Gainsborough's House Society Report and Financial Statements Year Ended 31 March 2024 Charity No. 1170048 Company No. 10413978 1111111111 *Ac6]R28• 1911112024 COMPANIES HOUSE A12 Moore Green Chartered Accountants Sudbury Suffolk
GAllYSBOROUGH'S HOUSE SOCIETY Annual report and financial statements for the year ended 31 March 2024 Contents Page: Legal and administrative infonnation Report of the Trustees 15 Report of the Auditors 19 Statement of financial activities 20 Balance sheet 22 Cashflow statement 23 Notes fomilng part of the financial statements
GAllYSBOROUGH'S HOUSE SOCIETY Legal and Administrative Information Registered Charity name: Gainsborough's House Society Registered Charity number: 1170048 Registered Company number: 10413978- Limited by guarantee Accredited Museum Princip81 office Gainsborough's House, 46 Gainsborough Street, Sudbury. Suffolk CO 10 2EU Telephone: 01787 372958 e-mail: mail@gainsborough.org President Reb¢¢¢a Salter PRA Patrons Clare. Countess of Euston, H.M. Lord Lieutenant of Suffolk The Mayor of Sudbury Maggi Hambling CBE- Patron of Gainsborough's Hous¢ Trnslees and Company Directors Simon Ofi¢ld-Kerr (Chair) Suzanne Marriott Wilf Weeks OBE Nigel Evans (Resigned 30 July 2024) Christy Stewart-smith (Resigned 30 July 2024) Mark Harris Arabella Chandos Calvin Winner (Executive Director) (Appointed 7 May 2024) Steven Parissien (Executive Director) (Appointed 14 August 20231Resigned 14 May 2024) Mark Bills (Executive Director) (Resigned 31 August 2023) Observer (non-Truslee) Jayne Austin - Suffolk County Council
GAINSBOROUGH?S HOUSE SOCIETY Legal and Administrative Informalion Full-Time Staff Calvin Winner Steven Parissien Mark Bills Emma Boyd Liz Cooper Terry Groom Trudy Pickerin Olivia Shrubsole Phoebe Scott Georgia Turner Catherine Kin8 Ciaran Roche Alexia Gortsilas Polly Hodgson Mahaut De La Motte Patricia Hardy Executive Director (Appointed 7 May 2024} Interim Director (Appointed 14 August 20231Resigned 14 May 2024) Executive Director (Resigned 31 August 2023) Keeper of Art and Place Commercial Manager Head of Finance Office Manager Finance and Admin Apprentice Learning Apprentice Commercial Apprentice Volunteer c0-ordinatorr0nt of Hous¢ Facilities Manager Marketing & Design Apprentic¢ Development Manager Curatorial Apprentice Keeper of Art and Place (maternity cover - Appointed 12 February 2024) Part-Time Sta St¢ph Parni¢¢ Thomas Whiteley Fiona Raymond Jean Negus Lily Lock Jamie Phythian Karina Savag¢ Sam Hacking Kim Anscombe Learning & Outreach Officer Caretakerlcleaner Retail Assistant Retail Assistant Retail Assistant Front of House Assistant Print Workshop Technician Front of House Assistant Duty Manager Technicians Sally Frin Patsy Print Workshop Technician Print Workshop Technician Print Workshop Technician
GAINSBOROUGH'S HOUSE SOCIETY Legal and Administratlve Information Auditors Moore Green, 22 Friars Street. Sudbury, Suffolk Solicitors Bates Wells & Braithwaite, 27 Friars Street, Sudbury, Suffolk Bankers CAF Bank Ltd. West Malling, Kent & Lloyds Bank, Market Hill. Sudbury. Suffolk
GAINSBOROUGH?S HOUSE SOCIETY Report of the Trustees Governance, structure, and management Gainsborough's House S(xiety Ltd was founded by incorporation in England and Wales on 6 October 2016 and commenced trading on l January 2017. Company Registration number 10413978. Charity Commission registration number 1170048. This Report and Accounts detail the activity of Gainsborough's House Society Ltd for the year from O l April 2023 to 31 March 2024. Aims and objectives The charity owns and runs Gainsborough's House, the childhood home of the great English painter Thomas Gainsborough (1727-88), as a museum and gallery. MISSION STATEMENT To PToinote the wider knowledge, appreciation, and enjoyment of th¢ art of Thomas Gainsborough within the context of the eighteenth century and the inspirdtion of the Suffolk landscape and to preserve and enhance Gainsborough's House and its collections for the benefi¢ of present and future generations. VISION STATEMENT Gainsborough's House, the Childhood home of Thomas Gainsborough is a national centre for the exploration of Gainsborough's art. the development of the English landscape and the art of printmaking, With Thomas Gainsborough as its inspiration. it seeks to bring to life the art and ideals of Thomas Gainsborough to inspire a new generation of visitors. Publlc Benejlt Gainsborough's House's charitable objects, are to preserve the trust property, create an arts centre and museum, collect, curate and display works of art and further the development of the arts through education and events. It also achieves the public benefit requirement through offering many of its events, activities, courses, and publications either free to users or at heavily subsidised rates, mainly thanks to grants generated from charitable trusts and foundations and donations from the public. These include free admission on special days. entrance to exhibitions at no extra cost. events open to non-members. free or subsidised workshops for the old. vulnerable. disadvantaged. youth. schools, communtty groups and families. The Society is aware that the public's opportunity to benefit must not b¢ limited by geographical or other restrictions. Although most of its activities take place in the South Suffolk and North Essex area, visitors come from all over the UK and abroad, and concessions on ticket prices are off¢r¢d to children and students. The Friends, Patrons and Mulberry Patrons membership whemes are open to all. Aceredilalion Gainsborough's House Society maintained its Accredited Museum status in 2023124. Melhod of recruilmenl and appointment of¢ruslees The trustees are recruited from the constituency of volunteers and members of Gainsborough's House, and from people identified with appropriate skills to fulfil th¢ purposes and aims of the organisation.
GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Governance. structure. and management (conliNued) Truslee induclion and tralnlng New trustees are provided with a Copy of the Memorandum and Articles of Association, latest audited accounts, most recent management accounts and minutes of trustee meetings, together with a copy of the Charity Commission's publication 'Responsibiliti¢s of Charity Trustees. Organisdlional slruclure The overall governance and financial responsibility are vested in a Board of Trustees who are elected at the Annual Meeting of the Trustees. Risk managemenl The trustees have examined the major strategic, business, and operational risks which the charity faces and confim that systems are esthblished to manage the significant risks. The main risks identified were: The loss of key staff which was identified as a medium risk with a high impact. To mitigate this risk the trustees have implemented succession planning and development of staff through support and training. Complete or part destruction of the fabric of Gainsl)orough's House and its Collection was identified as a low risk with a high impact. To mitigate this risk staff, receive safety training to avoid damage through fire or water leaks. The property has appropriate fire and intruder alarnis, computerised environmental monitoring. and insurance to cover business interruption and repair or replacement of works of art. Key managementpersonnel remuneralion The trustees consider the board of trustees and the Executive Director as comprising the key rnanagement personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no remuneration or expenses were paid to any of the elected trustees during the year. The board of trustees appointed the Interim Director, Steven Parissien, as a trustee and company director of Gainsborough's House Society Ltd. The pay of the charity's Executive Director is reviewed annually and norn)ally increased in accordance with perforn]ance and average earnings. The remuneration is bench-marked with similar charities of size and activity to ensure that the remuneration set is fair and not out of line with that gen¢rally paid for similar roles. Related party transactions requiring disclosure are detailed within note 23 to the accounts. Trustees are required to disclose all relevant interests and register them with the Executive Director and in accordance with th¢ Trust's policy withdraw from dexisions where a conflict of interest arises. Objectives and activitieg The end of the financial year on 31 $1 March marked a transitional year for Gainsborough's House with the departure of Director Mark Bills. The Trustees appointed an Interim Director. Steven Parissien who remained in post until the end of the financial Year 23-4. The new Director, Calvin Winner was appointed and started on 6 May 2024. With a full programme of exhibitions and related activities, visitor numbers for 2023-24 were approx.47,000 (total number including concessions and complementary) which is high by historical standards (17,015 for 2022-23).
cA¥SBOR0UCH?s HOUSE SOCIETY Report of the Trustees I. AWARENESS Raising the profile of Gainsborough's House Gainsborough's House continued to engage with its audience, patrons and supporters as well as many regional, national and international partners. PUBLICATIONS AND PRESS Press coverage for the year included: Burlington Magazine, The Art Newspaper, Museums Journal, BBC Music Magazine. Country Life, BBC News, Museums Association, Apollo, House & Garden Magazine, Suffolk Magazine, Hunger Magazine, Great British Life, CNN Style, The Times. The Arts Society Magazine, The Spectator, Architects Journal. The Director wrote a monthly page in the Suffolk Free Press. These articles looked at several themes including partnerships, music, exhibitions, funding cuts. architectural awards as well as Mark Bills, rctircmcnt and welcome of new Interim Director Steven Parissien. EVENTS A nurnber of events and activities took place regularly throughout the year including talks, breakfast tours, lectures accompanying the exhibition programme, family holiday activities, free days and visits from schools and community groups. For a full list please refer to the Gainsborough's House Website. 2. THE HOUSE AND ITS CONTENTS Protecting and making accessible a nationally significani heriiage asset EXHIBITKONS Maggi Hambling: Origins (16 June- 29 October 2023) Timothy and Mary Clode Gallery An exhibition spanning six decades of work, bearing witnes5 to Maggi Hambling's deep connection with Suffolk and inviting a meditation on the universal relationships between self and environment, people and place. An international icon who continues the rich artistic legacy of Suffolk and shows how contemporary artists continue to be inspired by the beauty of its landscape and cultural heritage. SuzAnne Cooper: Paintings and Wood Engravlng8, 1935-39 (16 June- 29 October 2023) The Sudbury Gallery Educated at the Grosvenor School of Modern Art, Cooper achieved early success in th¢ art world. In 1935, 19-year- old Cooper was exhibiting her work in West End galleries and being singled out by critics as an 'outstanding' young artist. Reminiscent of the work of Cooper's contemporaries her pieces are charniing and surreal, distinguished by the striking originality of her vision. 'Wbimsicalg perverse, and idle*: The Art of Henry William Bunbury (16 June 2023- 29 October 2023) David Pik¢ Gallery An exhibition is the rooms of the historic house, Henry William Bunbury was a successful caricaturist during the golden age of English graphic satire in the eighteenth century. James Gillray: Charaelers in Caricature {11 November 2023- 10 Marcb 2024) Timothy and Mary Clode Gallery. curated by Tim Claylon, author of Gillray's 2022 biography. A lively and daring exhibition which examined how Gillray exposed the most notorious scandals of his time by focusing on the artist's principal characters - household names to which he returned to repeatedly from Emma Hamilton to the Emperor Napoleon.
GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectives and activities (continued) In Vieiv: Rebecca Salter PRA at Gainsborough's House (11 November 2023- 10 March 2024) The Sudbury Gallery and David Pike Gallery An exhibition of Rebecca Salter's work, the first female President of the Royal Academy in London, provided a thought-provoking and stimulating display of works which demonstrated how her artistic practice has been deeply rooted in traditional Japanese art. The exhibition was accompanied by a juxtaposition of specially selected works by the artist to hang alongside Gainsborough artworks from the House's collection. ACQUISITIONS A number of important acquisitions were made by Gainsborough's House, which complemented our collection, including: 2023.00 I, After Thomas Gainsborough. republished by John & Josiah Boydell, Wooded Landscape with Herdsman Driving Cattle over a Bridge, Rustic Lovers, and Ruined Castle, 1797, Soft-ground etching. Bought from private owner. 2023.003 TG. Letter to his Sister Sarah Dupont, paper and ink, 1783. Bought- Lyon & Turnbull, Rare Books and Manuscripts sale 2110612023 2023.004 &005 (blue silk dress and silk waistcoat) were given to us during lockdown, around 2020, and properly accessioned only in 2023. 2023.006, Patrick George, Hickbush towards Valley Farm, late 1960s, oil on board. Gift from Victoria G¢org¢, widow of the artist. 2023.007, Berenice Abbott. Portraii of Cedric Morris, c. 1923-5, photography. Bought - Marlborough Fine Art. ENQUIRIES In 202312024 Gainsborough's House reeeived a number of enquiries about the collection: approximat¢ly l O l¢tt¢rs, 400 phone calls, 80 emails, 10 arranged visits. 3. AN INTERNATIONAL STUDY CENTRE Creating a vibrant centrefor Gainsborough and related sthdies GAINSBOROUGH 300 Gainsborough's House is planning to host a major and significant exhibition to celebrate the 300th anniversary in 2027. COLLECTION AND DISPLAY RESEARCH The Livanos Study Room officially opened this year and provides a research facility that allows study space and access to the largest collection and archive of the artist in the UK. This supports our status as a National Centre. Research continues into the collection of Gainsborough's House and future displays.
GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectives and activities (Continued) 4. A LEARNING CENTRE Increase, access, learning and oulreach The Learning team has been continually active with the spxial n¢¢ds Museum Club undertaking its weekly workshops and with school visits with a total of1660 school children and their teachers over the year. An open evening event was held for teachers who booked onto our school workshops. A complete set of resources were provided for schools and family visits, which encouraged more young people to visit the gallery. Tom's Tuesdays, our drop-in family learning sessions, and our Saturday Art Club started again in the summer. Families explored activities relating to our buildings, Maggi Hambling, Suzanne Coop¢T. Bunbury. Gainsborough's portraits and the camera obscura. Outreach work has continued at many schools as well as with the travelling Camera Obscura attending the Bures Music Festival and th¢ Bourn¢ Mill Heritage Open Even¢ as well as other locations. We provide many work experience opportunities for our local schools and as part of levelling up we work in partnership with Lapwing Education to give free support to young people (NEET) to gain the skills and experience needed to pursue aspirations, get work-ready, gain employment, OT slart new training or education as well as build onfidenc¢. We also provided workshops at the Acton Craft Club, which is 8 loneliness project providing monthly creative sessions in partnership with the Rural Coffee Caravan. We are pleased to consistently deliver a wide range of learning and community activities with the local Sudbury audience in mind. "Ij1 wanted to say a huge thankyoufor yeslerday. The children had a lovely time ai ihe museum. Your session was reallyfvn and interaciive, and the children learnt a lot. We have recommendedyou lo our other academy schools. S. A SENSE OF PLACE Strengthen its connections with Sudbury, local herilage and the landscape Gainsborough's House and the art of Thomas Gainsborough is indelibly linked to Sudbury and the Suffolk landscape. Gainsborough is an icon of British art and one of the greatest artists of the eighteenth century. one of a select few historical British artists who have a significant international reputation. Rather uniquely in historic Brit15h art, Suffolk has produced two of them, namely Thomas Gatnsborough and John Constable. We are familiar with the phrase Constable country and Dedham Vale and yet it was Thomas Gainsborough who paved the way for Constable, who understood this and paid tribute to his fellow Suffolk countyman, The connection between art and landscape explored by these artists is still ever-present in the wider Suffolk landscape. recognisable today not least from the view in the Landscape Studio in Gainsborough's House. VISION FOR PROSPERITY Gainsborough's House is part of the wider town vision for prosperity and is a key player in the development of regional initiatives. Gainsborough's House continued to be greatly involved with the town and its future plans and remained at the heart of its vision for prosperity. As a result, the Director continued working as a member of the Town Steering Committee and the Babergh & Mid Suffolk District Councils, (BMSDC) Sudbury Vision Delivery Group.
GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectives and v4Ctivities (continued) THE FUTURE DEVELOPMENT OF SUDBURY The expanded museum is contributing to the economic Tevival in Sudbury with increased footfall of day trippers and overnight visitors. For Sudbury, the National Centre and its exhibition ambitions has huge potential with more visitOTS spending in the town, more pride of place, enhancing Sudbury as a more vibrant place to live, work and set up business and attracting more investment. Gainsborough's House as the biggest art gallery in Suffolk. can elevate Suffolk's international branding and offer to the world as a place to visit. Artists are drawn to Suffolk's big skies and unspoilt countrysid¢. Gainsborough's Hous¢ is a place for more of th¢ region's artistic community lo congregate, create and show art and ser¥e as a route to market for artists. Gainsborough's House engages with the local community in many ways. One of the most rewarding is as a plaee to volunteer. Training is offered to support volunteering, including looking after caring for ihe old House and garden. 6. SUSTAINABILITY Improve the generation ofincome andprovide sustainability FUNDRAISING This was a very busy and transitional year adapting to the new Gainsborough House with double the visltor numbers, and therefore needing to upscale and increase staff numbers. Fundraising has Continued to be crucial since the major redevelopment as revenue costs hav¢ increas¢d, particularly with higher utility and staffing costs. We w¢r¢ successful with a resili¢n¢e grant (Face in the future) from The Nattonal Lottery Heritage Fund (NLHF) for £245,000, which will support an Events & Marketing Manager post over 2 years to help promote and raise awareness of Gainsborough's House as well as provide a new shop doorway, deliver new events for young people and commercial activities to help increase self-generated income, BENEFACTORS AND DONORS Gainsborough's House is enorniously grateful for the support that we have received from all our benefactors and donors. Many trusts and foundations and generous individuals have given again to help us through this period of transition following the major redevelopment. ENDOWMEIYT The Endowment which was matched funded by The National Lottery Heritage Fund cuentlY sits at a balance of £1,028,646 and we Continue to strive to grow the endowment. With continued thanks to those individual funders who have given to the campaign. LOCAL AIJTHORITIES Suffolk County Council and Babergh Mid Suffolk District Council supported the core activities of the House with generous grants. During the fiscal year, Suffolk County Council announced that it will b¢ axing all funding for heritage and culture in the Rext financial year. It has since announced thcrc will be a new pathway for funding for the next year and details for applying will shortly emerge. Any reduction in future support will have a major impact on Gainsborough's House and its activities that support the community. Sudbury Town Council continued its support and re-affirnied its commitment to supporting the House. Gainsborough's House is enomiously grateful to all funders. 10
GAINSBOROUGH'S HOUSE SOCKETY Report of the Trustees Objectives and activities (continued) PATRONS, FRIENDS AND SUPPORTERS Patron numbers continue to grow, and Friends membership figures have remained consistent at around 1250 (total including joint) for the year, which is higher than at any time before the capital project. This includes the new higher- level memberships of Medlar and Quince, and the new Print Workshop membership. COMMERCIAL ACTIVITY The shop has doubled in size and turnover since re-opening, the events income has been significantly raised and the café commission turnover was £22,500 (exclusive of bad debt) but has incurred a deficit due to unforeseen circumstances. New caterers, Stellar Catering, took over the café in December 2023. Overall, there is a commitment to se¢ commercial activity operating at a net profit to support the activities of the institution. BENEFACTORS Chgritable Trust & Other grants: 291h May l961 Andrew Lloyd-webber Foundation Alfred Williams Charitable Trust Aurelius Charitable Trust Barbara Whaimore Trust Timothy & Mary Clode The Linbury Trust The Murray Family Damon de Laszlo and the de Laszlo Foundation David Pike Foyle Foundation The John Ellern)an Foundation The Lord Belstead Charitable Settlement Coral Samuel Charitable Trust The Golsoncott Foundation The Pilgrim Trust Basil Slaughter Trust Babergh Mid Suffolk District Council Marsh Christian Trust Foxearth History Society National Portrait Gallery Castlea¢re Insurance Services Ltd The Arts Society The Arts Society Sudbury The Scarfe Charitable Trust The National Lottery Heritage Fund Th¢ George John & Sheilah Livanos Charitable Trust Garfield Weston Foundation Maggi Hambling CBE Reeman Dansie Arts Council EnglandlV&A Purchase Fund A.l.M.
GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectives and activities (continued) J Paul Getty Jnr Charitable Trust Fidelity Foundation Finnis Scott Foundation Esmee Fairbairn Foundation The Paul Mellon Centre for Studies in Brttish Art Rogers Stirk Harbour and Partners Charitable Foundation Suffolk County Council Sudbury Town Council Humphries Weaving Steven Walters Cedric Morri5 Foundatson Philip Mould & Company Sir Siegmund Warburg's Voluntary Settlement Wolfson Foundation 'Buy a Brick, Donors PATRONS & MULBERRY PATRONS Lord Abinger Nicholas & Jenny Antill Simon & Melanie Barrett Jonathan Benson Marcia Brockelbank Mary Burr Arabella Chandos Christie's Eileen Clayton William & Gay Clegg Timothy & Mary Clode Robert & SaTa Erith Nigel & Chris Evans David & Karin Fahie Gill Harris Mark Harris Pauline Howells Don Jenkins Linda Keenan Philip Lawford Paul Lincoln & Susan Kerfoot Timothy & Elizabeth Llewellyn Richard Mansell-Jon¢s Suzanne Marriott Brian & Valerie Moody David & Alison Moore-GIn 12
GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Objectives and activities (continued) Nicholas Pearson OBE & Fiona Pearson Nella & Geoffrey Probert Jacqui Robins & Ashley Cooper Griff Rhys Jones Ann E Smith Hilary & Robert Spivey Lord & Lady Stevenson Christopher Stewart-smith CBE DL Alan Swerdlow & Jeremy Greenwood Heather Tilbury-Phillips Nicholas & Jane Turner Nicholas & Louise Wells Wilf Weeks OBE & Annie Weeks 7. ORGANISATION Excellence and value in governance and administration GOVERNANCE Four Full Trustee Board meetings were held during the year. Brian Moody stood down as Chairperson after many years of service to GH in April 2023 and was thanked by the Director and fellow Trustees. Professor Simon Ofield- Kerr took up the post, after a recruitment process by Saxton-Bampfylde. and chaired his first meeting in October 2023. STAFF Gainsborough's House is grateful for the professional team who have worked hard with incredible dedication to ensure that Gainsborough's House continues to be successful. VOLUNTEERS Gainsborough's House could not run without volunteers, and we are extremely grateful for all the work that they do which amounts to over 3,000 hours per year. at a value of £60,000. THANK YOU TO ALL OUR DONORS, TRUSTEES, STAFF, IkfULBERRY PATRONS, PATRONS, FRIENDS AIYD OUR MANY VOLUNTEERS 13
GAINSBOROUGH'S HOUSE SOCIETY Report of the Trustees Financial Review Finance The Statement of Financial Activities for 2023124 financial year covers the year from l April 2023 to 31 March 2024. Income received through donations and grants have been greatly appreciated in the year. Admissions. Print Workshop, Learning, and the shop have now been open for over a year and continue to grow as we have new and exciting exhibitions throughout the year. Membership over the various schemes have increased and we appreciate the continued support given. Jnveslmenls Rathbone Investment Management Ltd manage the majority of the Charity's investment holding together with the Board of Trustees through its Investments sub-committee. Trustees, responsibilities in relalion to the financial statemenls Law applicable to charities in England and Wales requires the trustees to prepare financial ststemenls 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 matrrial departures disclosed and explained in the financial statements. and prepare the financial. stat¢rri¢nts on th¢ 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 and enable them to ensure that the financial statements comply with the Charities Act 2011, Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102), and the provisions of the Memorandum 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 fra d and other irregularities. Approved by the Board of Trustees (Directors) of Gainsborough's House Society Ltd on and signed by one trustee on behalf of all the trustees: Name Calvin Winner Signature 14
GAINSBOROUGH'S HOUSE SOCIETY Report of the Auditors Independent Auditors, report to the trustees of Gainsborough's House Society AUDITOR'S UNQUALIFIED OPINION Opinion We have audited the financial statements of Gainsborough House Society (the 'charitable company.) for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet and notes to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Siandard applicable in the UK and Republic ofIreland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006, Basi$ for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicabl¢ law. Our responsibilities under those standards are further d¢ribed in th¢ Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are d¢ribed in the relevant sections of this report. Other information The other infomiation comprises the inforn]ation included in the trustees annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infonnation contained within the annual report. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in our report, we do not express any fom) of assurance conclusion thereon. 15
GAINSBOROUGH'S HOUSE SOCIETY Report of the Auditors Independent Auditors, report to the trustees of Gainsborough's House Society (continued) Our responsibility is to read the other infomlation and, in doing so, consider whether the other inforn)ation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconststencies or apparent material misststements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinion$ on other mAtters prexribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which th¢ financial stst¢m¢nts are prepared is consistent with the financial statements. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of th¢ audit, we have not identified material misstatements in the dir¢ctors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion., adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the infomiation and explanations we require for our audit or the trustees were not entitled to prepare the financial statements in accordance with the small compani¢s' regim¢ and take advantage of the small companies. exemptions in preparing the directors, report and from the requirement to pr¢par¢ a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal Control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 16
