REGISTERED COMPANY NUMBER: 01067234 (England 2nd Wale5) REGISTERED CHARITY NUMBER: 264162 RF.PORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 202S FOR PENWITH GALLERIES LIMITED (LIMITEI D BY GUARANTEE) Greenwood Wi150n Tlie Old School The Stennack St Ives Cornwall TR26 IQU
PENWITH GALLERIES LIMITED (LIMITED BY GUARANTEE) CONTENTS ofTHE FINANCIAL STATEMENTS FOR THE YEAR EiYDF.D 31 MARCII 2025 Page Report of the Tru5tets IDd¢pendent Examlner's Report Statement of Finaneial Activities Balance Sheet Nole5 to the fiinancial Statements 8 to 13 Detailed Statement of Financial Activities 14 to 15
PENWITH GALLERIES LIMITED (LIMITED BY GUARANTEE) RF,PORT OF THE TRUSTEES FOR THE YEIAR ENDEI D 31 MARCH 2025 The tl'iiSteES who are also directors of the ¢haTity for the puryose5 of the Ctsinpanies Act 2006. present their r¢port with the financial stateinents of the charity for the year ended 31 Mairh 2025. The trustees have adopted the provisions of AccountingT and Reporting by Chai'itses: Statement of Recommended Pmctice applicable to charities piEparing their acctsunls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJECTIVES AND ACTIVITIES Objeclives and aims The advanceinent of public education in particular by encouraging the practice and di55eminaling knowledge of the arts and crafts in tseneral but with a particular regaTd to conteinporary painting. sculpture and other vEsual arts and to award scholarships, prize5 or grants in aid to artist5 in need of training and financial assistance. Sigiiificanl activitie5 The Inain activitie5 undertaken during the year in respect of the charitable company'5 objectives were the letting of studio space to artists atjd the exhibition of a wide lange of artwoi'k at the gallery. We were also able once again to run an excellent and popular childi'en's WOTk5hop prograinme over the suininer of 2024 targeted ai children in receipt of Pupil Preinium funding at local schools. The year to March 2025 as a whole was very successfijl. Somewhat against the trend for other local galleries. which saw tnore diffjctjlt trading conditions, reflecting pi'essures on disposable income5. Visltor numbeTS were similar to the previous year and sales of ailwork were up by a modest amount on the previous year. Rental income from our studios was also higher, reflecting an uplift in rental lates. We were able to undertake a major programme of re-roofing and improvetnent5 to the internal layout of the upper floor of the northern section of the gallery complex during the year, with works being coinpleted 500n after fmancial yeai'_end. We hav¢ Tcplaced the whole of that failiiig roof covei'ing and re-organised the internal layout of the rooins under that roof, enabling us to create one new studio and to bring back into use one studso that had been unusable because of restricted acce55. This work was alinost wholly funded by generous donations froin the Penwsth Society of the Arts and the tnjsiees are very grateful indeed to them. We will continue to develop plan5 for a major refurbishment programme across the complex although this will take some tline to come to fruition. As always, the tl'UStees wish to record their particular gratitude to (he Gallery's staff teain for tlieir ¢ontinuiiig hard work and dedication. as alway5, we are a150 grateful to the Penwsth Soci¢ty of Arts and to a nuinber of individual artists for genei'ou5 donatlOT15 that have helped to fund OUT Itnproveinent works. IINANCIAL REIVIEW Finaneial position We ended ihe financial year to 315t Mai'ch 2025 with a surplus in the y¢ai' on unresti'icted funds of £36,455 which was another excellent result, albeit lower than tlie surplus iECOTded in the pi'eviDUS yeai. as a I'esult of oui. cxpeiiditure on the refurbishinent works. Donation5 were significantly up at ai'ouiid £63,000 and in addition we disposed of shales gifted to us by the PSA- those proceeds also weiit towards the major refurbishment scheine. Reserves policy The charity's policy on the level of reserves 15 that they shoiild provide at least three inonths opeiatiiig costs for our staff teain and the base ovei'lieads of maintaining the premises so that the oi'ganisaiion's core activities can continue during a period of unforeseen difficulty. The reserves at present are at a good level. The Trustees feel confident that the future of the Gallery'5 col'e activities are secui'e and that our finances are on a secure footing. Page I
