OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-12-31-accounts

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

a company limited by guarantee

Report and Financial Statements

Year ended 31 December 2025

Registered Charity number: 1111653

Company number: 05420913 (England and Wales)

Turner’s House Trust Report and Financial Statements 2025

1

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER'S HOUSE TRUST

REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

CONTENTS
 Page
Company information 3
Letter from the Chair 4
Report of the Directors
Introduction 6
Legal and administrative information 6
Charitable Objectives and principal activities 6
Financial review 11
Reserves policy 11
Plans and objectives for the future 13
Structure, governance and management 14
Risk management 15
Trustees' responsibilities statement 16
Statement as to disclosure to Independent Examiners 17
Independent Examiner’s report to the
Trustees of Turner’s House Trust 18
Statement of financial activities (including …)
Income and expenditure account 19
Balance sheet 20
Statement of cash flows 21
Notes to the financial statements 22 - 28

Turner’s House Trust Report and Financial Statements 2025

2

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER'S HOUSE TRUST

COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2025

Directors

Lucy Victoria Mary Littlewood (Chair) John Michael Deriaz (Deputy Chair) Jennifer Anne Francis (retired 11 Aug 2025) Gillian Forrester Megan Louise Leckie (appointed 1 Feb 2025) Frances Elizabeth Harrison Moyle Nicola Sarah Moorby (appointed 28 Aug 2025) Rosemary Carol Murray Frances Clare Pardy (retired 30 June 2025) Guy Kenneth Peppiatt Dr Jacqueline Riding (retired 31 July 2025) Jesse Anna Stein (appointed 11 Aug 2025, retired 20 Aug 2025) Peter Mumford Stockdale Sondra Michelle Tarshis Laurie Chloe Laetitia Dupont (appointed 1 Jan 2026)

Secretary

Rosemary Carol Murray

Honorary Treasurer

Sondra Michelle Tarshis

Registered Office

Sandycombe Lodge, 40 Sandycoombe Road, Twickenham TW1 2LR

Registered Number

05420913 (England and Wales)

Charity Registered Number

1111653

Independent Examiner

Dr Shona F Wardrop, Chariot House Limited, Suite 44 Grand Parade, Brighton BN2 9QA

Bankers

CAF Bank Limited, Kings Hill, West Malling Kent ME19 4JQ

Turner’s House Trust Report and Financial Statements 2025

3

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER'S HOUSE TRUST

LETTER FROM THE CHAIR FOR THE YEAR ENDED 31 DECEMBER 2025

As I reflect on the past year at Turner’s House Trust, I am struck by both the scale of our activity and the strength of the community that makes our work possible. 2025 was a landmark year, marked by the 250th anniversary of J.M.W. Turner’s birth, and it has been a privilege to see Turner’s House play such an active and visible role in these national celebrations.

A major highlight was the launch of Turner’s Kingdom: Beauty, Birds and Beasts on Turner’s birthday itself. This was a fitting way to honour such a significant anniversary, and the exhibition went on to welcome almost 5,000 visitors over nearly six months. It was an exceptional achievement for the Trust and a source of great pride to be able to present rarely seen animal sketches and paintings that revealed a lesser-known but deeply engaging aspect of Turner’s work. The success of the exhibition reaffirmed Turner’s House as a place of discovery, scholarship and inspiration.

Turner’s birthday celebrations further affirmed Turner’s House as a key player within Turner scholarship and the wider public art landscape. The exhibition launch attracted significant national attention, with over 30 journalists attending following the Turner Prize announcement at Tate. The cutting of a specially commissioned birthday cake adorned with Turner’s likeness, followed by afternoon tea generously donated by Petersham Nurseries, helped to create a memorable occasion that generated substantial press coverage. I was particularly struck by the sense of solidarity across the sector, culminating in a gathering at 10 Downing Street that brought together so many individuals and institutions involved in celebrating Turner’s life and work throughout this remarkable year.

Alongside this, we were delighted to present Light is Therefore Colour , an exhibition of contemporary responses to Turner and Turner’s House by Eileen Cooper RA and Sinta Tantra, in collaboration with Kristin Hjellegjerde Gallery. This exhibition demonstrated once again the continuing relevance of Turner’s ideas and the power of the House to inspire artists working today.

It has been encouraging to see so many supporters engage with our programme beyond the exhibitions themselves. We were especially pleased to welcome many of you to our visits to Petworth House and the Sir John Soane’s Museum, the latter generously hosted by Will Gompertz. These occasions are invaluable in strengthening the shared sense of purpose that underpins the Trust, and I am delighted that there is more to come in the year ahead.

