TURP4ER'S HOUSE TRUST company limited by guarantee Report and Finanual Statements Year ended 31 December 2023 Registered Charity number: 1111653 Company number: 054209131England and Wales) Iiill *AD2TJKZ5 1QK)5r2024 COMPANIES Mt)USE *119 Turner's House Trust Report and Financial Statements 2023 TURNER'S HOUSE TRUST REPORT OF THE DIREcfoRS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENT5 Page Company information Report ofthe Directors Introduction Legal and administrative information Charitable Objectives and principal activities Financial review Reserves policy Plans and objectives for the future Structure. governance and management Risk management Trustees. responsibilities statement Statement as to disclosure to Independent Examiners io li 12 13 14 Independent Examinerfs report to the Trustees of Turner's House Trust 15 Statement of financial activities (including - .) Income and expenditure account Balance sheet Statement of cash flows Notes to the financial statements 16 17 18 19-25 Turnerfs House Trust Report and Financial Statements 2023 TURNER'S HOUSE TRUST COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 Directors John Michael Deria2 (Deputy Chair) Julia Louise Holland Bailey Giles Clifford Dixon Gillian Forrester (appointed I September 2023) Matthew Morgan Frances Elizabeth Harrison Moyle Rosemary Carol Murray Frances Clare Pardy Dr Jacqueline Riding Fiona Stewart (retired 26 February 20241 Guy Kenneth Peppiatt (appointed l March 2023) Secretary Rosemary Carol Murray Honorary Treasurer Julia Louise Holland Bailey Registered Office Sandycombe Lodge, 40 Sandycoombe Road. Twickenham. TWI 2LR Registered Number 05420913 {England and Wales) Charlty Registered Number 1111653 Independent Examiner Cooper Parry Group Limited, Ai5sela, 46 Hi8h Street. Esher. Surrey KTIO 9QY Bankers CAF Bank Limited, Kin85 Hill. West Mallin& Kent ME19 4JQ Turner's House Trust Report arKI Financial Ststements 2023 TURNER'S HOUSE TRUST REPORT OF THE DIREcfoRS FOR THE YEAR ENDED 31 DECEMBER 2023 The Directors, who also act as Trustees for the charitable activities of the company, present their report with the financial statements of the company for the year ended 31 December 2023. Introdurtion Turnerfs House Trust continues to offer the public the chance to visit the only surviving home of J.M.W Turner and to learn more about the life and work of this important artist. 2023 was a good year at Turner's House, with an outstanding exhibition of Turnerfs works and innovative outreach initiatives. We are 8rateful to our many supporters and donors in the local community and beyond who have helped to make Turner's House a continuing success. Legal and administrative 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. TrusteeslDirectors A list of the Directors is given above on page 3. Charitable Objectives and princlpal actlvitles On 31 December 2023, Ihe charitable objective of the Company was: to odvonce educotion in the ortsfor the benefit of the public by the pre5ervotion ond conservation of Sandycombe Lodge, 40 Sondycoombe Rood. Twickenhom. Middlesex TWI 2LR as a monument to the ortist Joseph Mallord William Turner ond by owning and monoging o collection ond operoting o museum based on works of ond related to Joseph Mallord Williom Turner. The aim of Turnerfs House Trust is to conserve and present J.M.W. Turnerfs archttectur31 vision and origin31 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. The Trust fulfi15 Its objective through maintaining the restored House and opening rt to the public as museum and visitor attraction. By doing so the Trust seeks to celebrateJ.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 Turnerfs House. the Trust aims to build a deeper engagement with Turner as an artist. Turnerfs House Trust Report and Finanaal Statements 2023 Publlc benefit: The Trustees confirm that they have had due regard to the Charity Commission's 8uidance on public benefit. The Trustees are committed to makin8 Sandycombe Lodge and the services that we offer accessible to all. and to delivering 3 range of education and outreach activities. A sustainable operation will ensure that the benefjts will continue in future. Achlevements and Artivities 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 tt was in Turnerfs time. This was funded by a grant from the National Lottery Heritage Fund and by other generous donors. The House is managed by an experienced professional team led by Dr Matthew Morgan our Museum Director. He is assisted by a small team who are all are experienced in the museum sector and are dedicated to providing an outstanding experience for all our visitors and strengthening our outreach into the local community. 2023 Exhibltion: The exhibition "Seeing the Light.