2022-03-31-accounts

G*lmsborough's Hollge 31 March 2022 Cbarity No. 117(M148 Company No. 10413978 M(K)Te Green Suffo]k

GAINSBOROUGH'S HOUSE SOCIETY Annual report and financial statements for the year ended 31 M•r¢h 2022 Contents RqKfft of th¢ Trusttts 24 Rep)rt of the Auditors 28 Statement of finan¢ial activities 29 Balance she 30 Statement of Cash Flows 31

GAINSBOROUGH'S HOUSE SOCIETY Legal and Admlntstrartfve Informadon Reglstered Charfty wlle: GainslKJrough's House Re￿stered Cbarlty number. 117(XM8 Re8ithred Company number. 10413Y18- limitcd by guarant A¢¢r¢dited Museum Prlnclpal offlce Gainsborough's House, 46 GaAnsb)rough Stre< Sudbury, Suffolk COIO 2EU Telephone: [phone] e-mail: [e-mail] Fr￿ldellt R¢b¢tta Salter PRA Vlce PresldeDt Lord Phillips of Sudbury Patrons Clar4 Countess of Eust( The Mayor of Sudbury Maggi Hamblin8 CBE- Patron of Gainsborough's House Friends PAtron• of the CampAign Maggi Hamblin8 CBE Trustees and CoM￿nY Dlr¢rton Brian Moody (Chair) SuZa[￿e MaTTiott Martin M)Tone Wilf Weeks OBE Nigel Evans Christy Siewart-smith Mark Hatris Arabella Chandos (Appointed 4 February 2022) Mark Bills (Exc￿1Ve Di[￿10[} Observer (non-Tnutee) Jayne Austin- Suffolk County Council

GAINSBOROUGH'S HOUSE SOCIETY Legal and Admlnlstradve InformAdon FU￿Time Stshy Mark Bills Emn)a Boyd Liz Cooper Arabella McK¢ssar Tcrry Groom Thidy Pickerin Alex Doran Executive Director ofArt and Place Commercial Manager Development Assistsnt Fit]ancc Manager . Finance and Admin Assistant Part-Time Staff Steph PaTmee Thomas Whikky Learning & Outreach Offi(tr Caretakcr/Clcaner Volulltee Janc Lowe Pcnny Payne Jacqui Robins Gardener Friends Cwrdltiator Linda Adcook, Gwyndh ArnotL Maureen Audsley, Tina Bakcr, R¢Duka Baldwi￿ Grcta Bamier, Pet¢r & Jackic BatemaD, Joanne Be8Va￿ Jenny Beckham. JaDe Benton, Caroline Brid84 Chery Bri$tow. Judith Bryanl Virginia Budd. ATab¢lla Cl]andos, Eilecn clayto￿ Heather Colttnan. Michael & Barbara Copp, Susan Coppin& Patience Cowp¢r. Rosalyn CTackncll. Jan Craft, Grania Crawshay, Marnie DeakiJ4 Shirley Dockerill, Dennis Duffy, Christa Edwards. Janie Estcouru Nigel Evans, Audw Eweu. Suzannc Flack, Giadis Garci8-Soya. NI￿la Glen, Jolm & Judith Glover, Nancy Gralwn, Belinda Green, Fran¢es Grcgor-smlt￿ Nick H811idi4 Mark HarTi8, Deni8e Hart, Elim8r Harvey, Rose Harvey, Rachel Hatchar4 Roger Hearne, Paulin¢ Hcigbam, EliZab￿h & Niall Hennessy. Cindy Hepburn, Helen & Gcotf Holion, Ann HOrna￿ Litidsay Hoyer Millar. Dav¢ & Pat Hulbert, Cblistopher Hwil, Michelle Jay, Gr8¢me Johnsm Judith Kemp, Rita Lindsell, J8ssi Ling, Janet Annc Lowe, Janc Lowe, Dixie Ludgalc. Colin & Linda Lut& Lyn MacpherS0￿ SaTrh Maguir4 Su7ann¢ Maniott. Sheena Matiingiy, Vicki MerTi¢K Nigel Middleton, Sarn Mill￿. Brian Moody, David Moore-GwyDty Ineke Mottis. Nicholas Morsc. Martin Myrone, Penny Nichol, Alice Nolda. Valerie ol￿en. Pet￿Y Payne, Mth( Pendlin8ton, cl￿15 Persingcr. Sue Pet￿son, Andrew & Penelope Phillip4 Carol Potts, Riclwd Powell, Bernice RaiK tauTi¢ Rcynold4 Jane Richardson. Nichola8 Robert5, Jacqui RobiD3. Bru¢¢ RonaldsoD. Diana Schofield, Freya Scott-Rockel, Judi Shaw, Rachel Skillen, At Smith, Christine Smith. Eve Smith. Margaret Steed. Catherine Stcph¢n4 Cbrity Stewart-SmIt￿ Joanne StODe- Williams, Margaret Sthart, Nigel Surry, Valeri8 Titikler. Virgiwa TUCL Eppie TurK Mary VincenL MaTi-Lnui8e WagELOrn, Paula Wall, Wilf Week4 Jenny Wheeler, Maureen IVhit4 Sue Whiteley, Christopher Whybrow. Dorothy wyn￿ Brian & Elizabeth Yates

GAThSBOROUGHJS HOUSE SOCIITY Legal and Administrative IDfonnation Auditors Moore Grw 22 Friars Streel Sudbury, Suffolk Soliciton Bat¢$ Wells & Braithwail4 27 Friars Street, Sud￿. Suffolk Bankers CAF Bank Lt￿ West Malling, Kent & Lioyds BanL Matknt Hill, Sudbury, Suffolk

GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Governallc4 structurfy and management Gains1￿Ugh'S House Society Ltd was founded by incorporation in England and Wales on 6 October 2016 and commenced trading on l January 2017. Company Rcgj'stralion numbcr 10413978. Clwity Commission rcgistration number 117¢YJ48. This Report and A¢counts detsil the activty of Gainsborougb's House Sociay tAd for the year from 01 April 2021 to 31 Marth 2022. Alms and objectlv The charity owns and run5 GaiDsborou8h's Hous@ the Childho￿ hom¢ of the great English painter Thomas (Jainsborough (1727-88). 88 a muscum and gallery. MISSION STATEhllNT To promote the wider knowledge, appreciatio￿ and enjoyment of the art of Thomas Gainsborough witbiti the ¢ontex¢ of the eighteenth centiiry and the inspiration of the Suffolk landscape and to presm¢ and ¢nhanrx Gain5borou8h's House and ils collections for the benefit of prc5CDt and fvtur¢ generations. VISION STATMENr Gainsborough's Hous¢. thc childhood home of Th(xnas GaInSi￿0￿8h 18 a national centre for the ¢xploration of Gainsborou8h's arL th¢ d¢velopm¢nt of th¢ Englith landscape and the art of printmaking. With Thomas Gainsborough as its Inspiratio￿ it 8cck8 to brin8 to life the art a￿1 idea]8 of Thomas Gain8borou8h to iD5pir¢ a new generation of V181tors. Publlc Beneflt Gainsborough's House's charitable obi￿ty are to preServethetr￿%t proFKrty, cr¢ale an arts centre and museum, collect, curate and display wo￿$ of Jrt and further thc d￿Clopment of the arts through education and events. li also achieves the public b¢n¢fit requir¢mMi through offering m8ny of its events, activities, courses, and publicationg elther free to uscrs or at heavily subsidised rates. mainly t1￿kS to 8rants 8enernted from clwitable trusts and foundations and donations from the public. These include free admission on spe£ial da￿ ￿trance to exEul)itions at no extra cost. events op¢n to non-memlKr8' frec or sub8idi8cd work8bops for the 01￿ vulnerabl4 dis8dvantag&L Yout￿ s¢hools, ¢Ollununity groups and familics. The Society is aware that the public's opportunity to beneftt must not be limited by 8eographI￿l or oth¢r rcstTiCtions. Although most of its activittes take place in the South Suffolk and North Essex 8r¢4 visitOT8 come from all over the UK and abroad, and cOnG￿l0￿S on tick¢t pric￿ ar¢ to ¢hiIdTcn and students. The Friends, Patrons and Mulbcny Patrons m¢mbcrship schemes arc opcn to all. Accredliailon GainsboTough'5 House Society maintained its Accredited Museum status in 2021122. Methodolreernlimenl andAppointiAeAI oflnth The trustees are recruited from the constituency ofvolunteers and members of Gainsborough's House. and from peopl¢ idcntifi&f with appropri￿¢ skills to fvlfil the purp￿ and ain￿ of the organisatio

GALNSBOROUGH'S HOUSE SOCIETY Report of the Trustees GOvern￿¢t, struetsr4 ￿ manAgemettt [￿All￿Ne4) Truslee Induction and tralnlng New trustees are provided with a copy of the Monornthlm and Articles of Associatio￿ latest audited accounts. most recent management accounts and minutes of tnth m¢¢ting8 together with a copy of the Charity Commission's publication 'Responsibilities of Charity TTUStees'. 0ry4nlsailoAol strmethre The overall governance and financial rwonsibiiity ￿ vested in a Board of Tn￿ who are ¢I￿ted at thc Annual Meeting of the Tru3te¢s. Th¢ tn￿te¢S have examined the major strategic, business, and opcrational risks wlu'ch the charity faces and Confi that Systems are establis]Kd to matt8ge the signifieaDt risks. The main ri8ks identified were: Thc loss of key staff which wa8 id¢ntifi¢d 8&a medium risk with a bigh impacL To mitigate this risk thc trustees have implcmcnted succession planning and development of staff through 8UPP)rt and training. Compl¢t¢ or part d¢8truGtion of the fabric of Gainsknrough's House and its Colk¢tion was identified as a low risk with a high impact. To mitigate this risk sthff, receive safety training to avoid dama8c throu8b firc or water leak8. The property has appropriate fwe and intruder alarms, computcrised CDvifoDmental monitoring, aod insuranr¢ to cover business intemiption and repair or replaeemeni of works of art. Key mahagemenlperninnel remunera¢lon The trustees consider the board of tn￿1¢￿$ and thc executive Director as comprising the k¢y management personnel of the charity in cljarge of directing and controlling the cbarily and aod operating the charity on a day-to-day basis. All tnistecs give of their time freely and no remunerntion or ¢xpcJ)Ks were paid to ally of the elected tnjstees during the year. The board of trustees ap￿Inted the Executive Director. Mark Bil]s, as a irnstee and company dir¢ctor of Gainsknrough's House Society Ltd. Th¢ pay of th¢ tharity's executive Director is reviewed annulllly and nornially increased in accordattce with performan¢¢ and avcrage cgrnings. The remutmtion is beneh-marked with simil charitics of Size and acÉivily to Cnsurc the temunctation sel 16 fair ¥lld not out of line with t1￿¢ gcnerally paid for similar roles. There are no Telatcd paty transactions requiring disclosure. ThISte￿ are required to disclose all relevant intcrests and T¢8isler them with the executive Director and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arise&

