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, S￿di0 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 S￿dents 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 T￿￿t 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 oc￿l0nal 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¢alu￿d Hettie JudalL author of 'Acts of Creation: On Art and Motherhood, and Cornish photographer
Fran Rows¢ on her proj¢ct Trlaids, exploring the Cornish Culu￿al 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 fO￿￿sed on the culturc and heritag¢ of West Cornwall. and The Young Fishernien's Network an￿ged 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 SeMi￿ere11¢t outbuildings at Trewarvendh Studio to fomi three
artist's studios and an a￿esSIble WC. Trewarven¢th lies in the Newlyn Conservation arca and is adjacent to the Grade II*
Anchor Studio, and the architect's appr￿h 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 Op￿rational puryx)ses, it
places any surplus ￿llds in an iDterest-bearing deposkt ac￿Unt when appropriate.
Reserves policy
The trustees have identified an adequate level of reserves for the Tn￿l 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. Exp￿ditUre 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 acco￿ts.
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 s￿dI0$ 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 Tn￿t was removed from the register of charitie5.
Reeruitment and appointment of new trnstees
As set out in the Trust Dee¢ the Tn￿t 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 T￿st is a(hninistered by a board of tn￿tee5. which currently eleven members. The board meets four times a year,
and there are committees covering different areas of the Tn￿S 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 eV￿ts 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 T￿￿E 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 Tn￿tee
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
AZz￿l 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 Tn￿tee5 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 t￿￿eeS are responsible for keeping proper accounting re￿rdS 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 Inforn￿tIon 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 Tn￿t 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 Inde￿nd￿t 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 sL￿dar{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 Re￿ts)
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 ts￿Stees' 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 fi￿lY 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 f￿ancial
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 identifi￿tiOn 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 a￿55 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 t1￿1ng 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 cuRRE￿r 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 aCCn￿lS 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 tan￿￿1¢ fixed assets by equal aEmual insta]ments
over their ¢stimated use￿1 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 A￿ts &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 tsi￿s.
Restricted funds can only be used for partIC￿ar 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 f￿ed 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 reSid￿cY 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 Tr￿st
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 A￿1VITIEs
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 A￿ETs
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 s￿d10S 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 fi￿d 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