2022-03-31-accounts

PITZHANGER MANOR & GALLERY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 1 April 2021 to 31 March 2022

Charity Registration Number: 1152434. Company Registration Number: 08278049

Trustees’ Report and Consolidated Financial Statements

Contents

	Page
Report of the Trustees	1-14
Independent Auditor’s Report to the Members of Pitzhanger Manor & Gallery Trust	16-19
Consolidated Statement of Financial Activities	20
Group and Charity Balance Sheets	21
Consolidated Statement of Cash Flows	22
Notes to the Financial Statements	23-33

Pitzhanger Manor & Gallery Trust

Report of the Trustees for the year ending 31 March 2022

The Trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 31 March 2022.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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).

Introduction: About Pitzhanger Manor & Gallery Trust

Pitzhanger Manor was designed and built in 1800 by one of Britain’s leading architects, Sir John Soane (whose other buildings include the Bank of England and Dulwich Picture Gallery), as his personal country retreat in the then rural village of Ealing. Pitzhanger is vitally important in the Soane story as a rare example of a building Soane designed, built and lived in himself; Soane used it as a laboratory for his architectural ideas, including his trademark use of caryatids, the canopy domed ceilings, the application of idiosyncratic classical details and his innovative use of light as an architectural tool. The Grade I listed house represents an extraordinary architectural statement bursting with his influence, ideas and flourishes: it is an artistic tour de force.

Pitzhanger Manor & Gallery Trust was established in 2012 to work with Ealing Council, the owners of Pitzhanger Manor, to conserve, repair and enhance Pitzhanger Manor & Gallery as a major cultural landmark for West London and beyond: a destination for art, education, and architecture. The project’s aim was to transform the Manor, its adjacent Gallery and the surrounding gardens and Kitchen Garden, and to offer learning and enjoyment for all with an extensive outreach programme. The Trust built a restaurant – known as Soane’s Kitchen - in the old Kitchen Garden and also constructed a Volunteer and Community Space in the courtyard of the Lodge which opened in May 2022. On completion of the three-year capital project in 2018, the Trust took over the running of the site under a 25-year lease and a management agreement. The Trust’s executive team are overseen by an experienced Board of Trustees, and the Trust works closely with Ealing Council, the architects, consultants, and contractors, to deliver the project and manage the site.

Objectives and Activities

Mission

Building on the dual foundation of Soane’s 1800 Manor and parkland and of the contemporary Gallery, Pitzhanger will unite the past and the present and inspire the future.

Our mission is:

• To conserve and revitalise Sir John Soane’s Pitzhanger Manor in his original parkland;

• To celebrate Sir John Soane’s genius as a designer: to nurture understanding of the relevance of Soane’s work today, and to carry forward his passion to inspire future generations in art, architecture, and design;

• To offer a programme of compelling, ambitious, and stimulating exhibitions that provoke and inspire;

• • Through an imaginative and wide-ranging programme of participation and events, to enable broad and diverse audiences in Ealing, West London and beyond to ignite their creative potential;

• To offer a stimulating place for creative reflection and debate that will encourage fresh ideas and new connections that enrich our lives; and

• To develop a sustainable business that enables Pitzhanger to deliver its aspirations in the long term, seeking to diversify and grow income streams from a wide range of fundraising and commercial activity.

1

Pitzhanger Manor & Gallery Trust

Delivering Public Benefit

The Trustees confirm that they have fulfilled the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission general guidance on public benefit.

The Trust’s overarching aim is, through restoring and revealing this important historic building and by upgrading the art gallery, to promote appreciation of national heritage and of art, and provide both learning opportunities and recreation for our diverse communities. Pitzhanger Manor & Gallery Trust also has the general aim of contributing to the quality of life of the people of the London Borough of Ealing by expanding their horizons in offering exciting, challenging, and accessible education programmes, events, and exhibitions.

Achievements and Performance

SUMMARY

Closed for COVID Lockdown till 27 May 2021; open with restricted capacity thereafter due to Social Distancing Total Visitors: 28,009 Total Education and Outreach Engagements: 6,085 Total Digital Subscribers: 17,395

Total Number of Exhibitions: Six (This is Ealing; Soane Restored; Julian Opie; Who Are We? Navigating Race, Class and the City; This is England; Rana Begum: Dappled Light)

2021-22 has been a challenging year for Pitzhanger, as for all arts organisations and museums, due to the Covid pandemic. Pitzhanger had to remain closed for the first two months of the year, reopening at the end of May 2021. Once we re-opened social distancing measures limited visitor numbers, with many visitors remaining reluctant to return to visitor attractions and others reluctant to travel and meant that post lockdown visitor numbers remained challenging. Just as visitors were growing in confidence and visitor numbers rising in the autumn, the UK succumbed to Omicron and visitor numbers radically reduced again. Unfortunately Pitzhanger’s restaurant Soane’s Kitchen was forced to close in late December.

Notwithstanding all these challenges, Pitzhanger has had a very successful year by many measures: we have delivered an exciting, varied and accessible programme of six exhibitions over the period, continuing and enhancing Pitzhanger’s reputation for high quality cultural experiences accessible to all. We have beaten the Covid-adjusted target of visitor engagements.

In June 2021 we introduced artworks outside the Gallery with the aim of engaging visitors who do not usually visit museums and galleries, and helping to break down the barriers to a visit. Two artworks by Julian Opie were installed, in the front garden of Pitzhanger and in Walpole Park.

2

Pitzhanger Manor & Gallery Trust

Julian Opie, Curly Hair, June 2021 Rana Begum, No.814, March 2022

These works were really successful in engaging new visitors – particularly young families. We have therefore continued this experiment and have newly installed a glass sculpture by Rana Begum in Pitzhanger’s gardens: it is already attracting enormous interest from passing families, who enjoy playing in the colourful shadows from the sculpture.

Curation

This is Ealing (27 May – 6 June 2021) – A community-led exhibition of photos taken by Ealing residents over lockdown.

