PITZHANGER MANOR & GALLERY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 1 April 2023 to 31 March 2024 harlty R•gl3tration Numb•r: 1152434. Company Reglstration Numb•r: 08278049 Trust•es' Report and Consolldated Financlal Statements Contents Page Report ofthe Trustees 1-17 Reference and Administrative Details 18-19 Statement of Trustee5 Responsibilities 20-21 Independent Auditor's Report to the Member5 of Pitzhanger Manor & Gallery Trust 22-25 Consolidated Statement of Financial Activities 26 Group and Charity Balance Sheets 27 Consolidated Statement of Cash Flows 28 Notes to the Financial Statements 29-39 Pitshanger Manor & Gallery Trust Report of the Trustees for the year ending 31 March 2024 The Trustees are pleased to present their annual report together with the financial statements of the charity forthe year ending 31 March 2024. 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 Finaricial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Introductlon: About Pitzhanger Manor & Gallery. Trust Pitzhanger Manor was designed and built in 1800 by Sir John Soarle, one of Britain's leading architects {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 histrademark use of 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 conseNe, repair and enhance Pitzhanger Manor & Gallery as a major cultural landmark for West London and beyond: a destination for art, education, and architecture. The projeirt's aim was to restore the Manor to Soane's original design and upgrade the Gallery and the surroundinJ 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 managemeit agreement. The Trust's executive team are overseen by an experienced Board of Trustees. Objectives and Activities Vision We believe culture matters for all people. Pitzhanger will initiate exceptional creative encounters for everyone, empowering expression, inspiring discovery and enriching our community. Mission Building on the dual foundation of Soane's 1800s 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 SirJohn 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: Pitzhanger Manor & Gallery Trust 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. Strategic Goals Reach more people Positively impact our community in Ealing Financial sustainability Care for our people and buildings Quantifiable measures and targets are set out in the Group's business plan. Values Collaborative: inclusive and supportive teamwork with everyone we work with, developing dynamic and productive partnerships beyond the organisation Excellence: striving for excellence in everything we do and everything we create, reflecting Soane's exceptional design 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 failures Sustainability: embracing sustainable practices, committing to reduce our environmental impact and considering ecological, social and economic factors in everything we do Delivering Public Beneflt The Trustees confirm that they have fulfilled the duty in Section 17 of the Charities Act 2011 to have due re9ard to the Charity Commission general guidance on public benefit. The Trust delivers value to its community through delivering its vision and mission as outlined above. Pitshanger Manor & Gallery Trust Achievements and Performance SUMMARY otal vlsltors in person . 46,549 otal dlgltal visitors . 443,486 Dlv•rsity of audlenc•s: growth in diversity., increase in: young people (under age of 26),. visitors from the Global Majority; Kaleidoscope Creatives (as defined by Audience Agency categorisation) otal Education and Outreach Engagements: 15,525 Exhibltlons Main Gallery: 3 exhibitions., Antony Caro: The Inspiration of Architecture,. Idris Khan and Annie Morris: hen Loss Makes Melodies; Alice Irwin: Chinwag; oane Gallery: 4 exhibitions: Soane Restored; Descendants,. Magnum: Where Ideas are Born; Tim Brpt- Day: Echoes and Idioms Ivlaiior Displays: Soane model for a Villa at Acton; Artists at Home: Erin O'Keefe, Idris Khan and Annie Morris; Artists at Home: Sinta Tantra, The Lightclub of Batavia 2023-24 marked a continued emergence from the long shadow of Covid as Pitzhanger grew visitor numbers and profile, and diversified its audien￿ through its varied and well-reviewed programming. Museums and galleries across the UK noted that visitor numbers have remained belciw their pre-COVID levels {ref. Art Fund survey of museums and galleries- at 69% of pre-COVID numbe-s. at the start of the year, slowly growing back as the year went on). We were therefore delighted to bu Id on last year's visitor numbers and exceed our visitor target for the second year in a row, welcoming 46,549 visitors in the year, against a target of 42,000. This 15 against the backdrop of the cost of living crisis and the resulting continued challenges of visitor engagement across the sector. Digital visitors have also grown to 443,486 against a target of 324,000. Pitzhanger continued its efforts to diversify its audiences and successfully across the year reached more young visitors, more visitors from the Global Majority, as well as more visitors from audiences that do not typically visit museums and galleries (with a particular focus on the Audience Agency defined segmeit, 'Kaleidoscope Creativity,). In addition to broadening reach and visitor numbers generally, a focus for the year was to expand Pitzhanger's learning and outreach programme, particularly our work with schools (both school visits and outreach to provide workshops in schools). In particular we set the target of engaging schools in the most deprived parts of the borough and specifically Southall. Over the year we reached c.3,000 pupils from schools across the borough with a third of these coming from Southall. Pitzhanger Manor & Gallery Trust 11 who s to tell mo othln9 about Christthe Saviour-soft colours installation.. still from the ACE supported film of the project screened on site at Pitzhanger Successful fundraising from the John Lyon's Foundation, received during the year, enabled us to recruit a now member of learning staff in September 2023 with the specific aim of strengthening our corinections with schools across the borough and increasing capacity for schools workshops. Our long- term objective is to engage in a meaningful way every school in the borough: to date we have engaged 52 3ut ofthe Borough's 91 schools {57%), including 15 schools new to Pitzhanger this year. We have also been keen to build on our engagement with young people in the Borough. With the SUFPOrt of a grant from Arts Council England, we