RRL
Charty Registration No. 1146825
Company Registration No. 07871063 IEngland and Wales)
ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
LEGAL AND ADMINISTRATIVE INFORMATION
RRL"
Trustees
N Scoll (Chairman) .
JL Hancock
L Sludley
H Willett
J Wood
TC Cole
IAppoinled 14 October 20211
Members of the finance sub-committee
Chief executive
Alison Sharkey
Charty number
1146825
Company number
07871063
Principal address
Porthmeor Studio
Back Road West
ST IVES
Cornwall
TR26 1NG
Reglstered offlc•
Porthmeor Studio
Back Road West
ST IVES
Cornwall
TR26 1NG
Independent examiner
Mark Williams FCA DChA
RRL LLP
Peal House
Newham Road
TRURO
Cornwall
TR1 2DP
Bankers
CCLA Investment Management Limited
Senator House
85 Queen Victoria Street
LONDON
EC4V 4ET
HSBC
1 Green Market
PENZANCE
Cornwall
TR18 2SD

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
LEGAL AND ADMINISTRATIVE INFORMATION
RRL"
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
WEST MALLING
Kent
ME19 4JQ
Charity Bank
Fosse House
182 High Street
TONRIDGE
Kent
TN9 1BE

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
CONTENTS
RRL"
Page
Trustees, report
Independent examiner's report
Statement of financial activities
Balance sheet
9-10
Notes lo the financial statements
12-28

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
The trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to
the financial st8lements and comply with the charity's Memorandum and Articles of Association, the
Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practi
applicable lo charities preparing their accounts in acwrdance with the Financial Reporting Stsndard
applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191°.
Objective8 and activities
In 2021 our key objectives were to".
Continue lo strengthen the online offer.
Maintain our reserve lo carry us through the predicted lean earfy months of 2022 and potential
continued disruption from Covid-19.
Safely reopen lo face lo face teaching in line with government's advice. Anticipated lo be in May.
Develop innovative ways of using online programme to diversify our audience.
Rethink the business plan informed by our learning from Covid-19, focussing on articulating a clear
direction of travel for the staff team as well as other stakeholders, including a digital strategy and
social impact and diversity plan for the charity.
Recruit 3 or 4 additional Trustees with relevant skills for the charity.
Recruit Kickstart roles lo support our online programme including developing an online
programme for young people. The Kickslart Scheme is 8 6 month paid job part funded by the
Government. Jobs from the Kickstart Scheme are open lo 16-24 year olds, who are claiming
Universal Credit, and are at risk of long lem unemployment.
Ensure we support staff with the resources they need lo do their job well and build a culture of
wellbeing in the workplace. We will ensure all managers understand and implement our Staff
Wellbeing Policy. In addition, we will invest in..
Improving how the leadership lesm work together.
Re-building the team.. some team members are new Sin￿ 2020, some staff left in 2020,
existing staff have had job changes, most have been worf(ing from home $0 we need lo re-
group with the new business model and staffing structure as the focus.
Training and perf0mlan￿ management.
Developing an internal communication strategy.
Improved office environment.
Adequate stsffing levels.
Improved IT infraslruclure, support and equipment.
Develop a flexible balance between home working and Offi￿ working.

