PITZHANGER MANOR & GALLERY TRUST ANNUAL REPORT AND FINANCIALSTATEMENTS 1 April 2022 to 31 March 2023 chrlty Registration Numb•r: 1152434. Company R•gSstratl•n Number. 08278049
Trust•es' Report and Cons01idat•d Financial Statements Contents Pa9e Report of the Trustee5 1.14 Ststement of Trustees Responsibilities 15-16 Independent Auditor's Report to the Members of Pitzhanger Manor & Gallery Trust 17-20 Consolidatèd Statement of Financial Activities 21 Group and Charity Balance Shèèts 22 Consolidated Statement of Cash Flows 23 Notes to the Financial Siaternents 24-34
Pitzhanger Manor & Gallery Trust Report of the Trustees for the year ending 31 March 2023 The Trustees are pleased to preser)t their annual report together with the financial statements of the charity forthe year ending 31 March 2023. The financial statements comply with the Charitie5 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 IFRS 102). Introduction: About Pitzhanger Manor & Gallery Trust Pitzhanger Manor was designed and bu ilt in 1800 by Sir John Soane one of Britain's leading architects whose other buildings include the Bank of England and Dulwich Pictu re Gallery), as h 15 personal country retreat in the then rural vi Ilage of Eal ing. Pitzhanger is vitally important in the Soane story as a rare example of ? bu ilding Soane designed, bu ilt and l ived in himself; Soane used it as a laboratory for his architectural ideas, including his trademark use of canopy domed ceil ings, the appl ication of idiosyncratic classical detai15 and his innovative use of l ight as an architectural tool. The Grade I listed house represents an extraordinary architectural statement bursting with his influence, idea5 and flourishes: it is an artistic tour de force. Pitrhanger Mar)or & Gallery Trvst 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 restore the Manor to Soane's original design and upgrade the Gallery and the Surrounding gardens to enable the hosting of a world-class exhibitions programme, and to offer learning and enjoyment for all with an extensive outreach programme. On completion of the three-year capital project in 2018, the Trust took over the running of the site under a long-term lease and a management agreement. The Trusvs executive team are overseen by an experier)ced Board of Trustees, and the Trust works closely with Eal ing Council, the architects, consultants, and contractors, to deliver the project and manage the site. Objectives and Adivities ision We bel ieve culture matter5 for all people. Pitshanger will initiate exceptional creative encounters for everyone, empowering expression, inspiring discovery and enriching our community. Mission Building on the dual foundation of Soane'5 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 hi5 original parkland..
Pitzhanger Manor & Gallery Trust To celebrate Sir John Soane's genius as a designer.. to nurture understanding ofthe relevance of Soane's work today, and to carryfonmard 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 aud iences in Eal ing, Wast 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 connactions that enrich our lives.. and To develop a sustainable business that enables Pitzhanger to del iver its aspirations in the lon9 term, seeking to diversify and grow income streams from a wide range of fundraising and commercial activity. Strategic Goals Reach more people. Positively impact our community in Ealing. Financial sustainability Care for our people and bu ildings. Values Collaborative: inclusive and 5UPPOrtive teamwork with everyone we work with + developing dynamic & productive partnerships beyond the organisation Excellence: striving for excellence in everythin9 we do and everyth ing we create, reflecting Soane's exceptional desigr) legacy Trust & Responsibility: valuing and respecting all the people we work with + encouraging and respecting expression and debate Bold and Creative: adventuring and innovative spirit to embrace challenge, experiment with new opportunities and learn from failure5 Sustainability: embracing Sustainable practices, committing to reduce our environmentsl impact and considering ecological, social and economic factors in everything we do Dellverfng Public Béneflt The Trustees conf irm 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 Trusvs overarching aim is, through restorin9 and revealin9 this important historic building and by upgrad ing the art gallery, to promote appreciation of national heritage and of art, and provide both learning opportunities ar)d recreation for our diverse communities. Pit2hanger Manor & Gallery Trust also ha5 the general aim of contributing to the quality of Itfe of the people of the London Borough of Ealing by expanding their horizons in offering exciting, challenging, and accessible education programmes, events, and exhibitions.
Pitthanger Manor & Gallery Trust Achievements and Performance SUMMARY Total Vlsltors: 37,682 Total Digital Visitors.. 31,204 Total Education and Outr•ach Engag•ments'. 8,918 Exhibitions '. Rar)a Begum.. Dappled Light, A Sense of Wonder.. The curious Robot World of Matt Dixon, Anton Caro.. The Ins iration of Architecture. Soane Restored- Jaixia Slue.. Ji saw Herita As we entered 2022-23, we were hopeful of emerging from the Covid storm, setting out on the path to return to our pre-pandemic levels of vi51tors numbers and engagement. While cond itions continued to be challenging this year, with our colleagues in the sector reporting visitor levels at 60-70% of pre- pandem ic targets, together with the cost of livin9 crisis, we were pleased to see a 35% increase in visitor numbers, a good step in the right direction and a sound foundation forfurther growth in 2023. Our main focus for the year was to implement a strong Audience Development Plan to reach the target audiences currently not V151ting Pitzhanger and grow and diversify our visitor number5, bu ilding on key planks of the audience strategy from previous years lincluding the exhibiiion programme and the supporting public programmes of events and workshops). Our aim was to make Pitzhanger a vibrant community hub for all local aud iences whatever their background, to inspire them in art, architecture and design, while also ensuring Pitzhanger could remain financially viable. A key part of this plan wa5 rolling out and extendirbg the Learn in9, Outreach and Education Programme. Key to this was the schools programme, which inspires creativity within our younger audiences and also can help us to reach the hard-to-attract audiences la nd in addition help us raise profile in these areas with families of school visitors acros5 the borough of Ealingl. Over the year, we were delighted to receive vi5it5 from 27 differont primary and secondary schools and colleges from across the borough, and reach schools with a high proportion of pupi15 Wlth SEN and on free school meals. Several schools returned for repeat visits. This was a good step towards us achieving our ambition of meaningful engagement with every school in the borough of Ealing. 609um's Paiiitin9 Lthrge 2U2l feeturin9 c>n Ili¥ Iiomtrpage oI&Atsn'5 Sch
Pltzhanger Manor & Gallery Trust We worked hard on developing plans to animate the manor and better tell the story of our remarkable historic building, particularly to ensure a visit was appeal ing to the non-9uided visitor. We extended our exhibition displays into our historic spaces, with the aim of drawing exhibition visitors to the Manor as well. Ran3 Begum draped her vibrant neJn fish nets across the Manor's central stairwell to dramatic effeci and one of Matt Dixon's robot models was placed in the conservatory and Soane's Kitchen. We have continued the practice of displaying exhibition works in the gardens and park around the Manor in order to attract passers-by to venture in to explore the Manor and Gallery. Antony Caro'$ Foruml992194 to th8 rèarof the Ménor We introduced mor6 regular and visible programming on regular dates in the month so visitors could plan when to be at Pitzhanger. We aimed to become more of a community hub, making Pi12hanger the obvious home to more community activities/workshops/session5 and a place where community groups can celebrate key events. Cgr•mony lorAboIon of Windru5h nd Unvèiling ofCeTgfflonyPlaqu•$.' Soan•'s Gardsn Our volunteer supporters remained an essential part of our offer and in the year we amassed nearly 4,500 volunteers sessions from an actively engaged group of over 100 volunteers, who helped us with invigilation. tours, learning activities, honey making and gardening. In addition we benefited from the skills of a wide range of locally based experts who provided advice and sUPPOrt on our various specialist committees. We also continued collaborations with local student groups and offered our 4-weok intern programme to 8 students to help bui Id their skills and employability.