were able to undertake a youth development prcgramme working with young people aged 16-25 across weekly workshops, with the aim of inspiring them in careers in the creative sector, as well as co-curating programming for Pitzhanger in order to attract more young people to our regular events. Chiljren engaging with Assemble Play drop in summer 2023 We programmed a diverse range of exhibitions, together with related public talks, representing diffJrent voices and lived experiences, to deliver our objective of initiating exceptional creative encounters for everyone, whatever their background, and whether a first time visitor or regular repeat Pitzhanger Manor & Gallery Trust attendees. Through this wide-ranging programme of activities (from children's workshops to exhibitl*)n tours and events) we aim to make all our visitors feel welcome and to inspire them in art, archytecture and design. In the main Gallery we showcased new work by Annie Morris and Idris Khan as well as undertaking a major exhibition of work by one of the twentieth century's leading sculptors, Anthony Caro. From January we exhibited early-career artist Alice Irwin, who uses her own experience of dyslexia to create a visual language. Ir) each of these exhibitions we worked hard to make them both accessible to all ¢3udiences of all ages, but with scope to delve deeper for those who choose to. The exhibitions recei'ied critical acclaim and broad coverage across soc.ial media, including positive review5 in the Financial Times (Anthony Carol, Evening Standard (Idris Khan/Annie Morris) and recommendation in the Guardian {Alice Irwin). Art as Inspiration Workshop {Alice Irwin exhibirion) with Maylield Primary Alongside these exhibitions in the main galleries, we expanded a new programme of exhibitions to animate the manor house including Erin O'Keefe and UK-Balinese artist Sinta Tantra. These displays have radically improved the quality ofthe visitor's experien￿ in the Manor. The Soane Gallery has become a key space for exhibiting artwork by locally-based artists, such as Acton-based Tim Bret-Da5', taking on wider themes such as the artist's studio, or Showcasing the work of community youth groups such as Descendants. The team continues to build partnerships in orderto undertake programffles that it WOLJld not otherwise be able to do- expanding the reach of Pitzhanger and en9aging new communities in our activities, to the benefit of both partner organizations and their audiences. This is a key part of our aim to make Pitzhanger a vibrant community hub for all local audiences whatevertheir background whilst also ensuring Pitzhanger can remain financially viable. Key partners have included London Luminaries (coalition of West London cultural venues), Descendants (Acton based community groupi, LFA: London Festival of Architecture, Ealing Film Festival, and Ealing Book Festival, with whom we launched the inaugural event in November 2023. Pitzhanger Manor & Gallery Trust Pitzhanger takes seriously its responsibility to steward and conserve this exceptional historic site forthe benefit of future generations, and overthe year we have undertaken key conservation and preventive maintenance. To enable us to display more artworks (contemporary and historic) across the manor we have installed new hanging rails, and are now experimenting with new and better ways of managing the environmental conditions of the manorto best support conservation of the works. These include the ins-.allation of conservation blinds and environmental monitoring equipment. It ￿'OUld not be possible to run Pitzhanger and open to the public withoutthe support olourteam of over 100 active volLJnteers. They provide crucial support in welcoming visitors; providing tours,. supporting conservation and invigilation of the historic SPa￿s- assisting the facilitators of our family workshops; making Pitzhanger honey and maintaining the beautiful gardens around the Manor. Most volunteers are locally-based and we have been experimenting across the year with engaging more young volunteers, especially students from local colleges. In addition to this extensive volunteers scpeme we also provide work experience to students across the year through our popular intern prcigramme. EXHIBITIONS WE continued to offer a varied programme of exhibitions, representing different voices and lived experiences, to appeal to a wide range of visitors. Three exhibitions were presented in the main gallery acrgss the year, together with multiple displays throughout the manor. Maln Gallery Anthony Caro.. The Inspiration of Architecture19 March- 10 September 2023)- an exhibition of works by one of the most prominent British sculptors of C20th, the exhibition focused on the resurgence and development of architectural themes within Caro's sculpture towards the end of his career11983-2013), but also was designed to be accessible and interesting to younger audiences, incorporating a sculpture children could climb into. We continued to experiment with placing artworks outside to draw in new audiences from the visitors to Walpole Park. Idris Khan andAnnie Morris.. When Loss Makes Melodies {4 October 2023 - 7 January 2024)- an exhibition of works by two significant mid-career artlSts and exploration of the development of their praciices as their work responded to each other in the context of their personal life as a married couple, and the place of loss, grief and family in the making of work. Pitzhanger Manor & Gallery Trust Anthony Caro.. Child's Tower Room Caro's Forum in Walpole Park Idris Khan and Annie Morris.. When Loss Mak9S Melo,gies Alice Irwin.. Chinwag (24 January- 30 June 20241. This exhibition showcased Pitzhanger's commitment to exhibiting the work of early career art15ts. The first museum solo exhibition forthe artist, the exhibition brought colourful sculptures, prints and drawings celebrating playfulness, experimentation and the act of comin9 together. Alice uses her own experience of dyslexia to create a visual language. Soane Gallery Soane Restored (to May 20231- an exhibition celebrating the skilled research and craft work involved in the recent restoration of Pitzhanger. Descendants (June-July 2023)- a community-based organisation that encouraged young people, especially those of African and Caribbean descent, aged between 4 - 16, to delve intc history, art, and culture at Pitzhanger. Following a series of workshops, in June we displayed tie artwork the young people produced at Pitzhanger, working with practitioner