## The Victor Batte Lay Foundation
_A charity registered in England and Wales, number 1149656_
_A company limited by guarantee, registered in England and Wales, number 7706484_
_Gull Head_ (1965), by Bernard Reynolds, bronze, purchased 1982, chosen by the then retiring Chair, Anstice Shaw
## Accounts
## _1 August to 31 July 2021_
## The Victor Batte Lay Foundation
## Trustees’ Annual Report for the year to 31 July 2021
## **Objects and activities**
The charitable purpose of the Foundation is defined in its constitution as “The provision and maintenance of the land and buildings from time to time owned by the charity as a museum and art gallery for the exhibition of a collection or collections of objects of antiquarian interest, art or science for the benefit of the inhabitants of Colchester and of the general public.” The Foundation owns The Minories, one of the most significant buildings in Colchester, which it currently lets to Colchester Institute for the use of its Art Department. Until the pandemic in March 2020, the Institute managed the building as a vibrant exhibition space, which was regularly used by the Institute, the Foundation, Colchester Art Society, and other artists in groups or individually. The main task of the Trustees has been the maintenance and development of the Foundation’s Collection of art related to Colchester, North Essex and East Anglia, and to make it available to be enjoyed by the public. In the very near future the Colchester Institute will be vacating the Minories, and the Trustees are in the process of taking up occupancy of the building and are planning an extensive and far reaching range of projects and programmes to be held there.
## **Achievements and performance**
In the absence of having exhibition space, but being very keen to help artists and the broader community during the pandemic, the Trust rented unoccupied shops at Trinity Square, Colchester and established a pop-up gallery and artist residency space. We also collaborated in a space taken on by local charity Community360 in Long Wyre Street, Colchester, where we built freestanding, movable exhibition walls for use by the Foundation and community groups. Subsequently several residencies, exhibitions and workshops were held during the year: Arable saw 8 artists take up residency, producing new art working with and responding to the Collection. We collaborated with Snapping the Stiletto on a Chinese Costume exhibition, highlighting the experiences of Chinese women in Essex; and with the local Garrison on a series of workshops and exhibitions celebrating Armed Forces Day. We also ran two exhibitions commissioning new work – Silent Spring, which focused on work inspired by nature and wildlife, and Fashion and Blackness which explored the Black experience in the fashion industry. In order to assist the running and management of these activities, as well as being responsible for grant application work and other administrative duties, the Trust has appointed an Operations Manager on a ongoing contractual basis.
Several purchases were made during the year: Clare Iles’ Red and Blue Sculpture Jane Frederick’s Triptych of Garden Paintings Lisa Temple Cox’s Study of a Local Roman Archaeological Site Nicola Burrell’s 3 Studies of Colchester at Night Francis Plummer’s Internment
The Foundation was delighted to receive the following gifts: Henry Collins’ Colne Landscape, from Pauline Thomas Joyce Pallot’s Lion, from Pauline Thomas Roderic Barrett’s Still Life, from Pauline Thomas Valerie Thornton’s Buildings in Maidenburgh Street, from Tom Fenton Jill Desborough’s The Three Graces, from Tom Fenton Vasant Chinchwadkar’s Three Studies, from Sarianne Durie via John Doubleday
Victor Batte Lay Foundation DRAFT Annual Report and Accounts to 31 July 2020 Page 2 of 17
## **Achievements and performance continued**
During the year the Trust joined several organisations – Association of Independent Museums, Colchester Civic Society, Museums Essex. Membership of these bodies will assist in the reopening of the Minories and its future role in the cultural landscape.
The Trust organised a competition with a local newspaper in order to raise awareness of the Minories and the Collection and asked readers to identify the location of the Lucien Pissarro “A Landscape near Colchester”.
There was one disposal from the Collection – a hat box.
Throughout the year a selection from the collection were on display to the public at Layer Marney Tower and Tymperleys tea room in Colchester.
