GaiMborough'5 How Society Rewl and Financial Sia*m¢n Year Ended 31 M￿ch 21121 ChaTity No. 117(M)48 Company No. 10413978 Chartered Ac¢ounlants Sudbury Suffolk *A4KIYKUY 2411212021 COMPANIES ￿￿)SE A25 GAINSBOROUGH*S HOUSE SOCIETY Annual report and fiDan¢iai statements for the year ended 31 March 2021 Contents Page: Legal and administrative inforni*ion Report of.the trusiees 24 Report of the auditors 28 Sta*ment of financi¥J activities 29 Balance slKei 30 s￿￿M¢nI of Cash Flows 31 Noies forming part of the financial s&¢¢men GAINSBOROUGHIS HOUSE SOCIETY Legal and Adminislrgtive ]nforn￿lsOn Registered Charity name: Gainsborough's H¢)use Socidy Registered Charity number. 117LM)48 Registered Company number: ILk113978- Limited by guaran Aetredited Museum Principal office Gainsborough's H(H]se. 46 Gainsborough Streei, Sudbury, suffolk COIO 2EU Telephone.. 01787 372958 e-mail.. mall@gains￿rOugh.0T8 Presidenl Rebecca Sailer PRA Vice President Lord Phillips of Sudbury Pa¢rotLs Clare. Countess of Euston The Mayor of Sudbtjry Maggi Hambling CBE- Patron of Gainslx)rough'5 Hous¢ FTi¢nds Patro￿$ of the Campaign Maggi Hambling CBE Loyd Grossman CBE Trnstees and C¢bmp8ny Directo Brian Moody {Chair) Suzann¢ MaJriott Martin Myrone Wilfweeks OBE Nigel Ev4ns Christy Stewart-smith MATk HaTris Mark Pendlington (Resigned 23 April 2021) Mosk Bills (Executive Dire£ior) Observer (non-TrusteeJ Jayne Ausun- Suffolk Couniy Council GAINSBOROUGH'S HOUSE SOCIETY Legal and Admi￿StratIve Inforniation Full-fune Stsff Moxk Bills Emma Boyd Liz Cooper Arabella M¢KessaT Terry Gmom T￿dY Pickerin Executive Dire£tOT Keeper of Art and Place Commercial Manag¢r Development Assistsni Finance Manager Finance and Admin Assistant rt-Tlme Staff Sieph Parn)ee Learning & oU￿#¢h Officer Volynteers Jane LA)we Penny Payne Ja¢qui Robins Gardener Friends Co-ordinator Volunteer Co-ordinator Linda Adcock. Christine Ainswonh. Gwyneth Arnott, Mau￿n Audsley. R¢nuka Baldwin. Gre(a Banner. Peter & Jackie Bateman, Joanne Beavan, Jenny Beckham. Jane Benion. Caroline Bridg< Cherry Bristow, Judith BryanL Virginia Budd. Eileen Clayton. Heather Coltman. Michael & Barbara Copp. Susan Copping, Paiience Cowper. Rosalyn Crarkncll. Jan Craft. Grania Crawshay. Marnie Deakin. Shirley Dctkerill, Dennis Duffy, Christh Edwards, Janie Estcourt. Nigel Evans, Audrey Ew¢n. SUI￿ne Flack. Gladis Garcia-soza. Ntcola Glen. John & Judith Glover. Janet Godsall. Nan¢y Graham. Belinda Green. Frances GTegor-Smith, Chrisla Grounds, Nick Hallidie, Mark Harris, Denise Han, Elimar Harvey, Rose Harv¢y, Rachel Hatrhard. Roger Hearne. Paultne Heigham, Eiizakth & Niall Hcnncssy. Ciftdy Hepburn, Helen & Geoff Holron. Ann Homan, Lindsay Hoyer Millar. Dave & Pai Hulbert. ChrisiopheT Huni, Michelle Jay, Graeme Johns(on. Judlth Kemp. Rith Lindsell. Jassi Ling, Janet Lord, Anne Lowe. Jane Low¢, Dixie Ludgate, Colln & Linda Luta Lyn MacpheT50n. Sarah Maguire, Suzanne Marrioit. Sheena Maiiingly, Vicki Merrick, Diane Middlemiss. Nigel Middleion. Sara Miller. Brian Motyjy, David Moor¢-Gwynn, In¢k¢ Morris, Nicholas FAorse. Martin MyTone, Penny Nichol, Alice Nold4 Valerie Ohren. Clare Pardy. Penny Payne, Mark Pendlington, Chris Persinger. Sue Pderson. Andrew & Penelope Phillips, Carol Poits, Richard Powell. Bernice Rabe. Barbara Rea. Laurie Reynolds. Jane Richard50n, Nicholas Roberts, Ja¢qui Robins. Bruce Ronaldson. Diana Schofield. Freya Scoit-Rockel, Judi Shaw. Rachel Skillen. Ann Smith. CThristine Smith, Eve Smith, Margaret Steed, Catherine Stephens. Christy Stewart-smiih. Joanne Stone-williams, Marg&ei Siuart. Nigel Surry, Valuia Tinkler. Virginia Tuck, Eppie TurK Mary Vinceni, Mari-IxJuise Waghorn. Paula Wall. Sue Webb, Wilf Weeks, Jenny Wheeler, MauTeen While. Sue Whiieley. C￿nSIOPher Whybrow. tknothy Wynn. Brian & Elizabeth Ya*s GAINSBOROUGH'S HOUSE SOCIETY Legal and Administrative Inforniation Audi¢ors Moore Green. 22 Friars Street, Sudbury. Suffolk Solicitors Bales Wells & Braithwaite, 27 FTigts Stred, Sudbury. Suffolk Bankers CAF Bank Ltd, West Malling. Keni & Lloyds Bank. Market Hill. Sudbury. Suffolk GAINSBOROUGHIS HOUSE SOCIETY Report of the Trustees Governan¢< s¢rurture. and managemenl Gainsborough's House StKiely Ltd was foundeAJ by incorF*)Tauon in England and Wales on 6 Ociober 2016 and ¢ommen¢ed trading on l January 2017. Cojnpany Regislralion number l(M13978. Charity Commission registrwion number 117(K148. This Report and Accounts detail the activiiy of Gainsborougb's House So¢i¢iy Ltd for th¢ y¢aT from 01 April 2020 to 31 M￿h 2021. Alms and obJectlves The ¢harity owns and Tuns Gainsborough's House, the childhoC￿ home of th¢ Englj'sh painter Thomas Gainsborough (1727-88), a museum and gallery. MISSION STATEMENT To promot¢ th¢ wider knowledge. appreciation, and enjoymeni of the art of Thomas GainstKJTough within the Con￿Xt of ihe eighteenth century and the inspirdtion of the Suffolk landscape and io pffserve and enhan¢e Gainsborough's House and its ¢olle¢iions for the benefit of present and future generations. VISION STATMENT Gainsborough's House. the childh(￿d home of Thomas Gainsborough 1$ a national ¢entff foT ihe exploration of Gainsborough's art. the development of the English landscaFe and (he an of prinimaking. With Thomas Gainsborough as its in$piraiiort. li s¢¢ks to bring to life th¢ #rt and ideals of Thomas Gainsborougb to inspire a new generation of visiiors. Public Benefit Gainsborough's House's charitabl¢ obj¢¢ts. ar¢ to preserve the wu5t property, creaie an arts centre and museun). Collect, curaie and display works of art and furth¢r the dev¢lopment of the ans through education and events. li a]$0 a¢hieves Ihe public benefii requirem¢ni through offering many of its events, acuviiies, courses. and publications either free to users or ai heav&ly subsidised rates, mainly ihanks to grants genera￿d from charithble trusts and foundations and donations from the publi¢. Thes¢ include fr¢¢ admi55ion ¢)n sFtciai days- enrrance 10 exhibitions ai noextya ¢ost' evenis open to non-members" free or subsAth's¢d workshops for the old. vulnerable, di5advanthged. youih. schools. community groups and families. The Socidy is aware the public's opwnity to benefii musi be limited by geographica] or (Aher ￿$trIctIOns. Although mosi of its Xtsvities take place in the South Suffolk and North Essex area. visiiors ¢ome from all over the UK and abroad. and concessions on ticket PTices ax¢ offernl to children and Mudents. The Friends. Patrons and Mulberry Patsorts m¢mbership scheme5 are open lo all. AccredI￿10n Gainsborough's House SLKiety maintained its Accrediied M￿Seum Maius in 2018119. Meihod ofrecruifmeni and appoinlmenl ol¢rus¢ees The trustees are recruited from theconsEiiuency of volunieers and memiws of Gain5trf)rwgh's House, and from peopl¢ ideniified wilh appropria￿ skills io fulfil th¢ PUTposes and aim5 of the organisation. GAINSBOROUGH'S HOUSE SOCIETY Re￿rt of the TTr￿ees Governanc< sernctsre, and rnanagement {¢ontinued) Trustee induclion and traininz New trustee$ JJe provided with a copy of the Memorandum and Articles of AssOci￿10n, latesi audited accounts, most Teceni managemenr accounts and minu￿$ of truslee meetings, iogether with a copy of the Chariiy Commission's publication 'Responsibilities of ChaTity Truste¢s'. Organisalionals¢ructure The oyerall governan¢e and financial Tesp)nsibility are veswl in a Board of TTusiees who are elecied at the Annual Meeting of the Trus*es. Risk nwAagement The Erusiees have examined the major $trategic. busTness. aTKI opeTruonal risks which the charlry face5 and confirni Ihai sysiems are esiablished io manage the significant risks. The main risks identified were- The loss of key staff which was identified as a medium risk with a high impaci. To miiigai¢ this risk the tswsiees have Implemented succession planning and developm¢nt of staff thtough support and training. comple￿ or part deSt￿CLi0n of the fabric of Ga)ns￿r￿gh's House and its Collection was id¢niifi¢d as a low risk wilh a high impact. To mitigate Ihis risk staff. Te¢eive sar￿Y training io avoid damage through