PENWITH GALLERIES LIMITED {LIMITED BY GUARANTEF,) REPORT OF THE TRUSTF.F.S FOR THE YEAR ENDED 31 MARCH 2025 STRucfuRE, COVERNAiYCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The cliai'ity 15 coritrolled by its gov¢rning docuinent. a deed of trust, and constitutes a limited Coinpany, limited by guarantee, as defined by the Coinpanies Act 2006. The Ti'ustees Intet regularly (eiiliei. in person or by online meeting) to i'eview the business of the oi'ganisation and to tnanage and support the staff team led by Julia Kerrison a5 the Gallery Manager. The Trustees believe that the organisation is well-placed to make the Inost of th¢ opportunities and challenges that lie ahead for the arts in St Ives and we will continue to work with lo¢al partners such as the Penwith Society of Arts. Tate St Ive5, St Ives School of Paintiii& the Borlase Sinart John Wells Trusi and the St Ives Society of Artists to benefit the coininunities of St Ives and Cornwall. The Board is fimily coinmitted to the principles of diversity and equal opportunities. we are also committed to iinproving the environmental impact of our work and oui. buildings. REFERENCE AND ADMINISTRATIVE DETAILS Regi5tcred Coinpany nufflber 01067234 (England and Wales) Registei'ed Charity Dumber 264162 Registered office Penwith Gallerics Back Road West. St Ives Cornwall TR26 INL Trustees Ross Williams Dave Try Mark Watson David Elliott Jill Geoi'ge Tom Leaper Julie Wingfield Mike Nelhains Aidan Hicks Compaiiy Secretary P R Williams Indcpendenl Examiner Greenwood Wilson The Old School The Sletmack St Ives Comwall TR26 IQU Page 2
PEINWITH GALLERIES LIMITED (LIMITED BY GUARANTEC} REPORT OFTHE TRUSTEES FOR THF, YEAR ENDED 31 MARCH 2025 Approv¢d by order of the board of trustees on 7 Octobei. 2025 and signed on its behalf by.. P R Williams - Trustee Page 3
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF PENWITH GALLERIES LIMITED Indtpcndent examiner's report to the Iru5tees of Penwith Gallerie5 LimÉted {'the Company'} I Irport lo the charity trustees on iny examination of the accoiints of the Company for the ycar cnded 31 March 2025. Responsibilities and basi5 of report As tlie Chai'ity's ti'ustees of the Coinpany (and also its directors for the PUTposes of coinpany law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'l. Having sat15fi¢d myself that the accounts of the Coinpany are not required to be aiidiled under Part 16 of the 2006 Aci and Te eligible for indcpendent examination, I repoi* in respect of my exainination of youi. Charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 201 l Act'l. In carrying out Illy examination I have followed the Directions given by the Charity Coininission under Section 145(5} (b) ofthe 201 l Act. Independent ex8rniner's statement Since your charity's gross incoine exceeded £250,000 your examiner must be a meinber of a listed body. I can confirin that I am qualified lo undei'lake the exainination because l am a Incmber of the Association of ChailoiEd Cei'iified Accountants, which is one of the listed bodies. I have ¢oinpleted iny examination. l ¢onfiTm that no matters have come to my attention in connection with the examination Tiving ine cause to believe.. accounting IEcoiyls were not kept in respect of the Company as Tequired by Section 386 of the 2006 Act. or the accounts do not accord with those records. or the account5 do not comply with the dccounting requiTeinents of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a imatter tonsidered as part of an independent exaTnination,' or the accounts have not been prepared in accordance with the inethods and pi'inciples of the Statement of Recommended Piactice for accounting and reporting by charities (applicable to chai"ities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of IrEland (FRS 1021). I have no concerns and have coine across no other matters in connection with the exainination to which attention shoiild be drdwn in this report in order to enable a proper understanding of the accounts to be reached. Peter Brotheridge The Association of Chartered Certified Accountants Greenwood Wilson The Old School The Stennack St Ives Comwall 'rR26 IQU 7 October 2025 Page 4
