REGISTERED COMPANY NUMBER: 05400279 (England and Wales) RECISTERED CHARITY NUMBER: 1118840 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR BORLASE SMART JOHN WEUS TRUST LTD BK Plus Audit Limit Walsall Road Aldridge Walsall W¢st Midlands WS9 ORB
BORLASE SMART JOHN WELLS TRUST LTD coNTE[S OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trnstees I to 6 Report of the Independent Auditors 7 to 9 ststement of Financial Aetivities io ststement of Finaneial PositioD 11 to 12 Notes to the Finaneial Statements 13 to 21 Detailed Ststrment of Financial Adivitic 22 to 23
BORLASE SMART JOHN WELIS TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also directors of the Charity for the purposes of the Cornpanies Act 2(X)6, present their re)rt with the financial statsments of the charity for the year ended 31 March 2025. Th¢ trustees have adopted the provisions of Accounting and RetK)rting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OWECTIVES AIYD ACTIVITIES Objectives and aims The charitable objectives of the Trust are: "To promote art in St Ives and the district of Penwith for the PUTpose of inueasing public knowledge and appreciation of the said arts." The Trust's Mission is.. To provide high quality, affordable studio space for artists Working within the unique cultural context of Cornwall. The Trust's Aims and Objectives are: To support aspirational and innovativ¢ professiona] artlsts at all stages of their careers by: - Providing high quality and affordable studio space& following clear cut selection criteria and supporting equality of access. - Working with partners to offer a variety of support services and opportUDities to artists. - Providing a range of tenures that supwrt emerging and established artis and offer opportunities for visiting artists from outside Cornwall. To support public understanding and appreciation of conterntry art and the heritage of our buildings 8nd their settings - Encourdging our tenants to parti¢ipats in open studios. - Offering a programme of talks, Sdi0 tours and exhibitions. - Working with all our tenants including th¢ fishing community and St Ives School of Painting. and key partners including Tat¢ St Ives, St Ives knhivc, St Ives Museum and Newtyn Art Gallery and The Exchange. To manage the Trust effectively and etTiciently by: - Ensuring financial prudence and sustainability. - Conducting our affairs with integrity and transparency. - Safeguarding and maintaining the buildings under our ownernhip. The Trust owns and manages thr¢¢ artists, studios in Cornwall: Portbmeor Studios in St Ives, and Trewarveneth and Anchor Studios in Newlyn. These provid¢ a total of 22 studio sparxs for artists, two studios for the St Ives School of Painting to deliver a range of arts ¢ourse& and two studios hav¢ b) retsined by the Tn for its education and community progrdmme. Public benefit We review our aims, objertives and activities at least once a year to &8sess what we have achieved in th¢ Previous 12 months. We refer to the guidance contained in the Charity Commission's general guida¢ on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees consider how p1alln activities will contribute to the aims and objectives they have seL Page I
BORLASE SMART JOHN WELIS TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AIW PERFORMANCE The Tnjst's two principal aims are to support &spirational and innovative pmfessional artists at stages of their career4 and to support public understanding and appreciation of contemporary arL tn order to realise these objectives, the Trust must also meet its third aim of fmancial sustainability and maintaining its studios. The Trust is lightly staffed and receives no revenue fundin& and to help meet these ambitions a key strategy has been to build partherships with other organisations. These links start with the Board whose members represent many other cultural organisations in West Cornwall, but also include funding organisations which have ¢nabled the Trust both to renovate its thre¢ studio buildings and to support projects dirertly benefming artisLs and audiences. Most of the Trusvs artist tenants occupy their studios on long le&ses. which provides the security to allow them time and space to develop their prdctices, and the tLunover in these studios is very low. However, the Trnst also allocates four studios, two at Porthmeor and two in Newlyn, for short lets of one to six months. These short let studios have hosted a wide range of artists from Fine Art students to Turner Prize winners. both self-fimded and on residen¢ie4 and based locally, nationally and internationally. These help to ensure that the benefit of the funding used to renovats the studios is far reaching, with the four short let studios hosting almost 300 artists over the past 12 years. The Trust's residency programme plays a key role in delivering its core aims. Its principal parthers 8re the Freelands Foundation and th¢ Wilhelrnina Barns-Graham TrusL and the success of the pmgramme h&s beeTJ demonstrated by both partners recently renewing their funding for a further three years. This year the Freelands Foundation