REGISTERED COMPANY IYUMBER.. 01067234 (England and Wales) REGISTERED CHARITY NUMBER: 264162 REPORT OF THE TRUSTKES AND VNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 VOR PENWITH GALLERIES LIMITED (LIMITED BY GUARANTEE) Greenwood Wi150n The Old School 'I'he Stennack St lyes Cornwall TR26 IQU
PENWITH GALLERIES LIMITED (LIMITfiD BY GUARANTEE) coFrrENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examiner'5 Report Statement of Financi81 Activities Balanee Sheet 6 to 7 Notes to the Financial Statement5 8 to 13 Detailed Statement of Finaneial Aetivitie5 14 to 15
PENWITH GALLERIES LIMITED (LIMITED BY GUARAIYTEE) RV.PORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the rancIal stateinents of the charity for the year ended 31 March 2024. The trll5tees have adopted the pi'ovisions of Accounting and Reporting by Chai'ities.. Stateinent of Recommended Practice applicable to ch8Tlties preparing their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJECTIVES AND ACTIVITIES Objective5 and aims The advancement uf public edu¢ation in particular by encouraging the practice and disseminating knowledge of the arts and crafts in general but with a particular regaTd to contempoiary paintsng, sculpture and other visual arts and to award scholaTship5, prizes or grants in aid to artists in need of training and financial assi5tan¢e. Significant activities The Inain aCtiVtieS undertaken during thE year in respect of the charitable coinpany's objectives were the letting of studio spac¢ to artists and the exhibition of a wide iznge of artwork at the galleiy. We were also able to run an excellent and popular ¢hildiEn's workshop progTamine over the summer of 2023 targeted at childirn in receipt of Pupil Preiniiiim fiinding at local schools. The year to March 2024 as a whole was very successfvl, somewhat against the trend for other local galleries, which saw Inore difficult trading eonditlons, reflecting PiE5sures on disposable incomes. We saw a good incTease in visitor nuinbers and sales of artwork were significantly up on the previou5 year. We noted last year that we had started to seek funds for our proposed prograrnme of major works; this process is under way with discussions with Comwall Council and the National Lottery Heritage fund, although it is bound to take time. We were successful in raising fi]nds from the St Ives Town Deal, which enabled us to Inake very u5efiJl iinpi'ovements to the layout of the Shop area and to create much needed new stsff welfare facilities. As always, the trustees wish to record their particular gratitude to the Gallery's staff team for theii. continuing hard work and dedication; as always, we are also grateful to the Penwith Society of Arts and to a number of individual artists for generous donations that have hclped to fund oui. iinproveinent works. FINANCIAL REVIEW Financial p051tKon We ended the financial year to 315t March 2024 with a surplus in the year on unresti'icted funds of £58,401 which was ali excellent result and Silficant]Y higher Ihbn the surplus recorded in the previous year. This was pi'iinarily due to the gryowth in sales income froin just over £1 00,000 to nearly £143,000 and an increase in rents I'eceived a planned step up in rent levels had been postponed dtjring the Covid pandeini¢. Donatior15 remained stable at around £36,000, which was a good result iii the context of the cost of living pressuTe5 on artists and OUT public. Re5¢rves policy The charity's polscy on the level of reserves is that they should provide at least three months operating ¢o5ts for our staff teain and the base ovei'liead5 of maintaining the preinises so that tl)e organisation's core activities can continu¢ duTing period of unforeseen difficulty. The reserves at present are at a good level. The Trustees feel confident that the tUre of the Gallergs core activities are secure and that oui. finances are on a secure footing. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The chariiy is controlled by its goven)ing docutnent, a deed of trust, and consiitutes a limited ¢ompany, Simited by guarantee, as defined by the Companies Act 2006. Page I
PEINWITH GALLERIES LIMITED (LIMITEI D BY GUARANTEE) REIPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The charity is controlled by it5 governing docuincnt, a deed of trust. and ¢onstitute5 a limited company, limited by guarantee, as defined by the Coinpanies Act 2006. The Trustees Ineet Tegularly (either in person oi. by online meeting) to review the busin¢ss of the orgaiii5ation and to manage and support the staff teain led by Julia Kei'rison as the Gallery Manager. The Trustees believe that the organisation is well-placed to Tnake the most of the opportunities and challenges that lie ahead for the arts in St Ives and we will continue to work with local partners such as the Penwith Society of Ails, Tale St Ives, St Ives School of Painting, the Borlase Smart Jolm Wells Trust and the St Ives Society of Artists to benefit the coinmunities of