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Achievements and perf0rn7ance
Review of activities and achievemènts in 2021
We remain committed lo our core strategic aim for the period 2020 - 2022 which is lo engage with a more
diverse range of students with programmes that deliver social impact and al the same time grow income.
The continued irnpacl of the Covid-19 crisis however means we had lo adapt to the financial and operational
challenges of another disrupted year for the School. Our hope was lo use 2021 as a year of consolidation and
recovery from 2020 but in the New Year we entered another national lock down losing 4 months of face-lo-
fa￿ teaching the same as in the previous year. This was a huge stressor for the School's finances, staff
morale and stamina. We received 65K in govemmenl support including fudoughing payments. However
despite 4 months of closure by the end of the year we exceeded income from the delivery of courses,
compared lo the pre-COVID year 2019. by 7.10. This was down lo the immense dedication of staff and tutors
and the support of our student community with their continued enthusiasm for the School. Over 3,000
sILJdents engaged with us over the year either by returning lo the studios when we reopened or continuing to
support our online delivery. The online School continues lo be an exciting new platform for the School,
enabling longer lasting connections with many more people of all ages and from all around the world. The vital
new income stream has also meant the charity has kept its reserve intact for another year of the pandemic,
ensuring a vital resource is in place for what is likely to be a challenging few years ahead with COVID
continuing to impact on bookings and the cost of delivery and the looming cost of living crisis.
In May 2021 our Iruslee and previous principal of the School Roy Ray sadly passed away. He left a legacy in
his will lo the School and, alongside contributions from friends and family, this will specifically be used to
support young people lo pursue their ambition to be an artist through mentoring or training. As a long term
commemoration, the School also sel up the Roy Ray Fund which enables the public lo donate lo the running
of our overall youth programme. In addition, the School also created a film of memories gathered from staff,
trustees and friends lo capture some of the many special stories about Roy and his life in Sl Ives and his
incredible contribution to the School and local community.
We successfully recruited a Kickstart role to support our online programme including developing an online
programme for young people. The government scheme was open to 16-24 year olds claiming Universal
Credit, and al risk of long term unemployment. We developed a new online programme ￿lled Porthmeor Art
Collective for teens aged 13-16, delwered as a series of stand-alone free workshops in June and July. The
role gained additional support from Little Par¢ Owles Trust that helped pay for additional mentoring lo be an
arts facilitator. In the second phase of the project in October and November, a series of free workshops laughl
young people how lo make a painting from scratch. The results were then exhibited in an exhibition al the
Island Centre and a private view was held.
Our Youth Manager also worked lo develop an online version of our Inclusion Culture Camp with Bronze Arts
Award. The experience included a remote Porthmeor Studios tour, a virtual gallery visit to the Guggenheim
Bilbao, Spain, a remote Leach Pottery Museum lour and a 'make your own clay cup, activity and an artist
studio lour, Q&A with an artist and technique share. Sl Ives School, Pool Academy and Cape Cornwall look
part. Delivered remotely over five mornings in August, 12 young people look part. Teachers selected students
for being on Pupil Premium funds and having poverty indicators. Our artist tutors brosdcasl from Porthmeor
Studios, while the young people were in their own homes. Each young person received an art and clay
hamper. The camp was labour intensive bul a big success. each young person joined every session and
successfully completed their Bronze ArtsAward.
A faCe-tO-fa￿ Culture Camp funded by the Wilhelmina Barns Graham Trust with Nine Maidens Pupil Referral
Unil, also look place in November 2021 for one week in the Porthmeor Studios and all participants
successfully completed their Arts Award.
Using funds from St Ives Rotary brought forward from 2020, during the early part of the year we adapted our
Sunday Club for 7- 12 yr olds lo work online. By autumn we were able lo reintroduce face-lo-face workshops
again.