## **The Minories**
The Trustees have now established a separate charity and legal entity, We are the Minories, to manage the day to day running of the building and organise future activities. Negotiations are currently taking place with the Institute regarding the termination of the lease of the building and it is hoped that these will be concluded shortly.
## **Financial review**
Total income was £160,923 (previous year £10,323) and expenditure was £118,365 (last year £4,169). Grant funding was applied for from several sources in order to hold exhibitions and activities. The Foundation received the following grants during the year: Arts Council England £112,951; Heritage Compass £2,500; Fowler Smith Jones £1,500; Garfield Weston £25,000; BID (through C360) £1,000; East of England Co-operative (through Essex Community Foundation) £5,000. In addition £1,669 was received in donations towards this work and £2,022.50 was donated directly to the collection. No legacies were received during this financial year.
## **Structure, governance , management, and administrative details**
The Foundation was originally established as the Victor Batte Lay Trust (Registered as a charity in England and Wales, number 310662) after the bequest in 1955 by the widow of Victor Batte Lay of his collection of works of art, etc, and funds to purchase a suitable building to run as a Gallery in which to display the collection. In 2017 the assets and operations of the Trust were transferred to the Victor Batte Lay Foundation (Registered as a charity in England and Wales, number 1149656), a company limited by guarantee. Its constitution is its Memorandum and Articles of Association.
The Trustees during the year were Ben Coode-Adams (Chair), Verity Barclay, Julia Stephen, Sophie Kabangu, Amy Turnbull, Jayne Knowles (appointed 7/6/21), Dr Sarah De Melo (appointed 7/6/21), Benjamin Paites (appointed 23/6/21), Linda Theophilus (appointed 15/7/21) Tom Fenton (resigned 16/11/20) Jonathan Benson (resigned 8/5/21) Simon Carter (resigned 8/11/21) Stephen Lansley (resigned 11/6/21)
No Trustee receives remuneration. All the work of the Trustees of the Foundation is done on a voluntary basis.
Victor Batte Lay Foundation DRAFT Annual Report and Accounts to 31 July 2020 Page 3 of 17
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VICTOR BATTE LAY FOUNDATION**
## **Independent examiner's report to the trustees of Victor Batte Lay Foundation**
I report to the charity trustees on my examination of the accounts of Victor Batte Lay Foundation (the Turst) for the year ended 31 July 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Comission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the charities (Accounts and Reports) Regulations 2008 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.
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
## _M Lewis_
……………………………………….
Martyn Lewis ICAEW Martyn Lewis Chartered Accountants 1 Brewery House Brook Street Wivenhoe Essex C07 9DS _20/04/2022_ Date:………………………………..
Victor Batte Lay Foundation DRAFT Annual Report and Accounts to 31 July 2020 Page 4 of 17
Charity No 1149656 Company No 7706484
## **The Victor Batte Lay Foundation**
Annual accounts for the period 01/08/2020 to 31/07/2021
## **Section A Statement of financial activities (including summary income and expenditure account)**
|**Accounts**
**Expenditure (Notes 3)**
**Expenditure on:**
Tax payable
Net gains/(losses) on
investments
**Extraordinary items**
Other gains/(losses)
**_Reconciliation of_**
**_funds:_**
Governance**(Note 4)**
Charitable activities
Separate material expense item
**_Total_**
Investments
Charitable activities
Other trading activities
Raising funds
Rent of the Minories
Donations in kind of works of art (Heritage Assets)