Candice Rodney- Sobers. Magnum photographs.. Artists in their studios Tim Bret-Day,' Echoes and Idioms Pitzhanger Manor & Gallery Trust Magnum.. Where Ideas are Born (12 Jul - 29 Oct 2023). The exhibition brought togetherthe works of famous photographers from the legendary Magnum agency, with intriguing and insightful portraits of artists in their studios, ranging from Frida Kahlo to Andy Warhol, and Ai Weiwei to Yayoi Kusama. rim Bret-Day.' Echoes and Idioms111 November- 19 May 20241. Building on the success of the Magnum display we followed this with a popular exhibition of a local Acton-based photographer, Tim Bret-Day. Manor displays Soane model for a Villa atActon, 1800: (Jun - Nov 2023): on loan from Sir John Soane's Museum - an early model of Soane's plans that he ultimately adapted for Pitzhanger. Artists at Home.. Erin O'Keefe128 Jun - 17 Sep 20231: a new series of displays across our principle rooms in the Manor, opening with contemporary architect/photographer Erin O'Keefe Hervibrant photographs animated the Manor, striking an intriguing balance between contemporary aesthetics and the Manor's rich historical ambience. These displays have encouraged visitors to look at Soane's architectural schemes in a new light. Idris Khan and Annie Morris {4 Oct 2023- 7 January 2024): we continued this exhibition from the Gallery into the Manor with works by both artists resonating closely with Soane's experience of memory and105S. Artists at Home.. Sinta Tantra,, The Lightclub of Batavia124 Jan - 4 Aug 2024): Her works, described as 'painting on an architectural scale,, consist of gold-leaf coloured paintings displayed across the manor creating a dialogue with Soane's historic interiors. Tantra is UK-Balinese and the exhibition explored themes of light, wealth, beauty and the legacy of colonialism. Sinta Tantra.. The Lightclub of Batavia Acquisition of Julian Opie's CurlyHalr on permanent basis Following a generous offer from artist Julian Opie, and a successful fundraising campaign, Julian Opie's OLrtdoors digital artwork, Curly Hair, has been acquired for the permanent enjoyment of the community in Ealing and west London. Curly Hair has become enormously popular with locals and passers-by and Pitthanger Manor & Gallery Trust helps break down the per￿7Ved barrierto entry of the historic Manor, with Opie's appealing character constantly striding towards the front door of the Manor. Tho acquisition was supported by grants from Art Fund and the Arts Council England/V&A Acquisition Scheme, topped off with a public campaign securing generous donations from local supporters. A community celebration event took place in May 2024 to celebrate the acquisition, joined by the artist. the Mayor and Leader of the Council. The King's Visit The King visited Pitzhanger on Thursday, 7 December 2023. This was an excellent opportunity to raise profile and was a huge endorsement of the restoration project and the team effort behind it. During the visit, His Majesty met the Leader of the Council and the Chair and Director of Pitzhanger. The Director introduced the King to several key craftspeople whose expertise was pivotal to the Manorfs restorati(￿. Notable among them were the early-career team of stone carvers from London Stone Carving, decorative painter Alasdair Peebles, who painted the Chinese vvallpaper, and the team from Hare & Humphreys, who led the detailed historic paint analysis and restoration integral to the conservation project. King Charles, visit to Pitzhonger, 2023- The King in conversation with a specialist interior conservator. LEARNING AND OUTREACH Learning and Engagement is core to our work at Pitzhanger. Our activities range from the schools programme, to families and early years (0-5), the young people's programme, and events for all-age adults Schools We have continued to build our learning & outreach activities across the year, engaging almost 3,000 school pupils over the year, with our long-term goal being to engage in a meaningful way with every school in the borough. We have engaged 52 schools from Ealing overall to date out of a total of 91 (57%.), including 15 schools new to Pitzhanger this year. Through working with schools we are also striving to connect with parents and this year build further engagement with local families from across Pitzhanger Manor & Gallery Trust the Borough through events. These include our Open Sundays programme, providing workshops, activities and accessto Pitzhanger free to Ealing residents on Sunday mornings. We particularly aim to tarijet our schools programming to the most deprived areas of the borough, with a current focus on attracting visits from schools based in Southall. One third of the school children who have visited across the year to date are from Southall (almost 1,000 pupils). John Lyon's Charity: through securing multi-year support from John Lyons Charity we have been able to grow our learning programmes. In particularthis enabled us to recruit a Schools Engagement Officer p()rt time to bijild our relations with schools and expand our capacity for visits. In addition, the Schools Engagement Officer has developed a new teachers, resource pack to assist schools with self-guided visits to the Manor. This pack will improve access to Pitzhanger as a learning tool in Ealing and beyond. Arts Council {ACEI grant: ACE supported the development of new learning & outreach projects to accompanythe Annie Morris/ldris Khan exhibition. In Soft Colours, we developed collaborative sculpture workshops with two primary schools designed to engage new audiences: Tudor Primary School, in Southall and Christ the Saviour Primary School, based close to Pitzhanger. The final outcome of this project was an exhibition in the Manor called Soft Colours and an accompanying 5-minute film featuring the children and showcasing the workshop process. See here I Architecture in Schools programme.. after securing our third award from Alan Baxter Foundation we ran tailored clubs with six schools in the borough.. Architecture in Schools Clubs: with three schools (John Chilton School, a SEND school in Northolt; North Primary School and Ark Soane Academy in Acton) Architecture's Apprentice Clubs: with three schools (Featherstone High School, Southall,. Beaconsfield, Southall and Little Ealing, Hanger Hill). Youth Forum Wo developed a pilot Youth Forum project, bringing together a group of young creatives aged 16-25, livi,,Ig in the borough of Ealing to co-curate a Pitzhanger Late on 7 March 2024. They