Gainsborough's House Society
Report and Consolidated Financial Statements
Year Ended
31 March 2025
Charity No. 1170048 Company No. 10413978
Moore Green Chartered Accountants Sudbury Suffolk
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GAINSBOROUGH'S HOUSE SOCIETY
Annual report and financial statements for the year ended 31 March 2025
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Contents
Page:
2 Legal and administrative information
5 Report of the Trustees
14 Report of the Auditors
18 Group statement of financial activities
19 Group balance sheet
20 Company balance sheet
21 Group cashflow statement
22 - 36 Notes forming part of the group financial statements
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GAINSBOROUGH'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
Principal office
Gainsborough’s House, 46 Gainsborough Street, Sudbury, Suffolk CO10 2EU Telephone: 01787 372958 e-mail: mail@gainsborough.org
President
Rebecca Salter PRA
Patrons
Clare, Countess of Euston, H.M. Lord Lieutenant of Suffolk The Mayor of Sudbury Maggi Hambling CBE
Trustees and Company Directors
Simon Ofield-Kerr (Chair) Sally Bevan (appointed 12 November 2024) Arabella Chandos Nigel Evans (resigned 30 July 2024) Nicola Gooch (appointed 12 November 2024) James Hardie (appointed 12 November 2024) Mark Harris Suzanne Marriott (resigned 25 July 2025) Steven Parissien (Executive Director) (resigned 14 May 2024) Penelope Probert (appointed 25 July 2025) Lee Rodwell (appointed 12 November 2024) Christy Stewart-Smith (resigned 30 July 2024) Jo Warr (appointed 12 November 2024) Wilf Weeks OBE (resigned 25 July 2025) Calvin Winner (Executive Director) (appointed 14 May 2024)
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GAINSBOROUGH'S HOUSE SOCIETY
Legal and Administrative Information
Full-Time Staff
Calvin Winner Executive Director (appointed 7 May 2024) Steven Parissien Interim Director (appointment ended 14 May 2024) Liz Cooper Commercial Manager (appointment ended 19 March 2025) Terry Groom Head of Finance (appointment ended 30 April 2025) Olivia Shrubsole Finance and Administration Assistant Phoebe Scott Learning Apprentice (appointment ended 31 October 2024) Georgia Turner Commercial Apprentice (appointment ended 20 November 2024) Catherine King Volunteer Co-ordinator/Front of House (appointment ended 4 April 2025) Lottie Robinson-Slade Duty Manager & Volunteer Coordinator (appointed 10 October 2025) Abbie Smith Duty Manager (appointed 23 October 2025) Ciaran Roche Facilities Manager Charlotte Dixon Events & Marketing Manager Alexia Gortsilas Marketing & Design Officer Polly Hodgson Development Manager (appointment ended 23 May 2025) Katie Chappell Development Manager (appointed 18 November 2025) Mahaut De La Motte Assistant Curator Patricia Hardy Keeper of Art and Place (maternity cover 12 February 2024 - 31 December 2024
Part-Time Staff
Megan Vaughan Chief Operating Office (appointed 5 August 2025) Emma Boyd Keeper of Art and Place Trudy Pickerin Office Manager Steph Parmee Learning & Outreach Officer (appointment ended 18 November 2024) Jilly Roberts Learning & Engagement Curator (appointed 25 March 2025) Fania Weatherby Learning & Engagement Curator (appointed 25 March 2025) Thomas Whiteley Facilities Assistant Fiona Raymond Retail Assistant Jean Negus Retail Assistant Lily Lock Retail Assistant Jamie Phythian Front of House Assistant (appointment ended 25 February 2025) Karina Savage Print Workshop Technician (appointment ended 11 October 2024) Sam Hacking Front of House Assistant (appointment ended 28 August 2025) Eleanor Mills Duty Manager (appointed 12 February 2025) Katie Shipton Duty Manager (appointed 15 May 2025) Rowan Collinson Front of House Assistant (appointed 1 September 2025) Kim Anscombe Duty Manager (appointment ended 13 April 2025)
Technicians
Sally Weatherill Print Workshop Technician Frin Arnold Print Workshop Technician Patsy Rathbone Print Workshop Technician Edward Richards Print Workshop Technician (started 5 December 2025)
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GAINSBOROUGH'S HOUSE SOCIETY
Legal and Administrative Information
Auditors
Moore Green, 22 Friars Street, Sudbury, Suffolk
Solicitors
Bates Wells & Braithwaite, 27 Friars Street, Sudbury, Suffolk Holmes & Hills, 96 North Street, Sudbury, Suffolk, CO10 1RF
Bankers
CAF Bank Ltd, West Malling, Kent & Lloyds Bank, Market Hill, Sudbury, Suffolk Lloyds Bank, Market Hill, Sudbury, Suffolk, CO10 2EL
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the trustees
Governance, structure, and management
Gainsborough’s House Society Ltd was founded by incorporation in England and Wales on 6 October 2016 and commenced trading on 1 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 01 April 2024 to 31 March 2025.
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 promote the wider knowledge, appreciation, and enjoyment of the art of Thomas Gainsborough within the context of the eighteenth century and the inspiration of the Suffolk landscape and to preserve and enhance Gainsborough’s House and its collections for the benefit 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.
Public Benefit
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, community groups and families.
The Society is aware that the public’s opportunity to benefit must not be 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 offered to children and students. The Friends, Patrons and Mulberry Patrons membership schemes are open to all.
Accreditation
Gainsborough’s House Society maintained its Accredited Museum status in 2024/25.
Method of recruitment and appointment of trustees
The trustees are recruited from the constituency of volunteers and members of Gainsborough’s House, and from people identified with appropriate skills to fulfil the purposes and aims of the organisation.
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the trustees
Governance, structure, and management (continued)
Trustee induction and training
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 guide 'The Essential Trustee'.
Organisational structure
The overall governance and financial responsibility are vested in a Board of Trustees who are elected at the Annual Meeting of the Trustees.
Risk management
The trustees have examined the major strategic, business, and operational risks which the charity faces and confirm that systems are established to manage the significant risks.
The main risks identified were:
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The likelihood of income shortfalls as the organisation continued to redefine its business model following its major capital redevelopment. This is being managed in the short-term through the prudent drawdown from investment funds.
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Difficulties in recruiting and retaining key staff with fundraising expertise. This risk is expected to reduce as key recruitment processes concluded at the end of 2025.
Damage to the Gainsborough’s House buildings and 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 alarms, computerised environmental monitoring, and insurance to cover business interruption and repair or replacement of works of art.
Key management personnel remuneration
The trustees consider the board of trustees and the Executive Director as comprising the key management 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 Executive Director, Calvin Winner, as a trustee and company director of Gainsborough’s House Society Ltd. The pay of the charity’s Executive Director is reviewed annually and normally increased in accordance with performance 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 generally 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 the Trust’s policy withdraw from decisions where a conflict of interest arises.
