Company registration number: 07871063 Charity registration nurTrber: 1146825 St Ives School of Art knovm as St Ives School of Painting (A company limited by guarantee) Annual Report and Finan(ial Ststements for the Year Ended 31 December 2024
St Ives School of Art known as St Ives School of Painting Contents Trustees Report 1 to7 Reference and Administrative Details stst8m8nt of Trustees. Responsibilities Independent Examinerfs Report 9t010 Statement of Financial Aclivtties 11to12 Balance Sheet 13to14 Statement of Cash Flows 15 Notes to the Financial Statements 16to31
St Ives School of Art known as St Ives School of Painting Trustees Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2024. Structuro. governance and management Nature of governing document St Ives School of Art is a company limited by guarantee govem8d by its 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 guarant88 is limtted to £10 per member of the charity. Recruitment and appolntment of trustees The existing trustees and Director identify suitable individuals. based on their skills and knowledge and the current needs of the board. We currently have 6 trustees, with 1 recenuy recruited in 2025. As part of the induction programme for nevly recruited trustees. infomiation is shared on the financial statements and future plans and they meet with key staff. There is an expectation of a rninimum of three years of service. 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 qualty candidates in the region and the importance of retaining valuable organisational knowledge and experience. The Board meets four times a year. It is also organised into working groups. Finan rneets on a bi-monthly basis and the others Cfouth, HR. Grant Funding. Programming) as and when required. Arrangements ftir sethng key management petsonnel remunerntion The trustees consider the Chief Execulive Officer, Jane Cowans to comprise the key management personnel of the charity. The pay of the senior staff is reviewed annually and nonnally increased in accordance with cost of living in line wth other staff. In wew of the nature of the charity, the trustees benchmark against pay levels in similar organisations but also use Consumer Prices Index induding owner occupiers. housing costs {CPIH) and the Consumer Prices Index (CPI). Pag8 1
St Ives School of Art known as St Ives School of Painting Trustees Report Paajor risks and management of those risks Risk management The trustees regularly review the risks to which the charity is exposed and ensure appropriate controls are in pla to provide reasonable assurance against fraud and error. Our major risk is loss of eamed incom8 which is mitsgated by our resetve policy tr) keep a rninimum of thr8e months average operating costs in general resetve. Objectives and activities Objects and aims The charitsble purpose of St Ives School of Painting, as set out in its goveming document, is to advance the education of the public in the appreciation and prdCti(x of the visual arts, in particular but not exclusively. by tha establishment and maintenance of an art school in St Ives in the County of Comwall. In 2024, our key objedive remained focused on enriching lives by nurturing creativ8 Potential. We do this by delivering high-quality visual art5 educalion, both in our inspirational studios and online. We are committed to accessibility, offering indusive prictng and subsidised opportunities to ensure that people from all backgrounds, ages, and abilibes can participate. While we primarily serve adults. we also create dedicated opportunities for young people. particulady those facing challenging circumstsn¢es. to experien the transfomiative power of creativity. ACTIVITIES AND PERFORMANCE Art Courses and Public Engagement D81iv8red over 100 studi04>ased courses, from beginner to advanced 18V81s. including themed sessions on landscape, figure drawing, and creative development. Introduced halfaY workshops during summer months, providing Iow-Cy)s( assIble entry points into art education. . Continued to offer subsidised lrfe drawing sesslons Ivce a week. with IcM21 residents and visitors able to attend at discounted rates. Despite a decrease in online course uptske. we remain committed to digital delivery, recognising its value in broadening our reach and enabling participation beyond Comwall. Tutor Development We maintained a strong core of exp8ri8nced tutors and welcomed three new artist-educators to diversEfy and expand our teaching offer. Our tutor team reflecl the school's ethos of combining professional artistic practice with indusive and engaging teaching. Audience and Infrastructure Invested in improving the digital learning platfomi to enhance the online student experienc8. Reviewed our website wth a focus on accessibility and usability. . Continued to develop our CRM system to improve operationa5 efficiency and engagernent wlth our students. Undertook brand awareness initiatives to exparKI our audi•nce and incwse recognition of our charitable status. Page 2
