Charity Registration No. 114882S
Company Reglstratlon 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 2022

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
LEGAL AND ADMINISTRATIVE INFORMATION
Trustses
N Scott (Chairman) .
JL Hancock
L Sludley
H Vlfillett
J Wood
TC Cole
NJ Ellis
JW Chiaro,
K Harding
IAppointed 31 October 2022}
IAppoinled 5 August 20221
(Appointed 22 April 20221
' Members of the finance sul>committee
Chief executive
Alison Sharkey (until 30th June 20221
Jane Cowans (from 1st July 20221
Charlty number
1146825
Company number
07871063
Principal address
Porthmeor Studio
Back Road West
ST IVES
Cornwall
TR26 1NG
Rogl$tgrgd offl¢g
Porthmeor Studio
Back Road West
ST IVES
Cornwall
TR26 1NG
Independent examiner
Mark Wlliams FCA DChA
RRL LLP
Peat 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
CAF Bank Limited
25 Kings Hill Avenue
ngs Hill
ST 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
Page
Trustees. report
Independent examine¢s report
statement of financial activities
Balance sheet
11
Notes lo the financial ststemenls
13-28

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 2022
The trustees present their annual report and financial statements for the year ended 31 December 2022.
The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 to the
financial slalements and comply with the charity's Memorandum and Articles of Association, the Companies Act
2006 and 'Accounling and Reports"ng by Charities". Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republie
of Ireland IFRS 1021 leffeclive 1 January 20191°.
Objectives and activities
In 2022 our kay obj&ctiv8$ werg:
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 lo ensure its continued growth
reaching more vulnerable young people.
Use the reserves lo enablè investment in infrastructure, people and marketing lo raise the profile of our
online delivery and enable us lo build our eamed income over the next three years.
Develop a sustainable safe working environment for the team and students as we adapt to living with
COVID.
Develop a wellbeing action plan to support the expanded stsff team.
Start the pro¢ess of developing a business plan with the incoming Director informed by our learning from
COVID-19, focusing 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.
Develop innovative ways of using online programme lo diversify our audience.
Continue to improve intemal communication ulilising our confidence ¥Mth digitsl plattorms lo enable a
mix of home and office Working for most staff.

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 2022
Achievements and perforniance
Revlew of actlvltles and a¢hlevements In 2022
Ggneral Summary
We remain committed to our mission and vision to enrich people's lives by nurturing and enabling their creative
spirit. We do this by providing high quality tuition, whether delivered online or in our inspirational spaces.
Our online programme has extended our reach worldwide and enabled us lo retain relationships with students
who would be unable lo travel lo Sl Ives. Our studio programme provides a unique leaming and well-being
experience, and our ongoing support for regular life drawng sessions, provides a low cost option for local artists.
In 2022 we started to rebuild our face lo fa￿ teaching following the recent disruption of the pandemic, doubling
the number of studio courses. ensuring Covid safely by restricting the number of students in the studio and using
screening.
Audience participation in online courses has understandably dedined compared to the time of lockdowns,
however we continue to develop our online programme, which enables us to reach a wde range of students
across the globe al an affordable price point and is key lo our strategy of widening participation in our course5.
We continue to fine tune the quality of oulpul, investing in a high quality camera, supported by a grant for 500A of
the cost from the ERDF Future Focus project managed by University of Exeler.
During the year. over 2,500 individuals benefrtted from nearly 7.000 courses,. our charitable income was 250
above that in 2019 and 20Q/o above that of 2021. As forecast in 2021, we utilised retained funds lo support the
school's long temi plan. This policy allowed us to support the Youth Project by £20K and invest a further £29K to
build and develop an online learning platform to improve the student experience of online courses and enable us
to better manage our online resources, this was part supported by a grant from ERDF Superfast 3 Inclusive
Growth.
Our challenge over the next few years is lo manage our expenditure whilst investing for our future. We are still
recovering from the pandemic, re-eslablishing business practices and restoring face lo face leaching whilst
continuing to develop online. 2023 looks set lo be another challenging year, navigating an uncertain economic
climate with a cost of living Crisis, rising fuel costs and interest rate rises. In the year ahead we plan to draw on
our reserves to continue the vitsl work of our youth programme and continue to invest in digital.
Trustees
An effective charity board has trustees wth a good range of skills and qualities, and a variety of professional and
personal experience. Therè were skill gaps in our board including in finance, youth and Creative programming.