fire or water leaks. The properry has appTopriate fwe and intrudcr alarnis. compuierised environmenthl moniioring. and insurance to cover business inlemiption and repair or r¢placem¢nt of works of art. Key mdnagementpersonnel remuneration The trusiees consider the board of ￿￿ste¢S and the executive Direttor as compTising th¢ k¢y management personnel of Ihe charity &n charge of direciing and Con￿oI]Ing the chaJity and running aT]d operating th¢ ¢hati(y on a day-to-day basis. All trusiees give of their time freely and no remuneration OT expenses were paid ￿ any of the ele£ted trustees during the year. The board of trusiees appoinied the Executive Direcior. M2Tk Bills, as a tTUStee and ¢ompany director of Gainsborough's House Socleiy Lid. The pay of the charity's execuuve Direcror is reviewed annua]ly and normally increased in accordance wiih perfornjance and average earnsngs. The remun¢w*ion is ben¢h-maTked with skmilar charities of size and acuviiy 10 ensure that the remuneraiion sei is fair and not out of line with that genera]ly paid for $imilar roles. There are no rela￿d pany transactions requiring disclosure. TDJstres are Te4uired to disclose all relevani interests and register them with the execulive Direcwr and in ￿Ordance with the Trull's policy withdraw from decisions where a conflACI of inieresi arises. GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objeetives and activilies The end of the financial year on 31$1 March marked Or￿ of the institution's most challenging year5 to date with the arrival of Covid-19. Gatnsborough's House was closed for redevelopment and its ac(ivities beyond the building pmject severely limited. It closed its inforni￿10￿ poini and had io make five Tedundancie5. Despite the difficulties a great d¢al has i*en ackn.eved in this period with enormous progress on the capita] projecl and we ate very grnteful to those who SUP￿rted us through this difficult time. often giving again. It is extremely sad ￿ rewt in this Feriol the deaths of two individuals who gave much to GaiDsiK>rough's House.. Nick Ridley OBE- fornier Chairnian of Gainsborough's House and fOrn￿r council leader died at the age of 82 after a short illness. He continued io support.Gainsborough's House and was lnstrnMen￿ in Babergh's suppon of Ihe new galleries. He w&$ a great support to ihe Director ￿[sonallY and he will be much missed. Sme Moline￿. Prinunaker and Print Technician of GainslM)rough's House. She will be very much missed by us all and li is difficult (o ihink of prinimaking at Gainsborough's House wiihout her. She was a devoted and driving force lor ihe prini workshop, which she ran wilh enihu5iasm, hard work, grace and humouT. The Governors set seven strategic objeclives. During 2021*21, alihoughprofoundly llmitedby closure, the demands of a major capitalproject andihepandemic, Gainsborough'5 House contributedio ihese objectives in thefollowing way." I. AWARENESS Raising ihe profile of Gainsborough's House Gainsborough's House coniinued w engage with its SUPW)rters thTough I￿1¢￿ updaiing them of the progress of the capiral project, alongside cards of the building WOTks, GainsEM)rnugh recip¢$ and G#insErt)rough wild tlower seeds for Ihe garden. PUBLICA TIONS AND PRESS The Director of Gainsborough's House started a regular monthly page in the Suffolk Free Press io keep local people informed about Gainsborough's House, its capital projerL Opportunities, and ij)itiativ¢s. The first one 11] Mar¢h 2021, looked at the significance of the project. Others will follow thai Iwk at aspe¢is of the projecL progress. acquisitions. Bulmer BricL apprenticeships. and volunte£ring opp)nunities. as well as the evenls we weTe devdoping for the summer. EVENTS When lockdown allowed. supporters and visitors were given hard hat tours of the 51te. Talks. lecture$ and meetings were gjven through vldeo links and our aciivity on S￿ial-Media increased. GAINSBOROUGH'S HOUSE SOCIETY Report irf the Tn Objectives and activities (continued) 2. THE HOUSE AND ITS CONTENTS Protecttrtg tmd rnaking accÈssiblt a notionrtlfy sigmficant herituge ￿5£1 EXHIBITIONS Although Gain$borough's House's exhibition progrdmme was n(x p)ssible due to Covid-19 and building works, much plannirtE took place. The programme of exhibitions. beginning in spring 2022, needed to be PTepared. For ihe opening exhibitions loans were request¢d and agrewj, alongside catalogues being prepared. With ihree galleries ¢oncurrenily showing exhibitions ii was imp)rEani to be planning several years in advance. Gainsborough House will re-open with major Gainsborough painungs filling the new gallery spaces. and the historic house reflecting the passions and haunts of the artAst'5 world. This will be followed by a series of national and international exhibitions 4S well as new works by artists and the activities of those in our Surrounding communities. National collecuons have agreed to lend their 2re* Gainstoroughs and we partnering on exhibiiions With the Nailon￿ Ponraii Gallery. Puskin Museum of Fine Art5 Moscow and the Rijksmuseum Twenthe. ACQUISITIONS Gainsborough's House is incre&8ing ihe significance and breadth of the Gainsboroughs in ils collection as well as increasing the representauon of other afflisis associated with the region. The inclusion of Constsble is through significani loans, and we have recently acquired the world's largesi colleciion of works by C&lric Morris. Gainsborough's House is in effect celebrating nor just the birthplace of Thrhnas GainstK)rou£h bu¢ also the birth of the British S¢hool of Landscape Painting. ENQUIIUES tn 202012021 Gainsborough's House received a numE￿[ of enquiries aboui the collection: approxima(ely 22 leriers. 120 phon¢ ¢atls, 255 emails, 2 rnnged visits. GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectiv&s #nd activities (eontinued) 3. AN INTERNA TIONAL STUDY CENTRE Crearing a vibrn￿ cÉnlrtfor Gainsborough and relatedsthdies Given the restri¢iions of I￿kdOWn and closuTe. developmeni of PToje£ts was difficull but GainslM)rough's House managed to build on its existing inttrnational Trl*ionships. Following on fTom the extraordinarily sy¢¢essful Thomas Gainsborough Exhibition ai The Pushkin Stote Mustum of Fine Arts. Moscow (03 December 2019- 01 March 2020). GainsiKJrougb's House is platming an exhibition with the Pushkin, due io open at the end of June 2022, showing its reT]owned collectson of French landscape paintsngs. We will welcome an exhibition of thes¢ works, th include Coroi and Monet. to Sudbury next ye8J. It will be a huge draw io the town with m&sietpie¢es from Russia's great capital city collection coming to Britain for the first time. GAINSBOROUGH 300 Gainsborough's House has begun discussions on Gainsix)rough 3(Kl and will inviting all major national and internaiional stakeholders to the Paul Mellon Centre. our pamier. to discuss plans for 2027 (3CQ year$ since Gainsborough's birth). There are also discussions around Consthle and Turner. CEDRIC MORRIS RETROSPEcrtVE A major retrospec(tve is planned for Cedric Mortis in 2022 and loans have been Tequested and catalogue planning gun. COLLECTION AND DISPLAY RLSEARCH Research continue5 into Ihe collection of Gainsborough's House and future displays for re-opening. 