GAINSBOROUGH'S HOUSE SOCIETY Report of the Trnsteeg Objectives And acdvldes The end of the fllwicial year on 311[ Marth mathd another cballenging year for the I￿￿tItUtiOn. with the aftermatb of Covid-19, a war in Europe. and subsequent delay and increased ￿$ts of the capital project. fjainsborough's House was closed for r¢d¢v¢lopment and its activities beyond the bUild￿g prnjeLt severely limited. Its information FKyint r¢mained closed, and it bad io rcscbedule its exhibitioll programme due to delay and the loss of a major exlllbition duc to be loaned from Moscow. Despite the difficulti￿ a great deal Iw be¢D acbieved in this p￿10d with enonnous progress on the capital pmject and we are very gratefid to those WI￿ supmi us through this difficult time, often giving again. Partnerships nationally and internationally werc prO￿¢d in anticipation of rfropeDin& m05t notably with the National Portrait Gallery and their'Inspiring Peopl<. project and the Phoebus Foundation. The Governors sel seKn stralegic objec11￿ During 2021-22, alihoughprofoundly limiledby closure, the demands ofd maJ(Jr edpilalprojed andthepandemi4 Gainsborough's House eontribuledts ihese objertives In thefollowing Mvy.. I. AWARENESS Raiwing thepyofile ofGainsborough's Houve Gainsborough's House continued to engage with its supN)rtErs through l¢tt¢rs updating them of the pTogr¢ss of th¢ capital pmjecL alongside cards of the buildillg works, and Gainsknrougb recip¢& PUBLICATIOIYS AND PRESS The Director of Gainsborough's House continual his regular monthly page in the $14ffolkFree Press to keep I(￿1 people Inforni￿ about GainslK)rough's HO￿e, its capital projecL opportunities, and initsatives. They Iwked at Gainsborougb's Hous¢ our activities and their relationship to the tom￿ and area and included topics such as lattdscape and th¢ sense of place. new acquisitions. the ImWrtan￿ of l(Kal material4 the revita]isation of Sudbury through cuhural tourism and printhiaking at Gainsiwough's Ho￿. After l(Kkdown ¢v¢nts started agai￿ supporters and visitors were givell hard hat t(l￿S of th¢ sile. Talks, leCtu￿s, and meetings were given through video lith. and lean]iDg and (thch projects started again.

GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectives and •ctivitiu (continued) 2. HOUSE AIYD TTS coiYfENrs Protecling and mahng accessible a nalionally ￿gnIfiC41n¢ herithge awl EXlllBfrioNS Although Gainsborough's House's exhibition progrgmme was not p)ssible due to closure through building WOTk5. much platming I￿k place. The pmgramme of exbibition4 iwinning in autumn 2022, needed to be prepared. For the opetiitig exkubitiow loaw were requested and agreeiL alongside ¢atslogues being prepared. With three gall¢ries con¢urr¢ntly showing exhibitio￿ it was ]mi￿rIallt lo ￿ planning several years in advance. GaiJ)sborough House will open with major GaiDsborough patntings fllling thc new gallery space5. and the historic house reflecting the passions and haunts of the artist's world. This will be followed by a series of national and international exhibitions as well as works by artists and the activities of those in our surrouDdmg communilxes. National collections have agrccd ￿ lend their great GainsiM)roughs and we arc partDcrin8 on exlul)itions with the National Portsait G8llery, The Phoebus Foundatio￿ Antwerp, and the ￿Jk￿U8eu￿ Tw￿th ACQUISTTIONS Gainsborough's House is incre￿Ing the significance and breadth of the Gainsboroughs in its colle¢tion as well as increasujg Ihe rq)rcsenlation of other artists associated with the region. The inclusion of Constable is through significant loans, and we have recently acquired the world's largest collection of work5 by Cedric Morri5. Gainsborough's House is in effect celebrntin8 not just the bitthplace of Thomas GainsiM)rough but also the birth of the British Schwl of Landscape Painting. A number of imp)rtant acquisition8 wer¢ made to the ¢olled]o￿ whi¢h wmpl¢tncntrd our holdings and looked forward to our red¢v¢lopmeDt. In¢luding: Henry Bunbury (1750-1811), Concerto Splrifval¢ &1773, (sKn¢il. pen and brown ink), that was made into an etcbing by James Breiherton (acl.1750-1799). The dTawiDg comically highli8hts the earthy nature of the musicians all of wbom were associates of Gainsborough. It depicts the viol da gamba player Carl Friedrich Abel, the oboe player Job8nn ChTi$tian Fish¢r. and ih¢ French horn player GiovaDni ]llltto Ib)rn Jan Stich). Anonymouo. Lady beMd¢ an Mrn, ¢1760N a¢quirnl be¢aus¢ of its exquisit¢ d¢pidion of a silk drcss. This will be displayed in the new silk gall￿. Cedri¢ Morris alld B¢nton End Gales ofBenlon End by Mollie Ru&8ell Smitty a 8tht at tbe Suffolk art school and 65 photographs of Benton End by Profrssor Bryan Nicholas Br￿ke. Archlve and other hen G8insborough's House rn￿e additions to its archive and bi51ori¢ it¢m$ for futur¢ displayj i￿ludIng nw and anatomical 8nd classical pl&4ter ctists for the Painting Rwm. ENQUIRIES In 202112022 Gainsb)rough's House received a nuM￿r of ¢nquiries about the coll￿tion. approximately 19 letters. 132 phone calls, 266 emails, 5 arranged visits.

GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectives and a¢tivrti¢s (continued) 3. AN INTERNATIONAL STUDY CENTRE Creatingo vibranl cenlrefor Gainsknrough and related$ti￿1 Given th¢ r¢strictioTrs of lockdown and closurw developtnent of projKts was difficuli but Gainsborough's Hous¢ managed to build QD its existing intrTnatiollal relationships. The House bas develop￿ a partnership ¢thbition with The Phoebus Foundation in Antwerp. The opening exhibition of thc new exhibition ￿dllery will Painting Flanders.. Flenush Pointin& 1881k1930 showing major WO￿ by Belglan artists. It will be a huge draw to the town with masterpieces from Antwe￿ coming to Britsin for the first tin￿. GAINSBOROUGH 300 Gainsborough's House bas begun discussio￿ on GainsiN)rough 3(K) and wxll be inviting all major national and international stakellolders to the Paul Mellon Centre, our partner, to dis¢)Jss plans for 2027 (3(K) years since Gainsborough's birth). There are also discussions around Constable and Turner. CEDRIC MORRIS RETROSPEcfIvE A major retrospe£tive is planned for Cedric Morris in 2023 and loat￿ have Tr￿en request&4, and ¢$5ays pr¢par¢d for the catalog￿e. COLLECTION AND DISPLAY RLSEARCH Research continues into the collection of Gainsborough's House and futu￿ displays for re.open11￿. 4. A LEARNING CENTRE Increase, access. learning and outreach Gainsborough's House's Learning team has iw) continuaIty activ¢ with the Museum Club resuming its weekly wo￿OpS and schools being contacted ready for re-0pe￿g. A complete set of resources were planned for %hools and family visits. wbich will be a real attraction attd help to increase nwnbers of young people visiting the gallery. Outreach work has continued with more workshops at Holl&8ley Bay Tris0￿ this tim¢ f(￿uSed upon Printn￿king and workshops forthe elderty have tak¢n pla￿ at Arton. Gainsixjrough's Hous¢ was also involved in projects with a broad rnnge of unaccompanied children asylum young siogl¢ wents and NEET young people requiring a lot of support. We all feel that the creative worksbops will Ix of great benefit to them for their development, their mental healtty for the transferable skills they teath and to eI￿le them kn ￿la]ISe across the YMCA cojnmunity and to Te-engage with education.

GAIFISBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectives and athities (¢ontXDued) S. A SENSE OF PLACE Strengthen its conneclioKF wilh Sudbury. ILul herilage and the landscape YISION FOR PROSPERrrY Gainsborough's House is part of the wid¢r to￿ vision for prosperity and is a key player in the development of regional initiatives. GainsboTough's House continued to be greatly involved with the town and its fijture plans and remained at the heart of ils vision for prosperity. As a result. the I)irector co￿l￿U¢d working as a member of the Town Steering Committee and the Babergh & Mid Suffolk District Councils, (BMSDC) Sudbury Vision Delivery THE FufuRE DEVELOPMENT OF Sl￿BURy The economic impact of Reviving an Artist's Birihp1￿ will be Considerable. Th¢ projsxt itself will crealc 94.9fte job4 some temwraryj other5 permallcnL som¢ )￿liT¢¢( and creatc a Gross Added Value of £10,572,883 in Spend on sood5 and services for the local economy (using th¢ As8wiation of Independent Museums GVA Toolkit). The expanded museum, once opened in 2021 will spearbead much.needed ecollomic revival iti Sudbury with increased footfall of day trippers and ovcrnight visitors, generating up to an estimated £3,02S.640 annually in visitor spend and spend on 8wds and services for the local and r¢gional economy, b8scd on the CO￿￿erVative estimat¢ of 50.0 visitOT8 and incrementally as we ￿Ceed these visitor targeAs. This is an overnll increase of 2000/0 on 20L6117. For Sudbury, this project aims to be a game-changer with more visitors spending in the to￿￿ more prid¢ of plac4 enballcing Sudbury as a more vibrdnt place to live, Ws)rk and sd up busin￿ and attractillg morc investment. The project will elevate Suffolk's international br8nding and offer to the world as a Pla￿ to visit. Artists are drnwn to Suffolk's bi8 skics and unspoilt wuntyside and this project will estsblish Gainsborough's Hous¢ a8 4 ¢ultsral hub. a pl&¢e for more of th¢ region's artistic community to congregate, create and show art and scryc a8 a route to market for artists. PrInth￿kers will for the first time be able to show their work in exhibitions on 81te (they currendy use a church hall). A1or8er museum will enbance Gainsborough's House as a pl•¢e to volunle¢r. TrJiDing will Ix offered to 8UPPOrt additional volunteering activity across the org8nlsati0￿ includitig in the café, with volunteers incrusing from 150 to 250. and enhance chances for social interaction. important for the re8ion's iThcreasin8ly Old￿ population. One important element within the design is how tILe llew building will conneLt with the Sudbury site. Drawing its inspiration from the town's roofscapes, the design echoes the surrounding architecture. creating a wntemtM)rary building ill sympathy with the town and thc collservation arca sum)unding Gainsknrougb'3 How¢. This approach also t￿nSlateS to the materials thal have been selwted for the new buil4 and whith will include bricks fTr)m the historic Bulmer brickworks, just outside Sttdbury. Ind th¢ int¢rn&tioDally famous Sudbury silk for the interiors. ZMMA noted.. 'Ai inceplion we will c4ry oul a ihoughffj41. ¢mill￿1¢al$ludY ofihe fown (v￿/he importL7nl. hisloric lownscape conlexl itprovidesfvr Gainsborough s House... Our con3ln4Ctional approach. ￿ing I￿S concrele, provides a lower embodied energy and carknnfootprint. In all our duign decisions about materiaLf we will cOn￿der the stsslainability impacl in terms ofsourciThg and long-term life &Kpeclancy, n￿l￿tenanCe, and end-of-life recycling. Locally sourcing Bulmer Brickflin( clay Th￿IllIeS andsilk wall lin￿g￿ willgra7tly reduce delivery mil￿. ' io