provided one month residency opportuntties for six winners of the Freelands Painting PrÉze: Kirsty BelL Rosie Tuff, Holly Smith, Charlotte Guerdrd, Eddie Jones and R¢becca Foster Clarke. and the Will]elmina Barns-Gral)am Tntst supported a three month residency for emerging artist Rae-yen Song. Another key partner has been the The Portbrneor Fund. which this year supported a thr¢e month residency in Anchor Studio by installation artist Mike Nelson RA, twice nominated for the Turner Prize. Both Tate St Ives and Falmouth Universty a]50 use studios at Porthmeor for hosting their own residencies. SAHA have supported Tate residencies at Porthmeor since 2022 as part of their progrdmme for supporting conternporary art from Turkey, and Cansu Cakar was the artist invited to Pthcipate for their collalK)ration in 2024. resulting in her miniaturist-inspir¢d painting installation show in October. Following the success of this programme, SAHA have extended their support to 2025 when Ahmet Dogu ipek will be in residence. The partnership with Falmouth University is especially important by helping to inspire the next generation of artists. and this year 20 Fine Art Sdents were provided with the opporttmity of working in a professional studio Complex. A cons¢quential benefit of the residency and short-let tenancy progrdmme is that the Tt is receiving wid¢spr¢ad publicity through social media from the positive experiences that artists have had at its studios. This leads to studio enquiries from all over the world, but also approaches from other organisations wishing to host residencies. This year Studio Voltaire supported Jake Grewal's residency to make WO before his first institutional exhil)ition in London, and The Arts Family have Tanged a one month residency in 2025 for a TAF Arts Prize Winner, which is open to emerging artists of South Asian heritage. The Trusvs public programme includes studio visits and talks with studio artists, and a tslks and events programme which is mainly held during the St Ives September Festival. More direct tuition is delivered by the St Ives School of Painting who have been b&sed at Porthmeor Studios since 1938 and are therefore the Truses longest established partner. They offer a rdnge of courses for young people and adults which are all delivered by prnfessional artists. Many of the artists in the short let studios hold an open studio before they leave, and these often include a tslk. Highlights of the year have included Rae-yen Song in conversation with Harriet Cooper. Director of The Burton at Bidefor(L Mike Nelson's talk at Anchor Studio, Emma Fineman in-conversation with Saskia Flower, Assistant Curator at Tate Britain, and short films mad¢ with some of the Fre¢lands Residency artists. Artists in the long let studios are encouraged to take part in Open Studios during the September FestivaL and most ofthem host the ocl0nal groups tours of the studios. Page 2
BORLASE SMART JOHN WELLS TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The talks programme f¢alud Hettie JudalL author of 'Acts of Creation: On Art and Motherhood, and Cornish photographer Fran Rows¢ on her proj¢ct Trlaids, exploring the Cornish Culual identity of women and girls, and both these talks were supported by the Portlllneor Fund. The two week St Ives Septemkr Festival Includ talks. films, perfonnances and studio tours, many fOsed on the culturc and heritag¢ of West Cornwall. and The Young Fishernien's Network anged a training and social event to coincid¢ with the festival which attracted young fishernien from all over Comwa]l. There has also been notable media coverage this year. Fiona McKenzi¢ interviewed residency artist Noorain Inam for House and Garden in their 'Artists in their Studios, series, Victoria Woodcock included Abigail Reynolds, Ro Roberts Phil Medley, Rae-yen Song and Ernn Fineman in her article 'St Ives and ContemFN)rdry Arts, for the Financial Times. and Phil Medl¢y featured in Rose¢rans Baldwin's article in New York's Travel + Leisure magazine. The Trust has completed two buildings projects ovff th¢ past ycar. The first wa5 the creation of additional storage and workspac¢ at Porthmeor for a young fishernmn, and this was supported through the St Ives Town Deal fund. The s¢cond project involved the repair and r¢novation of a rdng¢ of SeMiere11¢t outbuildings at Trewarvendh Studio to fomi three artist's studios and an aesSIble WC. Trewarven¢th lies in the Newlyn Conservation arca and is adjacent to the Grade II* Anchor Studio, and the architect's apprh was to treat this project as if it were a listoj building with cons¢quent care and attention to detail. The project was rnostIy funded by Cornwall Council througb the Shared Prosperity Flln and the completed building was opened on 7th February 2025 by the leader of Cornwall Council, Cllr Linda Taylor, and Denise Mitchell, daugbter of the sculptor Denis Mitd)ell. It has been widely pra by users and neighbour4 and commended in the RIBA JournalNelux Awards and shortlisted for an award by the Cornish Buildings Group. FINANCIAL REVIEW Investment policy and objectives The trustees regularty review the