2022-03-31-accounts - Paintings In Hospitals

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		Page
Reference and administrative	information
Trustees' report
Independent examiner's report
Statement offinancialactivities		12
Balance sheet		13
Notes to the financial statements		15

REFERENCE AND ADMINISTRATIVE INFORMATION	REFERENCE AND ADMINISTRATIVE INFORMATION	REFERENCE AND ADMINISTRATIVE INFORMATION
FORTHE PERIOD EIVDED31MARCH 2022
Royal Patron		HRH The Former Prince ofWales
Patrons		Lord Browne ofMadingley FRS		FREng
		Rt Revd and Rt Hon Dr Richard		Chartres KCVO
		Dr Richard Cork
		Mr Roger Phillirnore
		Dame Stephanie Shirley	CH DBE		FREng FBCS
		Rt Revd and Rt Hon Dame Sarah			Mullally	DBE
Artist Patrons		lan Davenport
		SirAntony Gormley OBE
		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	(resigned 26October 2022)
		Ms. Jeanette Grose (appointed			10March 2021)
		Prof. Marion Lynch
		Mr Robert Milburn (appointed		12March		2021)
		Mr Krishna Omkar
		Mr John Porter (resigned	10'"November			2021)
		Ms Farha Quadri (appointed 12			March 2021)
		Mr Tim Reeve (resigned	26 October 2022)
		Ms Deborah Roslund (resigned		27'" October 2021)
Company	number	3450832
Charity number		1065963(England and Wales)
Registered	office	North House
		198High Street
		Tonbridge
		Kent
		TN91BE
Executive	Director	Mrs Sandra Bruce-Gordon
Business address		Unit 11,Earlsfield Business Centre
		9 Lydden Road
		London
		SW184LT

Independent	Samantha	Wells FCA CTA	Wells FCA CTA
	Lindeyer Francis Ferguson			Limited
	Chartered	Accountants
	North House,		198High Street
	Tonbridge
	Kent
	TN9 1BE
Principal Bankers	HSBC pic
	London Bridge		Branch
	28Borough	High Street
	London
	SE11YB
Legal Advisors	GQ Littler
	21ironmonger		Lane
	London
	EC2V BEY
	J PC Law
	Omni House,
	252 Belsize	Road,
	London
	NW6 4BT

FOR THE PER/OD END	ED 31MAR	CH 2022
			Restricted	Unrestricted	Total	Total
			funds	funds	funds	funds
			2022	2022	2022	31/12/2020
		Notes
Income from:
Donations, grants and legacies			39,400	384,931	424,331	111,393
Charitable activities				142,391	142,391	95,657
Other trading activities				24,888	24,888	39,806
Investments				2,244	2,244	3,632
Total income			39,400	554,454	593,854	250,488
Expenditure on:
Raising funds				21,324	21,324	33,498
Charitable activities			11,164	393,877	405,041	333,466
Total expenditure			11,164	415,201	426,365	366,964
Net income/(expenditure)	before tax	10	28,236	139,253	167,489	( 116,476)
Corporation tax credit				25,478	25,478
Net (loss) / gains on investments		12		( 5,383)	(5,383)	4,445
Net movement in funds			28,236	159,348	187,584	( 112,031)
Reconciliation offunds:
Total funds brought forward:
As originally stated				100,810	100,810	204,604
Prior period restatement						8,237
As restated				100,810	100,810	212,841
Total funds carried forward		17	28,236	260,158	288,394	100,810

				2022		31/12/2020
		Notes
Fixed assets
Tangible assets		11		1,317		168
Investments		12		63,092		107,924
				64,409		108,092
Current assets
Current asset investments		13	234,500
Debtors		14	79,749		36,562
Cash at bank and in	hand		136,541		79,213
			450,790		115,775
Creditors: amounts	falling due
within one year		15	( 125,041)		( 123,057)
Total assets less current liabilities				325,749		( 7,282)
Creditors: amounts than one year	falling due in more	16		( 101,764)
Net assets				288,394		100,810
Charity funds
Unrestricted funds		17		260,158		100,810
Restricted funds		17		28,236
Totalfunds				288,394		100,810

Income from donations,	Income from donations,	Income from donations,	2022	31/22/2020
			E	E
Donations	and grants		150,866	102,033
Previously	donated	artworks	262,500
Donated	services		10,965	9,360
			424,331	111,393

3	Income from charitable	activities	2022	31/12/2020
			E	E
	Loan programmes		129,186	78,339
	Gallery income		13,205	17,318
			142,391	95,657
4	Other trading activities		2022	31/12/2020
				E
	Other hire income			7,931
	Fundraising events and	Patrons Circle	24,888	31,875
			24,888	39,806
5	Expenditure on raising	funds
			2022	31/12/2020
			E	E
	Costs ofevents		7,164	14,135
	Donations and grants		9,251	15,642
	Support costs (Note 8)		4,909	3,721
			21,324	33,498

Expenditure on chadtable activities
	Direct	Support	Total	Toto/
	costs	Costs	costs	costs
	2022	2022	2022	31/12/2020
	E	E	E	E
Projects and programmes	19,051	2,454	21,505	26,032
Loan programme	253,810	29,451	283,261	215,316
Gallery expenses	88,004	12,271	100,275	92,118
	360,865	44,176	405,041	333,466
	(Note 7j	(Note 8J

