TURNER'S HOUSE TRUST a ¢ompany limlted by guarantee Report and Financial Ststements Year ended 31 December 2022 Registered Charity number: 1111653 Company number: 05420913 (England and Wale5} •ACIIKMfY* 0810412023 COMP￿NIEs HOUSE 7urnerfs House Trust Report and Financial Statements 2022 TURNER'S HOUSE TRUST REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2022 CONTENT5 Page Company information Report of the Director5 Introduction Legal and administrative information Charitable Objectives and principal artivities Financial review ReseNes policy Plans and objectives for the future Structure, governance and management Risk management Trustees. responsibilities statement Statement as to disclosure to Independent Examiners io io li 13 14 15 16 Independent Examinerfs report to the Trustees of Turner's House Trust 17 Statement of financial activities (including . .} Income and expenditure account Balance sheet Statement of cash flows Notes to the financial statements 18 19 20 21-27 Turne¢5 House Trust Report and Financial Statement5 2022 TURNER'S HOUSE TRUST COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022 Dirertors John Michael Deriaz IDeputy Chairl Julia Louise Holland Bailey Giles Clifford Dixon Matthew MorEan {appointed l January 20221 Frances Eli2abeth Harrison Moyle Rosemary Carol Murray Frances Clare Pardy Rosie Raizall (retired 18 July 20221 Dr Jacqueline Riding Fiona Stewart (appointed 17 January 2022) Guy Kenneth Peppiatt was appointed l March 2023 Secretary Rosemary Carol Murrav Honorary Treasurer Julia Louise Holland Bailey Registered Office Sandycombe Lodge, 40 Sandycoombe Road. Twickenham, TWI 2LR Registered Number 05420913 (England and Wales) Charity Registered Number 1111653 Independent Examiner Haines Watts, Aissela. 46 High Street. Esher. Surrey ￿10 9QY Bankers CAF 8ank Limited, Kings Hill. West Mallin& Kent ME19 4JQ Turner's House Trust Report and Fin3nci31 Statements 2022 TURNER'S Hou￿ TRUST REPORT OF THE DIREcfoRS FOR THE YEAR ENDED 31 DECEMBER 2022 The Directors, who also act as Trustees for the charitable activities of the company, present their report with the financial ststements of the company for the year ended 31 December 2022. Introdurtion Turnerf.s House benefited from the introduction of a new management structure in 2022 and this has enhanced our operations and our offering to the public. Visitor numbers have recovered to roughly pre pandemic levels and the landscaping of the new entrance onto St Margaret's Road has enhanced the visitor experience. We are grateful to our many supporters and donors in the local ommunity and beyond who have helped to make Turnerfs House a continuing success. Le8al and admlnistrative information The governing document IS the Memorandum and Articles of Association. and the company is constituted as a Company Limited by Guarantee. New Articles were approved by the Charity Commission and adopted on 13 March 2023. Trustees/Directors A list of the Director5 is given above on page 3. Charltable Objeclives and principal acli¥ilies At 31 December 2022. the charitable objective of the Company was: to odvonce educotion in the ort5for the benefit of the public by the preservation and conservation oASondycombe Lodge, 40 Sondycoombe Rt*7d. Twickenhom. Middle5ex TWI 2LR 05 0 monument to the ortistJo5eph Mollord Williom furner. Effective 13 March 2023 the charitable objective has been amended to: to ¢7dvonce educotion in the ortsfor the benefit of the public by the preservorion ond conservation of S(Jndycombe Lodge. 