4. A LEARNING CENTRE IncreosÉ. occess. learning ond outreach Much of the l&vning work had io pause during this period of Covid-19 and our I￿rning Officer was furloughed. Despiie this Gainsborough's House. through ibe work of Lhe Projeci Assisthnt and AdmInis￿a￿on Officer. and the Association for Suffolk Museums (AFSM). was able io produce activity packs for distribution 10 vulnerable families in Babergh including ihose who have limiwl ¥¢ess io rr and Tnwnw. This is a great initiaiive thai we were pleased to support. SCHOOLS & OUniEACH Although it was not possible to run workshops. planning look place and our p¥rn)erships mainrained to have an even stronger IArning offer ai the end of lockdown. GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectives and actlvlties (COD¢iDwd) 5. A SENSE OF PLACE Sirengihen its conneciion5 wilh Smdbury, local heTilage lind Ihe lathcape VISION FOR PROSPERrrY Gainsborough's House is part of ihe wider town vision for prosperiry and is a key player in the developmeni of region￿ iniuatives. GainstrM)rough's House continued to be greatly involved with the iown and its future plans and remained at ihe heart of vision for prosFriiy. A5 a Tesuli, the Director conunued working as a member of the Town Steering Comminee and the Babergh & Mid Suffolk Disuict Councils, (BMSDQ Sudbury Vision Delivery Group. THE FUTURE DEVELOPMENT OF SUDBURY Gainsborough's House has been keen 10 calculaie the economic value of the projeci. IKfyth in iernis of employmeni and its GVA (Gross Value Added which measures ihe contributions io an economy). b&sed on AssociaLion of Ind¢p¢n Erect blockwork to exterior (compleied) WaieTproof coaling to blockwork (complded) Instsll s(aiTcase (complded) Brickwork to extrrior (￿gUn) Roof covering5 (completed) tnsthll windows {completed) tnstsll lift (begurt) Remove scaffolding (begun) Iniernal fil out (begun) 17 GAINSBOROUGH'S HOUSE SOCIETY Report of the Trnste Plans for future years {eontinued) APPENDIX; Project Summyry REVIVING AN ARTISTS B]RTHPLACE: A NATIONAL CENTRE FOR GAINSBOROUGH Gainsborough's House S￿letY has a suaiegic vision io become a Nauona] Centre for Gainsborough that has a national and international profile while serving as a hub for the visual aJts in Suffolk and a vibrnnt G¢ntr¢ for leaming and uaining. The strategy is io expand the visitor offer io show n)ore art io attract more visiiors and encourage rep¢ai visits io genera(e more income. supponed by an ambiiiou5 programme of ￿MP)rary exhibitions and events. Expanding the sitr will increase capacity to welcome 50,(KO vi51tor's pa and help create lasting, transformational ¢hange. The SLrate8y to raise the profile of Gainsborough's House is io encourage m¢)re exhibitions of Gainsborough's art in major museums abroad. firsi Europe. then Russia. and beyond io the Unl￿1 States of America and Chini as well as elevaung ihe artisi's proflle with key parnIe￿h]ps in ihe UK. Expanding ihe site allows for new and enhanced income streams to diversify revenue sources and create a more robust culturdl busiT]ess that can respond 10 and create opportunities for further expansion and Teach in the fuwre. Future developments beyond this capital proje¢t could be a larger café, more an siudlos. larger shop OT expanded displays exploring Sudbury as a nalional centre foT silk production. While plans have been created for a large-scaje capitsl impmvement. centr3J to the overall growth aEKI sustainability of Gainsborough's House. work has also been carried oui to fonn strategic partnerships here and abroad. Gainsborough's House instiga(ed the r￿s( ever monogrdphic exhibiiion of GainsE¥)rough in Europe in 2016, with the Rijksmuseum in The N￿herlands. and the firsi Gainsborough exhibition in Gernlany. at Kunstha]le Hamburg. opened in March 2018 and the firs1 Gainsborough exhtbition in Moscow with the Pushkin museum in Moscow in 2019120. Strategic partneTships have i*en formed with the National Portraii Gallery, Tate, Nationa] Gallery, and the Royal CollecLion thai will enable ihe museum io show loans of major GainsEKJrough masterpieces and briTJg works ou( from their siores. and enable shared mark￿ing. scholarship. symposiums and lectures, publishing series and staff exchanges. This vision is in keeping with the museum's seven strategic aims: l. Awareness- R￿'Sing (he muse¥Jm's profile. 2. Th¢ House and lis Conienis- Protecting & making accessible naiionally significant heritage. 3. An International S(udy Centre- c[￿ing a vibrani centTe for GainslKfyTough and relawl studies. 4. A Learning Centre- Increasing access. learning and social inclusion io a wide audience. 5. A Sense of Place- Strengihening connections wilh Sudbury. lo￿ heritsg< and the landscape. 6. Sustoinabili¢y- Improving ihe g¢nerakion of income and providing financial resilience. 7. Organisation- Excellence and value in governaKe and administyation. THE PROJEcf: A NATIONAL CENfRE FOR GAINSBOROUGH A neightv)uring fornier laE¥)ur exchange building wa5 the only Frf)5sible space for a major expansion. Bab¢rgh Dis(rici Council FM)ught the building in 2015 to create time for the museum to raise (unds, YupF￿ling the vision that converting an unused eyesore and brown-field sire to create a museum of naiional standing would make the town a more desirable place to liv< visii and invest in and create a gTeater pride. 18 GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Plans for futsre years {¢ontinued) DELIVERY: 'Reviving an Anisi's Birthplace: A National Centre for Gainsborough. is an ambitious projeci Ihai responds io (hese needs and aims to fascinaie and inspire audiences io enjoy the art. life. and passiorts of Gairtsl)orough in th¢ special setting of his childhwj home. The projeci will refurbish and redisplay all the histOTi¢ buildings and ¢real¢ a 5255q m gallery extension for exhibitions thai aim to pui Gainstx)rough's House on the internationat art museum map. With audiences ai the hean of ihe projeci. the museum will show more of Gainsborough's art. displayinE moTe works from the colleciion, national museum stores and privaie ownership. and *ll the siory of his life. his family, and his interests. wbile illuminaung the culiure and K￿la1 hisiory of Lhe 18th ceniury. This project will tell the little-known siory of Sudbury as a na(ionat centre of silk weaving. linking GainstM)rough's weaving family hisiory and Tnoximise opportunities for artisis working in the print lludio. The projeci will transforni the museum's ability LO develop a secllre futu￿ by providing capacity for up to l(K>,000 visiiors. encouraging a three-fold Incre￿ in dwell lime and generating substaniia]ly more income. 11)e project aim$ to sftxarhead ihe regeneraiion of Ihe surrounding historic markei iown. The project has four main ¢l¢ments.' I. HISTORIC HOUSE.. Ihe re-presentauon of the cuThi buildlngs and OULside space. 2. NEW GALLERIES.. a major gallery extension with four new exhibiiion and learning spa¢¢s. 3. visrroR SERVICES.. improving visitor services. café. ioilds. shop. pnni workshop and Hills R¢x)m. 4. AUDIENCE DEVELOPMENT & TRANNG: beI￿r public engagemeni. exh]"bitions. s¢holarship, and learning. HISTORIC HOUSE: The project will refurbish. reconfigure. and Tedisplay the historic house and conients io safeguard ihe historic environment, conserve the colleciion, improve In￿[Pre[atiOn and environmentsl controls. Exposed hea(ing appliances and piciure rails will removed. Physlcal securiiy and day-lighi control io windows will be improved and display lighung made more discre￿ and effeciive using LED fillings and removing exisiing clutter. Garden: The beaU￿f￿1 garden will receive SFrtialist care to safeguard it and landscaping and inierpre(ation will enhance visiior enjoyment of ihis oasis. A 'crinkle CTankle' wall using local hisioric Bulmer bricks made by prisoners in HMP Holle51ey Bay and HMP Highpoini, trained in heritsge skills led by Gainsborough's House training programm< will feature in the 5¢Uing, and there will be more seating. NEW GALLERIES: The projeci will remove a neighiK)uring empty fonner labouT exchange building. ￿ li has little archiiectural or historic value, and I￿1]d a 525sq m wing over ihree flLx)ts with three galleries and a learning siudio. This substantial new building will make effeciive use of the long Strip of land ajong Weaver's Lane. Ii will rise to three-and-a-half storeys and provide a lofty, single-storey gallery space in its northern end. The architrcture WAII be modern, using palette of local maieria15 to create a building Ihat refers boih to the domesiic and industrial architrciure of Sudbury. VISITOR SERVICFS: New orangery siyle café will overlook ihe garden and a prep kii¢hen. Exisung prini siudio will ￿ refurbished wilh a new floor and improved environtnenial controls. A new glass wall WAII offer visitors views of artists a( work and enhance the workspac¢ for the thriving artistic community. Th¢ Hills Room, a flexibl¢ 60-5eat space and group meeting r(N)m, will be refurbished. Addiuonal ioilets will be built across the site, more s￿rage. and more office space. The current shop will be rel(Kated and expanded with high strerf access. 