7	Direct costs				Total	Total
					2022f	31/12/2020
	Staff costs				170,045	121,491
	Freelance and consultancy		costs		59,809	44,060
	Volunteer expenses				21	317
	Collection management				13,891	15,168
	Picture transport				18,021	6,086
	Cost ofprojects					345
	Premises expenses				62,748	72,463
	Office costs				2,948	8,724
	Travel and accommodation				1,848	1,157
	Marketing and IT				30,092	23,606
	Accountancy and consultancy			fees		3,525
	Other costs				984	2,612
	Depreciation				458	418
					360,865	299,972
8	Support costs				Total	Total
					2022	31/12/2020
					6
	Staff costs				27,291	25,498
	Volunteer expenses				1	19
	Premises expenses				3,303	3,069
	Office costs				173	513
	Travel and accommodation				109	68
	Othercosts				3,939	1,420
	Loan Interest				3,726
	Depreciation				229	209
	Bad debts				5,770	1,387
	Governance costs:
	Legal and professional	fees			799	1,582
	Independent examination		fees		3,745	3,450
					49,085	37,215
	Aliocoted to:
	Raising funds				4,909	3,721
	Charitable activities				44,176	33,494

Staffcosts
	2022	31/12/2020
	f	f
Wages and salaries	196,220	160,183
Social security costs	11,335	10,664
Pension costs	2,377	3,140
	209,932	173,987

2022	31/12/2020
No.	No.

Net expenditu	re
					2022	31/12/2020
					f
This is stated	after charging:
Independent	examiner's	remuneration			2,245	1,950
Independent	examiner's	remuneration	for accountancy	services	1,500	1,500
Depreciation					687	627
Operating leases rentals						30,000

11	Tangible fixed assets	Tangible fixed assets
				Furniture	Equipment	Total
				E		E
	Cost
	At 1January	2021		23,929	13,574	37,503
	Additions in	the period			1,836	1,836
	Disposals			( 22,004)	( 13,573)	( 35,577)
	At 31March	2022		1,925	1,837	3,762
	Depreciation
	At 1January	2021		23,816	13,519	37,335
	Charge for the period			113	574	687
	Disposals			( 22,004)	( 13,573)	( 35,577)
	At 31March	2022		1,925	520	2,445
	Net book value
	At 31March	2022			1,317	1,317
	At 31December 2020			113	55	168
12	Investments				2022	31/12/2020
					E
	Market Value
	At 1January				107,924	122,222
	Disposals				(39,449)	( 18,743)
	Net (loss)/gains on revaluation				(5,383)	4,445
	At 31March	2022 (31December 2020)			63,092	107,924
	Investments	are held	in IJKdeposit funds orfixed interest	bond funds.
13	Current asset investments				2022	31/12/2020
					E
	Artworks held for sale				234,500

14	Debtors
						2022	31/12/2020
						6	6
	Trade debtors					41,788	17,796
	Prepayments	and accrued income				6,633	11,846
	Other debtors					31,328	6,920
						79,749	36,562
15	Creditors: amounts			falling due within	one year
						2022	31!12/2020
	Rentals of paintings			in advance		82,197	95,408
	Nesta Cultural		Impact Development		loan	25,736
	Accruals and		other	creditors		14,291	23,548
	Taxation and		social	security		2,817	4,101
						125,041	123,057

	Deferred movement	income relates to income for loan programmes an is as follows:	d gallery hire received in	advance. The
			2022	31/12/2020
			f	6
	Deferred	income brought forward	95,408	122,348
	Released	during the period	(95,408)	( 122,348)
	Arising in	the current year	82,197	95,408
	Deferred	income carried forward	82,197	95,408
16	Creditors:	amounts falling due after one year

						Other
			Brought			gains/	Carried
Current year			forwardf	Incomef	Expendituref	(/osses)f	forwardf
Unrestricted	funds
General fund			100,810	554,454	( 415,201)	20,095	260,158
Restricted funds
Burdett Trust				20,000	(8,388)		11,612
OASIS Project				10,000	( 2,776)		7,224
South Wales	Care Homes			9,400			9,400
Total restricted		funds		39,400	( 11,164)		28,236
Total funds			100,810	593,854	( 426,365)	20,095	288,394

Statement of	funds (continued)	funds (continued)
						Other
			Brought			gains/	Carried
Prior year			forwardf	Income	Expenditure f	(lossesf	forward
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)
Totalrestricted		funds	11,204	14,813	( 26,017)
Total funds			212,841	250,488	( 366,964)	4,445	100,810

Analysis ofnet assets between fu	nds
	Restricted	Unrestricted
	funds	funds	Totaifunds	Totaifunds
	2022f	2022f	2022f	2020
Fixed assets		64,409	64,409	108,092
Current assets	28,236	422,554	450,790	115,775
Liabilities		( 226,805)	( 226,805)	( 123,057)
	28,236	260,158	288,394	100,810

		31March		31December
		2022	2020	2029	2018	2017
Number Insured	ofartworks value	3,691 E3,6m	3,730 f3.8m	3,857 E4.0m	3,844 f3.8m	3,970 E3.4m

At 31 March follows:	2022 the charity had to	tal future commitments und	er non-cancel	lable operating	leases as
		Land and		Land and
		Buildings	Other	Buildings	Other
		2022f	2022f	2020	2020 E
Commitments	due:
Not later than one year				10,000