St Ives School of Art known as St Ives School of Painting Trustees Report Sustalnability We began exploring initiatives aimed at setbng a pathway toward carbon neutrality by 2030, with sustainability goals embedded into our long-terni planning. Flnanc8 and Fundraising To support our investment in course development and studio utilisalion. we stralegically drew on financial reserves. By year-end. we successfully rebuilt a small operatlng surplus. r1VIng over 4,000 booklngs. and reaffirming our public benefit. We plan to raise visibility of our charitable status to grow donor and legacy support. YOUTH PROGRAMME Our youth programme enabled 324 young people to experience the Joy of creativity. building confidence and well-belng. We continue to focus on inclusion, working in partnership with local organisations and funders to remove barriers to cwtive participabon and develop a sense of cultural enlitiement. Open Access Initiatives Sunday Clubs for Kids and Teens.. Monthly workshops in our professional studios. with 25 10 of places offered free of Gharge to struggling families on low income. Supported by the St Ives Rotary Club. . Summer Workshops (Ages 7-13): Hosted during schcKJl holidays for both local and visiting young people. Young Life {Ages 11-16): Life drawing for teens. heavily subsidised and focused on skills rarely offered in the school curriculum. Funded by Taylor Money. Youth Inclusion Projects Culture Camp - Nine Maidens Academy: Pupils excluded from mainstream education engaged in a 0-Month creative project culminating in a Bronze Arts Award. Sponsored by Taylor Money. Culture Camp CLEAR Charity: Therapetrtic art programme for young people who had experienced trauma. Included pastoral care and a public exhibition. Attracted 300 visitors and was covered by BBC Cornwall. The Decks Project: In partnership with the Salvation Army. combined skateboard coaching and art workshops inspired by local artists. Supported by St Ives Town Council and Little Parc Owles Trust. Natural Forms Project (CHES): Aimed at students with complex medical needs. Ongoing project offering creative support to enhance resilience and mental wellbein9. Funded by Taylor Money. continuing through April 2025. Page 3
St Ives School of Art known as St Ives School of Painting Trustees Report Public benefit The chartty complies with the public benefit requirement through its charitable objactives. The trustees confimi they have referred lo the guidan contained in the Charity Commission's general guidance on public benefit when reviewng the charitys aim and objectives and in planning fulure activities. In particular, the trustees consider how planned activities will contribute to the aims and objeclives they have set. The trustees confirm that they have complied with the requirements of section 17 of the Chartties Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Financial review The results for the year are shown in the statement of financial activities on page 11 and show net incoming resources for the year of £23,769 of which £967 is restricted and £22,802 is unrestricted. This result together with the reseeS brought forward of £185.961 (2023: £181,261) gives a total year end reserves figure of £209,730 {2023: £185,961). Of this amount £157,371 12023: £139.573} relates to free reserves (not included within restTiCted or designated funds} and this is in line with our reserves policy. Designated funds totalled £44.694 (2023: £39.69)) and restricted reserves totalled £7,665 (2023.. £6,698). Our principal funding source is eamed inrne from students and se(x)ndary is a small amount of grant funding for specific projects to support our diverse youth programme. Students also support our work with donations. Policy on reseThes We hava designed the SchLX)I's reserves policy to ensure the School can deliver its charitable mission to enrich people's lives by nurturing and enabling their creative spirit. It r8sponds in parbcular to the School's dependence on eamed income as our main supply that also supports our fvnded courses. It also recognises the risk of serious disruption to inix)rne. the dFfficult current dimate wnditions and the need to cover seasonal fluctuations in income by operating a healthy cash flow. On this basis the trustees have decided that it will be prudent to aim to keep a minimum three months average running costs. on average £135,000. as a General Reserve. £157.371 is currentEy held in free resees, which is deemed sufficient in lighl of the policy. Designated funds support our all-inclusive policy of (xjltural engagement with young people. This includes local youth through regular open access classes and inclusion projects for young people who experience barriers to engagement. In addition fijnds are designated to support the School's continuous driv8 to invest in the development of better systems and procedures, increase brand awareness and to grow a nurturing team that enables students to have high quality, creative experiences that are valued. Investment policy and objectives The trustees regularly review the cash held by the charity and whilst maintaining access to funds for operational purposes. wtll Pla 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 to dimate change issues wherever possible. Page 4