While it has been a strong year, with growing partnerships and sustained visitor interest, we have also faced challenges familiar to many small charities. I am deeply grateful for the generosity of our supporters, whose commitment has enabled us to continue our work with confidence. I would particularly like to thank those who supported our £250 for 250 campaign, online auction and the Big Give campaign, through which we successfully met our target to fund our wellbeing programme. Looking ahead, our focus is firmly on the development of our 2026 exhibition, a partnership with the National Gallery, which promises to be another exciting chapter for Turner’s House.

Turner’s House Trust Report and Financial Statements 2025

4

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

We thank Jennifer Francis for her year in post as Director and following an internal restructure, I am delighted that Operations Manager, Laurie Dupont, will head up a new staff team as House Director from 2026. As ever, my heartfelt thanks go to our remarkable volunteers; without their dedication and generosity, Turner’s House simply could not function.

Finally, I would like to thank our trustees, staff, Friends and supporters for their continued belief in Turner’s House Trust. Your support ensures that this unique place remains vibrant, welcoming and relevant, and that Turner’s legacy continues to inspire future generations.

With warmest regards,

Lucy Littlewood

Chair, Turner’s House Trust

Turner’s House Trust Report and Financial Statements 2025

5

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER'S HOUSE TRUST

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Introduction

Turner’s 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. 2025 was a very special year at Turner’s House, as we participated in the celebration of Turner’s 250[th] anniversary, marking the occasion with an outstanding exhibition of Turner’s works and a continuing outreach programme. We are grateful 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.

Trustees/Directors

A list of the Directors is given above on page 3.

Charitable Objectives and principal activities

On 31 December 2025, the charitable objective of the Company was:

to advance education in the arts for the benefit of the public by the preservation and conservation of Sandycombe Lodge, 40 Sandycoombe Road, Twickenham, Middlesex TW1 2LR as a monument to the artist Joseph Mallord William Turner and by owning and managing a collection and operating a museum based on works of and related to Joseph Mallord William Turner.

The aim of Turner’s House Trust is to conserve and present J.M.W. Turner’s 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. The Trust fulfils its objective through maintaining the restored House and opening it to the public as a museum and visitor attraction. By doing so the Trust seeks to celebrate J.M.W. Turner's artistic

Turner’s House Trust Report and Financial Statements 2025

6

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

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 as an artist.

Public benefit: 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

Turner’s 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 Turner’s 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. Our Museum Director, Jennifer Francis, left us in August 2025 at the conclusion of her contract. This led to a review of the team structure and the promotion of our Operations Director, Laurie Dupont, to the new post of House Director effective 1 January 2026. Laurie is supported by the Partnerships Director and the Public Engagement and Volunteers Manager, both of whom are newly appointed. We are confident that the new team will bring a fresh and dynamic approach to all our activities.

2025 Exhibitions: Our main 2025 exhibition was “Turner’s Kingdom: Beauty, Birds and Beasts” , curated by Turner expert Nicola Moorby. The exhibition featured stunning watercolours and sketches by Turner of creatures ranging from a sleeping cat to a flying teal, and we were proud to open it on 23 April, Turner’s 250[th] birthday. We are very grateful to Tate Britain and to several private individuals for lending the works shown in the exhibition. The exhibition was a critical and popular success, and during the year the House attracted over 5,000 visitors. We were also proud to show our first exhibition of contemporary art, “Light Is Therefore Colour”, in collaboration with Kristin Hjellegjerde Gallery. The works by contemporary artists Eileen Cooper RA and Sinta Tantra were displayed around the House and visitors found that they made an interesting complement to the historic atmosphere of the House and the works by Turner displayed in the Exhibition Room.

2025 Events Programme: We had a full year of public events at Turner’s House, starting with our celebration of Turner’s Birthday on 23 April. In support of the exhibition, Turner’s Kingdom: Beauty, Birds and Beasts , we had a fascinating series of online talks by specialists including the exhibition curator Nicola Moorby.

Our “Talk and Paint” and “Sip and Paint” events continued to be very popular, with nearly 200 people participating. The “Talk and Paint” events offered a brief talk by the Museum Director or our Honorary Patron Catherine Parry-Wingfield on a single work by Turner followed by the opportunity to create artworks inspired by Turner’s work. Our annual garden party was well attended, and once more our volunteers donated delicious cakes and other homemade food.

Turner’s House Trust Report and Financial Statements 2025

7

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

Patrons: We are grateful to our Patrons, Lord Egremont and Rebecca Salter PRA for their continued support. We are also grateful to our Honorary Patron Catherine Parry-Wingfield who gives valuable continued support including the very popular “connoisseurs tours” of the House.

Learning: In 2025, Turner’s House continued its work with primary schools delivering its KS2 Exhibition Project to ten classes of year 3 to 6 students from seven primary schools based across two local boroughs (Richmond and Hounslow). This programme is a core part of our learning programme, with teachers introducing it as part of their yearly curriculum. We also delivered some one-off sessions with other local schools, reaching over 500 pupils in total. Turner’s House once again offered work experience to four secondary school students during the year, along with several volunteering opportunities to students obtaining a Duke of Edinburgh Award.