Soane Restored (27 May – Spring 2023) - An exhibition celebrating the skilled research and craft work involved in the recent restoration of Pitzhanger.

Julian Opie (25 June – 24 October 2021) - A display of sculptures, lightboxes and moving figures by leading British proponent of pop-art Julian Opie; including two works located outside: Crows (in Walpole Park) and Curly Hair striding towards the Manor.

This is England (6-14 November 2021) - An exhibition of 27 portraits by Matt Small of the England Euro 2020 men’s football team, celebrating the teamwork, diversity and inclusiveness demonstrated by this role-model team. The squad included Ealing- raised Bukayo Saka. Visiting school children enjoyed finding their local hero in the exhibition.

Who Are We? Navigating Race, Class and the City (26 November 2021 – 13 Feb 2022) - An exhibition cocreated with Bollo Studios, the creative arm of local Bollo Brook Youth Centre, in South Acton. The multimedia exhibition explored the complex challenges this group of predominantly black and minority ethnic young people face as they carve out their place in the world, interrogating our social conditioning and understanding of race, class and the city.

Rana Begum: Dappled Light : opened 25 March 2022: a contemplative and accessible exhibition of stunning structures by Rana Begum RA that blur the boundary between art, sculpture, and focus attention on their changing appearance with the movement of light throughout the day. The works interplay well with Soane’s own use of light in his architecture. Sculptures and installations were sited not just out in the gardens but also across the Manor to entice more visitors to explore across Pitzhanger.

Co-programming events with Bollo helped draw in new young audiences to Pitzhanger.

3

Pitzhanger Manor & Gallery Trust

Learning and Outreach

After the challenge of Covid which made schools visits very challenging, we redesigned and relaunched our education programme and are laying solid foundations for delivering our aspiration to engage every school in the Borough of Ealing in a meaningful way. School projects have included the Architects’ Apprentice course, and visits to the exhibitions Julian Opie and This is England. Unable to deliver family workshops in spring 2021due to Covid, we instead delivered Pitz Packs – activity packs for children to do at home and outside in the Park, distributed through community groups and foodbanks. From the summer, real-life family workshops have been re-introduced, together with new trails to guide visitors round the site and a new monthly ‘Open Sunday’ with free activities for visitors. We are delighted that despite the challenging conditions we delivered over 6,000 learning engagements.

Specifically:

• Schools : we relaunched our redesigned education programme and are continuing to lay solid foundations for delivering our aspiration to engage every school in the Borough of Ealing in a meaningful way. School projects have included the Architects’ Apprentice course, and visits to the exhibitions Julian Opie and This is England. We ran two special projects with various schools: RIBA x Pitzhanger Architect Ambassadors and the Pedestrian Crossing Project. For the RIBA project we worked alongside architects from the West London Architects Group to deliver a series of workshops in three Ealing schools. The Pedestrian Crossing project, where two local schools were invited to design colourful road crossings, involved visits to the manor and outreach visits. Looking ahead to 2022-23 we have 19 schools booked in for visits till the end of the school Summer term, amounting to 849 children in July 2022.

• Young People’s Group: The group continued to meet throughout 2021 and we engaged a regular group of young people to generate programming for their peers. The group delivered an evening event during the Bollo exhibition.

• Outreach : in our Dementia Memory Box project we partnered with artist Lucy Ribeiro and the Michael Flanders Day Centre in Acton to create 10 weeks of activities for 45 local people living with dementia and their carers. These activity packs, aimed to stimulate memory, creativity and conversation, were delivered by Ealing Dementia support services. Participants visited the Julian Opie exhibition in July.

• Soane Restored initiatives (supported by Historic England): we introduced a number of initiatives including : workshops with schools and young people to focus on conservation and other topics raised by the exhibition; a Director’s talk about the conservation project to tie in with the London Festival of Architecture: this was supported by Stagetext live captioning; and two films profiling

4

Pitzhanger Manor & Gallery Trust

the restoration (including the recreation of the Chinese wallpaper), to be used in conjunction with secondary school workshops

• Families : we saw the return of our Family Programme in June 2021 with the return of our Little Builders programme These sessions, held twice per month, have proved very popular with regular attendance of 30-40 families. We designed a family trail focusing on the Julian Opie exhibition and launched our Children’s Manor Trail. We also introduced Open Sundays a recurring family day that takes place the first Sunday of each month. Each event has a new art/craft activity for each event together with story-telling. We also introduced a number of seasonal events with a Halloween Spooktacular attended by at least 100 children and a series of Christmas Lates. Our Assemble Play initiatives drew in nearly 500 families over 3 days.

• On-line : The Welcome Create team continued to create a monthly online art task. Recent activities explore Colour Theory and Circles. Recent activities explore Colour Theory and Circles. We are considering using some of the Welcome Create responses to decorate the Lodge hoardings

Assemble Play drop-in in February half term 2022; feedback cards from This is England

Events

In response to lockdown we sought to develop ways in which we could continue to engage our visitors in virtual events. We developed two new strands of online events: Pitzhanger Perspectives , in which interesting experts in their fields were interviewed by one of the wider Pitzhanger team, and Pitzhanger Design Series in which panels of design experts discussed different topics, from the power of paint to the art of wallpaper, starting from Pitzhanger’s own decoration but moving on to current trends in the design world.

As social distancing lifted, events became ‘hybrid, with events taking place in person on site, but also relayed online to those unable to attend in real life. Digital engagement was developed further, with online activities designed for children and families.

• Pitzhanger Perspectives with: Bettany Hughes, William Dalrymple, Rory Stewart, Konnie Huq & Angellica Bell, Sir Anthony Seldon, Ade Adepitan

• Pitzhanger Design Series on: the Power of Paint, Inspired by Soane: Architecture & Form; the Cutting Garden; the Art of Wallpaper

Through the year Pitzhanger was also used as a venue for a variety of community events.