gathered across six Saturdays in Spring 2024 to plan the event. In addition they took part in workshops with guest arts prcifessionals and role-models with diverse backgrounds working across London. These helped the young people to explore c.areer pathways in arts and culture Youth Forijm.. Sèturday *ssion 10 Pitzhanger Manor & Gallery Trust Famllles Open Sundays: we programmed a weekly event for families, featuring weekly drop-in work_shops and a monthly performance-based activity in the Manor Mini Makers These sessions are a cornerstone of our early years programme. They are very popular and there is Significant demand. We are actively seeking funding to support these sessions, but until we are able -0 raise additional funding, we do not currently have sufficient budget to run as many Mini Makers sessions as we would like and there is demand for. So in the short term the frequency of Mini-makers sessions will be halved (now to 2 a month: every other Friday). Holiday Projects Easter Holiday: In April 2023 we hosted a series of events for the Easter holidays, including drop-in family activities in the Manor and the playwork group Assemble Play (attracting over 1,000 visitors) Creative Summer.. In Summer we hosted our second annual Creative Summer programme for childrei and families, with a range of activities that took place over the Summer holidays. This project was funded in part by John Lyon's Charity's School Holiday Activity Fund (SHAFI. Subsidised and free places were offered to families with limited means. Pitzhanger Manor & Gallery Trust EVENTS We engaged 3,149 adults in the public programme across the year (talks, lectures, workshops, debates etc), well in excess of the target of 2,000. Thursday Lates moved from being weekly to monthly from January 2024, to allow more focus and tarijeted programming to our audiences. Events ranged from guided meditation in the Eating Room to a triple-tour of the exhibitions across the Manor. Admission on Thursday Lates is free to Ealing Bo-ou9h residents 5-8pm, with the aim of engaging a wider audience who cannot visit during the dav. The March Thursday Late was co-curated by young people- one ofthe outputs of our Youth Forum with the aim of generating programming that would attract and engage new young aLJdiences. 0￿rthe year we developed good partnerships for events in the next financial year (eg first Ealing Book Festival (April 2024). London Luminaries first live event {Mayl. and London Craft Week exhibition and event collaboration (also May), London Festival of Architecture debate) all of which help us to engage many more people and be more than the sum of our parts. Eallng Community Proj•cts: We are keen for Pitzhanger to be used as a hub for creatives and events across the community. We have hosted a wide range of Ealing Community projects across the year ahead. These range from: Hosting workshops with local community groups lincl. Descendants,. working with Art Fund for the Wild Escape - the project to reintroduce beavers to Ealingl Setting up partnerships with local cultural groups (e.g. Ealing Film Festival,. helping with the establishment of Ealing Book Festival) Hosting Community events {e.g. Windrush commemoration,. Remembrance Day Service) Providing a networking hub for Ealing-based creatives {host of quart&rly Creatives Breakfasts) Showcasing local creatives and artists (from children's performances- eg Ealing Music Services; dance showcases) to local makers le.g. Local Makers, craft fair) to local artists (eg exhibitions in Soane Gallery, incl. Tim Bret Day) Making available the Hub and Rickyard to local community groups across the year FUTURE PL4NS Looking forward we are excited about our forthcoming programme of exhibitions through which we are planning to continue to share stories representing different voices and lived experiences which we hope wil resonate with different communities across the Borough. Grayson Perry is one of the country's most well-known artists and it is a huge boost to the gallery to exhibit his work here, with the potential to bri ig new audiences both from inside and outside the borough to Ealing and Pitzhan9er. Grayson's taFestries connect directly with the history of Pitzhanger, based on Hogarth's series (on view in the manor)A Rake s Progress. In September 2024 we will be displaying the work of artist Merhenderpal Sorya, who grew up in Southall and has worked with students at Villiers Primary School to create a series of silks titled "Southall Resists" exploring with sensitivity the events which later became known as the 'SciUthall Riots" We are thrilled that BBC Antiques Roadshow set its stage at Pitzhanger this May, shining a spotlight on Ealing and its heritage and community. It's a huge coup for the Manor and the Borough, beating off 12 Pitzhanger Manor & Gallery Trust competition from a venue in North London. Filming took place on Sunday 19 May 2024 with broadcdst dates in Autumn 2024. The team continues to build partnerships in orderto undertake programmes that it would not otherwise be able to do. New programming includes Negroni Architectural Talks (June) and AWITA (Association of Women in the Arts). Fundraising Fundraising is undertaken by a small in-house developmentteam with the input and review from the Fundraising Group (a sub-committee of the Board). The Trust is registered with the Fundraising Regulator whose Code of Fundraising Practice and Fundraising Promise set a standard forfundraising activity in the UK. Fundraising strategy focuses on securing support via statutory funders, charitable trusts and foundations, corporates and individua15, selecting the most appropriate source of funding for each project for which support is being sought. In the year to 31 March 2024 the main fundraising focus w3S securing support for our exhibitions and education programme. 