cash held by the charity and whilst maintaining access to funds for Oprational puryx)ses, it places any surplus llds in an iDterest-bearing deposkt acUnt when appropriate. Reserves policy The trustees have identified an adequate level of reserves for the Tnl which will include sufficient working capital to maintain operdtions in the event of a sudden and unexpectal loss of income, and to build a sinking fund to cover the tllre maintenance requirernents of its buildings. The TnLSVs Income. ExpditUre and Reserves Policy is on its website. Going eoncern The trustees consider that there are no material uncvtainties about the ability to Continue as a going concern. There are no material uncertainties affecting the current year's accots. Flnanei81 review Overall income and expenditLwe for its core activities were close to budgeL and the Tn made a modest surplus over the year. The Trust used part of its reserves to match fund the creation of its new studios at TrewarvenedL but in futUT¢ will continue to rebuild its reserves to place it on a sustainable and secure financial fLX)ting. FUTURE PLANS The Trust has no major plans for the coming year. It h&s undergone a period of significant changes over the past few years and will take this opportLmity to consolidat¢ and adapt to its new responsibilities. Page 3
BORLASE SMART JOHN WELLS TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE. GOVERNANCE AND MAIYAGEMENT Governing doeument The Borlas¢ Smart-John Wells Trust was establish¢d as the Borl&se Smart Memorial Fund in a TDJst Deed dated 7th March 1949, as vari¢d by Schemes of thc 9th February 1972. 29th December 1995 and 15th December 2005, and amended by a scheme of 4th January 2008. It is registered as a charity with the Charity Commission. The Trust is incorporate4 and the governing document is the Memorandum and Articles incorporated 26 June 2006 as amended by Sp¢¢ial Resolution 23 March 21)07. The Borlase Smart John Wells Trust Limited (Company No. 05400279) was entered onto the central register of charities on 17th April 2007. and assets and liabilities transftrred from the Tn to thc limited company. Porthmeor sdI0$ could not be transferred since it is a PeTmanent endowmenL so Trustees applicd to the Charity Commission to mak¢ a scheme that appointed the limited company the sole trustee of the TrnsL and then requested a uniting direction that links the Trust with the limit¢d company. This was cornpleted on 18th January 2008. and the Borl&se Smart-John Wells Tnt was removed from the register of charitie5. Reeruitment and appointment of new trnstees As set out in the Trust Dee¢ the Tnt was founded wtth thre¢ managing tntstees. Two of these managing trustees were the Art Director of the Arts Council of Great Britaiffj and the Director of the Tate Gallery. These were appointed trustees by virtue of their respective otTices. and are referr to as ex officio trustees. The manawg trustees were given authority in the Trust Deed to appoint further trus*es. When the limited wmpany was set UP) all existing TnL8tC¢s became directors. When ltIng tnths, consideration is given to any specialist skills that the Board ¢onsidcrs necessary. Organisational structure The Tst is a(hninistered by a board of tntee5. which currently eleven members. The board meets four times a year, and there are committees covering different areas of the TnS activities. A manager is appointed by the trustees to manage its day to day operations Induetlon and training of new trustees Trustees are encouraged to attend appropriate external training eVts wh¢re these will help them undertake their role. Related parties The Trust has a close relationship with Arts Council England and the Tats as defffl in its governing docurnenL and its trustees provide fiwther links with Tate St Ives, Newlyn Art Gallery and The Exchange and Falmouth University. The Trust maintains close links with the St Ives School of Painting, one of its tenants at Porthmeor Studios. and it works with several other organisations including The Freelands Foundatio The Wilhelmina Barns-Graham TE Kmwji, CAST, Leach Pottery, St Ives Archive and St Ives Museum. REFERENCE AND ADMINISTRATIVE DETAllS Register¢d Company nllmbcr 05400279 (England and Wales) Registered Ch8rity number 1118840 Registered offlce Porthmeor Studios Back Road West St Ives Cornwall TR26 ING Page 4
BORLASE SMART JOHN WELLS TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Trustees P R Williams Trustee Ms J Val Baker Trnstee J Green Trustee D P Wilson Trustee R ToHmdrow Trustee M J Bird Trnst¢e Mrs K T Bridgewater Twst¢¢ Miss A C Care Tntee J K Lees Trustee Miss R D Shanks Trustee Miss T P Penny Trustee Mrs J E Sutherland Tnts (appointed 2711r2025) Tate Observer Ms A Barlow Company Seeretary D P Wilson ststutory Auditor Keval Dattani ACA Auditors BK Plus Audit Limited AZzl House Walsall Road Aldridgc Walsall West Midlands WS9 ORB Bgnkers HSBC 5 High Street St Ives Cornwall TR26 1 RX Solieitors Borlase & Company 45 Coinagehall Street Helston TR13 8EU Chlef Executive l Mana¥er Chris Hibbert Page 5