St Ive5 and Cornwall. The Board 15 firinly Coinmitted to the principles of diversity and equal opportunities- w¢ are also committed to unproving the environmental impact of our work and our building5. REFERENCE AND ADMINISTRATIVE DETAILS Regi5tcrcd Company number 01067234 (England ajid Wales) Registered Charity number 264162 Registered offiee Penwith Galleries Back Road West. St Ives Coimwall TR26 INL Tru5t¢es John Emanuel - resigned 2911112023 Ross Williams Dave Try Mark Verry - iesigned 2010312024 Mark Watson David Elliott Jill George Toin Leaper Julie Wingfield- appointed 20112n023 Mike Nelhains- appointed 2011212023 Aidan Hicks- appointed 12107ll024 (post year end) Company Secretary P R Williams Independent Examiner Greenwood Wilson The Old School The Siennack St Ives Cornwall TR26 IQU Approved by ordei. of the board of tl715tees on 18 September 2024 and signed on its belialf by.. Page 2
PENWITH GALLERIES LIMITED (LIMITED BY GUARANTEE) RF.PORT OF THE TRUSTEES FOR THE YEIAR ENDF,D 31 MARCH 2024 P R Williams- Trustee Page 3
INDEIPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENWITH GALLERIES LIMITED Independent examiner's report to thc trustees of Penwith Galleries Limited ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities #nd basis of report As the charity's trustees of the Company (and also its dii'ectors for the purpose5 of company lawl you are responsible for the preparatson olthe accounts in ac¢oi'dance with the r¢quir¢inents of the Companies Act 2006 ('the 2006 Act'}. Havin&7 satisfied myself tliat the accounts of the Company are not required to be audited under Pk)rt 16 of the 2006 Act atjd are eligible for independent examination, I report in respect of iny exainination of your ehaTity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 201 l Acl,). In carrying out iny examination I have followed the Dii'ections given by the Charity Commission under Section 145(5) Ib) of the 201 l ACL Independent examiner's statement I have coinpleted Iny exainination. I confirm that no matters have ¢ome to my attention in connection with the examination giving me cause to believe.. accounting rccord5 were not kept in respect of the Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records,. or the accounts do not coinply with the accounting rcquircinents of Section 396 of tlie 2006 Act other than any reqiiirement that the accounts give a true and fair view which is not a Inattci. consideTed as part of an independent examination., or the accounts have not been prep&red in accordance with the Inethods and principles of the Slateinent of Recommended Pra¢tice for accounting and reporting by charities (applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ 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 thi5 report in order to enable a proper understanding of the accounts to be reached. Peter Brotheridge Greenwood Wilson The Old School The Stennack St Ive5 Cornwall TR26 IQU l October 2024 Page 4
PENWtTH GALLERIES LIMITED (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES VOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 36,3J9 36,044 Cliaritable activities Gallery Activity 542,956 104.533 Investment income 44,960 32,248 Total 224.255 172,825 EXPE4NDITURE ON Charit8ble aetivitKe5 Gallery Activity 165,854 149,209 NET INCOME 58,401 23.616 RECONCILIATION OF FUNDS Total funds bi'ought forward 307,335 283,719 TOTAL FUNDS CARRIED FORWARD 365,736 307,335 The note5 fonn part of these financial stateinents Page 5
PCI NWITH GALLEI RIES LIMITED (LIMITED By CUARANTEE) BALANCE SHEET 31 MARCH 2024 2024 Unrestricted fund 2023 Total fund5 Notes FIXF,D ASSEITS Tangible assets 331,731 254,569 CURRENT ASSETS Stocks Debtor5 Cash at bank and in haT)d 7.740 53,859 95,757 1,825 28,069 98,354 157,356 128,248 CREDITORS Amount5 falling due within one year {123,351) (75,482) NET CURRENT ASSETS 34,005 52.766 TOT AL ASSETS LESS CURRENT LIABILITIEI S 365.736 307,335 NET ASSETS 365,736 307,335 FUNDS Unresiricted funds 365,736 307.335 TOTAL FUIYDS 365,736 307,335 The charitable coinpany ss entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 Mai'ch 2024. The members have not required the company to obtain an audit of its financial Statements for the year ended 31 March 2024 in accoiylance with Section 476 of the Coinpanies Act 2006. The trll5tees acknowledge their iesponsibilities foi. ensuring that the charitable coinpany keeps accounting recoi'ds that comply with Sections 386 and 387 of the Coinpanies Act 2006 and preparing financial stateincnt5 which give a true and fair view of the state of affaiTS of the charitable coinpany as at the end of each financial year at]d of it5 surplus or deficit for each financial year in accordance with the requireinent5 of Sections 394 Rnd 395 and which otherwise coinply with the rcquii'tmenls of the Compaiiies Act 2006 I'elating to financial statements, so far a5 applicable to the chaTltable company. Ib) The note5 fomi part of these financial statements Paqe 6 continued...