PENWITH GALLERIES LIMITED (LIMITF.D BY GUARANTEE) STATEMF,NT OF FINANCIAL ACTIVITIES FOR TEIE YE4 AR E4NDE4D 31 MARCH 2025 2025 Unrestricted nd 2024 Total funds Notes INCOME AND ENDOWMENTS FROM Donaiions and legacies 63,034 36,339 Charitable activitie5 Galleiy Activity 151,644 142,956 Investment income 56,392 44,960 Total 271,070 224.255 EXPENDITURE ON Charitable activities Gallcry Activity 298,810 165,854 Net gains on inve5bnents 64,195 NET IIYCOME 36.455 58,401 RECONCILIATION OF FUNDS Total funds brought forward 365,736 307,335 TOTAL FUNDS CARRIED FORWARD 402.191 365,736 The notes form part of these financial statement5 Page 5
PENWITH GALLERIES LIMITED (LIMITED BY GUARAIYTEE) BALANCE SHEET 31 MARCH 2025 2025 Unrestricted fund 2024 Total funds Notes FIXF.D ASSETS Tangible assets 346.825 331,731 CURRF.NT ASSETS Stock5 DebtOTS Cash at bank and in hand 10,510 39,455 129,555 7,740 53.859 95,757 179,520 157,356 CREDITORS Ainoun15 falling due within one year (124,154) (123,351) NET CURRENT ASSETS 55,366 34,005 TOTAL ASSETS LEI SS CURRENT LIABILITIEI S 402,191 365,736 NET ASSETS 402,191 365,736 FUNDS Unrestricted fvnd5 402,191 365,736 TOTAL FUIYDS 402,191 365,736 The charitable coinpany is entitled to exejnption from audit under Section 477 of the Coinpanies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statcments for the year ended 31 MaTch 2025 in ac¢ord3nce with Section 476 of the Companies Act 2006. The trustees acknowledge their Tesponsibilities foi. (a) ensiii'ing that the charitable Company keeps accounting records that comply with Sections 386 and 387 of the Coinpanies Act 2006 and pi'eparing financial statemei)ts which give a true and fasr view of the state of affairs of the charitable coinpany a5 at the end of each financial year and of its suiplus or deficit foT cach financial yeai. in accoi'dance with the reqiiiiements of Sections 394 aiid 395 and which otherwise comply with the requiTeinenls of the Coinpanies Act 2006 I'elatijig to rinancial slateinents, so far a5 applicable to the charitable coiiipany. (b) The notes form pait of these finanoial statements Page 6 continued.
PEIYWITH GALLERIES LIMITIID {LIMITlI D BY GUARANTEF.) BALANCE SHEF,T- continued 31 MARCH 2025 These financial statanents have been prepar¢d in accordance with the provisions applicable to charitable companie5 subject to the small coinpanies regime. The financial statements were approved by the BoaTd of Trustees and authorised for issue on 7 October 2025 and were signed on ils behalf by.. P R Williams- Trustee The notes fom) part of these financial statement5 Paee 7
PENWITH GALLERIES LIMITED (LIMITED BY GUARANTF.F.) NOTF.S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Ba5LS uf prcparing the financial statements The financial siateinents of the charitable coinpany, which is a public benefit entity under FRS 102, have been prepared in ac¢ordance with the CharTties soiip IFRS 102) 'Accounting and Reporting by Chai'ities.. Stateinent of Recoinmended Practice applicable charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019)., frinancial Reporting Standard 102 'The Fin&ncial Reporting Staiidard applicable in the UK and Republic of Ireland, and the Companies A¢t 2006. The financial statements have been prepai'ed under the historiLal cost convention. IncoTh]e All incoine is recognised in the Stateinent of Financial Activities once the charity has entitlement to the funds, it is probable that the ineoine will be received and the 8moiint can be measured r¢liably. Expenditure Liabilities are i'ecognised as expenditure as soon as there is a legal oi. con51ruttive obligation committing the charity to that expenditure, it 15 probable that a transfer of econoinic benefits will be required in settlement and the amount of the obligation can be IDeasured reliably. Expenditure is accounted for on an aecruals basss and has been