GAINSBOROUGH'S HOUSE SOCIETY Report of the Tru8tees Objeedves and rdctlvltlts (conthiued) 6. SUSTAINABILTrY Ipnprove the generalion ofincome andprow'de s￿¥t￿l￿abl1lty FUNDRAISING This was a very busy and worrying period wbac we have be¢tt without admission and earned incom¢ and wh¢r¢ fundraising has been critical to OUT survival. The delay caused by Covid-19 attd its afterniath meant increased costs. both revenue and capital. to get Gainsknrougb's House to the end of the projecL BENEFACTORS AND DONORS Gainsborough's House is ¢notmously gratefid for the support that w¢ have received from a]1 our benefactors and donor& Mally trusts and foundations and generow indiv1th￿IS have given again to belp us thr(￿g￿ this period of closur4 d¢lay, and chang The Heritage LDtt¢ry Fund awath Gainsborough's House £550,0(Ki towards creating a £1 million endowment. The target was athieved with thanks to individual fulld￿ who gave to ellsure we completed the campaig FUNDRAISING FOR CAP￿AL PROJE￿, REVIVINGANAR TisfsBIRTHPL4CE Gainsborough's House colltinue5 to fimdraise for the match fimding and further costs. The Buy a Brick c8mp8ign allows irLdividuals to support the Lzpital project by buying a brick at £20. The schanc has been enorniously successfijl, reflecting the great support there is for the projecL LOCAL AvfBoRITJKS Suffolk County Council Babwgh Mid Suffollt SUp￿)rted the core aclivities of tbe House with a generous ￿ at a time when Suffolk is facing Significa￿ budget cuts. Sudbury Town Council continued its support and re-affirnied its commitment to supporting the House. GaInS￿rOugh.S House is enorniously gratefill to all fimden. PATRON& FRIENDS AND SUPPORTERS Although Friends membetship drop￿1 off a little due to closure and lock(kJwn, the majority of SUP￿ ￿8]lled loyal and many gave donation4 for which we are extretllely gtatefi Planning for a shop. and hir¢ spaKs wnlinu¢d thr(wgh thc work of the c8Pital proJ￿t. SHOP & CAFÉ Designs for the new café and kitchen were completed and with the rental of No.47 Gainsborougb StreeL tbe shop and café spaces will redouble oll Te-opening. li

GAINSBOROUGH'S HOUSE SOCtETY Report of the Trustses Objectives and activities (Continued) HIRE & GROUP BOOKtNGS Trdditionally a littlited offer was availabl¢ to groups with simple introductory talks and coffee. W¢ hav¢ cxpanded th¢ offcr over the past year to include guided tours, irn print demonstr￿10￿$ and morc varied group refresbment options. Building on the basic existing group visit off¢r. w¢ hav¢ in￿¢•s¢d the opporttinity to learn and understand Thomas Gainsborough and the history of the house through th¢ introduction of volunteer guided tour& le¢tutts and practical workshop8. Along with th¢ existing introductory tslks this new offer now provxdes groups with a greatly improved visitor expttienee. Furtber rtqearch and introduction of speciaIist tours will continue to develop thc offer for when the House reope￿ attracting a wider audi￿ and encouraging repeat group visits. DEVELOPING NEW INCOME STREAMS Severnl strands of p)lential income streams have been rese8￿bed 8nd som¢ Ca￿led out. These include the feasibility of developing a cafe and refreshment offer at Gainsborough's HOU￿ A kitch¢n was de5i8ncd and built for th¢ new café ready to be franchised for re-openitig. A 10-year business plan was ¢reated and was submitted as part of a Stagc l HLF application for the ￿pIts] projecL This was seen to be IM5ed upon acjjievablc amounts by the HLF national Lwrd. GAINSBOROUGH'S HOUSE WOULD LIKE TO THANK EVERYONE FOR THEIR SUPPORT BEY4EFACTORS The National Lo¢t¢ry Heritsgc Fund Timothy & Mary Clode The Gcorgc John & Sheilah Livanos Clwitable Th￿t The Linbury Tn Babergh District Council Garfield W￿lon Foundatiou New Anglia LEP Foyle Foundation The Wolfson Foutldation The John Ellerman Foulldation David Pikc The Murray Family The Band Trust The Lord Belstead Clwitable Settlem¢nt J Paul Gety Jnr ChaTithble Tn￿1 The Pilgrim Tr￿￿1 Th¢ Finnis Swtt Foundation. Maggi Hambling CBE Andrew Lloyd_WebberFoutthtioD John Beale Esmée Fairbairn Foundation Th¢ Paul M¢llon Centre for Studies in British Art 12

GAIY4SBOROUGH'S HOUSE SOCIETY Report of the Tntstees Objectives and ictivities (continued) BENEFACTORS (continued) Suffolk County Council Sudbury Town Council Humphrics Weaving Vanners Silk Weavers Anthony Wheeler Bequest DONORS de Iaszio Foundation Sir SicgmuDd Warburg'5 Voluntary Settlement Rogers, Stirk, Hart￿ur & Partners c￿￿1(able Found￿10￿ John Gambart W¢bb Bquest James Hughc5.Hallctt AIM A&sociation of Independent Museums The Arts Society The Artg Society Sudbury Arts Council En8landD/&A purch￿ Grant Fund Paul & Vanessa Watchman Ernest Cook Trust Barbara Whaknore Cbarltable Trusl Robert Dav¢y John Osborn CBE Richard Mansell-Joneg Sir John Hoskyns Charitable Tn Th¢ Doric CharitAbEe Tntst Lowell Libson Coral Samuel Clwitabk Tru8t Phillips Fund Sir FAWa￿ Izwis Found8tion Stanley Foundation Surrey Square Charitable Trust David Tyler The Scarfe Charitable Th]st Lord & tady Marlesford John Laing Charitable Trust Aurelius ChaTitsble Trust The Henry Moore Foundation Association for Suffolk Museums Brocklebank ChaTitabl¢ TTUSt The Constable TTUSt 13

GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objecdvu and actlvltles (contlnned) DONORS (continued) The Rad¢liffe Tnjst Wallace Charity Trnst Alfred Williams Charitable Tntst Faith Robinson Jobn sI￿ran P & S Scb8fler Heathgat¢ Ch8Titsble TTUSt Timothy Colman Clwitsble Trust Chivers Trnst Basil Slaughter Tnwt The Schoff Collection Nicholas Antill Lkdham Vale AY40B Colchester BoroLLgh Council Bevan CbaTitablc Tn Contemporary Art Auction- Artists The Silk Manufacturers of Sudbury ReematL Dansie JoJJaihan t2mbert Fine Jewellery Ncthergate Brcw¢ry Co Ltd The Trustees of Gainsborough'5 House The Estate of Antte Boggis.Roife D Wilkins The Grocers Company The Drapers, Company Tvztnae Charitable Trust Local Fulldraising Comtnittee Marilyn OTrilly-Cicconi Th¢ Le51ie Mary Carter Charitable Tn Rev'd Canon John NuTs¢r The National Heritsge MemorialFuDd Art Fund S￿4RE Museums East All those who have given to 'Buy A Brick. 14

GAINSBOROUGH'S HOUSE SOCIETY Report of the Truste Objecdves aDd actmtles (contlDued) MULBERRY PATRONS IA)rd Abing Nicholas & J¢Jny Antill Martin & Jane Bailey Simon & Melanie Ba John Beale Marcia Brockiebank David & Mary Bu Christie's Timothy & Mary Clode Robert & Sara Erith Nigel & Cbris EvaDS Mark Harris Paul Lincoln & Susan Kerfoot Richard Mansell-Jones Suzanne Marriott Brian & Valeri¢ Moody David & Alison Moore-Gwyn John Osborn CBE P¢Dny PayDe David Piloe Nella & Geoffrey ProiKrt Griff Rhys Joncs Ann E Smith Hilary & Rob¢rt Spivey Lord & Lady Stevenson Christopher Stewart-smith CBE DL Alan Swerdlow & Jeremy Greenwocrfj Heather Tilbury-PhiUips Nicho188 & Jan¢ Turn¢r Paul & Vansss8 Watchman Wilf Weeks OBE & Annic Weeks Nicholas & Loulse Wells THANK YOU TO OUR MULBERRY PATRONS PATRON& FRIENDS AND ALL OUR VOLUNTEERS 15

GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustee5 Objectives aDd activities (continued) 7. ORGANISATION Excellence and value in governance andadministration GOVERNANCE The Annual Trustee Away Day was held on Friday 23 July, where it discu￿ busill￿ planDing, bTrnding and ture identity. Given closur410&8 of iticomc and roles and the fi]ture financial pressuft caused by lockdown Gainslx)rough's House reduc&1 c08ts to a minimum and all. but essential staff remained duting the closure p¢rio(L Gainsborough's Hous¢ is ts¢ful for the hard wi)rk ofth¢ team who have worked hanl to ensu￿ that the project is kept on track alld that we have remai[￿ vi￿71]e to rjur SUPFrf)rters. VOLtrF4TEERS Gainsborough's House could not run without volunteer4 and we are extremely gratsfi]I for all the work that they do. With a ￿riod of inactivity, we kept in regular contact with volullteers. 16

GAINSBOROUGH?S HOUSE SOCIETY Report of the Thistees PknD8 for future years PLANS FOR FUTiTRE PERIODS Construction of a new building and refillbishment of Gainsborough's HO￿$¢ wntinued. Thcre were inevitable delays causcd by ground coadition& aTcbaeology, asb&th, and Covid-19. Capital Project The project plans to re-opell in autumn 2022. The nlajority of thc building was compl¢ all the external works and it W&5 taken to thc point where it was a matr of finishing and decoratioL This me4ns that practical complelion would tak¢ pl￿¢ in July 2022 and re-opening in November 2022. 17

