l)K',.I)()12THCU12N() PK PORTHCURNO Trustees, Report and Consolidated Financial Statements Year ended 31 March 2025 Registered charity number 1189090
Contents Vision, Mission & Values.................................. Legal & Administrative Information.............-................................................................................... Trustees, Report...........................-..............................................-....-............................................... Objectives & activities.........-........................................................................................................ Achievements & Perfonnance.....................................................................................,............... Financial review....................................,. Financial Policies. .10 The Future..................................-...........................................-................................................... li Structure, Governance and Management...................................................................... ..........12 Statement of Trustees. Responsibilities...................................,................................................. 13 Independent Auditor's Report to the Trustees of PK Porthcurno .-............................................... 14 Charity Statement of Financi31 Activities...............,............................................................-.......... 17 Consolidated Statement of Financial Activities .18 Charity Balance Sheet.................................................................................................................... 19 Consolidated Balance Sheet. .20 Consolidated Statement of Cash FIows.................................................................,..................-.....21 Notes..............................................................................................................................................22
Vision, Mission & Values OUR VISION: A world where people are inspired by the past, understand the science and technology that connects them, and use that knowledge to imagine and shape a better future. OUR MISSION: We enable people to explore the connected world, understand the history, science and technology of global communications, and consider what this means in their own lives. OUR VALUES: Inspiring: we love what we do and hope to inspire others by sharing our enthusiasm and inviting their participation. Progressive: we are forward thinking, adventurous and not afraid to try new things. Relevant: we engage people with our collections and stories and howthese relate to their own lives. Sustainable.. we work towards a sustainable world and aim to do no harm. Open: we create an inclusive and open envlronment which welcomes respectful discourse.
Legal & Admlnistrntive Information Registered office and prlncipal place of buslness: Eastern House Porthcurno Penzance Cornwall. TR19 6JX Charity registratlon number.. 1189090 VAT number: GB 6994558 55 Trustees The Trustees of PK Porthcurno during the period under review were.. nd Christopher Fyles Ichairman from 24 April 2024, resigned from board 22 October 20251 Julie Seyler Ivice-chairman, appointed 24 April 20241 Polina Bayvel David Foot Gordon Johnston lappointed 24 April 20241 Andrew Ma¢Leod (Chairman from 22. October 20251 C355andra Newland Rabindra Paramothayan lappointed 24 April 2024, resigned 4 September 20251 Gareth Parry Ichairman to 24 April 2024, resigned frorn board 23 April 20251 Richard Perry Shini Somarathne Oeborah Tritton Principal officers The managèment team reports to the board of trustees and 15 responsible for the overall management of the charity. The Senlor Management Team cornprise5- Creativè Director & CEO.. Julla Twomlow Head of Collections & Engagemènt (Deputy Director1= Charlotte Todd Head of Finance & Resources.. Patricia Mccartney (retired Au8U5t 20251 Head of Commercial & Visitor Services.. Jim Summers Head tsl Site Operations and Facilities.. Dominlc Todd The Chair, CEO & Creative Director and Head of Finance and Resource5 are responsible for managing the finances and admlnistration of the charity and for ensuring compliance with all legal obligations.
Legal & Admlnistrative Infomiation Icontlnuedl Independent advlsers Sollcltors.. Murrell Associates LLP 14 High Cross Truro Cornwall TRI 2AJ Counterculture LLP Unit 115 Ducie House Ducie Street Manchester Ml 2JW ProArt5Plus Ltd Acero Iconcourse Way sheffield 512BJ Audlttyr5.' RRL LLP Peat House Newham Road Truro Cornwall, TRI 2DP Bankers.. CAF Bank Lt(I 25 Klng5 Hill Avenue Kings Hlll West Mallin8 Kent ME19 4JQ Investment banker5'. RBC Europe Ltd Tlas RBC Brewin Dolphln Vantage Polnt Woodwater Park Pynes Hill Exeter Devon EX2 5FD
Tru5tees' Report The Trusiee5 present their annual report together with the audited consolidated financial statements of PK Porthcurno for the year ended 31 March 2025 and ¢onfirm that the latter comply with the requirements of the Constitution and the Charities SORP 2019. PK Porthcurno is a Charitable Incorporated Organisation ICIOI and its UK registered charity number is 1189090. Ob'ectives & a vities Objectives and aims PK Porthcurno Is an educational charity, the objects of which are to advan publl¢education particularly In the stiences. the history of science and innovation, and the history of Porthcurno. These objects are met by the maintenance of the PK Porthcurno site. buildings and collections for publlc exhibitlon, education proerammes. the provision of talks, lectures. classes. workshops and conferences calculated to advance education in comrnunications scien¢e and history and related subjecrs. Signmcant actlvitles The charItS major activitles are the operation of an award-winning museum, the care and management of the historic ar¢hive, the maintenance of the objè¢t collections, historic buildings and grounds at Porthcurno and the provision of formal and Informal learning opportunities. By providing access to unique, world-class histori¢al resources on the history of telecommunications. the charity continue5 to increase the reputation of Porthcumo as an important centre for study and a valuable educatlonal resource. By working in collaboration with other organisations, locally, nationally and internationally, PK Porthcurno promotes understanding and education of communications Scien and history. This core activity has not change<l during the vear. Delivering public benefft The Trustees ¢on5ider that as an educational charity PK Porthctsrno satisfies the meaning of charitable purpose as defined by section 2121 of the Charities Act. As such it Considers that it has complièd with the duty in section 4 of the Act havrng due regard to public benefit guidance published by the Charity Commission.
Achievements & Perfomiance Review of the year Underpinning all our work is our vision of a world where people are inspired by the past, understand the science and technology that connects them and use that knowledge to Ima8ine and shape a better future. Our misslon in achieving thi5 IS to enablè people to explore the connected world, understand the history, science, and te¢hno108y of global communications, and consider what this means in their own lives. Museum programming during the year to 31 March 2025 reflected our continuing comrnitment to these principles. We began the year wlth confirmation from Arts Council England that we had again been awarded Full Accreditation Status, demonstraiing that the museum continues to meet the high standards for collection5 care, engagement and governance. The archtve continued to actively support researchers from a range of backgrounds including atademics, artists. family historians and people from the cornmunieations sector. Research are35 included the privat15ation of Cable and Wireless in the 1980$, the Commonwealth table system, Ascension151and, emblematic nineteenth century technologies. Rowena Cade in the war, cable manufacturè and laying, and the rolè of the Eastern Telegraph Company in the Boer War. We continued to support two PhD studentships in collaboration with BT Archlves and the Universilies of Exeter and Bath Spa. A new academic collaboration a150 formed wlth Loughborough University and BT Archives titled Wiredfor WurP The role of 8ritisl7 Telegrophy and Communicotion5 Networks ift World War 11. This is funded by the 2025 Techne Collaborative Ooctoral Awards for a Pho projeet. PK Onllne Collections, our searchable online database, continued to grow In popularity providin8 researchers with a first point of contact with the PK Porthcumo archive from anywhere in the world. While most users are from the UK, we see considerable international traffic to the site including the USA, ChFna, Germany, Canada, Sweden. Australia. and the Netherland5. The musevrn collections contlnued to grow in line with our acquisitions and disposals policy. Throughout the year wè presented a captivating programme of exhibitions and engagernent actlvitie5, collaborating with renowned or@anisations and institutions locally, nationally and internationally. Highlights included the Going fvlobile exhibition. delivered in partnership with the Mobile Phone Museum. and sponsored by Vodafone UK. This popular exhibitlon explores the mobile phone's evolution from an expensive executive statu5 symbol to the minicomputer in our pockets. OurAirymouse exhibition on bat communications continued until Novemberwhen it was removed for Christmas installations. PK Porthcurno's learning and engagement activities moved from strength to strength with an emphasis on fun. Particularly popular was the launch of PK Forest Friends all-weather outdoor se55ions for under 5$ and their parents. These workshops include muddy play. Campfire activities. enjoying handmadè toasty treats. freedom to explore free- flow nature inspired activities in a safe environment, all at their own pace. New STEAM workshops were devised and deliverèd throughout the School holidays and half terms. They included worklng with materials, printmaking with Lego, using archive imagery for collaging, building and racing your own eable ship, cable creation stations and designlng your own mobile phone. Families were a150 invited to explore solar power and the magic of blueprints in a cyanotype workshop. Seasonal activities included Spooky Shadow workshop5 for Halloween and, most notably, the Journey to o Storlit Wish Wood for Christmas. Visitors were given a self-led trail by the Front of House team which directed them through the museum on a jourrbey to the starlit wish wood installation in the Tunnels. The museum Èardens and outdgor spaces were decorated wlth infinity projection Ilghts giving the wholè 51te a magical, festive feel for residents and visltors. As art ofthe national Art Fund'Kids Aloud, Week. PK Porthcurno was one of twenty venues which ran events across the summer allowing children to be as loud and energetlc as they liked within the museum space and thereby lifting some of the Per1ved Ilmitations on family engagèment.