We therefore appointed three new trustees." Kerry Harding w8s appointed in April 2022 and is a professional
artist who used to tutor al the school. Jan Chiaro was appointed in August 2022 and has a professional finance
background. Natalie Ellis was appointed in October 2022 and has been a secondary school art teacher for the
last 18 years with a strong interest in inclusion work.
Additional working groups of trustees and relevant staff were sel up induding one for youth, another for creative
programming and finally a third for grant funding. These are In addition lo the HR and Finance Working Groups.
This means we now have trustees engaging more in the work of the school offering their skills and knowledge to
support continuous Improvement.
New Dlrector
In Spring 2022. the school embarked on a robust process for recruiting a new director. After exploring external
candidates, it was decided to draw on knowledge and skills held within the existing team. The previous Director,
Alison Sharkey, left on 30tr June 2022. Jane Cowans was appointed Interim Director on 1s1 July 2022 and her
appointment confirmed as Director on 5th December 2022. Jane has been with the school since 2011, previously
holding the post of Head of Commerce and has a wide range of experience in management, sales and
marketing. A new post of Deputy Director was created In the interim period Janel Vvynne, Head of
Operations & HR, was appointed lo this post on the same dates.

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 2022
Busines5 Plan 2023
Jane Cowans produced a business plan for trustees and this was approved in November 2022. 11 sel out key
areas of focus including plans for".
Customer Experience.
Local Community Engagement
Reach and Diversity
Youth
Charity Fundraising
Online Programming Development
staffing and restructuring to build resilien
Increase èarned Income
Sustainability and carbon neutral tsrgels
More information Can be found on Key Objectives for 2023 section.
Human Rosourcos
To maximise our impact and achieve further growth we have reviewed the organisation structure following the
changes to the Director appointment, seeking lo retain talent, promote from wthin and ensure we have the
requisite skills and kno￿edge to develop. We continued our investment in a social media role supported by
ongoing 2021 funding from Unlocking Potential Graduate Jobs, part of the ERDF Breakthrough Programme. In
addition adminislralion, design and videographer roles were supported by cU￿1vatOr Innovation and Inclusion
Placement Awards.
In addition in July 2022 we introduced one lo one meetings to be held every months between line managers
and their individual staff members. The aim was to facilitate collaboration time enabling employees and
managers lo connect. The focus was lo look at results, wellbeing, development and for managers to re￿1ve
feedback from employees. This will work alongside a new appraisal scheme that will be launched in April 2023 as
part of the school's Wellbeing Policy.
We approved flexible working for some staff lo improve their capacity and performance in line with the
operational needs of the charity and stsff Continue lo work from home where appropriate.
We increased staff salaries by 4.50h on 1 April 2022 and this was based on affordability as well as the Consumer
Prices Index including owner occupiers, housing costs ICPIHI and the Consumer Prices Index ICPI}. The lowest
paid salaries were maintained to the National Living Wage. We also reviewed and increased the salaries of 3
members of staff lo reflect their increased duties and responsibilities.
We continued to use digital platforms (Zoom, Teams) for intemal communication to enable a mix of home and
office working as well as for Iruslee meetings. Also we used these platfomis lo enable 1-1 training, 1-1 meetings
and working groups too.
Fa￿ to face meetings continued lo be important and departmentsl managers meet weekly lo review
performance, systems, operations and plans. A whole team meeting was held in December to celebrate
successes and achievements in 2022. In addition a social event was held for the first time in three years, due to
Covid reslriclions, lo bring the whole school together including trustees, staff, tutors, life models and local
partners.
Tutors
We recruited seven new tutors lo the team during 2022, six of those were recruited in the latter half of the year.
The widened teaching team enabled the school lo offer a diverse range of Courses, writh a variety of artisti¢ styles
to appeal to a broader audience. We currently have over 30 artists actively leaching for us. We have created a
robust induction process for welcoming new tutors into the school and improved the information we give them
including teaching standards.

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 2022
We undertook a review of tutor appointments and terms as well as intellectual property rights. This was due to
thè impact of Covid and the Introduction of onlinè courses which had Changed the terms in which we engaged
them. We obtained legal advice, partially funded by Cullivalor Creative Investment, and undèrtook consultation
with tutors who all agreed the new terms. This resulted in updating and re-issuing all lulors with new contracts
and fee payments in July 2022.