St Ives School of Art known as St Ives School of Painting Trustees Report Plans for future poriods STRA TEGIC OUTLOOK FOR 2025 In 2025. we are committed to: Continuing research and development to refine and improve our educational offer. Providing a diverse programme of creative experiences both online and in-person. Raising awareness of our charity to wden participation and secure additional support. Seek funding to secur8 our youth programme to offer cultural entitlement and creative joy to more young people. Seeking additional funding to grow the Bursary Programme. initiated by the legacy of Roy Ray for Emerging Artlsts aged 19-25, enabling more young talent to develop their practi. GONCLUSION Despite 8 challenging year impacted by economic uncertainty, global events, and shifting consumer confidence. St Ives School of Painting succeeded in delivered impactful and aSsible art education to a wide audience receiving over 4.000 bookings. We end the year by contributing a modest SLJrplus to our reserves. strengthening the foundation for the charity's growth and reaffimiing our o)mmitment to creativty. indusion. and public b8nefit. Page 5
St Ives School of Art known as St Ives School of Painting Trustees Report Reference and Administrative Details Chairman N Scott Charity Registratlon NuMr 1146825 Company Registrallon Number 07871063 The charity is incorporated in England and Wales. Porthmeor Studio Back Road West St Ives Cornwall TR26 1 NG Registered Office Independent Examiner Darren Perry ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro Comwall TR12NA Trustees and officer3 The trustees and officers serving during the year arKI since the year end were as follows= Truslees: J W Chiaro (resigned 28 January 2025) Tccole N J Ellis J L Hancock (resigned 23 April 2024) K Harding L Studley (resigned 23 April 2024) J Wood M R Bird (appointed 28 January 2025) Chairman: N Scott Small companies provision statement This report has b8en prepared in accordance with the small companies regime under the Companies Act 2006. Page 6
St Ives School of Art known as St Ives School of Painting Trustees Report The annual report was approved by the trusteas of the charity on behalf by: .24nd signed on its Chainman Page 7
St Ives School of Art known as St Ives School of Painting Statement of Trustees, Responsibilities The trustees (who are also the d1CtOrS of St Ives Sthool of Art for the putposes of company law) are responsible for preparing the trustees, report and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice), induding FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a tnje and fair view of the state of affairs of the charttable company and of the incoming resources and application of resources. induding tts income and expenditure. of the charitable company for that period. In preparing these finanGial statements, the trustees are requirgd to: select suitable accounting policies and apply them consistenty. obseNe the methods and prinoples in the Charities SORP; make judgements and estimates that are reasonable and prudent state whether applicable accounting standards, comprising FRS 102 have b8en followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concem basbs unless it is inappropriate to presum8 that the charitable (x)mpany will continue in business. The trustees are responsible for keeping proper accounting records that Can dilose with reasonable accuracy at any time the financial position of the charitsble company and enable them to ensure that the financial statements comply with the Companies Act 2006. They a also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and oth8r irregularities. The trustees are r8sponsible for the maintenance and integrity of the corporate and financial information included on Ihe charitable CoMpanS website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved b of the chaiity o .XS. and signed on its b&half by. Nsco Chairman Page 8
