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
ch2r1t￿ble 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 fO￿ard
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