BORLASE SMART JOHN WELiS TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STATEMEIYT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Borlase Smart John Wells Trust Ltd for the puryK)S of company law) are responsible for preparing the Report of the Tntee5 and the fmancial statements in accordance with applicable law 8nd United Kingdom Accounting Standards (United Kingdom Generally Acccpted Accounting PractirK). Company law requires the trustees to prepare fmancial staternents for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of r¢sources, including the income and expenditur¢, of the charitable company for that period. In preparing those financial statements. the trustees are r¢quircd to select suitable accounting polici¢s and then apply them consist¢ntly' observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and pruden¢ prepare the financial statements on th¢ going concern basis unless it is inapprwiate to presume that the charitable company will continue in business. The teeS are responsible for keeping proper accounting rerdS which disclose with reasonable accuracy at any time the financial position of th¢ charitable company and to ¢nable them to ensure that th¢ fmancial statements comply with thc Companies Act 2006. They also r¢sponsible for safeguarding th¢ assets of the charitabl¢ company and hence for taking reasonable steps for the prevention and detection of fraud and other ]egUlaritIeS. In so far as the trustees are aware: there is no relevant audit InforntIon of which the charitable company's auditors are unaware. and th¢ twstees have taken all st¢ps that they ought to have taken to make themselves aware of any relevant audit infonnation and to establish that the auditors are aware of that infornlation. 10 zoif Approved by order of the board of trustees on ............. ........ ..................... and signedon its behalf by: PR Wil s- Trustee Page 6
REPORT OF THE INDEPEIYDENT AUDITORS TO THE MEMBERS OF BORLASE SMART JOHN WELLS TRUST LTD Opinion We have audited the financial statements of Borlase Smart John Wells Tnt Limited (the 'charity') for the year ended 31 March 2025 which comprise th¢ statement of financial activiti4 the bakncc sheeL the ststement of cash flows and notcs to the financial statements, including significant accounting liCIes. The fmancial reporting frdmework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK andRepublic oflreland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources. including its incorne and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generdlly Accepted Accounting Practice. and have been prepared in accordance with th¢ requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) USAS (UK)) and applicable law. Our responsibilities und¢r those standards ar¢ further described in the Auditor s rupofftyibillti for ihe audil of the financial statements section of our r¢porL We are Indendt of the charity in accordance with the ethical requirem¢nt5 that are relevant to our audit of the fllmncial statements in the UK including th¢ FRC'S Ethical sLdar{L and we have fulfilled our other ethical r¢sponsibilities in accordan¢¢ with these requirements. W¢ believe that the audit ¢vid¢nce we have obtained is sutricient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial Staternen we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the fmancial statements is appropriate. Based on the WO w¢ hav¢ perfOrn]e we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue &5 a going concern for a period of at least twelve months from when the financial statem¢nts are authorised for issu¢. Our responsibilities and the responsTrJ )ilities of the trllst with respect to going conc¢rn are described in the relevant sections of this report. Other information The other inforn]ation comprises the inforniation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infotmation contained within the annual report. Our opinion on the fmancial statements does not cover the other infonnation and we do not express any forni of assurance conclusion thereon. Our responsibility is to read the other infornMtion an4 in doing so, consid¢r whether the other infonnation is materially inconsistent with the financial statem¢nts or our knowledge obtained in the course of the audiL or otherwise appears to be materially misstated. If we identify such mat¢rial inconsistencies or appar¢nt material misstatements, we are required to detennine whether this gives rise to a material misstatement in the f]nancial statements themselves. If, based on th¢ work we have wfornie¢ we conclude that there is a material missta*ment of this other inforniation, we are required to report that facL We have nothing to rew)rt in this regard. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BORLASE SMART JOHN WELIS TRUST LTD Matters on whieh we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Clwities (Accounts and Rets) Regulations 2008 requires us to port to you if, in our opinion: the infornjation given in th¢ fmancial statements is inconsistent in any material respect with the tsStees' report. or sufficient accounting records have not been kept. or the fmancial statements are not in agreement with the accounting records. or we have not received all the inforniation and explanations we require for our audiL Responsibilities of trnstees As explained more filY in the sL*ement of trustees, responsibilities, the ttiistee4 who are also the directors of the charity for the purpose of company law, are responsiTr)le for the preparation of the financial statsments and for being satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is nerxssary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or em)r. In preparing the fancial statements, the trustees are responsible for &ssessing the charity's ability to continue a going concern, disclostng, as applicable, matters related to going concern and using the going concern basis of accounting unle&8 the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative to do so. Auditor's responsibilities for the audit of the fmaneial statements We have been appointed as auditor under se¢tion 144 of the Charities Ad 2011 and report in CordanCe with the Act and relevant regulations rnade or having effect thereunder. Our objectives are to obtain re&wnable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable &ssurdnce is a high level of assurance but is not a gllarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could re&sonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irr¢gularities, including fraud are instances of non-compliance with laws and regulations. We desi procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our pr(ttdures aT¢ capable of detectlng irregularities, including frau(L 15 detailed below. Fmm the preliminary stage of the audiL we ensure our undeT5tanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environmenty and their compliance with the applicable legal and regulatory framewoTks. Thi5 inforniation supports our risk identifitiOn and the subsequent design of audit procedures to mitigate those risks. enswing that the audit evidenc¢ obtained is sufficient and appropriate to support our opinion. In response to the risks identifi¢4 specific to this entity, w¢ dcsigned procedures which Include but were not limit¢d to: .Enquiry of managem¢nt and those charged with governance around actual and ]x)t¢ntial litigation and claims. .Revi¢wing minutes of meetings of those ¢ged with governanc4 if available" .Reviewing fjnancial stat¢rn¢nt disclosures and testing to Sup1]ng documentstion to a55 compliance with applicable laws and regulations. .Auditing the risk of management override of controls, including thmugh testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transartions outside the nornial course of busincss. A further description of our responsibilities is available on the Financial Reporting Council's website at: hXS11 V.f1'C.0rO.uKlauditorsreS nsibilities. This description fornis part of our auditovs reporL Page 8
REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF BORLASE SMART JOHN WELIS TRUST LTD Use of our report This report is made solely to the charity's tsILgte¢s, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purwse. To the lIest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trusteès as a body, for our audit worL for this repo¢ or for the opinions we have fornied. Keval Dattani ACA (Statutory Auditor) for and on behalf of BK Plus Audit Limited A72urri House Walsall Road Aldridge Walsall West Midlands WS9 ORB Page 9
BORLASE SMART JOHN WELIS TRUST LTD STATEMENf OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 2025 Total fimds 2024 Unrestricted Restricted funds funds fun&8 Notes INCOME AND ENDOWMENfs FROM Donations and legacies 1207 251,689 252,896 175.440 Charitable activitles Rental income Charitabl¢ activities 126.670 5.478 126,670 5.478 116,329 193 Other t11ng activities Investment income 3,957 14.687 3,957 4,958 Total 251689 310270 EXPENDITURE OF4 Raising fimds 3.002 3.002 2,366 Charitable activities Charitable activities 134 485 180490 197 808 Total 137 487 46,005 183 492 200 174 NET INCOME Trnnsfers between funds 14.512 4,710.586 205,684 471058 220.196 110,096 14 Net movement in funds 4.725,098 (4.504.902) 220,196 110,096 RECONCILIATION OF FUNDS Total fimds brought forward 288.680 4,535,834 4.824,514 4,714,418 TOTAL FUM)S CARRIED FORWARD 5 013 778 30.932 4.824 514 The notes fonn part of these financial statements Page 10
BORLASE SMART JOHN WELLS TRUST LTD STATEMENf OF FINANCIAL POSITION 31 MARCH 2025 2025 Total funds 2024 Total fimds Unrestricted Restricted fimds funds FIXED ASSETS Tangible assets Heritage assets 46,755 4.606,1(X) 46,755 4,606,100 46,755 50,936 10 4.652,855 4,652.855 4,297,691 CURREI¥T ASSETS Stocks Debtors C&8h at bank and in hand 10,052 61,878 10,052 68.076 327.983 10.052 21,187 509 206 12 6,198 370,984 35,127 406.111 540,445 CREDfTORS Amounts falling due within one year 13 (10,060) (4.196) (14256) (13,622) NET cuRREr A&SETS 360,924 391,855 526,823 TOTAL ASSETS LESS CURRENT LIABILITIES 5,013,779 30,931 5,044,710 4,824,514 NET ASSETS 5.013 779 4.824 514 FUNDS Unrestricted fun(Ls Restricted funds 14 5,013,779 288,680 4 535,834 TOTAL FUNDS 4 824 514 The notes forn] part of these financial stat¢m¢nts Pagell Continued..