GAJNSBOROUGH'S HOUSE SOC Report of the Trustees Plans for firture ytars (tolltinued) APPENDIX. Proj¢rt Summary REVIVllYG AN ART￿'s BIRTHPLACE: A NATIONAL CENTRE FOR GAtNSBOROUGH Gainsborough's Hryjse Society has a strategic vision to bec(Mlle a Nation￿ Centr¢ for Gainsborough that has nalional and international profile while 8errfing as a hub for the visual ats in Suffolk and a vibrant centre for learnitig and training. The strategy is to expand the visitor offer to slK)w more art to altracl more visitors and encourage repeat visits to generate more inwme, supported by aD ambitious prngramme of tanporary cxhibitions and events. Expanding the site will incTcase Capacity to welcomc 50,000 visitor's pa and help create lastin& transforniational changc. The strale8y to raise the profile of Gainsborough's House is to encourage more exhibitions of Gainsborough's art in major museums abroad first Europe, then Russia, and Iwond to the unit￿ States of Am¢ri¢a and China. as well a8 elevating the artist's profile with key partherships in the UK. ExpAnding the site allows for new and enhanced income streams to diversify revenue sources and create a more robu51 cultural business that can respond to and create opp)rtunities for filrther expansion and reach in the future. Fvturc d¢velopmcnts iKyond this capital project could be a larger ¢af& more art stI￿10S. larger shop or expaoded th6plays exploritig Sudbury as a national ¢eotre for silk produ¢lion. While plans have been created for a large-scale c8Pital improvement, central to the overnll growth and sustaillability of Gainsborough's Hous4 work has also been carried out to fom) strategic partnerships here and abroad. Gainsborough's House instigated the ever monographic exhibition of Gainsborough in Europe in 2016, with tlLe Rijksmuseum in The Netherlands, and the frst Gainslxlrougb exhibition in G¢rniany. at Kunsthalle Hambur8, opened in March 2018 and the fwst Gainsborough exhibition in Moscow with the Pushkin museum in Moscow in 2019120. Strategi¢ pai1nership$ have been forned with the National Pottrait Gallery, Tat4 Nationa] Gallery, and the Royal Collection that will enable the museum ¢0 show108n8 of major GAins￿r0ugh masterpieces and bring works out from their stores, and enable s]wcd markctin& scbolarsknp, syMp￿￿mS and lecture4 publishing series and staff exchanges. This vision is in keeping with the museum's seven strategic aims: l. Awareness- Raising the museum's profile. 2. The House and its Contettts- Protecting & making accessible nationally significani heIyla8e. 3. An International Study Centre- Creating a vibrnnt centre for Gainsix)Tough and related studic5. 4. A Learning Centre- lllcreasing access, l¢arning and Swial inGlusion to a wide audience. 5. A SeJ)se of Pla(Y- Strengthening corUK￿onS with Sudbury. local bcritag4 and the landscape. 6. SustoiDability- Jmproving the generation of income and providing fiDanci81 re8111er￿e. 7. Organisation- ExccUen¢e and value in governance and admirthtion. THE PROJECT: A NATIONAL CENTRE FOR GAINSBOROUGH A neighlK)uiing fonner labour exchange building w&s the ODIY w)S5iblc space for a major expansion. BaE District Council bougbt the building in 2015 to create time for the museum to raise fimds, supporting the vision that converting all unused eyesore and brown-field site to create a mu5eiJm of DatiODal standing would nLak¢ th¢ iown a more desirable place to liv4 visit and invest in a￿1 cttate a grcaterpride. 18

GAINSBOROUGH'S HOUSE SOCIETY Report ofthe Trnstses Plans for future years (eontiDued) DELIVERY: 'Reviving an Artist's Birthplac¢: A National C¢ntr¢ f(Y GainsE)rough' is an ambitious projed that responds to these needs attd aims to fascinate and inspire audiences to enjoy the aT¢ life, and passions of Gainsborough in the special setting of his chtldhwd home. The project will refirbish and redisplay all the historic buildings and create a 525sq m gallery extension frir exhibiti0rt8 that aim to put Gainsborough's House on the international art museum map. With audiences at the heart of the projeci, the museum will show more of Gainsknrough's arl displaying more works from the Collectio￿ national museullL stores and private ownersbip, and tell the story of bis life, bis f8mily and his iyJt¢r&st5, while illuminating the culture and social history of the 18 century. This project will tell the little-known story of Sudbury as a national centre of silk weavin& linking GainsiM)rough'$ weaving family history and m&ximise OPPOTtiwtics for artists working il) the print Sti￿10. The project will transforni the museum's abilty to develop a secure firture by providing capacity for up to l 00.000 visitors, encouraging a t[￿et-fOld increase in dwell time and generating substantially more income. The project aims to spearhead the regenerdtion of the sutrounding bistorxc markd town. The projeL* has four main el¢ments: I. HISTORIC HOUSE: the re•presentation of the CUTrent buildings and outside SPACe. 2. NEW GALLERIES.. a major gallery extension with four new exhibition and learning spacu. 3. vIsrroR SERVICES: improving vi$itor s¢Tri¢¢s. ¢afé toilets. shop. piin¢ workshop and Hills Room. 4. AUDIENCE DEVELOPMwf & TRAfNING'. b¢iw public engagement. exhibitions. ￿hOlarshIp. and learnin8. HISTORIC HOUSE: The project will rcfurbish, reconfigure, and redisplay the bistoric house aDd contents lo safcguard the historic environment, conserve the Coll￿tion, improve interpretation and environmental controls. Expos¢d heating applianceA and picture rails will be remove(L Physical security and day-lighi control to windows will be improved and displ&y lightitig mRde more diKreet and eff￿￿1ve ￿Ill8 LED fittings and removing existing lutter. Girden: Th¢ b¢autiful garden will ree¢iv¢ specialist ear¢ to safeguard 1¢ and landxaping and inteTrrelation will enhance visitor enjoyment of this oasis. A 'crinklc crankle. wall using I￿al historic Buimcr bricks made by prisoners in HMP Hollesley Bay and IIMP HighpoinL trained in hcTilage skills led by Gains￿roUgh.$ House training prOgran￿n4 will fcaturc in the 8ctting. and thcrc will bc more scati NEW GALLERIES: The project will remove a nei8hbouTing empty forn)er laiM)ur exchange buildin& &8 it has little architectural or historic value. and build a 525sq m wing over thr¢e fl(K)rs with thr¢¢ galleries and a l¢arniDg studio. This substantial building will make ¢￿￿tIV¢ us¢ of th¢ long strip of land along Weaver's IAne. It will ris¢ to three-and-a-half storeys and provide a lofty, single-slorey gallery spacc in its northern Md. The architectu￿ will be mThlern, using a palette of local mat¢rial8 to Grcalc a building ref¢t8 both to th¢ domc5ti¢ orKI iDJu8trial ar¢hitccture of Sudbury. VISITOR SERVICES: - New orangery style café will overlook the garden ar￿ a prep kitchen. - Exlsling PTint stiulio will be refurbished with a new floor and improved envirmentsl controls. A new g1￿5 wall will offer visilors views of 8rtists al work and ¢nhan¢¢ the workspace for the thriving arti$tiG (x)rnmunity. - The Hills Room, a flexible ￿Seat space and gr(yup tneeting r(N)m, will bc refillbi5hed. Additional toilets will be built across the site. more stornge. and more office space. - The CUTrent sbop will k rel(Kated and expanded with high street access. 19

GAINSBOROUGH'S HOUSE SOCIETY Report of the Trnstees Plans for futsre years (continued) AiJDIENCE DEVELOPM￿ & TRAINKNG: . Strong prograDMll¢ of temporary,,ethTr¥itions of international ap￿al to draw alldien￿. lecture4 and music. . Five apprenticesbips offering ¢nty I￿¢1 OpE￿itieS to work in th¢ arts and h¢Titag¢ s¢d(K and inteTnsbips. . Artistic developmen¢ practical art courses. an artist in ￿Sid¢￿. . Increase ill learning and engagement to reach young pwle and non.museuro audiences, including those ¢xperi¢n¢ing rural poverty alld low participation in cultural activitie& - Social impact programmes, extending the museum's WO￿ to create wellbeing and go(yJ mentsl health. . Extensive sch(Kil's progrdmmes offering crosSrfU￿ arL scienc4 and history learnin& both at the museum. in musalln-knl visits into the countrygide and creative learning. TRANSFORMATIONAL I￿[PACT By doubling th¢ size of the musallt4 tbis project will transforni the museumjs flltllre with additional visitrr apacity to raise MOT¢ admissions income and ¢nabl¢ audi¢nc¢s to a￿SS 18th ¢¢Dtiiry art in new ways, a period of art often perceived a8 difficult. New inteipretation and an eDbaDced visitor joutDey tbrough the museum will help visitors to understand and appreciate Gainsi￿oU￿ bis work ar￿ artistic practises and 18 celltiiry social history. As there is no major visual arts centre in Suffolk nowhere else in the county can ￿Ceive major touring exhibitionK Other large visual art museums are outside the county in cam￿ldg￿ NoThvicM and Colchester. Creating three tempordry ¢thbition spa￿8 allows for potentially three concunEnt exhibitio￿$ to frequently refresh the offer and encourage repeat Visits. The ￿0￿o￿le will be considerable. For Sudbwy, this pmjeLt aims to be a gatne-changer with more visitors spending in the to￿ more pride of place. enhancing Sudbury as a more ￿7)rant place to live. work and set up business and attr￿till8 more inves¢m¢nL Th¢ projrft ￿11 ¢l¢vats Suffolk's int¢Tnational branding and offer to th¢ world a8 a pla￿ to visit. KEY MILESTONES lly THE PROJE Gainsborough's Hous¢ received Heritag¢ Lottery Fund su[4￿ of £4.73 Millio￿ including a devdopment grdnl of £280.700. towards a £7.7 million project lo transforn) th¢ House iDto a national celltre aDd one of tbe region's leadin8 herttage museum and galleries. The Development Phase was SucCessfi￿1Y complded in M8rch 2018. In the same month, Gainsixxough's House submittd a Stag¢ 2 application to the HLF for a decision at th¢ end ofJune 2018. Planning and listd building ￿T￿l￿on was grdntcd on 4 April 2018. Gainsborough Chambets was demolished in March 2019. GainsbOrou￿,S House closed on 27th 0(tobw 2019 al￿ building Work on the new gall￿]eS began in January 2020. Prdctical completion t(K)k place on 5 Au8￿st 2022. 20

GAINSBOROUGH'S HOUSE SOCIETY Report of the Trnstees Plans for future years (WDtlnved) SUPPORTERS 'Reviving an Ariist s Birihplace'promlfes lofvlfil ihewlential ofthe House of a centrefor andenjoymenl of thiy major British arlisl. showr￿Ing hts art andUt0￿ln8 engagemeni wilh the ideas and lap￿SCape5 which helped inspire it. In doingso. li will nol only do a service to ihe tYÉisl. the lown, dNd ihe reg¢on, bul also British arl a whole. A tramfonthTliveprojecl.'; Slr Nieholai S¢rot c￿ ￿ Dlrector of Tate (now Chalrnan. Art8 Councll England) 'Galnsborough is alrea fre￿Wed by Ihe ILYal COMM￿lty andrhis majorprojecl couldhelp lo nwlure tk iown's colleclivepride and idenlity. Sudbury Al￿ long been H￿T￿ng iowards reviwl. Ibelieve ihisprojee¢ would be an imporlant colalysifor change within ihe lown., Jxmes Cartlidge, MP for South Sutfolk 'This is a mosl excitingprojecl which is ofnarional, re￿o￿al andlocal significance in lenns ofs¢holarship, education, economic de￿lOpmen1 and enhdocemenl ofour heritage. Perhaps mosl iryressive ij the detennlnadon the mal￿gement and iruslees have shown io create an abso1utejyfirsl-cl￿spTOjeci which will ¢nri¢h knh residents and v￿{10r$fvfflfar and wde., Loyd G￿￿￿4￿ CBE A collectlon ofreal imporlancefor an ¢rftst ofinlernthioml repulation iK41 who it arguably tsnder-duplayed and IKfufflcienlfy appreclaledin his own coiinty. ' SAndy Nairne CBE 'Theprojecl offers so m￿h opporthnityfv boih ik drfvel0￿ftl ofthe I￿e andfvr a newly d￿18nedb￿1IJln8 lo engage a whole newgen¢ra¢ion with GdiKrbortpugh and lh¢ Suffolk lan￿Cape. I also inleresied io see orchival bookf about silkfrom ihe Gainsborough Silk Weaving Copnpany and dellghied io hear theplans include a silk gallery. Linhng Gainsboroughfamity s weaving &XkgrOw￿ artiyi's exquisile costsmepainling wiihin the Contaxt Dfd silll vibrnnl silk ind￿ty ￿.11 help to draw a new authence. J can real ￿luC in ihls aeiling developmenl. ' Dame AMI Wlntour. Edltor-InQblet US Vogue 'Clearly th¢ isvrk ofsuch a grealwinler b alredy wiiversally thired, u s sho¢klng howfewpeople realise thai he was born and raued in such a gorgeous house in Sthlbury. Not only will th¢ new building be a brillianl showcasefor the ortisl's work li.'wlll also be an inlernatsonal erhibilion space in an area ofihe country which is sorely in need ofan arts Centre li￿rthY ofihe singular beauty ofits surrounding5.' Nlcok Fjrhl CBE 21