Throughout the year, the learning Facilitators offered 'Pop-Up PK, family friendly guided tours and Front of House staff and volunteers continued to deliver expert talks frorn our demonstration area for museum visitors. Engagement stsff also attended external events, representing the museum at the EMEA Submarine Networks event in London where they presented a 'mini-PK Porthcurno Museum, along with apprentices from Vodafone. Poppy PK, the mobile telegraph station bus. continued to be pottular in our programme. Throu8hout the year we organised a programme of visits and appearances including St 8uryan Vinta8e Rally, Golowan Festival Penzance, Falmouth Week and the Transport Festlval at Helston Railway. Engagement staff and volunteers welcomed visitors on board Poppy and provided Informatlon on the bus and its history 85 well as a 'make your own, Poppy kit to take away. We contlnued our work with schools. aiming to support their dellvery of the National Currlculum particularly in relation to science and technoloBV. This included many visits from schools to the museum during the year however, we See thls as a focu5 for development in the years ahead and will be applying to the Art Fund for support froffl their Teacher Fellowship programme in the next round. In November 2024, the museum was dellÉhted to be awarded GOLD for 'Srnall Visitor Attraction of the Year, at the Cornwall Tourism Awards. This achievement reflected the dedication and hard work of everyone at PK Porthcurno, whose efforts have not only enhanced the visitor experience but also expanded the museum'5 presence within the community and beyond. The museum remained a member of the Historic Houses A550ciation, Cornwall Associatlon of Tourist Attractions, Visit Ctsrnwall and the Art Fund. These memberships 5etwe to promotethe museum to a wider audience as well as providing access and peer support. Developing and maintaining funding Telationshlps is an important part of our work and facilitates our charitable activitie5. In 2024-25. we have continued in our role as the lead Applicant in the mc7 consortium of museums in Cornwall. This consortium enables seven museums to access and receive National Portfolio Organi5atlon INPOI funding from Arts Council England. The funds are received by PK Porthcurno and evenly distributed amongst the partners at £80.000 per partner per year, with shared sums availableforconsultancy and development work. PK Porthcurno retains an annual administrative sum for project management. This year PK Porthcurno 3150 received funding from the Clore Dyffield Foundation 'Fit for the Future, fund, which enabled us to carry out a Substantial refurbishment of our Clore Learning Space including the installation of a new digital screen for hybrid leaTnin8. In August 2024 we were awarded core funding of £50,000 from the Garfield Westtsn Foundation for a one-year period and in December 2024, funding was secured from the Headley Trust towards the new role of Assistant Curator, to start later in 2025. In January 2025, Art Fund awarded u5 £2,thJO from The Herds project to build a large-5cale puppet for the Golowan Mazey Day procession injune 2025. This will be a collabo¥ation between the rnuseum, local artistAlice King and children from Alverton School in Penzance. In addition. we received sponsorship support from Subsea Networks and Vodafone UK. The Trustees of PK Porthcumo would like to thank all these organisation5 for the support they have provided us through the year. Across the year, from April 2024 to March 2025, we attracted 17.505 visitors to the museum exhibitions plus an additional 6,569 to onsite activities. Offsite and outrea¢h reached a further 1,531 in person particlpants and we had 58.489 online engagernents making a total of 84,094 engagements aerts55 the year. Visitor numbers are broadly in line with the previous year with an uptick In other forrns of engagement but have still not retumed to pre-pandernic lèvels. Environmental impart We remaln strongly committed to reducing our environmental impact a5 an ooanisation. Planet PK is our ongoing environmental pro8ramme at PK Porthcurno, formally recognisin8 our duty of care as residents and landowners within the valley, which is within an Area of Outstanding Natural Beauty. Planet PK embeds green values within the charit*s future programmin& enÈagement, and biJsinè55 plans to ensule that environmental concerns are ontral to every decision we make.
Infrastrurture Our museum work 1% delivered across three buildings in Porthcurno valley.. Eastern House (Grade 21, the World W8T Two Tunnels (Grade 2*1 and the Wilshaw Building which wa5 constructed tn 2014 and houses the museum archives and Clore Learnin8 Spa. The historic building5 date from 1904 and 1939. Both were substantially refurbished for public use in 2013-14 but eleven years on they both reqtjire significant investment to keep them fit for public us@. The Air Handling Unit in theTunnels is approathing end of life and needs to be replaced urgently. Eastern House has issues with darnpness and nèeds replacement doors and windows throughout. During the year we have undertaken surveys and inspections to inform funding applicatlons to address these at)d other issues. In addition. the museum owns a busy holiday let called Telegraph Cottage, a residential property called Mercury House, and the Exiles Club which is the former pub for Porthcurno. This latter is currently closed and in need of refurbishment. During the year, surveys. designs, business plans and costings were undertaken to support funding applications to bring this the Exiles Club badt to public use in the future. Two smaller building5, the Cable House (Grade 21 and the Vittorian Greenhouse form part of the histori¢ telegraph station site. The Greenhouse needs significant repair and will be the subject of futufe funding proposals. Health and safetv The museum regularly reviews Health and Safety across its site and activities. Responsibility for Health and Safety and Risk a55e55ments sits with the Head of Site Operations and Facilities within the Senior Management Team. The Trustees receive an update on any Health and Safety issues 35 an agenda item within the quarterly Board meetings. People The museum employed 27 staff during the year. both full and part-time. The staff were Supported by a team of around 48 volunteers with Skills ranging from archival research to environmental activities, engineering and technical support. Flnancial review Income genèration Direct income to the rnuseum comes from visitor admission fees, the car park5, donations and Gift Ald. Income also arises from 5ub5criptions. sponsorship, the shop and online Shop, the museum café, 'Koffi PK. outdoor catering unit, and frorn holiday lettings ai Telegraph Cottage. Some of these activities are carried out through a subsidiary company, Porthcurno Enterprise5 Limited, which donates its profits to the Trust. Our next venture is thè launch of the PK Network, which Ss a sponsoTshlp consortium of communications industry companies cominB together to support the museum with flnancial investment, expert advice and pro bono activities. This network launches in 2025. Prlnclpal funding sources In 2024125 the group had incoming resources of £969,212. Of thls total, £138,428 wa5 provided by ACE for Supporting a Consortium of Museums in Cornwall. This funding is a major contribution to the charity's museurn activitles and to the costs Incurred as the lead partner of the consortium. The rematnder of the charity's income Is generated by musetsm entrance fees £113,513, Museum and G311erie5 Exhibition Tax Relief £149,519, gift shop sales £46,544. café & catering sales £51,926, donations and sponsorships £134.538, property rentals £28.497, car park income £61.000. project and othergrants £246,488, interest and dividends £5,112 and other miscellaneous sources £9,164. At 31 March 2025, the Charity had net current assets of £173,134. Total fvnds at 31 March 2025 were £5,116.262 of which £2.047,976 were restricted funds.