BORLASE SMART JOHN WELLS TRUST LTD STATEMENT OF FINANCIAL POSITION- eontiiued 31 MARCH 2025 These financial statements have been prepared in acconlance with the pn)visions applicable to d)arAtable companies subject to the small companies regime. 2•lial trLr The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: P R Williams - Trustee D P Wilson - Trnstee The notes form part of these financial statements Page 12
BORLASE SMART JOHN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S ACCOUNfiNG POLICIES Basis of preparing the financial ststements The fmancial statements of the charitable company. which is a public benefft entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applithle to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102) (effective l January 2019)., Financial Reportlng Standard 102 'Th¢ Financia] Reporting Standard applicable in the UK and Republic of Ir¢land' and the Compani¢s Act 2006. The financial staternents have been prq)aTed under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are r¢cognised as expenditure soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditu is accounted for on an aCCnlS b&8is and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to partiwlar headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided to write off the cost less residual value of tan1¢ fixed assets by equal aEmual insta]ments over their ¢stimated use1 lives as follows: Plant and machinery Computer equipment 3 years 3 years The trustees have confirn]ed that the residual value of freehold buildings is at le&8t equal to cosL and therefore no depreciation charge is required in the accounts. Artwork is not depreciafr Heritage assets No depreciatAon h&8 been provided for the Heritage Ats &8 their SefUl onoMiC life is deemed to be indefmite. The Heritage A&qets are reviewed annually at the rep)rtAng date for irnpairmenL Stocks Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolets and slow moving items. Taxation The charity is ¢x¢mpt from corporation tax on its clwitable a¢tiviti¢s. Fund accounting Unrestricted funds can be used in accordance with the ¢haritable objectives at the discretion of the tsis. Restricted funds can only be used for partICar restTithd purposes within the objects of the charity. Restrictions arise when specified by th¢ donor or when funds are rnised for particular restricted purposes. Page 13 continued...
BORLASE SMART JOHN WELIS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNfiNG POLICIES - continued Constitution The company was In¢orwrat as a company limited by guarantee and not having a share capital. In the event of the company being wound up? registered members are liable to contribute a sum not exceeding £1 O per memb¢r towards the debts and liabilities of the company and the Costs and expenses of winding up. At 31 March 2025 there were I I members {2024: 11). Donations Voluntary income received by way of donations to the charity is included in the statan¢nt of fllHicial activities when receivable. Investment ineome Investment income is recognised on a receivable basis. Grants receivable and expenditure Capital based grants are credited to restricted incoming resources when rvxivable. Depreciation on the fed assets purch&sed with such grants is charged against the restricted fun These grants are repayable under certain circumthces. DONATIONS AND LEGACIES 2025 2024 Donations Grants Contrl)utions for studio reSidcY services 1,458 251,438 8,173 93,160 252 896 175,440 Grants receive4 includ¢d in the above, are as follows: 2025 2024 Cornwall Council Wilhelmina Barns-Graham Trst 241,938 93,160 251438 93,160 Page 14 continued...
BORLASE SMART JOHN WELIS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 OTHER TRADING ACTIVITIES 2025 2024 General fundraising 4,958 IIYVESTMENT INCOME 2025 2024 Deposit account interest 13.350 AUDITORS. REMUNERATION 2025 2024 F¢cs payablc to the charity¥ auditors for thc audit of Ibe charity's fmancial statements 7.050 TRUSTEES, REMUNERA TION AND BENEFTTS There wer¢ no trus*es' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trnstees, expenses 2025 2024 Trustees, expenses 139 STAFF COSTS The average monthly nurnber of employees during the year &5 follows: 2025 2024 Athninistration No employees receiv¢d ¢moluments in excess of £60.(M)O. Page 15 continued..