Objectives and activities
The start of the 24-25 financial year marked another transitional year for Gainsborough’s House with the departure of Interim Director, Steven Parissien. 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 2024-25 were approx. 47,000 (total number including concessions and complementary) which is high by historical standards (22,000 for 2018-19).
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the trustees
1. 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. The University of York have become our academic partner for the Gainsborough 300 anniversary exhibition and season. The National Gallery and Tate are our institutional partners.
PUBLICATIONS AND PRESS
Press coverage for the year was considerable and most notably connected to the Cedric Morris exhibition. In addition, the new building was awarded the Prize for architecture in the East of England, thanks to our architects ZMMA.
EVENTS
A programme 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 significant heritage asset
EXHIBITIONS
Philip de László: Master of Elegance (23 March 2024 – 23 June 2024) Timothy and Mary Clode Gallery The Master of Elegance celebrated one of the greatest portrait painters of his age. This special exhibition curated by the De Laszlo Archive Trust and the first dedicated to the artist in many years. De László featured rarely-seen loans from private collections as well as important works from the Royal Collection, including a childhood portrait of Queen Elizabeth II when Princess of York.
Hubert-François Gravelot: Designing the Georgian Book (23 March 2024 – 23 June 2024) Historic House
Hubert-François Gravelot (1699–1773) was a student of François Boucher and Jean Restout, invited to London to collaborate on the illustrations of a religious encyclopaedia in 1733. Bringing Rococo taste to England, Gravelot had a broad practice, being a draughtsman, painter, engraver, and designer. During his twelve-year stay in England, Gravelot joined William Hogarth at St. Martin’s Lane Academy. He collaborated on several designs for Vauxhall Gardens with his former pupil Francis Hayman. Both Gravelot and Hayman were Gainsborough’s masters during his training in London in the early 1740s. Gainsborough’s House is fortunate to hold one of the largest collections of drawings and prints by Gravelot in the UK, second only to the British Museum’s collection.
Henry Driver: Water Portals (23 March 2024 – 23 June 2024) Historic House
Water Portals is a digital artwork by Henry Driver, a Suffolk-based contemporary artist. It explores the microscopic world of water. Revealing the beautiful microbes that live in our rivers, lakes and seas, and understand the crucial roles they play in creating a healthy world. Water Portals was commissioned by Level Centre and funded by Arts Council England.
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the trustees
Objectives and activities (continued)
Revealing Nature: The Art of Cedric Morris and Lett-Haines (6 July 2024 – 3 November 2024) Timothy and Mary Clode Gallery and Sudbury gallery
This exhibition was the first to chart the phenomenal artistic careers of Cedric Morris (1889–1982) and Arthur Lett-Haines (1894–1978), who were partners in love and art for sixty years. With over eighty works and loans from Tate, the National Portrait Gallery and private collections. Morris is celebrated not only for his flower paintings and still lives but also for portraits and landscapes, and Lett-Haines is revealed as an important figure in developing Surrealist art in Britain. Based in Suffolk for most of their lives, primarily at Benton End, they established the East Anglian School for Painting and Drawing in 1937 which taught a generation of artists including Lucian Freud and Maggi Hambling. The exhibition was accompanied by a publication and toured to Charleston (16 November 2024 – 23 February 2025).
The Iris Florilegium of Sir Cedric Morris (6 July 2024 – 3 November 2024) Historic House
Curated by Dr Siân Dawson, The Florilegium comprises 27 botanical watercolour paintings, by leading botanical artists, meticulously observed and accurately recorded of known cultivated varieties of bearded iris growing today. Florilegium celebrates the unique award-winning irises bred by Sir Cedric Morris (1889–1982), artist and gardener who lived at Benton End, Hadleigh, Suffolk. Morris propagated the Benton End bearded irises between 1933 and 1960, now held in the National Plant Collection cultivated by Sarah Cook, horticultural expert and former head gardener at Sissinghurst, Kent.Winner of the national Finnis Scott Foundation Botanical Art Award.
John Macfarlane & The Art of Theatrical Design (16 November 2024 – 20 April 2025) Historic House John Macfarlane is an internationally celebrated stage and costume designer. He is a graduate from Glasgow School of Art and has worked on designs for both operas and ballets. Among his most famous designs are the new Swan Lake for The Royal Ballet, Frankenstein for The Joffrey Ballet in Chicago, and Tosca for New York’s Metropolitan Opera. For his first solo art exhibition, there was the opportunity to showcase a selection of his designs for operas and ballets.
Picture Perfect: A Century of Fashion Photography from the National Portrait Gallery (16 November 2024 – 20 April 2025) Sudbury Gallery
This exhibition showcased the role that fashion plays in defining culture, captured by some of the world’s most celebrated fashion photographers such as Cecil Beaton, Irving Penn, Norman Parkinson and Miles Aldridge. The subjects are all style icons over the last hundred years including The Beatles, Twiggy and Lily Cole. Fashion styles continually evolve and this survey charts how fashion photography itself contributes to contemporary culture. The exhibition has been curated in collaboration with the National Portrait Gallery and is part of the Inspiring People project funded by the National Lottery Heritage Fund and the Art Fund.
The Image of the Artist: Portraits from the Royal Academy (16 November 2024 – 20 April 2025) Timothy and Mary Clode Gallery
This exhibition explored self-portraits by Royal Academicians past and present. The works illustrate how artists have sought either to reveal or disguise their identities, in both cases controlling how their image is presented. From the founding members of the Royal Academy such as Thomas Gainsborough RA and the huge group work by Henry Singleton, 1795 of forty Academicians to portraits of Patrick Proctor RA, Jean Cooke RA and David Hockney RA, this rich and thought-provoking exhibition provides an insight into the lives and identities of Britain’s leading and celebrated artists.
ACQUISITIONS
No new acquisitions were made by Gainsborough’s House in 2024-25.
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the trustees
Objectives and activities (continued)
3. AN INTERNATIONAL STUDY CENTRE
Creating a vibrant centre for Gainsborough and related studies
Gainsborough’s House continued in its mission as a National centre for Thomas Gainsborough and providing facilities for the study of his art, in the Livanos Study Room.
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 opened last 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.
4. A LEARNING AND ENGAGEMENT
Increase, access, learning and outreach
Our learning programmes include formal and informal learning practices, and are targeted at general visitors, families, young children, HE students as well as school and college visits. We aim to break down barriers to accessing Gainsborough’s story by introducing activities to all ages, backgrounds and abilities. This includes reaching out to people with disabilities, older people, young children and those on low incomes. Engagement with our audiences and local communities through Learning inspires both the content of our programmes and the way we deliver them. Our approach is built on the belief that art should be a joyful, complex experience that provokes positive social, emotional and intellectual responses. We believe that everyone has the capacity to develop and engage in art in some way, from personal development and social connectivity to enhanced abstract and aesthetic thinking. We seek to provide the contexts and conditions for learning that inspires people to look and think deeply. From the novice to the expert, there is always something more to enjoy and understand at Gainsborough’s House.