40 Sondycoombe Rood, Twickenham. Middlesex TWI 2LR us o monument to the artlStJoseph Mallord William Tumer ond by owning ond manoging a collection ond operating a museum b05ed on works of ond reloted to Joseph Mollord William Turner. The aim ol Turnerfs House Trust is to conserve and present J.M.W. Turnerfs architectural vision and original design for a small country retreat to be used by himself and his father. Turner designed the House and occupied it from 1813 for some thirteen years. entertaining many of his friends there. Turner's House Trust Report and Fin￿ClaI Statements 2022 The Trust fulfils its objective through maintaining the restored House and opening it to the public as museum and visitor attraction. By doing so Turnerf5 House Trust Seeks to celebrate J.M.W. Turner's artistic achievement through encouraging visitors to discover the house he designed and built, and the Thames landscape which inspired him. Through conserving and interpreting Turner's House. the Trust aims to build a deeper engagement with Turner a5 an artist. Public benetit: The Trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit. The Trustees are committed to making Sandycombe Lodge and the services that we offer accessible to all, and to delivering a range of education and outreach activities. A sustainable operation will ensure that the benefits will continue in future. Achievements and Activities Turnerfs House opened to the public in July 2017 after a conservation programme which restored the House and garden to a state as close as possible to how it was in Turnerfs time. This was funded by a grant from the National Lottery Heritage Fund and by other generous donors. A further grant from the National Lottery Heritage Fund. awarded in 2019 under the Resilient Heritage programrne, aimed to help Turner's House develop its business plan and build a "Pothway to Sustoinobility- Working with specialist consultancies in planning a sustainable future for the House, a business plan was approved in earty 2020. This inclutled a fundraising strategy, options for utilising the grounds of the House and ways to enhance and increase volunteer involvement. We began 2022 by implementing a new House management structure. Dr Matthew Morgan was appointed as Museum Director. working two days a week. and Laurie Dupont joined as Operations Manager. Both Matthew and Laurie are experienced professionals having worked for many years in the heritage sector. Together with our Learning and Volunteers Officer, Rita Piglionica, they are creating an outstanding experience for all our visitors and strengthening our outreach into the local community. A highlight of the year was the exhibition -8etween the Sheets.. Turnerfs Nudes- which was a critical and commercial success. We also benefited from an enhanced range of merthandi5e on sale in our shop, whith proved attraclive to Visitors. We celebrated five year5 of operating as a public rnu5eurn by hosting è garden parry tor the comrnunity and being able to enjoy our newly enhanced garden. 2022 Exhibition: This year our exhibition was entitled "Between the Sheets.. Turnerfs Nude5" It tomprised rarely seen watercolours by Turner on intimate subjects, including paEes from Turner's sketchbooks. The exhibition was curated by two of our Trustees.. Dr Jacqueline Riding who is a noted art historian, and Franny Moyle who is well known as Turnerfs biographer. We 8re very Brateful to Jacqueline and Franny for taking on the work of curation, and to Tate Britain for lending the works. We are also most grateful to Michael Frayn and Claire Tomalin who ably performed the opening ceremony on 8 July. The exhibition received excellent reviews in national and local media Turnerfs House Trust Report and Finahoal 51atements 2022 and was very popular with the public."bringing more than 21XNJ visitors to the House over the summer. 2022 Events Programme.. We were delighted to offer è full programme of.in per50n" event5 Ot the House. plus several online or hybrid event5. A Zoom talk by Honorary Patron Catherine Parry- Wingfield attracted an audience of over 4(￿. and a series of talks by Turner expert, Franny Moyle was also extremely popular. Wine and gin tasting5 held at the House and presented by St Margaret's Wines were well attended. We held several private views and special events in connection with our Exhibition. including talks on Turner given by our Museum Director Matthew Morgan. In addition, we offered our specialist "House Connoisseur Tours" to private groups. A breakfast for local business leaders. combined with a private view of the Exhibition, helped to grow relationships with the business community. Artist in Residen￿. Henry