GAINSBOROUGH'S HOUSE SOCIETY Report of the Trvstets Financial Review Flnance The Statement of Financi￿ Activities for 2021122 year covas the year from l April 2021 to 31 March 2022. tnc4)me received thmugh donations and grnllts have been greatty apprrLiateA in the year in this impact of Covid and the eontinuing Capital Development phase of the Project. The Capital Devdopm¢nt pha5¢'is ongoing and fundra1￿ activity bas continued to 8UPPOrt the illvestment in Gainsborough's Hous¢. We had wondffful from National Lotty Heritsge Fund and dollations amounting lo £2Sm this financial year. Due to the construction phase of the Capital Dev¢lopmenL we have had to close ujr sh(4) attd eX￿￿ltionS. The Heritage Assets- collection of artworks- bas bec￿ stored away until O￿nIng day. The Endowment fund h&8 increased due to the supwrt ofNational Ix)ttery and donation4 but we hav¢ had fluctuations in the markets reflecting the global ￿onOmY due to Covi(VUkTaI￿ war. Jnves¢m¢nts Rathbone Investment Management IAd manage the m8iority of the Charity's investment holding togdber with the Board of Trustees through its Investments SulFCffl￿tt¢e.

GAINSBOROUGH'S HOUSE SOCIETY

Report of the Trustees

Trustees' responsibilities in relation to the financial statements

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently:

• observe the methods and principles in the applicable Charities SORP:

• make judgements and estimates that are reasonable and prudent:

• state whether applicable accounting standards and statements of recommended practice have been followed subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statenients on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity a:p.d enable them to ensure that the financial statements comply with the Charities Act 2011, Statement of Recomuiended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102), and the provisions of the Memorandµm and Articles of Association. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board of Trustees (Directors) of Gainsborough's House Society Ltd on 27 January 2023 and signed by one trustee on b,ehalf of all the trustees:

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Name
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GAJNSBOROUGH'S HOUSE SOCIETY Report of the Auditors lttdepetsdent Alldlton, report to the tn￿tee5 of G#h￿bOy0￿b's House Society AUDfroR'S UNQUALIFIED OPINION Opinion We have audited the financial statements of Gainsix)rough House Society (the 'charitable company,) for the year ended 31 March 2022 which comprise the statonent of fitwicial activities, balance sheet and notes to the fmancial statement4 including significart accounting policles. The financial reporting framework that has been appli￿ in their prepaTation is applicable law alld United Kingdom Acc4)Ullting Standards. including Financtal Reporting Standard 102 The FintmcialReporting Stsndard applicable in the UKÉ￿dRepublzC ofIreland Jn our opinion th¢ financial ststemenL%' give a tNe and fair view of the state of the charitable company's affairs as at 31 MaTch 2022, and of its illcomitig resources and application of resources. including its income atyj expenditur4 for the yearthen have been properly prepared in ac£ordance with United Kingdom Generally Accepted Accounting Practice. and Basis for opinion We conducted our audit in accorthce with International Standards on Auditing (UK) JSAS (UK)) and applicable law. Our responsibilities under those standards are fijrther descriLKd in the Auditor's reswnsibilities for the audit of the financial statements section of our repoiL We are independent of Ihe clwitable company in accordance witb the ethical requirenlents that are rclevallt to our audit of the fjllancial statejnents in the UK including the FRC'S Ethical Standard, and we have fulfill￿ our other ethical resw)nsibilities in accordance with these requirements. We beIieve that the audit evidence we have obtained is sufficient attd appropriate to provide a b￿15 for our opiniom Conelll8Aons rt]athig to golng eoneern tn auditing th¢ fJnan¢ial 5tsteuients. we have concluded that th¢ trustr5' use of th¢ going con¢¢rn basis of accoullting in the preparation of the financial statements is appropriate. Based on the work we have perfornled. w¢ bave not identified any material unce￿int1¢S relating to events or conditions that, individually or collectively. may cast significant doubt on the clwitable compally's ability to continue as a going cottcern for a ￿lod of at le&8t twelve months from when the financial statements are auth()rised for issue. Our restK>nsibilities a￿1 the resEX)nsibilities of the tntstees with to going concern are de￿ibed in the r¢levant sectio￿8 of this report. Other inform4tion The other inforniation comprises the infornlatioa Ancludd in the trustees annual repo¢ other than the financial ststements and our auditor's report thereon. The Irustees are rwnsible for the other infonnation contained within the annual rqN)rt. Our opinion on the fil￿nCial statements does not cover the ot]w information an ¢X¢4)¢ to the ¢xt¢nt othmvis¢ expli¢itly s¢at¢d in our rwTL w¢ do n(rt ¢xpr¢&s any fom of as5uraD¢C ￿nClUSIOn th¢reon. 24

GAllYSBOROUGH'S HOUSE SOCIETY Report of the Audito IDdependeDt Audltors, report to tbe trwtees ofGainsborongh'8 Hou8¢ Sod¢ty (￿ll￿nned) Our re8poJ)sibility is to read the other information anit in doing so, consider whether the other infomation is materially incon8iStcnt with the finartctal ststements or our knowledge obtsined in the course of the audit or othenvi8e appears to bc materially mjsstated. If we identify such material inconsistencies or apparent matesial statements the4nselve8. If, based on the work we have Errforn)eAI we conclude that there is a ll￿1 misstalement of this other itiforniation, we arc required to rqx)rt that facL We have niAhin8 to T¢￿rt in this Tegard. OplDlons on other matten prewAbed by th¢ Compani¢J Art 21N)6 In our Opinio￿ based on the work undertaken in the course of the audit: th¢ inforn)ation given in thc trustees, report for the fU￿}cial year for wbich the financial statements are prepared is consistent with the fmancial statemcnts. and the directi)rs' reprt has be¢n prepAMI in accordanc¢ with applicable legal r¢quirem¢nts. Matten on whi¢h w¢ ir¢ reqlllred to report by exceptfion tn th¢ ligbt of th¢ knowledge and undeTstalldiThg of the charitable company and its ¢nvirollmcnt obtained in the course of the audi¢ we have not identified material misstatements in the di￿torS, report. We have notbing to ryort in Tespect of the following matl¢r8 in relation to which the Companie8 Act 2￿6 requi￿5 us to I￿ort to you if, in our'opinion: adequate accounting records have not been kcpl or returns adequate for our audit have not been received from branches not iiisited by us; or the financial stslements a￿ llot in agreement with the accoullting records and TetUn8' ( ¢rtain di￿10sure5 of directors, ffmuneration 5￿cIfIed by law are not made. or we b8V¢ not re¢¢iv¢d ￿1 the inforni8tion and explanations we for our audit ' or the trustees We￿ not ¢ntiiled to prepare the financial statements in accoTdarKe with the small mpanies. regim¢ and tsk¢ advantage of th¢ small ¢ompanies' exemptions ID preparing the dijrdots. re￿i and from the rcquirement to prqwc a slTategic rep)rt. Responslbllldes of trugt As exp]ained more fully in the trustees. resp)nsibilitics stotemenL the trustees (who are also the directors of the chaTitable LX)nLpany for the pu4xw of company law) are resp)nsible for the preparation of the financial statements 8nd forlKing satisfied that they give a true ard fair view, and for such internal Gontrol &8 the trustees d¢tern]ine is necessary to enable the preparation of financial stat¢m¢nts that are fre¢ from material Misstat￿llen( wh¢th¢r due to fraud or c￿1[. In PTeparing the financi￿ statements, the trustees are reswnsible for assessing the charitsble company's ability to continue as a going concern, disclosing. as applicabl4 matters related to going concffli and using the going concern basis of accounting unless the I￿SteeS either intcnd to liquidate the clJarAtable company or to cease ope￿tions, or have no realistic alternative but to do 80.

GAINSBOROUGH'S HOUSE SOCIETY Report of the Audito IndependeDt Auditors, report to the trllsttts of Gain$￿￿￿£￿'S House Society {￿ntinued) Auditor'8 responsibilities for the audit of the tln2ncial statements Our objectives are to obtain re&sonable assurance aEK)ut whdher the financial stalwllents as a whole are free from znatyial mi&8tatcm¢nL whdher du¢ ¢0 fraud or em)r. and lo issue an auditor's reFK)rt that includes our opinion. Reasonable assurance is a high l¢v¢l of assuTrncc, but is nol a guaralltee that an audit conducted in accoTdarACC with ISAS (UK) will always a nuteriai misstatcment when it exists. Misstatements can ￿lse from fraud or ¢Tror and ar¢ conSid¢￿d material if. individually or in the awegate, they could reasonably be expected to infiu¢we th¢ c￿nOmIc decisions of users taken on thc basis of these fit]allcial SLqtements. Irregularities, iticluding fraud, arc instances of non-compliance with laws 8nd regulations. We design pro¢¢du￿$ in line with our resrK>nsibilities, outlined above, to detect material misstatements in respect of irr¢gulariti¢s. including fraud. Th¢ cxtent to which our ar¢ capablc of d￿￿tIllg iTre8vlarilies, including fraud 18 detatl¢d bdow,. In id¢ntifyJng and a88essin8 risks of material rni8Statcments in rcspcct of irre8ularities. including fraud and non- compliance with laws and regulations. our procedutes included obtsining an understsndill8 of the l¢ga] and Te8ulatory frameworks applicable to the Charity aDd the sector in which they operate. We deterniined that the most significant laws and regulation8 were Companies Act 2(K)6 and Cbarities Act 2011. We asge8sed and concluded that the Charity's key ar¢a was in relation to its heritsge a&ts valuAtion. W¢ audited this 8r¢a by reviewiog ¢urr¢nt value of asset& including physi¢al miew of tbe material itcms. From thi8 WC Cs)Dsidcr the valuation to bc an aceeptabk Teprc8elltation of the assets hcl(L We assessed the susceptibility ofthe Charity's financial statements to material misstalemen( including how fraud migbi occur. Audit pmcedure8 by the engagemellt team Includ￿ identifying and assessing the design effectiveness of controls managemcat has ID please to prevent and detect fraud. understsllding how those charged with governance considereAJ and addressed the potential for override of controls or other inappTopriat¢ infiuence over the financial reporting pr(￿ess. challenging assumptions and judgements made by management in its significant accounting estimates: identifying and testing wiusual value entries. in particular any ¢DtTiCS P08tcd with unusual account wmbinalions. and assG5s¥mg thc cxtcnl of compliance witb the rclcvant laws and regulations. The size of the CI￿ltY and volume of transactions indicated a low levcl of material risk overall. As part of an audit in accordance with ISAS (UK), we exercise professAonal judgment and maintsin professional sceplicism throughout the audit. Wc also: Identify and asse&8 the risks of material misstatement of the finallcial statemetts, whetb¢r due to fraud or error. design and Frfonn audit pm¢¢dures responsive to those risks, and obtsin audit evidence that 18 sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatemellt resulting from fraud is higher than for one resulting from ernT, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an undustanding of intetngl control rclevaDt to the audit in order to design audit procedures that are appropriate in the circumstances. but Dot for the puryw)se of expressing an opinion on the effectiveness of the charttsble company's internal wntrol. Evdluat¢ th¢ appropnatene&s of accounting policie5 us¢d and thc reasonablen￿ of acwunting astimat¢s and relai¢d dis¢losures made by the tTu*e¢s. 26

GAINSBOROUGH'S HOUSE SOCIETY

Report of the Auditors

Independent Auditors' report to the trustees of Gainsborough's House Society (continued)

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant do4bt oh the charitable company's ability to continue as a going concern. Ifwe conclude that a material, uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures fu th� financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).