- Turnerf5 Discovery of Itov comprised watercolours painted by Turner on his first VlSlt to Italy in 1819, includin8 his impressions of Venice, Rome and Naples. We are grateful to art historian Dr Carly Collier of University College Dublin who curated the exhibition and to Tate Britain. the Guildhall Gallery and a private collection for lending the works. We are also grateful to local celebrity and art lover Anneka Rice who stepped in at short notice to open the exhibition, which was also attended by former Culture Minister Lord Vaizey. The exhibition received excellent reviews in national and local media and was very popular with the public, bringing more than 2000 visitors to the House overthe summer. 2023 Events Programme: We had a full year of public events at Turnerfs House. In support of the exhibltion, Seeing the Light: Turnerfs Discovery of Itaty. we held a series ofzoom talks given bythe curator, Dr Carly Collier. Museum Director Dr Matthew Morgan and Turner expert Dr Nicola Moorby. We continued to offer and hold wine tastings in partnership with St Margaret's Wines. Our private hire offering went from strength to strength. and Sandycombe Lodge was hired for a diverse range of events including a Jane Austen themed night, photo sessions for babies, individual celebratory events and a corporate hosted day for their clients. We launched a particularly successful series of events led by our Learnin8 and Volunteer Officer called "Talk and Paint" These offered a brief talk by the Museum Director on a single work by Turner followed by the opportunity to create artworks inspired by Turnerfs work. Our annual garden party was well attended, and once more our volunteers donated delicious cakes and other homemade food. Finally, we hosted an extremely enjoyable and successful auction led by auctioneer and supporter, Adrian Biddell. This was h'eld at the Richmond Golf Club and supported by a large number of long standing and new supporters of Turnerfs House. Artist in Residence: Henry Coleman was ourArtist in Residence during the year. Henry is the latest in a line of graduates of the Royal Academy School to take up this rose and produce work for us inspired byTurner's House. Henry was fascinated by Turnerfs role as architect ofthe House and bv Turnerfs friendship with Sir John 5oane. His work with us included a building-wide installation called Turnerfs House Trust Report and Finanoal Statements 2023 "Appearance, or, Occupotion of spac￿ in which he applied lighting gels in vivid colours to each of the rooms in the House, plus a small exhibition of paintings entitled "Polythemus ond Solus" These artworks were shown in the House from the end of March 2023. Henry also ran several workshops for local primary schools as part of our Learning Programme. Patrons: We are gyateful to our Patrons, Lord Egremont and Rebecca Salter PRA for their continued support. This year. Lord and Lady Egremont kindly invited rnembers of our Supporters Circles to Petworth House for a private tour that included their own Turners and the rooms where Turner worked. We are also grateful to our honorary Patron Catherine Parry-wingfield who gives valuable continued support including the very populaT fundraising event in her home known as Yurner's Pies". Learnlng: In 2023, Turner's House continued its work with primary schools delivering its KS2 urnerin Twickenhom- exhibition programme to 10 classes of year 3 to 5 students from five primary schools based across two local boroughs (Richmond and Hounslow). This programrrie is a core part of our learning programme with teachers intioducing it as part of their yearly programme. We also delivered some one-off session5 With other local schools, reaching 390 pupils in total. Turnerfs House once again offered work experience to four secondary school students. and work placements to two universtty students from University College London and Richmond University. Community and Outreach We hosted 3 education exhibitions in 2023- in March we showed the artwork done duringthe Art & Wellbeing workshops in partnership with Richmond MIND- in April we hosted the exhibition of the Turner-inspired landscape master plans for the adjacent land - the 2nd Year exam projert for the Kew School of Horticultural. We also continued the well-established programme involvin8 Students from Richmond upon Thames College in which the Friends of Turner's House provide prizes for artistic work on the theme Yurner in Twickenham-. In our ongoing effort to enhance wellbeing through art and heritage, we continued our work with Richmond MIND Idelivering 37 art and gardening workshops for adults with mental health issues) nd with AGE UK Idelivering 9 art workshops for older people in our community}. Our aim is to alleviate