We continued the well-established programme involving students from Richmond upon Thames College in which the Friends of Turner’s House provide prizes for the best artistic works on the theme “Turner in Twickenham”.

Community and Outreach: In our ongoing effort to enhance wellbeing through art and heritage, we continued our work with Richmond MIND (delivering 20 art workshops for adults with mental health issues) and AGE UK (delivering 8 “Your Turn with Turner” art workshops for older people in our community. Our aim through these programmes 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 their isolation reduced as a result of the programmes.

In 2025 we were also able to continue our work with the local migrant community. We worked in partnership with the local charity “Refugees Welcome in Richmond” on Tales & Travels. In this series of 8 art workshops, we aimed to enhance the participants’ 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. Participants commented:

“I have felt safe, supported there, and encouraged to be creative and felt less isolated”. “I have become more confident, in art and in life decision making. I see world more positive as we learn pay attention on nature”.

“…Seen, heard, nurtured”.

In total, our Learning, Community, Outreach, Members and Volunteers Programmes reached more than 2,580 people of all ages and backgrounds through over 130 events during 2025.

Volunteers: Turner’s House relies 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 2,000 hours of volunteer time in 2025. We are continually seeking to increase the number of volunteers and hope to bring in new volunteers from across the local community. Our thanks to all our volunteers – the House could not operate without them.

Friends of Turner’s House: The Friends of Turner’s House continue to play their valuable role in supporting Turner’s House. Membership remains stable at around 200 members.

Turner’s House Trust Report and Financial Statements 2025

8

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

In 2025 they organised two lectures, the first via Zoom in March, delivered by Dr Matthew Morgan and titled Turner and Venice: Insubstantial land, sea and sky which was well attended. The autumn lecture was in person, delivered by Carol Wilhide Justin and titled Katsushika Hokusai and JMW T urner . It was an unusual and interesting subject and was well received.

2025 being the 250th anniversary of Turner’s birth, the Friends celebrated the occasion by a visit to St Paul’s Church, Covent Garden where Mary Rose Rivett-Carnac gave a talk about the church and the Turner family’s many connections with it. Other Friends events included the summer party, two small groups visiting Tate’s Prints and Drawings Room in November to see watercolours by Turner and the Christmas coffee & cake morning. In the Autumn, as in previous years, the Friends presented “Turner In Twickenham” prizes to art and design students at Richmond upon Thames College.

Towards the end of the year, the committee were joined by two new members. Mary Rose RivettCarnac retired as Chair after many years’ service, for which we are all very grateful.

Livermore Bequest: As part of Professor Livermore’s bequest to Sandycombe Lodge Trust (which was renamed Turner’s House Trust), he included a small portfolio of art works. After due and careful consideration and in line with the Trust’s Collections policy, the Trustees decided to deaccession certain of these works of art that were not directly related to J.M.W. Turner, his period nor the house and, therefore, were not considered suitable for display at the house and had not been displayed previously.

Fundraising and Support : In 2025 we launched a new initiative for supporters of Turner’s House: 250 x 250 – which seeks to raise donations of £250 from 250 supporters, in commemoration of Turner’s 250th birthday. The initiative was well received, with nearly £18,000 being raised by the end of the year.

In addition to the Friends of Turner’s House, we have three tiers of membership for our supporters – the Patrons’ 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” access 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

We thank all those trusts, foundations and grant providers whose financial support in 2025 has

been vital to Turner’s House’s work and whose encouragement has been greatly appreciated.

Turner’s House Trust Report and Financial Statements 2025

9

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

We are very grateful to all our supporters for helping us to continue the work of Turner’s House.

We also thank all those who contributed to our Big Give Christmas Challenge 2025 that helps to fund our 2026 Wellbeing programme.

Conclusion

Turner’s House is established as one of the outstanding small museums of South-West London. More and more people and organisations are visiting the House and getting involved, and we hope this will continue in the future.

Turner’s House Trust Report and Financial Statements 2025

10

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

Financial review

The 250th anniversary of J.M.W. Turner’s birth provided an opportunity for Turner’s House to play an active role in the national celebrations. This, together with successful exhibitions, resulted in visitor numbers that were only exceeded by the first full year after opening. Visitor numbers were over 5,000 compared with 3,300 in 2024 and retail sales were at record levels of £13k generating gross profit of £7k. For the first time, the charity also received Museums and Galleries Exhibition Tax Relief and, with claims for 2025 together with claims for previous years, generated additional income of £11k.

In support of the anniversary year we spent more than usual on marketing and publicity costs, we were unable to generate as much income from commercial activities as in previous years and it is proving challenging to obtain sufficient grants and donations. Therefore, despite the successes in 2025, Turner’s House continues to generate funds that are just short of being sufficient to cover our operating costs and activities.