During the year, the charity was successful in securing a grant of £50.000 from The Garfield Weston Foundation towards operating costs. Further. the Headley Trust awarded a grant of £19,719 to help 5UPPOrt a new Assistant Curator role and a grant of £12,500 was received from the Clore Duffield Foundation vnder its "Fit for the Future" initiative. Other grants received included £10,000 from Cornwall Council under its "culture & ¢reative investmenv programme. DurinE the year an amount of£102,902 Wds donated from Porthcurno Enterprises limited, the cornpany's 100% owned trading subsidiary. Thè Museums. Gallery and Exhibition Tax Relief credit accounted for during the year was £149,51912025.' £78,379,. 2024.. £71,140). Gift Aid credit during the year was £16,80612024.' £16.8211. The Trust will continue to raise funds from trusts, foundations and individuals to enable a range of activlties which are planned for 2025126. All fundraising activlties are condutted in Ilne wlth the museum's Ethical Fundraising Policy. Flnanclal Policies Reserves Pollcy The trustees have considered the need forfree reserves to providefinancial resilience and consider that reserves should be maintained at an amount equivalent to about 12 montFis' core costs plus contingenry of running Eastern House. the Wilshaw Building and peripheral buildings. The target reserves are £125.000. The unrestricted reserves at 31 March 2025 arnount to £3.068,286. After deductin8 the value of fixed assets and adding the distributable reserves of £10 in the subsidiary company (Porthcurno Enterprises Limited), the adjusted free reserves at 31 March 2025 amount to approximately £139,99612024'. £238,702, or 112%12024.. 190%) of the targot amount. The trustee5 recognise the depletion in the charity's reserves in recent years, which has been predominantly caused by the1055 of annual core funding from a regular funder and the irnpart of the economy on utilities, maintenance and staff costs. A strate8V to replenish reserves 15 in place with recent Successes including expert advice on MGETR entitlement, our developing sponsorship relationship with the communication5 sector through the PK Network initiative, and the launch of an Alumni for individual donors to support the charity. Fundraising Polity Most of the fundraising and development for PK Porthturno is conducted by the CEO & Creative Director and the Head of Collertions and EnEa8ement, plus additional input from an external fundraising consultancy, with appropriate oversight and guidance by the Board of Trustees via the Investment & Fundraising Committee. Our Strategic fundraising objective is to sustain and build the Cl(Ys income to meet our long-term capital and revenue needs. The focus of our fundraisin8 activity is on developinÈ relationships with charitable trusts. local and central authorities, appropriate corporate sponsors and individual donors. We comply with all current fundraising legislation. seeking to keep abreast of fundraising developments to ensure best prattl in all our fundraisin8 activities. Investmènt pollcy The Constitution permits the trustees to make such Snvestments as they think proper. The poliry is to achieve the maximum total return in terms of capital growth and income without incurring undue risks subjert to any rninSmum income requirement agreed from time to time.
The Future Future focus The museum's mission, vision and values are rooted in an awareness of the historical role Porthcurno played in the evolution of 8lobal communications and the inventive, problem-solving spirit of the men and women behind this èvolution. The impact of the pandemic, Brexit and economic crisis are still being felt In Cornwall and further afield. Moreover, we are all faced with the Teality of societal and political changes In a large part caused by or accelerated by our changing relationship with the media and communications technology. This fast-paced change is affecting everything from Ilteracy levels to mental health and is negatively impacting our relationship to otheTS as well as ourselves. At PK Porthcurno we reco8nize that the history we represent is central to that changing landscape and that we have the potential to use our knowledge, collections and ourconnections to contributeto this discourse. Overthe next two year5, our main arèa5 of investigation and focus will therefore be.. Media literacy and critical thinklng Problem solving, engineering and creativity Activism and responslbillty in a connected world Play for all ages Both on and off site we will develop and deliver these themes through our existing and new partnerships, creatin8 a global and local network of cross-sectoral collaboration. Stabllising the museum forfuture growth Over recent year5 the museum has been challenged by the loss of a core funder, which accounted for some 20% of annual income. Like other museums and galleries, we have also faced increasing costs and greater competltion for grant funding and Investment. A5 a result, our reserves have been depleted. lft response to this challenging sltuation, we acted by restructuring the organisation to improve efficiency and invested in income generating activitie5 to mitigate the105s of grants. In addition, the followlng initiatives have been made in 2026 to stabilise the charity through Increased income.. Expert industry advice has been taken on MGETR clalms resulting in succe55ful dalms amounting to £149.519 for two years and forecast at £65,000 per annum ongoing. A private donation from a Trustee of £IOO,000 to PK Porthcurno ha5 been secured in two £50,000 instalment5 over 2025126 and 2026127. This will be disclosed a5 an RPT next year. The donation is eligible for Gift Aid which adds a further 25% value. Changes to museum admissions char8es and parking charge5. benchmarked across similar local attractions. plus the removal of rtain discounts results in a further increase in annual revenue amounting to approximately £66,000 in 2026-27. In conclusion, the trustees are confident that the action we have taken and the plan5 that are In place for the toming year are taking positive effect.
Strutture Governance and Mana ement Governing document Thè governlng document of the charity is a constitution dated 14 Aprll 2020. The chartty 15 governed by a board of individual Trustees. The Trustees who served during the year and up to the date of signature of the financial statements were.. C Fyles A MacLeod R Perry J SeylÈr D Tritton R Paramothayan C Newland D Foot G Johnston S Somara Organisation The Board meets four times per year or as required. The Audit and Risk Committee meet regularly with the Creative Director Bnd CEO and the Head of Finance and Resources. Other workinggroups. such as the Investment and Fundraising Committee and the Governance Committee. meet as required. Their membership is drawn from the Trustees and staff and is supplemented with external expert15e where required. Members of the Board are elected at the AGM and retire by rotation every three years. Day to day management of the ¢harlty sits with the Creative Dlrector and CEO with support from the Senior Management Team. Recruitment, indurtion and training of new trustees New trustee5 may be appointed at any time, either by way of replacement or addition by the existing trustee5. All trustees are acquainted with the Charity Commission's guide "the Essential Trustee" which is distributed free to all Trustees together with a copy of the charit15 constitution and latest report and accounts. If necessary, they a150 attend a short external course. New Trustees are encouraged to visit the museum site fc*r famlllarisation and can meet wlth the staff and volunteers. They are also encoura8ed to attend meetings with the Chair and Creative Directoi and CEO. Rtsk Management The trustees havè examined the major operational and flnancial risk5 that the ao faces ènd confirm5 that procedures have been implemented to enable regula¥ reviews to be undertaken and reports to be produced in order that the necessary steps can be taken to minimise any potential impart on the charity should those risks materialise.
atement of Trustees, Res nsibilities The trustee5 are responsible for preparin8 the trustees, annual report and the finantial statements Sn accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted AccountinÈ Practitel. Law applicable to charities in England and Wales requires the trustees to prepare financial Statements for each financial year, which give a true and fair view of the charivs financial artivities during the year and of its finaneial position at the end of the year. In preparing those financial statements Eivln8 a true and fair view, the Trustee should follow best practice and= select suitable accounting polrcies and then apply them consistently. observe the method5 and principles in the Charities SORP 2019 IFRS 1021. make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disc105ed and explained in the financial statements. prepare the financlal statements on the going concern basis unless It 15 inappropriaie to presume that the charity will continue in operation. The trustee5 are responsible for keeping accounting records which dis¢lose with reasonable accuracy the financial posititsn of the charity and which enable it to ascertain the financial pts51tion tsf the charity and which enable it to ensure that the finandal statements comply with the Charltie5 Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. It is also responsible for safeguarding the assets of the charity and hence for taking rèasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there Is no levant audit information of which the charity's auditor is unaware.. and the trustees have taken all steps that ought to have beèn taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Disclosure Each of the individual trustees ha5 confirmed that there is no information of which they are aware that is relevant to the audit but of whlch the auditor is unaware. They have confirmed that appropriate steps have been taken to identlfy such relevant information and to establish that the auditor is aware of such information. The Trustees, report was approved by the Board of Trustees and signed on their behalf by: A MacLeod Chairman Date= 28 January 2026