GAllYSBOROUGH'S HOUSE SOCIETY Report of the Auditors Independent Auditors, report to Ihe trustees of Gainsborough's House Society (continued) Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free from material misstatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures included obtaining an understanding of the legal and regulatory frameworks applicable to the Charity and the sector in which they operate, We d¢tem)in¢d that the most significant laws and regulations were Companies Act 2006 and Charities Act 2011. We assessed and concluded that the Charity's key area was in relation to its heritage assets valuation. We audited this area by reviewing currenl value of assets, including physical review of the material items. A professional valuation was completed in the year. The appropriateness of the valuer was also reviewed and confimied appropriate for the given asset type. From this we consider the valuation to be an acceptable representation of the assets held. We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur. Audit procedures by the engagement team included identifying and assessing the design effectiveness of controls management has in please to prevent and detect fraud; understanding how those charged with govemance considered and addressed the potential for oveIde of Controls or other inappropriate influence over the financial reporting process. challenging assumptions and judgements made by management in its significant accounting estimates. identifying and testing unusual value entries, in particular any entries posted with unusual account combinations; and assessing the extent of compliance with the relevant laws and regulations. Th¢ size of the charity and volume of transactions indicated a low level of material risk overall. As part of an audit in accordance with ISAS (UK), w¢ exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or eOr. design and perfonn audit procedures r¢sponsiv¢ to those risks, and obtain audit eviden¢¢ that is sufficient and appTopriate to provide a basis for our opinion. The risk of not detecting a material ,misstatement resulting from fraud is higher than for one resulting from eOr, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on ihe effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 17
GAINSBOROUGH'S HOUSE SOCIETY Report of the Auditors Independenl Auditors, report to the Irustees of Gainsborough's House Society {¢ontinued) 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 un¢¢rtainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the 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 ¢¢as¢ to continu¢ as a going concern. Evaluate the overall presentation, structure and content of the financial stalements, including the disclosures, and whether ihe financial stal¢ments represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view). We communicate with those chargcd with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant d¢ficienci¢s 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 stst¢ 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 perni itted 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 fonned. Vincent Chandler FCA FCCA (S¢nior Ststutory Auditor) For and on behalf of Moore Green Chartered accountants and statutory auditor 22 Friars Street Sudbury Suffolk COIO 2AA 18
GAINSBOROUGH'S HOUSE SOCIETY Statement of financial activities Statement of financial activities for the year ended 31 March 2024 UNRESTRICTED RESTRICTED FUNDS TO FUNDS TO 2023n4 2023n4 TOTAL FUNDS TO 2023124 TOTAL FUNDS TO 2(122n3 INCOME Dollalions and legtseles Developmenlprojecl Endownwnl 188,782 188,782 505,717 296,904 lJ88,855 29,000 505,717 Incoming resouretsfrom eharitable activities Operating museum and art gallery 373,667 373,667 154,920 Income from other trading and fundraising aciivities 197.174 197,174 75J27 Investmeni income 39,201 39301 29,998 TOTAL INCOMING RESOURCES EXPENDITURE Costs of raising funds Expendiiure on Ch4ri¢able odlvliles Operating museurn and art gallery 798 824 505717 1.304J41 1,975,004 288,025 7,127 295,152 210,133 786.116 334.490 1,120,606 1,996,178 TOTAL RESOURCES EXPENDED 1074 141 341617 1415.758 2 206 331 TotAI incomelexpenditure before 88in5 or losses o Investmen¢s 275 317 231 27 Re-tlassification of Assets 12 6,675,798 6,675.798 Re-valuxtion of Asstt$ 811,910 Rellsed profitl{loss) on inves¢m¢nts 12,849 12,849 (1.071) Unre¥li$¢d profiU(loss) on investments 444 52 Net movement in funds (275,761) 6.897,443 6,621.682 514,907 Transfer behween funds 10 947 309 947 309 FUND BALANCE SUB TOTAL 671.548 5.950,134 6,621.682 514.907 FUND BALAIYCE AT 31 Mreh 2023 9 580 571 1960 296 11,540 867 11025960 FU]YD BALANCE AT 31 March 2024 The noiès on pages 28 to 42 fonn part of these fmancial 51atements. 10252 119 7 910430 18 162,549 11540,867 19
GAINSBOROUGH'S HOUSE SOCIETY Balance sheet Balance sheet as at 31 March 2024 2023n4 2022n3 Unre$trieted Restricted Unrestricted Restricted FIXED ASSETS Tangible Assets Freehold Fixtures & fitlings Short Leasehold Office Equipment & Fittings HOU Fumiiurc & Firtings Gallery Furnitur¢ & Fittings Gallcry Plant & Machinery Gallery Building House Repair and Conservation Café Furnitur¢ & Fixtures Freehold Land (DEVT) 12 58,741 183,365 242.106 59,018 189,172 248,190 23.749 25,663 19.398 19,158 5,728,733 957,095 28.331 23,749 25,663 19,398 19,158 5,728,735 957,095 28.331 235 000 7.279,235 9,125,590 58.741 9,125,590 7.220,494 59,018 9,116,235 424.172 483,190 9,116,235 Tangible HeritA8e Assets Investments Endowm¢nt Acquisition Fund Shw¢s in group undertakin8S Investments 13 15 15 15 15 1,028,646 194,392 1,028.646 194,392 100 975.834 182.425 975,834 182,425 100 9.208.318 .443,532 17,651,850 9,199,585 1,582.431 10,782,016 CURRENT ASSETS Stocks Debtors Prepayments Cash at Bttnk And in Hand 39,028 143,364 9,126 963 729 ,155,247 39,028 143,364 9.126 592251 783.769 27,669 143.990 27,669 491,567 347.577 371478 (371,478) 229 914 401,573 291805 811,041 409,468 CREDITORS-Amounls falling due within one year 111.446 161.624 273,070 20.587 31,603 52.190 11,446 161,624 273.070 20.587 31.603 52,190 NET CURRENT ASSETS 758851 TOTAL ASSETS 10252 119 7.910 430 18,162.549 9 580571 960 296 11540 867 FUNDS Unrestricted Heritage valuation - unr¢5tri¢t¢d Restricted 1.126.529 9.125.590 464.336 9,116.235 7,910,430 1,960,296 10.252.119 7,910.430 18,162.549 9 580.571 1.960.296 11,540,867 20
GAINSBOROUGH'S HOUSE SOCIETY The directors acknoivledge their 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 Gainsboroughys House Soeiety Ltd on . and signed by one truslee on behalf of all the try5tees: i L/// Name Simon ofield-Kerr' Slgnature of one director (trustee) au ting gccounts being sent to Companies House: Name Calvin Winner The note5 on pages 23 to 36 onn part of these fmancial statements. 21
GAllNSBOROUGH?S HOUSE SOCIETY Statement of Cash Flows Year Ended 31 March 2024 2024 2023 Note Cash tlow from operating activities 24 580,492 (432,599) Net cash Ilow from operating Activities 580.492 (432.599) Cash flow from investing activities ,Payments to acquire tangible fixed assets Payment5 to acquire heritage assets Payments to acquire investments Receipts from sales of investments Interest received Dividends rec¢iv¢d Investment charges Net cash floTrv from investing activities (297,842) (7,855) (184,542) 163,683 7,146 32,055 (150.721) 14,433 1,703 28,295 (293,572) (112,401) Net increase/(decrease) In cash and cash equivalents 286,920 (545.000) Cash and cash equivalents at l April 2023 401,492 946,492 Cash and Cash equivalents at 31 March 2024 688412 401,492 Casb aod casb equivalents consists of: Cash at bank and in hand 592.251 96.161 291,805 109,687 Jnvestments fund cash balances Cash and cash equivalents at 31 March 2024 688.412 401492 22
