THE DISCERNING EYE LIMITED (A company limited by guarantee) DIRECTORS REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The Directors, who are also Trustees of the charity for the purposes of the Companies Act submit their annual report and the financial statements of the Discerning Eye Limited (the company) for the year ended 28 February 2025. The Directors confirm 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 Practice (SORP15) "Accounting and Reporting by Charities including FRS102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. Structure• governance and management 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 Directors who are elected and co-opted under the tenns ofthe 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 Actlvitles POLICIES AND OBJECTIVES 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 2024 exhibition was again held at the Mall Galleries and marked the 33rd edition of the evenL As in recent years, the selection was virtual with artists submitting images rather than physical pieces. The Directors remain delighted with the hugely positive response, from artists across all of the regions and nations, to this approach. Once again, we held a fully hybrid exhibition with both physical and online viewing available. QR codes were used in gallery for information, for sales and to minimise the need for catalogues and price lists. We saw a very positive number of submissions with around 7,500 pieces submitted by almost 3000 artists. As with the previous years, submissions the proportion of entries from outside London and the South East, grew again. As commented on in previous years an unintended but important outcome of the Covid forced move to virtual submissions is that we have achieved a rnuch greener footprint for the exhibition. We are very grateful to the selectors for their time and dedication over the selection period and for their support and presence at the private views in the first week of the exhibition. All were very enthusiastic and worked with us with great concentration, energy and good humour. Sales were very encouraging again with the three Private View nights proving to be particularly strong selling points. Our longstanding sponsor ING continues to provide us with great support and their opening night was, as always, a resounding success. The Chairfs PV returned for its fifth year and again Saw large numbers of people. Both of these evenings resulted in high sales. We extended the Artists" PV on the third evening to a late afternoon and evening event in order which resulted in a high attendance and it was great to see so many of the artists able to see their work as part of this exhibition. We also held artisvs demonstrations each public day of the exhibition which were very well received, both by the artists involved and the visitors to the gallery. In addition to 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 a new website, Improving governance and in providing further on-line seminars for artists and new and budding collectors. The Education and Advisory Committee continues to meet to guide the Directors on engagement and potential activities with artists, and to select the Drawing Prize Bursary. We have been the recipients of a generous legacy and will be providing details of an extended artists, education programme and bursary scheme in the coming months.
Financial review RESERVES POLICY The Directors aim to hold adequate resources to provide sufficient working capital for the company. At 28 February 2025, this was approximately 101% (2024 102%) of the budgeted annual expenditure, Cash reserves are held in various current and deposit accounts with CAF Bank, Barclays Bank and Lloyds Ban]L 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 Dirertors 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 ststements 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 Dirertors are required to: Select suitable accounting pollcies and then apply them consistently, Make judgements and estimates that are reasonable and prudenL Prepare the financial ststements 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 23 October 2025 and signed on its behalf, by: rf!Ili, Sarah Hall
THE DISCERNING EYE LIMITED {A company limited by guarantee) Consolldated Statement of FIn(la1 Acilvlties for the year ended ZB February 2025 Notes Unrestrlcted Unrestrlcted Z025 Operatlonal Designated total funds Z024 to lacome and endowments from Sponsorshlp Investment Income Incoming resources from charitable acrivlties Donations and Legacies 102,500 887 111,237 102,500 102.500 B87 593 111.237 104.216 150J92 150.392 Tolal 214,624 150,392 365.016 207,309 Expendltsre Incurred on Charltsble artivilles Gtwernance Costs 187,015 3,191 187.045 167.27B 3,191 2,147 Tolal Ne¢ 8alns/l losses) on Investments Nrt Income/(expense) 190.236 190236 169.425 24.388 150,392 174.780 37.884 Tramlers beiweèn 150.0001 so.000 Other recoplsed ylThs/(losseJl Net movement In (undj Total funds brou8ht forward Tolal funds carried forward 323.101 297,489 323.101 285.217 21MI,392 497,881 323,101 The stslttment ot. (InancLal artivitles Includes all gains and losses recogn15td In the year. All inrDme aDd expenditure derive trom continuln8 artivltie The statement ot tlnancial acrlvltles also complles wlth the requlrements for an income and expenditure 4ccount under the Companies ALt 2008.
