IRIS Accounts Production v23.1.0.753 Other Company accounts True false Pounds 1.4.22 31.3.23 31.3.23 FY J Emanuel P R Williams D E Try M Verry M R Watson D J Elliott Ms J E George H T Leaper FRS 102 Independent examiner Large and medium-sized companies regime for accounts Full Charities SORP true true true true false true false true iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure010672342022-03-31010672342023-03-31010672342022-04-012023-03-31010672342021-03-31010672342021-04-012022-03-31010672342022-03-3101067234ns22:CharitableCompanyLimitedByGuarantee2022-04-012023-03-3101067234ns15:PoundSterling2022-04-012023-03-3101067234ns22:Trustee22022-04-012023-03-3101067234ns22:Trustee12022-04-012023-03-3101067234ns22:Trustee32022-04-012023-03-3101067234ns22:Trustee42022-04-012023-03-3101067234ns22:Trustee52022-04-012023-03-3101067234ns22:Trustee62022-04-012023-03-3101067234ns22:Trustee72022-04-012023-03-3101067234ns22:Trustee82022-04-012023-03-3101067234ns11:FRS1022022-04-012023-03-3101067234ns11:IndependentExaminationCharity2022-04-012023-03-3101067234ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-04-012023-03-3101067234ns11:FullAccounts2022-04-012023-03-3101067234ns11:CharitiesSORP2022-04-012023-03-3101067234ns16:EnglandWales2022-04-012023-03-3101067234ns11:RegisteredOffice2022-04-012023-03-3101067234ns11:CompanySecretary12022-04-012023-03-3101067234ns22:Activity82022-04-012023-03-3101067234ns22:Activity82021-04-012022-03-3101067234ns6:WithinOneYear2023-03-3101067234ns6:WithinOneYear2022-03-3101067234ns22:TotalUnrestrictedFunds2023-03-3101067234ns6:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-04-012023-03-3101067234ns6:FurnitureFittingsToolsEquipment2022-04-012023-03-3101067234ns6:ComputerEquipment2022-04-012023-03-310106723422022-04-012023-03-3101067234ns6:OwnedAssets2022-04-012023-03-3101067234ns6:OwnedAssets2021-04-012022-03-3101067234ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-03-3101067234ns6:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-3101067234ns6:FurnitureFittings2022-03-3101067234ns6:ComputerEquipment2022-03-3101067234ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-04-012023-03-3101067234ns6:FurnitureFittings2022-04-012023-03-3101067234ns6:OwnedOrFreeholdAssetsns6:LandBuildings2023-03-3101067234ns6:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3101067234ns6:FurnitureFittings2023-03-3101067234ns6:ComputerEquipment2023-03-3101067234ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-03-3101067234ns6:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-3101067234ns6:FurnitureFittings2022-03-3101067234ns6:ComputerEquipment2022-03-3101067234ns6:WithinOneYear2021-03-31
REGISTERED COMPANY NUMBER: 01067234 (England and Wales)
REGISTERED CHARITY NUMBER: 264162












REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PENWITH GALLERIES LIMITED
(LIMITED BY GUARANTEE)

PENWITH GALLERIES LIMITED
(LIMITED BY GUARANTEE)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 12

PENWITH GALLERIES LIMITED (REGISTERED NUMBER: 01067234)
(LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The advancement of public education in particular by encouraging the practice and disseminating knowledge of the arts and crafts in general but with a particular regard to contemporary painting, sculpture and other visual arts and to award scholarships, prizes or grants in aid to artists in need of training and financial assistance.

Significant activities
The main activities undertaken during the year in respect of the charitable company's objectives were the letting of studio space to artists and the exhibition of artwork at the gallery.

The year to March 2023 represented something of a return to normal activity after the upheavals of the Covid pandemic, with no forced gallery closures. The year as a whole was very successful and we were all very pleased to be able to welcome greater numbers of visitors, although both sales and donations were down somewhat on the previous year in a sign that wider economic difficulties were having an impact on disposable incomes.

As an organisation, we are aware that our buildings need significant investment; we have been able to make relatively small improvements in recent years but we have now started the process of grant applications to help to fund feasibility work with the aim of implementing major works over the next three years.

As always, the trustees wish to record their particular gratitude to the Gallery's staff team for their 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 helped to fund our improvement works.

FINANCIAL REVIEW
Financial position
We ended the financial year to 31st March 2023 with a surplus in the year on unrestricted funds of £23,616 which was a good result even though it was lower than the surplus recorded in the previous year - this had been something of an exception, partly thanks to government Covid grants.

As an illustration of this, sales and commission income in the 2021/22 year were about £110,000, but in the 2022/23 year this dropped to just under £100,000 and donations in 2022/23 fell from £53,000 to £36,000.

Reserves policy
The charity's policy on the level of reserves is that they should provide at least three months operating costs for our staff team and the base overheads of maintaining the premises so that the organisation's core activities can continue during a period of unforeseen difficulty. The reserves at present are at a satisfactory level.

The Trustees feel confident that the future of the Gallery's core activities are secure and that our finances are on a secure footing.

STRUCTURE, GOVERNANCE 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.


PENWITH GALLERIES LIMITED (REGISTERED NUMBER: 01067234)
(LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023

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 Trustees meet regularly (either in person or by online meeting) to review the business of the organisation and to manage and support the staff team led by Julia Kerrison as the Gallery Manager.

