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2025-12-31-accounts

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

Company registration number: 07871063 Charity registration number: 1146825

St Ives School of Art

known as

St Ives School of Painting

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Contents

Trustees Report 1 to 10
Reference and Administrative Details 9
Statement of Trustees' Responsibilities 11
Independent Examiner's Report 12 to 13
Statement of Financial Activities 14 to 15
Balance Sheet 16 to 17
Statement of Cash Flows 18
Notes to the Financial Statements 19 to 34

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

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 and auditors' report of the charitable company for the year ended 31 December 2025.

Structure, governance and management

Nature of governing document

St Ives School of Art is a company limited by guarantee governed 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 guarantee is limited to £10 per member of the charity.

Recruitment and appointment of trustees

The existing trustees and Director identify suitable individuals, based on their skills and knowledge and the current needs of the board. The board comprises 8 trustees, 5 of whom joined the board in 2025 as long standing trustees stood down. Each of our trustees has a different area of expertise leading on areas of finance, marketing, youth, HR, fundraising and course programming.

As part of the induction programme for newly recruited trustees, financial statements and future plans are shared and meetings with key staff undertaken. There is an expectation of a minimum 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 quality candidates in the region and the importance of retaining valuable organisational knowledge and experience.

The Board meets four times a year and is also organised into working groups related to particular areas of expertise ( eg Finance, Youth, HR, Grant Funding, Programming) who meet more frequently, as and when required.

Arrangements for setting key management personnel remuneration

The trustees consider the Chief Executive Officer, Jane Cowans to comprise the key management personnel of the charity.

The pay of the senior staff is reviewed annually and normally increased in accordance with cost of living in line with other staff. In view of the nature of the charity, the trustees benchmark against pay levels in similar organisations but also use Consumer Prices Index including owner occupiers’ housing costs (CPIH) and the Consumer Prices Index (CPI).

Page 1

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Trustees Report

Major 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 place to provide reasonable assurance against fraud and error.

Our major risk is loss of earned income, unforeseen events and market forces which is mitigated by our reserve policy which is set by trustees.

We do not retain any financial data relating to beneficiaries which limits risk of fraud

Objectives and activities

Objects and aims

The charitable purpose of St Ives School of Painting, as set out in its governing document, is to advance the education of the public in the appreciation and practice of the visual arts, in particular but not exclusively, by the establishment and maintenance of an art school in St Ives in the County of Cornwall.

Our aims

Our key objective remains focused on enriching lives by nurturing creative potential. We do this by delivering high-quality visual arts education, both in our inspirational studios and online. We are committed to accessibility, offering inclusive pricing and subsidised opportunities to ensure that people from all backgrounds, ages, and abilities can participate.

While we primarily serve adults, we also create dedicated opportunities for young people to experience the transformative power of creativity. We specifically allocate funds from our surplus to support the Youth Programme, providing low cost art classes, full fee bursaries and tailored projects for those facing challenging circumstances, to experience the transformative power of creativity.

Page 2

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Trustees Report

ACTIVITIES AND PERFORMANCE

Art Courses and Public Engagement

We delivered over 150 studio-based courses and workshops , from beginner to advanced levels, including themed sessions on landscape, figure drawing, and creative development. Short workshops were designed to be accessible and offered a low cost, entry point into art education. 95% of beneficiaries rated their experience as very good or excellent.

Here is just an example from beneficiary feedback as to how impactful the experience was for them.

Janice - It was exactly what I needed to guide me into painting when I’m back home - I feel fully immersed into painting in every way - the School, the tutor, the surrounding environment eg galleries etc. An amazing course & way beyond my expectations & anything I had done previously.

Carole - I loved the environment, it created a space to explore new and different ways of working. The place made me feel that anything was possible.

Clare - The course came at just the right time for me as I was struggling to find the motivation to make work that interested and excited me. I very much enjoyed the course as it was well structured, a mixture of tutoring and self lead projects. There was lots of time for talking and learning from both tutors and peers. I found the tutors very knowledgeable, experienced and encouraging and they definitely helped me to believe in myself and encouraged us all to be honest and authentic in our practice.