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 pressuretc, 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 activities12022'. nil). Finanaal Review In the year to 31 March 2024, the Trust incurred a deficit of £279,662 (2023.. deficit of £607,875). This relates to a deficit on unrestricted activitles of £291,760 and a surplus on restricted activities of £12,098. The movement from the comparative year reflects a reduction in payments from restricted funds towards the last elements of the restoration project. Main Fundlng Sources The Trust's operating costs have been supported by a management fee from Ealing Council £427,00,J (2023: £427,000), commercial income from visitor admissions £75,562 12023: £92,627), other trading 13 Pitzhanger Manor & Gallery Trust incJme £266,517 {2023: £225.0611 and unrestricted donations from Trusts and Foundations and individuals £12,892 {2023: £90,654). The Trust also received restricted donations of £99,033 {2023: £191.162) from a range of Trusts and Foundations and individuals mainly in respect of the learning prcigramme, exhibitions (pro9ramme and equipment) and for the acquisition of Julian Opie's Curly Hair. At the end of the year, the Group held reserves of £962,40312023: £1,242,065), of which £416,844 (2023: £404,746) were restricted, £298.059 were unrestricted (2023: £299,819) and £247,500 (2023: £537,500) were unrestricted but designated. The restricted reserves largely relate to the Community HUJ development project and remedial works outstanding from the renovation project. Unrestricted but designated reserves relate to a sinking fund for future maintenance cost5, development of the public prc.gramme and general operational support during this post-covid recovery period. Investment Policy As most of the charity's funds areto be spent in the shortterm, there are no funds for long-term investment. Our funds are therefore held in a current account and deposit account. Reserv•s Policy Prior to the pandemic the Trust adopted a policy of holding three months, core operating costs in restsrve which was equivalent to £250,000. The reserves policy is reviewed as part of the budget prcicess annually and in 2022-23 the decision was taken to increase the minimum reserve requirement (unrestricted and designated) to 6 months of core operating costs, approximately £500,000. At the end of the year, free reserves (unrestricted and designated) were £545,559 which the Trustees are sat sfied is in l ine with policy. Golng Concern The Charitable Group and Trust's working capital is provided by a combination of its charitable, furKlraising 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, and the Trust is slill working to increase both commercial and fundraising income in a challenging economic climate. 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 various operating risks. Hailing 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. 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 le3al, 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 Memorandu￿1 of Association that established the objects and powers of the charitable company and is governed under its Articles of A550ciation. In the event of the company being wound up members, who are the Trustees, are required to contribute an amount not exceeding £1. Recrultm•nt and Appointment of the Trust•05 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 rJ_ elected at the next Annual General Meeting. All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaim-d from the charity are set out in Note 9 to the financial statements. Details of the Trustees who served at anytime since the start of the financial year under report and to the date of approval of this report are provided at page 21. 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 Tralnlng New Trustees receive an information pack that includes the vision, mission and values of the organisation, the current business plan, minutes of recent Trustee Board meetings and details of organisational structure. In addition, new Trustees undertake an induction programme comprising an introduction to the operations of the Trust presented by the Senior Management Team Organisational Strurtur• 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 regular y 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 who bring valued specialist advice. 15 Pitshanger Manor & Gallery Trust In addition there are 8 Sub-committees of the Board that met regularly across the year. These are: Building and Conservation Communications Development Exhibitions and Interpretation Finance Fundraising Learning and Outreach Nominations and RemLJneration Committee (which meets on an ad hoc basis as required.) 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 Development Head of Finance Head of Public Programmes The above group together with the Trustees are considered to be the key management personnel of the charity. Remuneration Policy Pas. and remuneration of the charities, employees is bench-marked against industry norms and approved by the Nominations and Remuneration Committee. Volunteers In dddition to the volunteer Trustees, the Trust makes extensive use of volunteers as expert advisors on its sub-committee5 listed above and in its operational activities such as invigilating and guiding in the manor and gallery, assisting in educational activities, gardening, beekeeping and honey production and grc.unds maintenance. In the yearto March 2024 volunteer sessions, including Trustees, were just short of 4,500. Trading Subsidiary Pitthanger Trading Limited, a wholly owned subsidiary of PMGT, was set up in November 2018 as a vehicle lor the various planned commercial activities such as venue hire and catering which forms a Cr￿la1 part of the venture's financial sustainability. Principal Risks and Uncertainties The principal risks specific to Pitzhanger Manor & Gallery and its subsidiary are: Financial sustainability, following the Covid pandemic and external factors such as the cost of living crisis, increasing operati ng costs in a period of high i nflation Shortfall on visitor targets Failure to engage with the public regarding the exhibition, public and outreach programme Pitzhanger Manor & Gallery Trust Damage to the site,. unscheduled maintenance or failure to meet planned Maintenance targeti Insufficient staff resource The Trustees, led by the Chair, examine the major strategic, business, and operational risks that the T-ust faces, and the Trustees ensure that appropriate systems are in place or are planned to mitigate these ri>ks. Specifically: The on-going cost of living 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 finances with prudent financial management and long-term cashflow plannin9. 