2023-03-31-accounts - Gainsborough's House Society

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	Legal and administrative	information	information
	Report ofthe Trustees
21	Report ofthe Auditors
25	Statement offinancial activities
26	Balance sheet
27	Statement ofCash Flows
28	Notes forming part ofthe	financial	statements

Legal and Administrative	Information
Full-Time Staff
Mark Bills	Executive Director (Resigned	31 August 2023)
Steven Parissien	Executive Director (Appointed		14August 2023)
Emma Boyd	Keeper ofArt and Place
Liz Cooper	Commercial Manager
Arabella McKessar	Development Assistant (Resigned 31August 2023)
Terry Groom	Finance Manager
Trudy Pickerin	Finance and Admin Assistant
Olivia Shrubsole	Finance and Admin Apprentice		(started after March 2023)
Phoebe Scott	Learning Apprentice
Georgia Turner	Commercial Apprentice
Ciaran Roche	Facilities Manager
Alexia Gortsilas	Marketing &Design Apprentice
Polly Hodgson	Development Manager (Started		after March 2023)
Lex Gortsilas	Marketing and Design Apprentice
Part-Time Staff
Steph Parmee	Learning &Outreach Officer
Catherine King	Volunteer Co-ordinator/Front	ofHouse
Fiona Raymond	Retail Assistant
Jean Negus	Retail Assistant
Jessica Johnstone	Front ofHouse Assistant (Resigned 6 September 2023)
Lily Lock	Retail Assistant
Jamie Phythian	Front ofHouse Assistant
Mahaut De La Motte	Curatorial Apprentice
Karina Savage	Print Workshop Technician (started after March 2023)
Thomas Whiteley	Caretaker/Cleaner
Sam Hacking	Front ofHouse Assistant (Started after March 2023)
Kim Anscombe	Duty Manager (Started after March 2023)

Month	Total 2022-3		2018-9
Nov-22	2,578 o ened on 21		459 (from 21)
Dec-22	2,769 2 weeks closed		1,380
Jan-23	3,439		1,267
Feb-23	3,S34 2 week chan	cover	2,001
Mar-23	4,395 new exhibitions		1,874
TOTAL	17,015		6,981

				UNRESTRICTED	RESTRICTED	TOTAL	TOTAL
				FUNDS TO	FUNDS TO	FUNDS TO	FUNDS TO
				2022/23	2022/23	2022/23	2021/22
INCOME
Donations and legacies				251,646	45,258	296,904	666,315
Development project				0	1,388,855	1,388,855	2,449,659
Endowment				0	29,000	29,000	531,000
Incoming resources from		charitable	activities
Operating museum and art		gallery		154,920		154,920	1,249
Income from other trading		and fundraising activities		75,327		75,327	6,685
Investment income				29,998		29,998	20,743
TOTAL INCOMING RESOURCES				511,891	1,463,113	1,975,004	3,675,651
EXPENDITURE
Costs ofraising funds				204,042	6, 1I I	210,153	63,607
Expenditure on Charitable		activities
Operating museum and art		gallery		546,161	1,450,017	1,996,178	3,198,379
TOTAL RESOURCES	EXPENDED			750,203	1,456,128	2,206,331	3,261,986
Total income/expenditure		before gains or losses on
investments				238,312	6,985	231,327	413,665
Re-valuation ofAssets				811,910		811,910
Realised profit/(loss) on	investments				(1,071)	(1,071)	(116)
Unrealised profit/(loss)	on	investments			64,605	64,605	16,769
Net movement in funds				573,598	(58,691)	514,907	430,318
Transfer between funds			10	269,373	269,373
FUND BALANCE SUB	TOTAL			842,971	(328,064)	514,907	430,318
FUND BALANCE AT 31		March 2022		8,737,600	2,288,360	11,025,960	10,595,642
FUND BALANCE AT 31		March 2023		9,580,571	1,960,296	11,540,867	11,025,960
The notes on pages 28 to 42 form part ofthese financial				statements.