5

Pitzhanger Manor & Gallery Trust

Local choir at Christmas Late, Dec 2021; Borough of Ealing Remembrance Day Reception in This is England, Nov 2021

Conservation

Our commitment to conservation of Sir John Soane’s historic house has been sustained with careful maintenance of the historic fabric. During the year we commissioned specialist decorators to re-bronze Soane’s four Eating Room statues, to take them back to the original decorative finish that Soane would have had. The Soane Restored exhibition, together with related talks and demonstrations, put a spotlight on the conservation and craft skills employed during the building project.

Eating Room Statue before and after conservation and re-bronzing

Fundraising

Fundraising is undertaken by a small in-house development team. The Trust is registered with the Fundraising Regulator whose Code of Fundraising Practice and Fundraising Promise set a standard for fundraising activity in the UK.

Fundraising strategy focuses on securing support via statutory funders, charitable trusts and foundations and individuals, selecting the most appropriate source of funding for each project for which support is being sought. In the year to 31 March 2022 the main fundraising focus continued to be securing emergency funding to support the losses incurred by temporary Covid closure and completing the fundraising for the project to build a new Volunteer and Community Space on Pitzhanger's grounds.

Pitzhanger takes a considered approach to fundraising ensuring that we comply with regulations and guidance related to data protection and the protection of vulnerable people, that communications are not excessive or intrusive and that the individuals we contact do not feel under any undue pressure to

6

Pitzhanger Manor & Gallery Trust

donate.

When fundraising is carried out on behalf of Pitzhanger it is with a small group of trusted supporters who promote Pitzhanger through their personal and professional connections. Pitzhanger works closely with these partners to ensure their approach consistently meets the high standards of the museum's own fundraising.

The Trust has received no complaints about its fundraising activities (2021: nil).

Key successes and developments in this period were:

• We were fortunate to secure a number of grants from Covid-related emergency funds: Culture Recovery Fund awarded £223,364 in Spring 2021 to cover operational costs from April to June 2021 to support reopening on a sustainable footing (income received in 2021-22).

• Our newly launched individual scheme, the Soane Circle continue with eight donors from who we received £29,000.

• The appeal to fund a discrete capital campaign to raise £250,000 to construct a new Volunteer and Community Space next to the Lodge building in the Manor forecourt had been successfully completed in the prior year and in the current year we called in the remaining pledges. We were delighted to open the building in May 2022.

• We drew-down the Art Fund grant pledged in the previous year in support of our Julian Opie and Bollo exhibitons. We were awarded an LBE Culture grant also in support of our Bollo exhibition and additionally for our Summer Youth Group and audience development.

• Our individual supporters remained loyal despite the challenges of delivering on site events. Pitzhanger continued with the series of online events for supporters and online events were well attended (over 1,000 attendees) and were a great opportunity for Pitzhanger to grow national and international audiences.

Financial Review

In the year to 31 March 2022, the Trust had a net deficit of £29,747 (2021: surplus of £113,895). This relates to a deficit on unrestricted activities of £474 and a deficit on restricted activities (primarily in respect of the capital project) of £29,273. The movement from the comparative year, a surplus of £113,895 reflects a return to full operations after a period of cost savings during Covid.

Main Funding Sources

The Trust’s operating costs have been supported by a management fee from Ealing Council (£427,000 2021: £427,000), commercial income from visitor admissions (£44,000, 2021: £15,000), other trading income (£220,000, 2021: £166,000) and unrestricted donations from Trusts and Foundations and individuals (£387,000, 2021: £525,000). The Trust also received restricted donations of £150,000 (2021: £212,000) from a range of Trusts and Foundations and individuals mainly in respect of the Volunteer and Community space project. At the end of the year, the Trust held reserves of £1.85 million (2021: £1.89 million), of which £832,000 (2021: £,862,000) were restricted, £500,000 were unrestricted (2021: £530,000) and £517,000 (2021: £487,000) were unrestricted but designated. The restricted reserves largely relate to the Trust’s pledged contribution to the Restoration Project and the Community Hub

7

Pitzhanger Manor & Gallery Trust

development project. Unrestricted but designated reserves relate to a sinking fund for future maintenance costs, development of the public programme and general operational support during this post-Covid recovery period.

Investment Policy

As most of the charity’s funds are to be spent in the short term, there are no funds for long-term investment. Our funds are therefore held in a current account and a short-term deposit account.

Reserves Policy

Restricted reserves are set-aside in the short-term deposit account. Otherwise, the Trust’s reserves are unrestricted and the use of the funds representing them is at the discretion of the Trustees acting within the terms of the charity’s governing document. The Trustees may designate all or part of the unrestricted reserves for specific purposes. The Trustees review the level of reserves as part of the regular planning process.

Prior to the pandemic the Trust adopted a policy of holding three months’ core operating costs in reserve which was equivalent to £250,000. During the recent pandemic the Trustees took a cautious approach to the maintenance of reserves until the length or severity of the pandemic and its implications for the business and closure of the site could be assessed with a reasonable level of expectation that a more normal situation was returning with some reliability. Accordingly, for the duration of lockdown, a higher level of reserves was retained. However, the expectation is that we will spend down the reserves in the current financial year and return closer to the reserves situation prior to Covid. The reserves policy is reviewed as part of the budget process annually. At the end of the year, free reserves (unrestricted and designated) were £1.02 million which the Trustees acknowledge are in excess of the minimum reserve requirement.

Going Concern

The Charitable Group and Trust’s working capital is provided by a combination of its charitable, fund raising and trading activities. The outbreak of Covid -19 caused significant disruption to the Charitable Group and Trust’s activities, resulting in a significant loss of commercial income. In mitigation, the Trust has received emergency funding from a number of sources and taken steps to reduce its cost base whilst its activities are curtailed.