Independent Auditor's Report to the Trustees of PK Porthcurno Opinion We have audited the financial statements of PK Porthcurno Ithe'parent charitVI and its Subsidiary Ithe'group'l for the year ended 31 March 2025 which comprise the consolidated and charity statement of financial actlvities. the consolidated and charity balance sheet, the consolidated statement of cash flows and notes to the financial statements, including significant accountlng policies. The financial reporting framework that has been applied in their preparation is applicable law and United KinÉdom Accounting Standards, including Financial Reporting Standard 102 The FinoncAoI Reporting Standord (3pplict7ble in the UK ond Republic of Ireland (United KinEdom Generally Accepted Actounting Practice), and the Charlties SORP IFR51021. In our opinion the financlal statements-. give a true and fair view of the state of the group's and parent charStV'5 affalrs as at 31 March 2025, and of the group's incorning resources and application of resources, includlng its income arkd expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 practi,. and have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basls for oplnlon We conducted our audit rn accordance with International Standards on AuditSn8 IUKI IISAS IUKII and applicable law. Our responsibilities under thosè standards are further described in theAuditor's responsibilAtiesfor the auditof thefinanciol sttitements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and wè have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have tsbtained is sufficient and appropriate to provide a basis for our opinion. Condu5ions relatin8 to going contern In auditlng the financial statements, we have concluded that the trustees, use of the going Concern basis of accounting in the preparation of the financial statÈments is appropriate. Based on thework we have perforrned, we have not identified any material uncertainties relatingto events orconditions that. individually or collectively, may cast significant doubt on the group's or parent charity's ability tts continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the tnJstees with respect to goin8 concern are described in the relant sections of this report. Other Information The other information comprises the information included in the trustees, report. other than the financlal statements and our auditor's report thèreon. The trustee5 are responsible for the other information. Our opinTon on the financial statements does not cover the other information and, except to the eKtent otherwise explicitty stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doinE so, conslder whether the other information is materially inconsistent with the financi315tatements or our knowledge obtained in the course of the audit, or otherwise appear5 to be rnaterially misstated. If we identify such materlal inconsistencles or apparent material misstatements, we are required to deterrnine whether thi5 gives rise to a material misstatement in the financial statement5 themselves. If, based on the WOTk we have performed. we conclude that there is a material misstatement of thls other Information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters In relation to which the Charities (Accounts and Reports) Re8ulation5 2008 requires us to report to you if, in our opinion: The information given in ihe financial statements is inconsistent in any material respect with the trustees, report., or Sufficient accounting records have noi been kept., or The financial statements are not in agreernent with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Re5ponslbllltles of trustees As explained more fully in the tru5tees' re5pon5ibilities statement set out on page 13, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materlal misstatement, whether due to fraud or error. In preparing the financial 5tatement5, the trustees are responslble for assessing the group's and parent charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charity or to cèase operations, or have no realistic alternative but to do so. Auditor's respon51bllltles for the audlt of the financlal Statements We have bèen appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant re8ulations made or having effe¢t thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to issue an audilor's report that includes our opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audit conducted in ace¢rdance with ISAS Iuxi will always detect a material rnisststement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aBÈrègate, they could reasonably be expected to influence the economic decisions of users taken on the ba515 of these financial statements. Irregularities, including fraud. are Tnstances of non-compliance with law5 and regulations. We design procedures In line with our responsibilities, outlined above, to detect material rni55talements in respert of irregularities. intludlng fraud. As part of ourauditwork. we obtained an understanding ofthe legal and Tegulatory frameworks applicable to the charity and the sector in which they operate. We determined that the laws and regulations that wère rnost significant were those that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and compliance with the Charitie5 Statement of Recommended Practice IFRS 1021. In addition. we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitvs abillty to operate or to avoid a material penalty. These include.. data protection regulations, health and safety regulations, safeguarding legislatlon, licensing acts and employment legislation. The speciffc procedures for this engagement and the extent to which these are capable tsf detectin8 irregularitie5, including fraud is detatled below.. Dlscussion wlth management as to how cornpliance with these laws and re8ulations is monitored,. Review of the disc105ures in the finantièl staterr¢ents and testing to supporting documentation to assess compliance with provisions of relevani law5 and Tegulations described a5 having a direct effett on the financlal statements,. Enquirie5 of management toncerning actual and potential litigation and claims- Performing analytical procedures to identify any unusual or unexpetted relationships that may indicate risks of material mlsstatement due to fraud- Reviewing minutes of trustee5' meetings and correspondènce with re8ulators- Performin8audit work in Connection with the risk of management override of controls. Includin8testingjournal
entries for reasonableness and evaluating the business rationale of significant transactions outside the normal course of business. We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with law5 and regulatlon5 throughout the audit. OUT audlt approach also consSdered the opportunities and incentive5 that May exist within the charity for fraud and identified the greatest potential for fraud being in respect of cut off and completlon risk around revenue recognition. Under ISA IUKI we are also rUired to undertake procedures to respond to the risk of management override of controls. Our procedures Induded the following.. Undertaking transactional testing on revenue- Performing cut off testing of revenue,. Auditing the rlsk of management override of controls, Including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of busines5,' Reviewing estimates and judgments made in the accounts for any indrcation of blas and challenged assumptions used by management in making estimates. Because of the inherent limitations of an audit, therè is a risk that we will not detect all IrgUIarlties, IncludinÈ those leading to a material rllisstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation 15 removed from the events and transactions reRected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater re8ardin8 irreÉularitiÈs occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities is available on the Nnanclal Reporting Council's website at: https.'// www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made 501ely to the charity's trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charrty trustees those matters we are required to state to them in an auditor's ieport and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility te anyone other than the charity and the charity's trustee5 as a bodv, for our audlt work, for thrs report, or for the opinions we have formed. QQL LLP J05h Stevens ACA (SeniorStG¢ttJtory Auditor) Forond on behÈ71Aof RRL LLP (StotutctryAuditor) PeotHouse Newhom Rood TRURO Comwoll TRI 2DP RRL LLP is eligible fvr oppointment os ouditor of the chority by virtue of its eligibilityfvr Gppolntment as auditor of t7 compufty undersection 1212 of the CompuniesAct 2006.