After due consideration, the Trustees decided to deaccession certain works of art that were part of the Livermore bequest but were not and were not likely to be suitable for display the house. Given that under the terms of the bequest the Trustees are considered to be legally free to dispose of them, it was felt that the proceeds of deaccessioning could be put to use in helping to bolster reserves and help secure the future of the charity. The deaccessioning generated a gain of £8k after costs which was within the Trustees expectations. A charity auction held in November also generated an additional £3k.

The results for the year were a surplus of £8k (2024: deficit of £1k.) The results include the receipt of grants which will help fund charitable activities and expenditure in 2026, including improvements to the website and the 2026 exhibition. Restricted reserves at 31 December 2025 were £35k at 31 December 2025 (to be drawn down in 2026) (2025: £29k).

On 31st December 2025 the Cash in Bank is £115k (2024: £133k) and, although deteriorating, we continue to have a good cash position for a small museum.

Net current assets are £137k (2024: £135k) and we remain within our Unrestricted Reserves Policy.

In 2026 our fundraising will increasingly focus on raising longer term grants and support that fund operational costs as well as maintenance costs. The aim will be to refresh the offering at Turner’s House, bringing in new visitors and encouraging repeat visiting. These initiatives can be built on in the future to help the charity become more financially sustainable – with an income that can be relied upon to fund an efficient operating model.

Reserves policy

The Trustees have considered the level of Unrestricted Reserves necessary to support the ongoing operations of the charity as well as funds necessary to maintain Turners House. Reserves are needed to mitigate the risk of an unforeseen emergency or other unexpected need for funds and to

Turner’s House Trust Report and Financial Statements 2025

11

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

have sufficient funds available to cover unexpected repairs to Turners House. In addition, the Trustees need to have adequate working capital to deal with short term fluctuations in cashflow and any unrecognised, planned spending commitments. This is the case because the charity’s main sources of funding are from trusts and foundations, donations, events and admissions, which have different profiles and risks. Given the uncertainties involved in these types of funding, Unrestricted Reserves are necessary to cover situations where funding levels decrease unexpectedly or where expenditure is undertaken before the receipt of the related grant income. In addition, the Trustees have considered the level of Unrestricted Reserves which would be needed to maintain the house and resolve the situation if the charity itself was no longer a going concern. These different scenarios have been used to set thresholds for Unrestricted Reserves of between £75k and £120k. This represents between 6 to 9 months of annualised expenditure.

As 31 December 2025 the statutory financial statements had unrestricted funds of £233k. However, that includes the tangible fixed assets of £130k not available for general use. Therefore, the level of reserves at 31 December 2025 was £103k. This is within the range set out by the reserves policy.

Turner’s House Trust Report and Financial Statements 2025

12

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

Plans and objectives for the future

After this strong 250 Turner year, the Trust is more resolute than ever to keep the momentum going and maintain the spotlight on Turner and his house. A fantastic exhibition is being prepared, continuing the celebration of his 250th anniversary and honouring his bequest and legacy. Alongside our usual and well-liked workshops and Zoom lectures, we aim to promote JMW Turner to the local community and make art accessible to all. We are also working to develop and expand our marketing strategy so that knowledge of Turner’s House spreads across London and England.

This will be possible thanks to the continuous dedication of our staff, Trustees, and volunteers. We will keep working side by side with Friends of Turner’s House and other stakeholders. We aim to strengthen our relationships with local institutions and seek new partnerships to expand our reach.

The Trust is working hard in a challenging fundraising context to establish a solid base for the sustainable future of Turner’s House.

Next year’s main objectives:

Securing Turner’s House future: All of our work serves one main purpose: ensuring the Trust’s financial stability so the house remains open for all.

Laurie Dupont, House Director, Turner’s House Trust

Turner’s House Trust Report and Financial Statements 2025

13

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

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 directors, who are its Trustees for the purposes of charity law. On 31 December 2024 there were eleven Trustees. Following three appointments and four retirements in 2025 there were ten trustees on 31 December 2025. Following one appointment on 1 January 2026 there are eleven trustees. Turner’s House is very appreciative of the valuable expertise and support that it received from its retiring trustees 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.

Lucy Littlewood was appointed as Chair of Turner’s House Trust in September 2024 and leads the Board supported by Deputy Chair, Michael Deriaz and other trustees.

The Trust continues to provide all newly appointed Trustees with an induction 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, historical and contextual information about the Trust.

In 2025, the Trustees met formally nine times including for a strategy workshop in November as well as attending ad hoc meetings as needed.

During 2025 the House was managed by the Museum Director who was responsible for the operational management of the Trust and who is also a trustee. Jennifer Francis undertook the role until 11 August 2025. Dr Matthew Morgan was Interim Museum Director from September to December 2025. The trustees would like to thank Jennifer Francis and Dr Matthew Morgan for their contributions. The Board is delighted to congratulate Laurie Dupont who was promoted to House Director on 1 January 2026.