GAINSBOROUGH'S HOUSE SOCIETY Notes forming part of the financial $tatement$ for the period ended 31 March 2024 l General information Gainsborough House Society is a company limited by guarantee, registered in England and Wales. The address of the registered office is Gainsborough's House, 46 Gainsborough Street, Sudbury. Suffolk, COIO 2EU. 1.1 Statement of compllance The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls 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 Generally Accepted Accounting Practice. 1.2 Accounting policies Basis of accounling The financial statements are presented in sterling which is the functional currency of the company. Going concern The trustees are satisfied that there are no material uncertainties in the adoption of the going concern basis of preparation and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial stat¢m¢nts. Heritage asseks The charity holds a collection of works of art to celebrat¢ the life and works of Thomas Gainsborough. These heritage assets were acquired in past accounting years and not capitalised. Acquisitions are made by purchase, donation or in lieu of tax. The collection of works of art are categorised as follows.. Thomas Gainsborough: paintings, drawings, prints, sculptur¢, letters, manuscripts, and memorabilia. Gainsborough Dupont - Gainsborough's nephew,. paintings and drawings. Gainsborough's contemporaries and influences: historic paintings, drawings, and prints. Works related to Thomas Gainsborough, prints after Gainsborough, decorative objects using Gainsborough imagery. Henry William Bunbury: paintings, drawings, and prints. Images of Sudbury.. paintings, topographical drawing5 & Prints. photographs by Humphrey Spender. drawings by John Addyman. Modern (201h121" century): paintings, drawings and prints relating to Gainsborough's House, works by Rowland Suddaby and Cavendish Morton. th Furniture and furnishings: mostly 18 century. Late 18 century newspapers, Rare Books.. mostly 18 century art and society. Cedric Morris,. landscape and portrait paintings, drawings, prints. The valuation of the collection will be reviewed on an ongoing basis to assess current value. 23
GAINSBOROUGH?S HOUSE SOCIETY Notes forming part of the financial statements for the period ended 31 March 2024 1.2 Accounting policies (Conlinmed) Aequisilion andDisposal Policy Acquisition: While focusing on works by Gainsborough and keeping an interest in historic works or those related to Gainsborough, the spread of areas of acquisitions is greatly reduced. As a result. funds will not be used on acquiring anything that will not be displayed regularly or that will duplicate what we already have. However, works sought by the Society are likely to be of high cost, so outside funding support for acquisitions will usually need to be secured. Disposal: When disposal of an object is being considered. the trustees will establish if it was acquired with the aid of an external funding organisation. In such cases, any conditions attached to the original grant will be followed. This may include repayment of the original grant and a proportion of the proceeds if the item is disposed of by sale. Generally, the Gainsborough's House will not undertake disposal other than in exceptional circumstances. Whether the disposal is motivated either by curatorial or financial reasons, the dccision to dispose of material from the collections will be taken by the Trustees of Gainsborough's House, only after full consideration of th¢ reasons for disposal. Other factors including the public benefit, the implications for the Soci¢ty's collections and collections held by museums and other organisations collecling the same material or in related fields will be considered External expert advice will be obtained and ihe views of stakeholders such as donors, researchers, local and source communities. and others served by the Society will also be sought. Any funds raised by disposal will generally be added to the Society's Acquisition fund. TangiblefLred assets The cost of tangible fixed assets is their purchase cost, together with any incidenlal expenses of acquisition. Depreciation is calculated to write off the cost or valuation, on a straight-line basis, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose. which are consistent with those of last year, are: Freehold buildings - Cottages IT & Offi¢¢ Equipment Gallery- Plant & Machinery House - Furniture & Fixtures Gallery - Furniture & Fixtures Cafe- Furniture & Fixtures Freehold Land Heritag¢ Assets House - Repair and Conservation Gallery - Building 25 25 25 25 25 Not depreciated Not depreciated Not d¢pr¢ciated Not depreciated FiredAssets - Investmenls The investments are stated at their market value. Any gains or losses on investments (both realised and unrealised) are recognised in the Statement of Financial Activities. Stocks Stocks are stated at the lower of cost and net realisable value. 24
GAllYSBOROUGH'S HOUSE SOCIETY Notes forming part of the financial statements for the period ended 31 March 2024 1.2 Accounting policies (Continued) Income All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Grants are included in the statement of financial activities of the accounting year in which they are receivable. Donations, other voluntary income, and shop sales are included in the year in which they are received. Donations and all other receipts from fundraising are reported gross and the related fundraising costs are reported in expenditure. Income from investments is included in the Statement of financial activities of the accounting year in which they are receivable. Legacies are included in the statement of financial activities when the Charity is legally entitled to the distribution and the amount can be measured with certainty. The value of volunteer help r¢¢eiv¢d is not included in the accounts but is described in the trustees. annual report. Expendilure All expenditure is accounted for when incurred and all liabilities are recognised in full as soon as the obligations arise and analysed as d¢tailed on the SOFA. Support Costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources in ternis of staff costs by the time spent and other costs by their usage. Fund accountlng Unrestricted funds comprise accumulated surpluses and deficits on the general fund and designated funds. They are available for use at the discretion of the Trustees in furtherance of th¢ Charity's charitable objectives. Restrict¢d funds ar¢ creat¢d when grants or donations are made for a particular purpose, the use of which is restricted to that purpose. Cosh Cash comprises cash at bank and in hand including short term deposits with a maturity date of thr¢¢ months or less from the date of acquisition. Pension contribulions The Society operates a defined contribution pension scheme to which both the Society and employees make contributions. The Society's contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. The assets of the scheme are held separately from ihose of the Society in an independently administered fund. Liability lo toralion As a registered Charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applied towards the charitable objects of the charity and for no other purpose. 25
