THE DISCERNING EYE LIMITED (A company Ilmlted by guarantee) DIRECTORS REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 The Directors, who are also Trustees of the charity for the purposes of the Companies Art, submit their annual report and the financial statements of the Discerning Eye Limited (the company) for the year ended 29 February 2024. The Directors confirni that the annual report and financial statements of the company comply with current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Prartice {SORP15) "Accounting and Reporting by Charities including FRS102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, Structurei goveri)aiJce and managemeilt CONSTITUTION The company is a charitable company limited by guarantee and was set up by a Charity Commission Scheme. METHOD OF APPOINTMENT OR ELECTION OF DIRECTORS The management of the company is the responsibility of the Dirertors who are elected and co-opted under the terms ot the Trust deed. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Directors are responsible for the day to day running of the charity. RISK MANAGEMENT The Directors have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems are in place to mitigate our exposure to the major risks. Objectives and Actlvltles POLICIES AND OBIECTIVES The company's principal activity during the period was to advance the education of the public in the arts and to encourage public awareness and interest in living British artists and their work. There have been no changes in the objectives since the last annual report.
Achievements and performance REVIEW OF ACTIVITIES The ING Discerning Eye 2023 exhibition was again held at the Mall Galleries and marked the 32nd edition of the event. Italso marked the 25thyearof sponsorship by ING, which we are trulygrateful tor and proud to have. Once more the selection was virtual wlth artists submittlng images rather than physical pieces. The Dlrectors remain delighted wlth the hugely positive response to this approach and once again we held a fully hybrid exhibition wlth both physical and online viewing available. QR codes were used in gallery for information, for sales and to minimise the need for physical, prlnted catalogues and price lists. We saw a very positive number of submlsslons, albeit a slight reduction on last year, with over 6,500 pieces submitted by almost 3000 artists. As in previous years,, the proportion of entries from outside London and the South-East, grew resulting in a greater representation of artlsts from across the nations and regions. An unintended but important outcome of the Covid forced move to vlrtual submissions is that we have achieved a much greener footprlnt for the exhibltion. We continue to explore ways to enhance that further. We are very grateful to the 2023 selectors for their time and dedicatlon over the selection perlod and for thelr support and presence at the private views in the first week of the exhibition. All were very enthusiastic and worked with us with great energy and good humour. Sales were very encouraging again with the three Private View nights returning. Our longstanding sponsor ING continues to provide us wlth great support and their opening night was. as always, a resounding success with a new look and feel to the event. The Chair's PV returned for its fourth year and again saw large numbers of people. Both of these evenings resulted in high sales, We extended the Arttsts PV on the third evenlng to a late afternoon and evening event in order which resulted In a very high attendance, and it was great to see so many of the artlsts able to see their work as part of this exhibltlon and be awarded with their prizes In person. Wc held two artists dcmonstrattons cach public day of the cxhibition which wcrc wcll rcccived, both by the artists. involved and the visitors to the gallery. This exhlbitlon continues to be one of the most visited shows at the Mall Galleries In addition to staging the exhibition, we continue to host webinars for artists and collectors. The increased submission and the sales have helped boost the financial position of the charity and we have continued to invest some of that increased surplus in improving governance and in providing further on-line seminar5 for artists and new and budding collectors. The Education and Advisory Committee contlnues to meet to guide the Directors on engagement dnd putenti¢il (tLtLViti¥s with drtiStS, gind tu seleLt tlie Drawing Prize Bursary, We have appointed one new board member since theyear end, Julian Wilde, the Sculptor who was a selector in 2023; he like the other board members adds to the breadth of talent, experience and connections on the board that should prove invaluable to us going forward.
