2020-12-31-accounts

	Page
Reference and administrative information
Trustees' report
Independent examiner's report	10
Statement offinancial activities
Balance sheet	12
Notes to the financial statements	13

Royal Patron	Royal Patron	HRH The Prince ofWales
Patrons		Lord Browne of Madingley		FRS FREng
		Rt Revd and Rt Hon Dr Richard			Chartres	KCVO
		Dr Richard Cork
		Mr Roger Phillimore
		Dame Stephanie Shirley	CH	DBE FREng FBCS
		Rt Revd and Rt Hon Dame Sarah Mullally				DBE
Artist Patrons		lan Davenport
		Sir Antony Gormley 0 BE
		Maggi Hambling CBE
		Bridget Riley CH CBE
		Edmund de Waal CBE
Trustees		Mr Andrew Hochhauser	QC —Chair
		Mr Stephen Crampton-Hayward			—Treasurer		and Vice Chair
		Mr Christopher Annus (resigned 28April				2021)
		Dr Mary Black
		Mr David Cleaton-Roberts
		Ms. Jeanette Grose (appointed			10March	2021)
		Prof. Marion Lynch
		Ms Lindy Mason (resigned		31December		2020)
		Mr Robert Milburn (appointed			12March	2021)
		Mr Krishna Omkar
		Mr John Porter
		Ms Farha Quadri (appointed		12March 2021)
		Mr Tim Reeve
		Ms Deborah Roslund
		Prof. Victoria Tischler (resigned			28April	2020)
Company	number	3450832
Charity number		1065963(England and Wales)
Registered	office	North House
		198High Street
		Tonbridge
		Kent
		TN9 1BE
Executive	Director	Mrs Sandra Bruce-Gordon

Independent	Independent	examiner	Samantha Wells FCA CTA	Samantha Wells FCA CTA	Samantha Wells FCA CTA
			Lindeyer Francis Ferguson			Limited
			Chartered	Accountants
			North House,		198 High Street
			Tonbridge
			Kent
			TN9 1BE
Principal	Bankers		HSBC pic
			London Bridge		Branch
			28 Borough	High Street
			London
			SE11YB
Legal Advisors			GQ Littler
			21Ironmonger		Lane
			London
			EC2V 8EY
			J P CLaw
			Omni House,
			262 Belsize	Road,
			London
			NW64BT

FOR THE YEAR ENDED 31DEC	EMBER 2020
		Restricted	Unrestricted	Total	Total
		funds	funds	funcfs	funds
		2020	2020	2020	2029
	Notes	f	f		As restatedf
income from:
Donations, grants and legacies		14,813	96,580	111,393	174,764
Charitable activities			95,657	95,657	245,310
Other trading activities			39,806	39,806	51,367
investments			3,632	3,632	5,189
Total income		14,813	235,675	250,488	476,630
Expenditure on:
Raising funds			33,498	33,498	65,765
Charitable activities		26,017	307,449	333,466	420,508
Total expenditure		26,017	340,947	366,964	486,273
Net expenditure	10	( 11,204)	( 105,272)	( 116,476)	( 9,643)
Net gains on investments			4445	4,445	8,351
Net movement in funds		( 11,204)	( 100,827)	( 112,031)	( 1,292)
Reconciliation offunds:
Total funds brought forward:
As originally stated		7,000	197,604	204,604	214,133
Prior period restatement	1.10	4,204	4,033	8,237
As restated		11,204	201,637	212,841	214,133
Total funds carried forward	15		100,810	100,810	212,841

						2020			2019
			Notes						As restatedf
Fixed assets
Tangible assets			11			168			795
Investments			12			107,924			122,222
						108,092			123,017
Current assets
Debtors			13		36,562			196,378
Cash at bank	and in	hand			79,213			67,998
					115,775			264,376
Creditors: amounts		falling due
within one year			14	(	123,057)		(	174,552)
Net current assets						( 7,282)			89,824
Net assets						100,810			212,841
Charity funds
Unrestricted	funds		15			100,810			201,637
Restricted funds			15						11,204
Total funds						100,810			212,841

Furniture	and fittings	25/o	Straight line
Computer	expenditure	33/0	Straight line

Income from donations,	Income from donations,	grants and legacies	2020f	2019f
Donations	and grants		102,033	167,993
Donated	services		9,360	6,771
			111,393	174,764

Income from charitable	activities	2020f	2019f
Loan programmes		78,339	100,820
Gallery income		17,318	144,490
		95,657	245,310
Other trading activities		2020f	2019f
Other hire income		7,931	16,229
Fundraising events and	Patrons Circle	31,875	35,138
		39,806	51,367

Expenditure on raising funds
	2020	2019
Costs of events	14,135	42,245
Donations and grants	15,642	19,055
Support costs (Note 8)	3,721	4,465
	33,498	65,765

Expenditure on charitable activities
	Direct	Support	Total	Total
	costs	Costs	costs	costs
	2020	2020	2020	2019
Projects and programmes	24,171	1,861	26,032	34,338
Loan programme	192,987	22,329	215,316	278,331
Gallery expenses	82,814	9,304	92,118	107,839
	299,972	33,494	333,466	420,508
	(Note 7)	(Note 8)