• I

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signific�nt audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

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

; = ~~,~~ ' ~~A~~ t ,,..,_

'•

Vincent Chandler ACA FCCA (Senior Statutory Auditor)

For and on behalf of Moore Green 22 Friars Street Chartered accountants and statutory auditor' · Sudbury Suffolk C0102AA 27.01.2023

'

··································································

27

GAThSBOROUGH'S HOUSE SOCIETY ststement of flDancAal actlvitles Statement of fwaDcial activities for th¢ yrnr ended 31 Mrth 2022 TOTAL FUNDS TO 2020ni FUNDS TO FUNDS TO 2O2ill2 2021ll2 21)21n2 COME DoN4ilon5 4ndlq¢cl&T DevdopJNeMlprohY 265,710 1449,659 531,(rfJO 666,315 4449,659 531,0 409.526 2.654,116 20,o¢X) Operating musvjm Arld Irt ga]kny 1249 la49 3224 ItL¢om¢ from other tsadin8 And fimdrni8iti8 f¢ivl¢i 6.685 685 78 Invs5tm¢nt InLM)m¢ 20.743 2￿7 18.487 TOTAL INCOMING RLSOURCES EXPENDrruRE Cogts of raisLtI8 fvnds Erpemdltupe ort amrknbleddlv Opffin8 mus￿rn 8nd art 8alluy 59262 4.345 63ffj07 42,972 264.138 1934341 3,198J79 1708,002 TOTAL RESOURCES KXPENDED 938 86 750 74 T•til SDwm&¢xprndltsre brfor¢ 8AIDS or o InvestmeDii 41 665 354 457 Rtrv4luitloTh of (I,(tsj,0￿) Reall8ed profitl{loH) on Inverfrn•Rts (116) <116) 3.176 Uthftallxd prvfJV(IoJs) on l#vestmEMts 769 139761 MOV￿￿¢￿1 In IOSI82 324.436 430J18 (5W2,606J TrADsfer betwe￿ htllds io FUND BALANCE SUB T¢yfAL 340.882 89.436 430218 1502,006) FIJND BALINCE AT 31 Mrth 2021 198 642 11098248 FUND BAL4NCE AT 31 March 20LI The notes OD pages 31 to 45 foTED part of finwKitil ststemetLL li io 28

GAINSBOROUGH'S HOUSE SOCIETY

Balance sheet

Balance sheet as at 31 March2022 FIXED ASSETS Tangible Assets Freehold 12 Fixtures & fttings Short Leasehold Tangible Heritage Assets 13 Investments Endowment 15 Acquisition Fund , 16 Investments CURRENT ASSETS Stocks Debtors Cash at Bank and in Hand CREDITORS-Amountsflling due within one year NET CURRENT ASSETS TOTAL ASSETS FUNDS Unrestricted Heritage valuation - unresticted Restricted	2021/22 £ Unrestricted Restricted 59,295 429,979 0 25,371 8,304,325 877,456 200,352 25 916	2021/22 £ Unrestricted Restricted 59,295 429,979 0 25,371 8,304,325 877,456 200,352 25 916	2021/22 £ Unrestricted Restricted 59,295 429,979 0 25,371 8,304,325 877,456 200,352 25 916	2020/21 (Restated) £ £ Unrestricted Restricted 489,274 59,572 435,786 0 1,509 25,371 25,371 8,304,325 8,040,854 877,456 416,497 200,352 232,871 25,916 24,155 9,922,694 8,151,461 1,085,154 24,783 17,420 396,118 136,894 193,935 845,060 99!304 1,234!077 1,265,961 253,618 1,428,012 162,695 8,361 314,242 162,695 8,361 314,242 1,103,266 11,025,960 8,396,718 2,198,924 355,864 8,040,854 2,198,924 11,025,960 8,396,718 2,198,924	495,358 1,509 25,371 8,040,854 416,497 232,871 24 155
		8,414,907 24,783 116,653 191!932 333,368 10,675	1,507,787 279,465 653!128 932,593 152,020		9,236,615 17,420 330,829 1!333!381 1,681,630 322,603
		10,675 8,737~~!~~600 433,275 8,304,325 8,737,600	152,020 2,288,360		322,603 1,359,027
					10,595,642 10,595,642
			2,288,360 2,288,360

The directors acknowledge th�ir responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies' regime and in accordance with FRS102 SORP.

Approved by the Board of Trustees (Directors) of Gainsborough's House Society Ltd on 27 January 2023 g[ned ][bViX ][;;] e trn�e all th :�:� :ignahue [o/UcJl ] : [on] �::: £Jt Signature of one director (truste�) authenticating accounts being sent to Companies House: Name 2-7 / o/ I '2,0 >--:-5 Sign ature � � 't5 �,<f\"N / "-\M

The notes on pages 31 to 45 form part of these financial statements.

29

GAINSBOROUGWS HOUSE SOCIETY Statement of Cash Flows Yur Ended 31 M*r¢h 2022 2022 2021 Cash flow from operathig led￿tleB 172,3(K) 376,031 Net cash flow from operathig athiles 172,3C(I 376,031 Cash flow from Investlng Aetfvltles Payments lo acquire tangible fixed assets Payments to acquire investments Receipts from sales of investments Intcrest re¢¢ived Dividends received (263,471) (390,072) 29,175 465 19278 (i 00) (54,595) 66.443 871 17,616 Exp8 invs Net cash flow from InvestlDg i¢tivttle¥ (608,970) 25,401 et Increase ID cagb and equfvAlents (436,670) 401,432 Caib #nd cash equfvalents at l Aprll 2021 1,383,162 981,730 Cash #Dd Cash equfvthth it 31 m￿¢￿ 21J22 946,492 1,383,162 Cash and cash tqufvthnts conslsts of: Cash at bank and in band 845.060 1.333,381 Investments fimd balall￿$ 101,432 49.781 C45h cash equfvalents it 31 March 2022 1383 162 Note8 formlng part of the finandal ststemtnts for the wiod ended 31 March 2022 30

GAINSBOROUGH'S HOUSE SOCItrY l GenerAI Informallon Gainsborougb House &xiety is a company limited by guarantee, registered in England and Wales. The address of the registered otTice 1$ Gainsborough's Hottse, 46 Gainslxyough Stre¢L Sudbury, SuffolK COIO 2EU. 2 Stst¢ment of eompllance The CE￿ity constitutes a publie b¢nefit entity as defined by FRS 102. Tr financial 8tstements have been prepared in accordance with Accouthing and Rwting by Clwities: Statement of Recommended Practice applicable to charities prq)aring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK GcneraIly Accepted Accounting PraLXice. 3 AccouDdng polldes asiT ofaccoMnlin8 The financial statctucnts are prcscntcd in 8terlinB whicb is tbc functional currcDCy of the company. Golng concern The trustees are satisfied that there are no nLaterial uncettsinties in the adoption of the going ¢on¢crn ba8is of preparation and have a reasonable expect81ion that th¢ company has adequat¢ r¢solir￿S to ¢onlinu¢ in operational exisi¢n¢e for the foreseeable fvturt. Thus. they c4)ntinuc to adopt the going Concern basi5 of accounting in prepry tILe fllL4ncial 51atements. Herlthge assets The charity holds a collection of works of art to celebrate the life and work8 of Thomas Gainsborougb. These I￿ttage assets were acquired in p8St accoutiti￿ years and not capitalised. Aqvisitions are made by purchase, donation or in Lieu of tax. Thc collectlOD of works of art are categorised as follows: Thomas G8iDsboTough: painting4 drawi[￿ ptints, ￿lptU￿ Ictterfy manuscript8, and memorabilia. GaiDsborough Dupont- Gainsborou8h's nephew: paiDtiDgs and drnwings. Gainsborough's contemporaries and infiuences.. historic paintings, drawings, and prints. Works relat(xl to Thoma5 GaiDsix)rnuth prints after Gainsborough, decordtive objects using Gginsborough imagery. Henry William Bunbury. paintings, drawing4 alld prints. Image8 of Sudbury: paintings. topographical drawings & prints, photographs by Humphrey Sp¢nder. drawings by John Addjina Modern (20th121° ¢¢ntury): paintin8s, drawings and prints relating to Gainsborough's Hous4 works by Rowland Suddaby and Cavendish Morto Furniture attd fiThishin8s: mostly 18th century. JAte 18th c¢ntury newspapers. Rare Books: mostly 18 c¢ntury art aDd Cedric MorTiS' lan(Lscape and poltrait painling& thawings. piints. The valuation of th¢ wll¢rtion will b¢ rrvicwed on an ongoing b￿lS to 8SSCSS valuc. 31