Charlty Statement of Flnandal Artlvities incorporatlng an income and empenditure account for the year ended 31 March 2025 Note Unrestrlcted funds Re5trlcted funds Total 20Z5 Total 2024 Income Don3tions'. Donations SubscrSptlons & othergifts Charitable attDiities'. - Grants - SeNlce contracts Other trading activitiÈs'. - Museum entrance fees - Gift shop incorne Café & catering income Other activities 116,931 17,607 116,931 17,607 100.808 19,627 188,423 13,846 44219 232.642 13,846 187,310 15,000 113.513 46.544 51.926 3AS5 113,513 107,854 $4,135 J04,456 3,751 51.926 3,48S Investrnents- Dlvlrlends & interest recewed - Property rentals & seNices other.. 5,112 89,497 5,112 89.497 6,880 87,236 - MGEfR 149,519 796,403 149,519 840.622 Total incom* 44,219 687,057 Expendlture Raisingfunds.. Cost of raising fijnds - Cost of goods sold and other costs - Investment management costs Charitable activities: - Service contract$ Other actlvltles Depreclatlon & amorr153tlon of assets 47,766 63,23S 2.903 47,766 63.235 2,903 28.276 87.653 3.359 4&6 4&6 15,000 708.858 777.576 20,za4 797010 97,123 99,123 100.201 rotal empendlturt Net expendltvre Transfer between funds Other reco8nlsed Iloss¢sll8ains: Otherllossesl/ gains on sale of assets Corwration tsx Galn on revaluation of properties Net galns/llosse51 on investments Nel movement in funds Reconciliation of funds.. Total funds as at 31 March 2024 893.480 197.0771 17,1301 117.357 173,1381 7.130 1.010,837 1170.2151 943.347 1256.2901 11,9121 11,9121 1,198 2,040 415,000 5.134 415.000 5,134 248,007 29,749 1223,3031 314,015 166,OOBI 2,754,Z71 5.091,588 Totsl funds a5 at 31 Mar¢h 2025 3.068,286 2,0¢7,976 5,116,262 4.868,255 A reconciliation of the movement in funds is given in note 16. There were no discontinued operation5 Wlthin the charity forthe year ended 31 March 2025. Restricted income & expendlture in the above group statement of financial activtties wholly relates to the charty, detai15 of which can be found In the charity statementof financlal activities. 2,113,984 4,868.255
Consolldated Statement of Nnanclal Actlvltles Incorporating an Income and expendlture actotsnt for the year ended 31 Mar¢h 2025 Note 2025 20241 Group 2025 2024 Charity Gmup ChaTTrty Income Donations- Donation5 14.029 17,607 2.2S9 19.627 116,931 17.607 100.808 19.627 - Subscription5 & other gfts - fjrants 23Z.542 13*46 187,310 15,000 23Z,642 187,310 15,000 - Servlce contracts - Car parkin8 Othertradin8 activities: - Museum entrance fee5 - Gffr shop income Café & caterin8 income - Other activities Investment5= - Oividend$ & interest reNed Property rentals and services Other.. - MGETR 113,513 46.544 133.159 223.144 107,854 54,135 105,020 206,688 113,513 46.544 51.926 107,854 54.13S 104,456 3,751 5.112 20m7 6,880 26,236 5.112 89.497 6.880 87,236 149.519 149,519 Total Income 969212 731,009 840,622 687,057 Expenditure Raising funds.. Cost of raislngfunds Cost of goods sold and other costs - Investment m3nagement costs - Car parking Charitable activities.. - Service contracts other attwities Depreclation & arTh)rt15ation of assets Otherexpenditure.. Total expendlture Net eKpenditure Transfer between fund5 Other re(ognised1105sesl18ains'. Othergains on sale of aet5 CorpDration tax Gain on revaluation of properties Net gainslllossesl on Investments Net movernent In funds Reconciliation of funds= Total funds as at 31 March 2024 50.722 128.607 30.885 88.526 3,359 52,112 47.766 63.235 2,903 28,276 87,653 3,359 2,903 60,262 4&6 4&6 15.IKXJ 708.858 100.201 15,000 708,858 100,201 797,810 99,123 797.810 99,123 1.139,427 1170,2151 958,941 1167.9321 1,010,837 1170,Z151 943,347 1256,2901 11.9121 1,198 2,040 11,9121 1.198 2.040 415,000 5,134 415, 5.134 29.749 1234,9451 29,749 1223.3031 248.)7 248,lJ)7 4,868255 5,116,262 5,103,200 4068,255 5,091,558 4,868.255 5.116,262 4.868,255 A reconclllation of the rnovement in funds Is given in note 16. There were no distonfjnued operations wlthin the charlty forthe year ended 31 March 2025. Ilestricted income & eMpendSture in the abDve group statement of flnan¢ial athvitie5 wholly relates to the charlty. details of whi¢h ran be found in the charity statement of financial aciivitie5. Total fuAd$ a5 at 31 March 2025
Charlty Balance Sheet at 31 March 2025 Note Unre5trirted Fund5 Re5trirted Fund5 Total Funds Total Funds Fixed assets Intangible assets Tangible assets Investment property Shares in subsidiary ndertaklng 2,a33 2.600,957 325.000 2,333 4,615,785 325,000 4,333 4,383,826 235,000 2014,828 li io io io io Total fixed a55etS 2,928,300 2.014,828 4,943.128 4,623,169 Current assets Stock for resale Debtor5 Investments Cash at bank and in hand 35.357 221.880 35,357 224,650 29,277 60,588 244,021 13 2.770 li 34.978 30,378 65.356 30,466 Total current assèts 292.215 33.148 325.363 364,352 Credltors: amounts falling due within one vear 14 152.229 152,229 119,266 Net current assets 139.986 33.148 173,134 245,086 Totsl assets less currènt 3,068,286 2,047.976 5.116,262 4,868,255 Net assets 3,068.286 2.047.976 5.116,262 4068,255 The funds ot the charity.. Restricted f¢Jnds Restricted funds Unrestricted funds.. 2047.976 2,IM7,976 2,113,984 Unrestricted general funds Revaluation reserves Shares in subsidiary undertaking 653,276 653.276 754.261 2.415,000 2AIS.LXIO 2,000.000 io io io Total tharlty funds 16 a.068,286 2,047.976 5.116.262 4,868,255
Consolidated Balance Sheet at 31 March 2025 2025 2024 2025 2024 Note Group Group Charitv Charitv Fixed assets Intangible assets Tangible assets Investment Pfoperty Shares in subsidiary undertaking Total fixed assets 2,333 4,615.785 32S,000 4,333 4,383,826 235,000 2,333 4,615,785 325,000 4,333 4,383,826 235,000 li io io io 4.943,118 4.623,IS9 4,943.128 4,623.169 Currènt assets stock for resale Debtor5 35,973 230,925 30,509 64,987 244,021 31,451 35,357 224.650 29,277 60,588 244,021 30,466 364.352 13 Inve5trnents li Cash at bank and in hand 66,537 65,356 Total current assets 333A35 370.968 325,363 Credltor5,' amounts falling due wlthin one year Net currènt assets 14 160,291 125,872 152,229 119,266 173,144 245.096 173,134 245,L186 Total assèt5 less current 5.116,262 4,868,255 5,116,262 4.868,2S5 Net assets 5,116.262 4,868.255 5.116,262 4,868.255 The fund5 of the charltw. Restricted funds Restrlcted funds 2.047,976 2,113,984 2,047.976 2,113,984 Unrestricted funds- Unrestricted general funds Revaluation reserve Shares In subsidlary undertaking 653,286 2.415,000 754,271 2,000,0(K) 653,276 2.415,000 754,261 2,000,000 io io Total charfty funds 16 5.116,262 4068.255 The notes on pages 22 to 36 form part of these flnancial statements. 5.116,262 4,868,255 These financial statements were approved by the trustee5 on 29 January 2026 and were signed on its behalf by.. Chairman Andy MacLeod
Consolidated Ststement of Cash Flows forthe year ended 31 Marth 2025 Note 202S 2024 2025 2024 Group Group Charlty chartY Cash flow5 frorn operatlnK attivitie5.' Net cash used in operoting artivities 1230,3811 1167,7971 1299,9771 1215.9481 Cash flow$ frorn inve5tlng activities.. Dividends, interest and rents from investments Proceeds from the sale of properry, plant and equiprnent - Purchèse of property, plant and equipment - Proceeds from sale of irwestments Purchase of Investments 22306 29,757 91,706 90.757 5.676 1.198 5,676 1.198 111,6711 125,4781 111.6711 125,4781 278,007 215.268 278,007 215,268 IZ8,8511 171.0191 128,8511 171.0191 265A67 149,726 334.867 210,726 Net cash used on investin8 a¢tivities Change in cash and cash equivalents in the reporting period Cash and cash equlvalents as at 31 March 2024 358fj 118.0711 34A90 15,2221 31A51 49,522 30,466 35,688 Cash artd ¢a5h equEvalents ot the end of the reporting period 66,537 31,451 65,356 30,466 Nots$to the Statement of cash flows Not¢ l-Reconclllotlon of netincome/fexpenditureJ to net ¢a5hllowfrom opergtln9 OCtivitie5 2015 2024 20Z5 2024 Net incomellexpenditurel for the period ended 31 March 2024 1170.2151 1267,9321 1170.2151 1256,2901 AdjustmÈnt5 for. Depreciation and amortlsètion charges - ovIden. interest and rents from investments Increase in Stocks 99.123 100,201 99,213 100.201 122,3061 129,7571 191.7061 190.7571 15A641 15.5741 16,0801 14,3421 1165.9381 18,2891 1164,0621 15.1281 34,419 41.514 32,963 38.328 - Ilncrea5ellDecrease in debtors Increase in creditors - Provislon for corporation tax 2,040 2,040 1366,7111 1167,7971 1436,3071 1215.9481 Net (ash used In operatlng attrvities Note 2-An17fysi5 of cosh •ndo75h equlvolents Change In period 2m5 2.024 2,025 2.024 Cash in hand 66,537 31,451 65,356 30,466 35.1)86 Total cash and ¢ash equivalent$ 66,537 31,4SI 65.356 30,466 35.086 Balances held by the charty that are not available for use by the £harity. Ouring the year. the charity received funds of E621,933 12024.. £487.1611 on behalf of otherdelivery partners withinthe supportin8a consortfumof museums in Cornwèll project.The Charity pèld £623.87012024= £480,198) of these fund5 to the delwÈry partners befr)Te the year end. The baL8nte of funds held as agent at the year-end was £5.02512024.. £6,963).
