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 pU￿oSe of increasing public knowledge and appreciation of the said
arts."
The Tn￿￿S 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 n￿llage8 three artists, studios in Cornwall: Portlnneor Studios in St Ives, and T￿warVeneth 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 n￿ill 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 I￿en developing over the past few years with partner organisations, and
building these relationships has played a ctucial part in the Tn￿t'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 T￿￿t. 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 fi￿ber 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 a￿anged 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 rC￿cW 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 T￿￿1 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 s￿d10s 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 t￿Slee of the Trust, and then requested a uniting direction that links the
T￿st 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 T￿SteeS 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 T￿stee
Miss R D Shanks Trustee
Miss T P Penny Tn￿tee (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
AZzU￿1 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 T￿SteeS 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 fina￿111 statements for each financial year which give a t￿e arbj fair view of the
Ststr of affaTrs of the chwitsble company and of the incoming ￿Ou￿$ and application of re￿urCeS I￿RUding the income and
expmditEw4 of the charitable cornpany for that I)eTi￿ In preparing those fina￿]81 ststements, the truste¢$ are required to
str1￿t 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 th￿t￿ble compony and hence for taking reasonable steps for
the prevention and d¢tection of fraud and other irre8ulariti¢s.
there is no relevant audit infOrn￿tiOn of which th¢ tharilabk Company's auditors are unaware; and
the tn￿eS have taken st¢ps that they ought to have taken to make themselves &war¢ of any rElevant audit Inforn￿t￿ 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
a￿Ordance 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 tn￿tees, 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 n￿terial 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 n￿terial 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 r￿Ort 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 cU￿ent 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 fi￿d5
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¢ fina￿la1 statements have been pr¢par¢d in with lh¢ p￿ViSiO03 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 conSt￿ctive 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
FOllo￿ng the preparation and fmalisation of the 2023 charity a￿OUnts 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 Cur￿￿tlY 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 ReSe￿e 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
PorthM￿r
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 ACTIv￿llES
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