We ran a training day on how to deal with difficult stLJdent behaviour for tutors and staff in October 2022. A
student code of conduct was also published on the website following this work.
Compliance
After the Govemment's public4lion, Living wth Covid, the sch¢x)I reviewed the risks to ils staff, lulors and
students after 2 key changes". free mass lesling no longer available on 1 April and face mask wearing no longer a
legal requirement from January 2022. As a result the school removed most of the control measures it had pul in
place bul retained a requirement for staff to work from home if unwell and the use of air purifiers, which had been
specifically purchased during Covid.
Work was completed on developing an inventory of all school equipment lo ensure the school's insurance
policies were adequate.
A health and safety audit was undertaken wlh departmental managers in August 2022 and improvements
implemented. In addition further work was undertaken lo review our child safeguarding policy and procedures
and improvements were made.
All staff undertook and passed complian￿ training online in June 2022 wvering Data Protection, Infomiation
Security, Equity Diversity and Inclusion, Display Screen Equipment and Health and Safety.
Company
Following an application to the Intellectual Property Office in June 2022, the IPO slated on 3 November 2022 that
evidents provided proved that the mark of St Ives School of Painting had become distinctive by the use made of
il in relation to Education Services. As no objections We￿ ￿ceiVed the Trademark was awarded lo Sl Ives
School of Painting by the IPO on 27 January 2023.
After the registration of a number of our competitor ¢ompanies with Companies House, using similar names to
the school, the trustees voted lo have the registration of 3 new companies al Companies House that would
remain inactive. The following companies were registered in September 2022.. St Ives Art School Ltd, Sl Ives
School of Painting Ltd, Cornwall School of Painting Ltd.
Youth Programme
Open Access Sunday Clubs for Kids and Teens
This continues lo be a well-attended monthly offer with sessions available for kids 17 10 10 year olds) and
teenagers111 to 16 year olds), This is a unique opportunity for children lo work in a professional art studio wth
contemporary artists and the Sl Ives Rotsry Club support us with funding which subsidises the cost. On each
course a quarter of the places are offered free of charge as a scholarshiplbursary lo low income families. The
Youth Arts Manager's salary plus other Costs continue to be supported by the school.
Culture Camp and Youth Inclusion Projects
Culture Camps offer disadvantaged young people access lo St Ives, cultural inslilulions. Led by artists, they lake
part in a set of workshops, gallery visits and talks. Bronze Arts Award is embedded in the projèct which gives
young people a nationally recognised qualification. For Culture Camps, the Youth Arts Manager is an Arts Award
Advisor, plus oversees the scholarship programme for the Kids Club and PorthmeorArt Collective.
In 2022, the Youth Programme led by the Youth Arts Manager expanded its Culture Camp inclusion work from
two projects to four. A partnership was arranged with the Community Hospital Education Service ICHESI who
work with young people that are loo ill lo go to school, so attend a hospital school part-lime. The second new
partnership was with the Penwf(h Allernalive Provision Academy of excluded teenagers. Both these groups were
supported by funding secured through the Cornwall Community Foundation, Headstart Kemow Young People's
Mentsl Wellking Fund.

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 2022
The third project was with Nine Maidens Pupil Referral Unil and the fourth project was for young people living in
poverty, Classed as Pupil Premium who are referred by schoo15 in West Comwall. Wlhelmin8 Barns-Gr8ham
Trust continued lo fund these projects in 2022.
In lolal forty Iwo sessions were run throughout the year on the youth programme. Culture Camp worked with four
alternative provisions and engaged foty two young people who were excluded or loo ill to go lo school. Thity
seven of these achieved a recognised Arts Award through the project. Feedback on this work induded Nine
Maiden's Ofsted inspection staling the Culture Camp was a beacon of good practice. The work stood out as it
raised the expectations of young people and gave them cultural capital. We utilised regular donations from Taylor
Money Ltd for the entire Youth Programme.
Little Parc Owles Trust supported our Porthmeor Art Collective that provided free online sessions, an exhibition
and mentoring in 2021.
Roy Ray donations re￿iVed in 2022 will be added lo those already held lo offer three emerging artists who want
to start an art career as a Porthmeor Programme placement.
Flnanclal revlew
The results for the year are shown in the slalement of financial activities on page 10 and show nel outgoing
resources for the year of £40,007, of which £7,632 is restricted and £32,375 is unreslricled.