Note5 Iforming part of the financial 5tatement51 Summary of significant zccountln8 pollcles lal General information and ba515 of preparatlon PK Porthcurno is a charitable incorporated organisation re815tered in England and Wales. The address of the registered offi.ce is Èiven in the charity information on page 3 of these fi.nancial statements. The nature of the charity'5 operations and prlncipal activities are preservingthe important historic buildings and tollections relating to the telegraph station at Porthcurno. It educate5 the general public about the history of the telegrdph station and provides internationally signlficant archive and research resources for study of the history of international telecommunications. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Re¢ornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting StanJard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 lanuary20191, the Charities Act 2011 and UK Generally Accepted Practice. The financial statements are prepared on a going concern basis under the historical ¢ost convention, modified to include eertain items at fair value. The financial statement5 are presented in sterling which is the functional currency of the charity and rounded to the nearèst £. The Significant accounting policies applied in the preparation of these linancial statements are set out below. These policies have been con51Stently applied to all years presented unless otherwise stated. Ibl Funds Unrestricted funds are available for use at the discretion of the trusiees in furtherance of the general objectlves of the charlty and which have not been designated for other purposes. Dèsbsnated fttnds comprise unrestricted funds ihat have been set aside by the trustees for particular purpose5. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are fund5 which are to be used in accordano with specific restrictions Imposed by donors or which have been rarsed by the charity for particular purposes. The cost of raising and administering such funds are charged against the spe¢ilic fund. The aim ènd use of each restricted fund is set out in the notes to the financial statements. Icl Income reco8nltion All incoming resources are included in the Statement of Financial Activ[e$ ISOFAI when the charity is legallv entltled to the income after any performance conditions have been met. the amount can be rneasured reliably and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are condlfjons attached to the donation and thi5 requires a level of performance before entitlement can be obtained then income is deferred until those crindition5 are fully met orthefulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional services are recognised in income at their fair value when their econornic benelit is probable. it can be measured reliably and the charity has control over the item. FaSr value is determined on the basis of the Wdlue of the gift to the charity. For example, the arnount the charity would be
willin8 to pay in the open market for such faclllfjes and services. A corre5pondinE amount 15 recognised in expenditure. No amount15 included in the financial statements forvolunteertime in line with the SORP IFRS 1021. Further detsil 15 8iven in the Trustees, Annual Report. Where Pfacticable, gifts in kind donated for distribution to the beneliclaries of the charity are included In stock and donations in the financial statements Ltpon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benelits. then the fair value is recogni5ed as a component of donations when it is distributed and an equivalent amount reco8nised as charitable expendlture. Glfts In kind donated for resale are included at fair value, being the expeded proceeds from sale less the expected costs of sale. Where estimating the falr value 15 practicable upon receipt it is recognised in stock and'lncome from other trading activities.. Upon sale, the value of the stock is charged aÈain5t'lncome from other trading activities, and the proceeds are reco8nised as 'lneome from other trading activities.. Where it is imprackncable to fair vèlue the items due to the volume of low value items they are not recognised in the financial Statements untr"I they are sold. This income is recognised within 'lncome from other trading aCVe$,. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset. For legacies, entitlement rs the earlier of the charity being nOfied of an impendin8 distribution orthe legacy bein8 received. At this point income is re¢ognised. On occasion legacies will be notified to the charity howèver it is not possible to measure the amount expected to be distributed. On these occasions, the legacy 15 treated as contingent asset and disclosed. Income frorn trading actlvlfjes in¢lude5 income earned from fundrai5tn8 events and trading athvltie5 to raise fund5 for the charity- Income 15 received in exchange for supplying goods and services in order to ralse funds and Is recognised when entltlement ha5 occurred. The charity receives government grants in respect of a revenue grant from Cornwall Council of £11,000. Details of gther 8overnment aS51Stance received durin8 the period are induded wlthin note 2. Income from government and other grants are recognised at fair value when the charity has entttlement after any performance conditions have been met, it is probable that the income will be received and the amount fdn be measured rellably. If entitlernent is not met, then these amount5 are deferred. Investmenl income is earned through holding assets for investment purposes such as share5 and property. It includes dividends, interest and rent. Where It is not practr"cable to identify investment management cost5 incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and divtdend and rent income is recognised as the charitvs rlght to receive payment is established. Idl Expendlre re¢oBnition All expenditure Is accounted for on an accruals basis and ha5 been classified under hèadings that aggregate all costs related to the category. Expenditure is recognised where there 15 a legal or constructive obligation to make paymènts to third parties, it is probable that the settlement wlll be required and the amount of the obligation can be measured reliably. It is categori5ed under the following heading5'. Costs of raising funds comprise the costs of commercial trading includlng gift shop and café and their associated costs.. Expenditure on charitable activities includes the costs of maintainin8 the collections. exhlblttons and other educational activities undertaken to further the purposes of the charity and their associated c05ts," and Other expenditure represent5 those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the athvlty for which expenditure arose. Grants payable to third parDe5 are within the charitable objectlves. Where unconditional grants are offered, this is accrued as soon as the recipient is notilied of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditfions are outside of the control of the charity. lel Support costs allocatlon Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, adrninistrats.ve payroll costs. They are incurred directly in support of expenditu On the objects of the charity. Where support costs cannot be directly attributed to particular headin85 they have been allocated to cost of raising funds and expenditure on charitable activities on a basi5 consistent with use of the resour$. The analysis of thèse costs is includèd in note 6. (fl Intanglble fixed assets Goodwill represents the excess cost of acquisition of unincorporated businesses over fair value of net assèt5 acquired. It is intbally recognised a5 an asset at cost and Is subsequently measured at cost less accumulated amorfjsation and accurnulated impairment1055es. Goodwill shall be considered to have a finite useful life and shall be amorhsed on a 5YStemic basi5 over its life of 5 years. Igl Tan8ible flxed assets Tangible lixed assets are stated at cost lor deemed costl le55 accumulated depreciation and accumulated impaimient losses. Cost includes costs directly attributable to making the asset capable of operatin8 as intended. Dep(laOn is provide(4 on all tangible fixed assets, at rates calculated to wrlte off the cost, less estimated residual value. of each asset on a systematic basis over its expected useful life as follows: Freehold land Freehold buildin85 50 years Museum refurbishment 20 years Permanent exhibitions 20 years Car park and landscaping 15- 20 years Flxtures and fftknngs 5- 10 year5 The origin31 value of the land and property assets has not been Included in the balan sheet as the property is heritage properry and the charity is not permitted to sell it on the open market. Ihl Herltage 3$5ets Heritage assets are recognised on the balance sheet and initlally measured at C05t when purchased or if donated. thelr valuation. Assets are subsequently stated at cost or valuaiion less accumulated depreciation and accumulated irnpairment1055es. Fair value5 for donated asset5 are estimated by reference to market prices. Where Information on the cost or valuaoon of heritage assets is not available or the cost of providing such information signlfl¢antly outweighs any benefit to the users of the accoun15 then hèritage assets are not recognised on the balance sheet. Acquisittons only arise when donated to the charity or if it ts believed that they will furtherthe charitws objecbves. Once acqulreil they will be preserved by the charity in order to keep thelr historical, artistic. scientific,
technological, geophysical oTrr environmental qualities to such a hiÈh level as to contribute to knowledge and culture. A register of all assets held by the charity 15 available and the assets themselves are a¢(essible to the public with prlor agreement. Heritsge assets are to be held for the foreseeable future. Endowment funds represent those assets which must be held permanently by the charity, principally the original World War 11 cornmunication centre, known as "the tunnets". built in the hillside of Porthcurno in the 1940's, access, car parking area and a collection of historit telecommunications equipment. lil Investment properties Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each repornE date with chan8es in fair value recognised in 'net gains I Ilosse51 on investments. in the SOFA. 111 Invèstments Investments in subsidiaries are measured at cost less impairment. Ikl Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cosr includes all cost5 of purchase, costs of conversion and other costs incurred in brinÉin8 Stock to its present location and condition. C05t is calculated using the first in, lirst out ft>rmula. Prowsion is made for damaged, obsolete and slow-moving stock where appropriate. 111 Debtors and creditors Trceivable / payable within one year Debtors and credittsr5 Wlth no stated interest rate and receivable or payable wlthin one year are recorded at transaction price. Any lossè5 arising from impairment are rewgnised Tn expenditure. Iml Loans and borrowin85 Loans and borrowings a iniknally recognised at the transaction prlce includlnÉ transaction costs. Subsequentlv, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement conskn"tute5 a finance tTansactton it is measured at present value. In) Concessionary loans Concessionary loans include those payable to a third party whTrch are interest free or below market interest rates and are made to advance charitable purposes. lol Impairment Assets not rneasud at fair value are revlewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset. or the asset'5 cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount excèeds its recoverable arnount, an Impairment loss is recognised. (pl Provislons Pro$10$ are recognised when the charity has an obligation at the balan sheet date as a result of a past event, it is probable that an ouffiow of economic benefits will be required in settlernent and the amount can be liablY estimated.
Iql Leases Rentals payable and receivable under operating leases are charged to the SOFA on a straight-llne basis over the period of the lease. Irl Forelgn culnCY Foreign currency transactlons are inftially recognised by applying to the forei8n currency amount the spot exchan8e rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated usin8 the closing rate. 151 Employee beneftt5 When employees have rendered service to the charity, short-term employee benefits to which the ernployees are entitled are recognised at the undiscounted amount expected to be paid in exchangè for that servi. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. Itl Redundzncy ortermlnatlon benefits Terniination benèfit5 are recognised immediately as an expense when the charity is demonstrably tgmmitted to terminate the employment of an employee or to provide termination benefits. lul Golng con¢ern The financial statements have been prepared on a going Concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorlslng these financlal statements. The budgeted income and expenditure is sufficient with thè level of reserves for the chaTity to be able to continue as a going concern. Iv) Judgements #nd key sources of estimation uncertainty In the application of the tharity's accounting policies, the trustees are required to makè judgements, estimates and assumption5 about the carrying amount of assets and liabillbe5 that are not readily apparent from other sourcès. The estimates and association assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying ssumptions are reviewed on an ongoing basis. Revlsions to aCcounnE estimates are recognised irTr the period in which the estimate is revised where the revision only affects that period. or in the perlod of the revision and future periorts where the revision affects both current and future periods. Iwl Group financtal statements The financial statements con501idate the results of the charity and Its wholly owned subsidiary PoTthcurno Enterprises Limited on a linè-by-line basis. All intra-gTOUP transactions, balanS and unrealised gains on transacttons between group companies are èliminated on consolidation. Ixl Investment5 Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently they are measured at fair value with changes ¥eco8nised in 'nei 8ains/ Ilossesl on investments, in the statement of financial activilies if the 5h3res are publicly traded or their falr value can oihetWi5e be measured reliablv. For quoted share5. the fair value is deemed to be the quoted bld price as at the balance sheet date. Investment5 in subsidiaries are measured at cost less impairmerrt.