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) and also the on- going impaec of the Covid crisis on visitor numbers across venues nationally. The Senior 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 bythe Building and Conservation Committee. It has an emergency recovery plan. Approved by the Trustees on 10 V and signed on their behalf by: Howell James CBE Chair 17 Pitshanger 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 SEQ Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers HSBC 46 The Broadway London W5 5JR Legal advisors Trowers and Hamlins 3 Bunhill Row London EC1Y 8YZ Trustees during the year and up to the dats of signature of the financial ststements Howell James Gporgina Nayler (to 31 Dec 2023) Somil Goyal Jc.n Ball Jane Cooper Michael Fisher Jennifer Gubbins Rcchel MacKay (to 31 Dec 2023} Gareth Shavv Caroline Worthington Chair , Deputy Chair Deputy Chair Trust Supporters The Trustees would like to thank the following sUPPOrters for their generosity to Pitzhanger Manor & Ga lery Trust in 2023-24. Alan Baxter Foundation Art- Council Art Fund John Lyon's Charity The Trust also received very generous support from a wide number of individuals during the period and other who have chosen to remain anonymous including its Corporate Supporters, Patron members of Pitshanger Manor & Gallery Trust the Soane Circle, all Sponsors of a Pane of Glass at Pitzhanger, supporters of our Sponsor a Chair and Beam campaign, all Members and many others for their generosity, The Trust is most grateful to thern fortheir invaluable support. 19 Pitshanger Manor & Gallery Trust Statement of Trustees. Responsibilitles forthe year ended 31 March 2024 The Trustees, who are also the directors of Pitzhanger hAanor & Gallery Trust forthe purpose of company la￿., 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). Company Law requires the Trustees to prepare financial statements for each financial year which give a trup and fairview of the state of affairs of the charity and the group and of the income and expenditure of thE charitable group for that year. In preparing these financial statement5, 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 Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (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 proper accounting records that disclose with reasonable accuracy at anytime 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. Earh Trustee confirms that: go far as Trustee 15 Income:
Donations and grants
2
Charitable activities
3
Other trading
activities
4
Other income –
MGETR relief
Investments
Total income
Expenditure:
Raising funds
5
Charitable activities
6
Total expenditure
Net (expenditure) / income
Transfer to unrestricted
reserves
17
Net movement in funds
Reconciliation of funds
Balances brought forward as
at 1 April 2023
Balances carried
forward at 31 March
2024
19|Unrestricted
Funds
Restricted
Funds
Total
Funds
Unrestricted
Funds
Restricted
Funds
Total Funds
2024
2023
£
£
£
£
£
£
12,892
99,033
111,925
90,654
191,162
281,816
516,410
-
516,410
531,960
416,932
948,892
266,517
-
266,517
225,061
-
225,061
89,260
89,260
13,557
-
13,557
4,098
-
4,098| |---|---| ||898,636
99,033
997,669
851,773
608,094
1,459,867| ||221,216
4,000
225,216
231,335
41,149
272,484
969,180
82,935
1,052,115
867,609
927,649
1,795,258| ||1,190,396
86,935
1,277,331
1,098,944
968,798
2,067,742| ||(291,760)
12,098
(279,662)
(247,171)
(360,704)
(607,875)
-
67,068
(67,068)
-| ||(291,760)
12,098
(279,662)
(180,103)
(427,772)
(607,875)| ||837,319
404,746
1,242,065
1,017,422
832,518
1,849,940| ||545,559
416,844
962,403
837,319
404,746
1,242,065| 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. 26 Pitthanger Manor & Gallery Trust Group and Charity Balance Sheets as at 31 March 2024 Company Registration Number: 08278049 Group Charity 2024 2023 2024 2023 Notss Flxed assets Tangi ble fixed assets Investments 252,015 221,459 252,015 221,459 252,015 221,459 252,016 221,460 Current assets Stocks 19,026 622,422 796,911 1,438,359 28,897 546,527 1,156,583 1,732,007 Debtor5 Cash at bank 720,140 542,566 1,262,706 605,186 961,479 1,566,665 Creditors.. amounts fal l i ng due within one year (727,971) 1711,4011 (637,546) 1630,3531 Net current assets 710,388 1,020,606 625,160 936,312 Net assets 962,403 1242 065 877,176 1 157772 Funds Unrestricted fund5 -unrestricted 298,059 247,500 416,844 299,819 537,500 404,746 212,832 247,500 416,844 215,526 537,500 404,746 -designated Restricted fu nds Totsl funds 962,403 1,242,065 877,176 1,157,772 Approved by the Trustees on fo and signed on their behalf by Howell James CBE, Chair 27 Pitzhanger Manor & Gallery Trust Consolidated statement of Cash Flows for the year end•d 31 March 2024 Group 2024 Group 2023 Notss Cash used in operating activities (324.885) 1441,3621 Cash flows from investing activitiès Interest received Purchase of fixed a55ets 13,556 148.343) 4,098 147,8901 Cash used in investing activities 134.787) 143,7921 Decrease in cash and cash equivalents In year 359,672 1485,1541 Cash and cash equivalents at beginning ofyear 1,156,583 1,641,737 Total cash and cash equlvalents at end of year 796,911 1,156,583 28 Pitthanger Manor & Gallery Trust Notes to the Financial Statements for the year ended 31 March 2024 Accounting Policies The main accountir)g policies are summarised below. The accounting policies have been applied consistently throughout the period. (a) Company Information Pitshanger Manor & Gallery Trust is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Mattock Lane, Ealing, London W5 SEQ. (b) Accounting convention The financial statements have been prepared in accordance with the Companies Act2006, the Charitie5 Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accou nts in accordance with the Financial Reporting Standard appl icable in the UK and Republic of Ireland IFRS 1021 The charty is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in Sterling, which 15 the functional currency of the charity. Monetary amounts in these financial statements are roLJnded to the nearest £. The groLJP f inancial statements reflect the resu Its and combi ned financial position of Pitzhanger Manor & Gallery Trust and Pitzhanger Trading Limited. As permitted by s408 ofthe Companies Act 2006, the parent charitable company ha5 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 futu re operating activities, fundraising and the risks thatthe Trust faces. Having completed these a55essments, the Board has not identified any material uncertainties which may cast doubt over the charity's ability to continue as a going concern and has a reasonable expectation that the Charitable Group and Trust has adequate resou rces to continue in operational existence for the foreseeable future, being a minimum of 12 months from the date of approval of the Financial Statements. Therefore the Board continues to adopt the going concern basis of accounting in preparing the f inancial statements. Idl Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in f urtherance of the general objectives of the charity. The Trustees may designate al l or part of the unrestricted reserves for specif ic purposes. Restricted funds are subjected to restrictions on their expenditure i mposed by the donor or through the terms of an appeal. le) 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. 