GAINSBOROUGH'S HOUSE SOCIETY Notss fornilllg part of the fin￿¢1￿ statements for the wlod tnde4131 2022 Accounthig pollciej (ConilA#ed) Acqui57don and IXsposalPolicy Acquisition: Ivhile f￿using OD WOTks by GainSi￿ough and keeping an Inte￿ in historic works or th08¢ ￿lated to GainsiM)rougb, the spread of are&5 of acquisitions is greaily reduceAI. As a result. will not be ￿ on acquiring anW)ing that will not be displayed r¢gu]arly or that will thiplicate what we already have. However. works sougbt bythe &Kiety are likelyto be of bigb cos( so outside funding 8UPPOrt for acquisitions will usually need to be secur¢d. Disposal: When disw)sal of an object is beiDg cx)n5idere4 the tnths will establish if it was acquired with ihe aid of an external fimding organisation. In such cases, any conditions attached to the 0ri8inal grant will be followed. This may include rcpaymenl of the original grnnt and 8 proportion of the proceeds if the iterri is disposed of by sale. Generally, the Gainsborough's House will not undertake disposal oth¢T than in cxceptiODa] circumthces. Whth the disposal is motivat&J citber by curatorial or financial reasons, the decision to of mat¢tial from the collections will be tsken by the Trust￿S of GalnsiK￿Ugh'S House, only after fvll consideration of the reasons for disposal. Other factors includin8 the public benefiL the implications for the S￿Iety's collections and collections held by museums and otherorganisations colleding the s8m¢ material or in related fields will be consid¢rc(L External cxpert advice will be obtained #nd the vi¢w$ of stsk¢hold¢r6 such as donors, researchers, I￿81 and source commLLllities, Rnd oth¢r3 served by the S￿1&Y will also be 80ught. Any fimds rai8ed by disposal will generally ￿ added to the Socirty's Acquisition fund. Tan8lbleAYed assets The cost of taD8ible fixed assets is their Pu￿base W8L togth with any incidental expenses of a¢quisilion. Lkpreciati(m 18 caiculated to write off the cost or Valuatio￿ on a 8traight-line ba81s, over tbe expected useful economic lives of the ass¢ts The principal annual rdt¢S Used for thi8 piirpos4 which are consistent with those of la# year. are: Freehold buildings (cxcluthg heritage 8S8ets) Office Equipment Fixtures and Fittiti88 FLYedA&sets- ImY&*ReRts The investments are Stated at their mthet v•lue. Any gains or108ses on investments (both r¢alised and unrealised) are recogni8ed in the Statemajt of Fina￿la1 Activities. Stocks Stocks are stated at the lower of cost and net re41isabk valyc. 32

GAINSBOROUGH'S HOUSE SOCIETY otes forming part of the fillan￿ statements for the ￿lod ended 31 Mareh 2022 Accounthig polldes (Condnued) In¢om¢ All income is ￿(X)gnISed in the statement of financial activities WIM the conditions for receipt have been m¢t and there is re￿ble assurance of receipt. Grants ar¢ included in thc statement of fillanci￿ activitie8 of the accounting year in which they arc rcceivabl Donations, ￿her voluntary iticome, and shop sale5 a￿ included in the ycar in which tw are received Donations and all Other'y￿e1pts from fimdraising arc ￿￿ted gm88 and the relatcd fundraising costs are rerA)rteAI in expe.nditur¢. tncome from inV￿tMellts is included in thc ststcmeDt of financial activitie8 of the acco11￿ year in which th¢y or¢ rw¢ivablc. Legacie8 arc included in the ststemcnt of financial ￿tivItieS w]wi the Cjjarity 1$ legally CDtitlcd to the di*ribution and the amount can be measured with ￿tsInty. The value of volunt¢¢r h¢lp ￿e1V¢a is not included in the accounts but is described in the trustee8' attttual report. EYpendl¢Mre All ¢xFKnditure 18 accountcd for when incu[r￿ and all liabilities arc rccognised in as soon as the obligations oJise and analysed as ddailed on the SOFA. Support CAJsts include rKntral funclions and have been allocated to activity cost categories on a basis consislent with th¢ vs¢ of resou￿¢5 in lern of staff costs by the lime spent and other costs by their usage. Fmnd accounith8 Uy]rc3tri¢ted f4wds ¢ompri8e ac¢umuJated SUTpluse5 and dcficits on the general fimd and designated funds. They a￿lIable for use at tbc discretion of the Trustees in furtherance of the Charity'5 cbaritable objectives. Restricted fimds are created when grant8 or donations are ma(k for a particular p￿￿oSe. the use of which is r&8trieted to that purtml Cqsh Cash comprises cash at bank and in hand including Short terni dwits with a maturity date of thre¢ month8 or le&8 from the date of aquisitio The Society operates a defined contnl)ution pension Scheme to which Imrth the Society and employees ake contributions. Thè Sc¢iety'8 contnbutions are charged to the Statement of Financial Activities as they become payable.. in accord￿ with the nlles of the scheme. The assets of the scheme are held separately from those of the kniety in an independently admIn￿tered fijnd. Li4￿1¥ty ¢0 l&ratso As a Tegi8tered clwity, the organization is exempt from income and corporntion tsx to the extent that its inwme and 8ains are applied towards the charitsbl¢ ObJ￿ts of the c]wity and for no other PUryKJSe. 33

GAll¥4SBOROUGH'S HOUSE SOCIKTY Notes forming part of the fill3ncial statements for the ended 31 Marth 2022 2 Legal statss of the cljarity The Charity is a company Limited by guarantee and h&8 no share Capital. tn the event of the charity b¢ing wound up, the liability in resF*rt of tbc Euarantee is limited to £X member of the clwity. Income 3 Income DonAtioDs and Legacies Donations Donations in Mem￿l￿m Bequest Donation of works Friends subscriptions & donations Patrons subscriptions & donations Mullxry Patro￿ subsoiptions & donations Gift Aid Claim Core Grants: Sudbury Town c(Ku￿1[ Suffolk Coullty Coullcil Babergh Distiict Council Arts Coun¢il Unrestricted Restricted Total 2021122 2021122 2021122 Total 2020lli 8.855 410 9265 122255 250 iooi 2,(KJl 14.994 5.5(K) 14,994 5,500 16,279 1,475 28.338 (1,342) 28,338 (lJ42) 16,691 1.034 6.500 42.335 12,0 279,324 6,500 42.335 12.(K)O 279,324 6,500 28,560 10.708 Charitable Trust & Other grants: G J & S Livanos Cbaritable Tn Lady Getty Share Retsil ForuttL (Shar¢ M￿c￿￿ East) Victorka & Albert Museum. Acq Art Fulld UK- Acq HfrfRC Covid 19 Furlough Paul Mellon Center R Dav¢y- Catsic MO￿15 Exhibition David Pik¢ 20,¢NM) 20,(KiO 2.1(K) 300 50,( 150,(KK) 20,000 iioo 3.000 ii(x) 3(M) So,￿0 150.1KX) 80,674 25.(KK) 20.(XY) 20,000 400,605 265,710 666.315 409.526 34

GAINSBOROUGH'S HOUSE SOCIETY Notes fomlng part of the IInaDe￿i statements for Ihe period ended 31 M•r¢h 2022 Total 202V22 Total 2020ni 3 Income (continued) Clpltsl Development: National HeritAg¢ Fund- Delivery Claim8 I)oric Charitable Tn]st J Paul Getty Jr Charitable Tru Finnis Scott Foundation The Linbury Trnst Bil]mcir Cha. Ttust- S Marriott Basil slaught￿ Trn8t The Band Trust The Foyle Foulldalion The Wolf8on Found4tioD Arts Council John R Murray Charitabl¢ Trust Mr8 Doreen Wilkins Mr & Mr8 Timothy Clode Art Fri￿5 Cambridg¢ Tezmae Charilable Trust Alan & Jeremy Swerdlow Marilyn O'Reillylicconi James & F¢li¢ia Brocklebank Nick & Jenny Antill Richard Manscll-jones L4)well Libsoll Suffolk County Council- LEP Donations of art including Au¢¢ion and An Fair Buy a Brick Bronze Old Horse Gainsborough's House Tnjste Gift Aid Claim Donations from individuals Heritage Fund Fundraising 202Jr22 1054,781 2,054,781 1,593,447 iO.O(K) io,( ioo,oc iO.(KK) io,( 100,( 30,oIXI 150.000 150,(K)O 50.000 100,crf)o 86.326 50.000 io,(x)o 150,000 678 29,614 29,614 io,ffJo i(KJ,Crf)O io,NJo I￿,C 9,000 1,000 I,¢￿0 50,000 50,000 250,000 180 2J13 lJ78 1.579 1,378 1.579 3,750 25,706 1889 25,706 2,889 1.722 20.712 1449.659 2.449.659 2.654,116 35

GAINSBOROUGH'S HOUSE SOCIETY Notes forniing part of th¢ fin*ll¢i￿ ststsm¢nts for th¢ ￿rIOd end¢d 31 m￿¢b 2022 3 Ineome (conthined) UAtrestrlrted Restrlcted 2021r22 2021122 11500 Totsl 2021n2 115(Kl Ttstsl 2020121 Endowment: Lord Belstead Charitable Tntst GJ & S Livanos Clwitable Trust Billmeir Charitable Trust The Linbury Tn David Pike Mr & Mrs Timothy Cl(xle 125,0(Kl 3,0 30.0(M) 35,0 27,51 3,0(K) 15C 2.OC(I 125,CKKI 30.(XK) 35,( 27,5 Su7aDne Marriott Nick & Jenny Antill John Osborn CBE National Heritage Futtd- match funding 2,sIXI Lo,￿)0 10,000 290,5 290,5(M) 531.000 531,0(K) 20,C(KI 3 646 974 3 083 642 36

GAINSBOROUGH'S HOUSE SOCIETY Notes forming Part of the fiDIDcAal Statements for the period ended 31 MAreh 2022 Incoming resources from eharltsble Activities Aedvldes Inf4rfher4n¢¢ of¢he charfty, obje¢tiws Collections misc income Education Income Group Hire/Catering Gift Aid on Enty Feaq UnreBtrirted Restricted Total Total 2021122 153 825 271 2021122 2021122 153 825 271 2020121 102 3,150 -28 Unrutrleted Re8trl¢ted Total TotAI Income from tradlng and fundral8lD8 5 ActI￿deS S81es Patron8 event8 Mi8c Incon]¢ 2021122 4,550 1,625 510 2021122 2021122 4,550 1,625 510 2020121 37 41 78 Unrestrlcted RestrActed 2021122 2021122 4,593 12,959 1,726 465 Total 2021122 4,593 12,959 1,726 465 Totsl 2020121 5,971 10,195 1,450 871 6 IDvestment Income Acquisition Fund Dividends received Endowment Fund Dividends re¢eiv Inve5tmellt Income Jnterest received Sales of Assets Total Income 429 282 3 246 369 3 675 651 3 105 431 37

GAINSBOROUGH'S HOUSE SOCIETY Notes forniiDg part of the ststtments for the period ended 31 M*r¢h 2022 Expenditu Total 2020121 989 7 Costs of raRslng funds Putchas Groups 2021r22 2021122 6,165 90 98 925 3.601 11,632 4,345 6.165 98 925 3.601 11,632 145 Patrons expense8 2,405 211 4.834 Fund Raising Expe￿￿ & salary Investrn¢nt management fee Support costs & salary 4J45 36,751 59,262 Tot 2021122 131930 Total 2020121 150,065 8 Op¢rqlinK mmseum tmd 4rt8Allery Collections Managemet)t & s812ry Gainsborough Clwnbcrs & Development ExhibitiOD8 Expenscs Print Workshop Expense8 & salary Education Expen8¢8 & salary Marketing Reception 3alary Commercial Mat￿8¢r Dcpreciation Audit Support Costs & 8alary 2021ll2 112.930 2021r22 20,(MJ) 2,9)7,684 2,907,684 117 799 15,757 2.490 2,374,725 -50 2.486 16,067 4.789 22,623 39,073 12,115 5,870 117 799 15.757 1490 37,939 1,035 7,318 37,939 7,592 7,318 85.753 79 6,557 2 934 241 2 708 (M)2 Total Expense 86 Cost of £tneratin8 voluntsry Collectlo income Ma￿8eMellt Edu¢•tion Print workshop Total Totsl 2020121 9 Allocatson ofsupwrtservices General office and finan lllfonnation te£hnology Housekeeping and maith¢nan¢e 30.337 30,337 3225 40,450 4,300 4,252 49,002 101.124 10.750 10.630 122.504 84,980 10,030 36,751 114627 Support Costs inchmle central functsons and have beell alIc￿ted to activity cost C￿8￿leS on a basis consistent with th¢ us¢ of resourc￿ in tern￿ of staff costs by the time spent and oth¢r wsts by th¢ir usag¢- 38