Donatlons and 8rants 2025 2024 Restrlcted funds: Vodafone Foundation Cornwall Council 30,000 10.000 6,500 5,000 845 io,ocMJ Clore Challenge & Opportunity Fund Moblle Phone Museum st levan Methodist Charitable Trust Grants from various sources Clore Duffield- Fit for the Future The HERDS- Art Fund The Headley Trust 334 12.500 2.000 19.719 44.219 52,679 Included with unrestritted grants is the followTn8 grants: - Arts Council England- grants have been received totallin8 £138,42312024.' £134,631) for 5upportin8 a Consortium of Museums in Cornwall. Garfièld Western Foundation a grant has been received totalling £50,00012024: £Nill IrtVè5tment management costs 2025 2024 Other expenses 2.903 3,359 2,903 3,359 Support and govemance costs 2025 2024 Support staff costs Premises and running expenses intrudin8 Staff costs Audit and actountancv 96.036 673.300 8.240 72.958 568,527 8.000 777.576 649,485
Staff costs 2025 2024 Salarles and wa8es Social Security Pensions 498,921 35.267 11,262 460,438 25,940 10,109 S45.450 496,487 Average monthly headcount was 27.0 34.0 Included in salarie5 and wages above are redundancy costs totalling £23,40112024'. £21,886) Trustee5 are not remunerdted. A total of £2,301 was donated by 2 trustees for incurred travel. accommodation and subslstence expenses12024- £25 paid to I trustees) who travèl to meetings from outside the area. The chaflty operatèd an auto-enrolment compliant penslon scheme in line with the current legislation. The key management personnel of the charity comprise the thative Director & CEO, Head of Finance & Resources, Head of Collections & £ngagement, Head of Comrnercial & Visltor Services and Head of Slte Operations & Facilities. The total employee benefits of the key rnanagement personnel of the charity were £212,75712024.. £164.5181 for year. CEO & Creative Director ha5 use of accommodaOn In Mercury House as part of the terms of her employment contratt. The number of employees wh95e employee benelits lexcluding ernployer pension costs) excèeded £60.000 dvring the yeai was.. 2025 2024 £60,000- £70.000
Charitsble expenditure Actlvity Funded empenditure Support & governance costs (see Ilell Total 2025 Total 2024 Archive & Museum Gift shop and café Learning & parrlcipation Maintenance 5,682 377.399 150.327 249.850 383,081 150.327 259.777 4,625 797,810 339,150 128,118 237,679 18,911 723.858 9,927 4,625 20.234 777.576 Taxation PK Porthcurno is a registered tharity and the results of its normal acttvities are not liable to Corporation Tax. Activities which are not primary purpose trades are within the statutory Ilmit5 prescribed by the statutory exemption for small trading.
Intang5ble fixed assets Goodwill Emlles Club Goodwlll Telegraph Cottage Total Cost or valuation At 31 March 2024 20,000 10,000 30.000 Addition5 Disposal At 31 March 2025 20,000 10,000 30.000 Amort15atlon At 31 March 2024 20.000 5.667 2,000 25,667 2.000 Charge for period Amortisation on disposal At 31 March 2025 20,000 7.667 27,667 Nèt book value At 31 March 2025 2,333 2.333 At 31 March 2024 4.333 4.333 9 Tangible fixed assets Freehold land & bulldings Permanent exhlbitions Fixtures. rittings & equlpment Total Cost or valuation At 31 March 2024 Reversal of Impairment Additions Disposal At 31 March 2025 5,439,696 325.000 766,940 303.319 6.509,955 325,000 11,671 9,900 6,836,726 io,cMy) 1,671 9,900 295,090 5,764,696 776.940 Deprec5atlon At 31 March 2024 Charge for period Depreciation on disposal At 31 March 2025 1,533,710 48,912 334,426 38,847 257,993 9,363 2,310 265,046 2,126,129 97,122 2,310 2,220.941 1,582,622 373,273 Net book value At 31 March 2025 4,182,074 403.667 30,044 4,615.785 At 31 March 2024 3,905,986 432.514 45,326 4,383,826
The predecessor charity was gifted various property in the Porthcurno valley by Cable & Wireless Plc. The trustees decided to recognise the value of certain buildings to the charity. Other land included in the conveyance has not been valued becasjse of its unsuitability for sale on the open market, being mainly scrub and hillside land. Some interest has been expressed by local residents to acquire ParlS of the land adjacent to residential property and the trustees wlll consider these on a case-by-case basis. In October 2020, the forrrer Superintendent's house, Mercury House, was valued by a local surveyor at a value of £S(LI.000. The property had been held at Lleemed cost of £880,000, so an impairment was recognised and the value reduced to £500,000. In the year ended March 2025 the trustees valued the property at £825,000, based on the valuation piovided by a local estate agent. On this basis the previous impairment has been partially reversèd to incrèase the value to £825,000. No depreciation is charged on this property. Impairment105ses reversed have been recognised In the SOFA under gains on revaluation of properties. Only the specili¢ refurbishment of fehOld property has been depreciated. This is because the estimated residual Wdlue of land and buildings is not considered to be materially different to the carrying value of the assets. Therefore, anv depreciation charge would also be irnmaterial. This situation wlll be reviewed annuallv. The fixtures and fithng5 include many small items of equipment which have been fully depreciated but are still in use within the charity. If the freehold land and buildings had not been included at deemed costs, they would have been included under the historlcal c05t convention as follows: 2025 2024 Cost 3,939.695 11.582,6221 2,357,073 3,939.695 11,533.7101 2,405,985 Accumulated depreciation Net book value A legal charge over the freehold property had been Eiven to the National Heritage Memorial Fund to secure the repayment of a grant should it become repayable. 10 Shares In subsldiary undertaking Issued sha Capital Ownèrship Porthcurno Enterprises Limited £10 loo% The company is incorporated in England and Wales and its area of operation is the United Kingdom. The company's business is that of a charity tradin8 company operating the car parks and public conveniences Icompany number 040212341. The profit before tax for the pèriod ended 31 March 2025 was £102,90212024.. £86,907). Thè profit Wa5 derived from Sales of £300,892 less Cost of sales of £62.490, Premises costs of £109.734, Gene1 administrative expenses of £22.400, Legal and professional costs of £3,366. The value of the equity and serveS at 31 March 2025 was £1012024 £101.
11 Investments Investment Propertv Irwestment Portfollo Total At l April 2024 Additions at cost Disposa15 Gain on revaluation Revaluation 235,000 244,021 28,851 1278,0071 5,135 479,021 28.851 1278,0071 5,135 90,000 90,000 At 31 Marth 2025 325.000 325.000 The investmènt property was purchased in June 2021. The trustees revalued the property In the year, based on the valuation of a local estate agent. The revalued price and the amount disdosed in the accounts is £325,000. 12 Heritage property not reco8nised In the balance sheet The charity owns the original World War 11 communication centre, known as "The Tunne15", built in the hillside of Porthcurno in the 19405. Thls property along with access. car parkinÈ area and a collection of historic telecommunicatigns equipment, was gifted to the charity by The Eastem Telegraph Company Limited, a subsidiary of Cable & Wirele55 Plc. ThÈre have been no acquisitions or disposals of heritage assets during the last five years. The current insurance value for"The Tunne15" is £1,850,000 on a replacement basis. The collection is insured to a value of £500,000 again on an estrmated replacement basis, albeit that many of the items would now be irreplaceablè.