There were three main sub-committees of Trustees: the House Management Committee covering property and operational matters, the Exhibitions and Collections Committee and the Nominations Committee with additional sub forums created to support the house team on specific areas.

In 2025 the staffing structure included four members of staff on fixed-term, part time contracts namely the Museum Director, the Learning and Volunteers Manager, the Operations Manager and the Finance Manager. The total full time equivalent staffing is 2.30.

Following a strategic review, the staff team has been restructured and from 1 January 2026 consists of the House Director, the Partnerships Director, Public Engagement and Volunteers Manager and the Finance Manager. The four members of staff continue to be employed on fixed-term, part time contracts and the total full time equivalent staffing is 2.40.

Turner’s House Trust Report and Financial Statements 2025

14

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

Risk management

The Trustees remain committed to maintaining a strong risk management framework to ensure that the charity manages risk appropriately. This includes:

The principal risks that have been identified are:

To address and mitigate these, the Trustees seek to:

Turner’s House Trust Report and Financial Statements 2025

15

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

Trustees' responsibilities statement

The Trustees (who are also Directors of Turner’s House Trust for the purposes of company law) 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 of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

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 Act 2006. 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 irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Turner’s House Trust Report and Financial Statements 2025

16

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

Statement as to disclosure to Independent Examiners

In so far as the Trustees are aware:

This report was approved by order of the Board on 16 March 2026 and signed on its behalf by:

Lucy Littlewood Director and Chair of Trustees

Turner’s House Trust Report and Financial Statements 2025

17

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

Independent Examiner’s report to the Trustees of Turner’s House Trust

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2025 which are set out on pages 19 to 28.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that 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 company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner'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:

  1. 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 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles for accounting and reporting by charities applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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:

Dr Shona F Wardrop C.A. Institute of Chartered Accountants of Scotland Chariot House Limited Chartered Accountants 44 Grand Parade Brighton BN2 9QA

20 March 2026

Turner’s House Trust Report and Financial Statements 2025

18

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Income and endowments from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Bank Interest
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Other trading activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
37,421
87,627
14,132
2,773
141,953
11,886
122,179
6,081
140,146
1,807
231,532
233,339		 Restricted
Funds
£
62,704
-
-
-
62,704
2,550
54,327
-
56,877
5,827
28,792
34,619		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
3,419,681
3,419,681		 Year to
2025
£
100,125
87,627
14,132
2,773
204,657
14,436
176,506
6,081
197,023
7,634
3,680,005
3,687,639		 Year to
2024
£
87,945
53,675
7,858
3,059
152,537
7,866
142,904
2,976
153,746
(1,209)
3,681,214
3,680,005

All the results derive from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 28 form part of these financial statements

Turner’s House Trust Report and Financial Statements 2025

19

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

BALANCE SHEET AS AT 31 DECEMBER 2025

Note
Fixed assets:
Tangible assets
11
Heritage assets
12
Current assets:
Stocks
Debtors
13
Cash at bank and in hand
Creditors:
Amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Net assets
18
Funds
Unrestricted funds
15
Restricted funds
16
Endowment funds
17
Total funds carried forward		 2025
£
£
130,140
3,420,305
3,550,445
8,801
21,392
115,003
145,196
(8,002)
137,194
3,687,639
3,687,639
233,339
34,619
3,419,681
3,687,639		 2024
£
£
125,000
3,420,355
3,545,355
7,985
2,319
133,493
143,797
(9,147)
134,650
3,680,005
3,680,005
231,532
28,792
3,419,681
3,680,005		 2024
£
125,000
3,420,355
3,545,355
3,680,005
3,680,005
231,532
28,792
3,419,681
3,680,005

Trustee statements required by the Companies Act 2006

In approving these financial statements, the trustees, who are directors for the purposes of company law, hereby confirm:

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the board on 16 March 2026 and signed on its behalf by:

Lucy Littlewood Director and Chair of Trustees

Turner’s House Trust Report and Financial Statements 2025

20

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Net cash used in operating activities
20
Cash flows from investment activities:
Interest income
Purchase of tangible fixed assets
Disposal of heritage assets
Rounding
Increase / (Decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Total cash and cash equivalents at end of year
21
Cash used in investing activities		 Year to
2025
£
(16,173)
2,773
(5,140)
50
(2,317)
(18,490)
133,493
115,003		 Year to
2024
£
(19,756)
3,059
-
-
3,059
(16,697)
150,186
133,489

Turner’s House Trust Report and Financial Statements 2025

21

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. Accounting policies

The principal accounting policies are set out below. The accounting policies have been adopted consistently throughout the year.

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102), The Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Ireland (FRS 102) (effective 1 January 2019) (the SORP) and in accordance with the Companies Act 2006, from which there were no material departures.