Coleman was selected as our Artist in Residence. Henry is the latest in a line of Eraduates of the Royal Academy School to take up this role and produce work for us inspired by Turnerfs House. Henry was fascinated by Turnerfs role as architect of the House and by Turnerfs friendship with Sir John 5oane. His own work is often concerned with the.ways in which architecture determine5 our experience of the world, and as Artist in Residence he is creating a series of artworks inspired by JMW Turnerfs lessons on perspective, colour, and reflections. These artworks will be shown in the House from the end of March 2023. Henry ha5 alreacty run a workshop for a local primary school as part of our Learning Programme and will do more of these, and other interactive events. in 2023. Patrons: We were saddened to learn of the death of Professor Ken Howard RA, a Patron of Turnerfs House. Ken, a very distinguished artist, was a loyal 5UPPOrter of Turner's House over many vears. We are grateful to him and his family and extend to them every sympathy. We are also grateful to our other Patrons. Lord Egremont and Rebetca Salter PRA. and to our honorary patron Catherine Parry-wingfield for their continued support. We were delighted to welcome Lord and Lady Egremont to the House in August and show them what had been achieved since their previous visit. learning Programme- During the year. Turnerfs House delivered its well-established Key Stage 2 urner in Twickenhom- exhibition programme to 11 classes of Year 5 and 6 students in five prirnary schoo15 based in two local boroughs IRichmond and Hounslowl. This programme ha5 been running for four years and it is pleasing to see schools returning year after year and making this part of iheir student5, K52 journey. The totsl number of students reached was 335, an increase of 30% on the previous year. Eath student benefitted from 3 sessions as part of the programme- one session at Turnerf5 House itself and two at their school. Feedback continues to be very positive, and teachers are always very enthusiastic about the activities and outcomes. Turnerfs House also worked with seven other schools in providing a week's individual work experience for four students plu5 Specifically tailored workshops for three schools. Turne¢s House Trust Report and Financial Statements 2022 Turnerfs House h05ted a garden landscape design project for students from Kew Garden's School of Horticulture and we continued the well-established programme with students from Richmond upon Thames College in which the Friend5 of Turnerfs House provide prizes for artistic work on the theme Yurner in Twickenham". We extended our work with universities and colleges by offering an Msc Student placement to a student from University College London. Her work focused on reshaping the visitors. exit surveys to better understand our audience and its intere5t5. and she worked closely with the Learning and Volunteer Officer in the planning of two learning projects including drafting a funding application for one of these projects. Cornmunity and OutreaGh programme: We continued our work with Richmond MIND and AGE UK delivering 36 art and gardening workshops for adults with mental health issues and for older people in our community. The 3im was to alleviate loneliness. improve wellbeing, encourage new skills. develop creativity, ond enable participants to engage with local heritage in a safe and supportive environment. This work included two programmes focused on art, and a programme focused on gardening. We a150 SUPPOrted 10 elderly clients of AGE UK with a Your Turn with Turne programme of eight sessions. During 2022, our Learning, Community and Outreach Programmes reached 2,9￿1 people of all ages and backgrounds through 130 events- an achievement of which we are all proud. Volunteers: Turnerfs House relie5 on a dedicated team of volunteers who play a vital role in all aspects of our operations. They welcome visitors. give guided tours. maintain the garden and House, and help with marketing and administration. We have around 50 active volunteers who between them