13 Debtors Group Z025 Group 2024 Charity 2025 Charity 2024 Trade debtors 12,889 7,141 1.941 Amounts owed by group undertakings Other debtors 7,113 17,474 158,285 59.751 17,602 156A26 Prepayments and accrued income 47,385 59,142 36,001 230,925 64,987 224,650 60,588 14 Creditors: arnounts falllng due wiihin one year Group 2025 Group 2024 Charlty 2025 Charlty 2024 Trade creditor5 27.130 33,403 21,686 61.349 24,367 31.996 Other rieditors includlngtaxat%)n Accruals 16.059 16,028 21.553 108AS0 103,182 56,283 Deferred incorne (see below) 8.652 9.434 8,652 9,434 160,291 125.872 152.229 119,266 15 Delerred inc(Ime Deferred In¢orne cornprises the 5-year and 10-year permission to use lInCeS, income rlng-fenced for futu projects and land Group 2025 Group 2024 Charlty 2025 Charity 2024 BaL8ncè as at l April 2024 Amouni released to income earned from 9A34 10,414 9,434 11.7631 10,414 12,0291 11.7631 12.0291 charitable a¢ttvities Arnount deferred in year 981 1,049 981 1,049 Balance as at 31 March 2025 8.652 9.434 8,652 9,434
16 Analy515 of char5table fund5- year ended 31 March 2025- Group At31 Incomlng Resources March resources expended 2024 Transfers Gaifts and losses At31 March 2025 Restrl¢ttd fund5: Herltage Lottery Fund Comwall Council Cure Tearn 951,152 103,876 40,748 14,450 13,175 910.404 iO.CMJO 99.426 DCMSIWollson Fund aore Duffield Foundatlon Wllshaw BeneYolentTrust Clore Duffield- Fltforthe Future The HeadYTruSt Other funrts 245,350 86,566 232,175 82,858 198,853 3,708 8,900 4,625 207.753 12,500 775 19.719 19,719 496,666 519,287 2.wo 31.751 7,130 Total festrkted income funds 2.113,984 44.219 117.357 7.130 2,047,976 Vnrestrlcted funds: UnrestTitted general funds SIO.250 924,993 1.022,070 242,026 11.9121 653,286 PK Contingency Investrnent portfolio Revaluatlon reserve 244,021 1249,1561 5,134 1,500,000 500,000 325.0(K> 90.000 1,825,000 590.000 InVesteNt property revaluation reserve Total unrestrirted funds 2.754,271 924,993 1.022,070 17,1301 418,222 3,068,286 4,868.255 969.212 1,139,427 418,222 5,116262 Analysis of charitable lunds- period ended 31 Marth 20Z5- Charity onlv At31 Incomin8 Resources Marth resources expended Z024 Transfers Gains and losses At31 March 2025 Restrscted funds: Heritsge Lottery Fund Cornwall Council cultu Team DCM5Iwolfson Fund Cltsre Duffleld Foundation 951,152 103,876 245,350 40.748 910.404 10,000 14.450 99.426 13,175 3,708 8.9rKI 232.175 86.566 82,858 Wrlshaw Benevolent Trust 207.753 198,853 Clore Duffield Fitlor the Future The Headley Trust oiherfunds 12.500 4.625 7,875 19.719 19,719 519,287 2,000 31,751 7,130 496,666 Total restricted incomefunds 2,IL3.984 44,219 117,357 7,130 2.047,976 UnrÈ5trirted funds: Unrestricted general funds PK Contlngency Investment portfolio Revèluation reserve 510.240 244,021 7%.403 893.480 242,026 1249,1561 11,9121 5,134 6S3,276 I,soo.o soo.o(K) 325.000 90,000 1,825MKI 590O00 Investment properry revaluatlon resèrve Share5 in subsid18ry undertakin8 Total unrestrirted funds io io 2.754,271 796,403 893,480 17,1301 418.222 3.068,286 4.868,255 840,622 1,010,837 418.222 5,116,261
16 Analysls of tharitable funds- Year ended 31 March 2024. Group At31 Incoming Marth resources 2023 Resources expended Transfers Gains and losses At31 March 2024 Rpstrirtedfunds.. Heritage Lottery Fund Vodafone Foundation 991.900 40,748 951,152 30.0 30.0 Cornwall Council Culture Team DCM5IWoltson Fund Clore Duffield Foundation 108,326 4,450 103,876 258.525 90.274 21S.653 13.175 245.350 3.708 86.566 Wilshaw BenevolentTrust Other fvnd5 8,900 71,593 207,753 519,287 544,091 37.679 9,110 Total restrirted Incomefvnds 2,209,769 67.679 172.574 9,110 2,113,984 Unrestritted funds.. UnrestrKted general funds PK Contingency Investment portfolio Revaluation reserve 534.910 358,521 1.5CQ,000 500,000 665,370 826,367 135,139 1144.2491 1.198 510.250 29.749 244,021 I,500,0) 500,OLKI Investment property revaluation reserve Ttstal unrestrlcted fund5 2,893,431 665,370 826.367 19,1101 30,947 2,754.271 5.103.200 733,049 998.941 30,947 4.868,255 16 Analysis of charltable funds- period ended 31 March 2024- Charlty only At31 Incoming Resources March sources expended 2023 Transfers Gains and losses At31 March 2024 Restrlcted funds: Heritage Lottery Fund Vodafone Foundation 991,91N) 40,748 951.152 30,000 30,000 Cornwall Councll Culture Team DCMS/woltson Fund Clore Duffleld Foundation 108.326 258,525 4,450 103,876 245,350 86,566 207,753 519,287 13.175 3,708 8,900 71.593 90,274 Wilshaw BenevolentTrust Other fund5 216.653 544,091 37,679 9,110 Totsl restrirted Income funds 2.209,769 67,679 172.574 9.110 1113,984 Unrestricted funds.. Unrestricted general funds PK Contiagency Investment portfolio Revaluation reserve 523,258 621,418 770,773 135,139 1144.2491 1,198 510,240 358,521 i.soo.000 soo,000 29,749 244,021 1.500,000 Investment property ValUation reserve 500,OL+ Shares in subsidk?ry undertaking Total unrestrirted funds io io 2,881.789 621.418 770,773 19,1101 30,947 2.754,271 5,091,558 689.097 943.347 30,947 4.868,255 All restricted funds are raised and given for specific purposes and projects and are output related. These output5 incorporate fee5, consultancies, project Spend and implementation work. The conditions governlngthe income orgrants
restrict these funds and costs ale allocated agalnst the funded element available. Excess expenditure on such projects 15 met from unrestricted fund5. The restricted funds represent the residue of the initial grant5 and other funding received to finance the redevelopment of the museum and refurbish the herltage property and grounds donated as a permanent endowment. Specific funds are= Heritage Lottery Fund awarded for the refurbishment and refit of the museum within a major capital renovation programme in 2013-14. Fund Is now depreciating. Cornwall Council Culture Team- awarded forthe refurbishment and refit of the mLtseum within a Major capital renovation programme in 2013-14. Fund is now depreciating. DCMS/Wolfson- awarded for the refurbishment and relit of the WW2 Tunnels. Fund is now depreciating. Clore Duffield Foundation- awarded for the build of the Clore Leaining Space in the Wilshaw Building within a major capltal programme in 2013-14. Fund is now depreciating. Wilshaw Benevtslent Trust- awarded for the build of the Archive space in the Wilshaw Building Wlthin a major capital programme In 2013-14. Fund is now depreciatin8. Other funds- includes various smaller funds from Trusts and Foundatlons toward5 capStal programmes. Fund is now depreciating. The charity's unrestricted funds can be used, with the approval of the trustees, to fund any expenditure relating to projects or general runninE Costs which fall within the chaiity's Èeneral aim5 and objectives. 17 Lease commitments Total commltments under non-cancèllable operating leases are as follows: Other 2025 2024 Expiry date.. Within one year - Between two and five years 45,740 38,740 42.544 42.480 84,480 85,024 18 Related party transartions CEO & Creative Director has use of accommodaOn in Mercury House 35 part of the terms of her employment contract. Spouse of the CEO & Creative Director. Transactions totallrn8 £2.59012024'. E5,8Q91 took place during theyear In relation to exhibition research and curation and some employment. There were nil amounts outstandin8 a5 at 31 March 2025 12024.. £nill. Three children of the CEO & Creative Dlre¢tor. Transartlons totalling £39,32812024.' £42,172) relating to employmènt lincluding employer's pension contributions and expensesl took place during the year. There were nil amounts outstanding as at 31 March 202512024.. £nill. Porthcurno Enterprises Ltd- wholly owned subsidiary of the charity- As at 31 March 2025 the company owed £1,000 to the CIO12024= £7,113). 19 Auditors, Liability Limitation Agreement For theyear ended 31 March 2025, the charity entered into a liability limitation agreement with its auditors, the principal terms of which limit ihe liability of the auditors to £5.(0,000 in relation to their responsibilities as auditors of the Charity. The date this was agreed by the charity was S December 2025.