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2020-12-31-accounts

CONTENTS Page
Company
information
Report ofthe Directors
Introduction
Legal and administrative information
Charitable
Objectives and principal		 activities
Financial
review
Reserves policy 10
Plans and objectives for the future 11
Structure,
governance
and management		 12
Risk management 13
Trustees'
responsibilities		 statement 14
Statement
asto disclosure to Independent		 Examiners 15
Independent
Examiner's
report tothe
Trustees ofTurner's
House Trust		 16
Statement offinancial
activities		 (including ...)
Income and expenditure account 17
Balance sheet 18
Statement
ofcash flows		 19
Notes tothe financial statements 20- 26

FO R THE YEAR ENDE D 31DECEMBER 2020
Note Unrestricted Restricted Endowment Yearto Yearto
Funds Funds Funds 2020 2019
6 E E E
Income and endowments from:
Donations
and legacies		 47,478 167,237 214,715 167,531
Charitable
activities		 45,648 45,648 29,041
Other trading activities 8,073 8,073 4,696
Investments 344 344 281
Total income 101,543 167,237 268,780 201,549
Expenditure
on:
Raising funds 4,916 1,963 6,879 7,557
Charitable
activities		 66,882 114,240 181,122 216,996
Other trading activities 1,760 2,198 3,958 1,496
Total expenditure 73,558 118,401 191,959 226,049
Net (expenditure)
/		 income before
transfers 27,985 48,836 76,821 (24,500)
Transfers between funds 18
Net movement
in funds		 27,985 48,836 76,821 (24,500)
Reconciliation
offunds:
Total funds brought forward 266,437 5,978 3,419,681 3,692,096 3,716,596
Total funds carried forward 294,422 54,814 3,419,681 3,768,917 3,692,096

Note Yearto Yearto
2020 2019
6 g
Net cash used
in operating		 activities 21 142,441 (37,366)
Cash flows from investment activities:
Interestincome 344 281
Purchase of tangible fixed assets
Purchase
of heritage		 assets
Rounding
Cash used in investing
activities		 344 281
(Decrease)/Increase in cash and cash equivalents 142,785 (37,085)
Cash and cash equivalents
at beginning		 ofyear 78,232 115,317
Total cash and cash equivalents at end ofyear 221,017 78,232

unl'asti'lated Restdicted Endowment Year to Year to
FUiids Funds Funds 2020 2019
E 6 6 E 6
Donations 20,478 1,650 22,128 25,563
Supporters
Circle, Sandycombe		 Circle,
Patrons Circle, Friends of Turner's House,
Exhibition Sponsorship and Other
donations
Trusts, Foundations,
Grants:
National
Lottery Heritage		 Fund 9,634 9,634 79,276
isandycombe
Lodge)
NationalLottery
Heritage		 Fund 43,629 43,629 48,192
(Resilience Fund)
Turner
lk the Thames
Exhibition		 Grants 7,000 7,000 14.500
Charlotte
Bonham-Carter		 Charitable Trust 3,000 3,000
Foyle Foundation 10,000 10,000
HMRC Coronavirus
Job		 Retention Scheme 7,240 7,240
National
Lottery Hentage		 Fund COVID-19 27,800 27,800
Emergency
Funding
Department
of Culture,		 Media and Sports 52,920 52,920
—Culture Recovery Fund
Paul Mellon Centre —JMW Turner 1,000 1,000
Symposium
D'Oyly Carte Charitable
Trust
Retail, Hospitality 8 Leisure Business		 27,000 3,364 3,364
27,000
Grant(COVID-19)
47,478 167,237 214,715 167,531
Income and Income and endowments endowments from donations
a		 from donations
a		 nd legacies in 2019comprise d E14813in unrestri cted
income and 615		 2718in restricted
i		 ncome.
Income and endowments from charitable activities
unresti'icted Restricted Endowment Year to Year to
Funds Funds FUlids 2020 2019
E E E E
Admissions and tours 37,922 37,922 22,484
'Friends' membership and events 5,403 5,403 3,D13
Turner's House Fundraismg Events 2,323 2,323 3,544
45,648 45,648 29,041