The Board has assessed the prospects of the Charitable Group and Trust over the 12 months from the date of approval of the Annual Report and Financial Statements taking into account its expectations for future operating activities, fundraising and the risks that the Trust faces (including Covid -19). In addition, the Trust has performed a sensitivity analysis on its forecasts to evaluate a severe but plausible downside scenario on the business of the impact of Covid-19 and other risks.

Having completed these assessments, the Board has a reasonable expectation that the Charitable Group and Trust has adequate resources to continue in operational existence for the foreseeable future, being a minimum of 12 months from the date of approval of the financial statements, and thus continues to adopt the going concern basis of accounting in preparing the financial statements. The Trustees note that continued solvent operation beyond the twelve month period will require an increase in commercial revenues and fundraising support.

8

Pitzhanger Manor & Gallery Trust

Structure, Governance and Management

Trustee Roles

The Trustees provide wide ranging specialist support in respect of the operational activities of the Manor & Gallery, as well as well as helping with fundraising. The Trustees are responsible for the overall management and control of the Trust including the implementation of policies and meeting their legal, financial and fiduciary duties under charity law.

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 1 November 2012, and registered as a charity on 14 June 2013. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members, who are the Trustees, are required to contribute an amount not exceeding £1.

Recruitment and Appointment of the Trustees

The directors of the company are also charity Trustees for the purposes of charity law and under the company’s articles are known as the Trustees. Under the requirements of the Memorandum and Articles of Association, the Trustees are elected to serve for a period of three years after which they must be reelected at the next Annual General Meeting.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in Note 9 to the financial statements.

During the year two Trustees resigned and four new Trustees were appointed. When Trustees are recruited, the Board identify the key skills that are required following which the Trust advertises publicly for new Trustees. The process for appointment is that applications are reviewed by the Nominations Committee before inviting the potential candidates for interview. The selected candidates are then put forward to the Board for approval. In addition, up to three additional individuals may be co-opted by the Board.

Trustee Induction and Training

New Trustees receive an information pack that includes the current business plan, minutes of recent Trustee Board meetings and details of organisational structure. In addition, new Trustees undertake an induction programme comprising meetings with the Senior Management Team and Sub-Committee members if appropriate.

Organisational Structure

The charity has a Trustee body that meets regularly throughout the year and is responsible for the strategic direction and policy of the charity. The Trust Board and its various sub-committees met regularly during this period, with occasional ad hoc meetings as and when required. Sub-committee members comprise a mixture of Trustees, members of the Executive and industry professionals.

• Trust Board meetings are held as a minimum four times in the year with interim emergency meetings as appropriate.

• The Fundraising Committee met regularly to ensure the Fundraising Strategy stayed on target.

9

Pitzhanger Manor & Gallery Trust

• The Communications group met regularly, also giving input at the Fundraising meetings. Major activity was focused on promoting the reopening of Pitzhanger and exhibition marketing.

• The Buildings Committee met to oversee and ensure best standards of conservation, care and maintenance of our historic buildings and grounds.

• The Exhibitions Committee continued to develop the exhibitions strategy and policies and met to plan the exhibition programme.

• The Finance Committee met regularly during this period. The Committee established related policies for financial controls including reserves and for receiving and reviewing management accounts and forecasts. Particular focus in the year was placed on reviewing financial projections against operational performance and in reaction to the evolving Covid pandemic.

• The Chair, Deputy Chair and Director met weekly as the Chair’s Committee to discuss key strategic and operational matters.

• The Trust had regular meetings with London Borough of Ealing to report on operations and performance again KPIs.

• The Trust was also represented on the Walpole Park Forum and the Culture Task Group.

Key Management Personnel

The Trustees delegate day-to-day management of the charity to its executive Director, Clare Gough, supported by the Senior Management Team which comprises:

• Head of Commercial and Operations

• Head of Communications

• Head of Development

• Head of Engagement

• Head of Finance

Remuneration Policy

Pay and remuneration of the charities’ employees is bench-marked against industry norms and approved by the Remuneration Committee, which comprises the Chair, Deputy Chair, Secretary and Director.

Volunteers

In addition to the volunteer Trustees, the Trust makes extensive use of volunteers as expert advisors on its sub-committees listed above and in its operational activities such as invigilating and guiding in the manor and gallery, assisting in educational activities, beekeeping and honey production and grounds maintenance. In the year to March 2022 volunteer sessions, including Trustees, exceeded 3,900.

Trading Subsidiary

Pitzhanger Trading Limited, a wholly owned subsidiary of PMGT, was set up in November 2018 as a vehicle for the various planned commercial activities such as venue hire and catering which forms a crucial part of the venture’s financial sustainability.

10

Pitzhanger Manor & Gallery Trust

Principal Risks and Uncertainties

The principal risks specific to Pitzhanger Manor & Gallery and its subsidiary are:

• Financial sustainability following the Covid 19 pandemic and loss of commercial revenue streams

• • Shortfall on visitor targets

• Failure to engage with the public regarding the exhibition, public and outreach programme

• Unscheduled maintenance or failure to meet planned maintenance targets

• Exposure of staff, volunteers, and visitors to the Covid virus

The Trustees, led by the Chair, examine the major strategic, business, and operational risks that the Trust faces, and the Trustees ensure that appropriate systems are in place or are planned to mitigate these risks. Specifically:

• The on-going Covid situation and impact of the financial sustainability of the Trust is and will remain a concern while the pandemic continues to affect customer confidence and revenues stream are being rebuilt, the Trustees and executive are keeping a close eye on finances with an increased number of Finance Committee meetings, prudent financial management and long-term cashflow planning.

• The Trust acknowledges that visitor numbers are likely to fluctuate for both internal factors (the exhibition cycle) and external factors (seasonal factors, weather conditions etc). The Senior Management Team monitor visitor performance against annual targets on a weekly basis and these are reported at Board meetings. If necessary, adjustments are made to marketing strategy as appropriate.

• The exhibitions, public and outreach programmes are carefully developed and reviewed to ensure they are sufficiently varied and appealing and have potential to attract new audiences. Programmes are being adapted to new models that are safely operable with social distancing measures.