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Despite the uncertainties and challenges of the last year, the Trustees and staff continue lo embra
innovation and an entrepreneurial spirit in everything they do. In 2021 we made the positive decision to invest
in our staff team and plan for a brighter future when our fa¢e-It>face teaching returns to pre-COVID levels
complimented by a thriving online School. A Cultivator Innovation & Inclusion Placement Award supported this
ambition. part funding several placement opportunities resulting in an additional Administrative role, Course
Designer and Videographer joining the team.
A project sL9rted at the end of 2021 to grow our marketing capscity with an additional staff member ￿cruited
to focus on social media supported by Unlocking Potential as part of the ERDF Breakthrough Programme. An
Unlocking Potential Growth & Produclivily grant supported the purchase of video conferencing equipment
enabling large mixed meetings to lake place where staff members and Trustees could connect from home with
colleagues in the offi￿. It has also enabled students lo dial in lo allend long term courses where COVID
restrictions have prevented travel. Cotnwall Development Company provided ERDF CIOS Kickslart funds for
IT equipment to enable flexibility in the delivery of online classes and increase our social media presence.
Alongside this grant support the School invested considerable resources of ils own in improving equipment
and technology evident in the increase in the fixed assets for the year. In spring we look on a new offi
leased from the Penwith Gallery- another key slep in planning for growth.
We are aware that in a volatile wodd our ambition lo grow our impact will be a challenging journey and will
require several years of investment and support using our reserve. Mainly to cover the investment in our staff
team. Bul we are confident we Can make it a Suc￿$$. Success for the charity means reaching many more
people across the wodd, diversifying our audience, and creating a ￿Warding and healthy Workpla￿ for all our
staff and tutors.
In November of 2021 our Director Alison Shart(ey, after 11 years in post, decided she would be handing the
mantle on and would be moving on lo focus on her own practice. The Trustees aim lo recruit her repla¢emenl
by summer 2022. The process for this started at the end of 2021 and the aim is to have a new Director in post
for June 2022 to lead the charity on lo ils next stage.
In October Thea Cole joined the board. Thea is a digital media expert with a background in TV production and
heads up the creative agency, Latimer. Prior lo this she was Media Com's first Director of Content and
BAFTA'S first Head of Communications where she launched the youth brand, BAFTA Guru. Originally from the
Wesl Country, Thea has a long track record as a BBC TV producer I director. Thea has been supporting the
School as a consultant through the pandemic advising on its online delivery and her appointment lo the board
is a key slep in ensuring the School is well prepared for an exciting new future.
Financial review
The results for the year are shown in the slalement of financial activities on page 8 and show net incoming
resources for the year of £28,671, of which £17,359 15 unreslricled and £11,312 is restricted.
This result together with the reserves brought fornard of £192,597 12020.. £176,143) gives a lotsl reserves
figure of £221,26812020.. £192,597). Of this amount £177,311 12020.. £145,406) relates lo free reserves Inol
included within restricted or designated funds) and this is in line with our reserves policy. Designated funds
tolalled £25,88412020. £40,23018nd reslricled resèrves lotslled £18,27312020. £6,961).

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Reserves policy
We have designed the School's reserves policy to provide security lo make plans and ensure the School can
deliver ils charitable mission. It responds in particular lo the School's dependence on earned income.
The reserves policy supports the School in the event of serious disruption lo income. It also supports the need
to cover se8sonal fluclualions in income by operating a healthy cash flow.
In view of the above, the trustees have decided that il will be prudent lo aim to keep four months running costs
as a General Reserve. Due lo the plan for expanding the staff team in 2022 il will be based on our
expenditure forecast for 2022 which equates lo a balance of £177,000 in General Reserve.
The purpose of the designated funds is explained in Note 20.
The development of the online programme, alongside Government grants, have ensured our reserve of four
months operating costs Is intact going into 2022. We expect to utilise this reserve in 2022 and over the
following year lo enable the School lo continue its plan for growth despite the anticipated fall in income and
increased costs. The anticipated reduction in income is due lo the continued hesitancy In our customer base
lo return lo fa￿t0-fa￿ experien￿$ as well as the cost of living Crisis looming in 2022 and beyond also
impacting on bookings. Meanwhile costs of delivery continue lo increase 8cross stsffing, ￿nt, materials and
IT. These multiple challenges will likely mean a tough few years ahead and we expect the reserve will be
ulilised lo carry the charity through this lime.
Investment policy
The trustees regularly review the cash held by the charity and whilst maintaining access to funds for
operational purposes, will place any surplus funds in an interest bearing deposit account when appropriate.
Rlsk management
The trustees regularly review the risks to which the charity is exposed and ensure appropriate controls are in
place lo provide reasonable assurance against fraud and error.
Tax status
The company being a registered charity is exempl from corporation lax.
Public benefit
The charity complies with the public benefit requirement through its charitable objectives. The trustees confirm
they have referred lo the guidance contsined In the Charity Commission's general guidan￿ on public benefit
when reviewing the charity's aim and objectives and in planning future activities. In particular. the trustees
consider how planned activities will contribute to the aims and objectives they have sel.