classified under heading5 that aggregate all cost related 10 the category. Where costs cannot be directly ath'ibuted to particular headings they have been allocated to a¢tivities on a basis consistent with the use of resources. Tangible fixed assets Deprecialion is provided at the following annual rates in order to write off each asset over its estimated usefvl life. Improvements to propety Fixtures and fittings Coinputer equipment 200/0 on cost l 0/0 on reducing balance Straight line over 3 years Stocks Stocks are valued at the lower of cost and n¢t realisable value. after Inaking due allowance for obsolete and slow moving iteins. T8Xation The charity is exempt fi'om corporation tsx on its chai'itable activities. Fund 2CCOUllting Unresti'icted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Resti'icted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor oi. when fuiids aiE raised foi. pai'ticular restricted PUTP05es. Further explanation of the nature and purpose of each fvnd is included in the notes to the financial stateinents. Hire purchase and leasing eominitment5 Renta15 paid Iindei. opeiatit]g leases are ¢haiEed to the Stateinent of Financial Activities on a sti'aight line basis over the period of the lease. Pension cost5 and other posl-retiretnent benefits The chai'itable cojnpany operates a defined contribution pension 5cheine. Contributions payable to tlie charitable coinpany's pension scheme are charged to the Stateinent of Financial Activities in the period to which they relate. Pag¢ 8 continued...
PF.NWITH GALLERIES LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDEID 31 MARCH 202S IIYVESTMENT INCOME 2025 2024 Rents re¢cived Deposit account interest 55.477 915 44,192 768 56,392 44,960 NET INCOMEI{EXPENDITURE) Net incoinel(exp¢nditUlE) 15 Stated after chargingl(cirditingl.' 2025 2024 Depreciatiot]- owned assets Hire of plant and inachinery 8.243 626 7,951 569 TRUSTEES, REMUNERATION AND BENEFITS There were no trustecs, reinuneration or other benefits for the year ended 3 l Mwch 2025 nor for the year ended 31 March 2024. Trustee5' expenses There were no trustee5' expenses paid for the year ended 31 h4arch 2025 nor for the year ended 31 March 2024. STAFF COSTS The average monthly number of einployees duTing the year was as follows.. 2025 2024 Adininistration No employees received emoluments in excess of £60,000. Page 9 continued...
PENWITH GALLEI RIES LIMITEI D {LIMITED BY GUARANTEI El NOTES TO THF, FINANCIAL STATEMENTS- contillued POR TFII YEIAR ENDED 31 MARCH 2025 TANGIBLE FIXED ASSETS Improvements to propety Fixtures and rittings Freehold propety Coniputer equipinent Totals COST Ai i April 2024 Additions 54,203 280,444 21,984 31,219 6,182 ,353 372,048 23.337 At 31 March 2025 54.203 302,428 31,219 7,535 395,385 DF,PRF.CIATION At l April 2024 Charge foT year 20.990 5,819 13,652 1,757 5,675 667 40,317 8,243 At 31 March 2025 26,809 15,409 6,342 48,560 NEIT BOOK VALUE At 31 MaiEh 2025 54,203 275,619 1,193 346,825 At 31 March 2024 54,203 259,454 17.567 507 331,731 STOCKS 2025 2024 Stocks 10,510 7,740 DCI BTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Ti?de debtors Other debtOlS VAT Piepaynent5 and accrued incoine 15,174 17,573 30,122 3,126 3,038 20,488 3,793 39,455 53,859 Page 10 continued...
PENWITH C.ALLERIES LIMITED (LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 CREI DITORS: AMOUIYTS FALLING DUI WITHIN ONE YEAR 2025 2024 Other loans (see note 10) Trade ¢reditor5 Other creditors Accruals and deferred income Deferred government grant5 25.000 25,462 1,496 23,221 48,172 60,686 901 15,378 47,189 124,154 123,351 io. LOAIYS An analysis of the maturity of loans is given below.. 2025 2024 Amounts falling due within one year on detnand.. Other loans 25,000 MOVEMENT IN FUNDS Net movement in funds At 3113125 At 114124 Unrestricted funds Gcneral fund 365,736 36,455 402.191 TOTAL FUNDS 365,736 36,455 402,191 Net Inoveinent in funds, included in the above are as follows.. In¢oming resoiirces Resources expended Gait]5 and losses Moveinent in funds Unrestricted funds Genei'al fijnd 271,070 (298,810) 64,195 36,455 TOTAL FUNDS 271,070 {298,810) 64,195 36,455 Pagell continued...