Pitzhanger Manor & Gallery Trust EXHIBITIONS We continued with our aspiration to offer a varied programme of exhibitions to appeal to a wide range of visitors. Fou r major exh ibitions were presented in the year, together with add itional displays organised in col laboration with our local community. Rana Be9um.' Dappled Light125 March- 11 September 2022)- a solo exhibition of work by artist Rana Begum RA, with striking works which explored the perception of light, colour and form and blurred the boundarios between scul pture, architecture, design and painting. Fol lowing her selection for Pitzhanger, Rana Begum was asked to curate the architecture rooms of the Royal Academy's Summer Exhibition. Soane Restored (till May 20231- an exhibition tell ing the story of Pitzhanger's recent restoration and celebrating the skilled research and craft work involved in the recent restoration of Pitshanger. A Sense of Wonder,: The Curious Robot World of Matt Dixon (14 October 2022- 12 February 20231- an audio-visual exhibition by digital artist Matt Dixon, creating a magical and playFu I world inhabited by a series of loveable rusty robots, &rAntony C•ro.' Child¥ TgwgrRoom olthe Soone Set thg Tlibur Rana B8gum.' No 7081 Mosh2021 Anthony Caro.. The Inspiration ofArchitecture19 March- 10 September 20231- an exhibition of the works of one of the most influential sculptors of the 20, century, the exh ib ition focused on the devèlopment of architectural themes within Caro's sculpture5 in works created between 1983- 2013. A highlight of the exhibition was Child's Tower Room11983-4), the earl lest work Children were invited to climb insidg this
Pitzhanger Manor & Gallery Trust structure which breaches the boundaries between scul pture and architecture with spiral steps and to explore hidden chamber. It has become a hi9hlight for visiting families. Displays included.. -Jaixa Blue: Jigsaw Heritage.. a display of African and Caribbearb inspired fabrics to coincide with Black History Month. display of winnin9 entries from local schoolchildren of bunting designs to c&lebrate The Queen's Jubilee. LEARNING AND OUTREACH Our Learning, Outreach and Family programme, was at the heart of initiatives to reach our community in 2022-23. Acr05S this varied programme, we aimed to offer inspiring ways to engage with Pitzhanger for a wide variety of ages and backgrounds, and ensu ring pricing accessibility to take account of their ability to pay. For example: We launched an exhibitions schools programme for Key Stage 2, including teacher rÈsource packs, CPD sessions for teachers and free self-guided visits for schools. Among many successes was seeing Ark Byron Primary School bring their whole school to visit in July 2022; Through funding from the Alan Baxter Foundation we were able to extend our popular Architecture After School Club from 6 to 12 weeks and offering the club to primary, secondary and SEN provisionsfree of charge,- We relaunched our outdoor learning programme, streamlining our offer and adjusting our pricing Structure to make it more cost effective,. As part of our'A Sense of Wonder, exhibition we held a comic booklgraphic novel competition, offering schools and colleges across the Borough free workshops with award- winning comic book artists and inviting them to create a comic book or graphic novel inspired by one of the artworks. 11 winners were chosen from the talented entries; Our flagship under 5s Little Builders was relaunched a5 Mini Makers with a new t&am of artist practitioners. It attracted an average 40-50 famil ies to the weekly sessions Isubsidised for the unwaged, recipients of benefits and blue light card holders); Pitzhanger became a creative hub for families during the school holidays, offering a combination of free and paid activities, as well as a range of self-guided activities and trails in our Education Room. Highlights have included.. Familyyoga Drop in drawing workshops Strummy Mummy Ukelele workshops Cr8ative Summer, with supportfrom the John Lyon's Charity. This programme of activities for children and families, included free drop in activities across the 6 weeks hol iday and a one week holiday cl ub, where children aged 7-11 got to experience a dtfferent art form every day and four days of play sessions led by Assemble Play 2022-23 also saw us partner with our neighbours at the University of West London's London College of Music, MMU Performance programme. Students performed a free half-term concertforfamilies. We offered a programme of activities every Sunday morning. Open Sundays have provided a free opportu nity for Ealing Residents to experience storytelling and drop in art activities, that
Pitihanger Manor & Gallery Trust introduce them to our main Gallery exhibitions as well as other themes such as Windru5h Day, the return of Carnival to West London, Black History Month. EVENTS A key focus thi5 year was our Thursday Late programme, with later opening hours, a refreshments bar, DJ sets and drop in workshops. We offered a varied programme of events and workshops at the Lates ranging from talks le.g. Paralympic athlete and presenter, Ade Adepitan,- the architecture of Crossrail; the Polish Airforce based at Northolt; and Director and ArtlStic Producer, Kwame Kwei Armahl to workshops Izine making, paper weaving, print makin9 and life drawing) and collaborations with local organisations with local organisations including South Asian DJ / music collective. CONSERVATION Our commitment to conservation of Sir John Soane's historic house has been sustained with careful maintenance of the historic fabric. Developments during the year ranged from the installation of a li9hting upgrade across the historic interiors, to the research and