|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)|