Gainsborough's House Society
Report and Financial Statements
Year Ended
31 March 2024
Charity No. 1170048
Company No. 10413978
1111111111
*Ac￿6]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-ordinator￿r0nt 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.
"Ij￿1 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 cu￿entlY 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-GI￿n
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 ove￿Ide 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 e￿Or. 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 e￿Or, 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
Re*llsed 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 M*reh 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
b*lAntes At Incoming Resources
Unrt*lised
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$trieted Funds
Fund
balances
at
Fund
balances
at
Fund
balances
Incomln8
Resources
Transfer
01.04.2023 Resources
Expended
Adjustments
31.03.24
31.03.23
A¢quisilion5 Fund
Appeal fund - capiial fund re
tottages developmenl deprccialion
Capital Proje¢l
Endowment Fund
Collection
Design & Morkcling Appr¢nlic¢ship
Education & Learning
Apprenticeship
Lottery Proj¢¢t
Revaluationltkpreciation
182,425
982
12,949
194.392
182,425
188.895
590.497
975.834
927
5,807
135,454
5.235
910
183.088
188.895
590,497
975.834
927
505,717
(960.760)
38.047
1,028.646
17
5.000
5.000
5.000
16.718
16,718
16,718
6 675 798
6 504 287
1960 296
505 717
341617
5 786 034
7910430
1960 296
Acquisition Fund
A fund to aid the purchase of heritage assets such as paintingsldrawin8s for the collection.
Appeal F￿lld - eapltal fund re eottagts development depreclatirjn
A fund in respect of development &ssociated with the cottages.
Capital Projett
A fund from s¢veral donors. Trusts and Foundation such a5 NLHF for major capital red¢velopm¢nL
Endowment Fund
A fund lo create a long-tern) sustsinable future. Groffih within ihe fund throughout the future years, may be allocated
towards core costs of Gain$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 m￿keting
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