loneliness, improve wellbeing, encourage new skills. develop creativity, and enable participants to engage with local heritage in a safe and supportive environment. The feedback continues to be rewarding with many participants reporting that their wellbeing has increased and Iheir isolation reduced as a result of the programmes. This year Turnerfs House introduced a new art programme dedicated to migrant women in our local area. TGle5 & TrGve15 aims to enhance the participanls, wellbeing and support their creativity and confidence through sharing their stories and backgrounds, investigating themes such as identity, journeys. experiences. and the places we occupy in the world. We collaborated on this project with the local charity Refugees Welcome in Richmond during the 12 art workshops. During 2023, our Learning. Community. Outreach and Members Programmes reached more than 2.600 people of all ages and backgrounds through 145 events. Tumerfs House Trust Report and Financial Statements 2023 Volunteers: Turnerfs House relies on a dedicated team of volunteers who play a vital role in 311 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 2,000 hours of volunteer time in 2023. We are continually seeking to increase the number of volunteers and hope to bring in new volunteers from across the local community. Ourthanks to all our volunteers- the House could not operate without them. Friends of Turnerfs House: The Friends of Tumerfs House continue to play an important role in support ofTurnerfs House with a membership currently of around 2￿) people. In 2023 the Friends held two lectures (one via zoom. another in personl- both led by Dr Matthew Morgan; Honorary Patron Catherine Parry-Win8field led a walk of Turne¢s Thames from Richmond to Isleworth to mark Turnerf5 birthday; the Friends summer party was hosted at the Parry-wingfields, house,. there was a private visit to the British Museum library to view a selection of watercolours by Turner; and a Christmas coffee and cake morning. Members of the committee organised their annual Turner in Twickenham Prize. for art and design students attending Richmond upon Thames College. The Trustees are very grateful to the Friends who raised £5,SiJ) for the Trust in 2023 Iplus a further £1,000 from Gift Aid). Fundralslng and Support: In addition to the Friends of Turnerfs House, we have 3 tiers of membership for our supporters-the Patrons. Circle. the Sandycombe Circle and the Supporters Circle, each with distinctive benefrts and opportunities for their rnembers. Circle members enjoyed range of special events and talks during the year and had exclusive "private view" access to the Exhibition. We were pleased to welcome new Circle members during the year. We also have a Corporate Membership and thank the Ham Palm Centre for their continued 5UPPOrt. Many of our supporters generously donated a wide range of attractive lots to our first ever charity auction at The Richmond Golf Club and online silent auction- helping to raise over £30,000 to help us further the work of Turnerfs House. Trusts. Foundations and Grants: We would like to thank the followingtrusts. foundations and Drganisations for their sUPPOrt during the year- The Foyle Foundation lawarded £12,500 for 2023124) Arts Society, Richmond Association of Independent Museums Cosman Keller Trust National Lottery Awards for All The Worshipful Company of Art Scholars The Julia and Hans Rausing Trust Stephen Clarke 1965 Charitable Trust Turnerfs House Trust Report arhd Financial Staternents 2023 We thank all our supporters whose contribution and encouragement has been so important and are very grateful to all who help us to continue the work of Turnerfs House. our volunteers. including our Trustees. for their invaluable support throu8h all their activities and by sharing their diverse expertise and skills. the Friends of Turnerfs House and for the work of the Friends Committee who manage the events and their membership. forthe invaluable pro-bono advice and sUPPOrt received from many people who contributed their expertise and / or artistic skills. Special thanks 80 to Joy Cuff Iwho designed our Christmas card): John Sallis-chandler (who supported v5 as we hosted the Kew School of Horticulture exhibition): Paul Warrington Isupporting us with creative designl- Eren Ellwood and Adintel for their marketing support; Adrian Biddell who led the biddin8 in the successful auction. We also thank those who contributed to our Big Give Christmas Challenge 2023 that helps to fund our 2024 Wellbeing programme. Conclusion Turnerfs House has established itself as one of the outstanding sm311 museums of South-west London. It continue5 to cement its position as a leading centre for Turner scholarship through its popular exhibition