5. A SENSE OF PLACE
Strengthen its connections with Sudbury, local heritage 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 British art, Suffolk has produced two of them, namely Thomas Gainsborough 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 countryman. 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.
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the trustees
Objectives and activities (continued)
THE FUTURE DEVELOPMENT OF SUDBURY
The expanded museum is contributing to the economic revival in Sudbury with increased footfall of day trippers and overnight visitors. We understand this generates up to an estimated £3,025,640 annually in visitor spend and spend on goods and services for the local and regional economy. For Sudbury, the National Centre and its exhibition ambitions are delivering more visitors 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, elevates Suffolk’s international branding and offer to the world as a place to visit. Artists are drawn to Suffolk’s big skies and unspoilt countryside. Gainsborough’s House is a place for more of the region’s artistic community to congregate, create and show art and serve 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 place to volunteer. Training is offered to support volunteering, including looking after caring for the old House and garden.
6. SUSTAINABILITY
Improve the generation of income and provide sustainability
FUNDRAISING
Fundraising continues to be crucial to Gainsborough’s House. In the last period, we received substantial grants from the National Lottery Heritage Fund, Foyle Foundation, the Linbury Trust, the Headley Trust, the Philips Funds Trust, the Getty Trust, and the Andrew Lloyd Webber Foundation, as well as many smaller grants and donations. Gainsborough’s House is enormously grateful to all funders.
BENEFACTORS AND DONORS
Gainsborough’s House is enormously 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.
LOCAL AUTHORITIES
Suffolk County Council, Babergh Mid Suffolk District Council and Sudbury Town Council have supported the core activities of the House with generous grants.
PATRONS, FRIENDS AND SUPPORTERS
Patron numbers continue to grow, and Friends membership figures have increased to around 1300 (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 artist membership.
COMMERCIAL ACTIVITY
There is a commitment to see commercial activity operating at a net profit to support the activities of the institution.
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the trustees
Objectives and activities (continued)
BENEFACTORS
Charitable Trust & Other grants:
29[th] May 1961 Charitable Trust Andrew Lloyd-Webber Foundation Alfred Williams Charitable Trust Aurelius Charitable Trust Barbara Whatmore Trust Timothy & Mary Clode Foyle Foundation Brian Guinness The Headley Trust The Linbury Trust Association of Independent Museums/The Pilgrim Trust Basil Slaughter Trust Babergh Mid Suffolk District Council Christie’s The Scarfe Charitable Trust The National Lottery Heritage Fund J Paul Getty Jnr Charitable Trust Mrs S Pocock Museum Development South East The Phillips Funds Trust Suffolk County Council Sudbury Town Council Cedric Morris Foundation Philip Mould & Company And donors to the Art Store racking campaign
PATRONS & MULBERRY PATRONS
Lord Abinger Nicholas & Jenny Antill Simon Barrett Jonathan Benson Marcia Brockelbank Martin Brown & Zoe Attwood Mary Burr Eileen Clayton William & Gay Clegg Timothy & Mary Clode Robert & Sara Erith Nigel & Chris Evans Gillian Harris Mark Harris Pauline Howells
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the trustees
Objectives and activities (continued)
Pauline Howells Don Jenkins Linda Keenan Philip Lawford Paul Lincoln & Susan Kerfoot Suzanne Marriott Brian & Valerie Moody David & Alison Moore-Gwyn Nicholas Pearson OBE & Fiona Pearson Nella & Geoffrey Probert Jacqui Robins & Ashley Cooper Griff Rhys Jones Clementine Sinclair Ann E Smith Hilary & Robert Spivey Lord & Lady Stevenson Christopher Stewart-Smith CBE DL Alan Swerdlow & Jeremy Greenwood Heather Tilbury-Philips Nicholas & Jane Turner Nicholas & Louise Wells Wilf Weeks OBE & Annie Weeks Doreen Wilkins & Julia Cannon
7. ORGANISATION
Excellence and value in governance and administration
GOVERNANCE
Four Full Trustee Board meetings were held during the year. Professor Simon Ofield-Kerr is the Chair and five new Trustees were recruited.
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.
THANK YOU TO ALL OUR DONORS, TRUSTEES, STAFF, MULBERRY PATRONS, PATRONS, AND OUR MANNY VOLUNTEERS
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the trustees
Financial Review
Finance
The Statement of Financial Activities for 2024/25 financial year covers the year from 1 April 2024 to 31 March 2025.
Income received through donations and grants have been greatly appreciated in the year.
Admissions, Print Workshop and Learning activities continue to grow as we have new and exciting exhibitions throughout the year. Income from retail and other commercial activities is a key development area.
Membership over the various schemes have increased and we appreciate the continued support given.
Investments
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 relation to the financial statements
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently:
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observe the methods and principles in the applicable Charities SORP:
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make judgements and estimates that are reasonable and prudent:
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state whether applicable accounting standards and statements of recommended practice have been
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followed subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
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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 fraud and other irregularities.
13.02.26
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
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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 parent ‘charitable company’) and its subsidiary (the 'group') for the year ended 31 March 2025 which comprise the group statement of financial activities, the group balance sheet, the charitable company 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 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the group's and the parent charitable company’s
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affairs as at 31 March 2025, and of the groups incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted
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have been prepared in accordance with the requirements of the Companies Act 2006
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and Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 performed, 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 described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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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 information and, in doing so, consider whether the other information 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 inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial
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statements are prepared is consistent with the financial statements; and
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the trustees’ 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 group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not
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been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit ; or
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the trustees were not entitled to prepare the financial statements in accordance with the
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small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare 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 consolidated 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.
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GAINSBOROUGH'S HOUSE SOCIETY
Report of the Auditors
Independent Auditors’ report to the 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 financial statements as a whole are free from material misstatement, 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 determined 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 current 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 confirmed 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 governance considered and addressed the potential for override 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. The 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), we 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 error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate 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 error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal 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 the 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.
16
GAINSBOROUGH'S HOUSE SOCIETY
Report of the Auditors
Independent Auditors’ report to the trustees of Gainsborough’s House Society (continued)
-
Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting
-
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. 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 cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including
-
the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Vincent Chandler FCA FCCA (Senior Statutory Auditor)
For and on behalf of Moore Green Chartered accountants and statutory auditor 22 Friars Street Sudbury Suffolk CO10 2AA
…13.02.2026……………………………….