Balance sheet as a Mh2023	t31
arc			2022/23				2021/22
			8				8
			Unrestricted	Restricted			Unrestricted	Restricted
FIXEDASSETS
Tangible Assets
Freehold		12	59,018		189,172	248,190	59/95		194,979	254+74
Fixtures rk fittings			0		0	0	0		0	0
Short Leasehold			0		0	0	25,371		0	25,371
Freehold Laud (DEVTj			0		235,000	235,000	0		235,000	235000
			59,018		424,172	483,190	84,666		429,979	514,645
Tangible Heritage Assets		13	9,116,235			9,116835	8/04/25			8/04,325
Investments
Endowment		15			975,834	975,834			877.456	877,456
Acquisition Fund		15			1&2,425	182,425			200/52	200/52
Iuveslmeuts		15	24332			24,332	25,916			25,916
			9,199/85	1,582,431		10,782,016	$,414,907	I/07,787		9,922,694
CURRENT ASSETS
Stocks			27,669			27,669	24,783			24,783
Debtors			143,990		347,577	491,567	116,653		279,465	396,118
Cash atBank and in Hand			229914 r		61~&91	291805	191,932		653 12$	845,060
			401,573		409,468	$11,041	333$68		932,593	1,265,961
CREDITORS-Amounts	falling due
withiir one year			20,587		31,603	52,190	10,675		152,020	162,695
			20,587		31,6D3	52,190	10,675		152,020	162,695
NET CURRENT ASSETS						758,851				~1103 66
TOTAL ASSETS			9580,571	I	960.296	11.540.867	8/37600	2	88360	11025960
FUNDS
Unrestricted			464/36				433,275
Heritage valuation - unreshictcd			9,116,235				8,304,325
Restricted				1,960+96				2+8&/60
			9,580471	1,960296		11~540~867	8737600	2388 6D		11025,960

Year Ended 31March 2023	Year Ended 31March 2023	Year Ended 31March 2023
					2023	2022
				Note
Cash flow from operating		activities		24
					(432,599)	172,300
Net cash flow from operating			activities
					(432,599)	172,300
Cash flow	from investing	activities
Payments	to acquire tangible fixed assets				0	(263,471)
Payments	to acquire investments				(150,721)	(390,072)
Receipts from sales ofinvestments					14,433	29,175
Interest received					1,703	465
Dividends received Investment charges Net cash flow from investing			activities		28,295 ~6,3i 3	19,278 ~4,346
					(112,401)	(608,970)
Net increase in cash and		cash	equivalents
					(545,000)	(437,670)
Cash and	cash equivalents	at	1 April 2022
					946,492	1,383,162
Cash and	cash equivalents	at	31March 2023
					401,492	946,492
Cash and	cash equivalents	consists of:
Cash at bank and in hand
					291,805	845,060
Investments	fund cash balances				109,687	101,432
Cash and	cash equivalents	at	31March 2023
					401,492	946,492
Notes forming part ofthe financial statements				for the period ended 31March	2023
				27

Freehold buildings	(excluding	heritage assets)	2
Office Equipment			25
Fixtures and Fittings			25

Income					Unrestricted	Restricted	Total	Total
Income					2022/23	2022/23	2022/23	2021/22
Donations and Legacies
Donations					9,896	3,240	13,136	9,265
Donations in Memorium					6,269		6,269	0
Bequest					0		0	2,001
Donation ofworks
Friends subscriptions &donations					47,820		47,820	14,994
Patrons subscriptions &donations					8,463		8,463	5,500
Mulberry Patrons subscriptions			&
donations					25,750		25,750	28,338
Gift Aid Claim					3,487		3,487	(1,342)
Core Grants:
Sudbury Town Council					6,500		6,500	6,500
Suffolk County Council					30,057		30,057	42,335
Babergh District Council					0		0	12,000
Arts Council					17,573		17,573	279,324
Charitable Trust &Other		grants:
GJ&SLivanos Charitable		Trust				20,000	20,000	20,000
Lord Andrew Llyod-Webber						16,718	16,718	0
Tezmae Charitable Trust						5,000	5,000	0
Lady Getty					0		0	2,100
John RMurray Charitable	Trust				50,000		50,000	0
Share Retail Forum (Share	Museum			East)	0	300	300	300
Victoria &Albert Museum	- Acq					0	0	50,000
Art Fund UK —Acq						0	0	150,000
National Portrait Gallery					10,831		10,831	0
Paul Mellon Centre							0	25,000
RDavey —Cedric Morris Exhibition							0	20,000
David Pike					25,000		25,000	0
Mrs Doreen Wilkins					10,000		10,000	0
Heritage Lottery Fund —Acq					0		0	0
					251,646	45,258	296,904	666,315