The financial statements have been prepared under the historical cost convention and are prepared on a going concern basis.

Turner’s House Trust meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Future accounting developments

FRS 102 (Revised September 2025) was issued in September 2025 and the new charities SORP (SORP 2026) was issued in October 2025 and both are first application to reporting periods beginning on or after 1 January 2026. Although detailed analysis has not yet been performed, since the Trust does not lease assets and the majority of its income is from non-exchange transactions, the effects of the new accounting requirements are not expected to be material to the 2026 financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

Income and endowments

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. The following specific policies are applied to particular categories of expenditure:

Fixed assets and depreciation

Fixed assets comprise tangible fixed assets and heritage assets.

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life commencing in the year following purchase. The depreciation rates are as follows:

Fixtures and Fittings - 25% straight line

Heritage assets purchased are stated at cost and those that are donated are recognised at fair value. Fair value is determined by professional third-party valuation or an appraisal of market-based evidence by the Trustees at their discretion. Heritage assets are considered to have an indefinite useful life and as such are not depreciated but are periodically reviewed for impairment.

Stocks

Stock is stated at the lower of cost and estimated net realisable value (selling price less costs to sell). Cost is determined using the first-in first-out (FIFO) method.

Turner’s House Trust Report and Financial Statements 2025

22

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Fund structure

The funds held by the Trust comprise :

Key Estimates and Judgements

The preparation of financial statements in conformity with the statement of recommended practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

The main estimation uncertainty relates to the fair value of the heritage property in the financial statements. An impairment review is carried out regularly to ensure that the value of the asset is not overstated

2.

Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to a maximum £10.

3. Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

4.Income and endowments from donations and legacies
Donations:
- Supporters Circle, Sandycombe Circle, Patrons Circle and other donations
- 250 x 250 supporters campaign
Grants:
- Arts Society Richmond
- Cosman Keller Trust
- AIM - Tales and Travels
- Historic Houses Foundation
- Richmond Civic Pride Grant
- Stephen Clarke 1965 Charitable Trust
- The Polonsky Foundation
- ARTscapades
- Borough of Sanctuary Richmond Council
- Skinners Company
- The Circles of Art
- The Foyle Foundation
- Garfield Weston Foundation
- Julia and Hans Rausing Trust
- National Heritage Lottery Fund
- Weston Loan Foundation		 Unrestricted
Funds
£
18,959
17,962
-
-
-
500
-
-
-
-
-
-
37,421		 Restricted
Funds
£
11,183
-
2,575
784
10,000
4,632
-
18,000
5,000
3,730
5,000
-
-
-
-
-
1,800
62,704		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Year to
2025
£
30,142
17,962
-
2,575
784
10,000
4,632
500
18,000
5,000
3,730
5,000
-
-
-
-
-
1,800
100,125		 Year to
2024
£
34,338
-
-
-
3,532
-
-
2,000
9,375
10,000
2,500
10,000
16,200
87,945

Income and endowments from donations and legacies in 2024 comprised £48,309 in unrestricted income and £39,636 in restricted income. In 2025 a restricted grant of £3.730 was received from the Borough of Sanctuary Fund(( London Borough of Richmond upon Thames) for funding Community Art Workshops for Women with a Background in Migration. No expenditure was incurred in 2025 and the total grant has been carried forward to 2026

Turner’s House Trust Report and Financial Statements 2025

23

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

5.Income and endowments from charitable activities
Admissions and tours
HMRC MGETR Exhibitions Tax Relief
‘Friends’ membership and events
Turner's House Fundraising Events
Turner's House Auction 2025
Turner's House Auction 2025 re deaccessioning of Chinneries		 Unrestricted
Restricted
Funds
Funds
£
£
47,029
-
11,059
-
6,526
-
10,663
-
3,300
9,050
87,627
-		 Endowment
Funds
£
-
-
-
-
-		 Year to
2025
£
47,029
11,059
6,526
10,663
3,300
9,050
87,627		 Year to
2024
£
29,832
-
6,781
17,062
0
0
53,675

Income and endowments from charitable activities in 2024 comprised £53,675 in unrestricted income and £0 in restricted income.

6.Income and endowments from other trading activities
Sales of booklets and merchandise
Filming and Photography
Letting/hire income		 Unrestricted
Funds
£
13,132
-
1,000
14,132		 Restricted
Funds
£
-
-
-
-		 Endowment
Year to
Funds
2025
£
£
-
13,132
-
-
-
1,000
-
14,132		 Year to
2024
£
6,595
0
1,263
7,858

Income and endowments from other trading activities in 2024 was entirely attributable to unrestricted funds.