17
GAINSBOROUGH'S HOUSE SOCIETY
Group statement of financial activities
Group statement of financial activities for the year ended 31 March 2025
| INCOME Donations and legacies 3 Development project 3 Endowment 3 Incoming resources from charitable activities Operating museum and art gallery 4 Income from other trading and fundraising activities 5 Investment income 6 TOTAL INCOMING RESOURCES |
209,094 286,394 495,488 188,782 0 0 0 505,717 0 0 0 0 322,698 0 322,698 373,667 232,258 0 232,258 197,174 7,421 28,946 36,367 39,201 771,471 315,340 1,086,811 1,304,541 TOTAL FUNDS TO 2023/24 TOTAL FUNDS TO 2024/25 RESTRICTED FUNDS TO 2024/25 UNRESTRICTED FUNDS TO 2024/25 |
|---|---|
| EXPENDITURE Cost of raising funds 7 Expenditure on Charitable activities Operating museum and art gallery 8 TOTAL RESOURCES EXPENDED |
400,465 15,063 415,528 295,152 761,489 179,005 940,494 1,120,606 1,161,954 194,068 1,356,022 1,415,758 |
| Total income/expenditure before gains or losses on investments |
(390,483) 121,272 (269,211) (111,217) |
| Re-classification of Assets 12 Re-valuation of Assets 13 Realised profit/(loss) on investments 15 Unrealised profit/(loss) on investments 15 |
0 0 0 6,675,798 557,950 0 557,950 0 0 990 990 12,849 1,021 (19,562) (18,541) 44,252 |
| Net movement in funds Transfer between funds 10 |
168,488 102,700 271,188 6,621,682 0 0 0 0 |
| FUND BALANCE SUB TOTAL FUND BALANCE AT 31 March 2024 |
168,488 102,700 271,188 6,621,682 10,252,119 7,910,430 18,162,549 11,540,867 |
| FUND BALANCE AT 31 March 2025 | 10,420,607 8,013,130 18,433,737 18,162,549 |
18
GAINSBOROUGH'S HOUSE SOCIETY
Group Balance sheet
Group Balance sheet as at 31 March 2025
| FIXED ASSETS Tangible Assets Freehold 12 Office Equipment & Fittings Horse Furniture & Fittings Gallery Furniture & Fittings Gallery Plant & Machinery House Plant & Machinery Gallery Building House Repair and Conservation Café Furniture & Fixtures Freehold Land (DEVT) |
£ £ Unrestricted Restricted 58,464 177,558 656 9,932 - 14,731 - 10,219 - 7,441 6,450 - - 5,728,735 - 957,095 - 34,215 - 235,000 2024/25 |
£ Total 236,022 10,588 14,731 10,219 7,441 6,450 5,728,735 957,095 34,215 235,000 |
£ £ Unrestricted Restricted 58,741 183,365 - 23,749 - 25,663 - 19,398 - 19,158 - - - 5,728,735 - 957,095 - 28,331 - 235,000 2023/24 |
£ Total 242,106 23,749 25,663 19,398 19,158 - 5,728,735 957,095 28,331 235,000 |
|---|---|---|---|---|
| Tangible Heritage Assets 13 Investments Endowment 15 Acquisition Fund 15 Investments 15 |
65,570 7,174,926 9,683,540 - - 1,032,971 - 193,884 24,908 - |
7,240,496 9,683,540 1,032,971 193,884 24,908 |
58,741 7,220,494 9,125,590 - - 1,028,646 - 194,392 23,887 - |
7,279,235 9,125,590 1,028,646 194,392 23,887 |
| CURRENT ASSETS Stocks (GHEL) Debtors 17 Prepayments 17 Cash at Bank and in Hand 18 |
9,774,018 8,401,781 26,535 - 213,810 41,233 6,438 - 502,728 (429,884) |
18,175,799 26,535 255,043 6,438 72,844 |
9,208,218 8,443,532 39,028 - 143,364 - 9,126 - 963,729 (371,478) |
17,651,750 39,028 143,364 9,126 592,251 |
| CREDITORS -Amounts falling due within one year 19 |
749,511 (388,651) 102,922 - |
360,860 102,922 |
1,155,247 (371,478) 111,446 161,624 |
783,769 273,070 |
| NET CURRENT ASSETS | 102,922 - |
102,922 257,938 |
111,446 161,624 |
273,070 510,699 |
| TOTAL ASSETS | 10,420,607 8,013,130 |
18,433,737 | 10,252,019 7,910,430 |
18,162,449 |
| FUNDS Unrestricted Heritage valuation - unrestricted Restricted |
737,067 - 9,683,540 - - 8,013,130 10,420,607 8,013,130 |
18,433,737 | 1,126,429 - 9,125,590 - - 7,910,430 10,252,019 7,910,430 |
18,162,449 |
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to small companies' regime and in accordance with FRS102 SORP.
The financial statements were approved by the board of Trustees (Directors) of Gainsborough's House Society Ltd on ….....................................13.02.26 and signed by one trustee on behalf of all the trustees:
Name Simon Ofield-Kerr
Signature of one director (trustee) authenticating accounts being sent to Companies House:
Name Calvin Winner
The notes on pages 22 to 36 form part of these financial statements
19
GAINSBOROUGH'S HOUSE SOCIETY
Balance sheet
Balance sheet as at 31 March 2025
| Balance sheet as at 31 March 2025 | ||||
|---|---|---|---|---|
| FIXED ASSETS Tangible Assets Freehold 12 Office Equipment & Fittings Horse Furniture & Fittings Gallery Furniture & Fittings Gallery Plant & Machinery House Plant & Machinery Gallery Building House Repair and Conservation Café Furniture & Fixtures Freehold Land (DEVT) |
£ £ Unrestricted Restricted 58,464 177,558 656 9,932 - 14,731 - 10,219 - 7,441 6,450 - - 5,728,735 - 957,095 - 34,215 - 235,000 2024/25 |
£ Total 236,022 10,588 14,731 10,219 7,441 6,450 5,728,735 957,095 34,215 235,000 |
£ £ Unrestricted Restricted 58,741 183,365 - 23,749 - 25,663 - 19,398 - 19,158 - - - 5,728,735 - 957,095 - 28,331 - 235,000 2023/24 |
£ Total 242,106 23,749 25,663 19,398 19,158 - 5,728,735 957,095 28,331 235,000 |
| Tangible Heritage Assets 13 Investments Endowment 15 Acquisition Fund 15 Shares in group undertakings 16 Investments 15 |
65,570 7,174,926 9,683,540 - - 1,032,971 - 193,884 100 - 24,908 - |
7,240,496 9,683,540 1,032,971 193,884 100 24,908 |
58,741 7,220,494 9,125,590 - - 1,028,646 - 194,392 100 - 23,887 - |
7,279,235 9,125,590 1,028,646 194,392 100 23,887 |
| CURRENT ASSETS Stocks Debtors 17 Prepayments 17 Intercompany Loan (GHEL) Cash at Bank and in Hand 18 |
9,774,118 8,401,781 - - 213,810 41,233 6,438 - 24,367 - 502,728 (429,884) |
18,175,899 - 255,043 6,438 24,367 72,844 |
9,208,318 8,443,532 39,028 - 143,364 - 9,126 - - - 963,729 (371,478) |
17,651,850 39,028 143,364 9,126 - 592,251 |
| CREDITORS -Amounts falling due within one year 19 |
747,343 (388,651) 98,422 - |
358,692 98,422 |
1,155,247 (371,478) 111,446 161,624 |
783,769 273,070 |
| NET CURRENT ASSETS | 98,422 - |
98,422 260,270 |
111,446 161,624 |
273,070 510,699 |
| TOTAL ASSETS | 10,423,039 8,013,130 |
18,436,169 | 10,252,119 7,910,430 |
18,162,549 |
| FUNDS Unrestricted Heritage valuation - unrestricted Restricted |
739,499 - 9,683,540 - - 8,013,130 10,423,039 8,013,130 |
18,436,169 | 1,126,529 - 9,125,590 - - 7,910,430 10,252,119 7,910,430 |
18,162,549 |
As permitted by S408 Companies Act 2006, the charitable company has not presented its own statement of financial activities and related notes.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to small companies' regime and in accordance with FRS102 SORP.