St Ives School of Art known as St Ives School of Painting Independent Examinerfs Report to the trustees of St Ives School of Art ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directOT5 for the purposes of company law) you are responsible for the preparation of aco)unts in accordance wtth the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accnunts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respecl of my examination of your charity's accounts as carried out under section 145 of the Charities Acl 2011 (Ihe 2011 Act,). In carrying out my examination I have followed the Direct¢ons given by the Charity Commission under section 145(Sllbl of the 2011 Act. Independent eXaMineS statement Since the CompanVs gross income eXded £250.000 your examiner must be a member of a body listed in seclion 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a momber of ICAEW. whith is one of the listed bcmjies. I have completed my examination. I confim) that no matters have come to my attention in connectlon with the examination giving me cause to believe= 1. accounting records were not kept in respect of St Ives School of Art as required by section 386 of Ihe 2006 Act" or 2. the accounts do not accord with those rewrds. or 3. the accounts do not comply the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair Vie which is not a matter nsidered as part of an independent examination" or 4. the accounls have not been prepared in aCC(*dan with the methods and principles of the Statement of Recommended practi for accounting and reporting by charities [applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concems and have come across no other matters in connection WTth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be raached. Page 9
St Ives School of Art known as St Ives School of Painting Independent Examinerfs Report to the trustees of St Ives School of Art {'the Company,) Darren Perry ACA DChA Francis Clark LLP ICAEW Lowin House Tregolls Road Truro Comwall TR12NA Date.. 12 Max.. 2025 Page 10
St Ives School of Art known as St Ives School of Painting Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restrfcted funds Total 2024 Nots Income and Endowments from: Donations and legacies Charitable activities Other trading aclivtties Investment income 8,042 512.007 5.794 14.930 16.467 24,509 512.007 5,794 14,930 Total income 540,773 16.467 557,240 Expendlture on: Raising funds Charitable activities (52,258) (465.713 (52,258) 481.213 15.500 Total expenditure (517,971 15.500 533.471 Net income 22.802 967 23,769 Net movement in fvnds 22.802 967 23.769 Reconciliation of funds Total funds brought fOard Tolal funds catried forward 179,263 6,698 185,961 21 202,065 7,665 209,730 The notes on pagès 16 to 31 form an integral part ofthw finanoal statements. Page 11
St Ives School of Art known as St Ives School of Painting Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and legaci8S Charitable activities Other trading activities Investment income 6,461 545.057 4,027 4.405 9.069 15,530 545,057 4,027 4,405 Total income 559,950 9,069 569,019 Expenditure on: Raising funds Charitable aclivities (26.158} (525,149 126,1581 (538,161) 13.012 Total expenditure 551,307 (13.012 564,319 Net incomel(expenditure) Nel movement in funds 8.643 3,943) 4,700 8.643 (3,943) 4,700 Reconciliation of funds Total funds brought fOard Total funds carried forward 170.620 10.641 181,261 21 179,263 6.698 185.961 All of the charity's activities derive from continuing operations during the atrt)ve hvo periods. Th6 funds breakdown for 2023 is shown in note 21. The notes on pages 16 to 31 forn an integral part of these finanual stalements. Page 12
St Ives School of Art known as St Ives School of Painting (Registration number: 07871063) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets 15 8.101 4,001 Current assets Stocks Debtors Cash at bank and in hand 16 17 18 13,569 6.975 346,767 14,806 4,477 342,471 367.311 361.754 Croditors: Amounts falling due wlthin one year 19 165,682 179.794 Net CUTront assets 201,629 181,960 Net assets 209.730 185,961 Funds of the charity: Restricted income funds Restricted funds 21 7,665 6,698 Unrestricted income funds Unrestricted funds 202,065 179,263 Total funds 21 209,730 185,961 For the financial ye8r ending 31 December 2024 the charity was antitled to exemption from audtt under section 477 of Ihe Companies Act 2006 relating to small companies. Directors, responsibiltlies: The members have not required Ihe charity to obtsin an audit of its accounts fr>r the year in question in accordanGe with section 476" and The direclors aCknOedge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of accounts. These financial statements have been prepared in accordance with thè special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Tha notes on pages 16 to 31 fom7 an integral part ofthese financial ststèm8nts. Page 13
St Ives School of Art known as St Ives School of Painting (Registration number: 07871063) Balance Sheet as at 31 December 2024 The fin ci st3tements on pages 11 to 31 were approved by the trustees. and authorised for issue .%>arJd signed on their behalf by: Nsco Chairman The notes on pages 16 to 31 forni an integral part of these ffinanCI statements. Pag& 14