Shelley - Wonderful tutors allowing us to explore ideas and try out techniques and develop in a way which drew upon our previous experience. I have achieved greater understanding, confidence, independence, desire, drive, passion, daring, decisiveness, knowledge of techniques & processes and camaraderie. A life changing bubble of safety, security hope and inspiration which has brought me hurtling towards my desire to be an artist and created an extra branch to my family which I will always hold dear and will have at my side as the artist in me and each of them emerges.

We provided over 100 subsidised life drawing sessions where local residents and frequent visitors were able to attend at a 50% discounted rate.

We offered a choice of 90 online art sessions in a range of mediums and subjects, enabling us to broaden our reach worldwide and engage a diverse audience able to benefit from our teaching without the associated travel costs and commitments.

Our youth project benefited 330 young people in Cornwall and working with school groups we welcomed a further 300 young people Nationwide on bespoke workshops.

Bursaries for Emerging Artists (Ages 19-35)

Funded through a legacy gift from Roy Ray and match funding from the Wilhelmina Barns‑Graham Trust and Little Parc Owles Trust. These bursaries enabled emerging artists living in Cornwall to access adult courses at an 80% discounted rate, supporting skill development at a crucial stage of their artistic journey. In 2025 we expanded the eligibility criteria to enable more young artists to benefit.

Overall we delivered 4,000 creative experiences in person or online reaffirming our public benefit.

Page 3

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Trustees Report

Tutor Development

We maintained a strong core of experienced tutors and welcomed three new artist-educators to diversify and expand our teaching offer. Our tutor team reflect the school’s ethos of combining professional artistic practice with inclusive and engaging teaching.

Audience and Infrastructure

• Ongoing investment in our digital learning platform to enhance the student experience.

• Ongoing investment in our website to ensure accessibility and usability.

Sustainability

We have embedded sustainability goals into our long-term planning, working towards carbon neutrality by 2030.

Finance and Fundraising

We actively sought additional support from donors and along with our earned income by year-end, we were able to contribute to our reserves. We endeavor to increase the visibility of our charitable status to grow donor and legacy support.

YOUTH PROGRAMME

Our Youth Programme supported 330 individual young people over several sessions. Through open-access opportunities and targeted inclusion projects, we continued to remove barriers to participation, expand cultural entitlement, and work closely with partner organisations to support young people facing significant challenges.

Open Access Initiatives

Over 400 attendances on open access youth workshops

• Sunday Clubs for Kids and Teens (Ages 7-16):

Monthly art workshops delivered in our professional studios, enabling children and teens to create alongside contemporary artists. 25% of places were offered free of charge to low‑income families in Cornwall through our scholarship scheme, supported in part by the St Ives Rotary Club, with remaining funds covered by the School of Painting.

• Summer Workshops (Ages 7-13):

Creative sessions for local and visiting young people during July and August 2025. - Visitor workshops: Open to families holidaying in St Ives.

Page 4

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Trustees Report

Youth Inclusion Projects

• Culture Camp - Nine Maidens Academy (Ages 13-16):

A two-month project for pupils excluded from mainstream school due to medical, behavioural, or engagement needs. Young people experienced varied cultural activities and achieved a Bronze Arts Award (equivalent to half a GCSE). Supported by Taylor Money.

• “My Place” Project - Community and Hospital Education Service (CHES): Designed for teens unable to attend mainstream education due to complex medical conditions. Creative sessions supported mental health, resilience, and artistic engagement. Last year’s model resulted in significant wellbeing improvements and record-breaking GCSE Art outcomes for CHES (including three Grade 9s). The 2025-26 project continues to be funded by Taylor Money.

Impact of CHES project

We tracked change in the young people surrounding 8 statements concerning their wellbeing and creativity. We analysed the data before and after, for each individual and as a group. The biggest change for the young people in the 2025 cohort was in their ‘Ability to cope with life’ at a 103% increase. This is a wonderful outcome, as their scores more than doubled from beginning to end. Considering the physical and mental health issues these young people face attending hospital school, this added resilience is vital.

• Create Room - Pool Academy (Age 13):

Focused on young people living in poverty and identified as Pupil Premium. The project began with a cultural immersion day in St Ives (Tate St Ives visit + studio workshop) and continued in school. All activities integrated mindfulness and wellbeing. Students achieved a Bronze Arts Award, with strong outcomes for those with additional needs such as Autism or Dyslexia. The project was highlighted in a national evaluation published by the National Centre for Creative Health in partnership with the Royal Society for Public Health.