programme and supporting lertures and events. As more people and ofganisations are visiting the House and getting involved. we hope this will continue in the future. Turnerfs House Tru51 Report and Financial Statements 2023 Financial review 2023 wa5 the year when we expected to"return to a new normal" and, whilst the Trustees approved a Budget Deficit for 2023, it was a programme of fund raising increasingly able to support of our operating costs and activities. Mid-year we knewthat 2023 was not going to deliver the income stream needed and a workin8 party was set up to help us to address and mitl8ate the anticipated deficit. Two successful fundraising auctions of donated artworks (including the Richard Long) raised more than £30.000. There was a campaign to attrart visitorsto the Exhibition as it drew to a close and we also saw a surge in admissions and visitors in the year exceeded 4000. Therefore. the lunrestrictedl deficit was managed at an acceptable level and Unrestricted reserves close at £229.453 with a 2023 deficit of £17.301. As with similar small charities. Turnerfs House is findin8 it difficult to identify grantors willing to fund operational costs. Many of the grants raised in 2023 are funding 2024 charitable activities. Restricted reserves close at £32,080 (to be drawn down in 2024} and there was a net surplus of £12,208. On 31st December 2023 the Cash in Bank is £150.189 and we continue to have a relatively strong cash position for a small museum. Met current assets are £135.859 and we remain within our Unrestricted Reserves Policy. In 2024 our fundraising will increasingly focus on raising grants and support that fund operational costs and the Trustees remain realistic with a plan that will mean we will have a deficit. This is acceptable to the Trustees as we review options to become financially sustainable- with an income that can be relied upon to fund an efficient operating model. Reserves policv The Trustees have deci5ion-making authority on how they manage Reserves and Investments- taking account of the scale, complexity. and risk profile of the Trust together wilh its 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 activities for current beneficiaries. The Trust's Unrestricted Reserves are considered as short (cashl to medium / long {assetsl 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 reseNes will be retained at a level that the Trustees consider prudent and able to: carry free reserves of 6-9 months budgeted operating expenditure that can deal with short-term flurtualions in income and provide adequate working capital maintain a sinking fund at £25,OCM) (reduced from £50.cxXI) for the preservation and conservation of Sandycombe Lodge- short term projetts (such as "match funding" in campaignsl- and any operational "restart" in the event of any sustained period of closure. Tumer's House Trust Report and Financial Statements 2023 Plan5 and oblertives for the future Turnerfs House Trust aims to celebrate J.M.W. Tumer's artistic achievement through encouraging Vlsitors to discover the house he designed and built. and the Thames landscape which inspired him. Through conserving and interpretingTurnerfs House, the Trust aims to build a deeper engagement with Turner as an artist. Key to being able to achieve the Trust's aims is the need to become financially sustainable. We continue to build on the "2020 Pathway to Sustainabilitf report supported by the National Lottery Heritage Fund Resilient Heritage Programme and are working towards sustainability. We will continue revenue generating events (wine tastings. painting and drawing courses. zoom lectures) recognising that optimal marketing and the correct price points continue to be vital. In 2023 we launched our Private Hire offering which has been successful and will build on this success in 2024 aiming to attract more hires. We also hosted an auction at the Richmond Golf Club as well as a silent auction and durin8 2024 we will hold another silent auction. The Trustees agree that we must continue to work towards financial stability. We will focus on more fundraising activities including growing our Circles Membership. We will also work towards our interpretation 8oals of emphasising Turner the mon and use the advantages of the House to tell the stories that cannot be told only through encountering Turnerf5 works in art 8alleries. We continue to work towards museum accreditation which will help us to applyfor more grants through Arts Council England. The Trust will continue to hold an annual exhibition to enable visitors to experience and learn ?bout J.M.W. Turner and his extraordinary art in the intimate setting of the house he designed. The exhibition remains the focal point of our activities. attractin8 Visitors, gainin8 press covera8e and critical attention. The 2024 éxhibition is entitled A World of Core.