7.Expenditure on raising funds
‘Friends’ costs incurred
Events
Publicity and Marketing costs		 Unrestricted
Funds
£
1,284
1,522
9,080
11,886		 Restricted
Funds
£
-
2,550
-
2,550		 Endowment
Funds
£
-
-

-
-		 Year to
Year to
2025
2024
£
£
1,284
768
4,072
2,203
9,080
4,895
14,436
7,866

Expenditure on raising funds in 2024 was entirely attributable to unrestricted funds

Turner’s House Trust Report and Financial Statements 2025

24

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

8. Expenditure on charitable activities

8. Expenditure on charitable activities
Salaries and wages (See note 10)
Artist in Residence
Travel expenses
Volunteer expenses
Utilities
Insurances
Repairs and maintenance
Security
Telephone IT and Broadband
Print, post and stationery
Other administrative costs
Bank charges
Independent Examination
Activity Plan Costs
School Costs
Project Evaluation
Fees for Services - Exhibitions
Professional Fees
Fundraising Costs
Equipment Purchases and Repairs
CRM System		 Unrestricted
Funds
£
75,093
-
138
758
1,908
3,964
6,179
3,711
3,424
973
5,268
58
2,800
-
3,495
-
-
3,495
9,400
279
1,236
122,179		 Restricted
Funds
£
6,763
-
-
536
-
-
10,000
-
-
-
-
-
-
7,917
1,273
4,000
15,338
8,500
-
-
-
54,327		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Year to
2025
£
81,856
-
138
1,294
1,908
3,964
16,179
3,711
3,424
973
5,268
58
2,800
7,917
4,768
4,000
15,338
11,995
9,400
279
1,236
176,506		 Year to
2024
£
73,913
-
0
5,210
2,222
4,006
4,006
3,503
3,178
477
2,897
80
2,450
5,802
2,984
-
11,539
9,149
9,400
440
1,648
142,904

Expenditure on charitable activities in 2024 comprised £99,981 in unrestricted expenditure and £42,923 in restricted expenditure.

9. Net income for the year

This is stated after charging:
Independent Examiners remuneration
10. Staff costs, trustee remuneration and expenses and key management personnel
Salaries and wages
Employers NI and Pension oncosts		 Year to
2025
£
2,800
Year to
2025
£
80,359
1,497
81,856		 Year to
2024
£
2,450
Year to
2024
£
72,307
1,606
73,913

No employees received employee benefits in excess of £60,000 (2024: nil).

No Trustees or persons connected with them received any emoluments in their role as Trustees from the Trust (2024: nil) and no Trustees have received payment for professional or other services provided to the charity during the year (2024: nil). Trustees received reimbursements for individual expenses of £298 (2024: £nil). The Trust employs a Museum Director with overall responsibility for the day to day operational management of the Trust. The Museum Director is also a Director and Trustee for the purposes of company and charity law. The Charities Commission approved this arrangement. The Museum Director, along with the other Trustees comprise the key management personnel. The following emoluments were paid to the Museum Director under this arrangement:

Museum Director
Salaries and wages		 Year to
2025
£
18,280
18,280		 Year to
2024
£
13,909
13,909

The average number of persons employed by the charity (including directors) during the year was 2.30 (2024: 2.30).

Turner’s House Trust Report and Financial Statements 2025

25

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

11. Tangible fixed assets

Cost:
At 1 January 2025
Additions
At 31 December 2025
Depreciation:
At 1 January 2025
Provision for the year
At 31 December 2025
Net book value:
At 1 January 2025
At 31 December 2025
12. Heritage assets
Additions
Disposals
Summary analysis of Heritage Asset transactions:
Additions:
Restoration at cost
Carrying amount at 31 December 2025
Carrying amount at 1 January 2025		 Sandycombe
Lodge at
B
Valuation
£
1,875,000
-
1,875,000		 Land &
Buildings
£
125,000
-
125,000
-
-
-
125,000
125,000
Pictures &
ooks at Valuation
£
4,440
-
(50)
4,390
2025
£
-
-		 Fixtures &
Fittings
£
91,787
5,140
96,927
91,787
-
91,787
-
-
Restoration
At Cost
£
1,540,915
-
1,540,915
2024
£
-
-		 Total
£
216,787
5,140
221,927
91,787
-
91,787
125,000
130,140
Total
£
3,420,355
-
(50)
3,420,305
2013-2023
£
1,540,915
1,540,915

The valuation of Sandycombe Lodge of £1,875,000 was obtained in April 2010 following the death of Professsor Harold Livermore. The valuation was obtained following an inspection of the property by Nightingale Chancellors a firm of Chartered Surveyors based in Richmond upon Thames.