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Key objectives for 2022
Recruit the new Director
Expand the tutor team lo enable us lo deliver a varied programme across face-to-face and online
Expand our Culture Camp initiative for young people and secure funding to ensure its continued
growth reaching more vulnerable young people.
Use the reserve to enable investment in infrastructure, people and marketing to raise the profile of our
online delivery and enable us lo build our earned income over the next three years.
Develop a sustainable safe working environment for the team and students as we adapt lo living with
COVID.
Develop a wellbeing action plan lo support the expanded staff team.
Start the pro￿$$ of developing a business plan with the incoming Director informed by our learning
from COVID-19, focussing on articulating a clear direction of travel for the stsff le8m as well as othèr
stakeholders, including a digital strategy and social impact and diversity plan for the charity.
Develop innovative ways of using online programme to diversify our audience.
Continue lo improve internal communication ulilising our confidence with digitsl plattom)s lo enable a
mix of home and office working for most staff.
Structure, governance and management
Sl Ives School of Art is a company Limited by guarantee governed by ils Memorandum and Articles of
Association dated 5 December 2011. It is registered as a charity with the Charity Commission. In the event
that the company is wound up, the liability in respect of the guarantee is limited lo £10 per member of the
charity.
The trustees, who are also the directors for the purpose of company law, and who setved during the year
were..
N Scott Ichairmanl .
JL Hancock
G Rashidi
RG Ray
L Studley
H Willell
J Wood
CM Clough
TC Cole
(Resigned 28 June 20211
(Resigned 24 May 20211
(Resigned 25 March 20211
(Appointed 14 October 20211
Members of the finance sub-committee

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
The existing trustees identify suitable individuals, based on their skills and knowledge and the current needs
of the board. We have Introduced an annual skills audit to help clarify where lo focus recruitment. To ensure
the diversity of the trustee board we identify possible trustees through a combination of recommendation and
public appeals. Vve use local papers, social media and the School's own extensive database of past students
lo do this. An open evening is organised where interested people meet with staff and existing trustees lo
discuss the trustee position available as a group. Following this process, applications are invited and
interviews held.
As part of the induction programme for newly recruited Iruslees, information is shared on the financial
statements and future plans and they meet with key staff. We invite them to attend one of the weekly lunches
with students and tutors lo help build a more informal picture of what we do and provide context to their new
role. There is an expectation of a minimum of three years of servi￿. Every three years the board and
individual will review their role and decide to step down or extend for a further three years. No strict time limit
on length of service is in place. This reflects the challenge of recruiting high quality candidates in the region
and the importance of retaining valuable organisalional knowledge and experien￿.
The Board meets four times a year. It is also organised into working groups. Finan￿ meets on a bi-monthly
basis and the others as and when required (HR and operations, fundraising. marketing and creative
programming). A permanent staff team led by Alison Sharkey (Direclorl ¢atries out executive functions.
Remuneration policy for key management personnel
The trustees consider the Chief Executive Officer, Alison Sharkey, lo comprise the key management
personnel of the charity-
The pay of the senior staff is reviewed annually and normally increased in accordan￿ with average earnings.
In view of the nature of the charity. the trustees benchmark against pay levels in similar organisations.
statement of disclosure to independent examiner
So far that the trustees are aware, there is no relevant information of which the charity's independent
examiner is unaware.
Additionally the trustees have taken all the steps that they ought lo have taken as Iruslees in order lo make
themselves aware of any relevant information and lo establish that the charity's independent examiner is
aware of that information.
This report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006
relating lo Small Companies.
The trustees, report was approved by the Board of Trustees.
N Scott Ichalrmanl
Trustee
Dated. 25 April 2022

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
INDEPENDENT EXAMINER'S REPORT
RRL"
TO THE TRUSTEES OF ST IVES SCHOOL OF ART ILIMITED BY GUARANTEE
report lo the trustees on my examination of the financial statements of St Ives School of Art (Limited by
guarantee) Ithe charilyl for the year ended 31 December 2021.
R&sponsibiliti•s and basis of report
As the Iruslees of the charity land also its directors for the purposes of company law} you are responsible for the
preparation of the financial ststements in accordance with the requirements of the Companies Act 2006 Ilhe
2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of
the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's
financial statements carried out under section 145 of the Charities Act 2011 Ithe 2011 Acll. In carrying out my
examination I have followed all the applicable Directions given by the Charity Commission under section 145151
Ibl of the 2011 Act.
Independent examinerfs statement
Since the charity's gross Income exceeded £250,000 your examiner must be a member of a body listed in
se¢lion 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of
ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no mallers have come to my attention in connection with the
examination giving me cause lo believe that in any material respect..
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or
the financial statements do not accord with those records., or
the financial slalemenls do not comply with the accounting requirements of section 396 of the 2006 Act
other than any requirement that the accounts give a true and fair view which is not a matter considered as
part of an independent examination,. or
the financial statements have not been prepared in accordance with the methods and principles of the
Statement of Recommended Practice for accounting and reporting by charities applicable to charities
preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and
Republi¢ of Ireland IFRS 1021.
I have no concerns and have come across no other matters in connection with the examination to which attention
should be drawn in this report in order lo enable a proper understanding of the financial statements to be
reached.
Mark Williams FCA DChA
RRL LLP
Peal House
Newham Road
TRURO
Cornwall
TR12DP
Dated.. 5 May 2022

