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
cuRRENT￿sETs
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 Trt￿t
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 FE￿UARy 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