Impact of Create Room project

In this 2025 cohort of Create Room at Pool Academy, the group showed an increase of ‘ Being ’ present at 44% . This leap in mindfulness in turn supports the young people’s mental, emotional and physical well-being. Living in a low-income family is strongly associated with higher levels of stress for children and young people, often significantly more. This stress can impact many aspects of their development and wellbeing. They also tend to take on adult roles early in life as young carers which leads to burnout. The increase in mindfulness from this project will help them be mentally more present, helping them enjoy the here and now, while also improving their concentration at school, helping them feel less distracted by unrelated or stressful thoughts.

• Creative Workshops - CLEAR Charity (Ages 11-19):

Art workshops for young people completing therapy with the CLEAR Trauma Charity. Delivered in partnership with a CLEAR music therapist, using Kandinsky as inspiration to combine art and music-based therapeutic approaches.

• Salvation Army Youth Groups (Ages 8-21):

Christmas craft sessions delivered with the Salvation Army and St Ives Town Council, supporting local young people, many of whom live in poverty.

Page 5

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Trustees Report

Summary

The School of Painting’s Youth Programme provided high-quality creative experiences for 330 young people. Our commitment to inclusion remains central, with strong partnerships across the youth, health, and education sectors - including Taylor Money, CHES, Nine Maidens, CLEAR, Pool Academy, and local charities.

These activities really do make a difference to young people’s lives as can be seen in just a few examples of feedback from young people, parents and teachers.

“ I have focused less on perfection and more on enjoying the process itself. This is massive for me as I have OCD. ” Young person attending the CHES project

“ I have surprised myself being able to cope with going to new places like the sculpture garden and Tate. I wouldn’t have tried this if you hadn’t have taken me. And now I know I can do it and feel much more hopeful. ” Young person attending the CHES project

“ The success of the project is so apparent on multiple levels; The academic success itself boosting GCSE portfolios, alongside boosting their self-belief, confidence to persevere, and exposure to and the value of new cultural and artistic experiences. With the explicit recognition of the important place our local region holds within the world of art. ” CHES Teacher

“ It's great to see local organisations and funders investing time in local children .” Parent A of child attending Local Summer Project

“ Just a big thank you, the project has been such a positive experience for my children. They’ve really enjoyed it, grown in confidence, and it’s lovely to see them so excited about being creative .” Parent B of child attending Local Summer Project

“ Thank you so much to the funders, teachers and School of Painting for this opportunity. It meant a great deal to both myself and my daughter that she was able to attend these workshops, and it was an incredibly positive experience for her. ” Parent C of scholarship funded child attending Local Summer Project

The School designates significant funds to ensure the stability and continuation of our work with young people, seeking additional funding for our inclusion projects. In 2025 these have been supported by Taylor Money and small local grants. We continue to seek external funding from trusts and foundations, seek to strengthen future collaboration with Cornish organisations and we aim to develop new work with Social Prescribers in local schools through 2026 and beyond.

Public benefit

The charity complies with the public benefit requirement through its charitable objectives. The trustees confirm they have referred to 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.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 6

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Trustees Report

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 £62,281 of which -£1,172 is restricted and £63,453 is unrestricted. This result together with the reserves brought forward of £209,730 gives a total year end reserves figure of £272,011. Of this amount £198,362 (2024: £157,371) relates to free reserves (not included within restricted or designated funds) and this is in line with our reserves policy. Designated funds totalled £67,156 (2024: £44,694) and restricted reserves totalled £6,493 (2024: £7,665).

Our principal funding source is earned income from students and secondary 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 reserves

We have designed the School’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 responds in particular to the School’s dependence on earned income as our main source of funds which also support our funded courses. It recognises the risk of serious disruption to income, the need to stay adaptable, the ability to respond to unforeseen events and changing market forces, invest in future developments and the need to cover seasonal fluctuations in income by operating a healthy cash flow. On this basis the trustees have deemed that the reserves target is a minimum of four months average running costs. The £198,362 currently held in free reserves, is deemed sufficient in light of the policy.

Designated funds support our all-inclusive policy of cultural 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 funds are designated to support the School’s continuous drive to invest in the development of better systems and procedures, invest in raising funds, 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, 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 to climate change issues wherever possible.