acquisition of carpets (19th century and contemporary to help protect the historic floor5 while simultaneously improving acoustic5 for events and improving the appearance ofthe room. Eating rocm.. Lat4 79h cantury Sarouk.Feraghan carpet Funding for the reframing of our 18 century prints of the Vil la Negroni la Roman villa that greatly influenced John Soane's architectural style) was secured from various Trusts and Foundations. The prints have been rehung in the library with fram ing securing their long-term preservation. Following a successful application for l i5ted build ing consent, hanging rails will be installed in the key rooms of the Manor to showcase exciting work by contemporary artists. We a150 installed the necessary equipment to track and manage the environmental conditions ir) the Manor to improve conservation and enable future loans and acgu Isltions. One oftheten Willa Ne9roni Prints
Pitzhanger Manor & Gallery Trust SERIOUS INCIDENT In the year the Board made a serious incident report to the Charity Commission regarding the conduct of a TrLJStee. The Charty Commission were satisfied with the steps that had been taken to address the issue. FUTURE PLANS Afocus for the year ahead will be to continue to offer a varied programme of exhibitions working with diverse artists to attract a wider aud ience. Secured artists inclu de Id ris Khan and Annie Morris and emerging artist Alice Irwin (whose works will provide a particular focus for SEN schools). The unannounced progrèmme includes artists from diverse backgrounds and working in diffèrent media, making for a varied programme. In the Manor we will introduce a new programme of rotating exhibitions in the bedroom "Soane Gallery" space. This will launch with works by local Acton youth history and arts group, Descendants, a partnership we aim to build in future. This will be followed by a display of photographs from celebrated photographic agency Magnum of artists in their Studios, a fitting theme to be staged in what was effectively Soane's studio. We will continue with our plans to animate the Manor's reception rooms with new temporary displays of contemporary and historic artwork. These will launch in J une 2023 with a special d isplay of the Villa Negroni prints, alongside contemporary works by architect and print maker Erin O'Keefe. We are also delighted to have secLJred a loan from the Sir John Soane Museum of Soane's Model of anActon Willa, 1800 (the building that eventually became Pitzhangerl. Fundralslng Fundraising is undertaken by a Small in-house development team with the input and review from the Fundra ising G rou p la sub-committee of the Board). 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 fou ndations, corporates and individuals, selecting the most appropriate source of funding for each project for which support is being sought In the year to 31 March 2023 the main fundraising focus was securing supportfor our exhibitions and education programme. Pitthanger takes a considered approach to fu ndraising 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 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
Pitthanger Manor & GalleryTrust fundraisin9. The Trust has received no complaints about its fundraising activities12022: nill. Financlal Review In the year to 31 March 2023, the Trust incurred a net deficit of £607,87512022.. deficit of £29,747). This relate5 to a deficit on unrestricted activities of £108,103 and a deficit on restricted activities of £427,772. The movement from the comparative year reflects payments froTn restricted funds towards the last elements of the restoration project. Maln Fundlng Sources The Trust's operating costs have been supported by a management fee from Ealing Council £427,000 12022.. £427,000), commercial income from visltor admissions £92,627 (2022: £44,264), other trading income £225,06112022'. £220,408) and unrestricted donations from Trusts and Foundations and individuals £90,65412022: £387,023). The Trust also received restricted donations of £191,16212022: £149,970) from a range of Trusts and Fou ndations and individuals mainly in respect of the exhibitions programme and wayfinding projects. At the end ofthe year, the Trust held reserves of £1.24m12022: £1 .85 mil lion), of which £404,74012022.. £,832,5181 were restricted, £299,819 were unrestricted12022: £499,922) and £537,50012022: £517,500) were unrestricted but designated. The restricted reserves largely relate to the Community Hu b 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 thi5 POSt-Covid recovery pgriod. Investrn•nt P•ll¢y As mostofthe charity's funds are to bespent intheshortterm, there are nofundsfor long-term investment. Our fund5 are therefore held in a current account and a short-term deposlt account. Reserv•s Polky Prior to the pandemic the Trust adopted a policy of holding three months. core operating costs in reserve which was equivalent to £250,000. The reserves policy is reviewed as part of the budget proce55 annually and in 2022.23 the decision was taken to increase the minimum reserve requirement to 6 months of core operating costs, approximately £500,000. At the end of the year, free reserves (unrestricted and designated) were £837,000 which the Trustees acknowledge are in exces5 of the minimum reserve requirement. Going Con¢•rn The Charitable Group and Trust's working capital is provided by a combination of its charitable, fundraising and trading activities. The outbreak of Covid -19 caused significant disruption to the Charitable Group and Trust'5 activities, resulting in a significant loss of commercial income, and the Trust is still working to increase both commercial and fundraising income in a challenging economic cl imate.