come and endow men ts
from other tradi		 ng
activities
Unrestricted Restricted Endowment Yearto Year to
Funds Funds FUIIds 202D 2019
E E E E
Sales ofbooklets and merchandise 8,073 8,073 4,696
8,073 B,D73 4 696
xpenditur e
on raising f		 unds
Unrestricted Restricted Endowment Yearto Year to
Funds Funds Funds 2020 2019
E 6 6 E E
'Friends' costs incurred 608 608 1,817
Events 1,052 214 1,266 25
Publicity and Marketing costs 3,256 1,749 5,005 5,715
4,916 1,963 6,879 7,557
Expenditure
on charitable		 Expenditure
on charitable		 activities
Unrestricted Restdicted Endowment Yearto Yearto
Funds Funds FUIids 2020 2019
E E E 6 E
Restoration
project costs		 1,494
Salaries and wages (See note 10) 20,719 44,773 65,492 74,548
Artist in Residence 5,000
iravelexpenses 32 32 165
Volunteer
expenses		 325 6,068 6,393 571
Utilities 1,227 624 1,851 1,859
Insurances 2,721 750 3,471 3,351
Repairs and maintenance 3,024 1,591 4,615 15,628
Security 157 249 406
Telephone
and internet		 917 501 1,418 2,508
Print, post and stationery 1,755 1,755 1,003
ITcosts 633 633 538
Other administrative costs 3595 3,595 3,249
Bank charges 60 60 65
Depreciation
offixtures and fittings		 22,946 22,946 22,947
Audit and accountancy fees 6,041 3,544 9,585 10,320
Activity
Plan costs		 555 555 5,632
Project Evaluation 608 2,626 3,234 3,649
Fees for Services —NLHF Resilience Fuitd
Fees forServices- Turner!k the Th ames 548 7,533 8,081 18,250
Exhibition
Professional
Fees		 15,759 15,759 33,819
Fund raising
costs		 370 22,354 22,724 12,400
Equipment
Purchases		 264 4,628 4,892
CRM System 385 3,240 3,625
66,882 114,240 181,122 216,996

et Income fo r the year
Yearto Yearto
2020 2019
6 6
This is stated after charging:
Independent Examiners remuneration 1,000 2,675
Depreciation 22,946 22,947
Year to Yearto
2020 2019
6 6
Salaries and wages inc social security costs 65,492 74,548
65,492 74,548
o employees
received employee		 benefits in excess ofE60,000(2019:nil).
o Trustees or persons connected with them received any emoluments in their role as Trustees from the Trust (2019:ml) and no1rustees
ceived
payment		 for professional or other services provided to the charity during the year (2019: nil). One Trustee
received		 a
imbursement
for individual
expenses of		 E33 in 2020(2019 nil).
he Trust employs
a		 House Director with overall responsibility for the day to day operational management ofthe Trust. The House Director
also a Director and Trustee for the purposes ofcompany and charity law. The Chanties Commission has approved this arrangement. The
ouse Director; along with the other Trustees compnse the key management personnel. The following amounts were paid to the House
irector under this arrangement:
Year to Yearto
2020 2019
6 E
Ricky Pound:
Salaries and wages 32,992 32,232
32,992 32,232

Tangible fix ed assets
land B Fixtures B
Buildings Fittings Total
6
Cost:
At 1January 2020 125,000 91,787 216,787
Additions
At 31December 2020 125,000 91,787 216,787
Depreciation:
At lianuary 2020 68,841 68,841
Provision for the year 22,946 22,946
At 31December 2020 91,787 91,787
Net book value:
At 1January 2020 125,000 22,946 147,946
At 31December 2020 125.000 125,000