Page 7

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Trustees Report

Plans for future periods

STRATEGIC OUTLOOK FOR 2026

We aim:

• To expand access to high-quality arts education for individuals of all ages, backgrounds, and abilities.

• To strengthen the role of the arts as a catalyst for personal development, wellbeing, and social cohesion.

• To secure the sustainability of our programmes through diversified funding, strategic partnerships, and careful resource management.

We plan to:

• Seek funding to secure our youth programme to offer cultural entitlement and creative joy to more young people.

• Seek ongoing funding to ensure the longevity of the Bursary Programme, for Emerging Artists aged 19-35, thereby enabling more young talent to develop their practice.

• Continuing research and development to refine and improve our educational offer.

• Seeking additional funding to grow the Bursary Programme , initiated by the legacy of Roy Ray for Emerging Artists aged 19-25 , enabling more young talent to develop their practice.

Page 8

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Trustees Report

Reference and Administrative Details

Chairman N Scott (resigned 29 May 2025) M R Bird Charity Registration Number 1146825 Company Registration Number 07871063 The charity is incorporated in England and Wales. Registered Office Porthmeor Studio Back Road West St Ives Cornwall TR26 1NG Independent Examiner Darren Perry ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: J W Chiaro (resigned 28 January 2025) T C Cole N J Ellis K Harding J Wood (resigned 31 July 2025) F Blythe (appointed 17 October 2025) P McMenamin (appointed 31 July 2025) K Finn (appointed 31 July 2025) J Marsh (appointed 31 July 2025) Chairman: N Scott (resigned 29 May 2025) M R Bird (appointed 28 January 2025)

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Page 9

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Trustees Report

03 August 2026 The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... M R Bird Chairman

Page 10

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Statement of Trustees' Responsibilities

The trustees (who are also the directors of St Ives School of Art for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The 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 true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

03 August 2026 Approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... M R Bird Chairman

Page 11

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Independent Examiner's 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 2025.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts 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 respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the Company'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 I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection 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 the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Page 12

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Independent Examiner's 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 Cornwall TR1 2NA 04 August 2026 Date:.............................

Page 13

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
20,914
534,527
5,388
12,536
573,365
(64,703)
(445,209)
(509,912)
63,453
63,453
202,065
265,518		 Restricted
funds
£
8,257
-
-
-
8,257
-
(9,429)
(9,429)
(1,172)
(1,172)
7,665
6,493		 Total
2025
£
29,171
534,527
5,388
12,536
581,622
(64,703)
(454,638)
(519,341)
62,281
62,281
209,730
272,011

The notes on pages 19 to 34 form an integral part of these financial statements. Page 14

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
8,042
512,007
5,794
14,930
540,773
(52,258)
(465,713)
(517,971)
22,802
22,802
179,263
202,065		 Restricted
funds
£
16,467
-
-
-
16,467
-
(15,500)
(15,500)
967
967
6,698
7,665		 Total
2024
£
24,509
512,007
5,794
14,930
557,240
(52,258)
(481,213)
(533,471)
23,769
23,769
185,961
209,730

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 22.

The notes on pages 19 to 34 form an integral part of these financial statements. Page 15

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

(Registration number: 07871063) Balance Sheet as at 31 December 2025

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
16
Debtors
17
Investments
18
Cash at bank and in hand
19
Creditors: Amounts falling due within one year
20
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
22
Unrestricted income funds
Unrestricted funds
Total funds
22		 2025
£
5,524
11,999
10,992
219,000
210,596
452,587
(186,100)
266,487
272,011
6,493
265,518
272,011		 2024
£ (As
restated)
8,101
13,569
6,975
168,182
178,585
367,311
(165,682)
201,629
209,730
7,665
202,065
209,730

For the financial year ending 31 December 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 19 to 34 form an integral part of these financial statements. Page 16

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

(Registration number: 07871063) Balance Sheet as at 31 December 2025

The financial statements on pages 14 to 34 were approved by the trustees, and authorised for issue on .................... 03 August 2026 and signed on their behalf by:

......................................... M R Bird Chairman

The notes on pages 19 to 34 form an integral part of these financial statements. Page 17

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Statement of Cash Flows for the Year Ended 31 December 2025