**_Total funds carried forward_**
**_Total_**
**Net income/(expenditure) after tax**
**before investment gains/(losses)**
**Net income/(expenditure)**
**Transfers between funds**
**_Net movement in funds_**
**Other recognised** **gains/(losses):**
**Net income/(expenditure) before tax for**
**the reporting period**
Total funds brought forward
Gains and losses on revaluation of fixed assets for the
charity’s own use
**1 August to 31 July 2021**
**Income and endowments from:**
Donations and legacies|**Minories**
**Reopening**
**Fund**
**General**
**Fund**
**Total**
**Unrestricted**
**funds**
**Restricted**
**Funds:**
**Collection**
**A**
**B**
**A+B**
**£**
**£**
**£**
**£**
F01
F02
150,246
17
150,263
2,023
-
-
-
-
-
-
-
-
-
-
-
38
38
-
-
-
-
-
-
-
-
-
8,600
-
150,246
55
150,301
10,623
-
46,438
-
46,438
-
-
56,707
4,839
61,545
1,330
-
5,500
5,500
-
-
3,173
374
3,547
-
-
111,818
5,213
117,031
1,330
-
38,428
5,158
-
33,270
9,293
-
-
-
-
-
-
38,428
5,158
-
33,270
9,293
-
-
-
-
-
-
38,428
5,158
-
33,270
9,293
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
38,428
5,158
-
33,270
9,293
-
19,212
27,412
46,625
1,476,532
-
57,640
22,255
79,895
1,485,825
-|**Total funds**
**Prior year**
**funds**
**£**
**£**
F04
F05|
|---|---|---|
|||152,285
10,323
-
-
-
56
38
192
-
3,000
8,600
700|
|||160,923
14,271|
||||
|||46,438
-
62,875
3,761
5,500
3,547
408|
|||118,361
4,169|
||||
|||42,563
10,102|
|||-
-|
|||42,563
10,102|
|||-
-|
|||42,563
10,102|
|||-
-
-
-
-
-
-|
|||42,563
10,102|
|||1,523,157
1,513,054|
|||1,565,720
1,523,157|
Victor Batte Lay Foundation DRAFT Annual Report and Accounts to 31 July 2020 Page 5 of 17
Charity No 1149656 Company No 7706484
**The Victor Batte Lay Foundation**
## **Section B Balance sheet**
|**Fixed assets**
**Intangible assets**
**Tangible assets**
**Heritage assets**
**Investments**
**_Total fixed assets_**
**Current assets**
**Stocks**
**Debtors (Note 8)**
**Investments**
**Cash at bank and in hand (Note 9)**
**_Total current assets_**
**Creditors: amounts falling due within**
**one year (Note 10)**
**_Net current assets/(liabilities)_**
**_Total assets less current liabilities_**
**Creditors: amounts falling due after**
**one year (Note 10)**
**Provisions for liabilities**
**_Total net assets or liabilities_**
**Funds of the Charity**
**Restricted funds (Note 11)**
**Unrestricted funds (Note 11)**
**Revaluation reserve**
**Fair value reserve**
**_Total funds_**|**Minories**
**reopening**
**Fund**
**General Fund**
**Total**
**Unrestricted**
**Funds**
**Restricted**
**income**
**funds**
**Total this**
**year**
**Total last**
**year**
**A**
**B**
**A+B**
**£**
**£**
**£**
**£**
**£**
**£**
-
- - -
-
-
- - 900,000
900,000
900,000
-
- - 580,009
580,009
571,409
- - - -
-
-
-
- - 1,480,009
1,480,009
1,471,409
-
- - -
-
-
- - - -
-
-
-
- - -
-
-
57,640
25,626 83,267 5,815
89,082
55,119
57,640
25,626 83,267 5,815
89,082
55,119
- 3,371 3,371 -
3,371
3,371
57,640
22,255 79,896 5,815
85,711
51,748
**57,640**
22,255 79,896 1,485,824
1,565,720
1,523,157
- - - -
-
-
-
- - -
-
-
57,640 22,255 79,896 1,485,824
1,565,720
1,523,157
- 1,484,495
1,484,495
1,476,532
57,640 22,255 79,895
79,895
46,625
-
-
-
-
57,640
22,255 79,895 1,484,495
1,564,390
1,523,157|
|---|---|
The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
Signed by one or two trustees/directors on behalf of all the trustees/directors
Signature of director authenticating accounts being sent to Companies House
||Print Name|Date of
approval
dd/mm/yyyy|
|---|---|---|
||B COODE-ADAMS|14/04/2022|
||||
||||
||Signature||
||_B Coode-Adams_|14/04/2022|
Victor Batte Lay Foundation DRAFT Annual Report and Accounts to 31 July 2020 Page 6 of 17
**Section C Notes to the accounts**
## Note 1 **Accounting Policies**
## **1.1 Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
**Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **Restricted funds:-**
a) Freehold : This represents the market value of the Minories Art Gallery Colchester.
b) Art Fund : This represents the permanent collection. Trustees are permitted to sell parts of the collection but proceeds must be reinvested in art work.