19 GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Plans for future years (emtinued) AUDIENCE DEVELOPMENT & TRAINING: Strong Programme of ￿MpOrary exhibitions of iDiernational ap￿al to drdw audienr¢s. le¢iuTe5, and music. Five apprenticeships offering en￿ level optx)rtunities io work in the &rts and heritage sector and internships. Artisiic development. praciicai art courses. ali artist in residence. Increase in learning and engagement io reach young peopl¢ and non-mu5eum audiences, including those experiencing rural poverty and low partiCApation in cultural a¢tivitses. Social impact pro8ramm&s. extrnding the museum's WO￿ io create wellbeing and good mental hea]th. Exiensive sch(M)I's programmes offering cross-CUETicula Art, science. and history learning, both at the museum. in museum-led vislts inio the countryside and creativ¢ learning. TRANSFORMA TIONAL IMPACT By doubling the stze of the museum, Ihis project will traI￿rI)rn the museum's future with addiuonal vlsiior capaciLy io raise more admi•Vion£ in¢ome 2nd enJbl¢ aydiencer lo accoss 18 cenujry an in new ways, a perioj of ari often perceived as difficul(. New inwpretstion and an enhanced visitor journey through ihe museum will help visiLors io understand and appreciaie GainstM)rough. his work and ofiistic pfdclises and 18 cenrury social history. As there is no major visual arts centre in Suffolk nowhere else in the County can receive major touring exhibitions. Other large visua] art museums are outside the ¢ouDty in Cambridge, Norwich, and Colchesier. Creating three iemporary exhibiiion spaces ailows for potentially three concurrent exhibitions to frequenily refresh the offer and encourage repeat visits. The economic impact will be considerable. For Sudbury, this projttt aims to be a ga￿￿-Change[ with more visiior5 spending in ihe town: more pride of place. enhancing Sudbury as a more vibrdnt place 10 live. work and S￿ up business and aitracting mrye investh)ent. Th¢ proieci will elev*e Suffolk's Intern￿lOnal brdnding and offer to the world as a place io visit. KEY MILLSTONES IN THE PROJE Gainsborough's House received Heritsge Fund support of £3.45 million. including a d¢velopment STani of £280.7(Ki, ttjwards a £7.7 million projeci to fransforni ihe House inio a Dauonal ¢entre and one of the region's leadin8 heritage museum and galleries. The Development Ph￿ was successfully completrd in Mar¢h 2018. In the same month. Ga]nsiM)rough's Hous¢ submitted a Stage 2 appli￿70￿ to the HLF for a decision ai the end of June 2018. Planning and liswl building pernission was gran*d on 4 Awil 2018. Gainsborough Chambers was demolished Rn Maffh 2019. GainsboTough's House closed on 27 (kiober 2019 and building work on the new galleries began in January 2020. GAINSBOROUGH'S HOUSE SOCIETY Report of ¢he Tn￿tee$ Plans for future years {eontlnued) SUPPORTERS 'Reviving dn Artisi's Birthplace, promises tofvlfil the poiertial of the House as a centrefOrst￿ and enjoymeni of this mojor Briftsh drli51. showcasing his art exter￿1￿8 engagemeni Iwih ihe ideas ty￿ lartdscapes which hetyed inspire it. In dotng so. it will not only do 0 service to ihÈ ortisi. Ihe iown. dnd ihe region, bui t￿¥0 Briiish ori ￿ d whole. A transfonnoiiveprojeci., Sir Nichol85 Serota CH. &$ Director of Tate (now Chairnian, Arts Council England) 'Gainsborough is alreody ireasuTed ty thé local communiry dnd ihi¢ majorprojeci cotsld help to rtunure ihÈ iown's Colkctive pride and idtntity. Sudbury long béen working towards revival. I believ* this projtci would be dpz iinportont catdlysifvr chanse within ihe iown., James Cgrtlidg4 MP for South Su(folk 'TlttS ts a n￿$1 txcittng projeci ivhich ts of naliondl. regional ftnd14)cal.¢ignificartce in tenns of SCI￿10T$hIp. educdiion. economtc development ond enhancemeni of our heritage. Perhaps mosi impressive is the delem1r￿tIOn the mantsgtmeni and trusiees have shown io cre￿e an tthsoluielyfirst-class projeci which will enrich boih restdenls and visiionfromfar and wide., Loyd Grossman CBE 'A collection of real importancefor an ortisi of in1ern￿lo￿ol reP￿till0￿ bui who is argmobly Mr￿er-dIsplt1Yed aRuI insufficiethly apprecidied in his own country., Sandy Nairne CBE 'The projeci offers so mtsch opponuniryfor boih ihe developmenr of ihe house andfor L7 newty desiRned building io engage a whole new generation with Gainsborough and the Suffolk Lvthcape. I Wds olso initrested io see archivol books oboui silkfrom ihe Gainsl)omugh Silk Weaving Cory)ony and delig￿ed io hear iheplans incltsde a silk gallery. knnking Gainsboroughfamily's weaving bockground and ihe anui's exquisiie cosiume painiing wiihin the coniexi of a siill vibroni silk indi￿try will help io draw a new atsdience. Ican see real value in ihis ￿¢11¥n8 development. Dame An￿ Wintour, Editor-in-chief, US Vogue 'Clearly ihe work of st4ch a greoipthnier is already tsniversolly admired. il's shockin8 howfew people realise ihai he was born and raised in such a gorgeous house in s￿Ury. Noi only will fhe new building be a brilliani sIEowcasefor ihe arttsi's work, li will atso be an iniernaiional exhibirion space in an area of ihe couniry which is sorely in need ofan arts cenire worihy of ihe singular beauty of lis surroundings.. Nieo]t F•hri CBE 21 GAINSBOROUGH'S HOUSE SOCIETY Report of the T￿￿tee5 Financial Review Fin4n¢¢ The Statement of Financial Activities for 21Y21Y21 financial coveTS the Ye￿ from l April 2020 10 31 March 2021. tncomo reccived ihroush donaiion and grants￿ htsvo been gready oppre¢iatcO in tho year in thip ¢Jifficuli time of Covid, The Capital Development phase is ongoing and fvndraising activity has continued to SUPE￿ the investment in Gainsborough's House. We have had wonderful 5UPPOrt from National Lottery Heritage Fund and donations increased from £796k 10 £2.74m. Unfortunately, due io Covid and being ID the construction ￿ of the Capital Development we have had io close our shop and exhibiuons. The Heritage Assets- collection of artWOTks- has been st(Yed away unril opening day. The va]ue of the Acquisition Fund has Teduced slightiy, bui the Endowment fund has incre•sed, bu¢ due to the fluctuation in the markeis Teflecling the global economy and internationa] and domeslic activities and the initial reaction to COVID-19 the two have balanced out. Inveslments Rathbone tnvestmeni Management Ltd manmge the majority of the Charity's investhient holding tog¢th¢r with the Board of Tru51ees through its Enve5tments Su￿0mmItt¢¢. Reserves The Both of Trustees have estsblished a policy wljereby th¢ Unffstri¢￿j funds noi committed or invested in tangible fixed assets or required to fund stocks ('Ihe free reserves") held by the charity should be equiva]ent to between tllree lid yix iiiuiiths uf tti¢ qualifying ¢xpwidiiut¢, whiLh e4uale5 10 apprOXi￿ale1Y £l().000 LQ £120,(M)O. Ai Lliis level di¢ Trusiees feel thai they would be able to continue the curreni aaivities of the ¢h&iiy in the event of a significant drop in income. The iotal reserves as at 31 March 2021 amoun(ed to £l1595.642, which in¢lud¢s £2,198.924 of r¢s¢Ti¢ted reserves. GAINSBOROUGH'S HOUSE SOCIETY Report of the Tr￿tee5 Trustees. responslbllltles in relation to the financi81 &laten*nts Law applicable ￿ charitie5 in England and Wales requires the ￿￿s￿eS ￿ prepaTe financial sthtements for each financial year which give a true and fair view of the chariiy's financial acuviues during the year and of its financial position at the end of ihe year. In preparing those fiTbancial swements. the trus(ees are required 10: The trusiees {who are also direciors of G3insErf)rough House So¢i¢ty for the purposes of company law) are responsible for preparing the Trus*es' Annual Report and the finartclal S￿ementS in accordance with applicable law and Uniied Kingdom Accounting SI￿d￿d$ (Unl￿d Kingdom Generally Accerned Accounting Practice). Company law requires the trustees to prewe financial sts¢¢m¢nts for each financial year. Under company law the trnstees mus( noi approve the financial sthiements unless ihey are satisfied that they give a tnje and fatr view of lh¢ state of affairs of Ihe charitable company and of ihe incomiDg resources and applicaiion of resources. including the income and expendiiure. of ihe charitsble company for that period. In preparing these financial statemenis, the ttustres are requiied io." • select suitabl¢ a¢¢ounting policies and then apply them consiswltly: • observe ihe methods and principles in the applicable ChaTities SORP 2019 (FRS 102): • make judgemenLS and esiimaies that are re&sonable and pnjdeni.. • siaie whether applicable UK Accounting Standards hav¢ t*en followed. subjeci io any ma(erial departures disc105ed and explained in the finMn¢ial statements" and prepare Lhe financial s(aiements on the going concern basis unless it is inapFwriate to presume that the charitsble company will continue in operauon. The trustees are responsible for keeping adequaie accounting records Ihat disclose with reasonable accuracy at any time th¢ finan¢ia] position of ihe chariiable company and enable them to ensure that the finkn¢ial statements comply wilh the Companies Act 2(K)6. They are also responsible for safegU￿ding the assets of the ¢hwitable company and hence for taking reasonable steps for the tttvention and deieciion of fraud and other iThegul8Jitieg. In so far as the ITU5￿$ aff awart: there is no relevant audit inforn)ation of which the charitsble CoMpan￿S auditor is unaware,. and the trustees have taken all step5 that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that inforn]ation. Approved by the B￿rd of Trustees (Thredors) of GauLTlwwgh's Houst s￿￿tty IAd on sigTred by tTUStee behalf of*ll the tn￿le£s. 2•21 Name VMM) JV SIRnature 23 GAINSBOROUGH'S HOUSE SOCIETY Report of the Auditors Independent Auditors. report lo the trw¢ees of GainsiK)rough's House Society AUDITOR'S UNQUALIFIED OPIIYION Oplnfion We have audited the fjnancial statements of GaInsbor￿gh House S(*iety (the 'charitable company.) for the year ¢nded 31 Mar¢h 2021 which comprise the statement of financial activities, balance sheet and notes to the rinancia] slatements, including significani accounting ￿)lIcieS. The financial reporting framework th￿ has been applied in their preparation is applicable law and Unired Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Siandord applicable in ihe UK and Republic oflreland {Uniled Kingdom Generally Accepted Accounting Praaice). tn our opinion the financial sraiements.. give a true and fair view of the siafe of the charilable company's affairs as ai 31 March 2021. and of lis incoming resources and application of resources, includtng its irKome and expendAiur< for the year (hen have been PToperly prepared in xcordance with United Kingdom Generally Accepled Accounting Praciice. and have been prepared in accordance wilh the Tequlremenis of the Companies Act 2(Kb. Basis for opinion We conducied our audii in accordance with Iniernaiional Standards on Audiung (UK) (ISAS (UK)) and applicable law. Our resFK)nsibiliiies under those 5randards are further described in the Auditor's responsibilities for Ihe audit of the financial staiements section of our reporL We are independeni of ihe charl￿ble company in accordance with the eihieal requiremenis thai relevani io our audii of the finarfrcial s￿leMentS in ihe UK, including Ihe FRC'S Ethicaj Swbdard, and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe Ihat the audil evidence we have obthined is sufficieni and appropriale to provide a basis for our opinion. Conclusions relating to going concern In auditing ihe financial statements, we have concluded thai the uustre5' use of the going concern basis of accounting in the preparation of ihe financia] 5ta*ments is appropriate. Based on the work we have performed. we have noi identified any maierial uncenainuas relating ts) events or conditions that, individually or colle£tively, may casi significani doubi on the charitable company's abiliry to continue as a going concern for a peri(hJ of a( le&81 Iwelve months from when the financial sthtements are authorised for issue. Our responsiblliues and the res￿)nSibIlitieS of the trus￿$ with res￿1 io going concern aJE described in the relevan( sections of this report. Other inforn)ation Th¢ oth¢r information ¢ompris¢s the inforni*ion included in the trustees annual report , other than the financial statements and our auditor's report theTeon. The I￿5*¢$ are resp)nsible for the other inforniation contained within the annual tep)rt. ()Jr opinion on the financial siaiements drKs cover the other inforniaiion and. except to the extent otherwise explicitly stated in our reporu we do nol express any fonn of assurance conclusion thereon. GAINSBOROUGH'S HOUSE SOCIETY Report of ¢he Audttors lrtdependent Auditors, rew)rt to the trustees of G*iwborou8h's House Society (continued) Our responsibility is to read the ￿heT inforniaiion and. in doing so. consider whether the other information is materially inconsisient with the fin¥n¢ial statrmenis or our knowledge obtsined in the course of the audit or otherwise appears to be m*erially misstaied. tf we identify such maietiai incoDsisieDcies or aPP3￿ni materia] misststements. we are required io determine whetheT this ￿'Ve$ rise io a material missi*emeni in the financial statement5 themselves. If, based on the work we have perfornied. we conclude thai there is a material misstatement of thi5 other inforni#tson, we are required io report that fa￿. We have nothing to report in this ￿gard. Opinions on other matter5 prescribed by tht Comp*nies Ac¢ 21 In our opinion, based on the work undertaken iti the course of the audii: the infornlation given in the trustees, rep)rt for the finaT]cial year for which the financi￿ swemenis aTe prepared is consistenl with ihe financial ststements. and the directors, reFrf)rt has been prepareil in accordanc¢ with applicable l¢gal r¢quirem¢nts. Matters on which we are required to report by exception In the light of the knowledge and understsnding of the charitsble company and lis environmenr obtsined in the course of the Mudit, we have not identifjed material misslaiemenis in ihe diTeciors' repon. We have nothing to Teport in res￿1 of rhe following maiws in relaiion ￿ which the Companies Aci 2(K requires us to report to you if. in our opinion: adequaie accouniing re¢ords have noi been kepL or rdurns for our audit have been . Teceived from branches not visited by us: or the financial statements are noi in agreement wilh the accouniing records and Teiurns. or certain dis¢losures of directo￿. remunerdiion specified by law are not made; or we have not received all the inforn)*ion and explanaiions we requAre for our audii . or the trusiees were not entitled to prepare the financial sthiemenis in accordance with Ihe small companies. regime and thke advantag¢ of ihe small companies, exemptions in preparing the directors. re￿￿ and from the requirement to prepa[¢ a stratrgic reix)rt. Responsibilities of trustees As explained more fully in the trusie¢s' responsibilities siatemeni. the tswstres (who are also the directOTS of (he chariiable company for the purw)s¢s of ¢ompany law) are resp)nsible for the preparation of ihe financial ststemenis and for being satisfied thai they give a true and fair view, and for such int¢rnai ¢ontrol &8 the trusiees dewmine is necessary to enable ihe preparation of financial $th￿ments thai are free from maierial missiaiemenL wheiher due to fraud or error. In preparing ihe financial statements, the misiees are responsible for &ssessing the Ch￿itable company s ability to continue as a going concern. disclosing. as applicable. mailers Telaied to going concern and using the going ¢onc¢m basis of accounting unless the thisiees either intrnd to Iiquldate the charitable company or 10 cease operations, or have no realistic altern*ive bul to