St Ives School of Art known as St Ives School of Painting Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operating activities Net cash income 23,769 4.700 Adjustments to cash flows from non<ash items Depreciation Amortisation Investment income 3.933 13,907 1.594 4,405 15,796 {14,930 12.772 Working capital adjustments Decreasel{increasel in stocks Increase in debtors Increase in creditors Decrease in deferred income 16 17 19 1.237 (2,498) 3.201 17.313 {2,102) (1,4371 10,967 {34,622 Net cash flows from oparating activities (2,601 {11,398 Cash flows from investlng actlvlties Interest receivable and similar income Purchase of tsngible fixed assets 14,930 (8,033) 4,405 {691) 15 Net cash flows from investing aclivittes Net increasel(dècraase) in sh and cash equivalents Cash and cash equivalents at 1 January 6,897 3,714 4,296 (7,684) 350.155 342,471 Cash and cash equÈvalents at 31 December 346,767 342,471 l of the cash fiows are derived from continuing operions during the above bvo periods. The noles on pag8s 16 10 31 fom an integral part of these finanoal stemerts. Page 15
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 1 Charity status The charity is limiled by guarantee. incorporated in England and Wales. and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of its registered office is: Porthmeor Studio Back Road West St Ives Cornwall TR26 1NG 2 Accounting policles Summary of slgnificant accourrting policies and key accounting estimates The principal accounting poliaes applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless othefwise stated. statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities- Statefflenl of Recommended Practice (applicable to charities preparing their accounts in accordan with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)} lissu8d in October 2019) - (Charities SORP (FRS 102}), the Financial Reporting Standard applicable in the UK and Republic of Iretand (FRS 102> and the Companies Act 2006. Basis of preparation st Ives School of Art meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially reGognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Golng concern The tnjstees (x)nsider that there are no material uncertainties aul the charitys ability to continue as a going concem nor any significant areas of uncartainty that affect the caryng value of assets held by the charity. Income and endowments Income is recognised when the charity is legally enttued to it after any perfomiance conditions have been met, the amounts (an be measured reliably. and it is probable that income will be received. Page 16
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 Donations and legacies Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless Performan conditions require defenzl of the amount. Incoffle tax recoverable in relation to donations recebved under Gwft AÈd or deeds of covenant is recognised at the time of the donation. Grants receivable Grants are recognised when the charity has an entitlernent to the funds and any conditions linked to the grants have been met. Where performan conditions are attached to the grant and are yet to be met, the income is recognised as a liability and induded on the balance sheet as deferred income to be released. Deferred income Deferrgd income represents amounts received for future periods and is released lo incoming resources in the period for which, it has been reived. Such income is only deferred when: - The donor specifies Ihat the grant or donation must only be used in fubJre accounting periods; or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Other trading activities 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 supplwng goods and services in order to raise funds and is recognised when entiuement has o(xurred. Investment income Investment income is eamed Ihrough holding assets for invesknent purposes such as shares and deposit accounts. it includes dividends and interest and is recognised on a receivable basis. Expenditure Expenditure is recognised vthen a Ihere is 18gal or constructive obligation to make a payment to a third paty. it is probable that setdement V11 be required and the amount of the obligation can be measured reliably. Value added tax is not recoverable by the charity and as such is included wtthin the item of expense to which it relates. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable actlvities Charilable expendilure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both cosls that can be allocated directly to such activities and those of an indirect nature n¢Gessary to 3UPPOrt them. Page 17