## **1.2 Going concern**
The trustees are not aware of any reason to doubt that the Foundation is a going concern.
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**Section C Notes to the accounts (cont)**
## **Note 2 Income**
**----- Start of picture text -----**
Designated
Fund: Total
Analysis of income Minories General Unrestricted Restricted
Reopening Fund funds Funds Total funds Prior year
£ £ £ £ £ £
Donations Donations and gifts 2,294.74 17.08 2,311.82 2,022.50 4,334.32 9,323
and legacies: Gift Aid - - - - - -
Legacies - - - - - 1,000
General grants provided by
government/other charities 147,951.00 - 147,951.00 - 147,951.00 -
Membership subscriptions and
sponsorships which are in substance
donations - - - - - -
Donated goods, facilities and
services - - - - - -
Other - - - - -
Total 150,245.74 17.08 150,262.82 2,022.50 152,285.32 10,323
Charitable
activities: - - - - - -
- - - - - -
- - - - - -
Other - - - - - -
Total - - - - - -
Other trading From sale of merchandise
activities: - - - - - 56
- - - -
- - - - - -
Other - - - - - -
Total - - - - - 56
Income from Interest income - 38.16 38.16 - 38.16 192
investments: Dividend income - - - - - -
Rental and leasing income - - - - - 3,000
Other - - - - - -
Total - 38.16 38.16 - 38.16 3,192
Separate - - - - - -
material item - - - - - -
of income - - - - - -
- - - - - -
Total - - - - - -
Other: Donations of works of art (Heritage
Assets) - - 8,600.00 8,600.00 700
Gain on disposal of a tangible fixed
asset held for charity's own use - - - - -
Gain on disposal of a programme
related investment - - - - -
Royalties from the exploitation of
intellectual property rights - - - - -
Other - - - - -
Total - - - 8,600.00 8,600.00 700
TOTAL INCOME 150,245.74 55.24 150,300.98 10,622.50 160,923.48 14,271
Other information:
All income in the prior year was unrestricted except
£700 donations in kind of works of art to the Collection.
for: (please provide description and amounts)
**----- End of picture text -----**
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**Section C Notes to the accounts (cont)**
## **Note 3 Expenditure**
**----- Start of picture text -----**
Designated
Other
Fund: Total Restricted
Unrestricted
Analysis of expenditure Minories funds Unrestricted income
Reopening funds funds Total funds Prior year
£ £
Expenditure on Incurred seeking donations - - - - - -
raising funds: Incurred seeking legacies
- - - - - -
Incurred seeking grants
45,602.83 - 45,602.83 45,602.83
Staging fundraising events
- - - - - -
Cost of merchandising
- - - - -
Advertising, marketing, direct mail
and publicity - - - - - -
Database development costs - - - - - -
Other trading activities 835.46 - 835.46 835.46 -
Intellectual property licencing costs
- - - - - -
Rent collection, property repairs
and maintenance charges - - - - - -
- - - -
Total expenditure on raising
funds 46,438.29 46,438.29 - 46,438.29 -
Expenditure on Storage, preservation, promotion
charitable and exhibition of the Collection.