do so. 25 GAINSBOROUGH'S HOUSE SOCIETY Report of the AUditi￿S Independent Auditors. report to the trwstees •)fGaitisborough's House Society {o)ntiDued) Auditor's resPO￿Abl11tieS for the audit of the financial statements Our objectives are to obtain Teasonable assurance about whether the financial ststements 8$ a whole are free from Ma￿rial misstatemeni. whether due to fraud or ¢rror. and to issue an auditor's report that includes OUT opinion. Reasonable ￿Urance is a high level of assuran¢e. but is not a guarantee that an audii conducted in accordance wilh ISAS (UK) will always dete¢t a Mat￿la] misstaiemenl when li exists. Missratements can arise from fraud or error and are considered maierial if. individually or in the aggregaie, they could reasonably be expecied to influence the economic decisions of users tsken on the b￿1$ of financial slaiwnenl& Irregularities. including fraud. are instances of non-compliance with laws and Tegulations. W¢ design prLKedures in line wi(h our responsibillties. outlined above. to dete¢t material miss¢at¢m¢nts in re5pecl of irregularities, including fraud. The exteni ￿ which our PrL￿d￿reS are capable of de(ecLing irregulariU¢S. including fraud is detailed below.. In identifying and assessing risks of material missthtrments in resFci of irregularities. irt¢luding frwd and non- complian¢e with laws and regulaiions, our procedures included obtsining an understsnding of the legal and regulatory frajneworks applicable to the Chariry and the secior in which they operate. We ddern]ined thai the most significant laws and regulations were Companies Aci 2(K)6 and Charities Aci 2011. We &ssessed and concluded that the Charity's key area was in Telation to its I￿rI￿ge asseis valuation. We ass¢s$ed the sus¢¢ptibility of the Charity's fIn￿CIal stalements to material misststemeni. Including how fraud might ￿eUr. Audit procedures by the engagemeni team included identifyAn8 and assessing th¢ design effectiveness of controls management has in please to PTeveni and deteci fraud. undersianding how those charged with governance considered and addressed ihe w)teniial for override of controls or other inappropriate inf]uen¢e ov¢r the finan¢i#l r¢porting proc¢5s; cha]lenging assumpiions and judgements made by managemeni in lis sÉgnificant accounting estimates- ideniifying and iesting unusua] value enuies, in particular any entries posied with unusual account combination$- and assessing the exteni of compliance with the relevant laws and r¢gulations. Th¢ SI￿ of the ¢h¥Tity and volume of transactions indicated a low level of material risk overall. As part of an audil in a¢cordan¢e with ISAS (UK), we exercise professionaj judgment and maintain pmfessional Sce￿I¢l$M throughou( the audit. We also.. Identify and assess the risks of material mi5sthiement of the financiai ststements. whether due to fraud or error, desigft ond perform audit proce(lures TesFrf)nsive to those risks. and obthin audii evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of noi deiecting a mat¢riaJ mi$51atemeni Tesuliing from fraud is higher ihan for one resuliing from e￿or. as fraud may involve collusion. forgery. inieniionai omissions. mislep￿sen￿tsollS, or the ovenyde of internal Control. Obiain an understanding of interna] control relevant ￿ the audli An order io d¢sign audi¢ pr(Kedures that are appropria￿ in the circumsiances. but not for Ihe putt￿￿ of expressing an opinion on the effectiveness of the charitsble company's interna] control. Evaiuaie ihe appropriateness of accounting tKJli¢ies used and th¢ reasonableness of accounung esumates and related disclosures made by the tN5tees. GAINSBOROUGH'S HOUSE SOCtETY Report of the Auditors Independent Auditors. rewrt to the tnLStees orGai￿b0￿ugkn.S House Society (eontiDued) Conclude on the aPpropria￿nesS of the truste¢s' use of the going ¢on¢ern basis of accounting and, based on the audit evidence Ob￿lned, whether a mat¢Tial unrgrtainty ex15ts related ￿ evenls or conditions that May cast significant doubl on the charitable company s abiliiy to conunue as a going concern. tf we conclude ihat a material uncenainry exis￿, we required to draw attention in our auditor's report to the related disclosures in the financial statements or. if such disclosures are inadeqlkaie, io modify our opinion. Our conclusion5 ￿¢ based on the audit evidence obtsined up to the date of our auditor's TeporL However, futUTe events or conditions may ¢4use the charithble company to cease to conunue as a going COTJcern. Eva]uat¢ the ov¢rall pr¢sen¢atson. SIn￿tllre and content of th¢ fiDan¢ial st*¢m¢nls. including the disclosures, and whether the financial statements represeni the underlying Trnnsactions and events in a manner that achieves fair present￿10￿ {ie. gives a true and fair view). We communicate with ihose charged with governance regarding, among other mauers. the planned SCOFe and tiTT]iDg of the audit and significant audit findings, including any signifi¢ani deficiencies in inierna] eontToI that we identify during our audii. Use of our report This report is made solely to the ¢h*itsbl¢ company's memb¢rs, as a ixxly. in 4ccord4n¢¢ with Chwr 3 of Part 16 of the CoTnpat]ies Act 2(M)6. Our audit work has b¢¢n undertaken so that we might sth(e to the ch￿Ilable company's members those matters we are required io Sta￿ io ihem in an auditor's report and for no other purpos¢. To the fullesl ¢xlen¢ p¢rTtLilted by law. we do noi a¢¢¢pt or assume r¢swnsibility lo anyone other than Ihe charitable Company and the charitsble ¢ompany's M¢Mt￿ as a body, for our audit work, for this rep)rt, or for ihe opinions we hav ornied. Nicholas Farr FCA (Senior Ststutory Audiirff) For and on behalf of Moore Green Chartered accountsn(s and siatutory audiior 22 Fri￿ Stre Sudbury Suffolk C0102AA 27 GAINSBOROUGH'S HOUSE SOCIETY Statement of financial activities Statement of financial activities for the year ended 31 March 2021 UNRESTRICTED RLSTRICTED FUNDS TO FUhDS TO 2020r21 TOT AL FUP4DS TO 2020r21 TOTAL FVNDS TO 2019120 INCOME Dopwtiolls andleKQCieS DevelopMeAtprojecl Endowmewt 385.526 24.1))) 2.654.I 16 20.W) 409526 2,654,116 20OiM 348.544 796.188 70.oc In¢omi•8 r¢sour¢¢sfr(*m ¢lw&r4bk 4¢Eivili¢s Op¢raiin8 MY￿￿M and art ylloy 3.224 86,054 Income from other rrading and Fundrdising activiucs 78 78 61.565 InveMmenE incorne 2.321 16.IE6 18,487 25,510 TOTAL INCOMING RESOURCES 391.149 2.714,282 31 1.387.861 EXPENDITURE Cosis of raisin8 fund5 expendrthre Charitable actiV￿leS Operating mUSeUtn art &aliery 38,138 4,834 42,972 117,231 319.029 2.388973 2.708,1)02 1.237,653 TOTAL RESOURCES EXPENDED 357.167 2.393.807 2 750974 Total incomelexpendilure beltsre gain$ or losses investrnents 320475 32 Re-valuaiSotL of Assets Rtalised profiU(105s) on invtstments 3.176 3.176 Unrealised profiVllo5s) on invÉ4ments 4,543 135,218 139,761 -106,880 Net movement in tund$ 38,525 458,869 497,394 -73,903 Tr*n5ftr btlween funds I9).￿) I￿.( FUND BALANCE SUB TOTAL 22&525 268.869 497.394 -73.903 FUND BALANCE AT 31 Mar<& 2020 9.168.193 1.930055 FUND BALANCE AT 31 March 2021 9.396.718 2.198.924 li 95 11.098 248 The no￿ on pages 27 to 39 foitn of these financial Matrrneots. 28 GAINSBOROUGH'S HOUSE SOCIETY Balance sheet Balance Sheet Ms at 31 March 2021 2•Ql Z019r20 UDrtstiicted R￿￿¢0 FIXED ASSETS Tfingible Assets Freehold FixDJres & fjttings Short Lwchold Tangible Heritsge Asscts Investments Endowtneni Aequisition Fund 59J72 435.786 59349 451.593 25.371 9.(MO.8Y 25 J71 9.(MO.754 12 14 15 416.497 232.871 9.127J(b .1.￿5.154 305.956 206.874 954.423 lo￿87.937 10212.460 9.133Jl4 CURRENT ASSETS Jnve5tnKnt$ Stocks Debtors Cash ai Bank ind in HaTrJ 24.155 17.420 136.894 9).304 277.773 19.612 17,420 45.333 16 193.935 1.234.077 1.428.012 357.652 973.656 1.331,308 1.705.785 50.650 .381.958 CREDTfoiis.Amount5 falling within the year 17 8,361 314.242 15.971 3SS.676 8.361 314.￿2 322.6)3 15.971 355.070 371,647 NET CURRENT ASS 1,383.182 .oioJi I TOTAL ASSETS 96 718 2 198 W24 9 168 193 1930 055 11098 248 FUNDS Unre5trÈue41 Hcntsge valuation- unrtsiricied Restri¢ttyJ 355.864 9.010.854 127.439 9.