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Depreciation
10
Investment income
6
Working capital adjustments
Decrease in stocks
16
Increase in debtors
17
(Decrease)/increase in creditors
20
Increase/(decrease) in deferred income
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
6
Purchase of tangible fixed assets
15
Purchase of investments
Net cash flows from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January (As restated)
Cash and cash equivalents at 31 December		 2025
£
62,281
4,350
(12,536)
54,095
1,570
(4,017)
(13,260)
33,678
72,066
12,536
(1,773)
(50,818)
(40,055)
32,011
178,585
210,596		 2024
£ (As
restated)
23,769
3,933
(14,930)
12,772
1,237
(2,498)
3,201
(17,313)
(2,601)
14,930
(8,033)
-
6,897
4,296
174,289
178,585

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 19 to 34 form an integral part of these financial statements. Page 18

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

1 Charity status

The charity is limited 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 policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Prior period restatement

A restatement has been made to reclassify £168,182 of cash held on deposit where the maturity date is longer than 3 months from cash and cash equivalents to current asset investments.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Page 19

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

Income and endowments

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations and legacies

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

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 supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income

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.

Expenditure

Expenditure is recognised when a there is legal or constructive obligation to make a payment to a third party, it is probable that settlement will 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 within 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.

Page 20

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable 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 exclusively to charitable purposes.

Intangible assets

Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets costing £250 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment 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 Amortisation method and rate Online development costs 33% Straight line

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Furniture and equipment 20% Straight line

Page 21

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

Computer equipment

33% Straight line

Research and development

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 feasibility can be demonstrated.

Current asset investments

Current asset investments represent term deposits held at cost.

Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment 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-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost 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 the objectives of the charity.

Page 22

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

Designated funds are unrestricted funds set aside for specific purposes 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 which is restricted to that area or purpose.

Pensions and other post retirement obligations

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3 Income from donations and legacies

Donations and legacies;
Donations and legacies
Grants, including capital
grants
Total for 2025
Total for 2024		 Unrestricted funds
Designated
£
General
£
269
20,645
-
-
269
20,645
-
8,042		 Restricted
funds
£
6,450
1,807
8,257
16,467		 Total
funds
£
27,364
1,807
29,171
24,509

4 Income from charitable activities

Fees for delivery of art courses
Membership income
Sale of student artwork
Total for 2025
Total for 2024		 Unrestricted funds
Designated
£
General
£
45,932
486,235
-
1,790
-
570
45,932
488,595
-
512,007		 Total
funds
£
532,167
1,790
570
534,527
512,007

Page 23

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

5
Income from other trading activities
Trading income;
Sales of goods and services
Other trading income
Total for 2025
Total for 2024
6
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2025
Total for 2024
7
Expenditure on raising funds
Direct costs
£
Marketing, including artwork, materials & staff
costs
64,703		 Unrestricted
Funds
£
3,448
1,940
5,388
5,794
Unrestricted
funds
£
12,536
12,536
14,930
Total
2025
£
64,703		 Total
funds
£
3,448
1,940
5,388
5,794
Total
funds
£
12,536
12,536
14,930
Total
2024
£
52,258

Page 24

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

8 Expenditure on charitable activities

Courses and production costs
Depreciation
Staff costs		 Activity
undertaken
directly
£
157,588
-
214,228
371,816		 Activity
support
costs
£
78,346
4,350
126
82,822		 2025
£
235,934
4,350
214,354
454,638		 2024
£
254,318
3,933
222,962
481,213

9 Analysis of governance and support costs

Support costs allocated to charitable activities

Governance
costs
£
Information
technology
£
Courses &
productions
5,392
15,809
Depreciation
-
-
Staff Costs
126
-
Total for 2025
5,518
15,809
Total for 2024
4,906
14,940		 Admin
costs
£
17,091
-
-
17,091
23,790		 Premises
costs
including
depreciation
£
32,434
4,350
-
36,784
36,046		 Other
support
costs
£
7,620
-
-
7,620
19,775		 Total
funds
£
78,346
4,350
126
82,822
99,457

Page 25

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

10 Net incoming/outgoing resources

Net incoming resources for the year include:

Independent Examiner’s fees
Other non-audit services
Depreciation of fixed assets
Operating leases		 2025
£
1,100
2,920
4,350
19,675		 2024
£
1,100
3,040
3,933
18,754

11 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

K Harding

K Harding received remuneration of £2,600 (2024: £Nil) during the year.