activities Membership of associations 1,957.00 4,838.64 6,795.64 - 6,795.64 3,761.00
Purchase of equipment
19,606.61 - 19,606.61 1,330.00 20,936.61 -
Artist fees etc
35,143.00 - 35,143.00 - 35,143.00 -
- - - - - -
Total expenditure on charitable
56,706.61 4,838.64 61,545.25 1,330.00
activities 62,875.25 3,761.00
Separate Transfer of funds to WatM 5,500.00 - 5,500.00 - 5,500.00 -
material item of
expense - - - - - -
- - - - - -
- - - - - -
Total 5,500.00 - [ 5,500.00 ] - 5,500.00 -
Other Governance costs: - - - - - -
Accountancy and Independent
examination - 250.00 250.00 - 250.00 250.00
Bank charges - 109.65 109.65 - 109.65 145.00
Legal and Professional Fees 3,172.83 - 3,172.83 - 3,172.83 -
Directors expenses 14.70 14.70 - 14.70 -
Filing fees - - - - - 13.00
Total other expenditure 3,172.83 374.35 3,547.18 - 3,547.18 408.00
TOTAL EXPENDITURE 111,817.73 5,212.99 117,030.72 1,330.00 118,360.72 4,169.00
**----- End of picture text -----**
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**Section C Notes to the accounts**
## **Note 4 Details of certain types of expenditure**
## **Fees for examination of the accounts**
## _**Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner. If nothing was paid please enter '0' in the appropriate box(es).**_
|**Tax advisory fees**
**Other fees (for example: financial advice, consultancy, accountancy services) paid**
**to the independent examiner**
**Accounts**
**Assurance services other than independent examination**|**This year**
**Last year**
**£**
**£**
250
250|
|---|---|
## **Note 5 Paid employees**
The Foundation has no paid employees.
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**Section C Notes to the accounts (cont)**
## **Note 6 Tangible fixed assets** _**Please complete this note if the charity has any tangible fixed assets**_
## **14.1 Cost or valuation**
|||**Freehold land**
**& buildings**
**£**|**£**|**Plant,**
**machinery**
**and motor**
**vehicles**
**£**|**Plant,**
**machinery**
**and motor**
**vehicles**
**£**|**Fixtures,**
**fittings and**
**equipment**
**£**|**Fixtures,**
**fittings and**
**equipment**
**£**|**Total**
**£**|**Total**
**£**||
|---|---|---|---|---|---|---|---|---|---|---|
|At the beginning of
the year
Accounts
1 August to 31 July
2021
Disposals|
|900,000
-
-
-|-
-
-
-|
|-
-
-
-|
|-
-
-
-|900,000
-
-
-|||
|Transfers *||-|-||-||-||-||
|At end of the year||900,000|-||-||-|900,000|||
|**14.2 Depreciation and**||**impairments**|||||||||
|****Basis**||SL or RB|SL or RB|SL or RB||SL or RB||SL or RB||Straight
Line ("SL")
or Reducing
Balance
("RB")|
|**** Rate**|||||||||||
||||||||||||
|At beginning of the||-|-||-||-||-||
|year|||||||||||
|Disposals||-|-||-||-||-||
|Depreciation||-|-||-||-||-||
|Impairment||-|-||-||-||-||
|Transfers*||-|-||-||-||-||
|At end of the year||-|-||-||-||-||
|**14.3 Net book value**|||||||||||
|Net book value at the||900,000|-||-||-|900,000|||
|beginning of the year|||||||||||
|Net book value at the||900,000|-||-||-|900,000|||
|end of the year|||||||||||
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**Section C Notes to the accounts (cont)**
## **Note 7 Heritage assets**
## _**Please complete this note if the charity has heritage assets**_
## **7.1 General disclosures for all charities holding heritage assets**
**(i) Explain the nature and scale of heritage assets held.**
**(ii) Explain the policy for the acquisition, preservation, management and disposal of heritage assets.**
**The Foundation maintains a collection of some 250 works of art, currently valued at a little over £580,000.**
**The collection was inherited as part of our founding bequest. The trustees manage the collection through disposal at auction and acquisition through purchases and gifts. The collection is maintained in adequate condition and insured. Our policy is triennial revaluation.**
## **Accounts**
|1 August 2020 to 31 July 2021