PENWITH GALLERIES LIMITED {LIMITED BY GUARANTEE) BALANCE SHEET- eontlllued 31 MARCH 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regiine. The financial statement5 were approved by the Board of Trustees and authorised for issue on 18 September 2024 and were Signed on its behalf by- P R Williams- Trustee The notes fonn part of these financial stateinents Pae 7
PEf4WITH GALLERIES LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDII D 31 MARCH 2024 ACCOUNTIIYG POLICIES Basis of preparing the finanelal statement5 The fin8ncial stateinents of the charitable coinpany, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'A¢countsng and Reporting by Charitie5'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repoiling Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, financial Reportiiig Standard 102 'fhe Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All incoine 15 recognised in the Statement of Financial Activities once the charity has entitlement to the nds. it 15 PTobable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as exp¢nditiire as soon as there 15 a legal or constructive obligation coi]unitting the charity to that expenditsie, it is probable that a transfer of econoinic benefits will be required in settlemciit aiid the amount of the obligation can be measured reliably. ExpendIre is accounted for on an accrua15 basis and has been classified under headings that aggregate all cost related lo the categoiy. Where costs cannot be dii'eetly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fiyed a55et5 Deprcciation is provided at the following annual late5 ITI OTder to write off each assct over its estimated useful life. Improvements to property Fixtures and fittings Computer equipment 200/0 on cost 10/0 on reducing balanee Straight line over 3 years Stocks Stocks are valued at the lower of cost and net rcalisable value, after Inaking due allowance for obsolete and slow Inoving items. Taxation The charity is exeinpt from corporation tax on its charitable activitie5. Fund accounting Unrestricted fiinds can b¢ used in accordance with the charitable objective5 at the discretion of the trustees. Restricted funds can only be used for particular Testricted purposes witl)in the objects of the Charity. Re5tTiCtions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpos¢ of each fund is included in the note5 to the financial stat¢inent5. Hare pui'ehase 9nd leasing tommitments entals paid under opeiating leases al'e charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pension costs and other posl-retirement benefits The charitsble company operates a defined contribution pension scheine. Contt'ibutions payable to tlie charitable ¢oJnpany's pension scheme arc chai'ged to the Statement of Financial Activities iji the period to which they relate. Page 8 continued...
PENWITH GALLERIES LIMITED (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDF.D 31 MARCH 2024 INVESTMEI NT INCOIVIE 2024 2023 Rents received Deposit account interest 44,192 768 32,136 44,960 32.248 NET INCOMEI(EXPENDITURE) Net incomel(expenditUTe) ss stated after chargillgl(crediting}: 2024 2023 Depreciation owned assets Hire of plant and inachinery 7.951 569 6,876 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, rernuneration or other benefit5 for the year ended 31 March 2024 noi. for the year ended 31 March 2023. Trustees, expenses There were no trustee5' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS The average monthly number of einployees during the year was as follows: 2024 2023 Adininistration No employees i'¢ceived emoluments in ex¢e5s of £60,000. Page 9 continued...
PEP4WITH GALLERIES LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS- continue FOR THF. YEAR ENDED 31 MARCH 2024 TANCIIILE FIXED ASSETS ITnprovements to property Fixtures and fittings FTeehold property Computer equipment Totals COST At l April 2023 Additions 54,203 196,091 84,353 31,219 5,422 760 286,935 85.113 At 3 1 March 2024 54,203 280.444 31219 6.182 372,048 DEPRF.CIATION At l April 2023 Charge for year 15,244 5,746 11,700 1,952 5,422 253 32,366 7,951 At 31 March 2024 20,990 13,652 5,675 40,317 NET BOOK VALUE At 31 March 2024 54,203 259,454 17,567 507 331,731 At 31 March 2023 54,203 180,847 19,519 254,569 STOCKS 2024 2023 Stocks 7,740 1,825 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors VAT Prepa)qnent5 and accrued in¢oine 17,573 30.122 3.126 3,038 19,745 124 8,200 53,859 28,069 Page 10 continued...