Pitzhanger Manor & Gallery Trust 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 bu5ines5 of various operating risks. Having completed these assessments, the Board has a reasonable expectation thatthe 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 soing concern basis of accounting in preparing the financial statements. The Trustees note that continued solvent operation bayond the twelve month period will require an increase in commercial revenues and fundraising support. Structure. Governance and Management Truit•• Roles The Trustees provide wide ranging special 1st 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 incl uding the implementation of policies and meeting their legal, financial and fiduciary duties under charity law. Gov•rning 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 ofA5sociation. In the event of the company being wound up members, who are the Trustees, are required to contribute an amount not exceeding £1. Rocruitinent and Appolntm•nt of the Trust••$ The directors of the company are also charity Trustees forthe purposes of charity law and under the companYs articles are known as the TrLJStees. Underthe requirements of the Mèmorandum and Articles of Association, the Trustees are elected to seNe for a period of three years after which they must be re- elected at the next Annual General Meeting. All Trustees give their time voluntarily ar)d receive no benefits from the charity. Any expenses reclaimed from the charity are set out in Note 9 to the f inancial statements. Details of the Trustee5 who served at any time since the start of the financial year under report and to the date of approval of this report are provided at page 13. When Trustees are recruited, the Board identfy the key skills that are requ ired following which the Trust advertises publ icly 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 cand idates are then put forward to the Board for approval. In addition, up to three additional individuals may be co-opted by the Board. 10
Pitzhanger Manor & Gallery Trust Trust•• Inductlon and Training New Trustees receive an information pack that includes the vision, mission and value5 of the organisation, the current business plan, minutes of recent Trustee Board meetings and details of organisational structure. In ad dition, new Trustees u ndertake an induction programmg compri5in9 an introduction to the operations of the Trust presented by the Senior Management Team Oryani$atlonal Structur• The charity has a Trustee body that meets regularly throughout the year and is responsible for the strategic direction and policy of the charity and overseeing governance. The Trust Board Met regularly during this period, with occasional ad hoc meetings as and when required. Sub-committee member5 comprise a mixture of Trustees, member5 of the Executive and industry professionals who bring valued Specialist advice. In addition there are 7 Sub-committees of the Board that met regularly across the year. These are: Finance Committee Building and Conservation Exhibitions and Interpretation Fu ndra ising Communications Learning and Outreach Nominations and Remuneration Committee (which meets on an ad hoc basis as required.) K•y M•n•g•m•Trt P•rsonn•l The Trustees delegate day-to-day management ofthe charity to its executive Director, Clare Gough, supported by the Senior Management Team which comprises: Head of Commercial and Operations Head of Communications Head of Development Head of Engagement Head of Finance The above group together with the Trustees are considered to be the key management personnel of the charity. R•mun•ration Policy Pay and remuneration of the charities, employees is bench-marked against industry norms and approved bythe Remuneration Committee, which comprises the Chair, Deputy Chair ancl Director. Volunt?•r$ In addition to the volunteer Trustees, the Trust ma kes extensive use of volunteers as expert advisors on its sub.committees listed above and in its operational activitie5 such as invigilating and guiding in the manor and gallery, assisting in educational activities, gardening, beekeeping and honey production and grounds maintenance. In the year to March 2023 volunteer 5e5sions, including Trustees, were just short of4,500.
Pltzhanger Manor & Gallery Trust Trading Subsidbary Pitshanger 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 ènd catering wh ich forms a crucial part of the venture's financial sustsinability. Principal Risks and Unc•rtaintig5 The principal risks specific to Pitshanger Manor & Gallery and its subsidiary are: Financial sustainability, following the Covid pandemic and external factors such as the cost of living cris is, increasing operating costs Shortfal l on visitor targets Failure to engage with the public regarding the exhibition, public and outreach programme Damage to the site,. unscheduled maintenance orfailure to meet planned maintenance targets 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 cost of livin9 crisis and continued effect of the Covid pandemic remain a concern whilst revenues stream are being rebuilt. The Trustees and executive are keeping a close eye on fina nces with prudent financial management and long-term cashflow pla nning. The Trust acknowledges that visitor numbors are l ikely to fluctuate for both internal factors (the exh ibition cycle) and external factors (seasonal factors, weather conditions etcl and also the on- going impact of the Covid cris is on visitor numbers across venues national ly. The Sen ior Management Team monitor visitor performance against annual targets on a weekly basis and these are reported at Board meetings. Adjustments are made to marketing initiatives as appropriate throughout the year. 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. The Trust follows a planned maintenance plan that is reviewed on a quarterly basis by the Building and Conservation Committee. It has an emergency recovery plan. Approvgd by the Trustees on I'l-12 - 2 3 and signed on their behalf by: Howell James CBE Chair 12
Pitzhanger Manor & Gallery Trust Reference and Administratlve Details Charity Name Pitzhanger Manor & Gallery Trust Charity Registration Number 1152434 Company Registration Number 08278049 Reglstered office and operational address Pitzhan9er Manor & Gallery Trust Mattock Lane London W5 SEQ Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers HSBC 46 The Broadway London W5 5JR Legal advisor5 Trowers and Hamlin5 3 Bunhill Row London EC1Y 8YZ Trustees during the year and up to the dats of slgnature of the financial statements Howell James (appointed 28 Feb 2023) Rob Dickins17 Dec 2021 to 28 Oct 20221 Georgina Nayler Jon Ball (appointed l O Nov 20221 Harbinder Birdi (to 15 Jul 2022} Vivianne Cane-Honeysett (to 1 Dec 20221 Rosita Caspersz (to l Jun 20221 Jane Cooper (appointed 21 Jun 20231 Michel Fisher Somil Goyal (appointed 21 June 20231 Jennifer Gubbins lappointed 1 April 2023) Sharon Jones (24 May 2022 to 6 Dec 20221 Lorraine Heggessey (to l Jun 20221 Kristian Kaminski (to 6 Dec 2022} Rachel MacKay David Millican (to 5 May 20221 Samir Shar Ito 6 Dec 20221 Gareth Shaw David Snel I (to 8 Sep 2022) Caroline Worthington Rosemary Yallop (to 24 May 2022) Chair Chair Deputy Chair 13