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
RRL"
FOR THE YEAR ENDED 31 DECEMBER 2021
Unrestricted Restricted
fund8
fund$
2021
2021
Total Unrestricted Restricted
funds
funds
2020
2020
Total
2021
2020
Notes
Donations and legacies
Charitable activities
Other trading activities
Investments
73,498
419,272
2,260
1,137
33,361
106,859
419,272
2,260
1,137
145,716
242,491
1,914
1,130
6,102
151,818
242,491
1,914
1,130
Total income
496,167
33,361
529,528
391,251
6,102
397,353
enditure on-.
Raising funds
35,604
3S,604
43,009
43,009
Charitable activities
443,204
22,049
46S,253
335,175
2,715
337,890
Total resources
expended
478,808
22,049
500,857
378,184
2,715
380,899
Net income for th& ygarl
Ngt movgmenl in fund$
17.359
11.312
28,671
13,067
3,387
16.454
Fund balances at 1
January 2021
185,638
6,961
192,597
172,569
3,574
176,143
Fund balances at 31
December 2021
202,995
18,273
221,268
185,636
6,961
192,597
The slalemenl of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing aclivilies.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
BALANCE SHEET
RRL"
AS AT 31 DECEMBER 2021
2021
2020
Notes
Fixed assets
Intangible assets
Tangible assets
14
3,187
23,205
2,390
11,727
26,392
14,117
Currgnt a$sgts
Stocks
Debtors
Cash al bank - deposit accounts
Cash at bank and in hand
12.407
2.827
184.070
172.674
8,325
11,661
142,932
180,005
16
371,978
342,923
Creditors.. amounts falling due within
one year
17
1177,1021
1164,4431
Net current assets
194,876
178,480
Total assets less current liabilities
221,268
192,597
Income funds
Restricted fLJnds
Unreslri¢led fund
Designated funds
General unrestricted funds
19
18,273
6,961
20
25.684
177,311
40,230
145,406
202,995
185,636
221,268
192,597

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
RRL"
The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies
Act 2006, for the year ended 31 December 2021. No member of the company has deposited a notice, pursuant
to section 476, requiring an audit of these financial slalemenls.
The directors acknowledge their responsibilities for ¢omplying with the requirements of the Companies Act 2006
with respect lo accounting records and the preparation of financial slalemenls.
These financial statements have been prepared in accordance with the provisions applicable lo companies
subject lo the small companies regime.
The financial ststements were approved by the Trustees on 25 April 2022
N Scott (Chairman)
Trustee
Company Registration No. 07871063
10-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
STATEMENT OF CASH FLOWS
RRL"
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
2020
Notes
Cash flows from operating activities
Cash generated from operations
24
58,576
56,520
Investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Investment income re￿iVed
12,3901
123,5161
1,137
12,3901
19,1021
1,130
Net cash used in investing activities
124,7691
110,3621
Net cash used in financing activities
Net increase in cash and cash equivalents
33,807
46,158
Cash and cash equivalents al beginning of year
322,937
276.779
Cash and cash equivalgnt$ al gnd of year
356,744
322,937

