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||Page|
|---|---|
|Reference and administrative
information||
|Trustees'
report||
|Independent
examiner's
report|10|
|Statement offinancial activities||
|Balance sheet|12|
|Notes to the financial statements|13|
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|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||||
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|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|
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|||||||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|
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|Furniture|and fittings|25/o|Straight line|
|---|---|---|---|
|Computer|expenditure|33/0|Straight line|
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|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|
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|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)|||
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|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|
##
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|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.|
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|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|
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|---|---|---|---|---|
|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|
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|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|
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||||||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|
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|||||||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|
##
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|||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|
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