REGISTERED COMPANY NUMBER: 0541111279 (England and Wales) REGISTERED CHARITY NUMBER: 1118840 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 FOR BORLASE SMART JOHN IVELLS TRUST LTD BK Plus Audit Limited Azzuni House Walsall Road Aldridge Walsall West Midlands WS9 ORB
BORLASE SMART JOHN WELLS TRUST LTD coiYrENTS OF THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Page Report of the Trustees Report of the Independent Auditors Ststement of FlnAnclAI Aetlvhles Statement of Fln8nclal Posfitjon io Notes to the Financial Statements Det2fi1ed Ststement of Finan¢lal A¢tivitie$ 20 to 21
BORLASE SMART JOHN WELLS TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 The tn]stees who are also directors of the charity for the purposes of th¢ Companies A¢t 2006. pres¢nt their report with the rinancial statements of the charity for the year ended 3 1st March 2024. The trustees have adopted the provisions of Ac¢ounting and Reporting by Charities.. Statsment of Re¢ommended Practice applicable to charities preparing their accoun15 in accordance with the Financial Reporting Standard applTcable ID the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objeetives and aims The charitable objectives of the Trust are.. 'To promote art ill St Ives and the district ofPenwith for the pUoSe of increasing public knowledge and appreciation of the said arts." The TnS Mission is.. To provide high quality, affoTdable studio space for artist5 working within the unique culthral context of Cornwall. The Trust's Aims and Objectives are: To support aspirational and innovative professional artists at all stsges of their careers by: Providing high quality and atyordable studio spaces, following ¢l¢ar Cut selection criteria and supporting equality of access. - Working with partners lo offer a variety of support servi¢es and opportunities to artists. - Providing a range of tenures that support emerging and established artist& and offer opportunities for visiting artists from outsiik Comwall. To support public understanding and appreciation of contempornry art and the heritage of our buildings and tbeir setitngs by: - Encouraging our tenants to participate in open studios. - Offering a programme of talks, srndio cours and exbibitions. - Working with all our t¢nants. including the fishing community and St Ives School of Painting, and key partners including Tate St Ives. St Ives iknhive. St Ives Museum and Newlyn Art Gallery and The Exchange. To manage the TnL8t effectively and efficiently by: - Ensuring financial Prudence and sustainability. - Conducting our affatrs witb integrity and transparency. - Safeguarding and maintaining the buildings undeT our ovrnership. The T$t owns and nllage8 three artists, studios in Cornwall: Portlnneor Studios in St Ives, and TwarVeneth and Anchor Studios in Newlyn. These PTovide a total of 22 studio spaces for artists, two studios for the St Ive8 School oe Painting to deliver a range of arts ¢ourses. and two studios bave been retained by the Trust for its education and community programme. Publlc benefit We review our aims, obj¢¢lives and activiiies at least once a year to assess what we have achieved in the previous 12 months. We refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees ci)nsider how planned activities will contiibute to th¢ aims and objectives they have set. Page I
BORLASE SMART JOHN WELLS TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 ACHIEVEMEwf AND PERFORMAI¥CE The TNst's nill focus this year has bccn to build on the success of ils r¢sidcncy and short Ict programmes, which uses three of its studios ai Porthmeur dnd Ancbor Studios to host opportunities for a widc Tange of artists. The TTusI's other nuin achievement has been progress on the project tr) renovate a rnnge of outbuildings at Trewarveneth Studios to create three new studios. The TTUSt hosts several residency programmes which it has Ien developing over the past few years with partner organisations, and building these relationships has played a ctucial part in the Tnt'S development. A key partner is the Freelands Foundation. who this year have supported rcsidcncics at Porthmcor for six WiDncrs of the Frcclands Painting Prize, as well as helping to build the Trust's capacity by part-funding it5 ResidenGy Manager posL Thc othcr rnain partner is the Wilhelmina Barns-Graham Tt. They support the Trust's residency programme for emerging artis which this ycar provided a three month residency for Noorain Tnam at Porthmeor. They also help fund an exchange programme (kveloped by Visual Arts Scotland and the TrusL in which Cornwall-based artist Jonathan Michael Ray spent a month in Orkn¢y and Lynsey MacKenzie from Glasgow was hosted at Anchor Studio. Other