- Turner ond the Environment. and will be the first exhibition devoted to this subject. The Trust's successful Learning and Participation Programme will continue to be centred around the themes of: Social Impact "Join in ot Turnerf5 House": Working through partneiships such as local schools. Richmond MIND and AGE UK with audiences who can benefrt from coming together, learning and creating including to promote a sense of well-being. Art15t and Curator Developments -Get into Turnerfs House- For young people to inspire and support their development and to increase dNersity in the sector. What's On and Events -come enjoy Tumerf5 House-: Working to en8a8e families and the community around Turnerfs House. Volunteers "Get involved ot Tumerfs House": Creating events. meetings and trainin8 to engage, support and recruit volunteers. The Trustees remain committed to strengtheningthe financial position of the house so that the Trust can provide a fulfilling and enjoyable experience for all those that visit. Tuinerfs House Trust Report and Financial Statements 2023 io Structure, governance and management The Board of Trustees are responsible for the overall direction and leadership of the charity. The Board may consist of up to fifteen dirertors. who are its Trustees for the purposes of charity law. On 31 December 2022 there were nine Trustees. Following two appointments in 2023 there were eleven trustees on 31 December 2023, and following one retirement on 26 February 2024, there are ten trustee5. Turnerfs House is very appreciative of the valuable expertise and support that it received from its retiring trustee and is delighted to welcome its new trustees. One third of the Trustees retire by rotation each year with those longest in office retiring first. Retiring Trustees are eligible for re-election. The Trust continues to provide all newly appointed Trustees with an indurtion which includes relevant information such as the Trust's constitution and its policies, guidance on the role and responsibility of a trustee as well as strategic. financial. and historical I contextual information about the Trust. The recruitment of a new Chair is ongoing. In the meantime. the role of the Chair continues to be managed by the Vice-chair with support from fellow Trustees. In 2023, the Trustees met formally seven times including for a strategy workshop in November as well as attending ad hoc meetings as needed. During 2023 the House was managed by the Museum Director who was responsible for the operational management of the Trust and who is also a trustee. There were three sub-committee5 of Trustees- the House Management Committee covering property and operational rnatters. the Collections Committee and the Nominations Committee. In the second half of 2023 3 Project Red sub-committee was convened to support the Museum Director with planning for and output from the Strategy meeting. Additionally. an operational group was convened to support the Museurn Director with the planning and execution of the autumn Auction and the Silent Aurtion. The staffing strutture agreed in 2022 continued with the aim of improving the sustainability of the house including the visitor experience. This included four members of staff on fixed-term, part time contracts namely the Museum Director, the Learning and Volunteers Oflicer, the Operations Manager and the Finance Manager. The total full time equivalent staffing is 2.30. Turnerfs Hnuse Trust Report and Financwl Staternents 2023 li Risk management The Trustees remain committed to maintatning a strong risk management framework to ensure that the charity manages risk appropriately. This includes: the regular review of the risks associated with the main undertakings of Turnerfs House Trust. Risks are organised under headings: operational. financial. governance, compliance and environmental policies, systems. procedures and addttional actions to mitigate the risks identified The principal risks that have been identified are: Financial 5UStainabilitv Visitor numbers, wsitor spend and attendance al events not meeting expectations The appetite and opportuntty for continued fundraising The retention, engagement and recruitment of volunteers To addres& and mitigate these. the Trustees seek to- Maintain careful budgetary monitoring and financial control Incre3se visitor numbers through increased promotion, use of collections and loan exhibitions, active partnerships with similar heritage houses to cross-promote, develop new audiences, and encourage repeat visits Continue to strengthen fundraising efforts Provide active support and enjoyable conditions for volunteers Turnerfs House Trust