12. Heritage asse ts
Sandycombe Pictures 8
Lodge at Books at Restoration
Valuation Valuation At Cost Total
E E E
Carrying amount at 1January 2020 1,875,000 4,440 1,540,915 3,420,355
Additions
Carrying amount at 31December 2020 1,875,000 4,440 1,540,915 3,420,355
Summary analysis of Heritage Asset transactions:
2020 2019 2013—18
E E E
Additions:
Restoration at cost 1,540,915
1,540,915
13. Debtors
Year to Yearto
2020 2019
E E
VAT receivable 703 5,554
Prepayments and accrued income 2,634 51,792
3,337 57,346
14. Creditors
Yearto Year to
2020 2019
E E
Trade creditors 3,224 11,480
Tax and social security
Other creditors
and accruals		 3,300 4,838
6,524 16,318
15. Unrestricted funds
Balance at Balance at
Year ended 31December 2020 01/01/2020 Income Expenditure Transfers 31/12/2020
E E E
General funds 266,437 101,543 (73,558) 294,422
266,437 101,543 (73,558) 294,422
Balanoe at Balance at
Year ended 31December 2019 01/0 1/2019 Income Expenditure Transfers 31/12/2019
E 6 E E
General funds 296,915 48,831 (79,309) 266,437
296,915 48,831 (79,309) 266,437

Balance at Balance at
Year ended 31December 2020 01/01/2020 Income Expenditure Transfers 31/12/2020
E E f f f
Restoration Fund
Restricted Grants 167,237 (116,203) 51,034
Anonymous Donation 5,978 (2,198) 3,780
5,978 167,237 (118,401) 54,814
Balance at Balance at
Year ended 31December 2019 01/01/2019 Income
f		 Expenditure
E		 Transfers
f		 31/12/2019
E
Restoration fund 142,718 (142,718)
Anonymous Donation 10,000 (4,022) 5,978
152,718 (146,740) 5,978
Name of Fund Descri
tion
nature		 and ur uses ofthe fund
Restoration fund Funds held restricted to the purposes of restoring Sandycombe Lodge
ndowment funds
Balance at Balance at
Year ended 31December 2020 01/01/2020 Income Expenditure Transfers 31/12/2020
E f f f f
Professor H V Livermore legacy 3,419,681 3,419,681
3,419,681 3,419,681
Balance at Balance at
Year ended 31December 2019 01/01/2019
f		 Income
f		 Expenditure
6		 Transfers
f		 31/12/2019
f
Professor H V Livermore legacy 3,419,681 3,419,681
3,419,681 3,419,681
Name of Fund Descdi
tion nature		 and ur uses ofthe fund
Professor H V Livermore legacy sandycombe
Lodge		 and a collection of books and pictures were left to the Trust in the will of
Professor
H V Livermore,		 whose intention was that the property be restored tothe artist I M
W Turner's
own designs		 as a monument to Turner
in Twickenham.		 The house and collection
are therefore
held		 by the Trust to advance education
in the arts for the benefit ofthe public
by the restoration, preservation
and conservation
ofthe property. The will		 provided that the
Trustees have complete discretion
over the use ofthese assets		 and as such the endowment
is considered
an expendable		 endowment in line with the Charity's 50Rp.

nalysis ofnet assets between funds
unrestricted Restdictad Endowment
Year ended 31December 2020 Funds Funds Funds Total
6 E E
Tangible fixed assets 125,000 125,000
Heritage assets 675 3,419,681 3,420,356
Current assets 175,272 54,814 230,086
Current liabilities (6,524) (6,524)
Rounding (1) (1)
294,422 54,814 3,419,681 3,768,917
Unrestricted Restricted Endowment
Year ended 31December 2019 Funds Funds Fuiids Total
6 E E E
Tangible fixed assets 147,946 147,946
Heritage assets 675 3,419,681 3,420,356
Current assets 134,135 5,978 140,113
Current liabilities (16,318) (16,318)
Rounding (1l (1)
266,437 5,978 3,419,681 3,692,096
econciliation of net inc ome to net cash flow from operating a ctivities
Yearto Yearto
2020 2019
6 E
Net movement in funds 76,821 (24,500)
Adjustment for:
Depreciation 22,946 22,947
Deduct income from investments (344) (281)
(Increase)/decrease in stocks (1,197) (993)
Decrease/(increase)in debtors 54,009 (11,345)
(Decrease)/increase in creditors (9,794) (23,194)
142,441 (37,366)