Financial review RESERVES POLICY The Directors aim to hold adequate resources to provide sufficient working capital for the company. At 29 February 2024, this was approximately 102 % (2023 103 %) of the budgeted annual expenditure, Cash reserves are held in various current and deposit accounts with CAF Bank, Barclays Bank and Lloyds Bank. DIRECTORS RESPONSIBILITIES The Directors are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the Directors are required to: Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with current statutory requirements. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Directors on 15 November 2024 and signed on its behalf, by: Sarah Hall
THE DISCERNING EYE LIMITED (A company limited by guarantee) STATEMENT OF FIPIAIICW AcfMfLEs FOR THE Y£t EPIOID 29 FEORUARY 2024 Note INCOMING RESOURCES Incomin8 reSOUTCVi from Beneraled funds.. Voluntary incom? Investment intome Incoming resource5 from chantable actsvitse5 102,500 593 104,216 207,309 102,500 144 118,721 221.36S TOTAL INCOMING RESOURCES RESOURCES EXPENDED Chan'table acts'vttsvs GovernanLe Lusts 167,278 2,147 163,S98 4,702 TOTAL RESOURCES EXPENDED 169.42S 168.300 MOVEMENT IN TOTAL FUNDS FOR THE YEAR- NET INCOME FOR THE YEAR 37.884 53,06S Ttstal lund5 brou¥ht forward 28S,217 23Z 15Z TOTAL FUNDS C4RRIED FORWARD 323,101 285.217 The statement of Financial ALtlvitses include5 all Bains and105ses recOlsed in the year. The note5 ill 8.10 fomi part of these Financial Statements.
THE DISCERNING EYB UMITED (A compaDy Ilmlted byguarantee) 8AIANa SHEET AS AT 29 FEBRUAIIY 2024 CWRAEwfAssETS Debtor5 Di$cernin8 Eye art work coller¢lon (ash at bank I75 50.787 276.099 720 50.787 24040 aiEDITORS: amounts fallinB dtse wlth&n one year NET LIIRREiirAssrrs 328.761 Z92,347 323 101 323 101 28S 16 28S316 {RITy FUNDS Unrestricted funds 323 JOI 313 101 285 Z16 Z85 16 io Forthe yav endln8 29/02124 the rompny endiled w exempllon Crnm dIt under¥eclpn 477 ufthe Companivs Aci 2006. The memben have not requirE41 the company to obLiin an audit in Kcordance secon 476 gf tht Companies Act 2006. The Dlrectors acknuwled8e their respDnsiblllUe5 for complying the rtqulrements ofthe Act re%pE¢I io accounttn8 records and for the preparatson of accounts. These accgunts I¥ be prepared In actordan¢e wlth the prDvlsions appllcable to comp*lleJ sUbrt ti) sm411 iompames rryme. ThE financlal ststemfflts wore approved by the Dire(tOfs on 15 November 2024 and 5iped on thelr bEhalf, by Sarah H1 The notrs Dn pages 8 IO fGrnI part ol these financial statements
THE DISCERNING EYE LIMITED (A company limited by guarantee) NOTES TO ThE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 19 FEBRiIARY 2014 I coUn11ng Polldes 1. 1 Basls of preparatloo of llnallclal siatemeni% The financial 5Lilements have been prepared under the histonal costs conventsoN with the excepts.on ofinvestments which are included at markd value, and in accordance with the Stsiement oFRecummendtrd PrJitlce"ALcounknng and Reporthng by Chantses" (SORP 2015) and applicable aLcounun8 Standard5 in accordance with the FiNnLial Repo8 Standard applicable in the UK and the Republic of Ireland (FRS1021. eltecttve I lanuary 2015 and the Companies Act 2006. 1.2 Cornpany $talus The cDmpdny Is a cumpany Ilmited by 8uaraDtee and has no Itgal share capllal. The Member5 ofthe the cornpany arethe Trustevi named on page I, On the event ofa winding up every Member may be required to rontribute £ LO t¢) the charity'5 assets" for paymenl of the charity'5 debts and Iiabilitse5. 1.3 Fund *tcountln8 General lund5 Jre unrestn'Lted fund5 which are available for use at the d15Lretion of the Trustees in furthprance of Ihe genenl obivrtive¥ of the CDmpany 11nd whii-.h h•ive not bpen dpsignaled for other purpDses, 1.4 Incomln8 resources All Incoming resoufLes are InLluded in the Statement of Financial Actsvits'e5 when the Lornpany 15 legally entltied to the income and theamounl Lan be quanufled with reasonable accuracy. 