Report and Flnancial Statements 2023 12 Trustees, responslbllities statement The Trustees (who are a150 Directors of Turnerfs House Trust forthe purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view ofthe state of affairs of the charitable company and of the incoming resources and appltcation of resources. including the income and expenditure of the charitable ompany for that period. In preparing these financial statements. the Trustees are required to: selert suitable accoLtnting policies and then apply them consistently observe the methods and principles in the Charities SORP 2019 IFRS 1021 make judgements and estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statement5 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Att 2IJ06. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irre8ularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable companVs website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in oiher jurisdictions. Turnerfs House Trust Report and Financial Staiements 2023 13 Statement as to di5dosure lo Independent Examiners In so far as the Trustees are aware: there is no relevant audit information of which the charitable company's Independent Examiner is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the Independent Examiner is aware of that information. This report was approved by order of the Board on 30th April 2024 and signed on its behalf by: John Michael Deriaz Dirertor and Trustee Turnefs HouseTTUSt Report and FihaTh¢ial Ststement$ 2023 14 Independent Examinerfs report to the Trustees of Turnerfs House Trust I report to the charity trustees on myexamination of the accounts of the company for the year ended 31 December 2023 which are set out on pages 16 to 25. Responsibllities and basis of report As the charity trustees of the company land also Its directors forthe purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061.the 2(KJ6 Act'l. Having satisfied myselfthat the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your companws accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515}{bl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Act: or 2. the accounts do not accord with those records.. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2LK16 Act other than any requirement that the accounts give a 'true and fair Vie￿ which is not a matter considered a5 part of an independent examination: or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed- Cooper Parry Group Limited 30 Aissela 46 High Street Esher Surrey KTIO 9QY Tumerfs House Trust Report and Financial Statements 2023 15 niRNERS HOUSETRusr STATEMENT OF FINANCIAL AcllviTSES (INCLUDING INCOME AND EXPENDITURE ACCOUK FOR THEVEAR ENDED 31 DECEMBER 2023 il¢)te Ltrff•stitted ..R￿tr￿ted Efid￿M•nt Year to Year to 2023 2022 Inc¢yne •nd erKlowmerrts from: Donations and legacies Charilable acti¥lties 20.355 73,592 12.194 1249 48,175 1.766 68.530 75.358 12.194 1249 52.462 44,349 7.784 246 Other tradin9 a¢tibth"es Bank Interest Total income 107.390 49.941 157,331 104.841 E¥￿nd*￿e on: Raising hJnd$ Charitable aeb"Mties 17.415 104.568 2.708 17.41S 142.301 2,708 12,434 166,375 3.898 37.733 ¢3ther tradin9 acb"Mties Totsl e>penditu 124,691. 37.733 162,424 182,707 Net molement in ftjnds 117,3011 122OB 15.0931 177.8661 R•coneiliation otfwdg: Total fvnds broughtfo￿ard 246,754 19.872 3.419.681 3.686.307 3,764,173 Totsl furKl8 carrled forwar(I 229.453 32,080 3.479,681 3,681.214 3.686,307 the reSu￿S derive from continuin8 attNities. The Staternent of Financial Actr¥ities includes èll #ains and knsse5 retOgni5ed in year. The notes on page 19 to 25 lorm part of these financial staietr*nts. Turnerf5 House Trust Report and Financial Statements 2023 16 TURNERS HOUSE TRU BAL4NCE SHEEfASAT 31 DECEMBER 2023 2023 2022 F￿ed assets: Tangible 8$$ets H¢ritsge assets 125,000 3,420,355 125.000 3.420.355 12 3.545.355 3.545,355 Qyrènt asstrts: stocks 8,004 4,166 150,189 7204 4,126 137,499 148,829 Debtors Cash #t bank 8nd in hand 13 162,359 CreditOT¥: kniounts falling due wilhin one 5¢8r 14 (26.500) (7,877> Net currentagsets 135,859.. 140.952 Totsl assets less uJryent liabilith"•s'. 