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS
RRL"
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting policies
Charity information
St Ives School of Art (Limited by guarantee) is a private company limited by guarantee Incorporated in
England and Wales. The r￿IStered office is Porthmeor Studio, Back Road West, ST IVES. Cornwall, TR26
1 NG. In the event of winding up, registered members are liable to contribute a sum not exceeding £10 per
member towards the debts and liabilities of the charity and the costs and expenses of winding up. At 31
December 2021 there were 6 members.
1.1 Accounting convention
The financial stslements have been prepared in accordance with the charity's governing document, the
Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice
applicable lo charities preparing their accounts in accordan￿ with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The eharily is a Public
Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP not lo prepare a Slalemenl of Cash Flows.
The financial ststements are prepared in slerfing, which is the functional currency of the charity. Monetary
amounts in these financial slalemenls are rounded to the nearest £.
The financial slalemenls have been prepared under the historical cost convention. The principal
accounting policies adopted are set out below.
1.2 Going concern
Al the lime of 8pproving the financial slalemenls, the trustees have a reason8ble expectation that the
charity has adequate reSoUr￿S to conts.nue in operational existence for the foreseeable future. Thus the
Iruslees continue lo adopt the going wncern basis of a￿O￿ntIng in preparing the financial ststemenls.
1.3 Charitable funds
Unrestricted funds are available for use al the discretion of the IrLJslees in furtherance of their Charitsble
objectives unless the funds have been designated for other purposes.
Designated funds comprise funds which have been set aside al the discretion of the Iruslees for specific
purposes. The purposes and uses of the designated funds are set out in the notes to the financial
ststements.
Restricted funds are subject lo specrfic conditions by donors as lo how they may be used. The purposes
and uses of the restricted funds are set out in the notes to the financial stalemenls.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been
met, the amounts can be measured reliably, and il is probable that income will be received.
Cash donations are ￿cOgnised on receipt. Other donations are recognised once the ¢harily has been
notified of the donation, unless performance conditions require deferral of the amount. Income lax
recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the ty'me
of the donation.
Income from trading activities includes income earned from fundraising events and trading activities lo
raise funds for the charity. Income is received in exchange for supplying goods and services in order lo
raise funds snd is recognised when enlillemenl has occurred.
Investsnenl income is earned through holding assets for investment purposes such as shares and deposit
accounts, it includes dividends and interest and is recognised on a receivable basis.
12-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Accountlng pollcl&s
{Contlnued)
1.5 Resources expended
Expenditure Is recognised when a there is legal or conslruclive obligation lo make a payment to a third
party, il is probable that selllement will be required and the amount of the obligation can be measured
reliably. Value added lax is not recoverable by the charity and as such is included within the item of
expense to which It relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and
services for ils beneficiaries. 11 includes both Costs that can be allocated directly lo such a¢tivilies and
those of an indirect nature necessary to support them.
1.6 Intangible fixed assets othar than goodwill
Intangible fixed assets are Capitalised at wst.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable
development expenditure is capilalised lo the extent that the technical, commercial and financial feasibility
can be demonstrated.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over
their useful lives on the bases".
Online development costs
33% perannum
1.7 Tangible fixed a88ets
Tangible fixed assets costing £250 or more are capitalised and are initially measured al cost and
subsequently measured al cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their ￿sidual values over
their useful lThies on the following bases..
Fixtures and fittings
200/0- 33OA per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.8 Stocks
Stocks are stated al the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incuired in bringing the stocks to their present location and condition. Items held for distribution al no or
nominal consideration are measured the lower of repla￿ment cost and cost.
1.9 CaBh and cash equivalents
Cssh and cash equivalents include cash in hand, deposits held at Call with banks, other short-lerm liquid
investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilities.
13-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Accountlng pollcl&s
{Contlnued)
1.10 Financial instruments
The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when
there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a
nel basis or lo realise the asset and settle the liability simultaneously.
Basi¢ financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constilules a financing transaction, where the transaction
is measured at the present value of the future receipts discounted al a market rale of interest. Financial
assets classified as receivable within one year are not amortised.
Ba$1¢ flnanclal Ilabllltles
Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price
unless the arrangement constilules a financing transaction, where the debt instrument is measured al the
present value of the future payments discounted al a market rale of interest. Financial Iiabililies classrfied
as payable within one year are not amortised.
Debt instruments are subsequently carried al amortised cost, using the effective interest rate method.
Trade creditors are obligations to Pay for goods 01 services that have been acquired in the ordinary course