1.5 Resources expeoded All expenditure 15 accounted for on an accrua15 ba515 and ha5 been Included under expense categones thal a8gre8raie ail costs for allocatson to aLtsvitle5, Where L05ts cannot be directly altnbuted to parbcular aLUvitse5 they have been allocated In a basis consistent wlth the use of the re50ur¢e5. 1.6 Cash aow The financial statements. do not include a cash flow statement because the chantable cumpany. as a small rePOng ents. ty. 15 exempt from the requirement to prepare sucb a 5taiement undE sectlon 7 of the Financial Rvportsng Standard {FRS1021 2 VoluDiary Income Sponsorship 102,500 102,500 3 Investment Income Bank Interest received 593 144 4 Incomlng Resourres from Charltable Artlvliles Comm1551un on Art exhibits'on sales & subrni5sions 104,216 118.720
THE DISCERNING EYE LIMITED (A company limited by guarantee) NOTES TO ThE FINANCIAL 5TATEMENT5 FOR THE YEAR ENDED 29 FEBRUARY 2024 S tharltable Artlvllles IQ14 Agents Fees Agents comrnission on sale5 Prize winners payments. Latalogue & Newslelter co%L Postage/email mailing5 & statsunery costs Exhibitson L05ts Credit card fees Adverts%ing ITIWebsite Losts Subm15510n fee5 to Agent TransportJtson of Artl, sts work5 and other travEI costs The Mall Gallenes rent Insurance Storage costs 24,000 24,000 9.783 11,958 8,000 8,150 1,200 I,soo 651 614 25,101 23.766 1,311 1,471 13.6SO 17,998 3,466 1.548 15,063 18,279 Z.397 2,775 61.065 50,000 771 632 820 907 6 Governance Costs AccounLincylExaminer5 lee5 F,ducabon costs Bank Lharge5 Sundry expense5 1,767 1.623 70 310 75 3,004 ,14 4,702 7 Nel Incomln8 Resources Th15 15 stated after charng. Accountants and examiners L05ts 1,767 1,623 Durlng the year Mrs C En5kat received an accountancy fee ot £1312 Directors received reimbursement uf expenses of £78,60 8 Debtors Other debtor5 1,875 720 9 Credllors Amounts falling due within one year Other Lreditor5 and accrnals 5.660 7,131
THE DISCERNING EYE LIMITED (A company limited by guarantee) NOTES TO THE FIIIANCIAL STATE••lE14TS FOR THE YÉAII EIIOÉD 19 FEBRUAR Y 1024 10 SVhlMARY OF FUNDS Brou8hl IDcomlD8 Resources fArrled forward resources expended forward General funds 285,217 207.309 169,425 323,101 10
Independent Examinerfs Report to the Trustees of The Discerning Eye limited For the year ended 29 February 2024 I report on the accounts of the Charity for the year ended 29 February 2024, which are set out on pages 6 to 10 Respective responsibilities of the Dirertors and examiner As described on pages 2, 3 and 4, the Trustees, who are also Dirertors of the company for the purposes of the Cornpanies Art, are responsible for the preparation of the accounts and reports. It is my responsibility to carry out procedures designed to enable me to report my opinion. Basis of independent examinerfs report My examination was carried out in accordance with section 145 of the Charities Act 2011, in accordance with the general Directions given by the Charity Commission and so my procedures consisted of comparing the accounts with the accounting records kept by the company and making such limitcd cnquirics of the officcrs of the company as I considcrcd necessary for the purpose of this reporL The company is not required to obtain an audit under statutory requirements so consequently I do not express and audit opinion on these accounts. Independent examlner's statement In connertion with my examination, it is my opinion that the accounts are in agreement with the accounting records kept by the company. Signed.. Dated: H Nicholls 7 Fox Lane Little Bookham Surrev KT23 3AT 25/,,1