Pitzhanger Manor & Gallery Trust TTu5t Supporters The Trustees would like to thank the following supporters for their 9enerosity to Pitzhanger Manor & Gallery Trust in 2022-23. Sarah Pidgley and the late Tony Pidgely CBE Sky The Deborah Loeb Brice Foundation The London Borough of Ealing The Sandhu Charitable Organisation The Santon Group The TaValoa Foundation The Trust also received very generous sUPPOrt from a wide number of individuals durir)g the period, whose names are not report8d here, includin9 Its Corporate Supporters, Patron members ofthe Soane Circle, all Sponsors of a Pane of Glass at Pitzhanger, supporter5 of our Sponsor a Chair and Beam campaign, all Members and many others for their generosity. The Trust is most grateful to them for their invaluable support. 14
Pitzhanger Manor & Gallery Trust ststement of Trustees, R•sponsibllftles for the year ended 31 March 2023 The Trustees, who are also the directors of Pitthanger Manor & Gallery Trust for the purpose of company law, are responsible for preparin9 the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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 Accounting and Reporting by Charities.. Statement of Recommended Practice1SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland IFRS 102).. make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed. subject to any material departure5 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 proper 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 grou p 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 estsblish that the charitable company's auditor is aware of that information. This confirmation 15 given and should be interpreted in accordance with the provisions of $418 of the Companies Act 2006. 15
Pitzhanger Manor & Gallery Trust The Trustee5 are responsible for the maintenance and integrity of the corporate and f inanci31 information included on the charitls website. Legislation in the United Kingdom governing the preparation an dissemination of financial statements may differ from legislatioii in other jurisdictions. Approved by the Trustees on 12_12-23 and signed on their behalf by,. Howell James CBE Chair 16
Pitzhanger Manor & Gallery Trust Independent Audltor's Report to the Members of Pitzhanger Manor & Gallery Trust Opinion We have audited the financial statements of Pitzhanger Manor & Gallery Trust Ithe'parent chariw) and its subsidiary Ithe 'group'l for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, the group and charity balance sheets, the consolidated statement of cash flow5 and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparatiori Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8ncial Reporting Standard applicable in the UKand Republic of Ireland IUr)ited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fa ir view of the state of the grou p's and parent charity's affairs as at 31 March 2023 and of the group's income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnl•n We conducted our audit in accordance with I nternational Standards on Auditing (UKI IISAS IUKI) 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 requ irements that are relevant to our aud it of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other eth ical responsibil ities 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. Condusions relatlng to golng conc•rn In aud iting the financial statements, we have concluded that the Trusteg5' use of the going concern basls 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 responsib ilities of the Trustees with respect to goin9 concern are described in the relevant sections of this report. Oih•r informatlon The Trustees are responsible for the other information contained within the Annual Report and Financial Statements. The other information comprises the information contained within tho Annual Report and Financial Statements, other thén 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. 17
Pitzhanger Manor & Gallery Trust 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 othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent 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 thatfact. We have nothing to report in this regard. Oplnlons hOr matt•rs pr•xrd)•d by th• Compan1•$ A¢t 2006 In OLJr opinion, based on the work undertaken in the course of our aud it: 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 Director5, report for the purposes of company law has been prepared in accordance with applicable legal requirements. Matters on whl¢h w• ar• r•quir•d to r•port by •x¢oPtion In the l ight of the knowledge and understanding of the group and parent charity and their environment obtained in the course of thè 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 'rf, in our opinion.. adequate accounting records have r)ot been kept by the parent charity, or returns adequate for our aud it have not been received from branches not visited by us., or the parent charity'5 financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remunoration specified by law are not made; or we have not received all the ir)formation 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. R•sponslbllltles af Trust••$ As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the charityfor the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they g ive 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 Trustee5 either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so. 18
Pitzhanger Manor & Gallery Trust Auditorfs r•sponslblllti•s for the audlt of the flnanclal statem•nts Our objectwes are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstatemen¢ whether due to fraud or error, and to 155ue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an aud it conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Mi55tatements 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 u5er5 taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibil ities, 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 proce5S,' We enquired of management the systems and controls the charity has in place, the areas of the financial statgments 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 incentive5 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 charty at the planning stage, we formed è conclusion on thg risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessm2nL Enquiring of management as to actual or potential litigations and claims. The key procedures we undertook to detect irregularities includ ing fraud durin9 the course of the audit included: Performing analytical procedures to identify any Unusual or unexpected relationships. Identifying ar)d 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. Assgssing 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 signrficant related party balances and transactions. 19
Pitzhanger Manor & Gallery Trust Reviewing documentation, such a5 the charity board minutes, for discussion5 of irregularities includin9 fraud There are inherent limitations in our audit procedures described above. The more removed that laws and regulation5 are from financial transactions, the less likely it is that we would become aware of non- compl lance. Aud iting standards also limit the aud it procedures required to identify non-compliance with law5 and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material m isstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve del iberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: auditors, responsibilities. This description forms part of our auditorfs report. Us• of our r•port 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 thefullest extent permitted bylaw, we do notacceptor assume responsibility to anyone other than the charitable compar)y and the charitable companys members as a body, for our audit work, for this report, or for the opinions we have formed. (• ?Z•Ca Gumayèl Miah (Senior Statutory Auditor) for and on behalf of Buzzacott LLP, Statutory Auditors 130 Wood Street London EC2V 6DL Date.. 20 December 2023 20