7	Direct costs				Total	Total
					2020	2019
					E	6
	Staff costs				121,491	155,955
	Freelance and consultancy		costs		44,060	53,861
	Volunteer expenses				317	1,047
	Collection management				15,168	17,838
	Picture transport				6,086	20,990
	Cost of projects				345	787
	Premises expenses				72,463	84,357
	Office costs				8,724	8,731
	Travel and accommodation				1,157	6,206
	Marketing and IT				23,606	22,786
	Accountancy and consultancy			fees	3,525	3,489
	Other costs				2,612	2,076
	Depreciation				418	2,202
					299,972	380,325
8	Support costs				Total	Total
					2020	2029
					6	6
	Staff costs				25,498	30,376
	Volunteer expenses				19	62
	Premises expenses				3,069	4,036
	Office costs				513	514
	Travel and accommodation				68	365
	Other costs				1,420	1,917
	Depreciation				209	1,101
	Bad debts				1,387
	Governance costs:
	Legal and professional	fees			1,582	2,527
	Independent examination		fees		3,450	3,750
					37,215	44,648
	Allocated to:
	Raising funds				3,721	4,465
	Charitable activities				33,494	40,183

Staff costs
				2020	2029
				E
Wages and	salaries			160,183	188,545
Social security costs				10,664	14,739
Pension costs				3,140	3,987
Temporary	staff costs				11,223
				173,987	218,494
The average	monthly	number ofemployees	during the year was as follows:
				2020	2019
				No.	No.

Net expenditu	re
					2020	2019f
This is stated	after charging:
Independent	examiner's	remuneration			1,950	2,250
Independent	examiner's	remuneration	for accountancy	services	1,500	1,500
Depreciation					627	3,303
Operating leases rentals					30,000	63,653

11	Tangible fixed assets
		Furniture	Equipment	Total
			E	E
	Cost
	At 1January 2020 and 31December 2020	23,929	13,574	37,503
	Depreciation
	At 1January 2020	23,244	13,464	36,708
	Charge for the year	572	55	627
	At 31December 2020	23,816	13,519	37,335
	Net book value
	At 31December 2020	113	55	168
	At 31December 2019	685	110	795
12	Investments		2020	2019
				E
	Market Value
	At 1January 2020		122,222	113,871
	Disposals		( 18,743)
	Net gains on revaluation		4,445	8,351
	At 31December 2020		107,924	122,222

Debtors
		2020	2019
		E	E
Trade debtors		17,796	55,292
Prepayments	and accrued income	11,846	138,295
Other debtors		6,920	2,791
		36,562	196,378

Creditors: am	ounts	falling due within one year
			2020f	2019
Rentals of paintings		in advance	95,408	94,093
Otherincome	in advance			28,255
Accruals and	other	creditors	23,548	46,511
Taxation and	social	security	4,101	5,693
			123,057	174,552

Deferred s follows:	income relates to income for loan programmes an	d gallery hire received in advance. The	movement is
		2020f	2019f
Deferred	income brought forward	122,348	196,770
Released	during the period	( 122,348)	( 196,770)
Arising in	the current year	95,408	122,348
Deferred	income carried forward	95,408	122,348

					Gains and
		Brought			transfers	Carried
Current year		forward E	Income E	Expenditure E	in/out f	forward E
Unrestricted	funds
General fund		201,637	235,675	( 340,947)	4,445	100,810
Restricted funds
Baring Foundation		7,000		(7,000)
City Bridge			14,813	( 14,813)
Pilgrim Trust		4,204		( 4,204)
Total restricted funds		11,204	14,813	( 26,017)
Totalfunds		212,841	250,488	( 366,964)	4,445	100,810

						Losses and
			Brought			transfers	Carried
Prior year			forwardf	Income	Expendituref	in/outf	forward E
Unrestricted funds
General fund			214,133	376,205	( 397,052)	8,351	201,637
Restricted funds
HLF				9,800	( 9,800)
Eyre Family Foundation				10,000	( 10,000)
City of London				19,875	( 19,875)
D'Qyly Carte Charitable		Trust		2,500	( 2,500)
Britford Bridge				10,000	( 10,000)
Baring Foundation				19,750	( 12,750)		7,000
Pilgrim Trust				16,000	( 11,796)		4,204
De Byre Charitable	Trust			1,500	( 1,500)
Lit and Terry Barmall Foundation				5,000	( 5,000)
0akda le Trust				1,000	( 1,000)
City Bridge				5,000	( 5,000)
Total restricted funds				100,425	( 89,221)		11,204
Total funds			214,133	476,630	( 486,273)	8,351	212,841

Analysis	ofnet assets between funds
		Restricted	Unrestricted
		funds	funds	Total funds	Totalfunds
		2020f	2020	2020f	2019f
Fixed assets			108,092	108,092	123,017
Current	assets		115,775	115,775	256,139
Current	liabilities		( 123,057)	( 123,057)	( 174,552)
			100,810	100,810	204,604

		2020	2019	2018	2017	2016
Number	ofartworks	3,730	3,857	3,844	3,970	4,012
Insured	value	f3.8m	64.0m	63.8m	f3.4m	63.8m

At 31 Dece follows:	mber 2020 the charity had total future	commitments un	der non-cancel	lable operating	leases as
		Land and		Land and
		Buildings	Other	Buildings	Other
		2020	2020	2019	2019
			6	6	6
Commitments	due:
Not later than one year		10,000		30,000	3,653
Later than	one year and not later than five years				469