**The collection Heritage asset**
**2**
**£**
**£**
At beginning of the year
571,409 -
Additions
8,600 -
Disposals
-
Revaluations
-
Transfers *
- -
At end of the year
580,009 -
**7.2 Revaluation**
**_If an accounting policy of revaluation is adopted, please provide:_**
**_qualifications of independent valuer_**
**_the methods applied and significant assumptions_**
**_the effective date of the revaluation_**
**_the name of independent valuer, if applicable_**|**The collection Heritage asset**
**2**
**£**
**£**
571,409 -
8,600 -
-
-
- -|
**Heritage asset**
**3**
**Heritage asset**
**4**
**Total**
**£**
**£**
**£**
- - 571,409
- - 8,600
- - -
- - -
- - -|
|---|---|---|
||580,009 -|- - 580,009|
|||**Trustees' revaluation in September 2019**
**Jonathan Benson, Former Trustee, and**
**also a director of Reeman Dansie,**|
_**any significant limitations on the valuation**_
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**Section C Notes to the accounts (cont)**
## **Note 8 Debtors and prepayments**
_**Please complete this note if the charity has any debtors or prepayments.**_
## **8.1 Analysis of debtors**
|**8.1 Analysis of debtors**||||||
|---|---|---|---|---|---|
|||**This year**||**Last year**||
|||**£**||**£**||
|**Trade debtors**|||||-|
|**Accounts**|||-|
|-|
|**1 August to 31 July 2021**|||-|
|-|
||**Total**||-|
|-|
_**Complete 19.2 where a material debtor is recoverable more than a year after the reporting date.**_
## **8.2 Disclosure of debtors recoverable in more than 1 year (included in debtors above)**
|||**This year**|**This year**|**Last year**|**Last year**|
|---|---|---|---|---|---|
|||**£**||**£**||
|**Trade debtors**|||-|
|-|
|**Prepayments and accrued income**|||-|
|-|
|**Other debtors**|||-|
|-|
||**Total**||-|
|-|
CC17a (Excel)
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## **Section C Notes to the accounts (cont)**
**Note 9 Cash at bank and in hand**
|**Note 9 Cash at bank and in hand**||
|---|---|
|**Accounts**
**Cash at Bank**
Barclays
0
CAF Cash
54,582.12
£
Paypal
**Total**
**54,582.12**
**£**
**COIF**
**Cash at bank and on hand**
**1 August to 31 December 2020**
**Short term cash investments (less than 3 months maturity date)**|**This year**
**Last year**
**£**
**£**
- -
34,500 34,500
54,582 20,619
- -|
||89,082 55,119|
|||
## **Analysed by Category of Fund**
||**Minories**|||||
|---|---|---|---|---|---|
||**reopening**|**Other**|**Total**|||
||**(designated**|**Unrestricted**|**Unrestricted**|**Restricted**||
||**fund)**|**funds**|**Funds**|**income funds** Total funds||
|Opening Balance|19,212.27|30,784.11|49,996.38|5,122.98|55,119.36|
|Cash in|150,245.74|55.24|150,300.98|2,022.50|152,323.48|
|Cash Out|-111,817.73|-5,212.99|-117,030.72|-1,330.00|-118,360.72|
|Transfers||||||
|Closing Balance|57,640.28|25,626.36|83,266.64|5,815.48|89,082.12|
|Variance|||83,266.64||0.00|
CC17a (Excel)
22/04/2022
14
**Section C Notes to the accounts (cont)**
## **Note 10 Creditors and accruals**
_**Please complete this note if the charity has any creditors or accruals.**_
## **10.1 Analysis of creditors**
**----- Start of picture text -----**
Amounts falling due Amounts falling due after
within one year more than one year
This year Last year This year Last year
Accounts £ £ £ £
1 August to 31 July 2021 - - - -
Bank loans and overdrafts - - - -
Trade creditors 371 371 - -
Payments received on account for contracts
or performance-related grants - - - -
Accruals and deferred income 3,000 3,000 - -
Taxation and social security - - - -
Other creditors - - - -
Total 3,371 3,371 - -
10.2 Deferred income
Please complete this note if the charity has deferred income.
Please explain the reasons why income is deferred.