provided more than 2,ciKJ hours of volunteer time in 2022. We are seeking to increase the number of volunteers in 2023 and hope to bring in new volunteers from across the local community. Our thanks to all our volunteers- the House could not operate without thern. Friend5 of Turnerfs House: The Friends of Turnerfs House continue to be an important part of Turner's House Trust. Friends, membership renewals are Cur￿ntlY taking place and they hope to rnaintain a membership of around 200 people. In 2022 they held two lettures- one via Zoom and one in person. Other activities included a walk along the Grand Union Canal to mark Turner's birthday: the AGM via Zoom- a summer party- a private visit to the Courtauld Gallery to see a selection of watercolours by Turner- and a Christmas coffee and cake morning. They once again organised their 7urner in Twickenham Prize. for art and design students ot Richmond upon Thames College. A book of antique Turner prints was donated to the Friends and a number of these were mounted for sale in the shop. Turne¢s House Trust Report and Financtal Statements 2022 Fundraising and Support.. In addition to the Friends of Turnerfs House, we have three tiers of membership for our supporters- the Pairons, Circle. the Sandycombe Circle and the Supporters Circle, each with distinctive benefits and opportunities for their members. Circle members enjoyed a range of special events and talks during the year and had exclusive "private view" attess to the Exhibition. We were pleased to welcome new Circle members during the year. We thank all our supporters whose contribution and encouragement has been so important: Trust, Foundations and Grants Arts Society. Richmond Astor Foundation Charlotte Bonham-carter Charitable Trust London Borough of Richmond Upon Thames Council's Civic Pride Fund and Retail, Hospltality & Leisure Business Grants ICovid- 191 Paul Mellon Centre lJ.M.W. Turner Symposium) The Circles of Art The D'oyly Carte Charitable Trust The Golsoncott Foundation The Julia and Hans RausinR Trust Worshipful Company of Grocers We are very grateful to all our supporters for helping us to continue the work of Turnerfs House. Our volunteers provide invaluable support to the Trust through all their activities and by sharin their diverse expertise and skills. We thank the Friends of Turnerfs House who presente(i donations of £5,SLKJ to the Trust. We are verygrateful for the work of the Friends Committee who manage the events and their membership. We also thank all those who contributed to our Big Give Christmas Challenge 2022 that helps to fund our 2023 Wellbeing programme. We raised over 20% more than in 2021 despite the challenging environment. In addition, Turnerfs House is very grateful for the invaluable pro-bono advice and support received from many people who contributed their expertise and / or artistic skills. Special thènks go to Joy Cuff who designed this yearfs Christmas card. those who provided their design skills for our marketinE. and those who provided landscape admice. Turnerfs House Trust Report and Financial Statements 2022 Sandycombe Lodge- Preser¥in& Conser¥in& Interpreting: The 2020 °Pothwoy to Sustoinobili plan included an architect-led review that helped us to determine how best to release the potential of a piece of neglected land that we own immediately adjacent to our main garden. We succeeded in obtaining planning permission approval for a supplementary pedestrian entrance from St Margaret's Road. The landscaping for. and construction of. the new entrance took plate in Spring 2022. The area now features a board walk leading towards the House from the St Margaret'5 Road, surrounded by natural style planting. This gives visitors a more welcoming and authentic approach to 53ndycombe Lodge with a view looking up to the house through the gorden. A small booth is used to welcome visitors and issue tickets. This is an important step fO￿ard in a long-term plan to present the House as if Tumer had just left it. and to orientste the visitor experience around Turner the man. Concluslon: Turnerfs House is now established