				Unrestricted		Restricted	Total	Total
3	Income (continued)			2022/23		2022/23	2022/23	2021/22
	Capital Development:
	National Heritage Fund -	Delivery		Claims		963,725	963,725	2,054,781
	JPaul Getty Jr Charitable	Trust				5,000	5,000	10,000
	Finnis Scott Foundation					40,000	40,000	10,000
	The Linbury Trust					0	0	100,000
	Babergh District council -CIL					353,251	353,251	0
	The Barbara Whatmore
	Charitable Trust					3,000	3,000	0
	Basil Slaughter Trust					0	0	1,000
	Robert and Hilary Spivey					1,000	1,000	0
	Arts Council					0	0	29,614
	Mrs Doreen Wilkins					0	0	10,000
	Mr &Mrs Timothy Clode					0	0	100,000
	Tezmae Charitable Trust					0	0	9,000
	Alan &Jeremy Swerdlow					0	0	1,000
	Marilyn O'Reilly-Cicconi					0	0	5,000
	James &Felicia Brocklebank					0	0	50,000
	Nick &Jenny Antill					0	0	8,000
	Richard Mansell-Jones					0	0	3,000
	Lowell Libson					6,000	6,000	6,000
	Art Fund UK - PWS					11,152	11,152	0
	Donations ofart including	Auctio	n	and Art Fair		0	0	1,378
	Buy a Brick					20	20	1,579
	Gift Aid Claim					2,347	2,347	25,706
	Donations from individuals					3,360	3,360	2,889
	Heritage Fund Fundraising					0	0	20,712
	Transfer from Capital Project					0	0	0
					0	1,388,855	1,388,855	2,449,659

Income (continued)	Income (continued)
			Unrestricted	Restricted	Total	Total
Endowment:			2022/23	2022/23	2022/23	2021/22
Lord Belstead Charitable GJ4 SLivanos Charitable		Trust		12,500	12,500	12,500
Trust						125,000
Billmeir Charitable	Trust					3,000
The Linbury Trust						30,000
David Pike						35,000
Mr &Mrs Timothy	Clode					27,500
Andrew Phillips						3,000
Suzanne Marriott						2,500
Nick 8cJenny Antill						2,000
Gainsborough's House Trustee
—Brian Moody				2,000	2,000	0
National Heritage Fund - match			funding	14,500	14,500	290,500
				29,000	29,000	531,000
			251,646	1,463,113	1,714,759	3,646,974

	Incoming	resources from charitable	resources from charitable	resources from charitable	resources from charitable
4	activities					Unrestricted	Restricted	Total	Total
	Activitiesin	furtherance ofthe charity's
	objectives					2022/23	2022/23	2022/23	2021/22
	House Admission		Fees			76,918		76,918	0
	Collections	misc income				0		0	153
	Education	Income				2,462		2,462	825
	Group Hire/Catering					15,267		15,267	271
	Exhibition	TaxRelief				53,307		53,307	0
	Gift Aid on Entry		Fees			6,966		6,966	0
						154,920	0	154,920	1,249
						Unrestricted	Restricted	Total	Total
	Income from trading			and fundraising
5	activities					2022/23	2022/23	2022/23	2021/22
	Sales					70,318		70,318	4,550
	Patrons events					0		0	1,625
	Mulberry events					75		75	0
	Fundraising	events	—revenue			4,075		4,075	0
	Misc Income					859		859	510
						75,327	0	75,327	6,685
						Unrestricted	Restricted	Total	Total
6	Investment	income				2022/23	2022/23	2022/23	2021/22
	Acquisition	Fund Dividends			received	4,164		4,164	4,593
	Endowment	Fund	Dividends		received	20,306		20,306	12,959
	Investment	Income				3,825		3,825	1,726
	Interest received					1,703		1,703	465
	Sales ofAssets					0		0	1,000
						29,998	0	29,998	20,743
	Total Income					511,891	1,463,113	1,975,004	3,675,651