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 Decernber 2024 Support costs Support costs include ntral fiJnctions and have been allocated to activity cost categories on a basis consistent with th8 use of resources. for example, allocating property costs by floor areas, or p8r capita, staff costs by the time spent and other costs by their usage. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Aot 2010 and Iherefore it meets the definition of a charitsble company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exdusively to charitable purposes. Intangible assets Intangible assels ar8 Stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their 8stimat8d useful lives. Tanglble fixed assets Individual fixed assets sting £250 or more are initialty recorded at cost. less any subsequent accumulated depreciation and subsequent accumulated impairm8nt losses. Amortisation Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows.. Asset class Online development costs Amortisation method and rate 330/. Straight line Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off Ihe cost or valuation, less any estimated residual value. over their expectsd useful economic life as follows: Asset class Furniture and equipment Computer equipment Depreciation method and rate 200/. Straight line 330/0 Straight line Research and development Research expendibjre 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 feasibility can be demonstrated. Page 18
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 Stock Stocks are stated at the lower of cost and eslimated selling price less costs to complete and sell. Cost comprises 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 distribukn'on at no or nominal consideration arè measured the lower of replacement cost and cost. Trade debtors Trade debtors are amounts due from customers for merchandise sold or semces perfornied in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured al amortised cost using the effective interest method, less provision for impaimient. A provision for the impaimient of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insigntricant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or sep4ices that have been acquired in the ordinary course of busin8ss from suppliers. Accounts payable are Glassified as current liabilities if the charity does not have an uncondilional right, at the end of the reporting penod, to defer settlement of the creditor for at least e1ve months after the reporting date. If there is an unconditional right to defer settlement for at least e1ve months after the reporting date. Ihey are presented as non-current liabilities. Trade creditors are recognised inilially at the transaction price and subsequently measured at amortised ¢ost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of tha objectives of the charity. Designated funds are unrestricted fvnds set aside for specffic pUrSeS at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of whioh is restricted to that area or purpose. Penslons and olher post retirement obligatlons Payments to define(J contrfibutn retirement benefit schemes are charged as an expense a8 they fall due. Page 19
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 Decernber 2024 3 Income from donatlons and legacies Unrestrictod funds DIgnated Genèral Rostrict8d funds Total funds Donations and legacies; Donations and legacies Grants. induding Capilal grants 3.458 2,952 6,410 13,515 18.099 Total for 2024 8.042 16,467 24,509 Total for 2023 512 5,949 9,069 15,530 4 Income from charitsble activitios Unrestricted Funds Total funds Fees for delivery of art courses Membership income Sale of student artwork 508.037 3,120 850 508,037 3,120 850 Total for 2024 512,007 512,007 Total for 2023 545,057 545,057 5 Income from other tradlng activities Unrestricted Funds Total funds Trading income" Sales of goods and servic£s Other trading income 2,614 3,180 2,614 3,180 Total for 2024 5,794 5,794 Total for 2023 4.027 4,027 Page 20
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 6 Investment Income Unrestricted funds Total funds Interest receivable and sitnilar income- Interest receIvate on bank deposits 14.930 14.930 Total for 2024 14,930 14,930 Total for 2023 4,405 4,405 7 Expenditure on ralslng funds Allocated support costs Total 2024 Total 2023 Marketing, including artwork & materials Staff Costs 29.760 22,498 29,760 22,498 8,962 17.196 52,258 52.258 26,158 8 Expenditure on charitable activities Unrestrictgd funds Designated General Restricted funds Total 2024 Total 2023 Courses and production costs Depreciation and amortisation Staff costs Support costs (note 9) 8.187 137.012 13.595 158,794 172,846 2,028 1,905 3.933 222,962 95,524 15.500 245.869 103,946 222.962 78,338 17,186 27.401 438,312 15.500 481.213 538,161 Page 21
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 9 Analysls of support costs Charitable activities expenditure Unrestricted funds Designated General Total 2024 Total 2023 Bank charges Rasearch & development Office costs (supplies & support) Computer costs & equipment Insurance studio supplies & resources Sundry expenses Professional fees Subscriptions & memberships Repairs & maintenance Rent & establishment costs 10,426 2,000 9,862 14.940 3,239 10.426 19.186 9,862 14,940 3,239 11,278 28.404 9,635 13,892 3,216 3,758 603 4,192 567 1.317 27,084 17.186 589 4,906 263 793 27,736 78,338 589 4,906 263 793 27,736 17,186 95.524 103,946 10 Net Incomingloutgolng resources Nel incoming resources for the year include: 2024 2023 Operating leases - other assets Independent Examinerfs fees Other non-audit setvices Depreciation of fixed assets Amorlisation of intangible fixed assets 18.754 1.100 3,040 3,933 16.004 1,035 3,105 13,907 1,594 Page 22
