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
r￿ancIal 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 aCtiV￿tieS 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 Si￿lficant]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
Pa￿e 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. ExpendI￿re 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
ResOu￿e5
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
Li￿t 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