Pitthanger Manor & Gallery Trust Consolidatsd Statement of Financial Actlvitlo5 (including iThcom• and •xp•ndltur• account) for yoar •nded 31 Marth 2023 Unrestrieted Restricted Funds Funds Total Funds Unr$stri¢tèd Funds Restricted Funds Totsl Funds Notes 2023 2022 Income.. Dorhations and grants Charitable activities Oiher trading activitie5 Investments 90,654 531,960 191,162 416,932 281,816 948,892 387,023 482,576 149,970 18,846 536,993 501,422 225,061 4,098 225,061 4,098 220,408 536 220,408 536 Totsl Incom8 851,773 608,094 1,459.867 1.090.543 168,816 1,259,359 Expenditure.. Raising funds Charitable activities 231,335 867,609 41,149 272,484 927,649 1,795,258 260,633 830,384 2.500 195,589 263,133 1,025,973 Total expenditur 1 098 944 968 798 2,067,742 1,091,017 198,089 1,289,106 N•t l•xpondlturo) Transfer to unreslricted reserves 1247,1711 1360,7041 (607,8751 14741 129,2731 (29,747> 67,068 167,0681 1180,1031 1427,7721 (607.8751 Net movement Infunds 14741 129,2731 (29,747) Reconclllatlon of funds Balances brought forward a5 at 1 April 2022 1,017,422 832,518 1,849,940 1,017,896 861,791 1,879,687 Bal8nces carried forward at 31 March 2023 19 837,319 404,746 1,242,065 1,017,422 832,518 1,849,940 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 cornplie5 Wlth the requirements for an income and expenditure account under the Companies Act 2006. 21
Pitzhanger Manor & Gallery Trust Group and Charty B•lan¢• 5h••ts as at 31 March 2023 Company Regl¥tration Number: 08278049 Group Charlty 2023 2022 2023 2022 Note Flx•d assets Tangible fixed as5et5 Investments 221A59 187,689 221,459 187,689 12 221.459 187,689 221,460 187,690 Current assets Stocks Debtors Cash at bank 13 28,897 546,527 1,156,583 1,732,007 30,251 328,417 1,641,737 14 605,186 961,479 1.566,665 381,655 1,479,150 2,000 405 1,860,805 Creditors.. amounts falling due within one year (711,401) 1338,1541 (630,353) 1277,1431 Not current asgets 1,020.606 1662 251 936.312 1 583 662 Nat ass•ts 1.242.065 1,849,940 1,157,772 1,771,352 Funds Unrestricted funds -unrestricted -des1gnated Restricted funds 299,819 537,500 404,746 499,922 517,500 832,518 215,526 537,$00 404,746 421,334 517,500 832,518 Total funds 1,242,065 1,849,940 1.157,772 1,771,352 Approved by the Trustees on 11-12 - 2 2 and signed orn their behalf by Howèll James CBE, Chair 22
Pitzhanger Manor & Gallery Trust Consolidated stst•ment of Cash Flows for the y•ar •ndad 31 Marth 2023 Group 2023 Group 2022 Notes Cash (u50d In) / provld•d by operatlng actMtlo$ (441.362) 147,602 Cash flows from Investlng actlvltl•J Interest received Purchase of fixed assets 4.098 (47,890) 536 1171.4471 Cash (used in) Investlng actlvhles (43,792) 1170,9111 DecreaBe in ca8h and cash equlval•nts In year (485,154) 123,3091 Cash and cash equivalents at beginning of year 1,641,737 1,665,046 Totsl cash and cash equlval•nts at end of y•ar 1.156,583 1,641,737 23
Pitzhanger Manor & Gallery Trust Notss to the Financial Ststements for the year ended 31 March 2023 Accounting Policies The main accounting policies are summarised below. The accounting policiès have been applied consistently ihroughoLrt the period. la) Company Inft>rmatlon Pitshanger Manor & Gallery Trust15 a charitable company limited by guarantee incorporated in England and Wales. The registered office is Mattock Lane, Ealing, London W5 SEQ. Ib) Accountlng cOnntIon The financial statements havè been prepared in accordance with ihe Compariies Act 2D06, the Charities Act 2011 and"Accounting and Reporting by Charities.. Statemènt of Recommended Practice applicable to charitie5 preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 The charity is a Publ ic Benefit Entity as defined by FRS 102. The financial statements are prepared in sterlin9, which is the functional currency of the charity. Monetary arnounts in these financial statements are rounded to the nearest £. The group financial statements reflect the results and combi ned financial position of Pitzhanger Manor & Gallery Trust and Pitzhan9er Trading Limited. As permitted by s408 of the Companies Act 2006, thè parent charitable company has not presènted its own income and expenditure account and related notes. (cl Golng Concèrn As set out in the Financial Review, the Board has assessed the prospects of the Charitable Group and Trust ovèr thé 12 months from the date of approval of the Annual Report arnd Financial Statements taking into account its expectations for future operating activities, fundraising and the risks that the Trust faces. Having completed these assessment5, the Board has not identilied any material uncertainties which may cast doubt over the chanty's ability to continu8 as a going concern and has a reasonable expectation that the Charitable Group and TrLJSt 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 Finar)cial Stalemernts. Therefore the Board corntinuos to adopt the going concern basi5 of accountirhg in preparing the financial statèments. (dl Fund accounting Unreslricted funds are available for use at the discretion of the Trustees in furtherance of thè general objectives of the charity. The Trustees may designate a51 or part of the unrestricted reserves for specific purposes. Restricted funds arè subjecied to restrictions on their expenditure imposed by the donor or through the terms Of an appeal. le) Incoma All irncome is recognised OT)ce the charity has entitlement to the income, it is prtsbable that the income will be received, arid the amo¢Jnt of income can be measured reliably. 24
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 tradirng income is recogni5ed 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 entiilement to thèse resources until the goods or services have been provided, the income is deferred. Intèregl on funds held on deposit is included when receivable and the arnour)t can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank. (fj Expenditure Expenditure 15 recognised on an accrual basis a5 a liability is incurrèd. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Raising funds comprise cost5 of market research, communication and raising funds. Charitable expenditure comprises the direct C05t5 incurred by the charty in the delivery of its activities such as outreach, along with support and governance costs. GoverT)ance 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 ofthe charity. (gl Donatlons ofvolunteertlme In accordance with the Charities SORP volunteer time is not recogni5ed. (h) Donatlons of goods for resale The Trust 15 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 Sale5 in Income from other trading activities. Tangibl• flx•d a55ets and deprociatlon Tangible fixed assets costing more than £500 are capitalised and depreciated over their estimated useful live5. Depreciation is provided at rates calculated to write down the cost of each assetto it5 estimated residual value over its expected useful life. The depreciation rales in use are.. Fixtures. fitti ngs and equipment 3-5 years (il Leasehold Improv8mants and amcrtlsatlon Leasehold Improvement5 Costing more than £500 are capitalised and amortised over their estimated Useful life. Amortisation commence5 from the date the Leasehold Improvement5 are brought into use to the end of the loase on 15 March 2044. Ikl Flnancial Instrum•nts The Charity has elected to apply thè provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of 115 financial instrument5. The Charity only has financial assets and financial liabilities of a kind that qualify a5 basic financial 25
