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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|examiner|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||||
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|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|
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|||||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|
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|2|Income from donations,|Income from donations,|Income from donations,|grants and legacies|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|
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|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|||
##
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|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|
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|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.|
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|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|
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|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||
##
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|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|||
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|||||||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|
##
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|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|
##
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|||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||
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