as one of the leading small museums of South-west London. As Covid-19 recedes, we are keen to increase our profile further and to reach even more visitors. Our professional team, as5i5ted by volunteers. SUPPQrter5 and donors. plan to make the House even more attractive and accessible in the year to come. Turnerfs House Trust RekK)rt and FI￿ClaI Statements 2022 Financial review As Covid-19 recedes. the Trust plans to regain the momentum and to move towards operational and financial sustainability- At 3151 December 2022, the financial summary is: Unrestricted reserves - £246,754- after a defictt of £52.673. Restricted re5erve5- £19,872 - to be fully drawn down in 2023124 Net current assets- £140.952- and remain within our Unrestricted Reserves Policy Cash in Bank £137,499- a relatively good cash position for a 5rnall mLt5eum. The deficit is distorted by the 3 Year Adjacent Land Project as constnjction and planting took place in 2022 incurring costs of £44.795 whilst most income raised to fund the projett was recogni5ed in prior years. The Trustees are disappointed to report a larger than budgeted deficit and are addressing areas that fell short in 2022. Focus is on raising income to fund operational costs Imany fixed in the short/medium term). We are: Targetingfunders. including corporate sponsors who ore willing tofundcore operating costs os well os choritoble octivities ond projects. Attrorting more visitors to the House with improved morketing with on ottrortive schedule of exhibitions, 17Ctivitie5 ond commercial event5. A55es5ing our option5for medium- ond long-term portnership(5J. The Trustees, whilst continuing to assess the impact of "post pandemic / cost of living crisis" on this small museum. have approved a small deficit in 2023. Reserves policv The Trustees have decision-making authority on how they manage Reserves and Investments - taking account of the scale. complexity, and risk profile of the Trust together with it5 income and funding base. The Trustees balance the capital vested in Sandycombe Lodge and the needs of current and future beneficiaries. On an on-going basis, they plan to generate sufficient income and fundraising such that they can fund artivities for current beneficiaries. The Trusvs UNestrlcted Reserves are considered as short Icashl to medium / long lassetsl term reserves able to meet cash flow needs. Sandycombe Lodge is not regarded by the Trustees as able to be disposed of by the charity in the circumstances that are currently anticipated. Unrestricted reserves are expected to reduce in 2023 due to the planned deficit but will be retained at a level that the Trustees consider prudent and able to.. carry free reserve5 of 6- 9 months budgeted operating expenditure that can deal with short-term fluctuations in income and provide adequate working capital maintsin the Sinking fund at £50.(￿ for the preservation and conservation of Sandycombe Lodge: short term projects Isuch as "match funding" in carnpaign5): and any operational "restarf in the event of any sustained period of closure. Turnerfs Ho￿e Trust Report and Financial Staiements 2022 io Plans and objectives for the I￿￿Te Turner's House Trust aims to celebrate J.M.W. Turner's artistic achievement through encouraging visitors to discover the house he designed and built. and the Thames landscape which inspiied him. Through owning and managing a collettion and operating a museum based on works of and related to Joseph Mallord William Turner the Trust aims to build a deeper engagement with Turner as an artist. Key to being able to achieve the Trusvs aims is the need to become financially sustainable. The Trust continues to Use the "Pathway to sustoin0bili￿ plan, which was supporte(I by the National Lottery Heritage Fund Resilient Heritage programme in 2019. as the foundation for our strategic plan. In a post-covid environment we are adapting the recommendations in the report and discovering the optimal ways to adopt its proposals. We will continue to host successful events. such as the very popular wine tastings, painting and drawing courses, and well-attended