GAINSBOROUGH'S HOUSE SOCIETY Notes forming part of the financial statements for the period ended 31 March 2024 2 Legal status of the charity The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Income Income Donations and Legacies Donations Donations in Memorium Donation of works Friends subscriptions & donation5 Patrons subscriptions & donations Mulberry Patrons subscriptions & donations Heritage assets gifted Gift Aid Claim Core Granls: Sudbury Town Council Suffolk County Council Babergh District Council Arts Council Unrestricted Restricted 2023124 2023124 Total 2023124 Totsl 2022123 26,084 5,200 26,084 5,200 13,136 6,269 53,747 4,650 53,747 4,650 47,820 8.463 28,500 1.500 1,220 28,500 1,500 1,220 25.750 3,487 6,500 28,560 2,000 6,500 28,560 2,000 6,500 30,057 17,573 Charitable Trust & Other grants: G J & S Livanos Charitable Trust Lord Andrew Lloyd-webber Tezmae Charitable TTUSt John R Murray Charitable Trust Share Retail Forum (Share Museum East) Damon de Laszlo The Golsoncott Foundation Basil Slaughter Trust Marsh Christian Trust Foxearth History Society National Portrait Gallery Castleacre Insurance Services Ltd David Pike Mrs Doreen Wilkins Timothy Clode 20,000 16,718 5,000 50.000 300 5,000 . 1,000 1,000 500 42 279 3,000 5.000 1,000 1,000 500 42 279 3,000 10,831 25,000 10,000 188,782 188,782 296,904 26
GAKNSBOROUGH'S HOUSE SOCIETY Notes forming part of the financial statements for the period ended 31 March 2024 Unrestritted 2023124 Restricted 2023124 Total 2023/24 Total 2022123 3 Income {continued) Capital Development: National Herttage Fund - Delivery Claims J Paul Getty Jr Charitable Trust Finnis Scott Foundation Babergh District council -CIL The Barbara Whatmore Charitable Trust Robert and Hilary Spivey Lowell Libson Art Fund UK- PWS Buy a Brick Gift Aid Claim Donations from individuals 495,717 495,717 963,725 5,000 40,000 353.251 10.000 10,000 3,000 I,ooo 6,000 11,152 20 2,347 505,717 505,717 1,388,855 3 Income (continued) Unrestricted 2023124 Restricted 2023124 Total 2023124 Tolal 2022123 12,500 Endowrnent: Lord Belstead Charitable Trust Gainsborough's House Trustee Brian Moody National Heritage Fund - match funding 2,000 14,500 29,000 188,782 505.717 694,499 1714759 27
GAINSBOROUGH'S HOUSE SOCIETY Notes forming part of the financigl statements for the period ended 31 March 2024 Incoming resources from charitable 4 activities Aclivilies infurtherance of ihe charity's objectives House Admission Fees Print Workshop Income Exhibitions misc income Collections misc income. Education Income Group Hirelcatering Exhibition Tax Relief Gift Aid on Entry Fees Unrestrieled Reslrieted Total Total 2023124 184,694 17.427 2,568 269 11,150 9,837 136,346 2023124 2023124 184,694 17,427 2,568 269 11,150 9,837 136,346 2023124 76,918 2,462 15,267 53,307 373 667 373 667 154920 Unrestricted Restricted Totydl Total Income from trading and fundraislng 5 activities Sales Patrons events Mulberry events Fundraising events - revenue Café Income Misc Income 2023124 161,364 2023124 2023124 161,364 2022123 70.318 2,200 9,993 22,499 2,200 9.993 22.499 75 4,075 859 197 174 197 174 Unrestrieted Restrlcted 2023124 2023124 4,523 24,146 3,386 7,146 Total 2023124 4,523 24,146 3.386 7.146 Total 2022123 4,164 20.306 3.825 1,703 6 Investrnent ineome Acquisition Fund Dividends received Endowment Fund Dividends received Investment Income Interest received Sales of Assets 39,201 29,998 Total Income 798,824 505,717 1,304,541 1,975,004 28
GAINSBOROUGH'S HOUSE SOCIETY Note$ forming part of Ihe financial statements for the period ended 31 March 2024 Expenditure Unrestricted 2023124 100,503 4,126 3.214 1,693 Restrieted 2023124 Total 2023124 100,503 4.126 3,214 1,693 Total 2022123 45,003 13,542 77 21 62 7,259 47,955 250 6,111 7 Costs of raising funds Purchases Groups Friends expenses Patrons expenses Mulbery Patrons expenses Fundraising events Fund Raising Expenses & salary Café Investment management fee Support costs & salary 17,933 38,383 2,623 17,933 39.293 2.623 6.217 119550 295,152 910 6.217 119550 288 025. 7,127 210,153 Unrestrleted 2023124 147,792 Reslri¢ted 2023124 Total 2023124 147,792 Total 2022123 193,180 8 Operaling museum and arl gallery Collections Management & salary Gainsborough Chambers & D¢velopm¢nt Exhibitions Expenses Print Workshop Expenses & salary Education Expenses & salary Marketing Reeeption salary Commercial Manager Trading Staff Trdding Costs & Depreciation Depreciation (Profit)/Loss on disposal of fixed asset Accountancy and other services Audit Support costs & salary 135,454 135,454 97,970 42.591 43,501 25,718 56,264 43,587 44,490 24.929 159,925 1,424,210 12,432 3,493 27.757 5,372 33,391 47,222 97,970 42,591 26.783 20,718 56,264 43,587 44,490 7.259 277 16,718 5,000 17,670 159,648 6,084 25,371 2.334 17,100 278951 786,116 2,334 17,100 278 951 1,120,606 7,963 209 703 1,996,178 334,490 Total Expense 1,074 141 341617 1415,758 2206,331 29
GAINSBOROUGH'S HOUSE SOCIETY Notes forming part of the flnancial statements for the period ended 31 March 2024 Cost of generating voluntary Collections income management Print workshop Total Total 2022123 9 Allocalion of Supporl Services Education General office and finance Infonnation technology Housekeeping and maintenance 82,723 7,166 29,661 119550 82,723 7.166 29,661 119,550 110,297 9,555 39,549 159,401 275,743 23,887 98,871 398,501 225,857 21,653 52,066 299 576 Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources in tem]s of staff costs by the time spent and other costs by their usage. 10 Transfer between funds Funds weK transferred from the unrestricted funds to restricted funds during the year of £947,309 (2023.. £269,3 73), The transfer is in relation to the recategorisation of expenses in relation to the redevelopment. I l Employee Informallon 2024 2023 Salaries. fee5 and wages Statutory contributions Pension Contributions 507,692 37,176 426,177 42,955 30,587 499 719 581924 Number Number Average Full Time Employees in the year Average Part Time Employees in the year 12 10 22 13 Full time employees as at 31 March 2024 Part time employees as at 31 March 2024 12 23 19 30
GAINSBOROUGH'S HOUSE SOCIETY Notu forniing part of the financial statements for the period ended 31 March 2024 Tangible Fired 12 Assel Office Furniture, Repair & Freehold fittings & Plant & Conservation Property Equipment . Machinery House Building Gallery Total Cosl ai l April 2023 Addilions Disposals ai 31 March 2024 589,179 l96,023 231,169 785,202 957,095 5,728,735 6,973,640 56,641 589 179 427,192 56,641 957,095 5,728,735 7,758,842 Deprecialion Charge for ihe period a131 March 2024 105,989 196,023 302,012 6,084 112073 134027 177,595 479 607 330,050 37,484 Nei Ayook Value al 31 March 2024 477,106 19,157 957,095 5,728,735 7 279,235 al l April 2023 483,190 483,190 Included within additions is £6,675,798 in respect of expenditure that had previously been expensed to the statement of financial activity. This relates to costs incurred for redevelopment of the museum in which funding was received to contribute to this from the National Heritage Lortery Fund. As the redevelopment has been completed in ihe year the trustees consider this now has valu¢ as an asset of the charity and has now been capitalised in full. Given this decision all expenditure in relation to this has been reviewed, with the relevant amounts reelassified, and depreciation charged accordingly as above. 13 Heritage Assets Tangible fixed assets - heritage assets 2024 2023 Collection of works of art Cost or Valuation at l April 2023 9.116,235 8,304,325 Valuation in year Additions Additions - donation Disposals 811,910 7,855 1,500 Value at 31 March 2024 9,125,590 9,116,235 31