• Health and safety: the operations team have carried out and continue to update risk assessments in response to government guidelines. Our visitor access model has been amended, reducing the number of visitors at any one time. We have increased cleaning routines and introduced sanitising equipment. Our offices have also been adjusted to allow staff to work in a safe and hygienic way.

• The Trust follows a planned maintenance plan that is reviewed on a quarterly basis by the Buildings Committee.

11

Iyitthanger Manor & Gallery Tru¥£ Dlidosw• of inform￿lOn t• auditor Each of the Trustees has confirmed that there is r)0 information of which they are awa￿ which is relevant to the audit, but of which the auditor is unaware. They have furtlier confirmed that they have taken appropriate steps to identify such relevar)t information and to establish that the auditor is aware of such confirmation. Approved by the Trustees on 20 4) g -z2 and signed on their behalf by.. Georgina Nayler Co-chair

Pitzhanger Manor & Gallery Trust

Reference and Administrative Details

Charity Name Pitzhanger Manor & Gallery Trust Charity Registration Number 1152434 Company Registration Number 08278049 Registered office and operational address Pitzhanger Manor & Gallery Trust Mattock Lane London W5 5EQ Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL

Bankers HSBC, 46 The Broadway, London W5 5JR Legal advisors Trowers and Hamlins,

Trowers and Hamlins, 3 Bunhill Row, London EC1Y 8YZ

Trustees during the year and up to the date of signature of the financial statements

Sir Sherard Cowper-Coles (resigned 31 Dec 2021) Rob Dickins (appointed 7 Dec 2021) Georgina Nayler John Newbegin (resigned as Trustee 31 Dec 2021) Harbinder Birdi (resigned 15 Jul 2022) Vivienne Cane-Honeysett Rosita Caspersz (resigned 1 Jun 2022) Michel Fisher (appointed 8 Mar 2022) Sharon Jones (appointed 24 May 2022) Lorraine Heggessey (resigned 1 Jun 2022) Kristian Kaminski Rachel MacKay David Millican (resigned 5 May 2022) Samir Shar (appointed 8 Mar 2022) Gareth Shaw (appointed 20 Jul 2021) David Snell (resigned 8 Sep 2022) Caroline Worthington Rosemary Yallop (resigned 24 May 2022)

Chair Co-Chair Co-Chair Secretary

13

Pitzhanger Manor & Gallery Trust

Trust Supporters

The Trustees would like to thank the following supporters for their generosity to the Pitzhanger Manor & Gallery Trust in 2020-21.

National Lottery Heritage Fund

London Borough of Ealing

Art Fund_

Bernard Sunley Foundation

Sarah Pidgley

The Foyle Foundation

The Michael Bishop Foundation

The Trust also received very generous support from a wide number of individuals during the period, whose names are not reported here, but to whom the Trust is most grateful.

14

Pitzhanger Manor & Gallery Trust

Statement of Trustees’ Responsibilities for the year ended 31 March 2022

The Trustees, who are also the directors of Pitzhanger Manor & Gallery Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

A combination of Company and Charity 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 charity and the group and of the the income and expenditure of the charitable group for that year.

In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS 102);

• 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 statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 charity and the group 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 charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each Trustee confirms that:

• so far as Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and

• each Trustee has taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

15

Pitzhanger Manor & Gallery Trust

Independent Auditor’s Report to the Members of Pitzhanger Manor & Gallery Trust

Opinion

We have audited the financial statements of Pitzhanger Manor & Gallery Trust (the ‘parent charity’) and its subsidiary (the 'group') for the year ended 31 March 2022 which comprise the consolidated statement of financial activities, the group and charity balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the group's and parent charity's affairs as at 31 March 2022 and of the group’s income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorized for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information contained within the Annual Report and Financial Statements. The other information comprises the information contained within the Annual Report and Financial Statements, other than the Financial Statements and our auditors report therein. Our opinion on the financial statement does not cover the other other information and, except to the extent otherwise explicitly stated in our report, we do no express . Other information any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent

16

Pitzhanger Manor & Gallery Trust

material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Trustees' report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Trustees' report, which is also the Directors’ report for the purposes of company law has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charity, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charity's financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

17

Pitzhanger Manor & Gallery Trust

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process;

• We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant: Charity SORP, FRS 102, The Charities Act 2011 and The Companies Act 2006.

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

• Enquiring of management as to actual or potential litigations and claims.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Performing analytical procedures to identify any unusual or unexpected relationships.

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

• Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted, and restricted funds.

• Performing a physical verification of key assets.

• Documenting and verifying all significant related party balances and transactions.

• Reviewing documentation, such as the charity board minutes, for discussions of irregularities including fraud

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditors' responsibilities. This description forms part of our auditor's report.

18

Pitzhanger Manor & Gallery Trust

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gumayel Miah (Senior Statutory Auditor) for and on behalf of Buzzacott LLP, Statutory Auditors 130 Wood Street London EC2V 6DL

Date: 18 November 2022

19

Pitzhanger Manor & Gallery Trust

Consolidated Statement of Financial Activities (including income and expenditure account) for year ended 31 March 2022

Notes Income: Donations and grants 2 Charitable activities 3 Other trading activities 4 Investments Total income Expenditure: Raising funds 5 Charitable activities 6 Total expenditure Net (expenditure)/income Transfer to unrestricted reserves 16 Net movement in funds Reconciliation of funds Balances brought forward Balances carried forward at 31 March 2022 16	Unrestricted Funds Restricted Funds Total Funds Unrestricted Funds Restricted Funds Total Funds 2022 2021 £ £ £ £ £ £ 387,023 149,970 536,993 524,575 211,750 736,325 482,576 18,846 501,422 445,829 16,398 462,227 220,408 - 220,408 166,178 - 166,178 536 - 536 370 - 370
	1,090,543 168,816 1,259,359 1,136,952 228,148 1,365,100
	260,633 2,500 263,133 231,065 1,197 232,262 830,384 195,589 1,025,973 519,834 499,109 1,018,943
	1,091,017 198,089 1,289,106 750,899 500,306 1,251,205
	(474) (29,273) (29,747) 386,053 (272,15) 113,895 - - - 12,359 (12,359) -
	(474) (29,273) (29,747) 398,412 (284,517) 113,895
	1,017,896 861,791 1,879,687 619,484 1,146,308 1,765,792
	1,017,422 832,518 1,849,940 1,017,896 861,791 1,879,687