zoom lecture5. Our approach to future events is to build on these successes and explore further events that will attrart increasing numbers of people and meet our financial targets. Optimal marketing and the corrett price points remain vitally important. Our Private Hire offering is being launched in 2023 and, although we expect a gradual start, this should provide a further income stream. Our Strategy Meeting at the end of 2022 was a success and the Trustees are agreed that we will pivot to an interpretation strategy that emphasizes Turner the man and uses the advantages of the House to tell the stories that cannot be told only through encountering Turnerfs works in art galleries. It was agreed that the current management structure would enable the House to athieve its strategic and financial goals. The Strategy Meeting also focused on future partnerships. We will continue to work with local and community organisations such as Richmond Council, the Kew Horticultural School, Visit Richmond, local heritage sites, and local charities. We currently have a good working relationship with local businesses such as St Margaretrs Wines and will seek to broaden and deepen our links to businesses with focus on. for example, hospitality related businesses such as hotels and restaurants, as well as property related businesses such as property developers and local agents. These links aim to support us in the sponsorship for our exhibition and other activities. In 2023 we will embark on the process of becoming a fulfy accredited museum. The Trust will continue to hold an annual exhibition to enable visitors to experience and learn about J.M.W. Turner and his extraordinary art in the intimate setting of the house he designed. Our forthcoming exhibition is the first at the House curated by a freelance curator kindly funded by the Paul Melk)n Centre who are providing funding for two further years. Our exhibition remain5 the focal point of our activities. attracting visitors, and gaining p￿5$ coverage and critical attention. Turnenc4iatlon of fvnds.. Totsl fvnds b￿ugh11￿ard. 299.427-. 45,065 3.419,681 i 3,764.173.. . 3.768,917 Total fund5 carr*d fonvard 246.7541 3.419.681, 1 3,686.307 3.764.173 I the fesuksderib* fr#m cart￿ulnI actiyit The Statementol FinarKwl AttiMtie5indvde54llyinsan(I l¢r*5es reCogn￿d in the yew. The n￿e$0￿ page Zl to 27 fomi partof t1￿￿Than[la15tat￿rrt5. Turnerfs House Trust Repcrt and Financi315tatements 2022 18 TURNER'S HOiISETRusr BAIANCE 5MEET ASAT 31 DE￿MBER 2022 Rxed assets: Tangl￿e assets Heritsge assets 125.0001 3.420,355,. 3,545.355.. 125.000 3,420,355 3,545,355 12 Curr¢ntas$¢ts: Stocks 7204 4.126. 137.499 148.829" 6.618.. 1,339 220,706 228￿63. D8btor5 13 Cash at bank and in hand ounts falling Llue wthin one >ear 14 (7.8771.. 19NSI: .Net cwrent assets 140.9521 218,818,. Tolal assets less currvntliabilities 3.764,173 t assets 18 3.686.307, 3.764.173 Funds Unrestricted fvnds 15 246.754, 19.872,. 3.419.681, 299.427 45,065 3.419,681 Reslricled fiJnd$ Endowmenl funds 16 17 Total I￿rtS carri•d forward 3.686.307.. 3.764.173 Yru5teestatewts rewlred bythe&imwiesAtl ZO In approth8these finatKial Statemer￿, the tr￿sleE￿WI￿are d￿￿5fOr wry￿of(0mpéry1av1. hereb¥cwfirm'. ihot fN the year stated atth* the w45 ￿tIlled to ihe exeffloi￿ cty7fe￿ed by 5errts￿ 477 of ihe Compan*sAci 2CbJ6". that no notice ha5 beEn deposited •1 the re8i5rered offKe ol the cTrwany wrsvant to Secti£￿ 476 of ihe CompaniesAct 2006 rp9uesUn8th41 an audrt becondutted for the ¥*ar endeL¢ 31 t*cembw 2022., that the company as a charity issubj•xr toaudil undertheCharitsesAci 2011." • that we acknowledge our respon￿bIlitIeS f#r tornp￿8 wth the reqwrements of the Corrwinies Act 2(4XS %%ith re5pert toattoJnting records Ihe pre￿ratiOn of accoun ThefinaJKial statements hove been prepared in acCordan￿With the Part IS of iheCompaniesAtt 2LxJGre￿t1n1to sm•llcomwnie5. Thefina statement5 were awr￿ed by ihe board on L3 March 2023 aThJ s¥ned its ￿hèNb¥". Jtshn Michael Oeii*z Diiertarand Truste* Turnerfs HouseTru5t Report and Financial Staiements 2022 19 ruRNERSHOUSETRU STATEMENTOF CASH FLOWS FOR THEYEAR ENDED 31 DECEMBER 2022 Year to Year lo 2021 Net cash used In operatlThJ actr¥lb"es 20 183,4531. 