of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially
at transaction pri￿ and subsequently measured al amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or
cancelled.
1.11 Taxation
The charity is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is
considered to pass the lesls set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets
the definition of a charrtable company for UK corporation tax purposes.
1.12 Employee benefits
The cost of any unused holiday enlillement is recognised in the period in which the employee's services
are received.
Termination benefits are reco9nised Immediately as an expense when the charity Is demonslrab
commrtied to leminate the employment of an employee or to provide lemination benefits.
1.13 Retirement benefits
Payments lo defined contribution retirement benefit schemes are charged as an expense as they fall due.
14-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Critical accounting estimates and judgements
In the application of the charity's accounting policies, the Iruslees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associsled Sssumplions are based on historical experience and
other factors that are considered tr) be relevant. Actual results may differ from these estimates.
The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting
eslimales are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both cutrenl and future
periods.
Donations and legacies
Unro$tricted Rgstricted
funds
funds
Totsl Unrestricted Restricted
ftjnds
funds
Total
2021
2021
2021
2020
2020
2020
Donations and gifts
L￿aCleS re￿1vable
Government grants
7,895
33,361
41,256
15,395
15,DOO
115,321
6,102
21,497
15,OOD
115,321
65.603
65,603
73.498
33.361
106,859
145,716
6,102
151,818
Grants rec•lvabl• for
core activitie5
Government grants
Comwall Council grant
33,409
32,194
33,409
32,194
92,653
22,668
92,653
22,668
65,603
65,603
115,321
115,321
HMRC grants have been received totalling £33,409 12020.. £92,653> to help with the furloughed stsff
whilst in a nationwide lockdown due to COVID-19.
Cornwall Council a grant has been received for £32,194 1202D.' £22,668). The local restrictions support
grant has been issued lo help businesses during the national lockdown and COVID-19 outbreak.
15-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Charitable activities
2021
2020
Membership income
Fees for delivery of art courses
Sale of stLJdent arthork
1.395
417,657
220
1,860
240,539
92
419,272
242,491
Other tradlng actlvltles
Unre8tricted Unrestricted
funds
funds
2021
2020
Sale of art materials and refreshments
2,260
1,914
Investments
Unre8tricted Unrestricted
funds
funds
2021
2020
Interest receivable
1,137
1,130
16-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Raising fund5
Unrestricted Unrestricted
funds
funds
2021
2020
Tradin
costs
Artwork, materials and marketing
Staff costs
10,756
24,848
18,677
24,332
Trading costs
35,604
43,009
35,604
43,009
17-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Charitable activities
2021
2020
Staff costs
Depreciation and impairment
Cost of courses and projects
Repairs and maintenance
Research and development lincl. staff coslsl
Bank charges and interest
Sundry expenses
Digital development
Amortisalion
193,861
12.038
178,666
13,170
6,167
11.232
1.186
154,341
3,054
119,015
7,262
6,029
6,958
809
5,100
1.593
417,913
302,568
Share of support costs Isee note 91
Share of governance costs Isee note 91
46,440
900
34,472
850
465,253
337,890
Analysis by fund
Unrestricted funds
Restricted funds
443,204
22,049
465,253
Forthg ygar gndod 31 Docemb*r 2020
Unrestricted funds
Restricted funds
335, 175
2,715
337,890
18-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
Support costs
Support Governance
costs
costs
2021
Support Governance
costs
costs
2020
Operating lease charges
Eslablishmenl costs
Office costs
Professional fees
15,998
12,659
12,966
4,817
15,998
12,659
12,968
5,717
9,088
8,084
10,672
6,628
9,088
8,084
10,672
7,478
900
850
46,440
900
47,340
34,472
850
35,322
Analysed between
Charitable activities
46,440
900
47,340
34,472
850
35,322
Professional fees include payments to the accountsnts of £1,600 12020.. £1,520) for independent
examination and £90012D20.' £8501 for other services provided to the charity.
10 Net movement in funds
2021
2020
Nel movement in funds is stated after chargingllcreditingl
Depreciation of owned tangible fixed assets
Amortisation of intangible assets
Operating lease charges
12,038
1,593
15,998
3,054
9,088
11 Truste•s
None of the trustees lor any persons connected with them) received any remuneration during the year,
apart from as disclosed in Note 23.
12 Employees
The average monthly number of employees during the year was..
2021
Numbgr
2020
Numbor
Raising funds
Charitable activities- salaried staff
Charitable activities- lulors
13
19
14
Totsl
36
26
19-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
12 Employees
{Contlnued)
Employment costs
2021
2020
Wages and salaries
Social security costs
Other pension costs
202,191
12,512
4,006
168,363
8,006
2,304
218,709
178,873
The above staff costs include salaried staff as well as tutors.
There were no employees whose annual remuneration was more than £60,000.
13 Tangible fixed as8ets
Flxtures and fittlngs
Cost
Al 1 January 2021
Additions
38,782
23,516
Al 31 December 2021
62,298
Depreciation and impairment
At 1 January 2021
Depreciation charged in the year
27,055
12,038
At 31 December2021
39,093
Carrying amount
At 31 December2021
23,205
At 31 De￿Mber2O20
11,727
-20-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
14 Intangible fixed assets
Onllno dovelopment c¢)sts
Cost
Al 1 January 2021
Additions
2,390
2,390
Al 31 December 2021
4,780
Amortisation and impaimient
At 1 January 2021
Amortisation charged for the year
1,593
At 31 De￿Mber2o2l
1,593
Carrying amount
At 31 De¢ember2021
3,187
At 31 December2020
2,39D
15 Stocks
2021
2020
Finished goods and goods for resale
12,407
8,325
16 Debtors
2021
2020
Amounts falling due within one year..
Prepayments and accrued income
2,827
11,661
17 Creditors: amounts falling due within one year
2021
2020
Notes
Deferred income
Trade creditors
Accruals
159,104
4,946
13,052
151,025
5,85D
7,568
177,102
164,443
21

