 2,339 587,770 15,663 603.433 528,021 15,141 543,162 Share of support and governance costs (see nots 91 Support 142,835 Governance 4,854 142,835 4,854 119,093 3,968 119,093 3,968 735,459 15,663 751,122 651,082 15,141 666.223 Analysls by fund Unrestrirted funds RestrKted funds- general 733,286 2,173 15,663 748,949 2,173 650.507 575 15.141 665.648 575 735,459 15.663 751.122 651,082 15,141 666.223 Descrlptlon of charftable actlvltles Site herita Managing a heritage site and museum at Geevor Tin Mine. Pendeen in order to preserve the heritage of the Site. 26-
PENDEEN COMMUNITY HERITAGE NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Descrlptlon of tharltable actlvltles Icontlnuedl Educati Educating the publlc and advancing educatlon about the hlstory of the slte mlnln8 In Cornwall. Support corts allocated to artlvltles 2025 2024 Staff costs Depreciation Services and utllltles Irrecoverable VAT Postage and statFonery Advertising and marketing Sundry expenses Finance costs Motor expenses Governance costs 1,500 2,043 1,045 73,195 8,299 47,729 2,277 4,876 1,871 4,854 2,302 1,202 48.914 7,734 51,197 1.468 4,776 3,968 147.689 123,061 Analysed betwe•n: Site heritage 147.689 123,061 10 Net movement In lunds 2025 2024 The net movement in fvnds is stated after charging/lcreditinEI: Fees payable for the Independent examlnation of the charltv's financlal statements Depreciation of owned tangible fixed assets 4.780 2,043 3,915 2,302 11 Trustees None of the trustees lor any persons connected with them) received any MneratIOn or benefits from the chority during the year. -27-
PENDEEN COMMUNITY HERITAGE NOTE5 TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 12 Employees The avera8e monthty number of employees durlnB the year was: 2025 Number 2024 Number Slte heritage Education 21 22 Total 23 24 Employment costs 2025 2024 Wages and salarles Social security costs Other penslon c05tS 435,070 27,283 7,763 395.270 28.236 6,966 470,116 430,472 There We no employees whose annual remuneration was more than £60,(X)O. 13 Other expendlture Unrestrlrted Unrestrlcted nds funds 2025 2024 Bad debts 1,086 14 Tautlon The charity is exempt from taxation on its activities because all Its income is applied for charitable purposes. -28-
PENDEEN COMMU141TY HERITAGE NOTES TO THE FIP4ANCIAL STATEMENTS ICONTINUEDJ FOR fHE YEAR EAIDED 31 MARCH 2025 IS Tanble flxed assets iuwl#)Id Flxturw Comw•rs Moror¥ehkl•* Cost At l April 2024 Addltions 53.484 155.286 50,581 159.624 20.490 124,555 318,260 3.350 At 31 March 2025 208.770 210,205 20.490 3,350 442.815 Dopreclatlon and Impalmient At l April 2024 Depreciation charged in the year 43,489 49,747 1.464 20,097 230 113,333 2,043 349 At 31 March 2025 43,489 51,211 20,327 349 115,376 Carrylng amount At 31 March 2025 165.281 158,994 163 3,001 327.439 At 31 March 2024 9,995 834 393 11,222 16 Flxed asset Inv•stments Other Investments Cost or valuatlon At l April 2024 & 31 March 2025 io Carrylns amount At 31 March 2025 io At 31 March 2024 io 2025 2024 Other Investments comprise: Notes Investment5 In subsldlarles 25 io io -29-
PENDEEN COMMUNITY HERITAGE NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Stocks Z025 2024 Raw materlals and consumables 901 1,292 18 Debtors 2025 Z024 Amounts fallln8 due wlthln one year. Trade debtors Amounts owed by 5ub5idiary undertakin85 Other debtors Prepayments and accrued income 6,384 9,926 3,639 110,709 6,078 7,719 3,907 163.742 130,658 181,446 19 Credltors: amounts fallln8 due wlthln one year 2025 2024 Other taxatlon and social securlty Trade credltors Other creditors Accruals and deferred income 140 ii,iio 8.298 4,410 281 19,573 7,674 4,200 23.958 31,728 20 Retlrement beneflt schemes 2025 2024 Defined contrlbutlon schemes Char8e to proflt or1055 In respert of defined contribution schemes 7,763 6,966 The charlty operates a defined contrlbutlon penslon scheme for all qualifying employee5. The assets of the scheme are held separately from those of the charity in an independently administered fund. 30-
PENDEEN COMMUNITY HERITAGE NOTE5 TO THE FINANCIAL STATEMEt4TS (CONTINUED) FOR THE YEAR EAIDED 31 MARCH 2025 21 Restrfcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At l Aprll 2024 Incomln8 resources Resources expended Transfers At 31 March 2025 Shared Prosperity Fund - Cafe Mlner statue fund Dance Penwlth Landscape project Outreach project 85,616 1,918 550 198,449 12.029} 282,036 1.918 550 1,838 737 1,819 900 19 11631 90.803 198.449 12.1731 287,079 Prevlous year: At l Aprll 2023 Incomlng resources Resources expended Transfets At 31 Marth 2024 Shared Prosperlty Fund - Cafe Miner statue fund Dance Penwith Landscape project Outreach project James Barber project 85,616 85,616 1,918 550 1,819 900 1.918 550 1,819 900 1575) 575 5,187 85.616 15751 57S 90,803 31