29 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. I nterest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notif ication of the interest paid or payable by the bank. Expenditure Expenditure is recognised on an accrual basis as a liability is incurred. Expenditu re 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 chartty i n the del ivery of its activities such as outreach, along with support and governance costs. Governance costs include those costs a550ciated 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. Ig) Donations of voluntser time In accordance with the Charities SORP vol unteer time 15 not recognised. (h) Donations of good$ for resale The TrLJSt is occasional ly in receipt of donations of small item5 for resale in the retail shop. I n accordance with the Charitie5 SORP these are recognised as income when sold. The proceeds of Sale are categorised as Retail Sales in Income f rom other trading activities. Tangible fixed assets and depreciation Tangible f ixed 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 assetto its estimated residual value over its expected useful life. The depreciation rates in use are.. Fixtures, fittings and equipment 3-10years (J'l Leasehold improvements and amortisation Leasehold Improvements C05ting more than E500 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. Ikl Financlal Instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instrLJments. The Charty only has financial a5set5 and financial liabilities of a kind that qualify as basic financial 30 Pitshanger Manor & Gallery Trust instruments. Basic financial i n5truments are initially recognised at transaction val ue and subsequently measured attheir settlement value. Bank Cash at bank includes balances in the current account and deposit account that can be accessed immediately. Im) Taxatlon A5 a charity, Pitzhanger Manor & Gallery Trust is exempt from tax on income and gains falling within sertion 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. In) Investments in Subsldlaries Investment in Pit2hanger Trading Limited, a wholly owned trading subsidiary of Pitzhanger Manor & Gallery Trust, is at cost. (m) Stocks Stock relates to item5 held in the Shop at year end and are recorded at the lower of cost and net realisable value. Inl Crltlcal accounting estlmates and judgements The Trustee5 are satisf led that there are no significant estimates orjudgements included in the fi nancial statements. 31 Pitzhanger Manor & Gallery Trust 2 Income from donations and grants 2024 Totsl 2023 Total Unrestricted Restricted Unrestricted Restrictèd Trusts and foundations Individual and corporate donations 93,715 93.715 166,164 166,164 12,892 12,892 5,318 99,033 18.210 111,925 90,654 90.654 24,998 115,652 191,162 281.816 3 Income from charitsble activities 2024 Totsl 2023 Totsl Unrestricted Restricted Unrestricted Restrirted Ealing Council - Management fee Ealing Council- NLHLF activity costs House admissions Other 427,000 427,000 427,000 427,000 416,932 416,932 92,627 12,333 416 932 948 892 75,562 13,848 516410 75,562 13,848 516,410 92,627 12,333 531.960 The Trust has only one charitable activity.. the Operation of Pitzhanger Manor House and Gallery. 4 Othertrading activities 2024 Total 2023 Totsl Unrestrirted Restrirted Unrestricted Restricted Catering commissions Retail sales Venue hire Fundraising events 70,017 9,415 187,085 70,017 9.415 187.085 50,837 23,585 123,630 27,009 225,061 50,837 23,585 123,630 27,009 225,061 266,517 266,517 32 Pitzhanger Manor & Gallery Trust 5 Raising funds 2024 Totsl 2023 Totsl Unrestricted Restricted Unrestricted Restricted Staff costs Development and fundraising Marketir)g Trading expenditure 85,246 85.246 123,850 123.E50 2,964 76,920 56.086 221,216 2,964 80,920 56,086 225.216 6,423 64,941 36,121 231,335 6,423 106,C90 36,121 272.484 4,000 41,149 4,000 41,149 6 Charitable activities 2024 Total 2023 Totsl Unrestricted Restricted Unrestricted Restricted Contribution to restoration project Estate management Exhibition5 and curatorial costs Education Support costs Governance 566,932 133,336 566,532 348,408 188,098 5,494 193.592 215,072 109,858 111,517 529,203 30,504 969,180 9,500 55,798 12,143 119,358 167,315 541,346 30,504 82,935 1,052,115 55,828 106,954 456,604 33,151 867,609 109,725 97,683 19,973 165,553 204,é37 476,577 33,151 927,649 1.795,258 The Trust has only one charitable activity.. the Operation of Pitzhanger Manor HoLJse and Gallery. Support costs 2024 Totsl 2023 Totsl Ur)restricted Restricted Unrestricted Restricted Staff costs Office costs 445,733 83,470 529,203 12,143 457.876 83.470 541,346 352,836 103,768 456,604 1,572 18,401 19,973 354.kNJ8 122.169 476.577 12,143 Governance costs 2024 Totsl 2023 Totsl Unrestricted Restricted Unrestricted Restrirted Audit and tax advice Insu rance, legal and professional fees 21,535 21,535 15,440 15.440 8,969 8,969 17,711 17,711 30,504 30,504 33,151 33,151 33 Pitshanger Manor & Gallery Trust Net expenditure is stated after charging statutory audit fee £13,50012023,' £11,000) and taxation services £8,035 12093- £4,440) and £17,78712023: £14,120) depreciation. 9 Trustee Remuneration and Related Paty Transactions No Trustee lor any person connected with them) received any remuneration during the year. Reimbursed Trustee expenses totalled £nil12023- £511. £73612023.. £7011 was expended in respect of professional indemnity insurance for the Trustees. The Trustees land people connected with them) contributed £200 12023: £2,668) during the year by way of individual and corporate donations. Other than the aforementioned there were no other related partytransactions during the year ended 31 March 202412023.. no other) 10 Staff costs and remuneration of key management personnel The average headcount of employees (many ofwhom were part-timel during the year was 2112023 - 181 with all employees contributing to the governance ofthe charity or working towards achievement of charitable activities or other trading activities. The Trustee5 delegate key management responsibi lities to the Executive Director supported by the Senior Management Team. The total employee