The financial statements were approved by the board of Trustees (Directors) of Gainsborough's House Society Ltd on ….....................................13.02.26 and signed by one trustee on behalf of all the trustees:
Name Simon Ofield-Kerr
Signature of one director (trustee) authenticating accounts being sent to Companies House:
Name Calvin Winner
The notes on pages 22 to 36 form part of these financial statements
20
GAINSBOROUGH'S HOUSE SOCIETY
Group Statement of Cash Flows
Year Ended 31 March 2025
| 2025 £ Cash flow from operating activities 26 (483,434) Net cash flow from operating activities (483,434) Cash flow from investing activities Payments to acquire tangible fixed assets (43,494) Payments to acquire heritage assets - Payments to acquire investments (137,295) Receipts from sales of investments 209,602 Payments to acquire subsidiary 100 Interest received 9,366 Dividends received 27,001 Investment charges (6,558) Net cash flow from investing activities 58,722 Net increase/(decrease) in cash and cash equivalents (424,712) Cash and cash equivalents at 1 April 2024 688,412 Cash and cash equivalents at 31 March 2025 263,700 Cash and cash equivalents of: Cash at bank and in hand 72,844 Investments fund cash balances 190,856 Cash and cash equivalents at 31 March 2025 263,700 |
2024 £ 580,492 580,492 (297,842) (7,855) (184,542) 163,683 - 7,146 32,055 (6,217) (293,572) 286,920 401,492 688,412 592,251 96,161 688,412 |
|---|---|
21
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the group financial statements for the period ended 31 March 2025
1 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, CO10 2EU.
The group consists of Gainsborough's House Society and its subsidiary.
1.1 Statement of compliance
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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
1.2 Accounting policies
Basis of accounting
The financial statements are presented in sterling which is the functional currency of the group.
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 group 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 statements.
Heritage assets
The charity holds a collection of works of art to celebrate 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, sculpture, 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 drawings & prints, photographs by Humphrey Spender, drawings by John Addyman.
Modern (20[th] /21[st] century): paintings, drawings and prints relating to Gainsborough’s House, works by Rowland Suddaby and Cavendish Morton.
Furniture and furnishings: mostly 18[th] century. Late 18[th] century newspapers, Rare Books: mostly 18[th] 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.
22
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
1.2 Accounting policies (Continued)
Acquisition and Disposal 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 decision to dispose of material from the collections will be taken by the Trustees of Gainsborough’s House, only after full consideration of the reasons for disposal. Other factors including the public benefit, the implications for the Society’s collections and collections held by museums and other organisations collecting the same material or in related fields will be considered . External expert advice will be obtained and the 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.
Tangible fixed assets
The cost of tangible fixed assets is their purchase cost, together with any incidental 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:
| with those of last year, are: | |
|---|---|
| % | |
| Freehold buildings - Cottages | 2 |
| IT & Office Equipment | 25 |
| Gallery – Plant & Machinery | 25 |
| House – Furniture & Fixtures | 25 |
| Gallery – Furniture & Fixtures | 25 |
| Café – Furniture & Fixtures | 25 |
| Freehold Land | Not depreciated |
| Heritage Assets | Not depreciated (revaluations) |
| House - Repair and Conservation | Not depreciated (trading premises) |
| Gallery - Building | Not depreciated (trading premises) |
Fixed Assets – Investments
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.
23
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
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 trading activities and 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 received is not included in the accounts but is described in the trustees’ annual report.
Expenditure
All expenditure is accounted for when incurred and all liabilities are recognised in full as soon as the obligations arise and analysed as detailed 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 terms of staff costs by the time spent and other costs by their usage.
Fund accounting
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 the Charity’s charitable objectives.
Restricted funds are created when grants or donations are made for a particular purpose, the use of which is restricted to that purpose.
Cash
Cash comprises cash at bank and in hand including short term deposits with a maturity date of three months or less from the date of acquisition.
Pension contributions
The Society operates a defined contribution pension scheme to which the Society makes contributions and employees may make additional contributions as they wish. 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 those of the Society in an independently administered fund.
Liability to taxation
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.
24
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
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.
