||||Page|| |---|---|---|---|---| |Report ofthe Trustees||1|to|10| |lndependeat
Examiner's|Report|||| |Statemeat ofFinancial Activities|||12|| |Balance Sheet|||13|| |Cash Flow Statement|||14|| |Notes to the Cash Flow|Statement||15|| |Notes to the Flaancial Statements||16|to|23| |Detailed Statement ofFinancial Activities||24|to|25| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||||||2021|2020| |---|---|---|---|---|---|---|---|---| |||||Unrestricted|Restricted|Endowment|Total|Total| |||||funds|funds|fund|funds|funds| ||||Notes||I|f|8|6| |INCOME AND||||||||| |ENDOWMENTS|FROM|||||||| |Donations
and legacies|||2|420,651||500,000|920,651|300,603| |Other trading activities
investment
income|||3
4|11.674
~5096|||11,674
~5096|134,280
4,649| |Total||||437,421||500,000|937,421|439,532| |EXPENDITURE|ON|||||||| |Raising funds|||5|3,270|||3,270|20,747| |Charitable
activities||||||||| |Charitable
activities||||352,941|800||353,741|436380| |Total||||356,211|800||357,011|457,027| |Net gains/(losses)
investments|on|||||226 6D4|226 6D4|~25 596| |NET||||||||| |INCOME/(EXPENDITURE)||||81,210|(800)|626,604|707,014|(33,093)| |RECONCILIATION||OF||||||| |FUNDS||||||||| |Total funds brought||forward||62,350|10,000|453,373|525,723|558,816| |TOTAL FUNDS
FORWARD|CARRIED|||143.560|~9200|~1079977|~1232737|~525 723| ||||||2021|2020| |---|---|---|---|---|---|---| |||Unrestricted|Restricted|Endowment|Total|Total| |||funds|funds|fund|funds|funds| ||Notes|6|f.|||| |FIXEDASSETS||||||| |Tangible assets|8|16,649|||16,649|23,720| |Investments|9|||~833587|~833587|~452 824| |||16,649||833,587|850,236|476,544| |CURRENT ASSETS||||||| |Debtors|10|21,201|||21,201|23,240| |Investments
Cash at bank and in hand|ll|169.719|~9200|246,390|246,390
178,919|~101773| |||190,920|9,200|246,390|446,510|125,013| |CREDITORS||||||| |Amounts
falling due within one||||||| |year|12|(64,009)|||(64,009)|(75,834)| |NET CURRENT ASSETS||~126911|~9200|~246390|~382 501|~49 179| |TOTAL ASSETSLESS||||||| |CURRENT LIABILITIES||143,560|9,200|1,079,977|1,232,737|525,723| |NET ASSETS||~143 560|~9200|~1079977|~1232 737|~525 723| |FUNDS|13|||||| |Unrestricted
funds|||||143,560|62,350| |Restricted funds|||||9,200|10,000| |Endowment
funds|||||~1079977|~453 373| |TOTAL FUNDS|||||~)232 737|~525 723| ## ||||2021|2020| |---|---|---|---|---| |||Notes||| |Cash flows from operating
activities
Cash generated
&om operations|||~79723|~28 940| |Net cash provided
by operating
activities|||~79723|28 940| |Cash flows from investing
activities||||| |Purchase oftangible fixed assets|||(7,124)|(11,350)| |Purchase offixed asset investments|||(254,159)|(4,106)| |Purchase ofcurrent asset investments
Dividends
received|||(246,390)
~5096|~4649| |Net cash used in investing
activities|||~502577)|~10807)| |Cash flows from flnanclng
activities||||| |Income attributable
to endowment|||~500000|| |Net cash provided
by financing
activities|||~500000|| |Change ln cash and cash equivalents|in|||| |the reporting
period|||77,146|18,133| |Cash and cash equivalents
at the
beginning ofthe reporting
period|||~101773|~83640| |Cash and cash equivalents
at the end
the reporting
period|of||~178 919|~101773| ||RECONCILIATION