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
18 Deterred income
2021
2020
Arising from course fees received in advance
159,104
151,025
Deferred income is included in the financial statements as follows..
2021
2020
Current liabilities
159,104
151,025
-22-

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i (n ￿ O IQ ¢J)
Ln rt Ln o (D u> * Ln
00
o u J CJ (n LU x >L)

ZJ (J c

oop
oor
000
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000
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(TJ o o
00
¢Doo

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
21 Analysis of net assets between funds
Unrestricted Restricted
funds
funds
2021
2021
Total Unrestricted Restricted
ftjnds
ftjnds
2020
2020
Total
2021
2020
Fund balan￿S al 31
December 20218re
represented by..
Intangible fixed assets
Tangible assets
Current asselsl
3,187
11,926
3,187
23,205
2,390
7,840
2,390
11,727
11,279
3,887
191,716
3.160
194.876
175,406
3,074
178,480
202,995
18.273
221,268
185,636
6,961
192,597
22 Operating lease commitments
Lessee
Al the reporting end date the charity had oulsl8nding commitments for future minimum lease payments
under nOn-Can￿lIable operating leases, which fall due as follows..
2021
2020
Within one year
Be￿een two and five years
In over five years
9,860
22,768
1,328
13,480
9,096
33,956
22,576
23 Rglated party transactions
Remuneration of key management personnol
The remuneration of key management personnel, as listed in the Trustees, Report, is as follows..
2021
2020
Aggregate compensation
32,543
33,097
-27-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
RRL"
23 Related party transactlons
{Contlnued)
Transactions with related parties
During the year the charity entered into the following transactions with related parties..
Transactions with a Trustee lolalling £3,51012020". £Nill were incurred for services lo promoting the online
programme of the Charity In the year. There was no amounts outstanding as at 31 December 2021 12020..
£Nil}.
24 Cash ggn9ra19d from op9rations
2021
2020
Surplus for the year
28,671
16,454
Adjuslmenls for..
Investment income recognised in statement of financial activities
Amortisation and impairment of intangible assets
Depreciation and impairment of tangible fixed assets
11,1371
1,593
12,038
11 1301
3,054
Movements in working capitsl".
Ilncreasellde¢rease in stocks
Decrease in debtors
Increase in creditors
Increase in deferred income
14,0821
8,834
4,580
8,079
90
2,370
2,004
33,678
Cash generated from operations
58,576
56,520
-28-