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 11 Trustees remuneralion and expenses No truslees, nor any p8rsons connected with them, have received any remuneration from the charity during the year. No trustees have receÈved any reimbursed expenses or any other benefits from the charity during the year. 12 Staff ¢osts The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 230.358 10,970 4,132 247,682 11,136 4,247 245.460 263,065 The monthly average number of peTsons (including senior management I leadership team) employed by the Gharity during the year expressed by headcount was as follows: 2024 2023 No Raising funds Charitable actiwties - salaried stsff 14 15 15 16 No employee received emoluments of more than £60.000 during the year. The total employee benefits of the key management personnel of the charity were £40,102 {2023 £41,443), which indudes £3.760 (2023: £3.923) in employers Nl and payments for overtime of £nil (2023 - £2,912) 13 Taxatlon The charity is a registered charity and is Iherefore exempt from taxation. Page 23
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 Decernber 2024 14 Intsngible fixed assets Online development costs Total Cost At 1 January 2024 4.780 4.780 At 31 December 2024 4,780 4,780 Amortisation At 1 January 2024 At 31 December 2024 4,780 4,780 4,780 4,780 Net book value At 31 December 2024 At 31 December 2023 15 Tangible fixed assets Fumiture and equipment Computer equlpment Total Cost At 1 January 2024 Additions 23.417 2,235 44,914 5.798 68,331 8,033 At 31 December 2024 25.652 50,712 76,364 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 20,044 1,600 44,286 2.333 64,330 3,933 21,644 46,619 68.263 Net book value At 31 Dec8mber 2024 4.008 4,093 8.101 At 31 December 2023 3,373 628 4,001 Page 24
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 16 Stock 2024 2023 Stocks 13,569 14,806 17 Debtors 2024 2023 Trade debtors PrepayThents Other debtors 1.320 3,157 3.050 3,925 6,975 4,477 18 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 286 346.481 117 342,354 346,767 342.471 19 Creditors: amounts falling due withln on8 year 2024 2023 Trade creditors Other creditors Accruals Deferred income 6.521 2.669 4,819 17.049 155,257 21.217 137,944 165,682 179,794 Page 25
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 2024 2023 Deferred income at 1 January 2024 Resourcès deferred in the period Amounts released from previous periods 155,257 137,944 155.257 189,879 155,257 189,879 Deferred income at year end 137,944 155,257 Deferred income at the year end relates to income received in advance of courses held after the year end, gift vouchers not yet used. and credit notes held for future use. 20 Obllgatlons under leases and hlre purchase contracts Operating lease commitments Tolal future minimum lease payments under nOn-CanlIable operating leases are as follows: 2024 2023 Land and buildings Within one year Beeen one and five years After five years 14,751 46,258 78,061 14,220 46,258 89,626 139,070 150,104 other Wilhin one year Beeen one and five years 734 2,754 728 3,488 728 Page 26
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 21 Funds Balance at 31 December 2024 Balance at 1 January Incoming Resources 2024 resources expended Transfers Unrestricted funds General General Fund 139,573 510.773 (490,570) (2,405) 157,371 Designated Youthlsubsidy Fund Capital Reserve Research & Development Donations to Youlh Project 15.000 3,349 20.000 1,341 10.000 (6,846) (2.028) (17,186). 1,341 18,154 3,726 22.814 2,405 20,000 39,690 30,000 27,401) 2,405 44,694 Total unrestricted funds 179,263 540,773 517.971 202,065 Restricted funds Unlocking Potential Growth & Productivity DWP Access to Work Equipment St Ives Rotsry yOh Donation ERDF CIOS Kickstart Kickstart Job Placement Little Parc Owles Trust ERDF Future Focus. managed by University of Exeter Taylor Money Limited St Ives Town Deal Grant Beacon Trust Arts Award Trinity College Roy Ray Legacy Fund Total restricted funds (4} 12 545 31 {12} (1.045) (31) (6} {390) 500 390 {200) (11.500) (1.652) {200) 400 5,500 6,000 5,627 200 998 3,975 998 2,292 460 6,698 16.467 15.500) 7.665 Total funds 185,961 533,471 557,240 1 209,730 Page 27