PENWITH GALLERIES LIMITED (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other loans (see note lo) Trade creditors VAT Other creditors Accruals and deferred income Defened government grants 25,000 25,462 25,000 18,656 2.404 680 28,742 1.496 23,221 48,172 123,351 75,482 10, LOANS An analysis of the maturity of loan5 is given below.. 2024 2023 Ainounts falling due within one year on demand.. Other loans 25,000 25,000 MOVEMENT IN FUNDS Net moveinent in funds At 31nn4 Ai 114123 Unre5trieted funds General fijnd 307,335 58,401 365,736 TOTAL FUNDS 307,335 58,401 365,736 Net movement in funds. included in the above are a5 follows.. Incoming resources RcsouTces expeiided Moveinent in fviids Unre5trictcd funds General fuiid 224,255 {165,854) 58,401 TOTAL FUNDS 224,255 (165,854) 58,401 Page 11 ontinued...
PENWITH GALLERIES LIMITED (LIMITED BY GUARANTEF.) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ii. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 3113123 At 114122 Unre5trieted funds General 283,719 23,616 307,335 TOTAL FUNDS 283.719 23,616 307.335 CoEnpai'ative net Inoveinent in funds. included in the aboye are as follows.. Incoming resources ResOue5 expended Movement in funds Unrestrieted funds General fi]nd 172,825 (149,209) 23,616 TOTAL FUNDS 172.825 (149,209) 23,616 A current year 12 months and pi'ior year 12 months combined position is as follows: Net moveinent in fijnds At 3113124 At 114122 Unrestricted funds General fund 283,719 82,017 365,736 TOTAL FUNDS 283,719 82,017 365,736 A CUnEnt year 12 months and prior year 12 months coinbined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movcinent in funds Unrestricted funds General fund 397,080 (315,063) 82,017 TOTAL FUNDS 397,080 {315.063) 82,017 Page 12 continued...
PENWITH GALLEIRIES LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 12. RELATED PARTY DISCLOSURES Th¢re were no related party trdn5actions for the year ended J l March 2024. Page 13
PENWITH GALLERIES LIMITED (LIMITED BY GUARANTEF.) DETAILED STATEMENT OV FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Dondtions 36,339 36,044 Investment income Rents received Deposit account interest 44,192 768 32,136 44,960 32,248 Charitabl¢ activities Sales Cjrants 138.973 3,983 104.533 142,956 104,533 Total Incoming resource5 224,255 172,825 EXPENDITURE Charitable activities Wages Pensions Hire of plant and machinery Rates and water Insurance Lit and heat Telephone Postage and stationery Advertising Sundries Cleaning and laundry Repairs and renewals Shop purchases Licences & subscriptions Exhibition expenses CompllteT expenses Staff training Woi'k5hop expenses Dep'n iinpix)veinent5 to property Dep'n fixtures & fittings Dep'n computer equipinent Carried forward 79.460 1,719 569 1,064 10,303 7,063 913 2,029 8.770 3,159 1,084 12,529 7,036 2,419 4,293 635 31 3,022 5,746 1,952 253 154,049 73,083 1,538 9,948 100 92Q 1,838 2,783 2,171 1,182 15.624 13,594 2,060 2,694 919 ,134 4,059 2,246 571 138,082 This page does not foi'in part of the statutory financial statements Page 14
PENWITH GALLERIES LIMITED (LIMITED BY GUARANTE4 E) DETAILED ST ATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR CI NDED 31 MARCH 2024 2024 2023 Charitable activitie5 Brought forward Baiik iiitere5t and charges Own art fees 154,049 5,055 649 138,082 4,336 847 159,753 143,265 Support costs Governonce e05ts Accountancy Legal and professional fees Bookkeeping costs 2,245 382 3,474 2,145 210 3,589 6,101 5,944 Total resources expended 165,854 149,209 Net incorne 58,401 23,616 This page does not form part of the statutory financial stateinents Page 15