OF|NET INCOME/(EXPENDITURE)|NET INCOME/(EXPENDITURE)|TONET CASH|FLOW FROM|| |---|---|---|---|---|---|---| ||OPERATING ACTIVITIES|||||| ||||||2021|2020| |||||||f| ||Net income/(expenditure)|for the reporting|period (as per the|||| ||Statement ofFinancial Activities)||||707,014|(33,093)| ||Adjustments
for:|||||| ||Depreciation
charges||||14,195|11,480| ||(Gain)/losses
on investments||||(126,604)|15,598| ||Dividends
received||||(5,096)|(4,649)| ||Income attributable
to endowment||||(500,000)|| ||Decrease/(increase)
in debtors||||2,039|(7,874)| ||(Decrease)/increase
in creditors||||~11 825|~47 478| ||Net cash provided
by operations||||~79 723|~28 940| |2.|ANALYSIS OF CHANGES IN NET FUNDS|||||| |||||At 1.4.20|Cash flow|At 31.3.21| |||||f.||| ||Net cash|||||| ||Cash at bank and in hand|||~101773|~77 146|~178919| |||||~101 773|~77 146|178919| ||Liquid resources|||||| ||Deposits included
in cash|||||| ||Current asset investments||||~246 390|~246 390| ||||||~246 390|~246 390| ||Total|||101,773|~323 536|~425 309| ## ## ## ## ## ## ## ## ## |DONATIONS
AND LE|G|ACI|ES|||| |---|---|---|---|---|---|---| ||||||2021|2020| |||||||f.| |Donations|||||81,968|86,729| |Grants|||||338,683|213,874| |Contribution
to Endowment||Fund|||~500000|| ||||||~920 651|~300 603| |Grants receivable
include|grants||from the following|organisations:||| ||||||2021|2020| |||||||f| |Paul Hamlyn
Foundation|||||100,000|| |George Dannatt Trust|||||10,000|10,000| |Garfield Weston Foundation|||||30,000|30,000| |The Roddick Foundation|||||30,000|30,000| |Schroder Trust||||||20,000| |Arts Council England NPO|||||101,840|100,000| |The 29th May 1961Charitable|||Trust||8,000|8,000| |Grocers Charity||||||4,750| |West Sussex County Council||||||3,124| |The Golden Bottle Hoare|Trust|||||1,500| |Arts Society|||||4,500|1,500| |The Sussex Community|Foundation||||3,350|| |National Heritage Lottery Fund|||||6,600|| |Linbury
Trust|||||32 DDD|| ||||||3D6790|208874| |OTHER TRADING ACTIVITIES||||||| ||||||2021|2020f| |Art work sales|||||4,444|22,375| |Sponsorships||||||30,000| |Friends subscriptions|||||180|298| |Patrons subscriptions|||||7,050|47,260| |Otherrevenue||||||1,249| |Conference
and exhibition||fees||||~33098| ||||||~ll 674|~134 280| ## ## |||2021|2020| |---|---|---|---| |Dividend
income||~5096|~4649| |RAISING FUNDS|||| |Raising donations|and legacies||| |||2021|2020| |Supportcosts||125|94| |Other trading
activities|||| |||2021f|2020| |Purchases||~3145|~20 653| |Aggregate
amounts||~3270|~20 747| ## ## ## |STAFFCOSTS||||| |---|---|---|---|---| ||||2021|2020| |Wages and salaries|||224,385|225,511| |Social security costs
Other pension costs|||15,986
~4908|18,001
~4976| ||||~245 279|~248 488| |The average monthly|number ofemployees|during the year was as follows:||| ||||2021|2020| |Charitable|||10|9| |8.|TANGIBLE FIXEDASSETS|TANGIBLE FIXEDASSETS||||| |---|---|---|---|---|---|---| |||||Art|Website|| |||||collections
f|redevelopment
f.|Totals
