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 charIt￿S 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 Per￿1ved 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 rel￿ant
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 r￿Uired 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 Ir￿gUIarlties, 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 re￿Ned
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 a￿et5
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
char￿tY
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
35￿8fj
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$to the Statement of cash flows
Not¢ l-Reconclllotlon of netincome/fexpenditureJ to net ¢a5hllowfrom opergtln9 OCtivitie5
2015
2024
20Z5
2024
Net incomellexpenditurel for the period ended 31 March 2024 1170.2151 1267,9321 1170.2151 1256,2901
AdjustmÈnt5 for.
Depreciation and amortlsètion charges
- o￿vIden￿. interest and rents from investments
Increase in Stocks
99.123
100,201
99,213
100.201
122,3061 129,7571 191.7061 190.7571
15A641
15.5741
16,0801
14,3421
1165.9381
18,2891 1164,0621
15.1281
34,419
41.514
32,963
38.328
- Ilncrea5ellDecrease in debtors
Increase in creditors
- Provislon for corporation tax
2,040
2,040
1366,7111 1167,7971 1436,3071 1215.9481
Net (ash used In operatlng attrvities
Note 2-An17fysi5 of cosh •ndo75h equlvolents
Change In
period
2m5
2.024
2,025
2.024
Cash in hand
66,537
31,451
65,356
30,466
35.1)86
Total cash and ¢ash equivalent$
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 aC￿V￿￿e$,.
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 nO￿fied 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 Expendl￿re 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￿(la￿On 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 repor￿nE 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 rneasu￿d 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 cul￿nCY
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 aCcoun￿nE 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, balan￿S 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 accommoda￿On 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 Par￿lS 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 f￿ehOld 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, Gene￿1 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 lI￿nCeS, 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 Cu￿￿re 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 Head￿YTruSt
Other funrts
245,350
86,566
232,175
82,858
198,853
3,708
8,900
4,625
207.753
12,500
7￿75
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
InVest￿eNt 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 accommoda￿On 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.