3,681214 3,686.307 Netas$•ts 18 3.681214 3.686.307 Fur Unreslricaed frJnds 229.453 246.7S4 19.872 Restricted funds 16 Endowment knnds 3.419,681 3.419.681 Totsl fund$ ¢•tried forward 3.681.214 3,686.307 Trustee 5taternents requlred by the Comwwes Att 21X In approvin8 these financial ststements. the trusiees. WI￿ are di￿¢19r$ forthe Pufposes of Com￿n¥ law, heTeby eonlirrn: that for the year ststed above the corrpany was entitled to the exempt￿ conlerred by settion 477 of the Cornpan*s Act 2C#)6: that rK* notKe ha5 been deposited at the registered offKe of the company pursuart to settion 476 of the Companie5 Act 20(kS requesting that an audit be conducteé for the year ended 31 Oecember 2023.. that the tornpany as a charity 15 5uty.ect to audit under ihe ChaIrL￿s Art 2011: and that we arknowledge our resF4)nsibili1*5 for Cornplyi￿ Wbth the feguirements of the Companies Act 2006 with ￿speCt to accountin8 record5 and the preparation ol accounts. The flnancial ststement5 have been prepared in accordance wrih wovsions of Part 15 of the Companies Att 2006 relating to small cornpanvés. The financial st3temen15 were approved by the toard ¢)n ￿ April 2024 afid si¢r*d on its beham by: John Ml¢hael Derl Dlrector and Trustee Turnerf5 House Trust Report and Financial Statements 2023 17 TURNERS HOUSErKusr ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DE(EM8ER Z023 STAT8IEIU OFCASH FLOWS FOR THEYEAR 31 rjE￿BER 2023 Year to Year to 2023 2022 . Net cash used in operatwKJ •cb¥it*s 20 11.441 183.4531 Cash from in%wtmènta¢li¥it*s: Interest income 1249 246 PuTthase of tsn9ible ffixed assets. Purchase ofheritsge assets Rounding Cash ￿ed in Inw$tin9 a¢tiNit*s 1249 246 Increase I (Deueasel in cash and cash equivalents 12.690 1832071 Cash and cash eqUI￿lents atbeginning ofsear 137.499 220.706 Total cash al￿ eash ewiwdl•nls #terKI rfytar 21 150.189 137.499 Turner's House frust Report and Finanaal Statements 2023 18 TURNER'S HOUSETRusr NOTES TO THE nNANCIAL sfATEMEKfS FOR THEYEAR ENDED 31 DECEMBER 2023 At¢ounfine policie5 Thewnrip¥l a[co￿n￿n8 sttout btltsw. pdKitsha*betn adopted cw5trNtrthrou8hout thevear. These hnaNC￿l s13tements have ptepated in 3ccor¢arKe ￿th Fina•co1 ReptytihÉ Stsndarf 102 The Financval RéPOrtth8 Standard app1Katy￿ in the UK and of I￿hnl1- IFRS 1021. The Staiement ol Retommetsded PractKe aFplicèble to rharit*s tyeparin8 their attounts in accordano wilh the Financial Repotyn8Standard appfKablein Ihe UK and Republii Irelènd IFRS L02lleffectNe iJanuary20191 (the SORPI and in acCOrdat￿￿rth Ihe Compan*sAci 2fA16. fvom v4hi¢h thereweo ￿ fflateiial departiire5. The fwaftcial statements￿￿ been prepared uvder the histotrtal￿sI andare prepared on a ooin8 wn¢ein ba￿s. Tuine¢s H+J115eTNstmeetsthedefiThtKffi ola WI*benefftentrtyundtrF￿ JO2. G¢lryconcern The financval statements ha¥e been wepaied OTh a 8QiTh8 coKern b•$& Please relei io the Stateff*rtt as to disdostsre tothe IDdependEnt ExamiTher. The trustees hawe cons￿lere1 the ltr*l of held and the exp*ted l**1 ol income arrfl expenditure for 12 months from ythLViSin8these *nanco1 siatements. ￿ Weted income sufficiwt ltyel of reseNÈs lor the charity to be able to continueas 3 80in8 corKem. me and ehd¢wments All sftc0ml￿ resourcès ￿ inclyoed ith tkne ststement of fir*n¢ial a￿￿111¢5 whets the tharity 15 entit￿ to ihE Incorne and the aml￿nt tan be 9u•niif*d with reasohawe accuracy. Theftr1￿n8 pokies areappl*d to partth&rL4th8or*s of income.. DonotitMS ortdlewtes rets￿ed bywayolwants. o￿at￿)￿S and gffts are ioduded in fvll in the statementolfinafttièl actwit*s ¥¥hen re(￿b￿. This Aicludes IThcome￿IkCteO ￿lfve FriendsofTvh*rfs House lthe'Fiiends'lon bEha￿0fthe charity. Expendfture Expendituie s recwised tyi an acuval bassasa 15 wKyNed. The fo*NTng Specif￿ wlciesare appled to parti{￿￿1r(ate8Or￿￿ r*f expenditure.. Expenditure w roiwn¢fvndJ is costs intUFred in Jttractirevo￿ntsry *imme in¢Wkn8coMs in¢¥rred ty the'Fr￿nd$, 35 Part of their ￿nd￿￿ing aCtrdil*> on¢h¢iJ1¢7We (*tW￿e$l5cO$ts if￿r￿d tythETrust • ihetowse of mEWinB its thariiabk aim54Thd Includes casts rekitin8to the re5toratkJn. m•ntenan¢e•)d opeTrIw￿ olsantstynbe L¢48ea•d re￿Ie￿ 8tr*rTratyte and wpport costs. ExpenditL¢re fyi troLl1r•J￿r1Yjt￿ is cost5 wrred in tAthi8aaNths ufvjertakehto raise I￿n￿$ forcharitawe purpo Flxed assets and devvlatiDn Fixed asset5 comprise tan8iblEfiied a55e15and heiii4e a55èt Tan8ibl2 fMed assets are stated at cost ￿sSI(￿M￿LiEe￿ dQprecMtK￿. r*rec￿￿]n is W0￿dea￿l r3kulaied towritèolf thetost less 1e9dualva￿e oleach assei ob*r rt5expected usefvllrft, as1DlI￿. Fixture5 and FittIDE5- 25% strai8hllir* Heriia8eas5ets puKhased are stated atctystand thosethaiarerfonaied are reco8nTrsed at valye. Faifvalue tsdetetmined typrofessiofyèl third-party valuation apprai5Jl of market-ba5ed ewdence by the Trvstees at their Herrtw assets are ￿n￿lere0 to have an Indefinite useful life •)d as are notdewe(iaied bu13re pe￿0￿31￿ r￿*￿e¢ foi Gwmmonternnts Grarbt Iwne is recogn￿d Y￿er ihe at(nJal modelol FN)aticiIIRep)rtM¥s1ar￿￿d 102. fjiant intomE is reco&n￿ed in the WKOmEand expenditure acCoL￿1 ana 5YSt*matK ba￿5 wrndin whith the£offlpaTryreco8￿sed the ￿￿ted tostsforwhKh the 8raTht isffjtended to ¢onyhsate. swcks Stock ￿ ststed at the lowerol cost arrt estffiated nei real￿a￿e ¥*e Isdlift8 *￿t•sts to sell. Cost is (le￿ined the first.1 fitst.out IFIFOI ThEfunds hekl by IheTrust rornprise: Uxio5tYi¢ted