partnerships include T&te St Ives which arranged a residcncy for Sami artist Outi Pieski at Porthmeor before her first major ¢xhibition in the UK in February. and Falmouth University, whicb organised residencies for 33 third year Fine Art studenls. also at Porthmeor. The success of this programme and the publTcity it is generating has led to appToaches frorn other organisations inter¢sfrd in working with the Trust to develop fiber residency opportunities. The St Ives September Festival in 2023 was again a key part of th¢ y¢ar, with a fiLII programrne of talks, fihns, perforniances, lours and Open Studios over the two week festival. These events were mostly connected to the Culture and heritage of West Cornwall, and attrdcted a large and interested audience. The Borlase Smart Room also hosted a wide range of public events and exhibitions throughout the rest of the year, and many of the artists in the short-let studios aanged an open studio event at the end of their stay. The renovation of a range of semi-deTelict outbuildings to create three new studios has been a major focus for the Trusi's efforts this year. This woject is being part-fimded by the UK Government througb the UK Shared Prosperity Fun¢ and following the signing of the Funding Agreement in March 2023, the works were put out to tender, and the contractor appointed in December. Work started in January, and although progress was Slowed by wet weather and poor ground conditions, the project is ¢xpe¢t¢d to be Completed in September 2024. FINANCIAL REVIEW Investment policy And objectives Thc IrustCC5 rcgularly rCcW thc cash hcld by Ihc charity and whiIst rnaintainin¥ access to funds for operational purposes, it places any surplus funds in all intercst-bearing deposit account when appTOPTiate. Reserves policy The trnstees have identified an adequate level of reserves foT the TTUSt, which will include sufficient working capital to m¢ilTltain operations in the event of a sudden and uttexpeeted Ioss of income, and to build a Sinking fund to cover the thture maintenance requiremcnts of its buildings. The Trnst's Income. Expenditure and Reserves Policy is on its websitc. Going concern The trustees consider that tbere ar¢ no matfflial uncertainties about the ability to Continue as a going ¢oncern. There are no material uncertainties affecting the current year's accounts. Financial revie Overall income and expenditure for it5 core activities w¢r¢ clos¢ to blld and the Trust made a modest surplus over the year. The Trust is using part of its reserves to match fund the creation of new studios at Trewarveneth, but in tUre will continue to rebuild ils reserves to place it on a more sustainable and secure financial fooling. FUTURE PLANS The main focus this year will be completion of the capital Tenovation works at Trewarveneth Studi05 to create three new studios, and to build on the success of the Tesidency programmes and partnerships with other organisations. Page 2
BORLASE SMART JOHN WELLS TRUST LTD REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STRUCTURE, COVERNANCE AND MANAGEMELYr Governing document The Borlase Smart-John Wells Trust was established as the Borla5¢ Smart Memorial Fund ID a Trust Deed dated 7th March 1949, as varied by Schemes of the 9th February 1972. 29th December 1995 and 15th December 2005, and amended by a scheme of 4th January 21x18. It is registered as a charity with the Charity Commission. The T1 is incorporated, and the governing document is the Memorandum and Articles incoTtx)rated 26 June 20()6 as amended by Special Resolution 23 March 2007. The Borlase Smart John Wells T$t Limited (Company No. 05400279) was entered onto the central register of Charities on 17th April 2007, and assets and liabilities transferred from the Trnst lo Ibe limited Company. Porthmeor sd10s could not be transferred since it is a pem]anent endowment, so Trustees applied to the Charity Conimission ¢0 make a scheme that appointed the limited company the sole tSlee of the Trust, and then requested a uniting direction that links the Tst with the limited company. Thi5 was completed on 18th January 2008. and the Borlase Srnart-J0k Wells TNst was removed from the register of charities. Reerultment and appolntment of new trustees As set out in the Trust Deed, the Tn]st was founded with three managing trustees. Two of these managing trustees were the Art Director ofthe Arts Council of Great Britsin, and the Director of the Tate Gallery. These were appointed twstees by virtue of their respective offices, and are referred to as ex officio Irusfees. The managing trust¢e6 were given authority in the Trust Deed lo appoint further tNslees. When the limited company was set up, all existing