BORLASE SMART JOHN WEUS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 MARCH 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL A1VITIEs Unrestrirted Restrict¢d funds funds Total funds INCOME AIYD ENDOWMENfs FROM Donations and legacies 15J19 160.121 175,440 Charitable aetivities Rental income Charitsble activities 116,329 193 116,329 193 Other trading activities Investment income 4,756 202 4,958 Total 160,323 310270 EXPENDITURE ON Raising funds l.866 5(K) 2,366 Charitable aetivitie5 Charitable activities 148 872 197 808 Total 150 738 200 174 NET INCOMEI(EXPENDITURE) (791) 110,887 110,096 RECONCILIATION OF FUNDS Tota] funds brought forward 289.471 4,424,947 4,714.418 TOTAL FUNDS CARRIED FORWARD 288 680 4,535,834 4.824 514 TANGIBLE FIXED ASSETS Plant and machinery Computer equipment Artwo Totals COST At l April 2024 and 31 March 2025 24210 DEPRECIATION At l April 2024 and 31 March 2025 24 2.578 NET BOOK VALUE At 31 March 2025 46.755 At 31 March 2024 46,755 Page 16 continued...
BORLASE SMART JOHN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR EIYDED 31 MARCH 2025 io. HEIUTAGE AETs Total MARKET VALUE At l April 2024 Additions 4.250.936 At 31 March 2025 4,606 100 PIET BOOK VALUE At 31 March 2025 4.606,100 At 31 March 2024 4 250 936 Heritage Asset cost comprises £6,1X)O cost and £3,566,143 enhancement C(kSt of Potheor Studios, £556,595 enhancement costs of Trewarveneth and £477.362 enhancement costs of Anchor studios. No cost is shown for the original value of Trewarveneth and Anchor studio4 or 5 Bowling Green TeTrace and Seal Cottage, Back Road West when fwst gifted to the Trnst. Legal charges There ar¢ tty legal charges held over the following H¢ritage Assets: - Porthm¢or Studios has legal charges held over it by Arts Council England and the National Memorial Heritsge Fund. - Anchor Studios has a legal charge held over it by the National Memorial Heritage Fund. STOCKS 2025 2024 Stocks 10,052 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 VAT Debtors and prepayments 9,563 2,622 18,565 21,187 Page 17 Continue..
BORLASE SMART JOHN WELiS TRUST LTD NOTES TO THE FINANCIAL STATEMENfs - Continued FOR THE YEAR ENDED 31 MARCH 2025 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Creditors and accrnals 4,766 13.622 14. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 3113125 At 114r24 Unrestricted funds General fund Building Maintenance Reserve Fund 155,680 133,0(X) 14,513 4,711.406 820 4,881,599 132,180 288,680 14,513 4,710,586 5,013,779 Restricted funds Porthmeor Anchor Trewarveneth Artists, Residency Progrdmme Freelands Residenci¢s 3.776,539 480,021 216256 28.463 34,555 10.720 (764) 227.814 (9,144) (3,787,259) (479257) (444,070) 19.319 4,535,834 205 683 4.710 586 TOTAL FUNDS 4,824,514 220 196 5 044 710 Net movement in funds, included in the above are as follows: Incoming Resources expended Movement in fun(18 Unrestrlcted funds General fund 151.999 {137.486) 14,513 Restricted funds Porthmeor Anchor Trewarveneth Artists, Residency Programme Freelands Residencies 10.720 10,720 (764) 227,814 (9,144) 22 943) (764) (3.405) (18,893) 22.943) 231219 9.749 251688 46.(K)5 205 683 TOTAL FUNDS 403.688 183 492) Page 18 continued...
BORLASE SMART JOHN WELLS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR ENDED 31 MARCH 2025 14. MOVEMENT IN FUNDS- CODtinued Comparativo for movement in funds Net movement in funds Transfers between funds At 3113124 At 114r23 Unrestricted fllnds General fund Building Maintenance Reserve Fund 158.471 131.IMX) (791) {2,000) 155.680 133,000 289.471 (791) 288,680 Restricted funds Porthme4)r Anchor Trewarveneth Artists, Residency Progrdmrne Freelands Residencies 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) 4 424.947 110.887 4 535 834 TOTAL FUiYDS 4714,418 110.096 4.824 514 Comparative net rnovement in fund4 included in the above are as follows: Incoming Resources Movement resourc¢5 expended in fimits Unrestricted funds Generdl fund 149.947 (150,738) (791) Restricted funds Anchor Trewarveneth Artists, Residency Programme Freelands Residencies (500) {500) 85,660 (336) 26,063 85,660 14,556 (14,892) 160 323 110.887 TOTAL FUNDS 310 200 174) 110,096 Page 19 continued..