GAINSBOROUGH'S HOUSE SOCIETY Notes forming part of the financial statements for the period ended 31 March 2024 Tangible Fixed A$$el$ - five year summary of heritage asset 14 transactions 2024 2023 2022 2021 2020 Additions Purchases Gifts Disposals 7,855 1,500 263,471 100 97,961 Investment fund 15 Inveslments EndoTrvmenl Aequisition Total 2024 Total 2023 Market value at l April 2023 Additions at cost Disposals- sale proceeds Profitl(Loss) on disposal of investments Unrealised Gainl(Loss} Cash movement 975,834 170,095 (134,421) 182.425 14.348 (29,262) 24,332 1,182,591 184,443 (163,683) 1.103,724 150,721 (14,433) 10,752 34,839 2,097 9,857 12,849 44.251 (1,071) (64.605) (445) Market value at 31 March 2024 1,028,646 194,392 23,887 1,246.925 1,182,591 Inveslments- Shares in Group Underlaklngs Gainsborough's House Enterprises Limited 2024 2023 100 100 Najne of undertaking Gainsborough's House Enterprises Limited Registered OITice England Class of Shares Ordinary °/0 Held 100.00 32
GAINSBOROUGH'S HOUSE SOCIETY Notes forming part of the financial statement$ for the period ended 31 Mareh 2024 2024 2023 16 Debtors Dcbtors Heritage Lottery Fund - Delivery Claims Taxation and Social Security Prepayments 137,755 31,400 345,269 5.609 114,898 9,126 152 490 491567 17 Creditors: amounts falling due within one year 2024 2023 Trade Creditors Other creditors 102,267 170,803 273 070 42,023 18 Operating leases 2024 2023 Not later than one year 30,000 29,333 Later than one year and not later than five years Over five years 120.000 230 000 380,000 120,000 260 000 409 333 The lotal future minimum lease payments under non-cancellable operating leases are as above. Notes forming part of the financial statements for the period ended 31 Mareh 2024 33
GAINSBOROUGH'S HOUSE SOCIETY 19 Unrestri¢ted Funds Fund Fund Fund blAntes At Incoming Resources Unrtlised profiU{loss) TrAn5fer Balances balances at 01.042023 Resources Expended Adjustments 31.03.24 31.03.23 General Fund 464,336 9.116.235 797,324 1,500 .074.141 (444) 939.454 .126,529 7.835 9.125.590 464.336 9.116.235 tksignaled Fund - Herilage Fund 9,580,571 798,824 1,074,141 (444) 947,309 10,252,119 9,580.571 General Fund Fund r¢lolin8 to da), lo da), Govtpo of maintaining Gain.borough Houoe. Designated Fund - Herltage Fund Fund including oll Hcritogc ass¢is hcld by GainJborough Houthc. 20 Re$trieted Funds Fund balances at Fund balances at Fund balances Incomln8 Resources Transfer 01.04.2023 Resources Expended Adjustments 31.03.24 31.03.23 A¢quisilion5 Fund Appeal fund - capiial fund re tottages developmenl deprccialion Capital Proje¢l Endowment Fund Collection Design & Morkcling Appr¢nlic¢ship Education & Learning Apprenticeship Lottery Proj¢¢t Revaluationltkpreciation 182,425 982 12,949 194.392 182,425 188.895 590.497 975.834 927 5,807 135,454 5.235 910 183.088 188.895 590,497 975.834 927 505,717 (960.760) 38.047 1,028.646 17 5.000 5.000 5.000 16.718 16,718 16,718 6 675 798 6 504 287 1960 296 505 717 341617 5 786 034 7910430 1960 296 Acquisition Fund A fund to aid the purchase of heritage assets such as paintingsldrawin8s for the collection. Appeal Flld - eapltal fund re eottagts development depreclatirjn A fund in respect of development &ssociated with the cottages. Capital Projett A fund from s¢veral donors. Trusts and Foundation such a5 NLHF for major capital red¢velopm¢nL Endowment Fund A fund lo create a long-tern) sustsinable future. Groffih within ihe fund throughout the future years, may be allocated towards core costs of Gain$borough House. Collection Fund to supwrt care of collections. Design & Marketlng Apprentlceshlp Fund to support two year apprenticeship placement Costs in relation to Design & Marketing. Education & Learning Apprenticeship Fund to support two year apprenticcship placement costs in relation to Education & Learning. ttery Projec¢ Revalu&tionlDeprecia¢ion Fund in respect of the works eompleted building from the major capital r¢velOpMent. 34
GAll¥SBOROUGH'S HOUSE SOCIETY Notes forming part of the financial statements for the period ended 31 March 2024 H¢rit*g¢ assets fund - 21 unr¢strict¢d Fund Balance Incoming resources resources Transfers Fund Balance Fund Balance Expended 31-Mar-24 31-Mar-23 Collection of works of Art 9,116235 9 116235 9 125 590 9,116,235 9 116235 9 125 590 This fund represents the vAluati•n of the eollte¢ion in ac¢ordan¢e with FRS 102. Anilysis of Net Ag$¢t$ between 22 Funds Tangible fixed Invesimenis asseis Heritage 455et$ Ncl current Nei 2023 Restricted Fund &%sets Assets Acquisitions Fund Appeal fund - capitsl depreciation fund r¢ Cottages Endowment Fund 194,392 194,392 182.425 183,088 183.088 ,028,646 188.895 975,834 590,497 1.028.646 Capital Development Lottery Project Revaluation DesL8n and mketing appreniiceship Educaiion and learning apprenticeship Developmcni 7.Q37.406 (533.119) 6.504.287 5.000 16.718 927 1960 296 17 17 7 220 494 1223 038 533 102 7 910430 TAn8ibl¢ fix¢d Invcstment$ assets Heritage Net current Net 2023 Assets Assets Unr¢$tricted Fund General Fund Heritage Collection 58,741 23.987 1.043,801 1,126,529 9 125590 10252 119 464.336 9 116235 9 125 090 23 987 9 125090 1043 801 9 580 571 Total Fund5 7 279235 247 025 9 125 S90 510 699 18,162 549 11,540067 23 Transactions with trustees 2024 2023 Mark Stephen Bills & Steven Parissien. Director Remuneration 84,462 4.767 10,500 8.840 Pension contribution R¢imbur5¢d exp¢n5es 91.311 119.340 DoDa¢ions received from Trustee5 2024 2023 Don&tions from Tru$tee$ 35
GAINSBOROUGH'S HOUSE SOCIETY Notes forming part of the financial statements for the period ended 31 March 2024 24 Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net movement in funds Add back depreciation charge Add back asset loss on disposal tangible asset Deduct asset reclassification Deduct investment fund SOFA income shown in investing activities Add investment fund SOFA expenses shown in investing activities Deduct Heritage assets gifted 6,621,682 (297,003) 177,595 6,084 25,371 (6,675,798) (39,201) (29,998) 6,217 6,111 (1,500) Deduct unrealised (gain)Iloss for the year (44,252) 64,605 Deduct realised (gainyloss for year (12.849) 1,071 Decrease (increase) in stock (11,359) (2,886) Decrease (increase) in debtors 339,077 (95,449) Increase (decrease) in creditors 220,880 (110,505) Net Cash used in operating a¢tiviti¢s 580 492 432 $99 36