TSteeS became directors. When recruiting trustees, consideration is given to any specialist Skills that the Board considers ne¢essary. Organisational structure The Trnst is administered by a board of trnstees, which currently has eleven members. The board meets four times a year, and there are ¢ommittees covering different areas of the Trusvs activities. A manager is appointed by the trnsttts to manage ils day to day operations Induction Y4nd tralning of new truste¢s Trustes encouraged to attend appropriate external training events where these will help them undertake theii role. Related parties The Trust ha5 a close lationShip with Arts Council England and the Tate as defined in its governing do¢ument, and its trustees provide further links with Tate St Ives, Newlyn Art Gallery and The Exchange and Falmouth University. The Trnst mainlains close links with the St Ives School of Painting. one of its lenants at Portlllneor Studios, and it works with several other organisations including The Freelands Foundation. The Wilhelmina Barns•Graham Trnst, Krowii, CAST, Leach Pottery, St Ives Archive aT]d St Ives Museum. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05400279 (England and Wales) Reglstered Charlty number 1118840 Reglstered office Porthmeor Studios Back Road West St Ives Cornwall TR26 ING Page 3
BORLASE SMART JOHN WELLS TRUST LTD REPORT OF THE TRUSTFES FOR THE YEAR ENDED 31ST MARCH 2024 Trustees P R Williams Tn]stee Ms J Val Baker Trustee J Green Trustee D P Wilson Trnstee R Towndrow Trustee M J Bird Trustee MTS K T Bridgewater Tn]stee Miss A C Care Trnstee J K Lees Tstee Miss R D Shanks Trustee Miss T P Penny Tntee (appointed 291112024) Tate Observer Ms A Barlow Company Se¢r¢tary D P Wilson Senior Statutory Auditor Christopher Hession C,A Auditors BK Plus Audit Limited AZzU1 House Walsall Road Aldridge Walsall West Midlands WS9 ORB Bankers HSBC 5 High Street St Ives Cornwall TR26 IRX Sollcltors Borlase & Company 45 Coinagehall Street H¢lston TR13 8EU Chief Executive l Manager Chris Hibbert STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Borlase Smart John Wells TNst Ltd for the purposes of company law) are responsible for preparing the Report of the TSteeS and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi¢e}. Page 4
BORLASE SMART JOHN WEL TRUST LTD REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF TRusfEESI REspof4SIBILfTIES- ¢ontinued Comwry law requires the Inths to prepare fina111 statements for each financial year which give a te arbj fair view of the Ststr of affaTrs of the chwitsble company and of the incoming Ou$ and application of reurCeS IRUding the income and expmditEw4 of the charitable cornpany for that I)eTi In preparing those fina]81 ststements, the truste¢$ are required to str1t suitable accounting Fx)licies and th¢n apply consistontly: observe the methods and principles in the Charity SORP, make judgelnents and ¢stimate8 that are reLgornbl¢ and pnthn¢ prepaTe the financial stdternents on the going nCern basis unless it Is Inappropriate to that th¢ clJaritabl¢ ccdnpany will continue in bu5in¢ss. The tnkn are responsible for keeping proper accounling rttords which disclose with re8son&ble ac¢uracy at any time the finanGial p)sition of the charitsble ¢ompany and to eth]e them to ensur¢ that the financial statements comply with th¢ Companies Act 2(Kt6. Tlw are also responsible for safeguarthng the as*ts of the thtble compony and hence for taking reasonable steps for the prevention and d¢tection of fraud and other irre8ulariti¢s. there is no relevant audit infOrntiOn of which th¢ tharilabk Company's auditors are unaware; and the tneS have taken st¢ps that they ought to have taken to make themselves &war¢ of any rElevant audit Infornt And to ¢stablish that the auditors are aware of that inforniotto Approv¢d by order of the boArd oftnthees on..... .. and sigtrd on its behalf by: P R Williams- Tnthe Page 5
REPORT OF TIIE INDEPENDENT AUDITORS TO THE MEMBERS OF BORLASE SMART JOHN WELLS TRUST LTD Opinlon We have audited the financial statement5 of Borlase Smart John Wells Trust Ltd (the charity) for the year ended 31 March 2024 which comprise the ststement of financial adivtties the balance sheet, the ststement of ¢ash flows and notes to the financial statements, including signiflcant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn A¢¢ounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of ITeland (United Kingdom Generally Accepted A¢¢oullting Prnctice). In our opinion, the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources. for the year then ended. - have been properly prepared in a¢¢ordan¢e with United Kingdom Generally Auept¢d Accounting Practice; aDd - have been prepared in