This result together with the reserves brought forward of £221,26812021.' £192,597) gives a total reserves figure
of £181,261 12021.. £221,268). Of this amount £120,98612021.' £177,311) relates lo free reserves Inol included
within reslricled or designated funds) and this is in line ¥hrith our reserves policy. Designated funds tolalled
£49.83412021'. £25.6841 and restricted reserves totslled £10,641 12021.. £18,273).
Reserves pollcy
We have designed the School's reseNes policy to provide security to make plans and ensure the School can
deliver ils charitable mission. 11 responds in particular to 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 seasonal fluctuations in income by operating a healthy cash flow.
In view of the above and in response lo climate conditions the trustees have decided that il will be prudent to aim
to keep three lo four months running costs as a General Reserve. Our expenditure forecast for 2023 excluding
costs within designated spend equates lo minimum balance of £117,409 that should be held in General Reserve.
The purpose of the designated funds is explained in Note 20.
In 2021 we predicted the need to utilise reserves during 2022 land beyond) to enable the School lo continue its
long term mission., a policy which allows the School lo continue to support the Youth Programme, invest in staff
and improve online technology. The ongoing hesitancy in our customer base to return to face-lo-face
experiences as well as the cost of living crisis and rising supplier costs are expected lo impad operations in the
year ahead. These external factors focus the importance of a skilled a staff team, diverse presentslion methods
and a continuous drive to be the best in our field.
Investment pollcy
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.
We are committed to ethical investing avoiding banks whose investments are at a detriment lo climate
change issues wherever possible.
Rlsk management
The trustees regulady review the risks lo which the charity is exposed and ensure appropriate controls are in
place to provide reasonable assurance against fraud and error.

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 2022
Tax status
The company being a ￿gIStered charity is exempl from corporation tsx.
Public benefit
The ¢harily complies with the public benefit requirement through its charitable objectives. The trustees Confimi
they have referred lo the guidance contained in the Charity Commission's general guidance 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 set.
Key objectives for 2023
Delivery
Aim to restore studio courses lo pre pandemic levels, creating opportunity for over 1,000 students to
learn in our studios.
Restore and enhance our studio spaces, removing screening installed during Covid.
Tutors
Continue lo develop the tutor team to offer a diverse programme of leaming both face to fa￿ and
online.
Customers
Enhance the student experience of online Courses by refining the digitsl lèaming platform.
Review the user experience of our website and Invest lo improve ease of use for students.
Develop our CRM system lo improve efficiency.
Sustainability and Climate Change
Explore sustainable initiatives to set us on the path to be carbon neutral by 2030.
Finance
Continue lo lean on the reserve 10 5UPPOrt long term growth plans of restoring studio courses lo pre-
pandemic levèl whilst retaining our digitsl art school.
Increase visibility of our charitable slalus lo actively seek donations and legacies.
YouthlDlverslty and In¢luslon
Vlfiden our reach and increase diversity by continued investment in online courses which offer a lower
cost option to engage with us.
Seek opportunities lo widen partiapalion and remove barriers of access.
Work wth local partners lo create opportunities lo engage with local young people.
Ensure long term security of our vitsl inclusion projec15 for young people.
Nurture the development of artists through the Roy Ray Fund.
Marketlng and Sales
Invest in digitsl marketing lo raise brand awareness, increase tumover, develop and diversify our
audience.
Human Resources
Review the appraisal scheme and reintroduce in April 2023.
Pay Increase for lowest paid lo the Real Living Wage rate from 1.4.23 as recommended by the
Resolution Foundation and overseen by the Living Vvage Commission. This is 8 7.60h increase for
some key members of staff. The remaining staff lo be paid 4%.
Ensure effective change management and monitor impact of any staffing or organisalional changes.
Security and Compliance
Undertake cyber security risk assessment and implement control measures.
Undertake data protection audit and update privacy notice, policies and contracts.

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 2022
structure. governance and management
St Ives School of Art is a company Limited by guarantee governed by ils Memorandum and Articles of
Association dated 5 De￿mber 2011. 11 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 served during the year were..
N Scott Ichaimianl '
JL Hancock
L Sludley
H Wllett
J Wood
TC Cole
NJ Ellis
JW Chiaro.
K Harding
IAppoinled 31 October 20221
(Appointed 5 August 20221
(Appointed 22 April 20221
' Members of the finan￿ Su￿committee
The existing trustees and Diredor identify suitable individuals, based on their skills and knowledge and the
current needs of the board. We currenuy have 9 Iruslees, wth 3 re￿ntlY recruited in 2022 fDIIo¥Mng a skills gap
check.