Pitzhanger Manor & Gallery Trust instruments. Basic financial instruments are initially recognised at transaction value and Subsequently measured at their settlement value. Bank Cash at bank includes balances in the current accoLJnt and short-term deposit account that can be accessed immediately. {ml Taxatlon 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 ofthe Taxation of Chargeable Gains Act 1992 to the externt that these are applied to its charitable objects. Inl Inv•8tmènts In Subsidiarles Investment irn Pitzhanger Trading Limited, a wholly owned trading subsidiary of Pitzhanger Mantsr & Gallery Trust, is at C05t. Im) Stocks Stock relate5 to items held in the shop at year end and are recorded at the lower of cost and net realisable value. Inl Critical accountlng estlmatw and Judgements The Trustees are satisfied that there are no significant estimates orjudgoments included in the financial statements. 26
Pitzhanger Manor & Gallery Trust 2 Income from donations and grants 2023 Total 2022 Total Unrestricted Restrict8d Unrestrirted Rgstriaed Trusts and foundations Individual and corporate donations Government Furlough Grant 166,164 166,164 274,933 137.632 412,565 90,654 24,998 115,652 106,450 5,640 387,023 12,338 118.788 90,654 191,162 281,816 149,970 563,993 3 Income from charitsble activities 2023 Tctsl 2022 Total Unr85tTiCted Restrirt*d Unre#rict¢d Rostricted Ealing Council - Management fee Ealing Council HLF Qutreach House admi5sion5 Other 427,000 427.000 427,000 427,000 416,932 416,932 92,627 12.333 948,892 18.846 18,846 44,264 11.312 18,846 501,422 92,627 12.333 531.960 416,932 44,264 11.312 482,576 The Trust has only one charitable activity.. the Operation of Pitzhanger Manor House and Gallery. 4 Other trading activities 2023 Totsl 2022 Totsl Unrèstrict8d Restrictgd Unr¢stricred Restricted Catering commissions Retail sales Venue hire Fundraising events 50,837 23,585 123,630 27,009 225,061 50,837 23,585 123,630 27,009 225,061 80,954 21,421 115,446 2,587 220,408 80,954 21,421 115,446 2,587 220,408 27
Pitzhanger Manor & Gallery Trust 5 Ralslng funds 2023 Total 2022 Totsl Unrestritted Restricted Unrestritted Restricted Staff costs Development and fundraising Marketing Trading expenditure 123,850 123,850 110,098 110,098 6,423 64,941 36,121 231,335 6A23 106.090 36.121 272,484 39,191 51,533 59,811 260,633 1,250 1,250 40.441 52,783 59,811 263,133 41,149 41,149 2.500 6 Charltabl8 activitieB 2023 Totsl 2022 Tot41 Unrestricted Restricted Unr¢5tricLed Re*rirted Contribution to restoratio project Estate management Exhibitions and curatorial costs Education Support cost5 Governance 566,932 133,336 566,932 348,408 215,072 197,114 80,042 277,156 55,828 106,954 456,604 33,151 867,609 109,725 97,683 19,973 165,553 204,637 476,577 33,151 1,795.258 81,221 72,601 452,679 26,769 830,384 85,076 28,597 1,874 166.297 101.198 454,553 26,769 195,589 1,025.973 927,649 The Trust ha5 only one charilable activity.. the Operation of Pitzhanger Manor House and Gallery. 7 Support costs 2023 Totsl 2022 Unrestricted Restricted Unrestricted Restricted Total Staff cost5 Office costs 352,836 103,768 456,604 1,572 354,408 18,401 122,169 19,973 476,577 374,365 78,314 452,679 1,874 376,239 78,314 1,874 454,553 8 Governance costs 2023 Totsl 2022 Total Unrestricted Restricted Unrestricted Restricted Audit and tax advice Insurance, legal and professional fees 15,440 15,440 14,656 14,656 17,711 17,711 12,113 12.114 33,151 33,151 26,769 26,769 28
Pitzhanger Manor & Gallery Trust Nel expenditure 15 stated after charging £15,44012022'. £14,656) audit and tax advice fee and £14.12012022.. £2,210) depreciation. 9 Tru¥(ee Remuneration and Related Party Transactions No Trustee lor any person connectèd with them) received any remuneration during the year. Reimbursed Trustee expenses totalled £5112022.. £2811. £70112022.. £6811 was expended in respect of professional indemnity insurance for the Trustees. The Trustee5 land people connected with them) contributed £2.668 12022.. £7,719) during the year by way of individual arnd corporate donations. 10 Stsff costs and rernuneration of key management personnel The average headcount of employee5 (many of whom were part-timel during the yèar wa5 1812022 - 191 with all employees cor)tributing to the goverr)ance ol thè charity or working towards achievement of charitable activities or other trading activities. The Tru5tee5 delegate key managemenl responsibilities to the Executive Director supported by thé Senior Management Team. The total employee benefits, including employer pension contributions, of the Executive Director and the Senior Management Team was £296,068 12022.. £244,861) Employment costs 2023 2022 Wages and salaries Social security costs Pension costs 496,557 466.468 48,440 36,138 24,566 21,645 569,563 524,251 Most employment costs are allocated to unrestricted funds, though some costs were lunded from restricted fund5, These include a proportion of the costs of the Education and Outreach team funded by the National Lottery Heritage Fund, and some c05ts relatir)g to exhibitions and education activities funded by Historic England, Arts Council and the Art Fund. The nijmber of employees whose annual remuneration was £60,000 or more was.. 2023 2022 £60,000- £69,999 Pension contributions in respect of higher paid employees were £3,44412022.. £3,315) 29
Pitzhanger Manor & Gallery Trust 11 Tangible Fixed Assets Group and Charity Flxtures, Flttlngs and Equlpmént Leasehold Improvements Totsl As at 1 April 2022 Additions As at 31 March 2023 175,676 14,797 10.315 25,112 190,473 213,251 238,363 DeproCiatlon/Amortlzatlon As at 1 April 2022 Charge for the year As at 31 March 2023 2,784 2,784 14,120 16,904 10.155 10,155 Net bookvalue As at 31 March 2023 As at1 April 2022 203.096 175,676 18.363 12,103 221,459 187,689 All ofthe above assets are used for charitable purpose5. 12 Fbxèd asset investrnents Group Charity 2023 2023 2022 2022 Investments in subsidiaries Details of the charity's subsidiary at 31 March 2023 are as follow5.. N•m• ofufvdertang And county of IncpFporatk*n or rwld•ncy N&tsre of8ugln• Cla8&of Shar8hokllng % H•ld dlr•et Pitzhanger Trading Limitèd, England and Wales (Company no.'116997291 Registered office.. Walpole Parl Mattock Lane, London W5 SEQ Catering, retail. and vènue hire Ordinary 100% All profits of the trading company are gift-aided to th& parent charity. The net asset5 OF Pitzhanger Trading Company IPTLI at the end ofthis period are £84,29512022- £78,590). In the yèar to 31 March 2023 PTL had income of £198.052 12022.. £217,819), expenditure of £112,34712022.. £139,2291 and net profit of £85,705 12022.. £78,590).