| 3 Group Income Donations and Legacies Donations Donations in Memorium Donation of works Friends subscriptions & donations Patrons subscriptions & donations Mulberry Patrons subscriptions & donations Heritage assets gifted Gift Aid Claim Core Grants: Sudbury Town Council Suffolk County Council Babergh District Council Arts Council Charitable Trust & Other grants: Barbara Whatmore Charitable Trust 29th May 1961 Charitable Trust Foyle Foundation Aurelius Charitable Trust Association of Independent Museums/Pilgrim Trust Headley Trust Linbury Trust Andrew Lloyd-Webber Foundation National Lottery Heritage Fund Alfred Williams Charitable Trust Phillips Fund Getty Charitable Trust Philip Mould Museum Development South East Art Fund Damon de Laszlo The Golsoncott Foundation Basil Slaughter Trust Marsh Christian Trust Foxearth History Society National Portrait Gallery Castleacre Insurance Services Ltd Timothy & Mary Clode |
Unrestricted Restricted Total Total 2024/25 2024/25 2024/25 2023/24 6,905 9,721 16,626 26,084 - - - 5,200 60,210 - 60,210 53,747 6,150 - 6,150 4,650 27,438 - 27,438 28,500 - - - 1,500 831 - 831 1,220 4,000 - 4,000 6,500 28,560 - 28,560 28,560 5,000 - 5,000 2,000 - - - - - 5,000 5,000 - - 10,000 10,000 - - 20,000 20,000 - - 2,080 2,080 - - 5,000 5,000 - - 35,000 35,000 - - 50,000 50,000 - - 16,618 16,618 - - 101,475 101,475 - 1,000 - 1,000 - 30,000 - 30,000 - 15,000 - 15,000 - 10,000 - 10,000 - 1,500 - 1,500 - - 31,500 31,500 - - - - 5,000 - - - 1,000 500 - 500 1,000 - - - 500 - - - 42 - - - 279 - - - 3,000 12,000 - 12,000 20,000 209,094 286,394 495,488 188,782 |
|---|---|
25
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
| 3 Income (continued) Capital Development: National Heritage Fund – Delivery Claims Finnis Scott Foundation 4 House Admission Fees Print Workshop Income Exhibitions misc income Collections misc income Education Income Group Hire/Catering Exhibition Tax Relief Gift Aid on Entry Fees 5 Sales (GHEL) Patrons events Mulberry events Fundraising events Café Income (GHEL) 6 Group Investment income Acquisition Fund Dividends received Endowment Fund Dividends received Investment Income Interest received Sales of Assets Total Group Income Group Incoming resources from charitable activities Activities in furtherance of the charity's objectives Group Income from trading and fundraising activities |
Unrestricted Restricted Total Total 2024/25 2024/25 2024/25 2023/24 - - - 495,717 - - - 10,000 - - - 505,717 209,094 286,394 495,488 694,499 Unrestricted Restricted Total Total 2024/25 2024/25 2024/25 2023/24 172,379 - 172,379 184,694 27,940 - 27,940 17,427 9,455 - 9,455 2,568 7,078 - 7,078 269 11,144 - 11,144 11,150 9,514 - 9,514 9,837 74,660 - 74,660 136,346 10,528 - 10,528 11,376 322,698 - 322,698 373,667 Unrestricted Restricted Total Total 2024/25 2024/25 2024/25 2023/24 193,912 - 193,912 161,364 - - - 1,118 - - - 2,200 5,458 - 5,458 9,993 32,888 - 32,888 22,499 232,258 - 232,258 197,174 Unrestricted Restricted Total Total 2024/25 2024/25 2024/25 2023/24 - 3,732 3,732 4,523 - 21,784 21,784 24,146 1,485 - 1,485 3,386 5,936 3,430 9,366 7,146 - - - - 7,421 28,946 36,367 39,201 771,471 315,340 1,086,811 1,304,541 |
|---|---|
26
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
| Group Expenditure 7 Group Costs of raising funds Purchases (GHEL) Groups Friends expenses Patrons expenses Mulberry Patrons expenses Fundraising events Fund Raising Expenses & salary Café (GHEL) Investment management fee Support costs & salary 8 Group Operating museum and art gallery Collections Management & salary Gainsborough Chambers & Development Exhibitions Expenses Print Workshop Expenses & salary Education Expenses & salary Marketing Reception salary Commercial Manager Trading Staff Trading Costs & Depreciation Depreciation Accountancy and other services Audit Support costs & salary Total Expenses |
Unrestricted Restricted Total Total 2024/25 2024/25 2024/25 2023/24 91,493 - 91,493 100,503 2,714 - 2,714 4,126 2,554 - 2,554 3,214 46 - 46 1,693 80 - 80 - 5,164 8,506 13,670 17,933 44,558 - 44,558 39,293 130 - 130 2,623 - 6,557 6,557 6,217 253,726 - 253,726 119,550 400,465 15,063 415,528 295,152 Unrestricted Restricted Total Total 2024/25 2024/25 2024/25 2023/24 171,155 12,959 184,114 147,792 - - - 135,454 113,160 - 113,160 97,970 54,389 - 54,389 42,591 16,988 25,120 42,108 43,501 28,522 61,337 89,859 25,718 71,734 - 71,734 56,264 - - - 43,587 - - - 44,490 - - - 24,929 2,645 79,589 82,234 159,925 - - - 2,334 19,996 - 19,996 17,100 282,900 - 282,900 278,951 761,489 179,005 940,494 1,120,606 1,161,954 194,068 1,356,022 1,415,758 |
|---|---|
27
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
| 9 Allocation of Support Services General office and finance Information technology Housekeeping and maintenance |
Cost of generating voluntary income Collections management workshop & Education Total Total 2023/244 73,831 73,831 98,442 246,104 275,743 10,289 10,289 13,718 34,296 23,887 33,915 33,915 45,220 113,050 98,871 118,035 118,035 157,380 393,450 398,501 |
|---|---|
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources in terms of staff costs by the time spent and other costs by their usage.
10 Transfer between funds
Funds were transferred from the unrestricted funds to restricted funds during the year of £Nil (2024: £947,309). The transfer is in relation to the recategorisation of expenses in relation to the redevelopment.
| Group Company 11 Employee Information 2025 2025 £ £ Salaries, fees and wages 554,496 466,463 Statutory contributions 39,776 34,391 Pension Contributions 40,706 33,663 634,978 534,517 Number Number 13 13 10 10 23 23 9 9 9 9 18 18 Full time employees as at 31 March 2025 Part time employees as at 31 March 2025 Average Part Time Employees in the year Average Full Time Employees in the year |
Group Company 2024 2024 £ £ 507,692 507,692 37,176 37,176 37,056 37,056 581,924 581,924 Number Number 12 12 10 10 22 22 12 12 11 11 23 23 |
|---|---|
28
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
12 Group & Company Tangible Fixed Assets
| Cost at 1 April 2024 Additions Disposals at 31 March 2025 Depreciation at 31 March 2025 Net Book Value at 31 March 2025 at 1 April 2024 Charge for the period |
Freehold Property Office Furniture, fittings & Equipment Plant & Machinery Repair & Conservation House Building Gallery Total 589,179 427,192 56,641 957,095 5,728,735 7,758,842 - 34,894 8,600 - - 43,494 - - - - - - 589,179 462,086 65,241 957,095 5,728,735 7,802,336 112,073 330,050 37,483 - - 479,606 6,084 62,283 13,867 - - 82,234 118,157 392,333 51,350 - - 561,840 471,022 69,753 13,891 957,095 5,728,735 7,240,496 477,106 97,142 19,158 957,095 5,728,735 7,279,236 |
|---|---|
There is a legal charge held over properties 46-47 Gainsborough Street with National Heritage Memorial fund in respect of compliance with grant terms and conditions issued 2 July 2018. This charge is to ensure no breach of obligation of the contract.