a¢cordan¢e with the requirements of ihe CIMrities Act 2011. Basls for opinion We conducted our audit tn accordance with International Standards on Auditing (UK} (ISAS (UK)) and applicable law. Our responsibilities under those standaTd5 are further described in the Auditovs responsibilities for the audit of the financial staternent5 section of our report. We are independent of the in accor41an¢e with the ethical requirement5 that are relevant to our audil of the financial statements in the UK including the FRC'S Ethical Standarl 2nd we have fulfilled our other ethical re5pN)nsibilities in aOrdance with these requiretnents. We believe that the audii evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelu$lon$ relating to going concern In auditing the fInancial statements. we have concluded that the tntees, use of the going concern basis of accounting in the prepardtion of the financial ststements is appropriate. Based on the work we have perfom]ed, we have not identified any nterial uncertainties relating to events or conditions that, individually or collectively, may cast significani doubt on the 's ability to continue as a going concern for a period of at least twelve months from when the fillanciai statements authorised for issue. Our responsibilities and the TesponsiTrJilities of the tnthes with respect lo going concern are described in the relevant sections of this TeporL Other information The other Anfomiation comprises the infonnation included in the annual report other than the fillanciai statemenls and our auditor's report Ihereon. The trustees are responsible for the other intom]ation contained within the annual report. Our opinion on the financial ststements does not cover the other inforniation and we do not express any fonn of assurdnce conclusion thereon. Our responstbility is to read the other inforniation an¢ in doing so. ¢onsider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in th¢ ¢our5e of the audic or otherwise appears to be materially misstated. If we identify su¢h material inconsistencies or apparent nterial misstatem¢nts, we are required to (ktennine whether this gives rise to a material misst&ternent in the financial statements themselves. If, based on the work we have perfom]ed, we conclude that there is a material misstatement of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO TIIE MEMBERS OF BORLASE ShLIRT JOHN WELLS TRUST LTD Matters on which are required to report by exeepdon We have nothing to rOrt in respect of the following matters in relation to which the Charities (Accounts and Rq)orts) Regulations 2008 require us to report to you if. in our opinion.. - the infomlation given in the finan¢ial statements is inconsistenl in any material respect with the tmstees, report. or - sufficient accounting records have not been kept: or - the financial statements are not in agreement with the accounting records; or - we have not received all the inforniation and explanatior]s we require for our audit. Re$pon5ibilities of trustees As explained morc fijlly in the statement of tMtees' rcsponsibilities, the trustees are responsible for the preparation olthc financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trnstees detemiine is nccessary to enable the prepardtioll of financial statements that are free from material misstatemcnt. whether due to fraud or eTTOr. In preparing financial statements, the trustees aTC resy)nsible for xsscssing the 's ability to continue as a going concem, disclosing. as applicable, matters Telated to going ¢oncern and using the goiDg concern basi5 of accounting unless the lrnstees either intend to cease operations, QT have no realisti¢ alternative but to do so. Auditor's Te5ponsibilfitles for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our obje¢tives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurnnce is a high level of &ssurance but is not a guarantee that an audit condueted in accordance with ISAS (UK) will always detect a material misstatement it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggrega*, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The exterAt to which our procedures are capable of detecting irregularities, including frau4 is detailed below. A rther description of Dur responsibilities is available on the Financial Reporting Council's website at-. https:/lwww.frc.org.uklauditOTSresponsibilitics. This description forms part of our auditor's report. Other nutters Your attention is drawn to the fact Ihal the charity has prepared fmancial statements in accordanLC With Accounting and Reporting by Charities.. stat¢ent of Recomrncnded Practice applicable to charities preparing their accounts in accordance with thc Financial Reporting Standard applicable in the UK and Republic of Jreland {FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommenikd Practice issued on l April 2005 which IS referred to in the extant regulations but has now be¢n withdrdwn. This has been done in order for the financial ateMentS to provide a true and fair view in accoTdan¢e with cUent Generally Accq)tea Accounting Practice. Other matters which we are r¢qulred to address This is a first year audit engagement and such, the comparative figures a unaudite4 and we provide no assurance over them. Sufficient opening balance work has been performed to enable an unqualified opinion over the ¢urrent year figures. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BORLASE SMART JOHN WELLS TRUST LTD Use of our report This repart is made solely to the company's members, as a body. in accordance with section 391 of the Companie8 Act 2014. Our audit WO has been ulldertakcn so that we might state to the company's members those matters w¢ are required to state to them in an auditor's report and for no other purpose. To the fullest extent pern]tUed by law. wc do not acccpt or assume responsibility to anyone other than the comyany and the company's members as a body. for QUT audit WOTk. for this Teport, or for the opinions we have fomied. Christopher Hession C.A (Senior Statutory Auditor) for and on behalf of BK Plus Audil Limited Azzurri House Walsall Road Aldridge Walsall West Midlands WS9 ORB Page 8
BORLASE SMART JOHN WELLS TRUST LTD STATEMENT OF FINANCL4L ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUIYT) FOR THE YEAR ENDED 31ST MARCH 2024 2024 Tolal funds 2023 Totsl funds as restated Unrestricted funds Restricted nds Notes INCOME AND ENDOWMENTS FROM Donations and legaeies 15,320 160.121 175.441 22,441 Charltable a¢tlvities Rental income Charitable a¢tivities 116,329 193 116.329 193 107,975 Other trading activities Inveslment income 4.756 202 4.958 3,620 Total 149 947 160323 310270 140 702 EXPENDITURE ON Raising fid5 1.866 500 2,366 1,340 Charitable activities Charitable activities 148,872 48.936 197.808 119,068 Total 150.738 200 174 NET INCOMEI(EXPELYDITURE) (791) 110.887 110,096 20,294 RECONCILIATION OF FUNDS Total lld8 brought forward 289,471 4,424,947 4.714,418 4,694,124 TOTAL FUNDS CARRIED FORWARD 288,680 4.535 834 4,824,514 4,714,418 The notes forni part of these financial statements Page 9
BORLASE ShlART JOHN WELIS TRUST LTD STATEMEhry OF FllYANCIAL posfTION 31ST MARCH 2024 2024 Total funds 2023 nds fimds fjmds a5 restated Notss FIXED ASSETS Tangtbl¢ assets Heritage assets io 46.755 46.755 4.250 936 46,755 4 165 263 4,297,691 4,297,691 4,212,018 Stocks Debtors Cash 8t bank 12 13 10.052 21,187 10,052 21,187 509 10,052 13,525 488 259 238 302.211 238,234 540,445 511,836 CREDITOKS Amounts filling due within onc year 14 (13,531) (91) (13,622) (9.436) NET cl1RRE ASSETS 288,680 4.535,834 4,824,514 4,714,418 NET A&SETS 288 680 4 535 834 14 4.714418 FUNDS Unrestrict¢d funds Restricted funds 15 288,680 4 535 834 289.471 TOTAL FUNDS 4 824514 4714418 Th¢s¢ finala1 statements have been pr¢par¢d in with lh¢ pViSiO03 applicable to charitable compani¢s subject to the small compani¢$ regime. The fjnaDcial statements were approved by the Board of ThJstee$ and authorised for issue on.... ... . signed on its behalf by: P R Wiliiarns- Tn D P Wilson- Tn The not¢s forni port otthese financial statemeths Page 10
BORLASE SMART JOHN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES Basis of preparfing the finaneial statements The financial slaternents of the charitable Gompany, which is a public benefit entity under FRS 102, have been prepared in acLordance 7th the Chartties SORP (FRS 102) 'Accounting alld Reporting by Charities.. Siatemcnt of Recommended Practice applicable to rharitie5 preparing their accounLs in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire12nd (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting StandaTd applicable in the UK and Republic of Ireland, and the Companies Act 2006. The flliancial statcmenls have been prepared under the historical cost convention. Income All income is recognised in the Siatement of Financial Activities once the chaTity has cntitlement to the fvnds. it is probable that thc incorne will be received and the amount can be measured rcliably. Expenditure Liabilities are recognised as expenditure as soon as thcre is a legal or conStctive obligation Committing the charity to that cxpenditure, it is probablc that a transfer of economic benefits will be requircd in $¢ttlcment and the amount of the obligation Can be measured reliably. Expenditure is ac¢ouni¢d for on an accruals basis and has been Classified under headings that aggregate all cost related lo the category. Where Costs cannot be directly attributed lo particular heading5 they have been allocated to activities on a basi5 consistent with the use of resources. Tanglble fixed assets Depreciation is provided to write off the cost less residual value of tangible fixed assets by equal annual instalments over their estimated useful lives as follows: Plant and machinery Computer equipment 3 years 3 years The tsuste¢s have confirnied that ihe residual value of freehold buildings is at least equal to cost, and therefore no depreciation charge is required in the accounts. Artwork is not depreciated. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance foi obsolete and slow moving items. Taxation The charity is exempt from Corporation tsx on its charitablc activities. Fund accounting Unrestrictcd fiJnd5 can be used in accordance with the clmritable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restiictions arise when specified by the donor or when fimds are raised for particulaT r¢strÈ¢ted purposes. Constitutffion The Company was incorpornted as a con]pany lin]ited by guarante¢ and not having a share ¢apital. tn the event of the company bcing wound up, registered membeTS are liable to contribute a sum nol exceeding £10 per mernbeT towards the debts al liabilities of the company and the costs and exp¢nses of winding up. At 31 March 2024 there wete I I members {2023- 10). Donatlons Voluntary income received by way of donations to the charity is included in the statsment of financial activities when ceivable. Pagell Cotstinued...
BORLASE SMART JOHN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - contiDued FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES - continued Con8tltutlon Investment income Investment income is recognised on a receivable basis. Grants reeelvable and expenditure Capital based grants are credited io restrictcd incoming resources when receivable. Deprecialion on the [cd assets purchased with such grdnts is charged against the restricted fund. These grants are repayable under certain ciwumstances. DONATIONS AND LEGACIES 2024 2023 Donations Grants Contributions for studio residency services 8,174 93,160 2,334 20,107 175,441 22.441 Grants receive included in the above. are as follows: 2024 2023 Cornwall Council 93.160 OTHER TRADING ACTivrrtES 2024 2023 Genernl fundraising 3,620 Page 12 continu¢d...
BORLASE SMART JOIIN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- ¢ondnued FOR THE YEAR EIYDED 31ST MARCH 2024 INVESTMENT INCOME 2024 2023 Deposit account interest 13,349 6,666 AUDITORS, REMUNEIL4TJON 2024 2023 Fees payable to the chaTity's auditors for the audit of the charitys financial statements 7,050 TRUSTEES, REMUNERATION AND BENEFITS There were no Irust¢es' remunerdtion or other benefits frir the yur ended 31st March 2024 nor for the year ended 31st March 2023. Trustees, expenses 2024 2023 Trustees, expenses 139 131 STAFF COSTS The average Monthly number of employees during the year was as follows: 2024 2023 Administration No employees received emoluments in excess of £60.000. COMPAILITIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fimds RestricTrd nds Totsl funds as rcstated INCOME AND ENI)OWMENTS FROM Donations and legacies 2,184 20.257 22,441 Charitable activities Rental income 107,975 107,975 Other trading activities Investment income 3,520 6,666 100 3,620 6,666 Tolal 120.345 20,357 140,702 EXPENDITURE ON Raising funds 1,340 1,340 Page 13 continued...
BORLASE SMART JOHN WELLS TRUST LTD OTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontlnued Unrcstricted Restricfrd funds fimds Tolal rund5 as restated CharitAble activities Charitable activities 24,559 119,068 Total 24,559 120408 NET INCOMEI(EXPENDITURE) Transfers between fuDd5 24,496 (4.269 {4.202) 4.269 20,294 Net movement in funds 20.227 67 20,294 RECONCILIATION OF FUNDS Total fiinds brought forward 269,244 4,424.880 4,694,124 TOTAL FUNDS CARRIED FORWARD 289,471 4,424,947 4 714,418 PRIOR YEAR ADJUSTMENT FOllong the preparation and fmalisation of the 2023 charity aOUnts it was l)ought to the Trnstee'8 attention that a creditor in the sum of £8,492 was incoTrectly provided for against residency programme expen$ inside the Freelands restricted fund. In accordance with FRS102 paragraph 10.21 and 10.23 this error has been corrected in the 2024 accounts and a prior year adjustrncnt included and disclosed within these accounts. io. TANGIBLE FLYED ASSETS Plant and machinery Computer equipment Artwork Totals COST Ai 1st April 2023 and 31 st March 2024 24,210 2.578 DEPRECIATION At 1st April 2023 and 3 1st March 2024 24.210 26.788 NET BOOK VALUE At 3 1st March 2024 46,755 46,755 At 3 1st March 2023 46.755 46,755 Page 14 continued...