BORLASE SMART JOHN WELIS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 14. MOVEMENT IN FUNDS- eontinued A current year 12 months and prior year 12 months combined position is follows: Net movement in funds Transfers At 3113125 At 114r23 funds Unrestrieted funds Genernl fund Building Maintenance Reserye Fund 158,471 131,(KKI 13,722 4.709,4(XS 1,180 4,881,599 132,180 289.471 13,722 4,710,586 5,013.779 Restricted funds Porthmeor Anchor Trewarveneth Artists, Residency Programme Freelands Residencies 3,776,539 480.521 130,596 28.799 10,720 (1264) 313,474 (9.480) 3.120 (3,787,259) (479257) (444.070) 19.319 4 424 947 316 570 4 710,58 30.931 TOTAL FUNDS 4 714,418 330 292 5 044 710 A current y¢ar 12 months and prior year 12 months combined net movement ill fund4 included in the atK)ve are as follows: Incomll Resources expended Movement in funds Unrestricted funds General fund 301.946 (288224) 13,722 Restricted funds Porthmeor Anchor Trewarveneth Artists, Residency Programme Freelands Residen¢ies 10.720 10,720 (1264) 313,474 (9,480) (1,264) (3,405) (33.785) 316,879 24,305 60.108 412,012 316 570 TOTAL FUNDS 713 958 383,666) 330 292 - The Portlllneor restricted fund relat¢s to funds rnised to renovate Portllln¢or Studios. - The Anchor restricted fund relates to funds rnised to renovate Anchor Studios. - The Trewarveneth restricted fund relates to fimds Taised to renovate Trewarveneth Studios. - The Artists. Rcsidency Programme restri¢t¢d fund relates to a residency programm¢ for ernerging and established artists. - The Freelanlts Residencies restricted fvnd relates to suptKJrt pmvided by Freelands for artists residencies at Porthmeor Studios. Page 20 continue&..
BORLASE SMART JOHN WELiS TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 14. MOVEMENT IN FUNDS- continued . The Building Maintenance Reserve unrestricted fimd relates to funth reserved to covtt nmintenance costs and long tern] roof work. Transfers between funds Following the successful completion of the renovation of Porthrneor Studio4 Anchor sd10S and Trewarveneth Studios the trustees have made the decision to Iransfer eath studio out of their respective restricted funds as the tenns of their restriction have now been satisfied. The trustees confirni that the studios are held for th¢ general purpose of the charity's charitable objectives. This treatment is consistent with paragraph 2.26 of the Charities SORP that states a transfer may be made to transfer the value of tangible fixed assets from restricted to unrestricted funds when the asset has been purchased from restricted fid donation but is held for a general and not a restricted purpose. 15. COIYTINGENT LIABILrriES The charity has received grdnt fimding in the current and prior years. These grants could become repayable under certain circurnstances if the objectives of the funding aTE not rnet. 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Marcb 2025. Page21
BORLASE SMART JOHN WELIS TRUST LTD DETAILED slATEmE OF FINANCIAL°ACTivrriES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 IP4COME AND ENDOWMENrs Donations and leg4¢ies Donations Grants Contributions for studtD residency services 1,458 251,438 8,173 93,160 251896 175,440 Other trvdding actTrvities General fundraising 3,957 4,958 Investment income Deposit account interest 14.687 13,350 Charitable activities Rental income 132 148 116522 Total incoming rw)urces 403.688 310270 EXPENDITURE Raising donations and legaeles Fundraising costs 3,002 2,366 Charitable activities Trustees, expenKs Wages Rates and water Insurance Light and heat Telephone Repairs and maintenance Legal and professional fees Bank charges Website costs Residency prograrnme expenses 139 67.019 1,721 13.097 8,498 1,546 42.779 76 236 1,698 78.092 1,853 14,160 5.680 1,576 31,932 113 242 1,098 163,449 184,302 Support costs Governance costs Audit fee Carried forward 7.000 7,(X)O 7,050 7.050 This page does not forni pwt of the statutory fmancial statements Pag¢ 22
BORLASE SMART JOHN WELLS TRUST LTD DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Governance eosts Bmught forward Accountancy fees tRgal fees Administration costs 7.000 2,490 1,711 7,050 2,000 13,506 Total resources expended 183,492 200,174 Net ineome 220,196 This page does not forn) part of the statsrtory financial statements Page 23