All income and expenditure relate to continuing activities. All recognised gains and losses are included in the above statement of financial activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

20

Pitshanger Manor & Gallery Tru¥( Group and Charity B¥knn￿ Sheets as at 31 March 2022 Comyny Re9i8tr8tion Number 08278049 Group Charrty 2022 2021 2022 2021 Tangible fixed assets Investments 187,689 18,452 187.689 18,452 187.689 18,452 187,690 18,453 Current assets Stocks 30,251 25,713 328,417 317,689 1.641,737 1,665,046 2,￿),405 2,008,448 Debtors Cash at bank 381,655 1,479.150 1,860.805 404,085 1,481,705 1,885,790 Creditors.. amounts falling due within one year 1338,1541 1147,2131 1277.1431 1112,3011 Net currentassots ,251 1,861,235 1583 662 1,773,489 1.849.940 1,879,689 1.771.352 1,791,942 Funds Unrestricted funds -unrestricted -designated Re&ricted funds 530,396 487.500 861.791 421.334 517,500 832,518 455,845 487,500 848,597 16 S17￿ 8W18 17 Total fund5 1.849.940 1,879,687 1,771,352 1,791,942 Approved by the Trustees on ? 0 0 1- 2 2 and signed on their behalf by Georgina Nayler, hair 21

Pitzhanger Manor & Gallery Trust

Consolidated statement of Cash Flows for the year ended 31 March 2022

nsolidated statement of Cash Flows r the year ended 31 March 2022
Notes Cash provided by operating activities 18 Cash flows from investing activities Interest received Purchase of fixed assets Cash used up investing activities Decrease in cash and cash equivalents in year Cash and cash equivalents at beginning of year Total cash and cash equivalents at end of year	Group Group 2022 2021 £ £ 147,602 10,067 536 370 (171,447) (19,026)
	(170,911) (18,656)
	(23,309) (8,589)
	1,665,046 1,673,635
	1,641,737 1,665,046

22

Pitzhanger Manor & Gallery Trust

Notes to the Financial Statements for the year ended 31 March 2022

Accounting Policies

The main accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.

(a) Company information

Pitzhanger Manor & Gallery Trust is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Mattock Lane, Ealing, London W5 5EQ.

(b) Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006, the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by 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 £.

The group financial statements reflect the results and combined financial position of Pitzhanger Manor & Gallery Trust and Pitzhanger Trading Limited. As permitted by s408 of the Companies Act 2006, the parent charitable company has not presented its own income and expenditure account and related notes.

(c) Going Concern

As set out in the Financial Review, the Board has assessed the prospects of the Charitable Group and Trust over the 12 months from the date of approval of the Annual Report and Financial Statements taking into account its expectations for future operating activities, fundraising and the risks that the Trust faces. In addition, the Trust has performed a sensitivity analysis on its forecasts to evaluate a severe but plausible downside scenario on the business of the lasting impact of Covid-19 and other risks.

Having completed these assessments, the Board has a reasonable expectation that the Charitable Group and Trust has adequate resources to continue in operational existence for the foreseeable future, being a minimum of 12 months from the date of approval of the Financial Statements and thus continues to adopt the going concern basis of accounting in preparing the financial statements.

(d) Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. The Trustees may designate all or part of the unrestricted reserves for specific purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

(e) Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income can be measured reliably.

23

Pitzhanger Manor & Gallery Trust

Income from grants and donations is recognised when there is evidence of entitlement, receipt is probable, and the amount can be measured reliably. Contractual and trading income is recognised as income to the extent that the associated goods or services have been provided. Where income is received in advance and the charity does not have entitlement to these resources until the goods or services have been provided, the income is deferred. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank.

(f) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Raising funds comprise costs of market research, communication and raising funds. Charitable expenditure comprises the direct costs incurred by the charity in the delivery of its activities such as outreach, along with support and governance costs. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the costs of the independent auditor and costs linked to the management of the charity.

(g) Donations of volunteer time

In accordance with the Charities SORP volunteer time is not recognised.

(h) Donations of goods for resale

The Trust is in receipt of regular donations of small items for resale in the retail shop. In accordance with the Charities SORP these are recognised as income when sold. The proceeds of sale are categorised as Retail Sales in Income from other trading activities.

(i) Tangible fixed assets and depreciation

Tangible fixed assets costing more than £500 are capitalised and depreciated over their estimated useful lives.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are:

• Fixtures, fittings and equipment 3 - 5 years

(j) Leasehold improvements and amortisation

Leasehold Improvements costing more than £500 are capitalised and amortised over their estimated useful life.

Amortisation commences from the date the Leasehold Improvements are brought into use to the end of the lease on 15 March 2044.

(k) Financial Instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial

24

Pitzhanger Manor & Gallery Trust

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(l) Bank

Cash at bank includes balances in the current account and short-term deposit account that can be accessed immediately.

(m) Taxation

As a charity, Pitzhanger Manor & Gallery Trust is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or S.256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

(n) Investments in Subsidiaries

Investment in Pitzhanger Trading Limited, a wholly owned trading subsidiary of Pitzhanger Manor & Gallery Trust, is at cost.

(m) Stocks

Stock relates to items held in the shop at year end and are recorded at the lower of cost and net realisable value.

(n) Critical accounting estimates and judgements

The Trustees are satisfied that there are no significant estimates or judgements included in the financial statements.