As part of the induction programme for newly recruited trustees, information is shared on the financial slalements
and future plans and they meet with key staff. There Is an expectation of a minimum of three years of service.
Every three years the board and Individual will review their role decide lo step down or extend for a further
three year5. No strict lime limit on length of Service is in place. Thi5 reflects the challenge of rectuib.ng high
quality candidates in the region and the importance of retsining valuable organisalional knowledge and
experience.
The Board meets four times a year. 11 is also organised into working groups. Finance meets on a bi-monthly
basis and the others (Youth, HR, Grant Funding, Programming) as and when required.
Remuneration policy for key management personnel
The trustees consider the Chief Executive Officer, Jane Cowans lo comprise the key management personnel of
the charity.
The pay of the senior stsff is reviewed annually and normally increased in accordan￿ ￿rith cost of living in line
with other staff. In view of the nature of the charity, the trustees benchmarf( against pay levels in similar
organisalions but also use Consumer PrI￿S Index including owner occupiers, housing costs ICPIHI and the
Consumer Prices Index ICPII.
Ststement of disclosure to independent examiner
So far that the trustees are aware, there is no relevant infomiation of which the charity's independent examiner is
unaware.
Additionally the trustees have taken all the steps that they ought to have taken as trustees in order to make
themselves aware of any relevant Information and lo establish that the charity's independent examiner is aware
of that infomation.
This report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006
relating lo Small Companies.

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 2022
The trustees, report was approved by the Board of Trustees.
N Scott (Chairman)
Trustee
Dated.. 3 May 2023

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ST IVES SCHOOL OF ART {LIMITED BY GUARANTEE)
I report to the trustees on my examination of the financial statements of Sl Ives School of Art (Limited by guarantee)
Ilhe charilyl for thè year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the charity land also ils directors for the purposes of company lawl you are responsible for the
preparation of the financial slalements in accordance with the requirements of the Companies Act 2006 Ilhe 2006
Act).
Having satisfied myself that the financial slalements of the charity are not required lo be audited under Part 16 of
the 2006 Act and are eligible for independent examination. I report in respect of my examination of the ¢harity's
financial statements carried OLJI under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my
examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl
of the 2011 Act.
Independent examinerfs ststement
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section
145 of the 2011 Act. I confirm that l am qualified lo 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 matters have come lo 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 slalements do not accord with those records., or
the financial slalemenls do not Comply with the a¢￿untIng 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 maller considered as part of an
independent examination,. or
the financial slalements have not been prepared in accordance wth the methods and principles of thè
Statement of Recommended Practice for accounting and reporting by charities Spplicable lo Charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021.
I have no concems and have come across no other matters in connection with the examination lo which attention
should be drawn in this report in order lo enable a proper understanding of the financial slalements lo be reached.
Mark Williams FCA DChA
RRL LLP
Peal House
Newham Road
TRURO
Cornwall
TR12DP
Dated.. 5 May 2023

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
Unrestri¢ted Restricted
funds
fund$
2022
2022
Total Unrestricted Reslricled
funds
funds
2021
2021
Totsl
2022
2021
Notes
Income from:
Donations and legacies
Charitable activities
other trading activities
Investments
9,335
499,796
3,652
1,028
44,665
54,000
499.796
3,652
1,028
73,498
419,272
2,260
1,137
33,361
106,859
419,272
2,260
1,137
Total income
513,811
44,665
558,476
496,167
33,361
529,528
Ex
enditure on:
Raising funds
35,031
35,031
35,604
35,604
Charitable activities
511,155
52,297
563,452
443,204
22,049
465,253
Total resources
expended
546,186
52,297
598,483
478,808
22,049
500,857
Net lexpendlturelllncome for
the yearl
Net movement in funds
132,3751
17,6321
140,0071
17,359
11,312
28,671
Fund balances al 1
January 2022
202,995
18,273
221,268
185,636
6,961
192,597
Fund balances at 31
December 2022
170,620
10,641
181,261
202,995
18,273
221,268
The stslemenl 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.