benefits, including employer pension contribution5, ofthe Executive Director and the Senior Management Team was £237,246 12023-. £296,068) Employment costs 2024 2023 Wages and salaries Social security costs Pension costs 557.941 45,881 26,899 630,721 496,557 48,440 24,566 569,563 Most employment costs are allocated to unrestricted fund5, though some costs were funded from restricted funds. These include a proportion of the costs ofthe Education and Outreach by John Lyons Charity and some costs relating to exhibitions and related education activities funded by the Arts Council. The number of employees whose annual remuneration was £60,000 or more wa5., 2024 2023 £60,000- £69,999 £70,000- £79,999 Pension contributions In respect of higher paid employees were £3,58612023.' £3,444) 34 Pitshanger Manor & Gallery Trust 11 Tangible Fixéd Assets Group and Charity Fixturés, Flttings and Equlpment L•asehold Improvements Totsl Cost As at 1 April 2023 Additions As at 31 March 2024 213,251 17,483 230,734 25,112 30,860 55,972 238,363 48,343 286,706 Depreciation As at 1 April 2023 Charge for the year As at 31 March 2024 10,155 11,029 21,184 6,749 6,758 13,507 16.904 17.787 34,691 Net bookvalue As at 31 March 2024 209,550 203,096 42,465 2S2,015 221.459 As at 1 April 2023 All of the above assets are used for charitable pu rposes. 12 Fixed asset investments Group Charty 2024 2024 2023 2023 Investments in su bsidiaries Details of the charitls subsidiary at 31 March 2024 are as follows., Name of undertakjng and country of Incorporatlon or resldency Natur• of Bugln•#8 aass of Shar•holdlng % Held dlroct Pitzhanger Trading Limited, Englarhd and Wale5 (Company no:116997291 Registered off ice.. Walpole Park, Mattock Lane, London W5 SEQ Catering, retail, and venue hire Ordinary 100% All profits ofthe trading company are gift-aided to the parent charity. The net assets of Pitzhanger Trading Company IPTLI at the end ofthis period are £85,22812023'. £84,294). In the year to 31 March 2024 PTL had income of £268,65812023'. £198,052), expenditLJre El 83,43112023.. £112,347) and net profit of £85,227 12023.. ££85,705). 35 Pitzhanger Manor & Gallery Trust 17 Stocks Group Charlty 2024 2023 2024 2023 Goods for resale 19,026 28,897 14 Debtors Group Charty 2024 2023 2024 2023 Amounts falling due within one year: Trade debtors Amount due from group undertaking Other debtors Prepayments and accrued income 17,775 38,442 83 90.362 492,048 104,475 686,968 1,018 47,629 510,633 12,734 572,014 492,520 112,127 622,422 495,048 13,037 546,527 Amounts falling due after on• year: Loan to group undertaking 33,172 33,172 Total Debtors 622,422 546,527 720.140 605,186 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 Group Charlty 2024 2023 2024 2023 Trade creditors ()ther cred itors Accruals and deferred income 19,787 566,932 141,252 727,971 31,928 566,932 112,541 711,401 16,594 566.932 54,020 637,546 29,192 566,932 34,229 630,353 Other creditors relates to sum5 raised for the capital restoration project. Total deferred income at the year- end amounted to £75,27312023.. £79,520). This amount represents income relating to advance membership sales and private hire events that will take place in the next financial year. 36 Pitzhanger Manor & Gallery Trust 16 Designated Funds At 1 April 2023 New designations Utilised / At 31 March released 2024 Designated funds 537,500 1290.0001 247.500 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. Reserve: designated to support future operating costs were drawn upon in 2023-24. 17 Restricted Income Funds At 1 April 2023 At 31 March 2024 Income Expenditure Restricted funds The Restoration project Lodge renovation project Walpole Friend5 Alan Baxter Fund Education lund The Wild Escape Wayfind ing projects Collection management John Lyon's Charity John Lyon's Charity SHAF Exhibition programme Art Acquisition fund Garden fund Totsl restrictsd funds 79,423 258,454 19,262 7.550 500 2,057 25,000 12,500 14,5001 111,808) 74,923 246,646 19,262 1CI726 15,000 3,000 1,500 111,8241 13,5001 13,5571 2E.000 14,161 14,583 2,500 35,000 4,000 26,000 11,818 215 99,033 18391 120,4171 14,0001 126,0001 12751 1215) 186,9351 11,543 404,746 41 é,844 The Restoration Project relate5 to f unds 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 relate5 to f unds for conservation. The Alan Baxter Fund supports our Architecture in Schools programme. The Wi Id Escape relates to educational activities surrounding the rei ntroduction of beavers to the wild Collection management relates to the ref raming and hanging of the Villa Negroni prints and creation of suitable environmental cond itions John Lyon'5 Charity funded elements of the Schools programme Funds for wayfindin9 projects are for future enhancement of street signage and direction to the manor Exhibition programme.. support for various elements of the exhibition programme The Education fund is for education material5. 37 Pitzhanger Manor & Gallery Trust Restricted Funds (comparatiV8 year) Transferto unrestrirted funds At31 March 2023 At 1 April 2022 Income Expenditure Restricted funds Tkie Restoration project Lcdge renovation project Walpole Friends Alan Baxter Fund Education fund Eshibition programme TPie Wild Escape Jchn Lyon's Charity WaOinding projects Collection management Totsl restricted fijnds 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 12,0791 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 1968,798) (67,0681 The transfer to unrestricted funds relate5 to expenditu re on the restoration project paid through general funds and elic ible to be furbded from restricted monies raised for that pu rpose. 18 Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net movement in funds Add.. Depreciation Deduct: interest income shown in investing activities Decrease in stock I ncrease in debtors Increase in creditors Net cash used in operating actlvities (279,662) 17,787 (13,557) 9,871 (75,895) 16.571 (324,885) 1607,8751 14,120 14,0981 1,354 1218,1101 373,247 1441,362 19 Analysis of net assets between funds 2024 Totsl 2023 Totsl Unrestricted Restricted Unrestricted Restricted Fund balances at 31 March 2C24 are represented by.. Fixed a55ets Net current a55et5 18,948 526,611 545.559 233,067 183,777 416,814 252,015 710,388 962,403 18,363 818,956 837,319 203,096 201,650 404,746 221,459 1,020,606 1,242.065 38 Pitzhanger Manor & GalleryTrust 20 Analysis of changes in net funds / (debt) The group had no debt in the year, 21 Oparnfjng 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. 39