otes forming part ofthe fi	nancial stateme	nts for the perio	d ended 31Mar	ch 2023
Expenditure
		Unrestricted	Restricted	Total	Total
Costs ofraising funds		2022/23	2022/23	2022/23	2021/22
Purchases		45,003		45,003	6,165
Groups		13,542		13,542	90
Friends expenses		77		77	98
Patrons expenses		21		21	925
Mulberry Patrons expenses		62		62	0
Fundraising events		7,259		7,259	3,601
Fund Raising Expenses &salary		47,955		47,955	11,632
Cafe		250		250	0
Investment management	fee		6,11 1	6,111	4,345
Support costs &salary		89,873		89,873	36,751
		204,042	6,111	210,153	63,607
		Unrestricted	Restricted	Total	Total
Operating museum and	art gallery	2022/23	2022/23	2022/23	2021/22
Collections Management	&salary	173,180	20,000	193,180	132,930
Gainsborough Chambers	&
Development		0	1,424,210	1,424,210	2,907,684
Exhibitions Expenses		12,432		12,432	117
Print Workshop Expenses &salary		3,493		3,493	799
Education Expenses & salary		27,757		27,757	15,757
Marketing		5,372		5,372	2,490
Reception salary		33,391		33,391	0
Commercial Manager		47,222		47,222	37,939
Depreciation		277	5,807	6,084	7,592
(Profit)/Loss on disposal	offixed asset	25,371		25,371	0
Audit		7,963		7,963	7,318
Support costs &salary		209,703		209,703	85,753
		546,161	1,450,017	1,996,178	3,198,379
Total Expense		750,203	1,456,128	2406,331	3,261,986

			Cost of		Print
			generating		workshop
			voluntary	Collections			Total
9	Allocation ofSupport Services		income	management	Education	Total	2021/22
	General office and finance		67,757	67,757	90,343	225,857	101,124
	Information	technology	6,496	6,496	8,661	21,653	10,750
	Housekeeping	and maintenance	15,620	15,620	20,826	52,066	10,630
			89,873	89,873	119,830	299,576	122,504

Employee Information	Employee Information		2023	2022
Salaries, fees and wages			426,177	260,162
Statutory contributions			42,955	26,138
Pension Contributions			30,587	20,093
			499,719	306,393
			Number	Number
Average Full Time Employees		in the
year
Average Part Time Employees		in the
year
			19
Full time employees	as at 31March
2023
Part time employees	as at 31March
2023
			19

Note	s forming part ofthe financial stateme	nts for the pe	riod ended	31	March 2023
12	Tangible FixedAssets
			Office
			Furniture,		Short
		Freehold	fittings	8r,	Leasehold
		Property	Equipment		Property	Total
	Cost
	at1April 2022	589,179	196,023		25,371	810,573
	Additions					0
	Disposals				25,371	25,371
	at31March 2023	589,179	196,023			785,202
	Depreciation	99,905	196,023			295,928
	Charge for the period	6,084		0		6,084
	at31March 2023	105,989	196,023			302,012
	Net Book Valae
	at31March 2023	483,190				483,190
	at1April 2022	489,274			25,371	514,645
13	Heritage Assets
	Tangible fixed assets - heritage assets
		2023			2022
	Collection ofworks ofart
	Cost or Valuation at 1April 2022	8,304,325			8,040,854
	Valuation in year	811,910			0
	Additions	0			263,471
	Additions —donation	0			0
	Disposals	0			0
	Value at 31March 2023	9,116,235			8,304,325