PENWITH GALLEI RIES LIMITIID (LIMITED BY CUARANTEEI NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ii. fvIOVEMENT IN FUNDS- eontinued Comparative5 for movement in funds Net Inoveinent in funds At 3113r24 At 114123 Unrestricted fund5 General fund 307,335 58,401 365,7J6 TOTAL FUNDS 307,335 58,401 365,736 Coinparative net moveinent in funds, included in the above al'e as follows: Lncoming resources Resources expended Movement in ndS Unrestricted funds General fund 224,255 (165,854) 58,401 TOTAL FUNDS 224,255 (165.854) 58,401 A cui'itnt year 12 months and prior year 12 Inonths combined position is as follows.. Net moveinent in fuiids At 3113125 At 114123 Unrestricted funds General fund 307,3J5 94.856 402.191 TOTAL FUNDS 307,335 94,856 402,191 A current year 12 Inonths and prior yeaT 12 inonths combined net inovement in nds, included in the above are as follows: Incoming resources Resoiirce5 expeiided Gains and losses Movemerkt in funds Unrestricted funds General fund 495,325 (464,6641 64,195 94,856 TOTAL FUNDS 495,325 (404,6641 64,195 94,856 Page 12 coniinued...
PENWITH GALLERIES LIMITV.D (LIMITCID BY GUARANTEIE) NOTES TO THE FINANCIAL STATEMENTS- eontinutd FOR THE YEAR ENDED 31 MARCH 2025 12. RELATEI) PARTY DISCLOSURCIS There were no related party transactions for the year ended 31 March 2025. Page 13
PCINWITH GALLERIE4S LIMITED ILIMITEI D BY GUARANTEE) DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YC4AR C4NDED31 MARCH 2025 2025 2024 INCOME AND ENDOWMENTS Donatiot15 artd legacies Donations 63,034 36,339 InvestmeEJt income Kents received Deposit account interest 55,477 915 44.192 768 56,392 44,960 Charitable activities Sales Grants 148,861 2,783 138,973 3,983 151.644 142,956 Total incon]ing resources 271,070 224,255 EXPENDITURE ch2r1tble aetivitie5 Wages Pensions Hire of plant and Inachinery Rates and water In.%urance Light and heat 'I'elephone Postage and stationeiy Adveitising Sundries 81,053 1,668 626 766 10.784 4,263 668 2.059 6,707 2,915 79,460 1,719 569 1,064 10,303 7.063 913 2.029 8,770 3,159 k 11 Cleaning and laundry Repairs and renewals Shop pui'chases Licences & subscriptions Exhibition expenses Coinputer expenses Staff training Workshop expen5¢5 Dep'n iinprovements to property Dep'ii fixture5 & fittings Dep'n eoinputei. eqiiipment Caiyied foi'ward 625 139,190 13,991 2,653 4,579 980 67 1,245 5,819 1,757 667 283,082 1,084 12,529 7.036 2,419 4,293 635 3,022 5.746 1,952 253 154,049 This page does not foi'it) part of the statiitory financial slatejnents Page 14
PENWITH GALLERIES LIMITED (LIMITF.D BY GUARANTEE) DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Charitable aetivitie5 Brought fOard Ilank interest and charges Own art fees 283,082 7,309 582 154,049 5,055 649 290,973 159.753 Support costs Goveriiance ¢ost5 Accountancy Legal and professional fees Bookkeeping costs 2,485 1,401 3,951 2,245 382 3,474 7,837 6,101 'I'otal Tesourc¢s expended 298,810 165,854 Net (expenditure)lincotne before gains and losses (27,7401 58,401 Realised I'eeognised gains and 1055es Reali5ed gain51{105ses) on fixed asset investments 64,195 Net ineome 36,455 58,401 This page does not fonn part of the statutory financial statements Page 15