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 2025

FOR

PENWITH GALLERIES LIMITED

(LIMITED BY GUARANTEE)

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

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 2025. 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 a wide range of artwork at the gallery. We were also able once again to run an excellent and popular children's workshop programme over the summer of 2024 targeted at children in receipt of Pupil Premium funding at local schools.

The year to March 2025 as a whole was very successful, somewhat against the trend for other local galleries, which saw more difficult trading conditions, reflecting pressures on disposable incomes. Visitor numbers were similar to the previous year and sales of artwork were up by a modest amount on the previous year. Rental income from our studios was also higher, reflecting an uplift in rental rates.

We were able to undertake a major programme of re-roofing and improvements to the internal layout of the upper floor of the northern section of the gallery complex during the year, with works being completed soon after financial year-end. We have replaced the whole of that failing roof covering and re-organised the internal layout of the rooms under that roof, enabling us to create one new studio and to bring back into use one studio that had been unusable because of restricted access. This work was almost wholly funded by generous donations from the Penwith Society of the Arts and the trustees are very grateful indeed to them.

We will continue to develop plans for a major refurbishment programme across the complex although this will take some time to come to fruition.

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 2025 with a surplus in the year on unrestricted funds of £36,455 which was another excellent result, albeit lower than the surplus recorded in the previous year as a result of our expenditure on the refurbishment works. Donations were significantly up at around £63,000 and in addition we disposed of shares gifted to us by the PSA - those proceeds also went towards the major refurbishment scheme.

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 good 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.

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

Ross Williams

Dave Try

Mark Watson

David Elliott

Jill George

Tom Leaper

Julie Wingfield

Mike Nelhams

Aidan Hicks

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 7 October 2025 and signed on its behalf by:

P R Williams - Trustee

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 2025.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

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

The Association of Chartered Certified Accountants

Greenwood Wilson

The Old School

The Stennack

St Ives

Cornwall

TR26 1QU

7 October 2025

2025

2024

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

63,034

36,339

Charitable activities

Gallery Activity

151,644

142,956

Investment income

2

56,392

44,960

Total

271,070

224,255

EXPENDITURE ON

Charitable activities

Gallery Activity

298,810

165,854

Net gains on investments

64,195

-

NET INCOME

36,455

58,401

RECONCILIATION OF FUNDS

Total funds brought forward

365,736

307,335

TOTAL FUNDS CARRIED FORWARD

402,191

365,736

2025

2024

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

6

346,825

331,731

CURRENT ASSETS

Stocks

7

10,510

7,740

Debtors

8

39,455

53,859

Cash at bank and in hand

129,555

95,757

179,520

157,356

CREDITORS

Amounts falling due within one year

9

(124,154

)

(123,351

)

NET CURRENT ASSETS

55,366

34,005

TOTAL ASSETS LESS CURRENT LIABILITIES

402,191

365,736

NET ASSETS

402,191

365,736

FUNDS

11

Unrestricted funds

402,191

365,736

TOTAL FUNDS

402,191

365,736

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 7 October 2025 and were signed on its behalf by:

P R Williams - Trustee

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

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.

2.	INVESTMENT INCOME

2025

2024

£

£

Rents received

55,477

44,192

Deposit account interest

915

768

56,392

44,960

3.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

8,243

7,951

Hire of plant and machinery

626

569

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

5.	STAFF COSTS

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

2025

2024

Administration

5

4

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

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Computer

property

property

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

54,203

280,444

31,219

6,182

372,048

Additions

-

21,984

-

1,353

23,337

At 31 March 2025

54,203

302,428

31,219

7,535

395,385

DEPRECIATION

At 1 April 2024

-

20,990

13,652

5,675

40,317

Charge for year

-

5,819

1,757

667

8,243

At 31 March 2025

-

26,809

15,409

6,342

48,560

NET BOOK VALUE

At 31 March 2025

54,203

275,619

15,810

1,193

346,825

At 31 March 2024

54,203

259,454

17,567

507

331,731

7.

STOCKS

2025

2024

£

£

Stocks

10,510

7,740

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

15,174

17,573

Other debtors

-

30,122

VAT

20,488

3,126

Prepayments and accrued income

3,793

3,038

39,455

53,859

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans (see note 10)

-

25,000

Trade creditors

60,686

25,462

Other creditors

901

1,496

Accruals and deferred income

15,378

23,221

Deferred government grants

47,189

48,172

124,154

123,351

10.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year on demand:

Other loans

-

25,000

11.	MOVEMENT IN FUNDS

Net

movement

At

At 1/4/24

in funds

31/3/25

£

£

£

Unrestricted funds

General fund

365,736

36,455

402,191

TOTAL FUNDS

365,736

36,455

402,191

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

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

271,070

(298,810

)

64,195

36,455

TOTAL FUNDS

271,070

(298,810

)

64,195

36,455

Comparatives for movement in funds

Net

movement

At

At 1/4/23

in funds

31/3/24

£

£

£

Unrestricted funds

General fund

307,335

58,401

365,736

TOTAL FUNDS

307,335

58,401

365,736

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

224,255

(165,854

)

58,401

TOTAL FUNDS

224,255

(165,854

)

58,401

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

Net

movement

At

At 1/4/23

in funds

31/3/25

£

£

£

Unrestricted funds

General fund

307,335

94,856

402,191

TOTAL FUNDS

307,335

94,856

402,191

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

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

495,325

(464,664

)

64,195

94,856

TOTAL FUNDS

495,325

(464,664

)

64,195

94,856

12.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.