BORLASE SMART JOHN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST MARCH 2024 li. HERiTAGE ASSETS Totsl At I st April 2023 Additions 4,165,263 At 31st March 2024 4.250 936 NET BOOK VALUE At 3 1st March 2024 4,250,936 At 3 1st March 2023 4,165,263 Heritsge Asset cost comprises £6,000 cost and £3,551,851 enhancetnent cost of Porthmeor Studios, £215,723 enhancement costs of Trewarveneth and £477,362 enhanccmcnt costs of AnchoT Studios. No ¢ost is shown for the origiMI value of Trewarveneth aud Auchor studio4 or 5 Bowling Green Terrace and Seal Cotlage, Back Road West when first gifted to the Trust. Depret1211on 2nd impairmenl No depTeciation has been provided for the Heritage Assets as their useful economic life is deemed to be indefinite. The Heritage Assets are reviewed annually at the reporting date for impairment. Legal chgdrges There are CurtlY legal charges held over the following Heritage Assets: - Portbmeor Studios has legal charges held over it by Arts Council England and the National Memorial Heritsg¢ Fun(L - Anchor Sthdios has a legal charge held over it by tbe National Metnorial Heritage Fund. 12. STOCKS 2024 2023 Stocks 10,052 10,052 13. DEBTOILS: AMouNfs FALLING DI]E WITHIN ONE 2024 2023 VAT Debtors and prepayments 2.622 18,565 13,525 21,187 13,525 Page 15 Continued...
BORLASE SMART JOHN WELLS TRUST LTD OTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST MARCH 2024 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 as restated VAT Creditors and accruals 6,256 3,180 13.622 15. MOVEMENT IN FUNDS Net movement in funds TransfeT5 between funds At 3113124 At 114123 Unrestrlcted funds General fvnd Building Maintenance ReSee Fund 158,471 131,000 (791) (2,000) 2,000 155,680 133,0¢ 289,471 Restricted fund5 Portlllncor Anchor Trewarveneth Artists, Residency Programme Frcelands Residencies (791) 288,680 3.776.539 480,521 130.596 28,799 8,492 3.776.539 480,021 216.256 28,463 34,555 (500) 85,660 (336) 26,063 4,424.947 110,887 4,535.834 TOTAL FUNDS 4,714,418 110096 4,824 514 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in fimds Unrestricted funds Generdl fund 149,947 (150,738) (791) Restrleted funds Anchor Tr¢warveneth Artists, Residency Programme Freelands Residen¢ies (500) (500) 85,660 (336) 26.063 85,660 14,556 60.107 (14,892) 49.436 110,887 TOTAL FUNDS 310,270 200,174) 110,096 Page 16 coniinued...
BORLASE SMART JOHN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - contAnued FOR THE YEAR ENDED 31ST MARCH 2024 15. MOVEMENf IN FUNDS - continued Comparatives for movement in funds Net movement in funds TransfeTS between nds At 3113123 At 114122 Unrestricted funds General Thd Building Maintenance Reserve Fund 153.244 116,0(Kl 24,496 (19,269) 15.000 158,471 131,000 269,244 24.496 (4,269) 289.471 R¢strl¢tsd funds PorthMr Anchor Trewarveneth Artists, Re.%idency Progrdmme Frttlands Residencies 3,776,539 487,511 126,327 34,503 3,776,539 480.521 130,596 28,799 8.492 (6,990) 4,269 (5.704) 8,492 4,424,880 4,202 4.269 4 424,947 TOTAL FUNDS 4,694,124 4.714418 Comparative net movement in funds, included in the above are as follows: Incoming resourccs Resource5 expended Movement in ftwds Unrestricted funds Gcncrdl fund 120,345 (95.849) 24,496 Restrl¢ted lunds Anchor Artist5, Residency Programme Freelands Residen¢ies (6,990) (5,954) 11.615 (6,990) (5,704) 8.492 250 20,107 20.357 24,559 4.202 TOTAL FUNDS 140,702 120 408) Page 17 continued...
