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 recO￿lsed 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
I￿75
50.787
276.099
720
50.787
240￿40
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 romp*ny endiled w exempllon Crnm ￿dIt under¥ecl*pn 477
ufthe Companivs Aci 2006.
The memben have not requirE41 the company to obLiin an audit in Kcordance sec*on 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 sUb￿rt
ti) sm411 iompames rryme.
ThE financlal ststemfflts wore approved by the Dire(tOfs on 15 November 2024 and 5iped on thelr bEhalf, by
Sarah H￿1
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 Repo￿￿8 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 rePO￿ng 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 char￿ng.
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