13681 Cash Ilws frtyn In%*$bn*nt a¢tV•Trtse$: Interest income Purchase of tangible fi**ar 21 137,4991 220.f06 Tumerfs House Trusi Report and Finantial Statements 2022 20 TLIRNER'S HOUSETRU NOTESTO THE FINANCIALsfATEMENTSFOR ThE YEAR ENDED 31 DECEMBER 2022 A¢¢oWti￿ polk*s pri￿PaI￿{COU￿try pohoes ¥e￿I out bEknw.Thexcountry boenadopteOcc¥lSilt*nttythT0who￿ thètrtir •a51Solpre￿I1nithefft4￿t￿ statomrts These fina￿11 ststRrnents hèvè prtwed in actotd•Kt F￿r￿)ll St*thd 102-The FirAn¢KIl lIe￿rtI￿ stsnda ppIKable in ihe UK Rry￿1￿ of I￿￿n0' IF￿ IOZI. 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Vnrtstrxt¢d 4enerolfvnd5- Iwe¢' by iFe io be ITr •ro)TrJJ￿e thE tibittcts ¥ t discieiknn olthe TILStees. Restr￿ted1￿m&J- Iynds to be usedoth ltsr reSlXKted PL¥WS the objects ￿ the tharity. Restrict*Jns when 5peofl¢d b¥dof*orsafvJ8ranl mabwb0d￿OrwhEThl￿ds?re¥rya forwt*uL¥ PLYW5es. £#dowfflfntluff6s- ILYMts ¢x ra¢ed IC* be hEld ty lfve tharity fDr rhe methurn and term to O55&1 thE (h¥lty In rneeiinE tts aims.IThcDrne unre5tr¢t*d in rI￿ule. Turner'5 HoL￿e Trust Report and Financkil 5t3tements 2022 21 TiIRNER'S HOUSETRUST NOTFSTOTHE FINANCIAL STATEMEKfs FOR THEYEAR EIIDED 31 DECEIIBER20Z2 Ktyfsiimatts and *Altnts The prepa¢ahon of hnanDal st1ternerrt5knc￿1QrrnitY￿*hf￿eSr￿em￿rtOlrl¢ljrrnne￿I￿ w¥tieEr¢iyrts m**8t￿ntto rnake ostimaies artd jL￿￿￿￿￿￿1ttat èfFert reported arnountsda$5ets Jno Iwbd¢*5a5 wel 1st￿￿15(￿11[￿rltiVN3Sstts and ¥ab11t￿5 at the baLincesheeidaie thereF¢fftd•mwntyolre¥errt￿ and Exp¢n5e5 duiirrfthe¥ewrtiD¢pEriOd. There Is fts%t￿es1lMatl?0urKe￿1ThCakv￿1nl4epreCI￿n.Afv1l knèhllrei***woffixtd m￿a￿ernent. wh11st￿eryatrÈmpt is mèdÈ to emutethat the dewec4tion p0k¥i5￿￿cur0te￿5 kW51b￿ there rema￿￿• rhatth¢ ptslicy does not match the$￿elU￿ fife ol assetSaDd th* e5tim*esfor reydwliffiwnts ret(w*Tab￿ ft*d1fttr.ThEreW￿ nD rfÈpre¢s*itrl in theyear ended 31 Decernber 2012. ThefE 15 5tt0￿￿￿eS￿MatyQn ￿rtaIn￿5￿￿￿￿Y￿￿thpfJwYaI￿olthe h*ritay property n¢holThKial stafrry*nts. An irryirrrenf re¥y4 15 carried out 1nterffdwtytoeTr5u￿ t￿ti￿vI*jOOfth*asSe[ ts ftyJtLwtstated leyl ￿lI¥sOft￿2 (frarfty The £harityiS a CL¥rtpany Iimii•d has K+thare caprtaL i*drtyof exh mErntser ￿1h¢ trehttyf windini.up is Ilmlted ¢0 a rnaAimL¥b£l Y•A•ti The charfty 15 exeryi Fwffl tax on irKorne yins fallirrf witlrin 505 of the TaKes 198ft or secthin 256 of the TuJiioTr of ch¥&eab￿ GamsAtt 1992 10 ihaittr*seareapplW io ttsrhar*4bleobJ"eos. 12n• 25ri7 2T.990 .LBRVT￿¢Prf?FvTh￿ 25>3 a4791 3lStrJ 524 $2.143 2D21 27￿.. 14A54 6.49 10MU 44D49.. Turnerfs House Trust Repcrt and Financial Ststements 2022 22 TiIRNEA'S HOUSETRusr NOTESTO THE FWCIAL sTATEmEP￿SF0R THEYEAR ENDED 31 DECEMBER 2022 2IZI 121D 12.434. Y•wi 52hSf 2.911 15 45B'. 4JJ39 pJ4s 73 l.i ID12¢DbtrqtE733) 41.755. 16eJ754 111th5V Turnerfs House Trust Report and Financial Statements 2022 23 RNER'S HOUSETRusr NOTESTO THE FINANCIAL sfATEIIEprfs FOR THE YEAR ENDED 31 DECEMBER20Z2 Y•w 1021 20 2021 54.F10 5g.710. Y•¥r 32J921 A%Jthwy2022 125MJ 91.717 l JwlQ2Z AIJ4DLw2022 125.rts] A21 Der4mbo1202Z 12SWJ 125.1 Turnerf5 HouseTrust Report and Fina￿la￿ Statements 2022 24 TURJIERS HOUSEIRusr NOTESTOTHE FINANCIALSTATEIIEprrs FOR THEYEAR ENDED 31 DECEMBER Z022 ReslDiafonilra51 154¢.91S'. Th4rnE# Vttrtè 2• 1.339, Ywt* YMrt• fraoe¢¢E*IS eos.. J1111llOIi XA. {Igv>3iy 24Q7y •141Q•21 31rt211021 .?71 29*4? Tume¢s House Trust Report and Finarfial Ststements 2022 25 TURNER'S HOUSETRUST NOTESTO ThE FINANCIALsfATEMENTSFOR ThEYEAR ENDED 31 DECEMBER 2022 Jln2ft021 *yi72' 17I*J JlJllm21 SI￿3￿ .nJ 43285 5.Tl)I 45M6S 17. 3.419MtsI 3419NI 3.41WI Y14r¢r*)IOewtht2Yt 125X• 3.419.Ml 347g,JSS 19m 1gM2 3.419MOI- 3.U6.SOT Ye¥r•ndn431 TL 12$0NJ JA20.$55 124663 451 674 l•J j￿19￿1 3.761.17J Tumerfs House Trust Rep¢yt and Financial Statemtnts 2022 26 TURNERS HOUSEll¢iisr NOTFSTO THE FINANCtALSTATEMEPITS FOR THEYEIR ENDED 31 DECEhfB£R2022 1•. 10. Ye4rt• zi 14.744Tr. R4$1, 1571, 1•34531. Cash 18529711 230.7W j lJ7.499 Turnerf5 HouseTrust Report and Financial Statements 2022 27