BORLASE SMART JOHN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST MARCH 2024 15. MOVEMENT IN FUNDS - continued A cuttent year 12 months and prior year12 months combined position is as follows: Net movement in funds Transfers between funds At 3113124 At 114122 Unrestricted funds General fimd Building Mainlenance Reserve Fund 153,244 116,000 23,705 (21,269) 17,000 155,680 269,244 23.705 (4,269) 288,680 Re$trieted funds Porthmeor Anchor Trcwarveneth Artists. Residency Programme Freelands Residencies 3,776,539 487,511 126.327 34,503 3,776.539 480,021 216.256 28,463 34,555 (7,490) 85.660 (6,040) 34.555 4,269 4,424,880 106 685 4,269 4,535.834 TOTAL FUM)S 4 694 124 130.390 4,824,514 A Current year 12 months and prioT year 12 months Combin net movement in fiinds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 270,292 (246,5871 23.705 R¢strl¢ted funds Anchor Trewarveneth Artists, Residency Programme Freelands Residencies (7,490) (7,490) 85,660 {6,040) 34,555 85,660 14,806 (20,846) 45,659) 180,680 73.995 106,685 TOTAL FUNDS 450 972 320.582 130 390 - The Porthmeor restri¢ted fund relates lo fund% raised to renovate Porthmeor Studios. - The Anchor restricted fimd relates to fjjnds raised to renovate Anchor Sthdios. - The Trewarveneth r¢stri¢ted fund relates to fimds raised to renovale Trewaryeneth Studios. - The Artists, Residency Programme restricted fund relates to a 3 year residency programme for emerging and estsblisbed artists. - The Freelands Residencies restricted fund relates to support provided by FreelaniLs for artAst$ Tesidencies at Porthmeor Studios. The Building Maintenance Reserve unrestricted fjjnd relates to funds reserved to Cover maintenance costs and long temi roof work. Page 18 continued...
BORLASE SMART JOHN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- ¢onilnued FOR THE YEAR ENDED 31ST MARCH 2024 16. CONTINGENT LIABILITIES The charity has received grant funding in the Current and prior years. These grants could become repayable under certain circumstance5 if the objectives of the thnding are not met. 17. RELATED PARTY DISCLOSURES Th¢re were no related paty transactions foi the year ended 3 1st March 2024. Page 19
BORLASE SMART JOHN WELLS TRUST LTD DETAILED STATEMENT OF FINANCIAL ACTIvllES FOR TIIE YEAR ENDED 31ST MARCH 2024 2024 2023 as restated INCOME AND ENDOWMEI¥TS DoDadons and legacles Donation5 Grant5 Contributions for studio residency servi¢e8 8,174 93,160 74.107 2,334 20,107 175,441 22,441 Other trading activities Gcncrnl fundraising 4,958 3,620 Investment inco]ne Deposit account interest 13.349 6.666 Charitable activities Rental income 107.975 Total incoming resources 310,270 140.702 EXPENDITURE Raft$lng donations fdnd legaeles Fundraising costs 2,366 1,340 Charftsble activities Trustees, expenses Wages Rates and water Insurance Light and heat Telephone Repairs and n]aintenance Legal and professional fccs Bank charges Website costs Residency progrdmme expenses Anchor studio expenses 139 62,751 1,721 13,097 8,498 1,546 45,664 76 236 1,698 48.876 131 1,607 10,832 7,374 1,151 21,807 186 2,235 17,564 6,990 184,302 111,308 Support Costs Governance costs Audit fee Carried fonvard 7,050 7.050 This page does not fonn part of the statutory fmancial statements Page 20
BORLASE SMART JOHN WELLS TRUST LTD DETAILED STATEMENT OF FINANCIAL ACTtVlTIES FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 as restated Govern2n¢e eosts Brought torward Acci)unlancy fees Professional fees Athninistration ¢osts 7.050 2,000 2,020 1,650 4.456 13,506 Total resources expended 200,174 120408 Net Intome 110096 20,294