Kerry Harding undertook paid teaching work for the charity totalling £2,600. These services were invoiced by Kerry on a per‑session basis and approved in accordance with the charity’s conflicts‑of‑interest policy and the requirements of the articles of association.

At the balance sheet date the amount due K Harding was £Nil (2024: £Nil). No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2025
£
228,882
9,916
3,961
242,759		 2024
£
230,358
10,970
4,132
245,460

Page 26

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed by headcount was as follows:

Raising funds
Charitable activities - salaried staff		 2025
No
1
12
13		 2024
No
1
14
15

No employee received emoluments of more than £60,000 during the year.

The total employee benefits (including employer NI and employer pension costs) of the key management personnel of the charity were £42,514 (2024 - £41,005).

13 Taxation

The charity is a registered charity and is therefore exempt from taxation.

14 Intangible fixed assets

Cost
At 1 January 2025
At 31 December 2025
Amortisation
At 1 January 2025
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Online
development
costs
£
4,780
4,780
4,780
4,780
-
-		 Total
£
4,780
4,780
4,780
4,780
-
-

Page 27

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

15 Tangible fixed assets

Cost
At 1 January 2025
Additions
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024
16 Stock
Stocks
17 Debtors
Prepayments
Other debtors
18 Current asset investments
Cash held on deposit		 Furniture and
equipment
£
25,652
-
25,652
21,644
1,599
23,243
2,409
4,008		 Furniture and
equipment
£
25,652
-
25,652
21,644
1,599
23,243
2,409
4,008		 Computer
equipment
£
50,712
1,773
52,485
46,619
2,751
49,370
3,115
4,093
2025
£
11,999
2025
£
7,626
3,366
10,992
2025
£
219,000		 Computer
equipment
£
50,712
1,773
52,485
46,619
2,751
49,370
3,115
4,093
2025
£
11,999
2025
£
7,626
3,366
10,992
2025
£
219,000		 Total
£
76,364
1,773
78,137
68,263
4,350
72,613
5,524
8,101
2024
£
13,569
25,652 52,485
21,644
1,599		 46,619
2,751
23,243 49,370
2,409 3,115
4,008 4,093
2025
£
11,999
2025
£
7,626
3,366
10,992
2025
£
219,000
2024
£
3,050
3,925
6,975
2024
£ (As
restated)
168,182

Page 28

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

19 Cash and cash equivalents

Cash on hand
Cash at bank
20 Creditors: amounts falling due within one year
Trade creditors
Accruals
Deferred income
Deferred income at 1 January 2025
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 2025
£
242
210,354
210,596
2025
£
2,240
12,238
171,622
186,100
2025
£
137,944
134,240
(100,562)
171,622		 2024
£ (As
restated)
286
178,299
178,585
2024
£
6,521
21,217
137,944
165,682
2024
£
155,257
137,944
(155,257)
137,944

Deferred income at the year end relates to income received in advance of courses held after the year end, gift vouchers not used yet, and credit notes held for future use.

Page 29

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

21 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Within one year
Between one and five years
After five years
Other
Within one year
Between one and five years		 2025
£
15,388
46,258
69,944
131,590
734
2,019
2,753		 2024
£
14,751
46,258
78,061
139,070
734
2,754
3,488

Page 30

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

22 Funds

Unrestricted funds
General
General Fund
Designated
Youth/Subsidy Fund
Capital Reserve
Research & Development
Raising Funds
Total unrestricted funds
Restricted funds
St Ives Rotary Youth Donation
Little Parc Owles Trust
ERDF Future Focus, managed
by University of Exeter
St Ives Town Deal Grant
Arts Award Trinity College
Taylor Money Limited
Roy Ray Legacy Fund
Beacon Trust
Total restricted funds
Total funds		 Balance at
1 January
2025
£
157,371
18,154
3,726
22,814
-
44,694
202,065
-
-
400
3,975
998
-
2,292
-
7,665
209,730		 Incoming
resources
£
Resources
expended
£
527,164
(484,400)
16,201
(16,086)
-
(2,498)
20,000
(6,928)
10,000
-
46,201
(25,512)
573,365
(509,912)
250
(250)
1,917
(1,917)
-
(200)
-
(1,652)
(110)
(888)
6,000
(3,000)
-
(1,322)
200
(200)
8,257
(9,429)
581,622
(519,341)		 Transfers
£
(1,773)
-
1,773
-
-
1,773
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31
December
2025
£
198,362
18,269
3,001
35,886
10,000
67,156
265,518
-
-
200
2,323
-
3,000
970
-
6,493
272,011