13 Group & Company Heritage Assets
Tangible fixed assets - heritage assets
| Collection of works of art Cost or Valuation at 1 April 2024 Valuation in year Additions Additions – donation Disposals Value at 31 March 2025 |
2025 9,125,590 557,950 - - - 9,683,540 |
2024 9,116,235 - 7,855 1,500 - 9,125,590 |
|---|---|---|
Within the year, there was a revaluation of the Cedric Morris collection held within the group. This valuation was undertaken by Christie's on 23 October 2024. The trustee's have confirmed that there has been no change to the value of all other heritage assets held within the group during the year. The last valuation completed on the full collection was undertaken by Christie's in November and December 2023.
29
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
| 14 Additions Purchases Gifts Disposals 15 Investments - Group Market value at 1 April 2024 Additions at cost Disposals – sale proceeds Unrealised Gain/(Loss) Cash movement Market value at 31 March 2025 Investments - Company Market value at 1 April 2024 Additions at cost Disposals – sale proceeds Unrealised Gain/(Loss) Cash movement Market value at 31 March 2025 Profit/(Loss) on disposal of investments Tangible Fixed Assets - five year summary of heritage asset transactions Profit/(Loss) on disposal of investments |
2025 2024 2023 2022 2021 - 7,855 - 263,471 100 - 1,500 - - - - - - - - Total Total Endowment Acquisition 2025 2024 1,028,646 194,392 23,887 1,246,925 1,182,591 108,781 28,513 - 137,294 184,443 (81,229) (128,373) - (209,602) (163,683) 1,861 (871) - 990 12,849 (16,469) (3,093) 1,021 (18,541) 44,251 (8,619) 103,316 - 94,697 (13,526) 1,032,971 193,884 24,908 1,251,763 1,246,925 Shares in Group Total Total Endowment Acquisition Undertakings 2025 2024 1,028,646 194,392 23,887 100 1,247,025 1,182,591 108,781 28,513 - - 137,294 184,543 (81,229) (128,373) - - (209,602) (163,683) 1,861 (871) - - 990 12,849 (16,469) (3,093) 1,021 - (18,541) 44,251 (8,619) 103,316 - - 94,697 (13,526) 1,032,971 193,884 24,908 100 1,251,863 1,247,025 Investment fund Investment fund |
|---|---|
The investments are held by Rathbones Investment Management and managed by them on the charitable company's behalf.
16 Investments – Shares in Group Undertakings Gainsborough’s House Enterprises Limited
Name of undertaking
Gainsborough’s House Enterprises Limited
| 2025 100 |
2024 100 |
||
|---|---|---|---|
| 100 | 100 | ||
| Registered Office |
Class of Shares | % Held | |
| England | Ordinary | 100 |
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GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
| 17 Debtors Debtors Taxation and Social Security Gift Aid Other Debtors Amounts owed by group undertakings Prepayments |
Group Company 2025 2025 £ £ 83,685 83,685 144,456 144,456 26,902 26,902 - - - 24,367 6,438 6,438 261,481 285,848 |
Group Company 2024 2024 £ £ 41,677 41,677 75,404 75,404 25,168 25,168 1,115 1,115 - - 9,126 9,126 152,490 152,490 |
|---|---|---|
18 Cash at bank and in hand
The cash at bank and in hand figure on the Group and Company balance sheet shows a negative balance in respect of the restricted reserve fund. However this is not sue to an overdraft, but instead allocation of funds between monies held, as there is no separate bank account for restricted reserves.
19 Creditors: amounts falling due within one year
| Trade Creditors Taxation and Social Security Other creditors 20 Operating leases Not later than one year Later than one year and not later than five years Over five years |
Group Company 2025 2025 £ £ 51,623 51,623 11,205 11,205 40,094 35,594 102,922 98,422 Group Company 2025 2025 £ £ 30,000 30,000 120,000 120,000 200,000 200,000 350,000 350,000 |
Group Company 2024 2024 £ £ 102,267 102,267 - - 170,803 170,803 273,070 273,070 Group Company 2024 2024 £ £ 30,000 30,000 120,000 120,000 230,000 230,000 380,000 380,000 |
|---|---|---|
The total future minimum lease payments under non-cancellable operating leases are as above.
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GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
| 21 Unrestricted Funds - Group General Fund Designated Fund - Heritage Fund General Fund Designated Fund - Heritage Fund Unrestricted Funds - Parent General Fund Designated Fund - Heritage Fund General Fund Designated Fund - Heritage Fund |
Fund Fund Fund balances at Incoming Resources Unrealised Transfer Balances at balances at 01.04.2024 Resources Expended profit/(loss) Adjustments 31.03.25 31.03.24 £ £ £ £ £ £ 1,126,529 771,471 1,161,954 1,021 - 737,067 1,126,529 9,125,590 - - - 557,950 9,683,540 9,125,590 10,252,119 771,471 1,161,954 1,021 557,950 10,420,607 10,252,119 Fund Fund Fund balances at Incoming Resources Unrealised Transfer Balances at balances at 01.04.2023 Resources Expended profit/(loss) Adjustments 31.03.24 31.03.23 £ £ £ £ £ £ 464,336 797,324 1,074,141 (444) 939,454 1,126,529 464,336 9,116,235 1,500 - - 7,855 9,125,590 9,116,235 9,580,571 798,824 1,074,141 (444) 947,309 10,252,119 9,580,571 Fund Fund Fund balances at Incoming Resources Unrealised Transfer Balances at balances at 01.04.2024 Resources Expended profit/(loss) Adjustments 31.03.25 31.03.24 £ £ £ £ £ £ 1,126,529 547,764 935,815 1,021 - 739,499 1,126,529 9,125,590 - - - 557,950 9,683,540 9,125,590 10,252,119 547,764 935,815 1,021 557,950 10,423,039 10,252,119 Fund Fund Fund balances at Incoming Resources Unrealised Transfer Balances at balances at 01.04.2023 Resources Expended profit/(loss) Adjustments 31.03.24 31.03.23 £ £ £ £ £ £ 464,336 797,324 1,074,141 (444) 939,454 1,126,529 464,336 9,116,235 1,500 - - 7,855 9,125,590 9,116,235 9,580,571 798,824 1,074,141 (444) 947,309 10,252,119 9,580,571 |
|---|---|
General Fund
Fund relating to day to day costs of maintaining Gainsborough House.
Designated Fund – Heritage Fund
Fund including all Heritage assets held by Gainsborough House.