(WO.754 1198.924 1.930.055 9.396,718 2 198,Y24 I lJ95.642 9,168.193 1.930.055 11,098 248 The directors acknowledge their responslbilities for complyin8 with the requirejnents of the Companies Act with respec¢ to accounting records and the prepar¥tion ofaeeounts. These accounts have been prepared in aeeordance with the provisiorts appli￿b]e to small ¢ompani¢s subject to the srnall companies, regime and ID accordance with FRS102 SORP. Approved by the Board of Trus¢vs (Direttors) of Gains1￿rOUgh.5 Howe Society IAd Dn 2111 •nd slEDed by one trusttt on behgifof all the tnLSttts: 2021 Name SIB￿a￿lre SigD8turt of dlreetor (tnth) auth¢nlieatiDg *tcounts belng se t ty Comp8Die5 Name DILLS signa￿re d4A 6 The th)tes on pages 3110 44 forn) part of ttr￿ financial s￿eMents. 29 GAINSBOROUGH'S HOUSE SOCIETY Statement of Cash Flojvs Year Ended 31 Marth 2021 2021 2020 C￿h flow from operating activities 24 376.031 28.851 Net eash flow fmn optr•dnR ac¢lwltl¢s 376.301 28.851 Cash tlow from investing xtivities Payments ¢0 a¢quire tangible r￿ed ￿[S Payments io acquire investmenis Receipis from sales of invesmlents Interesi received DivAdends ieceived (100) (54,595) 66,443 871 17,616 (97,961) (104.798) 36.IIM) 913 24,597 Exps invs Net cash flow from inves¢ing a¢tivities 25.401 (145.314) Net incrthse in rnsh and cash equivalents 401.432 (116.463) Cash and cash equivalents at l April 2020 981.730 1.098.193 Cash and cAsh equivalents at 31 March 2021 ,383.162 981.730 Cgsh and cash equivalents consists of: Cash at bank and in hand ,333,381 941,941 Investments fund cash balances 49,781 39,789 Cash and cash equivalents at 31 March 2021 1,383.162 981,730 GAINSBOROUGH'S HOUSE SOCIETY Notes fornjing part of the financial statements for the period ended 31 March 2021 l General inforn)ation Gainsborough House Socieiy is a company limiied by guardniee. regIs￿re0 in England and Wales. The address of the registered oifice is Gain51K*rough's House. 46 Gainsborough Street, Sudbury . Suffolk, COIO 2EU. 2 Ststement ofcomp]iance The chari(y consii(utes a public ￿nefit enury as defined by FRS 102. The financial swemenLS have been prepared in accordance with Accouniing and ReE￿ing by Charitie5: Sratement of Recommended Practice applicable to chariues preparing their accounts in accordance with the Financial ReFK)rting Standard applicable in ihe UK and Republic of Ireland issued in Oc(ober 2019. the Financial Reponing Standard applicable in ihe Uniied Kingdom and Republic of Ireland IFRS 1tr2). the Charities Aci 2011, the Companies Aci 2(￿ and UK Generally Accepted Accounting Praciice. 3 Accounting policies Basis olaccounttng Th¢ financial statements gff presented in stuling which is the functional ¢urTen¢y of the Company. Going ¢on¢¢rn The tnisiees are satisfied that there are no maierial ut)certainties in the adoption of the going concern basis of prepardtion and have a reasonable expectation that the comp?￿Y has adequate resources to conunue in Operation￿ exis*nce for the foreseeable future. Thus, they continue io adopt the going concern basis of accounting in Preparing the financial sthtements. Herilage assets The Charity holds a Coll￿tion of works of art io celebraie the life and wo￿$ of Thomas GainsiK>rough. These heritage assets were xquired in past accouniing years and noi capitslised. Acquisitions are made by purchase. donakion or in lieu of thx. The collection of w0￿S of art are caiegorised as follows.. Thomas Gainsbwough: paintings. drawAng$. prints. sculpture, leit¢rs, manuscriNS. and memorabilia. Gainsborough Duponi- Gainsborough's nephew.. paintings and drawings. Gainsborough's contemporaries and innuences.. historic paintings, drawings, and prints. Works Telat¢d io Thomas Gainsborough. prints after Gainsborough. decorative objects using Gainsborough imagery. Henry William Bunbury: paintings. drnwings, and prinis. Images of Sudbury.. paintings, top)grapkn'cal drawings & prints, photogrnphs by Humphrey Spender, drawings by John Addyman. Modern (21pf21" century).. paintings. drawiTsgs and prinis relating to Gainsborough's Hous< woiks by Rowland Suddaby and Cavendish Morton. Furniture and furnishings: mosily 18th ceniury. tale 18 ceniury newspapeTS. Rare Books: MO￿lY 18 century art and $￿Iety. Cedric Morris.. landscape and ￿￿)rE[all paintings, drawings, prints. The valuation of the collection takes place on an ongoing b&8iS to &8sess Cu￿ent value by the trustees. 31 GAINSBOROUGH'S HOUSE sOc￿Ty Notes forniing part of the financial 5¢atements for the period ended 31 March 2021 . Accounting policies (Conlinued) Acquisition and Disposal Policy Acquisiuon: While focusing on WOTks by GainsiM)Tough and keeping an in*resi in hisioric works or thos¢ r¢laLed to Gainsborough. the spread of areas of acqui5ilions is greatly re(luced. As a result, funds will not be used on acquAring anything will not be displayed regularly or th￿ will dupli¢a* what we alr¢ady have. However. works sought by the S¢xiety are likely to be of high co￿. $0 ouiside funding support for acquisitions will usually need to ir Secured. Disposal.. When disposal of an Obje￿ is being consiijered, the twsie£s will establish if it was acquired wilh the aid of an ex(ernal fijnding organisaiion. In such cases. any conditions attached io the original grani will be followed. This may include repayment of the origina] grant and a proportion of the pr(Keeds Af the 1￿M is disposed of by sal& Generally, the Gainsborough's House will not undertake dlsposal other (han in exceptional CiTcumsiances. Whether the disp)sal is moiiva*d either by ¢ur#torial or finaTJciai reasons. the decision (o di5p)se of Maleri￿ from ihe collecuons will be ta￿en by ihe Trustees of Gainsbomugh's House. only after full consideraiion of the reasons for disposal. Other faciors including the public EtnefiL the implications for the Society's collectsons and ¢oll¢¢tions held by museums and other organisaiions collecting the same material or in rela￿d fields will k considered External expen advice will be obtained and the views of stakeholder5 such as donors. Tesearchers. loca] and source communities. and others served by the Society will also be %)ught. Any funds raised by disposal will generally ￿ added io the Sociery's Acquisiuon fund. rdngtbleftred assets The cost of tangible fixed 4ss¢ts is their cost. together with any incidentsl exFtnses of acquisiiion. Depre¢iation is calculated io Wri￿ off the cosi or valuation. on a stTaight-line basis, over the expected useful economic liv¢s ol th¢ ass¢ts ¢oncerned. Th¢ principal artnual rates used for (his purpose. which are consis*nt with those of lasi year. are: Fr￿h0]d twildiDgs (¢x¢luding beritage assets) Office ￿UipMent Fixiures and Fiitings 25 25 FixedAssets- Inveslments The investments a￿ gtsted at their markd value. Any gains or losses on investsnen(s (both realised and unrealisedl recognised in the Sts*menL of Filla￿la1 Activiues. Stocks Sto¢ks are ststrd ai the lower of cosi and nei Tealisable value. 