	Tangible Fixed Assets - five year	Tangible Fixed Assets - five year
	summary	ofheritage asset
14	transactions		2023	2022	2021	2020	2019
	Additions
	Purchases			263,471	100	97,961	32,831
	Gifts			0	0	0	40,473
	Disposals			0	0	0	0

			Investment
1$Investments	Endowment	Acquisition	fund	Total 2023	Total 2022
Market value at 1 April 2022	877,456	200,352	25,916	1,103,724	673,523
Additions at cost	136,661	14,060		150,721	390,072
Disposals —sale proceeds		(14,433)		(14,433)	(28,175)
Profit/(Loss) on disposal of
investments		(1,071)		(1,071)	(116)
Unrealised Gain/(Loss)	(50,758)	(12,263)	(1,584)	(64,605)	16,769
Cash movement	12,475	4,220		8,255	51,651
Market value at 31 March 2023	975,834	182,425	24,332	1,182,591	1,103,724

				2023	2022
16	Debtors
	Debtors			31,400	115,789
	Heritage	Lottery Fund	—Delivery Claims	345,269	180,140
	Taxation	and Social Security		114,898	100,189
				491 567	396,118

17	Creditors: amounts falling due within on	e year
		2023	2022
	Trade Creditors	42,023	158,002
	Other creditors	10,167	4,693
		52,190	162,695
18	Operating leases	2023	2022
	Not later than one year	29,333	29,000
	Later than one year and not later
	than five years	120,000	119,333
	Over five years	260,000	290,000
		409,333	438,333

	Heritage assets fund-
21	unrestricted
		Fund Balance	Incoming	resources	Transfers	Fund Balance	Fund Balance
			resources	Expended		31-Mar-23	31-Mar-22
	Collection ofworks ofArt	8,304,325	S11,910			9,116,235	8,304,325
		8,304,325	811,910			9,116,235	8,304,325

is fu	nd represents the valuation ofthe c	nd represents the valuation ofthe c	ollection in accorda	nce with FRS	102.
	Analysis ofNet Assets between
22	Funds
			Tangible fixed	Investments	Heritage	Net current	Net	2022
	Restricted Fund		assets		assets	assets	Assets
	Acquisitions	Fund		182,425			182,425	200,352
	Appeal fund	- capital
	depreciation	fund re Cottages	189,172			(277)	188,895	201,674
	Endowment	Fund		975,834			975,834	1,002,456
	Capital Development		235,000			355,497	590,497	880,578
	Design and marketing
	apprenticeship					5,000	s,oOo
	Education and learning
	apprenticeship					16,718	16,718
	Development					927	927	3,300
			424,172	1,158,259	0	377,865	1,960,296	2,288,360
			Tangible fixed	Investments	Heritage	Net current	Net	2022
			assets		assets	assets	Assets
	Unrestricted	Fund
	General Fund		59,018	24,332		380,986	464,336	433,275
	Heritage Collection				9,116,235		9,116,235	8,304,325
			59,018	24,332	9,116,235	380,986	9,580,571	8,737,600
	Total Funds		483,190	1,182,591	9,116,235	758,851	11,540,867	11,025,960
23	Transactions	with trustees				2023	2022
	Mark Stephen	Bills, Director
	Remuneration					110,500	79,000
	Pension contribution					8,840	5,920
						119,340	84,920
	Donations received from Trustees					2023	2022
	Donations from Trustees					3,000
						3,000

24 Reconciliation ofnet movement	in funds	to net cash	flow from	2023	2022
operating activities
Net movement in funds				(297,003)	430,318
Add back depreciation charge				6,084	7,593
Add back asset loss on disposal tangible asset				25,371
Deduct investment fund SOFA income shown		in investing	activities	(29,998)	(20,743)
Add investment fund SOFA expenses	shown	in investing	activities	6, 1 1 1	4,345
Deduct unrealised gain for the year				64,605	(16,769)
Deduct realised gain for year				1,071	116
Decrease (increase) in stock				(2,886)	(7,363)
Decrease (increase) in debtors				(95,449)	(65,289)
Increase (decrease) in creditors				(110,505)	(159,908)
Net cash used in operating activities				(432,599)	172,300