f| ||COST|||||| ||At 1stApril 2020|||550|37,563|38,113| ||Additions||||~7124|~7124| ||At 31stMarch 2021|||550|~44 687|~45237| ||DEPRECIATION|||||| ||At 1stApril 2020||||14,393|14,393| ||Charge for year||||~14 195|14 195| ||At 31stMarch 2021||||~28 588|~28 588| ||NET BOOK VALUE|||||| ||At 31stMarch 2021|||550|~16 099|~16 649| ||At 31stMarch 2020|||550|~23 170|~23 720| |9.|FIXEDASSETINVESTMENTS|||||| |||||||Listed| |||||||investments| ||MARKET VALUE|||||| ||At 1stApnl 2020|||||452,824| ||Additions|||||254,159| ||Revaluations|||||~126604| ||At 31stMarch 2021|||||~833587| ||NET BOOK VALUE|||||| ||At 31stMarch 2021|||||~833 587| ||At 31stMarch 2020|||||~452 824| ||There were no investment|assets outside the UK.||||| ||Cost or valuation
at 31st|March 2021 is represented||by:||| |||||||Listed| |||||||investments| ||Valuation
in 2021|||||~833587| ||The historical costofinvestments||held at 31March|2021 wasI720,444 (2020:|6470,444),|| ## |10.|DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR|DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR||||| |---|---|---|---|---|---|---| ||||||2021|2020| ||Trade debtors|||||3,716| ||Other debtors||||16,867|17,250| ||Prepayments
and accrued income||||~4334|~274| ||||||~21 201|~23 240| |11.|CURRENT ASSETINVESTMENTS|||||| ||||||2021|2020| ||||||f.|| ||Investment
cash||||246399|| |12.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||||| ||||||2021|2020| ||Trade creditors||||8,772|15,418| ||Social security and|other taxes|||4,017|5,231| ||Other creditors||||1,013|1,335| ||Accruals aud deferred income||||~50207|~53 850| ||||||~64 009|~75 834| |13.|MOVEMENT IN|FUNDS||||| ||||||Net|| ||||||movement|At| ||||At|1.4.20|in funds|31.3.21| |||||f||| ||Unrestricted
funds|||||| ||General fund||62,350||81,210|143,560| ||Restricted funds|||||| ||Sussex Community|Foundation|||(2,300)|(2,300)| ||Lund Humpbries
Wellcome (Exploring Collections)||10,000||(2,000)
~3500|8,000
~3500| ||||10,000||(800)|9,200| ||Endowment
funds|||||| ||Outside In Endowment
Fund||453,373||626,604|1,079,977| ||TOTAL FUNDS||~525 723||~707 014|1~232737| ## |||||Incoming|Resources|Gains and|Movement| |---|---|---|---|---|---|---|---| |||||resources|expended|losses
f|in funds| |Unrestricted
funds|||||||| |General
fund||||437,421|(356,211)||81,210| |Restricted funds|||||||| |Sussex Community|Foundation||||(2,300)||(2,300)| |Lund Humphries|||||(2,000)||(2,000)| |Wellcome (Exploring||Collections)|||3 500||3,500| ||||||(800)||(800)| |Endowment
funds|||||||| |Outside In Endowment||Fund||500,000||126,604|626,604| |TOTALFUNDS||||~937 421|~357 011|~126604|~707014| |Comparatives
for|movement||in funds||||| |||||Net|Transfers|| |---|---|---|---|---|---|---| |||||movement|between|At| ||||At 1.4.19|in funds|funds
f|31.3.20
f| |Unrestricted
funds||||||| |General fund|||84,227|(18,259)|(3,618)|62,350| |Restricted funds||||||| |Sussex Community|Foundation||3,856|(3,856)||| |Lund Humpbries
Wellcome (Exploring||Collections)|5,000
~1411|5,000
~5029|~3618|10,000| ||||10,267|(3,885)|3,618|10,000| |Endowment
funds||||||| |Outside In Endowment||Fund|464,322|(10,949)||453,373| |TOTAL FUNDS|||~558 816|~33 093)||~525 723| ## ||||Incoming|Resources|Gains and|Movement| |---|---|---|---|---|---|---| ||||resources|expended
f|losses
f|in funds| |Unrestricted
funds||||||| |General