10-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
BALANCE SHEET
AS AT 31 DECEMBER 2022
2022
2021
Notes
Flxed assets
Intangible assets
Tangible assets
1,594
17,217
3,187
23,205
14
18,811
26,392
Current assets
Stocks
Debtors
Cash at bank- deposit accounts
Cash at bank and in hand
12,704
3,040
185,008
165,147
12,407
2,827
184,070
172,674
16
365,899
371,978
Credltors: amounts falllng due wlthln
one year
17
1203,4491
1177,1021
Net current assets
162,450
194,876
Total assets leys current liabilities
181,261
221,268
Income funds
Restricted funds
Unrestricted funds
Designated ftjnds
General unrestricted funds
19
10.641
18,273
20
49.634
120,986
25,684
177,311
170.620
202,995
181,261
221,268
The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies A
2006, for the year ended 31 De￿mber 2022. No member of the company has deposited a notice, pursuant lo
section 476, requiring an audit of these financial statements.
The directors acknoTMedge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject
to the small companies regime.
The financial statements were approved by the Trustees on 24 April 2023
N Scott Ichalrmanl
Trustee
Company Registration No. 07871063

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Notes
Cash flows from operatlng actlvltles
Cash (absorbed byllgeneraled from
operations
24
12,2751
58,576
Invg$tlng a￿l¥ll1￿$
Purchase of intangible assets
Purchase of tangible fixed assets
Investment income re￿iVed
12,3901
123,5161
1,137
15,3421
1,028
Net cash used In Investlng actlvltl&s
14,3141
124,7691
Net cash used In flnanclng actlvltles
Net Idecreasellincrease in cash and cash
equivalents
16,5891
33,807
Cash and cash equivalents at beginning of year
35S,744
322,937
Cash and cash equivalents at end of year
350,155
356,744
12-

ST IVES SCHOOL OF ART (LIMITED BY GUARANTEE)
OPERATING AS ST IVES SCHOOL OF PAINTING
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies
Charity inforniation
Sl Ives School of Art (Limited by guarantee) is a private company limited by guarantee incorporated in
England and Wales. The registered office is Porthmeor Studio, Back Road Wesl, 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 2022 there were 6 members.
1.1 A¢¢ounllng ¢onvgntlon
The finanaal statements have been prepared in accordance with the charity's goveming document, the
Companies Act 2006 and 'Accounling and Reporting by Charities.. Slalement of Recomrnended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 20191. The charity Is 8 Public
Benefit Entity as defined by FRS 102.
The financial slalements are prepared in sleding, which is the functional currency of the charity. Monetsry
amounts in these financial stslemenls are rounded lo the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting
policies adopted are sel out below.
1.2 Going ¢on¢em
Al the lime of approving the financial ststemenls, the trustees have a reasonable expectation that the charity
has adequate resources to conlinLJe in operational existence for the foreseeable fLJture. Thus the trustees
continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable
objectives unless the funds have been designated for other purposes.
Designated fvnds cornprise funds which have been set aside at the discretion of the trustees for speafic
purposes. The purposes and uses of the designated funds are set out in the notes to the financial slalements.
Reslricled funds are subject to specific 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 statements.
1.4 Incoming resources
Income is recognised when the charity is legally enlilled to il after any performance conditions have been mel,
the amounts can be measured reliably, and il is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified
of the donation, unless perfomiance conditions require defe￿al of the amount. Income tax recoverable in
relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation.
Income from trading activities includes income earned from fundraising events and trading activities to raise
funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds
and is recognised when enlitlemenl has occurred.
Investment 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.
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 2022
Accountlng pollcles
Icontlnuedl
1.5 Resources expended
Expenditure is recognised when a there is legal or constructive obligation to make a payment to a third paty,
it is probable that selllemenl 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 induded 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 benefi¢iaries. It includes both ¢osls that Can be allocated directly lo such activities and those of
an indirect nature necessary lo support them.
1.6 Intangible fixed assets other than goodwill
Intsngible fixed assets are capitslised at cost.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development
expenditure is capitalised to the extent that the technical, commercial and financial feasibilty 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
330A per annum
1.7 Tangible fixed assets
Tangible fixed assets costing £250 or more are capilalised and are initially measured at cost and
subsequenuy measured al Cost or valuats'on, nel of depreciation and any impairment losses.
Depreaation is recognised so as lo write off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
Fixtures and fittings
200A - 330/0 per annum
The gain Dr 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 slated at the lower of ¢osl and eslimaled selling price less costs lo ¢omplele and sell. Cost
mprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the stocks to their present location and condition. Items held for distribution at no or
nominal consideration are measured the lower of replacement cost and cost.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held al call wth banks, other short-term liquid
investments wlh original maturities of three month5 or less, and bank overdrafts. Bank overdrafts are shown
wthin borrowings in current liabilities.