PENDEEN COMMUNITY HERITAGE NOTE5 TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Restrlrt•d funds Icontlnuedl Purposes of rnstrlcted fund$: The Miner statue funds represent a grant towards the ongoing pservatIon and maintenance of the statue at the entrance to the Geevor 51te. The Tin Coast fund pSentS funding received via the National Trust from the Coastal Communtties Fund for various projects including the installatlon of frac11[e5 for a cycle hub centre and assoclated costs, contributions towards signage and other works on site and other cultural projects. The Shared Prosperlty Rural fund represents funding received to support a relmaginln8 and redevelopment of Geevor Cafe. The cafe was not bultt to accommodate the much-increased nurnber of vi5ftors we currentlv receive. We a therefore finding innovative solutions to better accommodate increased visitor numbers and have developed a solution. Thls project focuses on 4 key objectlves: Creation of a bespoke production kttchenltakeaway outlet and repurposln8 of old staff kltchen Altering the existing cafe kFtchen and front of house footprint Re-specification of existin8 kttchen equipment and toilet facilities Installatlon of bespoke catering container The other restrirted funds present grants received for specific projerts for education, cultural and heritage projerts. 22 Unresrrlcted funds The unrestricted funds of the charlty comprise the unexpended balances of donatlons and grants which a not subject to specific conditions by donors and grnntors a5 to how they may be used. These include designated funds which have been set aslde out of Un$tried funds by the trustees for specFfic purposes. At l Aprll 2024 Incomln8 resour¢•s Resour¢e5 expended Transfers At 31 Mar¢h 2025 Fixed asset reserve Slte maintenance and machlnery restoratlon Engineerin8 restofdtion legacy fund General funds 11,232 13.939 25.171 172,357 46,201 1168,558) 50,000 11,902 109.927 1671 (753,8821 11,835 117,454 606.790 154,619 305,418 652,991 1753.9491 204,460 -32-
PENDEE14 COMMUNITY HERITAGE NOTES TO ThE FINANCIAL STATEMEI4TS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 22 Unrestrlrted fund$ Icontlnued) Prevlous year: At l Aprll 2023 Incomln£ resources Resources èxpended Transfers At 31 March 2024 Fimed asset reserve Site maintenance and machlnery restoration En8ineerin8 restoration legacy fvnd General fvnds 13.035 12.3031 500 11,232 129,654 42,703 172.357 17,002 203,879 15,1001 1664,3311 11,902 109,927 614.157 143,778) 363,570 614,157 1671,7341 {5751 305,418 The unrestrlcted fund. less fixed a55ets, represent the free funds of the charlty, whlch are not deslgnated for particular purposes. Purposes of des18nated funds: Flxed asset reserve - has been set vp to assist in identtfyin8 those funds which are not free funds. It represents the net book value of tangible ftxed a55et5. stte maintenance and machinery restoration has been created to set aslde fund5 earmarked for improvements to the slte and for the restoration and preservation of histori1 mining machlnery. A balance of £50.000 is carried forward on this fund at the end of the year. 23 Analy$ls of net assets between fvnds Unrestrlrted fund$ 2025 Restrlcted fund5 2025 Total 2025 At 31 March 2025: Tangible assets Investments Current a$5ets/lliabilFties1 25,171 io 179,279 302,268 327,439 io 164.090 115.189} 204.460 287,079 491.539 33-
PENDEEN COMMUNITY MERITAGE NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 23 Anal1$ of n•t assets betwe•n funds Icontlnued) Unrestrlcted funds 2024 Restrlcted funds 2024 Totsl 2024 At 31 Mar¢h 2024: Tanglble assets Investments Current assetsllllabilltiesl 11,222 io 294.186 11,222 io 384,989 90,803 305.418 90,803 396,221 24 Related party trnnsartlon5 There were no d15closable related party transaction5 during the year12024- none). the charity having taken the exemptlon from d15cIosin8 tran5aCtion5 Wtth wholty owned subsidiaries wtthln the 8fOUP. 25 Suwdlarles These flnanclal statements a separate charity financial statements for Pendeen Communty Herltage. Consolidated account5 are not prepared as the charity's income does not exceed the threshold at which consolidated accounts are required. Detalls of the charity'5 subsldlarie5 at 31 March 2025 are as follows- Name of undertaklng Reglrtered offlce Naturn of buslness Class ol shares held % Held Dlrert Irmllrvrt Geevor Tradin8 Limited United Kingdom Operatlon of shop at Geevor Ordinary Tln Mine 100.00
PENDEEN COMMUNITY HERITAGE NOTES TO THE FINANaAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 26 Cash g•nernted from operatlon$ 2025 2024 Surplus for the year 95,318 27,464 Adjustments for: Investment income ¢0niSed in statement of financial activities Depreciation and impairment of tan8ible fixed a55ets (3.8931 2,043 12,4511 2,302 Movements in working capital= Decrease in stocks Decrease/lincrease} in debtors (Decreaselllncrease in credltors 391 50,788 17,7701 1156,1161 8,618 Cash 8enerated froml(absorbed byl operdtlons 136,877 1119,435) 27 Analysls of change5 In net funds The charity had no material debt during the year. -35-