32 GAINSBOROUGH'S HOUSE SOCIETY No¢es forming part ofthe finaneial slatements for the Peri￿1 ended 31 March 2021 Accounting ￿lIcIeS Icontinued) In¢om¢ All income 15 Tecognised in ihe statement of financial activliies w￿n th¢ conditions for receipt have been mei and there is rwonable assuT3nc¢ of re£eipL GTaiits are incluLkd in the statement of financial aciiviues of the accounting year in which they are receivable. Donations. other voluntsry income, and shop sa]¢$ Are included in the year in which they are received Donations and all other receipts frorn fundraising are reporttd gross and the relatefj fundraising costs are reported in expendiiure. Income from investments 1$ included in the 5tstemenr of financial activiues of the accounting year in which they ar¢ re¢eiv4bl¢. Legacies are included in the stsiemeni of finan¢i41 Xiivilies when the Clwity is leg3Jly eniided to the distribution and ihe amount can be measured with certainly. The value of volunieer help received 1$ not in¢luded in the accounts but is described in the trusiees. annual report. ExpendttiÉre All ¢xpenditurc i$ accounted for when incurred and ail liabilities are Tecognised in full as soon as the obligaiions arise and analysed as deiailed on the SOFA. Suptx)n costs iticlude Central functions and haye been all￿ted to actsvily cost caiegorie5 on a basis consisieni wilh Ihe use of resources in tern)s of staff costs by the lime spent and other costs by their usage. Fundaccounling Unrestricied funds comprise accumulated s¥rpluses and deficits on the gefterai fund and designated funds. They are available foT use at the discretson of the Trustee5 in furtherance of the Chariiy's charltable objectives. Restricted funds are Creaied when grants or donations are made for a particular purw)se. Ihe use of whi¢h 1$ restricted to thai FwEK)se. Cwh Cash comprises cash at bank and in hand i￿]uding short temi perty Equipment Short LAsehold Property Totsl Cos1 at l April 2020 Addilions Disposals al 31 March 2021 589.179 196.023 25.371 810,573 589,179 196,023 25,371 810,573 Depre¢iatiOA al l April 202fl Charge for the period at 31 March 2021 87.737 188.483 6.031 194,514 276.220 12.115 288.335 93.821 Net Book Value at 31 March 2021 495,358 1,509 25.371 522,238 al l April 2020 501,442 38 25J71 534J43 GAINSBOROUGH'S HOUSE SOCIETY Notes torming part of the financial ststements for the period ended 31 March 2021 11 Tangible FiYedA5sets (Cdnlinued) Gainsboro￿sh'S House and the Ptini Workshop arc included filed assets but at a nil value being the basis of the transf¢r from th¢ uninrorporated Gainsborough's House S(Kiety. tncluded in freehold Pro￿Y aTe the ¢ottages which are used as the eotran¢e io Gainstx)rwgh's House and an Education Centre. There is a legal charge held over the freehold 4647 GainsEK)rough Street. Sudbury by way of legal mortgage with Th¢ Trusie¢s of th¢ National Heritage Memorial Fund in Tel&ion ￿ the coniinuing security for the paymeni or discharge when due of the secured obligauons. 12 Heritsge Assets Tangible fixed asset5- heritage a55ets 2020 Coll¢¢tion of works of art Cost or Valuation & IApril 2020 Valu*ion An year Addiitons Addiuons- donation Disposals 9.040.754 8.942.793 97.961 Value at 31 March 2021 9.(hlO.854 9.040.754 The valuaiion of ihe collection lasi took place on 4 December 2017 by Chrisiie's. This is reviewed annually by the trustres. At the poini the assets come oui of storage to go back on display the policy adopted will be for a professional valuation to be undertaken every 3 years. The conservation of ihe collection is ongoing. and works are seni io freelance conservaiors (mostly drawings and prints) on a regular basis. The Museum Plus Colleciions database will coniinue to be developed with updaied documentation and attachment of photogrdphic image5 of all works in the collection. 39 GAINSBOROUGH'S HOUSE SOCIETY furiuiii¥ part of the financial 5tal¢ments for the Peri￿1 ell(1￿ JI MarLh 2021 Tangible Fixed A￿ts- five-year 13 summary of heritage tr2ns¥tioos 2021 2020 2019 2018 2017 Additions Purchase5 Gifts Disposals 97.961 32.831 11,424 40.473 500,CiK) 4.319 14 Inv￿¢￿ents- Endowment 2021 2020 Value at Cost Addiiions at Cost Disp)sals Unrealised Gal￿ (Loss) against valuation Cash 305,956 19,201 253.316 91.377 93,748 2.408 416.497 (S9.0￿) 20,353 305.956 The Heritsge Lottery Fund awarded Gainsborough's House £550.(XXJ iowards creating a £1 million endowmeni. £iO,000 is fvr fundrdisillg (x)StS Iiiid (li¥ £JlY).¢YK) IS Telwcd 415 malLlI luiiJiJi¥ £1 fvi £1 fvur yttdts. We att very gratefvl to John Osbourne who has given £10.(￿. and NHLF rele￿d march funding of £IO.INK). IS Investments- Acqu￿ltiOn 2021 2020 Mark¢1 Value at l April 2020 AddTrtions at Cost Disposals- sale proceeds ProfiU{loss) on disposal of investments Unrealised GAinl (Loss) Cash .874 35,394 (66.443) 3,176 41,470 2,4(K> 232.871 265.461 13,421 (36.ICMJ) (374) (39.783) 4.249 2(￿.874 Inves¢meni Fund M&G Charifund Value at l April 2020 Unreaiised Gainl (Loss) 19.612 4.543 24,155 25.248 -5.636 19,612 Total Investments 673 53 442 GAINSBOROUGH'S HOUSE SOCIETY Notes forni6n8 part of the fSnanclaJ s¢atements for the perfod ended 31 March 2021 IS Investments (Continuedl Listed Below are material investments representing more than 5% of the total markei value of investments 2021 2020 Treasury Stock Haltna PIC GlaxoSmithKline Mercantil¢ Itjvestsnent TTUSt PIC JP Morgan Asset Mgrs (UK) JP Morgan Asian Inv Trust Pl¢ Polar Capiial Fund JP Morgan GBL Growth Scottish Mortgage Inv Trusi 2021 2020 16 Debtors Deb(org Heritage Lottery Fund- Delivery Claims 148,053 151.366 182.776 251.619 330,829 402,985 17 Credleors: amounts t￿11￿8 due wlthln one year 2020 Trad¢ creditOTS Social Security and ￿er taxes Other credilOfS 318,703 259,986 6.497 3.9￿ 105.164 322.603 371.647 18 Operatlng leases 2021 2020 Not la¢¢r than one year 14.667 19,750 Later than one year and not later than five years Over five years 118.333 320.0(N) 453,0(N) 24,750 The totsl future minimum lease payments undu non4ancellabk owating leases are as above. 41 GAINSBOROUGH'S HOUSE SOCIETY Not&5 forniing part of the fiMncRal sthtenbents for the period ended 31 March 2021 l• UnTr5tricted Funds Fllnd 31m.20 G¢neraF Fund Designaied Fund- Her1￿e Fwd 127.439 9.C40.754 9,168,193 391.049 357,167 I￿.[ 355,864 9.IhlO.854 9,396.718 127.439 9.LIIO.754 9,168,193 391,149 357,167 20 R£strfded Funds Fund Fund bHlanL Fund Exwd 31A)321 31.0320 Ac4uisilion$ Fund AM)eaJ fund- capital fu]wJ te coltagets devtk>pmenr deprtiatK>n 2CIS.874 5.971 143.0261 {23.(0 232.871 206.874 s,￿17 2WJ.786 206.$93 KceF¢r ofArt & Placc (J5J56) (15J561 (15.3561 Capiial Troje 1.120.614 2.712.216 1384537 I167.(￿> 1,281.293 1.120.614 Endowmeni FU￿ 305.956 10.195 I1￿,346) 416.497 305.956 Rcscrved for Endowmem Ik4rninE & out1￿￿ (i.(mi Ii.(MKJI Collection Shop Refi¢ depn fvnd Devejoprnenl & businESS plattnin¥ ReSea￿b]Art Fund 5.374 1797 2.577 5.374 20IKKJ Dawd like Ao4Ui$itithi if￿.(￿j0 J(o.(o) 1.930.055 2.714.282 2,255.413 19¥).LYNJ 2,198.924 1,930.055 42 GAINSBOROUGH'S HOUSE SOCIETY Notes forniing part of the fjnancial st*tenJents for the p¢rRod ended 31 March 2021 Fu￿1 IKoming Tr¥n$fcr5 Furvj BalanL* Fund Balance 31.Mar-21 31.M8r-20 Colleaion of works of Art 9,040.754 9,(HO.754 9.(40.854 9.040.754 Thts fund repre5tnts the valuatlon of the uAlt¢tioTr in •rcowkn with FKS I•1 Analysks o(Net knets betwee* 22 Fynds T¥ngible fixuj thv¢sIt)￿ H￿1(age current 5¢rs 2020 A55¢1S AtqUiSiEi(￿S Fund App¢al fund-capiral dcpreciaiion fund T¢ co1￿8¢$ Endowment Fund 232.871 232.874 2C6.874 2Q).786 2(KJ.786 410,497 1.058.193 2.577 235.IMN 53,Otx) 2.198,924 2(h.593 305,956 870.258 5.374 235.IX)O I(X),(KKJ 1930,055 416,497 Capial tkveloweni Shq) Refii Depn FurKi Frc¢hold Propffly Developnxnt 1.058.193 2.577 235,( 53.C 438J63 649 Tangible fixed Herit•8¢ N¢t aUT¢ni 2020 Geheraj FuThJ 83J75 24.155 247.834 355.864 177,508 Heritage Collecii¢ 83M75 24,155 9.040,854 246.034 9396718 9218262 Tot#1 FuDd$ 52 673 027 11168 672 2021 Mark S￿phell Bills. Thrector 75.(iKI 70,C Pensiorl coniribjlion 75J&) During the year one trustce had expenses TEimtwed in r¢spr¢t of milw¢ am¢)unEing w£2111202tr. £￿91. D￿tIOnS rettlved trnst 2•21 DMaion$ from tru5*¢5 16257 16,257 43 GAINSBOROUGH'S HOUSE SOCIETY Notes fornbing part of the financi￿ statements for the period ended 31 March UI21 24 Reconciliation of net movement in funds to net cash flow from oper¥ting artiviti 2021 Net I￿vement in funds 497.394 (73.903) Add back depreciation charge 12.115 12,115 Deduci investment fund SOFA income shown in invesiing 4¢tivities (18,487) 125JlO) Add invesimen( fund SOFA expenses shown in investing activities 4,834 4.165 Deduci unrealised gain for the year {139.761) Ilkfj.880 Dedvct realised gain for year (3,176) Dectease (increase) in stock 9.885 Decrease (increase) in debwrs 72.156 (238J37) Increase (decrease) in creditors {49.044) 233.556 Net cash used in opernting activities 376,031 28,851 25 Capitsl commitments The redevelopmeni of the sile is siill ongoing and is eX￿ctrd io coniinue in the foreseeable fviure. Costs incurred in relation to this aEe b¢ing funded through grants gnd fundrn"sing.