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GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
22 Restricted Funds - Group & Parent
| Acquisitions Fund Appeal fund - capital fund re cottages development Capital Project Endowment Fund Collection & Conservation Lottery Project Revaluation/Depreciation Learning & Outreach Exhibitions & Curation Audience Development & Business Planning Acquisitions Fund Appeal fund - capital fund re cottages development Capital Project Endowment Fund Collection & Conservation Design & Marketing Apprenticeship Education & Learning Apprenticeship Lottery Project Revaluation/Depreciation |
Fund Fund Fund balances Incoming Resources Transfer balances at balances at at 01.04.2024 Resources Expended Adjustments 31.03.25 31.03.24 £ £ £ £ £ £ 194,392 4,492 1,036 (3,964) 193,884 194,392 183,088 - 5,807 - 177,281 183,088 - - 73,782 6,504,287 6,430,505 - 1,028,646 24,454 5,521 (14,608) 1,032,971 1,028,646 17 21,801 3,633 - 18,185 17 6,504,287 - - (6,504,287) - 6,504,287 - 128,118 25,120 - 102,998 - - 35,000 9,326 - 25,674 - - 101,475 69,843 - 31,632 - 7,910,430 315,340 194,068 -18,572 8,013,130 7,910,430 Fund Fund Fund balances Incoming Resources Transfer balances at balances at at 01.04.2023 Resources Expended Adjustments 31.03.24 31.03.23 £ £ £ £ £ £ 182,425 - 982 12,949 194,392 182,425 188,895 - 5,807 - 183,088 188,895 590,497 505,717 135,454 (960,760) - 590,497 975,834 - 5,235 58,047 1,028,646 975,834 927 - 910 - 17 927 5,000 - 5,000 - - 5,000 16,718 - 16,718 - - 16,718 - - 171,511 6,675,798 6,504,287 - 1,960,296 505,717 341,617 5,786,034 7,910,430 1,960,296 |
|---|---|
Acquisition Fund
A fund to aid the purchase of heritage assets such as paintings/drawings for the collection.
Appeal Fund – capital fund re cottages development
A fund in respect of development associated with the cottages.
Capital Project
A capital fund in respect of development and depreciation associated with the gallery expansion.
Endowment Fund
A fund to create a long-term sustainable future. The fund may be allocated towards the core running costs of Gainsborough House.
Collection & Conservation
A fund to support care and conservation of the collections.
Lottery Project Revaluation/Depreciation
Fund in respect of the works completed to building from the major capital redevelopment.
Learning & Outreach
A fund to support the running costs of the Learning and Outreach team, including staffing.
Exhibitions & Curation
A fund to support the curation and installation of exhibitions, including staffing.
Audience Development & Business Planning
A fund to support the projects which attracts new visitors, pilot new activities, and test new working models.
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GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
| 23 Heritage assets fund - unrestricted Fund Balance Incoming Resources Transfers Fund Balance Fund Balance Resources Expended 31-Mar-25 31-Mar-24 £ £ £ £ £ £ Collection of works of Art 9,125,590 - - 557,950 9,683,540 9,125,590 |
23 Heritage assets fund - unrestricted Fund Balance Incoming Resources Transfers Fund Balance Fund Balance Resources Expended 31-Mar-25 31-Mar-24 £ £ £ £ £ £ Collection of works of Art 9,125,590 - - 557,950 9,683,540 9,125,590 |
|---|---|
| 9,125,590 - - 557,950 9,683,540 9,125,590 |
|
| Collection of works of Art | Fund Balance Incoming Resources Transfers Fund Balance Fund Balance Resources Expended 31-Mar-24 31-Mar-23 £ £ £ £ £ £ 9,116,235 1,500 - 7,855 9,125,590 9,116,235 |
| 9,116,235 1,500 - 7,855 9,125,590 9,116,235 |
This fund represents the valuation of the collection in accordance with FRS 102.
| 24 Analysis of Net Assets between Restricted Fund Acquisitions Fund Endowment Fund Learning & Outreach Exhibitions & Curation Collection & Conservation Audience development & business planning Appeal fund - capital depreciation fund re Cottages Capital project - revaluation/depreciation |
Funds - Group Tangible fixed Investments Heritage Net current Net 2024 assets assets assets Assets - 193,884 - - 193,884 194,392 - 183,088 177,281 - - - 177,281 - 1,032,971 - - 1,032,971 1,028,646 6,997,645 - - (567,140) 6,430,505 6,504,287 102,998 102,998 - 25,674 25,674 31,632 31,632 - 18,185 18,185 17 |
|---|---|
| 7,174,926 1,226,855 - (388,651) 8,013,130 7,910,430 |
|
| Unrestricted Fund General Fund Heritage Collection |
Tangible fixed Investments Heritage Net current Net 2024 assets assets Assets Assets 65,570 24,908 - 646,589 737,067 1,126,529 - - 9,683,540 - 9,683,540 9,125,590 |
| 65,570 24,908 9,683,540 646,589 10,420,607 10,252,119 |
|
| Total Funds | 7,240,496 1,251,763 9,683,540 257,938 18,433,737 18,162,549 |
34
GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
----- Start of picture text -----
24 Analysis of Net Assets between Funds - Parent
Tangible fixed Investments Heritage Net current Net 2024
Restricted Fund assets assets assets Assets
Acquisitions Fund - 193,884 - - 193,884 194,392
Appeal fund - capital - 183,088
depreciation fund re Cottages 177,281 - - - 177,281
Endowment Fund - 1,032,971 - - 1,032,971 1,028,646
Capital project -
revaluation/depreciation 6,997,645 - - (567,140) 6,430,505 6,504,287
Learning & Outreach 102,998 102,998 -
Exhibitions & Curation 25,674 25,674
Audience development & 31,632 31,632 -
business planning
Collection & Conservation 18,185 18,185 17
7,174,926 1,226,855 - (388,651) 8,013,130 7,910,430
Tangible fixed Investments Heritage Net current Net 2024
assets assets Assets Assets
Unrestricted Fund
General Fund 65,570 25,008 - 648,921 739,499 1,126,529
Heritage Collection - - 9,683,540 - 9,683,540 9,125,590
65,570 25,008 9,683,540 648,921 10,423,039 10,252,119
Total Funds 7,240,496 1,251,863 9,683,540 260,270 18,436,169 18,162,549
25 Transactions with trustees 2025 2024
Steven Parissien Interim Director & Calvin Winner Executive Director £ £
Remuneration 85,911 84,462
Pension contribution 4,692 4,767
Reimbursed expenses 1,932 2,082
92,535 91,311
Donations received from Trustees 2025 2024
£ £
Donations from Trustees 1,065 1,000
1,065 1,000
----- End of picture text -----
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GAINSBOROUGH'S HOUSE SOCIETY
Notes forming part of the financial statements for the period ended 31 March 2025
| 26 Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds Add back depreciation charge Deduct heritage asset revaluation 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 Add unrealised (gain)/loss for the year Deduct realised (gain)/loss for year Add (decrease) in stock Deduct (increase) in debtors Deduct (decrease) in creditors Net cash used in operating activities |
2025 2024 £ £ 271,188 6,621,682 82,234 177,595 (557,950) - - (6,675,798) (36,367) (39,201) 6,557 6,217 - (1,500) 18,541 (44,252) (990) (12,849) 12,492 (11,359) (108,991) 339,077 (170,148) 220,880 (483,434) 580,492 |
|---|---|
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