Page 31

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

Unrestricted funds
General
General Fund
Designated
Youth/Subsidy Fund
Capital Reserve
Research & Development
Raising Funds
Total unrestricted funds
Restricted
Unlocking Potential
Growth & Productivity
DWP Access to Work
Equipment
St Ives Rotary Youth
Donation
ERDF CIOS Kickstart
Kickstart Job Placement
Little Parc Owles Trust
ERDF Future Focus,
managed by University of
Exeter
St Ives Town Deal Grant
Arts Award Trinity College
Taylor Money Limited
Roy Ray Legacy Fund
Beacon Trust
Total restricted funds
Total funds		 Balance at
1 January
2024
£
139,573
15,000
3,349
20,000
1,341
39,690
179,263
4
12
545
31
6
-
600
-
-
5,500
-
-
6,698
185,961		 Incoming
resources
£
510,773
10,000
-
20,000
-
30,000
540,773
-
-
500
-
-
390
-
5,627
998
6,000
2,752
200
16,467
557,240		 Resources
expended
£
(490,570)
(6,846)
(2,028)
(17,186)
(1,341)
(27,401)
(517,971)
(4)
(12)
(1,045)
(31)
(6)
(390)
(200)
(1,652)
-
(11,500)
(460)
(200)
(15,500)
(533,471)		 Transfers
£
(2,405)
-
2,405
-
-
2,405
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31
December
2024
£
157,371
18,154
3,726
22,814
-
44,694
202,065
-
-
-
-
-
-
400
3,975
998
-
2,292
-
7,665
209,730

Page 32

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

The specific purposes for which the funds are to be applied are as follows:

Purposes of restricted funds:

St Ives Rotary Donation - This contribution goes towards our Youth Arts Sundays, which engages local children ages 7 -16.

Little Parc OwIes Trust - A Summer scheme for local children that provides access to engagement workshops at a heavily subsidised rate or for free throughout the summer holidays.

Taylor Money Limited - Providing support across all our youth programme including the School of Painting inclusion projects. These are for targeted young people who have little or no cultural entitlement and would otherwise never have these experiences.

ERDF Future Focus - Unlocking Potential, managed by University of Exeter- Funding towards IT equipment.

St Ives Town Deal Grant - Purchasing equipment to improve efficiency and workspace.

Beacon Trust - Supporting our youth activities that are attended by local children.

Art Awards Access Fund - To support the Nine Maidens Culture Camp project in Spring 2025.

Roy Ray Fund - Emerging Artists Bursary is aimed at 19-35 creatives who live in Cornwall and are taking their first steps into professional art practice.

Arts Award Access Fund - To support the Nine Maidens Culture Camp project in Spring 2025.

Purposes of designated funds:

Youth/Subsidy 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 book value of fixed assets held, recognising that these funds cannot be easily converted to cash.

Research & Development Fund - Research & development to ensure we remain at the forefront of our field and improve efficiency.

Raising Funds – Raise awareness of our brand and charitable activities to extend our reach, develop partnerships and seek corporate sponsorship and donations.

Page 33

Docusign Envelope ID: 52414187-568D-8231-83CB-07AC55A4500B

St Ives School of Art

known as St Ives School of Painting

Notes to the Financial Statements for the Year Ended 31 December 2025

23 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
£
Designated
£
-
3,001
384,362
64,255
(186,000)
(100)
198,362
67,156
Unrestricted funds
General
£
Designated
£
-
3,726
323,053
40,968
(165,682)
-
157,371
44,694		 Restricted
funds
£
2,523
3,970
-
6,493
Restricted
funds
£
4,375
3,290
-
7,665		 Total funds
at 31
December
2025
£
5,524
452,587
(186,100)
272,011
Total funds
at 31
December
2024
£
8,101
367,311
(165,682)
209,730

24 Related party transactions

There were no related party transactions in the year.

Page 34