13. Debtors

VAT receivable
Prepayments and accrued income
14. Creditors
Trade creditors
Tax and social security
Other creditors and accruals		 Year to
2025
£
1,432
19,960
21,392
Year to
2025
£
4,445
-
3,557
8,002		 Year to
2024
£
604
1,715
2,319
Year to
2024
£
3,687
-
5,460
9,147

Turner’s House Trust Report and Financial Statements 2025

26

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

15. Unrestricted funds Year ended 31 December 2025 General funds

Year ended 31 December 2025

Year ended 31 December 2024

General funds

16. Restricted funds Year ended 31 December 2025 Restricted Grants

Year ended 31 December 2024

Restricted Grants

17. Endowment funds Year ended 31 December 2025 Professor H V Livermore legacy

Year ended 31 December 2024

Professor H V Livermore legacy

Balance at
01/01/2025
£
231,532
231,532		 Income
£
141,953
141,953		 Expenditure
£
(140,146)
(140,146)		 Transfers
£
-
-		 Balance at
31/12/2025
£
233,339
233,339
Balance at
01/01/2024		 Income Expenditure Transfers Balance at
31/12/2024
£
229,453
229,453
Balance at
01/01/2025
£
28,792
28,792
Balance at
01/01/2024
£
32,080
32,080
Balance at
01/01/2025
£
3,419,681
3,419,681
Balance at
01/01/2024
£
3,419,681
3,419,681		 £
112,902
112,902
Income
£
62,704
62,704
Income
£
39,635
39,635
Income
£
-
-
Income
£
-
-		 £
(110,823)
(110,823)
Expenditure
£
(56,877)
(56,877)
Expenditure
£
(42,923)
(42,923)
Expenditure
£
-
-
Expenditure
£
-
-		 £
-
-
Transfers
£
-
-
Transfers
£
-
-
Transfers
£
-
-
Transfers
£
-
-		 £
231,532
231,532
Balance at
31/12/2025
£
34,619
34,619
Balance at
31/12/2024
£
28,792
28,792
Balance at
31/12/2025
£
3,419,681
3,419,681
Balance at
31/12/2024
£
3,419,681
3,419,681

Name of Fund

Description, nature and purposes of the 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 it was that the property be restored to the artist JMW 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 of the public by the restoration, preservation and conservation of the property. The will provided that the Trustees have complete discretion over the use of the assets and as such the endowment is considered an expendable endowment in line with the Charity’s SORP.

Turner’s House Trust Report and Financial Statements 2025

27

Docusign Envelope ID: 85E65F97-DA6D-4F78-AC9D-5538E61752D5

TURNER’S HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

18. Analysis of net assets between funds

Year ended 31 December 2025
Heritage assets
Current assets
Current liabilities
Year ended 31 December 2024
Heritage assets
Current assets
Current liabilities
Tangible fixed assets
Tangible fixed assets		 Unrestricted
Funds
£
130,140
624
110,577
(8,002)
233,339
Unrestricted
Funds
£
125,000
674
115,005
(9,147)
231,532		 Restricted
Funds
£
-
-
34,619
-
34,619
Restricted
Funds
£
-
-
28,792
-
28,792		 Endowment
Funds
£
-
3,419,681
-
-
3,419,681
Endowment
Funds
£
-
3,419,681
-
-
3,419,681		 Total
£
130,140
3,420,305
145,196
(8,002)
3,687,639
Total
£
125,000
3,420,355
143,797
(9,147)
3,680,005

19. Trustees and other related parties

Details of Trustee emoluments and expenses are disclosed in note 10.

The Trust received unconditional donations from Trustees totalling £3,720 during the year (2024 : £2,372).

20. Reconciliation of net income to net cash flow from operating activities

Net movement in funds
Adjustment for:
Deduct income from investments
(Increase)/decrease in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
21. Analysis of changes in net debt
Cash
22. Analysis of restricted funds
Association of Independent Museums
Weston Loan Foundation
Big Give MIND Age UK Projects
Cosman Keller Trust
Historic Houses Foundation
Richmond Borough Council Civic Pride Grant
Richmond Council Borough of Sanctuary
National Lottery Awards for All
National Lottery Heritage Fund
ARTscapades
Cosman Keller Trust
The Polonsky Foundation
Skinners' Company		 Balance at
01/01/2025
£
2,939
13,538
9,506
1,273
-
-
-
536
1,000
-
-
-
-		 Balance at
01/01/2025
£
133,493		 Year to
Year to
2025
2024
£
£
7,634
(1,209)
(2,773)
(3,059)
(816)
18
(19,073)
1,847
(1,145)
(17,353)
(16,173)
(19,756)
Cash-flows
Balance at
during year
31/12/2025
£
£
(18,490)
115,003
133,493 (18,490)
115,003
Income
£
784
1,800
11,183
-
10,000
4,632
3,730
-
-
5,000
2,575
18,000
5,000		 Expenditure
Balance at
31/12/2025
£
£
(3,723)
-
(15,338)
-
(12,875)
7,814
(1,273)
-
(10,000)
-
(4,632)
-
-
3,730
(536)
-
(1,000)
-
-
5,000
-
2,575
(7,500)
10,500
-
5,000
28,792 62,704 (56,877)
34,619

Turner’s House Trust Report and Financial Statements 2025

28