GAINSBOROUGH'S HOUSE SOCIETY Notes forniing part of the finxnelal ststemejth for the period tnded 31 M*rch 2022 io Trallsfer between ￿lld5 Funds were transf￿ from the restrii#ed Acquisitson Fund to U[￿StrIcted fimds during the ycar of £235,000 to givc support lo the purchase of a Portrait of John Thornlon (l720-17￿) as alloweA by the tenns of the fund and agreed by the Board of TTUStees. 11 Employee IAform•7ilon 2022 2021 Salaries, fees and waEe5 Statutory contribution5 Pension ContsibutiODS 260,162 26,138 294.797 25,967 21 75 342J39 306J93 Numlxr Number Average Full Time Fjnployees in the Avernge Part Tllne FJnployees in the io Full time employets 08 at 31 March 2022 Part timc cmployce8 a8 at 31 March 2022 39

GAll¥SBOROUGH'S HOUSE SOCIETY Note5 forming part of the financi￿ 5tat¢]nents for the period ended 31 Marrh 2022 12 TAn8ible FiredA&qets Furnitur Short Freebold fittings & I￿8¢hold Property Equipment Property Totsl at l Apn"12021 Addii?o Disposals at 31 Moreh 2022 589,179 196,023 25J71 810,573 589.179 196.023 25J71 810.573 Depreclation Charge for the period 31 March 2022 93.821 6.084 99 194.514 1.509 288.335 7.593 NeÉBook Volue 31 March 2022 489 74 t7t l ApFY12021 495J58 25J71 524238 Gainsknrough's House and the'Print Workshop are included in fixed a￿ts but at a lli] value being the basi5 of the transfer from the uninwrporated Gainsborough's House Society. For ease of reference the amount of the insuran¢¢ value is £2.822.733 for the House and the PLint W0￿shOp £180,0￿. Included in freehold propw are the cottages which ar¢ usd as.the entrance t() Gainsborough's House and an Education Centre. The Society's collection of works of art is not included in f￿ed as acquisitions are expended iti accordance with the accounting pN)licy detailed in note l. The National Heritsge Memorial Fund IK•ld a legal cbug¢ over the whole of the Gaijjsborougb Chamb¢rs. 13 Herltage Assets Tangible fixed ￿sets- luitage &8ets 2022 2021 Collection of works of art COSÈ or Valuation at IApril 2021 Vatuati(m in year Additions 8,040.854 8.040.754 263.471 i(K) Disposals Valuc at 31 March 2022 8,304.325 8.040.854 Thevaiuation ofthe collectionhas takenpla¢e fori[NfdnCepury￿ onaregularbasis Usillgthe sFKcific expertise to assess cuThent value. The conservation of th¢ colltttion is ongoin& and work8 will be sent to our freela)￿¢ conseTvators (mostly drawings and prints) on a regularbasis. The Museum Plus Collections database will continue to be developed with ttpdaia dc*umentation and atta¢hment ofphotogrdphic images of all wotks inthe collection. The last professional valuation was und¢rtak¢n by ChTiStie's on 4 DeceTnber 2017, with a review planned for th¢ year ended 31 March 2022.

GAINSBOROUGH'S HOUSE SOCIETY Notes fornilng part of the flnAnclal stattments for tht wiod ended 31 March 2022 T*Dgible Fixed As8ets- flve ye4r symmary of heritage aiset 14 tran5ac¢ions 2022 2021 2020 2019 2018 Addlilons Ptsrchases Gifis Dlsposa 263,471 97.961 32,831 40,473 11,424 500,OIN) 15 Investments- Endowment 2022 2021 Value at Cost Additions at Cc6t Unrealised Gailll(L￿) against valuation Cash 416,497 376,418 7.698 76.843 877 456 305,956 19,201 93,748 416497 The Heritage Lottery Fund awarded Gainsborough's House £550,0(M) towards creating a £1 million endowment. £50,000 is for fundraising costs and tbe £5(X),(KKI is rckas¢d as match fimdin8 £1 for £1 over four years. We are very gratcful to National Heritage Lottery Fun￿ GJ & S Livanos Cbatitablc TrusL Lord Bclstead Charitable Trnst, Th¢ Linbury Trust, David Pike, Mr & Mrs Timothy Clode, Andrew Phillips, Billmeir Charitable TrusL Suzanne Marriot¢ and Nick & Jenoy Antill for tFLeir c￿ntrIbutIonS for this fu￿¢181 year. 16 Inv¢6tm¢nts- Aequlsltlojj 2022 M8rk¢t V31uc at l April 2021 Additions at Cost Disposals- sale proceed8 ProfiV(Loss) on di4M)sal of investm¢nts U[￿e8118Cd Gainl(Loss) Cash movement 232,871 13,654 (28,175) (116) 7,310 206,874 35,394 (66,443) 3,176 41,470 232 871 2022 2021 Jnvestment Fund M&G Charifimd Value at l April 2021 Unreali8ed (LossyGain forperiod 24.155 19.612 4,543 24.155 25.916 Total Investments 673 41

GAINSBOROUGH'S HOUSE SOCIETY Notes forming part of the fiDanclal ststements for the perlod ended 31 March 2022 2022 2021 17 D¢btor8 Debtors Hetilage Lottery FuTrl. Deliwxy ClaiD Taxation and Soci41 S¢cwity 115,789 22.434 180.140 182,776 l(M) 189 125.619 396 118 330,829 18 Credltor6: amounts fal]Ing dllt withln ont yar 2022 2021 Trade CreAitors Other creditors 158.002 318,703 162 695 322 603 19 Oper8th1g leases 2022 2021 Not Later tlwi one year later tban one year and n(A later than five years Over five years 29,0(KJ 14.667 119,333 118.333 320,000 453 000 438,333 The total ￿tllre minimum lease payments under nona¢an¢ell4bl¢ opttatillg Icases are as aiM)ve. 42

GAINSBOROUGH'S HOUSE SOCIETY Notes formlng part of the statements for the ended 31 Marth 2022 20 UDres¢rl¢¢ed Fund8 FUD at Rtswrus TIF from b•I•D￿ bAl•ll￿ It at IJM2021 Rtwru• Exprnd¢d R¢Jtrktwl 31m22 Fuxd Fund 31maJ 355.864 8.040.854 8J96.718 165.811 263.471 429282 323.41KI 235,¢MI 433275 8,304,325 235.OfY) 8.737.6 355,864 8.040,854 8J96.718 Desi8n8wJ Fund. Hexit2£¢ Fund 323.4 21 Reitrlcted Funds Fund bloD¢ Fund bAl•n TrAnrfer OlJ)421)21 Re)ur¢u ExpeAW AdjU￿¢￿tt 3lm.22 31.0321 Acquisitions Fund Appeal fiJnd- ¢apitsl fitlld rt 231871 (2.481) (35,(th11 200J52 231871 21X).786 1393.193 416.497 18881 ISX)7,684 (4,9S9) 201ffi74 880J78 877,456 125.OCII 3.3￿ 2C(1,786 1.293,193 41A497 50,000 3.000 77 Cllpilal Projc¢t Endowment Fulld 2,495.069 50.(%J {S0.(KII) 125.( Coll#¢i Shop R¢fii depn Development & busirK55 Pt4nnio8 AequisiliM-Jdm Th¢)rnton Pain¢itt8 2577 198 2 198924 43

GAll¥SBOROUGH'S HOUSE SOCIETY Notes forming part of the fiDancial statements for the ended 31 Mxrth 2022 eTitggeas8ets fllnd- 22 unrestrkted TADsftts Fwid Ba]an¢¢ Fund Balw￿% 31-Mar-22 31-Mar-21 Colltttion of worksof Art 25 854 8.040,854 263.471 8J(K325 8.Tr10,854 Thls representsthe of the tollertkn In Afronkn FRS IOL 23 F¥Md$ Ta￿￿￿k fixtd Inv¢st￿ts Hffltagc NdcWrc￿l Nct 2￿2] R¢stri¢t¢d Fund AcquisitiOJJS Futtd Appeal fjjnd. capittl d¢prrri4tioo fimd t¢ C(*iy8 Endo￿￿ent Fund 2W52 2￿1￿52 231871 194,979 194,979 877.456 652273 200,786 416.497 1,058,193 2,5n 235.0(XI 877.456 Cspitsl D￿d￿m￿lt Sh￿1 Refit Dcpn Fund 651173 235.(XN) 235,1KX> 128 429 73 88 60 2 198 924 (Roststes) Tan￿￿lefiX0￿ ]DVc5￿ts Httitsgc Net Net 2021 Unre5trlcted Futtd G￿eral Fund Httita8eColle¢tion 25916 321693 433275 355.864 25 I6 8 304 325 693 8396718 Totsl Funds si 645 i.ID3 io 642 24 TraMa¢tloD$ trnsteos sietl)￿ Bill4 Dire Remuncration 2021 2021 75.IKKI Pajsion ￿￿trI1¥MI ill TE8￿ of trave] alld hospitsIity ￿tkolmf1ti8 to£613 (2021.. £2111 2021 5¢J)

GAINSBOROUGHS HOUSE SOCIETY 25 RecoDciliatlon of net movement in funds to net csh flow from operattng artlvities 2022 2021 Net movement in funds 430.318 497,394 Add back depreciation charge 7.593 12.115 Deduct investD]cnt fund SOFA income shown ijj invcsting activities {20.743) (18.487) Add investment fimd SOFA expcn8CS 8hown in inve8¢ing activities 4,345 4,834 Deduct unreali8¢d gain for the year (16,769) (139,761) Deduct reatised gain for year 116 (3.176) Decrease (increase) ill Sto¢k (7,363) Decrease (increase) in dcbtor8 (65,289) 72,156 Increa8¢ (de¢rca8e) in creditors (159,908) (49.044) N¢t used in operntin8 ￿lIVI11¢S 172 300 376031 26 Re5tatlDg of assets The heritage assets hav¢ been reslaled for 31 Mar¢h 2021 in relation to one piece of art work that was included within the va]u¢ of Ihe accounts at IOOO/o which has now been identtfied with only a 500/0 owner8hip. The accounts have been adjust￿ accordingly to reflect the correct owDership sharc. 27 Capltal commltments The redevelopment of th¢ site was 8till ongoing at thc year dale and the expected completion dale was Subscquently missed by the developers which delayed th¢ Te-opening of the museum. As a result of the ovcmm and other p8ndemic relaied issues there is uncertaitity over the level of completion ¢osts and the responsibility of beaTing those potcntial costs. 45