Pitzhanger Manor & Gallery Trust 13 Stocks Group Charlty 2023 2022 2023 2022 Good5 for resale 28,897 30,251 14 Debtors Group Charty 2023 2022 2023 2022 Amounts falling due wlthln one year: Trade debtors Amount due from group undertaking Other debtors Prepayments and accrued income 38,442 24,821 1,018 47.629 510,633 12.734 572.014 1,949 47,629 250,392 48,514 348,484 495,1)48 13.037 546,527 251,887 51,709 328,417 Amountsfalllng due afteronayear: Loan to group undertaking 33,172 33.172 Total Debtors 546,527 328,417 605,186 381,655 The loan has a 25 year term, repayable on l March 2044. Interest is payable at the LIBOR rate appropriate to the period. 15 Creditors: amounts falllng due within one year Group Chawlty 2023 2022 2023 2022 Trade creditors Other creditors Accruals and deferred income 31,928 566,932 112.541 711.401 79,332 29.192 566,932 34,229 630,353 77,038 258,822 338,154 2DD,105 277,143 Other creditor5 relatÈ5 to sum5 raised for the capital restoration project. Total delerred income at the year-end amounted to £79,520 12022.. £184,9421. This amount represents income relating to advance membership sale5 and private hire events that will take place in the next financial year. 31
Pitzhanger Manor & Gallery Trust 16 Deslgnatsd Funds At 1 Aprll 2022 Naw de8ignatlons utl11s l At31 March released 2023 Designated fund5 517,500 30,000 537,500 Designated funds relate to a long-term sin king fund for future maintenance costs, development of the public programme and general operational support d uring this post-covid recovery period. It is nticipated that reserves designated to support futurè operating costs will be drawn upon from 2023-24. 17 Restrirted Income Funds Transfer to unrestrlrtpd At 31 March funds 2023 At 1 April 2022 Incomo Expenditure R•strlrted funds The Restoration project Lodge renovation project Walpole Friends Alan Baxter Fund Education fund Exhibition programme The Wild Escape John Lyons Charity Wayfinding projects Collertion management Totsl restrlct•d funds 541,518 268,609 19,262 2.629 500 416,932 1811,9591 110,1551 167,0681 79.423 258,454 19,262 7,550 500 7,000 12,D791 139,998 2,664 4,000 25,000 12,500 608,094 1139,9981 16071 14,0001 2.057 25,000 12.500 404,746 832,518 1968,7981 167,0681 The Restoration Project relates to funds raised in respect of the restoration and redevelopment of Pitzhanger Manor and Gallery, 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. Walpole Friends relates to funds for conservation and othèr at the Friènds, discretion. The Alan Baxter Fund 5UPPOrts our Architecture in Schools programme. The Wild Escape relates to educational activities surrounding the reintroduction of beavers to the wild The John Lyon5 Charity funded our Summer School workshops. Funds for wayfinding project5 are for future enhancement of street signage and direction to the manor Collection managèment relate5 to the reframing and hanging of the Villa Negroni prints ar)d creation of suitable environmental conditions. The Education fund is for education materials. 32
Pitzhanger Manor & Gallery Trust Restrlcted Funds {comparalive y•arl At 1 Aprfl 2021 At31 March 2022 Incom• Evndur• Restrfct8d fund5 The Restoration project Lodge renovation project London Borough of Earing Ioutreackkl Historic England General education fund Alan Baxter Fund Lawrence Geller Fund 597,726 181,391 5,000 90,000 18,846 2,632 161,2081 12,7821 118,8461 143,8631 541.518 268.609 41,231 500 2,629 3,000 500 2,629 13,0001 17,3381 130,0001 115,0001 Individual donors 7,338 Art Fund 30,000 LBE Culture Fund 15,000 Walpole Friends T<>tsl restricted fiJnd8 35,314 861,791 116,0521 1198,0891 19,262 832,518 168,816 18 Reconciliation of net movement in funds to net cash flow from operatlng activities Group 2023 Group 2022 Net movement in funds Add.. Depreciation Deduct.. interest income shown in invesiing activitios Decrease / lincreasél in stock Ilncreasel in debtors Increase in creditor5 Net cash (used In) / provlded by operatlng acllvltigs (607.875) 14,120 14,098) 1,354 (218.110) 373,247 1441,3621 129,7471 2,210 15361 14,5381 110,7281 190,941 147,602 19 Analysis of net assets between funds 2023 T¢Jtal 2022 Total Unrestricted Restricted Unrestricted Restricted Fund balances at 31 March 2023 are represented by.. Fixed asset5 Net current assets 18,363 818,956 837,319 203,096 221,459 201,650 1,020.606 404,746 1,242,065 24,372 993,050 1 017422 163,317 699,201 832,518 187,689 1.692.251 1,849.940 33
Pitzhanger Manor & Gallery Trust 20 Analysls of changes in not fund81(debt) The group had no debt inthe year. 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.