25

Pitzhanger Manor & Gallery Trust

2 Income from donations and grants

Trusts and foundations Individual and corporate donations Government Furlough Grant Total	Unrestricted Restricted 2022 Total Unrestricted Restricted 2021 Total £ £ £ £ £ £ 274,933 137,632 412,565 254,930 67,500 322,430 106,450 12,338 118,788 189,338 144,250 333,588 5,640 - 5,640 80,307 - 80,307
	387,023 149,970 536,993 524,575 211,750 736,325

3 Charitable activities

Charitable activities
Ealing Council - Management fee Ealing Council - HLF Outreach House admissions Other	2022 2021 Unrestricted Restricted Total Unrestricted Restricted Total £ £ £ £ £ £ 427,000 - 427,000 427,000 - 427,000 - 18,846 18,846 - 16,398 16,398 44,264 - 44,264 14,950 - 14,950 11,312 - 11,312 3,879 - 3,879
	482,576 18,846 501,422 445,829 16,398 462,227

The Trust has only one charitable activity: the Operation of Pitzhanger Manor House and Gallery.

4 Other trading activities

Other trading activities
Catering commissions Retail sales Venue hire Fundraising events	2022 Total 2021 Total Unrestricted Restricted Unrestricted Restricted £ £ £ £ £ £ 80,954 - 80,954 21,648 - 21,648 21,421 - 21,421 74,439 - 74,439 115,446 - 115,446 61,091 - 61,091 2,587 - 2,587 9,000 - 9,000
	220,408 - 220,408 166,178 - 166,178

26

Pitzhanger Manor & Gallery Trust

5 Raising funds

Raising funds
Staff costs Development and fundraising Marketing Trading expenditure	2022 2021 Unrestricted Restricted Total Unrestricted Restricted Total £ £ £ £ £ £ 110,098 - 110,098 108,377 - 108,377 39,191 1,250 40,441 3,513 - 3,513 51,533 1,250 52,783 5,284 1,197 6,481 59,811 - 59,811 113,891 - 113,891
	260,633 2,500 263,133 231,065 1,197 232,262

6 Charitable activities

Charitable activities
Donation to the capital project Estate management Exhibitions and curatorial costs Education Support costs 7 Governance 8	2022 2021 Unrestricted Restricted Total Unrestricted Restricted Total £ £ £ £ £ £ - - - - 441,898 441,898 197,114 80,042 277,156 129,016 14,741 143,757 81,221 85,076 166,297 10,577 24,163 34,740 72,601 28,597 101,198 32,861 17,398 50,259 452,679 1,874 454,553 329,788 909 330,697 26,769 - 26,769 17,592 - 17,592
	830,384 195,589 1,025,973 519,834 499,109 1,018,943

The Trust has only one charitable activity: the Operation of Pitzhanger Manor House and Gallery.

• 7 Support costs

Support costs
Staff costs Office costs	2022 2021 Unrestricted Restricted Total Unrestricted Restricted Total £ £ £ £ £ £ 374,365 1,874 376,239 291,987 909 292,896 78,314 - 78,314 37,801 - 37,801
	452,679 1,874 454,553 329,788 909 330,697

8 Governance costs

Governance costs
Audit and tax advice Insurance, legal and professional fees	2022 2021 Unrestricted Restricted Total Unrestricted Restricted Total £ £ £ £ £ £ 14,656 - 14,656 10,085 - 10,085 12,113 - 12,114 7,507 - 7,507
	26,769 - 26,769 17,592 - 17,592

Net (expenditure) / income is stated after charging £14,656 (2021: £10,085) audit and tax advice fee and £2,784 (2021: £574) depreciation.

27

Pitzhanger Manor & Gallery Trust

9 Trustee Remuneration and Related Party Transactions

No Trustee (or any person connected with them) received any remuneration during the year. Reimbursed Trustee expenses totalled £281 (2021: £340). £681 (2021: £652) was expended in respect of professional indemnity insurance for the Trustees. The Trustees (and people connected with them) contributed £7,719 (2021: £2,700) during the year by way of individual and corporate donations.

10 Staff costs and remuneration of key management personnel

The average headcount of employees (many of whom were part-time) during the year was 19 (2021 - 18) with all employees contributing to the governance of the charity or working towards achievement of charitable activities or other trading activities. The Trustees delegate key management responsibilities to the executive director supported by the Senior Management Team. The total employee benefits, including employer pension contributions, of the Senior Management Team was £244,861 (2021: £224,652)

Employment costs Wages and salaries Social security costs Pension costs	2022 2021 £ £ 466,468 382,826 36,138 29,322 21,645 17,566
	524,251 429,714

Most employment costs are allocated to unrestricted funds, though some costs were funded from restricted funds. These include a proportion of the costs of the Education and Outreach team funded by the National Lottery Heritage Fund, and some costs relating to exhibitions and education activities funded by Historic England, Arts Council and the Art Fund.

The number of employees whose annual remuneration was £60,000 or more was:

		2022		2021
£60,000	- £69,999		1		1

Pension contributions in respect of higher paid employees were £3,315 (2021: £3,178)

28

Pitzhanger Manor & Gallery Trust

11 Tangible Fixed Assets

Cost As at 1 April 2021 Additions As at 31 March 2022 Depreciation/Amortization As at 1 April 2021 Charge for the year As at 31 March 2022 Net book value As at 31 March 2022 As at 1 April 2021	Group and Charity Assets under construction Fixtures, Fittings and Equipment Total £ £ £ 12,359 6,667 19,026 163,317 8,130 171,447
	175,676 14,797 190,473
	- 574 574 - 2,210 2,210
	- 2,784 2,784
	175,676 12,013 187,689
	12,359 6,093 18,452

All of the above assets are used for charitable purposes.