Movement in deferred income account This year Last year
£ £
Balance at the start of the reporting period - -
Amounts added in current period - -
Amounts released to income from previous periods - -
Balance at the end of the reporting period - -
**----- End of picture text -----**
CC17a (Excel)
22/04/2022
15
**Section C Notes to the accounts (cont)**
## **Note 11 Charity funds**
## **11.1 Details of material funds held and movements during the CURRENT reporting period**
_**Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds' (which should include revaluation reserve and fair value reserve, if applicable). The 'Total funds' figure below should reconcile to 'Total funds' in the balance sheet.**_
_*** Key: PE - permanent endowment funds; EE - expendable endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds**_
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Fund Fund
balances balances
Type PE, EE Purpose and Restrictions brought Gains and carried
R or UR *
forward Income Expenditure Transfers losses forward
Fund names £ £ £ £ £ £
Accounts Unrestricted 27,413 55 - 5,213 - 22,255
-
1 August to 31 July 2021 Designated For any work relating to the reopening 19,212 150,246 - 111,818 - 57,640
Art Fund Restricted The Collection (works of art) 576,532 10,623 - 1,330 - - 585,825
Freehold Restricted The Minories 900,000 - - - - 900,000
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Other funds (balancing
figure) N/a N/a - - - - - -
Total Funds as per balance sheet 1,523,157 160,923 - 118,361 - - 1,565,720
**----- End of picture text -----**
**Fund balances carried forward include assets and liabilities denominated in a foreign currency Y/N?**
## **No**
_**If yes, please state the basis on which the assets and/or liabilities have been translated into sterling (or the currency in which the accounts are drawn up).**_
CC17a (Excel)
22/04/2022
16
**Section C Notes to the accounts (cont)**
## **Note 12 Transactions with trustees and related parties**
_**If the charity has any transactions with related parties (other than the trustee expenses explained in guidance notes) details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box or "False" if there are transactions to report.**_
## **28.1 Trustee remuneration and benefits**
**None of the trustees has been paid any remuneration or received any other benefits from an employment with the Foundation (True or False)**
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TRUE
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_**In the period the charity has paid trustees remuneration and benefits. Please give the amount of, and legal authority for, any remuneration or other benefits paid to a trustee by the charity or any institution or company connected with it.**_
|**_State the number of trustees to whom retirement benefits_**
**_are accruing under a defined contribution pension_**
**_scheme._**
**_Where an ex gratia payment has been made to a trustee,_**
**_provide an explanation of the nature of the payment._**
**_If a third party has been reimbursed for providing one or_**
**_more trustees, state the nature of the payment and_**
**_amount of the reimbursement._**
**1 August to 31 December 2020**
**Legal authority (eg**
**order, governing**
**document)**
**Accounts**
**_Please give details of why remuneration or other_**
**_employment benefits were paid._**|**Last year**
**Remuneration**
**Pension**
**contribution**
**Redundancy**
**(including**
**loss of**
**office)/ex**
**gratia**
**Other**
**TOTAL**
**£**
**£**
**£**
**£**
**£**
**£**
**Amounts paid or benefit value**
**This year**|
|---|---|
## **12.2 Trustees' expenses**
_**If the charity has paid trustees expenses for fulfilling their duties, details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box below. If there are transactions to report, please enter "False".**_
|**No trustee expenses have been incurred (True or False)**
**Type of expenses reimbursed**
**£**
**This year**
**Travel**
**Subsistence**
**Accommodation**
**Other (please specify):**
**TOTAL**|**Last year**
**_TRUE_**
**£**|
|---|---|
## **12.3 Transaction(s) with related parties**
_**Please give details of any transaction undertaken by (or on behalf of) the charity in which a related party has a material interest, including where funds have been held as agent for related parties. If there are no such transactions, please enter 'true' in the box provided.**_
**There have been no related party transactions in the reporting period (True or False)**
**----- Start of picture text -----**
TRUE
**----- End of picture text -----**
CC17a (Excel)
22/04/2022
17