fund|||418,606|(436,865)||(18,259)| |Restricted funds||||||| |Sussex Community|Foundation||4,749|(8,605)||(3,856)| |Lund Humphries
Wellcome (Exploring||Collections)|5,000
~6528|~II 557)||5,000
~5,029)| ||||16,277|(20,162)||(3,885)| |Endowmeat
funds||||||| |Outside In Endowment||Fund|4,649||(15,598)|(10,949)| |TOTAL FUNDS|||~439 532|~457 027)|~15598)|~33 093)| |||||Net|Transfers|| |---|---|---|---|---|---|---| |||||movement|between|At| ||||At 1.4.19
f|in funds|funds
6|31.3.21
f| |Unrestricted
funds||||||| |General
fund|||84,227|62,951|(3,618)|143,560| |Restricted funds||||||| |Sussex Community|Foundation||3,856|(6,156)||(2,300)| |Lund Humphries
Wellcome (Exploring||Collections)|5,000
~1411|3,000
~1529)|~3618|8,000
~3500| ||||10,267|(4,685)|3,618|9,200| |Endowment
funds||||||| |Outside In Endowment||Fund|464,322|615,655||1,079,977| |TOTAL FUNDS|||~558 816|~673 921|-|1~232737| ## ||||Incoming|Resources|Gains and|Movement| |---|---|---|---|---|---|---| ||||resources
f.|expended|losses
f|in funds
f| |Unrestricted
funds||||||| |General fund|||856,027|(793,076)||62,951| |Restricted funds||||||| |Sussex Community|Foundation||4,749|(10,905)||(6,156)| |Lund Humphries
Wellcome (Exploring||Collections)|5,000
~6528|(2,000)
~8057)||3,000
~1529)| ||||16,277|(20,962)||(4,685)| |Endowment
funds||||||| |Outside In Endowment||Fund|504,649||111,006|615,655| |TOTALFUNDS|||1~376953|~814038)|~111006|~673 921| ## ## ||||2021|2020f| |---|---|---|---|---| |INCOME AND|ENDOWMENTS|||| |Donations
and|legacies|||| |Donations|||81,968|86,729| |Orants|||338,683|213,874| |Contribution
to|Endowment|Fund|~500000|| ||||920,651|300,603| |Other trading
activities||||| |Art work sales|||4,444|22,375| |Sponsorships||||30,000| |Friends subscriptions|||180|298| |Patrons subscriptions|||7,050|47,260| |Other revenue||||1,249| |Conference and|exhibition|fees||~33098| ||||11,674|134,280| |lavestment
income||||| |Dividend
income|||~5096|4649| |Total incoming|resources||937,421|439,532| |EXPENDITURE||||| |Other trading|actlvitles|||| |Payment for art sales
Frames and materials|||3,043
102|13,963
~6690| ||||3,145|20,653| |Charitable
activities||||| |Wages|||224,385|225,511| |Social security|||15,986|18,001| |Pensions|||4,908|4,976| |Rent, rates and|water||16,848|18,900| |insurance|||1,658|1,590| |Telephone|||2,951|2,966| |Postage and stationery|||5,504|6,817| |Exhibition
and|fairs||5|15,697| |Sundries|||240|423| |Project delivery|freelance||7,453|| |project expenses|||7,339|22,105| |Support days|||500|2,762| |Evaluation||||3,388| |Travel and subsistence|||1,467|26,913| |Carried forward|||289,244|350,049| ## ||||2021|2020| |---|---|---|---|---| ||||6|| |Charitable
activities||||| |Brought forward|||289,244|350,049| |Computers
and|soflware||25,505|28,942| |Staff costs|||29,958|39,256| |Access support|||(2,106)|1,997| |Venue hire|||3,408|| |Subscriptions|||1,043|735| |Refreshments||||10,568| ||||347,052|431,547| |Support costs||||| |Management||||| |Advertising|||210|| |Finance||||| |Bank charges|||125|94| |Governance|costs|||| |Independent
Professional|examination
fees|fees|3,000
~3479|3,000
~1733| ||||~6479|~4733| |Total resources expended|||~357011|~457 027| |Net income/(expenditure)|||~580 410|~17 495)|