The Trustees believe that the organisation is well-placed to make 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 Arts, Tate St Ives, St Ives School of Painting, the Borlase Smart John Wells Trust and the St Ives Society of Artists to benefit the communities of St Ives and Cornwall.

The Board is firmly committed to the principles of diversity and equal opportunities; we are also committed to improving the environmental impact of our work and our buildings.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01067234 (England and Wales)

Registered Charity number
264162

Registered office
Penwith Galleries
Back Road West
St Ives
Cornwall
TR26 1NL

Trustees
John Emanuel
Ross Williams
Dave Try
Mark Verry
Mark Watson
David Elliott
Jill George
Tom Leaper

Company Secretary
P R Williams

Independent Examiner
Greenwood Wilson
The Old School
The Stennack
St Ives
Cornwall
TR26 1QU

Approved by order of the board of trustees on 18 September 2023 and signed on its behalf by:





P R Williams - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
PENWITH GALLERIES LIMITED

Independent examiner's report to the 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 2023.

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
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 the Company 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.








Peter Brotheridge

Greenwood Wilson
The Old School
The Stennack
St Ives
Cornwall
TR26 1QU

18 September 2023

PENWITH GALLERIES LIMITED
(LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 36,044 52,568

Charitable activities
Gallery Activity 104,533 127,086

Investment income 2 32,248 34,864
Total 172,825 214,518

EXPENDITURE ON
Charitable activities
Gallery Activity 149,209 142,983

NET INCOME 23,616 71,535


RECONCILIATION OF FUNDS
Total funds brought forward 283,719 212,184

TOTAL FUNDS CARRIED FORWARD 307,335 283,719

PENWITH GALLERIES LIMITED (REGISTERED NUMBER: 01067234)
(LIMITED BY GUARANTEE)

BALANCE SHEET
31 MARCH 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 6 254,569 255,223

CURRENT ASSETS
Stocks 7 1,825 1,600
Debtors 8 28,069 31,913
Cash at bank and in hand 98,354 48,683
128,248 82,196

CREDITORS
Amounts falling due within one year 9 (75,482 ) (53,700 )

NET CURRENT ASSETS 52,766 28,496

TOTAL ASSETS LESS CURRENT
LIABILITIES

307,335

283,719

NET ASSETS 307,335 283,719
FUNDS 11
Unrestricted funds 307,335 283,719
TOTAL FUNDS 307,335 283,719

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


PENWITH GALLERIES LIMITED (REGISTERED NUMBER: 01067234)
(LIMITED BY GUARANTEE)

BALANCE SHEET - continued
31 MARCH 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 18 September 2023 and were signed on its behalf by:





P R Williams - Trustee

PENWITH GALLERIES LIMITED
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The 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 income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Improvements to property - 20% on cost
Fixtures and fittings - 10% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.


PENWITH GALLERIES LIMITED
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. INVESTMENT INCOME
2023 2022
£    £   
Rents received 32,136 34,862
Deposit account interest 112 2
32,248 34,864

3. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 6,876 5,277

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.


5. STAFF COSTS

The average monthly number of employees during the year was as follows:

2023 2022
Administration 4 4

No employees received emoluments in excess of £60,000.


PENWITH GALLERIES LIMITED
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Computer
property property fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 54,203 196,091 24,997 5,422 280,713
Additions - - 6,222 - 6,222
At 31 March 2023 54,203 196,091 31,219 5,422 286,935
DEPRECIATION
At 1 April 2022 - 11,185 9,455 4,850 25,490
Charge for year - 4,059 2,245 572 6,876
At 31 March 2023 - 15,244 11,700 5,422 32,366
NET BOOK VALUE
At 31 March 2023 54,203 180,847 19,519 - 254,569
At 31 March 2022 54,203 184,906 15,542 572 255,223

7. STOCKS
2023 2022
£    £   
Stocks 1,825 1,600

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 19,745 15,445
Other debtors 124 124
VAT - 16,344
Prepayments and accrued income 8,200 -
28,069 31,913


PENWITH GALLERIES LIMITED
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 10) 25,000 25,000
Trade creditors 18,656 9,683
VAT 2,404 -
Other creditors 680 295
Accruals and deferred income 28,742 18,722
75,482 53,700

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year on demand:
Other loans 25,000 25,000

11. MOVEMENT IN FUNDS
Net
movement At
At 1/4/22 in funds 31/3/23
£    £    £   
Unrestricted funds
General fund 283,719 23,616 307,335

TOTAL FUNDS 283,719 23,616 307,335

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 172,825 (149,209 ) 23,616

TOTAL FUNDS 172,825 (149,209 ) 23,616


PENWITH GALLERIES LIMITED
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1/4/21 in funds 31/3/22
£    £    £   
Unrestricted funds
General fund 212,184 71,535 283,719

TOTAL FUNDS 212,184 71,535 283,719

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 214,518 (142,983 ) 71,535

TOTAL FUNDS 214,518 (142,983 ) 71,535

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/4/21 in funds 31/3/23
£    £    £   
Unrestricted funds
General fund 212,184 95,151 307,335

TOTAL FUNDS 212,184 95,151 307,335

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 387,343 (292,192 ) 95,151

TOTAL FUNDS 387,343 (292,192 ) 95,151


PENWITH GALLERIES LIMITED
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.