THE DISCERNING EYE LIMITED (A company limited by guarantee) BAIANCE SHE£TLS AT 28 FEBRUARY 2025 Note cuRRENTsETs Debiors D15cemin8 Eye art work colleLtsun Cash at bank io 51,178 50,787 401,341 1,87S 50,787 Z76,099 S03,306 -5,425 328,761 -5,660 CREDITORS., amounts fallin8 due within one year li 497,881 497,881 323,101 323,101 NET CURRENT ASSETS CHARITY FUNDS Uftre5tncted funds 497,881 497,881 323,101 323,101 12 For the yearendinB 28102/25 ihe company was entstled to exemptson from audit under sectson 477 ofthe Companies Act 2006. The mernbera have not required the company to obtain an audit in accordanLV with section 476 of the Crjrnpanies Act 2006. The Director5 acknDwledge their re5pon51billtie5 for cornplyinB with the requirements ofthe Act wllh re5peLt lo accounlin8 record5 and for the preparatson of accounts. These aLcounts have been preparvd in accurdance with tht provisions appliLable lo companies sublect to small companies rwme. The financial Statements were approved by the Directur5 on 23 October 2025 and signed on their behalf. by Sarah Hall The notva on page5 8 to 10 forni part pf these financial stalements
THE DISCERNING EYE LIMITED Acom an limited b arantee PIOTE5 TO THE FWANCL4L STATEMEIITS FOR ThE YEAR ENDED 19 FEWtUARY 1025 l AccounilD8 Pollde$ 1.1 B•sls of preparailon of Ilnanclal sLitemeDts The financial statements have been prepared under the historial Lusts ronYEnts' on. with the exLepts'on of investments which are InLluded at markel valut. and In accordance wlth the Statement ofRecommended Practice"Accountsn8and Repnrting by Chanties" (SORP 201S) and applicable accountsng 5tandard5 in accordance with the Financial Reporttn¥ Standard applicable In the UK and the Republic of Ireland (FRS102), effecttve I lanuary 2015 and the Companies Act 2006. 1.2 Company *tatuJ The c(Jmpany Is J company limited by Buarantte and no legal share cupital. Thr Members ol the the company are theTru5tees named page I, On the event ora winding up every Member may be required to Lontribule £10 to the charity's a55cts fDr payment of the chanty'5 debts and liabiliite5. 1.3 Fuod accounllni Genvral funds are unrwitncted funds which are avallable for we al the discretson of the Tru¥let¥ in furtherance uf the general objectives of the cumpany and whiLh have not been desisnaied for other purposes. l.4 In¢omln8 resources All Incoming resourceb are Included in the Statement of Financial Actsvliie5 when the rompany Is legally ents. tled io the InLgme und the amL)unt can be quants. fied with reasL)nable JccuraLy, 1.5 Resources expended All expvndilure Is accounted for on an aLLruals ba51% and has been included under expense cate8orie% that aggregrattr all costs for ailDLatson to activitles. Where custs cannut be dirrctly attribuied to Pa'(U12r actlvitses thry have been allocated in J ba51$ ¢on5151ent with the use of the resource5. 1.6 Gish Ilow The financlal slalements do nut include a cash flow 5Litement because thy chJritable Company, a5 a Small reportsng enuty, 15 exempt from the requirement to prepare Such a sLitemenl under sectsvn 7 of the Financial Repurting Standard (FRS102) 2 Voluntary Income Spon50r5hip 102,500 102,SOO J Investment locome Bar intErvst received 887 593 4 ID¢omln8 Re$our¢es Irom arItable Artlvltles Comm1$5iun ort Art exhibitson sale5 & submissions 111,237 104,216 S Lryary Incomt Income from the ChTi5lopher lerniyn Trtt This ha% been allocated to an unre5trirted designated fund. 150J92
THE DISCERNING EYE LIMITED Acom an limited b uarantee NOTE5 TO ThE FINANCL4L STATEME14TS FOR Th£ YEAR E14DED 28 FEUARy 1025 6 Charliable Artlvltles Agents Fees Agents comm155ion on sale5 Education Programme Prize winners payments Catalogue custs Postage/email mailin85 & stationery costs Exllibition costs Credit card fees 24,000 24.000 13,491 9.783 1,7SO 7,750 1,200 74S 27,565 1.844 8.000 1,200 6SI 25,101 1,311 vii Advern51n¥ IT/Website costs Submi55ion fees to Agent Transportstion olArtists works" and uther travel costs The Mall Gallenes rent Insurance Sturage costs" Bad Debt write off 17,000 13.650 10,659 3.466 15,263 15,063 1,891 Z,397 61,065 61.065 1,189 771 933 820 700 7 Governance Cosis AccounLincy/Examiners fees Educatlon costs Bank LhJrge5 Sundry expenses 2,238 1,767 60 893 70 310 8 TraD$fers betweeD funds Transfer of £50,000 Irom the unrestncted operatsonal fund to an unrestricted desi%nated fund. 9 Nel Incomln8 Resources Th15 15 5Lited after Lharwng: Accountants and examiners costs 2,238 1,767 Durlng the y&Y Mrs C Ens'kut received an OLcounLincy fee of £1562 Directors received reimbursement of expenses of £331.59 10 Deblors Other debtors, Legacy paymeni £51,178 reLeived p05t year end 51,178 1.875 11 Credltors Amounts falling due within oneyear Other creditor5 and accruals 5,4Z5 5,660
THE DISCERNING EYE LIMITED (A company limited by guarantee) PIOTES TO TME FINA14CJAL STATE MENTS FOR ThE YEAR ENDED 28 FE8IIiIAIIY 2015 12 SUMMARY OF FUNDS Brou8bt IncomlDg Resour¢e5 Carrled forward resources expettded forward Unrestricted funds. 323,101 36S,016 190,236 497.881 10
Independent Examiner's Report to the Trustees of The Discerning Eye limited For the year ended 28 Febrnary 2025 I report on the accounts of the Charity for the year ended 28 February 2025, which are set out on pages 6 to 10 Respective responsibllities of the Directors and examiner As described on pages 2, 3 and 4, the Trustees, who are also Directors of the company for the purposes of the Companies Act, 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 Dirertions 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 limited enquiries of the officers of the company as I considered necessary for the purpose of this reporL The company is not required to obtsin an audit under statutory requirements so consequently I do not express and audit opinion on these accounts. Independent examinerfs statement In connection with my examination, it is my opinion that the accounts are in agreement with the accounting records kept by the company. Signed: Dated: i)1 Ibl ?OL5 H Nicholls 7 Fox Lane Little Bookham Surrey Iff23 3AT