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 2022
Accountlng pollcles
Icontlnuedl
1.10 Flnanclal Instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'other Financial Instruments Issues, of FRS 102 to all of ils finanaal inslrumenls.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the
conlraclual provisions of the Inslrumenl.
Financial assets and liabilities are offset, with the net amounts presented in the financial stslemenls, when
there is a legally enforceable right to set off the recognised amounts and there is an intenb'on lo settle on a
net basis or to realise the asset and settle Ihe liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balan￿s, are initially measured at
transaction pri￿ including transaction costs and are subsequently carried al amortised cost using the
effective Interest method unless the arrangement con51ilules a financing transaction, where thè transaction is
measured at the present value of the future retsipls discounted al a market rale of interest. Financial assets
classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities. including creditors and bank loans are initially recognised al transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rale of interest. Financial liabilities dassified as payable
within one year are not amortised.
Debt instruments are subsequendy carrieLI al amortised cost, using the effective Interest rale method.
Trade creditors are obligations to pay for goods or 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-currenl liabilities. Trade Creditors are recognised initially at
transaction price and subsequendy measured at 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 exempt charty within the meaning of schedule 3 of the Charities Act 2011 and is conSide￿d
lo pass the lesls sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of
a charitable company for UK corporab'on tsx purposes.
1.12 Employee beneflts
The cost of any unused holiday enb'tlement is recognised in the period in which the employee's services are
received.
Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed
lo lerminale the employment of an employee or to provide lerminalion benefits.
1.13 Retirement benefits
Payments to defined contribution retirement benefit ￿heMeS are charged as an expense as they fall due.
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 2022
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 eslimales and associated assumptions are based on historical experience and other factors that
are considered lo be relevant. Actual resu115 Tnay differ from these eslimales.
The estimates and underlying 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 ftjture periods where the revision affects both current and future
periods.
Donatlons and legaclgs
Unrestrlcted Restrlcted
funds
funds
Total Unrestricted
funds
Restricted
nds
Total
2022
2022
2022
2021
2021
2021
Donations and gifts
Grants receivable
9,335
5,500
39,165
14,835
39,165
7,895
65,603
33,361
41,256
65,603
9,335
44,665
54,000
73,498
33,361
106,859
HMRC - grants have been received tolalling £Nil12021.' £33,409) to help with the furfoughed staff whilst in a
nationwide lockdown due to COVID-19.
Cornwall Council a grant has been received for £5,33412021'. £32,1941. The local restrictions support grant
has been issued to help businesses during the national lockdown and COVID-19 outbreak.
Charitable activities
2022
2021
Membership income
Fees for delivery of art courses
Sale of student artwork
2,850
496,023
923
1,395
417,657
220
499,796
419,272
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 2022
Other trading activities
Unrestricted Unrestricted
funds
funds
2022
2021
Sale of art materials and refreshments
3,652
2,260
Invostments
Unrestrl￿ed Unrestricted
funds
funds
2022
2021
Interest receivable
1,028
1,137
Raising funds
unrgstrl￿Od Unrestricted
funds
funds
2022
2021
Tradin
cost5
Athork, materials and marketing
staff costs
8,341
26,690
10,756
24,848
Trading costs
35.031
35,604
35,031
35,604
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 2022
Charitable activitie5
2022
2021
Staff costs
Depreciation and impaimienl
Cost of courses and projects
Repairs and maintenance
Research and development lincl. staff costs)
Bank charges and interest
Sundry expenses
Amortisab'on
246,982
11.330
171,553
14,315
29,276
13,274
3,943
1,593
193,861
12.038
178,666
13,170
6,167
11,232
1,186
1,593
492.266
417,913
Share of support costs (see note 91
Share of governance costs (see note 91
60,919
10,267
46,440
900
563,452
465,253
Analysis by fund
Unrestricted funds
Restricted funds
511,155
52.297
563.452
For the year ended 31 December 2021
Unrestricted funds
Restricted funds
443,204
22,049
465,253
Support costs
Support Governance
costs
costs
2022
Support Governance
costs
costs
2021
Operating lease charges
Establishment costs
Office costs
Professional fees
20,503
18,087
16,624
5,705
20,503
18,087
16,624
6,905
15,998
12,659
12.966
4,817
15,998
12,659
12,966
5,717
1,200
900
Legal and professional
9,067
9,067
60,919
10,267
71,186
46,440
900
47,340
Analysed between
Charitable activities
60,919
10,287
71,186
46,440
900
47,340
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 2022
10 Net movernent in funds
2022
2021
Net movement in funds is staled after Chargin￿(CreditingI
Depreaation of owned tangible fixed assets
Amortisation of intangible assets
Operating lease charges
11,330
1,593
20,503
12,038
1,593
15,998
11 Trustees
None of the trustees lor any persons connected with them) received any remuneration during the year, apart
from as disdosed in Note 23.