12 Fixed asset investments

Fixed asset investments
Investments in subsidiaries Details of the charity’s subsidiary at 31 March 2022 a Name of undertaking and country of incorporation or residency Pitzhanger Trading Limited, England and Wales (Company no:11699729) Registered office: Walpole Park, Mattock Lane, London W5 5EQ	Group 2022 2021 £ £ - - re as follows: Nature of Business Catering, retail, and venue hire	Charity 2022 2021 £ £ 1 1
		Class of Shareholding % Held direct Ordinary 100%

All profits of the trading company are gift-aided to the parent charity. The net assets of Pitzhanger Trading Company (PTL) at the end of this period are £78,590 (2021: £87,745). In the year to 31 March 2022 PTL had income of £217,819 (2021: £157,178), expenditure of £139,229 (2021: £67,937) and net profit of £78,590 (2021: £89,241).

29

Pitzhanger Manor & Gallery Trust

13 Stocks

Goods for resale

Group			Charity
2022	2021	2022		2021
£	£	£		£
30,251	25,713		-		-

14 Debtors

Debtors
Amounts falling due within one year: Trade debtors Amount due from group undertaking Other debtors Prepayments and accrued income Amounts falling due after one year: Loan to group undertaking Total Debtors	Group 2022 2021 £ £ 24,821 12,380 - - 251,887 232,792 51,709 72,517 328,417 317,689 - - 328,417 317,689	Charity 2022 2021 £ £ 1,949 423 47,629 65,941 250,392 232,032 48,514 72,517
		348,484 370,913
		33,172 33,172
		381,655 404,085

The loan has a 25 year term, repayable on 1 March 2044. Interest is payable at the LIBOR rate appropriate to the period.

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year Trade creditors Accruals and deferred income	Group 2022 2021 £ £ 79,332 72,027 258,822 75,186 338,154 147,213	Charity 2022 2021 £ £ 77,038 65,129 200,105 47,172
		277,143 112,301

Total deferred income at the year-end amounted to £184,942 (2021: £12,326). This amount represents income relating to advance membership sales, commercial events that will take place in the next financial year and funding for the 2022-23 exhibition programme.

30

Pitzhanger Manor & Gallery Trust

16 Designated Funds

Designated funds	At 1 April 2021 Income Expenditure At 31 March 2022 £ £ £ £ 487,500 30,000 - 517,500

Designated funds relate to a long -term sinking fund for future maintenance costs, development of the public programme and general operational support during this post-Covid recovery period. It is anticipated that reserves designated to support future operating costs will be drawn upon from 2022-23.

17 Restricted Income Funds

17Restricted Income Funds
Restricted funds The Restoration project Lodge renovation project London Borough of Ealing (Outreach) Historic England Walpole Friends Alan Baxter Fund Lawrence Geller Fund Individual donors Art Fund LBE Culture Fund Education fund Total restricted funds	At 1 April 2021 Income Expenditure At 31 March 2022 £ £ £ £ 597,726 5,000 (61,208) 541,518 181,391 90,000 (2,782) 268,609 - 18,846 (18,846) - 41,231 2,632 (43,863) - 35,314 - (16,052) 19,262 2,629 - - 2,629 3,000 - (3,000) - - 7,338 (7,338) - - 30,000 (30,000) - - 15,000 (15,000) - 500 - - 500
	861,791 168,816 (198,089) 832,518

• The Restoration Project relates to funds raised in respect of the restoration and redevelopment of Pitzhanger Manor and Gallery and will be paid over to the London Borough of Ealing on full completion of the project.

• The Lodge Renovation fund relates to a discrete capital project to construct a new Volunteer and Community Space next to the Trust’s office in the Lodge building.

• Historic England related to our Soane Restored exhibition and related education and outreach activities.

• Walpole Friends relates to funds for conservation and other at the Friends’ discretion.

• The Alan Baxter Fund supports our Architecture in Schools programme.

• The Lawrence Geller Fund supports our Dementia Café programme.

• The Art Fund supported the Opie and Bollo exhibitions.

• LBE Culture Fund provided exhibition support and Audience Agency development.

• The Education fund is for education materials.

31

Pitzhanger Manor & Gallery Trust

Restricted Funds (comparative year) Restricted funds The Restoration project Lodge renovation project London Borough of Ealing (Outreach) Historic England Arts Council England Western Loan Foundation General education fund Alan Baxter Fund Lawrence Geller Fund Walpole Friends Total restricted funds	At 1 April 2020 Income Expenditure Transfers At 31 March 2021 £ £ £ £ £ 1,054,365 - (456,639) - 597,726 50,000 143,750 - (12,359) 181,391 - 16,398 (16,398) - - - 42,500 (1,269) - 41,231 - 20,000 (20,000) - - - 5,000 (5,000) - - - 500 - - 500 2,629 - - - 2,629 4,000 - (1,000) - 3,000 35,314 - - - 35,314
	1,146,308 228,148 (500,306) (12,539) 861,791

18 Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds Add: Depreciation Deduct: interest income shown in investing activities Increase in stock Increase in debtors Increase /(decrease) in creditors Net cash provided by operating activities	Group Group 2022 2021 £ £ (29,747) 113,895 2,210 574 (536) (370) (4,538) (2,476) (10,728) (76,853) 190,941 (24,703)
	147,602 10,067

19 Analysis of net assets between funds

Fund balances at 31 March 2022 are represented by: Fixed assets Net current assets	2022 Unrestricted Restricted Total £ £ £ 24,372 163,317 187,689 993,050 699,201 1,692,251 1,017,422 832,518 1,849,940	2021 Unrestricted Restricted Total £ £ £ 18,452 - 18,452 999,444 861,791 1,861,235
		1,017,896 861,791 1,879,687

20 Analysis of changes in net funds / (debt)

The group had no debt in the year.

32

Pitzhanger Manor & Gallery Trust

21 Operating Lease

The Trust operates Pitzhanger Manor House and Gallery under a 25 year lease expiring on 25 March 2044. Lease payments due under the lease are a peppercorn.

33