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 Balance at 31 December 2023 Balance at 1 January 2023 Incoming Resourc05 resources expended Transfers Unrestricted funds General General Fund 120.986 524,438 (505,160) (691) 139,573 Designated Youthlsubsidy Fun(J Capital ReseNe Research & Development Donations to Youth Project Roy Ray Fund 15.000 10.370 20,IKJO 15.000 (15,000) (7,712) (20.000) 15,000 3,349 20,000 691 20.000 829 3,435 512 1,341 (3,435) 46,147 49,634 35,512 691 39,690 Total unrestricted funds 170,620 559,950 551.307 179,263 Restricted Unlocking Potential Growth & Productivity DWP Access to Work Equipment St Ives Rotary Youth Donation ERDF CIOS Kickstart Kickstart Job Placernent ERDF Future Focus. managed by Universty of Exeter Wilhelmina B8ms-Graham Trust Taylor Money Litnited CDC Cornwall - CLLD Project St Ives Town Counul Youth Grant Salvation Amiy 334 (330) 1594) 12 900 (355) (1.668) (307) 545 31 1.699 313 8CM) {200) 600 (2.200) (500) 6,000 5.500 4,689 (4.689) 1,669 (1,669) 500 Total restrlctsd funds 10.641 9,069 13,012 6,698 Total funds 181,261 569.019 564.319 185,961 Page 28
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 The specific purposes for which the funds are to be applied are as follovts: Purposes of restricted funds" Unlocking Potential Growth & Productivty - Funding to support the purchase of video conferencing equipmant that allows superior remote connecttons. DWP Access to WO Equipment - Funding to support addtlional equipment that allows all employees to work equally. St Ives Rotary Donation - Young Artist programme funding is used to cover a rang8 of youth activities at the School attended by mainly local children ages 6-16. ERDF CIOS Kickstart - Funding for IT equipment to enabl8 flexibility in the delivery of online dasses and increase social media pres8nce. Kickstart Job Plament - Placement fvnding to support the meaningftEI skill devalopmenl and worf( experience of a young p8rson. Using staff and artists as mentors to develop th8ir skillset. gain studio experience, confidence and open ideas for a career path. Little Parc Owles Trust - To support the Decks Project. a collaboration project beeen SSP and Salvation Army to engage local teenagers. ERDF Future Focus, Unlocking Potential, managed by Universty of Exeter - Funding towards IT equipment. Wilhelmina Bams-Graham Trust - Funding to support our Culture Camp Programme that provides all inclusive leaming, works dosely wtth local schools and allows young people to re*ngage in leaming. Taylor Money Limited - Providing support across all our youth programme, allowing young people to engage in art. CDC Cornwall - CLLD Project - Funded by the European Regional Development Fund. for investment in broadcast-quality recording equipment. studio lighting and training to deliver a professional, high quality online leamin9 experience. St Ivas Town Council Youth Grant A summer collaboration wth The Salvation Anny to increase young people's cultural entitlement and give them an opportunity to meet and work with praGticing artists. Offering a craative outlet during their summer holidayE. st Ives Town Deal Grant - Purchasing equipment to improve efficiency and workspace. Salvation Amiy ContribLrtion - A summer collaboration wtth St Ives council to increase young people's cultural entillement and give them an opportunrty to meet and Yrk with practicing artists. Offering a creative ouuet during their summer holidays. Beacon Trust- Supporting our youth activitses that are mainly attended by local children. Page 29
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 December 2024 Roy Ray Legacy Fund - Emerging Artists Burs8ry is aimed at 19-25 creatives who Iwe in Comwall and are taking their first steps into professional art practice. Arts Award Access Fund - To support th8 Nine Maidens Culiure Camp project in Spring 2025. Purposès of designated funds: Youthlsubsidy Fund - Funds set aside to guarantee the ongoing security and cultural engagement provided to young people within our numerous youth activities. Capital Reserve - Represents the net b(M)k value of fixed assets held. recognising that these funds cannot be easily converted to cash. R8s6arch & Development Fund - Research & development to ensure we remain at the forefront of our field and improve efficiency. Donations to Youth Project Accumulated donatrjns reiVed that wtll support our Culture Camp project. Roy Ray Fund Will offer three emerging artists a unique opportunity to find and develop their individual creative Vol through the completion of our six month Porthmeor Programme starting in September 2023. 22 Analysls of net assets between funds Total funds at31 December 2024 Unrestrlcted funds General Designated Restricted funds Tangible fixed assets Current assets Current liabilities 3.726 40.968 4.375 3.290 8,101 367,311 165,682 323,053 1165.682) 157.371 Total net assets 44,694 7.665 209,730 Total funds at31 December 2023 Unrestricted funds General Deslgnated Restricted funds Tangible fixed assets Current assets Current liabilities 3,348 36,342 653 6,045 4,001 361,754 179.794 319,367 179.794) Total net assets 139,573 39.690 6,698 185,961 Page 30
St Ives School of Art known as St Ives School of Painting Notes to the Financial Statements for the Year Ended 31 Decernber 2024 23 Related party transactions There were no related party transactions in the year. Page 31