genex¥1J￿lts- I￿.fr￿, fvvds by the charrty to ￿ usod ￿ accordance ¥JiEh the charitable tsbiÈct5 at Ihe distretion of the TtLtstees. ftestrKtedfvnds- luThds hehl 10 * vsed onty for re#r￿ed purposes Wilhifl Ihe objeds of Ihe tharity. ResthoiDThs arise 5PEcIf￿d by dOnO￿a￿d 8rantmaknn8Wiesry when fvfvjsare rawd for part*u14rwrpo￿. Endth*y7￿ltfvn&5- IvTrds donated or raised to be hetyj the tharity for the medwrn and h)n8 temi to as￿st charily in meetinÈ itsairrb5. licometeneTried tysuth L4wrest￿td in Daiure. Turnerfs House Trust Report and Financial Statements 2023 19 TURNERS HOUSE TRUST NOTES TO THE FINANQAL sfATEMEfr¥fs FOR THE YEAR ENDED 31 DECEMBER 2023 Key Estlmkn wdjudwnents The pieparaikin ofhnanckil staiemènts in CO￿l0￿￿w￿hthe staterneTrt ofrecommended prartio regyire5 maoagementto rnakE estima￿54nd iud8emet)tsthai allert rekx)rted amtyjntsof asset54nd lobl￿tIeS a5wdl astheliscb)sure of contin6ent assetsand l*ts"r￿es at the b•lan¢e sheei dwe and the reported amgwtsof rrnnve54nd expEn5es dvrthBthe reportiil8 period. There i5hrrtty estimal￿n ￿nCertaINty in Cakub￿8¢jeprecM￿D.AIull I￿ by reviewoffved è58ets is (artied out by mart3￿ment. Whilst every attempt is made ro eMu¥e that the depre(lat￿ as •c￿rat¢aS kh)tyblethere remainsa riskthat the P￿1¢¥dOeS n matththe useful lrfe of assets and thaieqimates lor resvJ¥al amouhts reco¥eratslE mtydrfleT. Therewis éepretiatK)n in the year ended 31 IYecÈmbef 2023. TheTe is set0nd￿ èstifflatKiii untertaimy 5urroundin8the fai¥v31ue ofthe heriw prwrty financral Thtements. An impairmefit review is Cattied ¢)u¢ ihtermitTentty to en5ttre thaithEvalue of iht a55et is not￿lstated Loyl StstU50f￿ Thecharityis a fimited PyrfRuèra￿tte3ftd hasno W*¥.The kabiiityof eath rnomber￿ theevÈM 0fw1ndinÈ-￿p Is I￿rted to a maxirnum £10. TaxI￿on The Char￿ 15 exempt from Qn In(c*￿ and 8aiTrS f3lin8 within 5ectth 505 of Taxes Art 198B or settK)n 256 of the Taxarion of Char8eab￿ Gains Att 1992 totheextentthatthe5e areappl*d to it$tharitab￿ objecrs. YÈatlts ZDtJ 2012 16.7>) 17J81 )4￿11 252>7 G¢8Nts 750 . C05ffl4fi KBlkrTTrJSt 22 40?5 8224 gN75 .Tr4&f￿alLQ1t4rykn•rdsTOi￿l .VknhlptsC0mp￿¢1msd￿1 -TheJ￿￿4￿¢ HaD5 RUU5￿4T￿j¥1 .Tr¢ FW¢ F￿041￿¢£1?￿OoSMdIo2Jj2024l .Sk•pMnCLIM• IWCMfil*•Trh￿I 2.445 2A45 3.12$. .LBBU7c￿(PthP￿ 3P25 32C 20355 52.4 Y•thrl• Yt•¥to 21 31Jei 8.782 11J20 25.675 27m4 'FV*fjd$' rnqffltsw5pdpy￿ TuM¢fS H¢useFundWSin9 EIW*s Tum4fs k*u••*J(¥tyIZ023 5.016 25115 73A92 75250 Turner's House Tru51 Report and Financial Statements 2023 20 TURNERS HOUSE TRU NOTESTOTHE FINA14CIALSTATEMENTS FOR THEYEAR ENDED 31 DECEMBER Z023 Ye•rtr• 23 2022 Qif*x￿•ts anJmeFch¥ds• 7JX 1281 )J90 Imlroand pfwphy 12.194- 12.194 Y•4vto ¥•4rt ZQ2J 2•2t IA78 IA?S E*n¥ 2.79> 1321S 13215 12.434 Y•irlo 242J ¢4J70 76.•n S•.Yl0 724 7?4 4.5V2 riep•tS 755 7,205 719 779 1286 2.163 Y410 4410 2J5D, 2.JS) T,537 s￿r￿¢￿s )2 F$os**wac•s. E*tdb 3*9 751 Pn>lp5510nalF••s 9M21 4¢ 7JOI CAMS￿￿￿ (X21 M¢4J0•$2022tyJ5tsalf7 519 41,795 31.733 186.375 Turner.'s House Trust Report and Financial Statements 2023 21 TURNER'S HOUSE TRUST NOTES TO THE FINANCIAL ￿ATEME14T5 FOR THE YEAR ENDED 31 DECEMBER Z023 Yoartè YÈatlty 22 202J Y¢•rt• Y￿rIty 70 75.972 59.710 7S.t72 $9.710 8w•IL Tr¢ ltseLTh CfjrECW. ¥earl Y•arto 2•2> 15363 IS 19.195 Tr*Jl I ￿￿ry2023 91.707 216.787 31 O*¢*mbw2023 125.CO) 218.787 l J4nuwy2rr23 45irAi•JithE)TrW 91.787 91.787 91.787 M•l*•k*luE'. l Janw2023 125 125Aty) Ji rMcemw202) 12s.thjl 125tsJTr Tumerfs House Trust Report and Financial Statements 2023 22 TURNER'S HOUSE TRusr NOTES TOTHE FINANaAL STATEM￿ FOR THE YEAR ENDED 31 DECEMBER 2023 T￿1 1M15 IP4Q,915 3.42D.3 1thtson$ c*tyngamrAnlt*131 D•c•mbir2Q3 1M75JO) 1,S4D.91S 3.42D.J¥ Summary•7*￿1%01H1rtlWl*$•tw￿￿￿'. 2•29 2•22 2013-2•21 Res*rnlvn¥lc4J¥l 1.540.915 Y•4vl ¥Afr•(45wt4• 4$3 3.713 3.4 4.128 ¥Mrtl* Y•arlo 2J 2022 Trbd*crBd*or IDS 2Y.JFS 28,Sfy) 1$. •t Yo41 •nd•dts1 O•Gwwbir202J 31112r2023 Gqfi•rallLrfI 246.7S4 107 22•.lSJ 246.?$4 107J&¥J 1124ffi11 229.4SJ Y•4v•nd•dJ1 O•G•n*w2•12 IR• 31ll212022 r*ffl•rgirurt6 246.?54 427 $?Jso" 1121.0311 240.75 Turnerfs House Trus1 Report arKI Financial Staiements 2023 23 TURNERS HOUSE TRusr NIYTES TO THE FINANCIAL ￿ATEME11T$ FOR THE YEAR ENDED 31 DECEMBER 2023 Y••r•no•d J1 i#J72 Pl.7331 32. 49.•41 32.oefy •lmB•ZZ Tr•r&•Ms SIM212tr22 37.43 OJ761 J&Oon•bun 4S.C6 37.413 2.t78}. 19.572 YeorEnthd J1 ¢ec•rnbEr2023 •lmQ02J Tr4v•lBf4 J419NI J419NI 3,119.￿1 Y••renthdSl QoG•rt•r1022 •11•1A•22 Piths$orHVLii•fflW•KIg•¢Y 3.41$ts11 9.419.e81 Niffl•rffvr WJthO•f*tJWTufrlOts LY*n w6¢ ￿&)#$¢a$s¢￿ anoas &u Yt4iewthdJl Opwru022"É2Y51. i•. y•art 1021 Yvrlp 2022 K•lm*mffl•Mln￿n￿l 15,e931 177.80ts1 12461 01. In 0ObWS loqryqase￿￿cTrase 18.629 (83,4531 31111402Y IY7.4 72.1 150.189 137.499 12,090 160.189 Turnerfs House Trust Report and Financial Statements 2023 25