12 Employees
The average monthly number of employees during the year was..
2022
Number
2021
Number
Raising funds
Charitable activities- salaried staff
13
Total
17
Employment costs
2022
2021
Wages and salaries
Social security costs
Other pension costs
271,455
14,873
4,811
245,391
12,512
4,006
291,139
261,909
There were no employees whose annual remuneration was more than £60,000.
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 2022
13 Intangible fixed assets
Online development ¢05ts
Cost
Al 1 January 2022 and 31 December 2022
4,780
Amortlsatlon and Impalmient
At 1 January 2022
Amortisation charged for the year
1,593
1,593
At 31 December 2022
3,186
Carrying amount
Al 31 December 2022
1,594
At 31 December 2021
3,187
14 Tangible fixed assets
Fixture5 and fitting5
Cost
At 1 January 2022
Additions
62,298
5,342
At 31 December 2022
67,640
Deprociation and Impalrment
At 1 January 2022
Depreciation charged in the year
39,093
11,330
Al 31 December 2022
50,423
Carrying amount
Al 31 December 2022
17,217
Al 31 December 2021
23,205
15 Stocks
2022
2021
Finished goods and goods for resale
12,704
12,407
-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 2022
16 Debtors
2022
2021
Amounts falling due within one year:
Prepayments and accrued income
3,040
2,827
17 Creditors: amounts falling due within one year
2022
2021
Notes
Deferred income
Trade creditors
Accruals
18
189,879
3,273
10,297
159,104
4,946
13,052
203,449
177,102
18 Deferred Income
2022
2021
Arising from course fees received in advance
189,879
159,104
Deferred income is included in the financial statements as follows..
2022
2021
Current liabilities
189,879
159,104
21

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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 2022
21 Analysis of net assets between funds
Unrestrlcted RestrlGted
funds
funds
2022
2022
Total Unrestricted
funds
2021
Restricted
ftjnds
2021
Total
2022
2021
Fund balances at 31
December 2022 are
represented by..
Intangible fixed assets
Tangible assets
Current assetsllliabililiesl
1,594
6.847
2,200
1,594
17,217
162,450
3,187
11,926
3,160
3,187
23,205
194,876
10,370
160,250
11,279
191,716
170,620
10,641
181,261
202,995
18,273
221,268
22 Operatlng lease commltments
Lessee
At the reporting end date the charity had outstanding commitments for future minimum lease payments under
non-cancellable operating leases, which fall due as follows..
2022
2021
Within one year
Between two and five years
In over five years
16,004
57,192
85,925
16,004
62,048
97,073
159.121
175,125
23 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, as listed in the Trustees, Report, is as follows..
2022
2021
Aggregate compensation
35,167
32,543
-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 2022
23 Related party transactlons
Icontlnuedl
Transactlons wlth ￿lated partles
During the year the charity entered into the following transactions with related parties..
Transactions wth a Trustee lotalling £Nil 12021.. £3,510) were incurred for serVi￿S lo promoting the online
programme of the Charity in the year. There was no amounts outstanding as al 31 December 2022 12021..
£NIl}.
24 Cash generated from operatlons
2022
2021
{Defiatllsurpus for the year
140,0071
28,671
Adjustments for..
Investment income recognised in statement of financial aclivf(ies
Amortisation and impairment of intangible assets
Depreaation and impairment of tangible fixed assets
11,0281
1,593
11,330
11,1371
1,593
12,038
Movements in working capital..
Ilncreasel in stocks
Ilncreasellde¢rease in debtors
{Decreasellincrease in creditors
Increase in deferred income
12971
12131
14,4281
30,775
14,0821
8,834
4,580
8,079
Cash (absorbed byllgenerated frorn operations
12,2751
58,576
-28-