2021-03-31-accounts

				Unrestricted	funds	Unrestricted	funds
			Notes	2021		2020
				8	8
Income
Donations and legacies				34,961		36,674
investment income			2	190,969		126,665
Charitable actiwties
- Ga lien es				31,738		47,424
- Craft workshops				60,510		59,841
Other income			6	95,506
Total income					413,684		270,604
Expenditure
Raising funds
- Investment management		fees		2,860		2,305
Charitable actiwties
- Galleries				850,032		1,096,693
- Craft workshops				12,736		22,811
- Grants						894
Total expenditure				(865,628)			(1,122,703)
Net gains/(losses)	on investments			3,621,815			(829,861)
Net income and net movement in funds				3,169,871			(1,681,960)
Reconciliation of	funds
Total funds brought forward				21,366,713			23,048,673
Total funds carried forward				24,536,584			21,366,713

vestment income
		2021	2020
			6
Income from tradeable	investment	103,323	38,763
Rent receivable		87,109	87,136
Interest receivable		447	766
Tounng exhibition fees		90
		190,969	126,665

All	/l		1BI iilPII10	iT00BI1ilISPll1ltil	P
,3 s	rss	Df	Il r.	exr	r.
					Craft
				Galleries	workshops	Graiils	Total
				E	E	E	E
Year ended	31 March		2021
Income
Sales and charges				18,555	60,510		79,065
Grants and donations				13,183			13,183
				31,738	b0,510		92,?48
Expenditure
Direct costs				(42,019)			(42,019)
Staff costs				(286,422)	(4,505)		(2rJU iJ'r/)
Premises costs				(155,844)	(8,231)		(164 075)
Depreciation				(218,359)			(218,359)
Other costs				(147,388)			(147,388)
				(850,032)	(12,736)		(862,/bb)
Net (deficit)/surplus			for the year	(818,294)	47,774		(770,590)
Year ended	31 March		2020
Income
Sales and charges				23,443	59,841		83,284
Grants and donations				23,981			23,981
				47,424	59,841		107,265
Expenditure
Direct costs				(136,632)		(894)	('I37,526)
Staff costs				(324,204)	(7,430)		(331,634)
Premises costs				(242,236)	(15,381)		(257,617)
Depreciation				(208,256)			(208,256)
Other costs				(185,365)			(185,365)
				(1,096,693)	(22,811)	(894)	(1,120,398)
Net (deficit)/surplus			for the year	(1,049,269)	37,030	(894)	(1,013,133)

Support and governance costs
Auditor's remuneration	2021	2020
	E	E
Fee payable tothe auditor for the audit ofthe financial statements	6,000	5,900
Fees payable to the auditor for other serwces	~2

ff costs
	2021	2020
	Number	Number
Full time
Part time	15	13
	17	19
	2021	2020
Staff costs (for the above persons):
Wages and salaries	264,378	296,138
Social security costs	14,968	23,028
Pension costs	11,581	12,468
	290,927	331,634

Other in	co	me
			2021	2020
			E	E
Insurance	proceeds		5,332
Government		grants	90,174
			95,506

	i:!ilr ii	i	Ilsriri	ussrwns
				Leasehold Prnnerty	Workshops 5galleries	Fni tinmt. nt	Plant and mnrhint. ry	Tnta I
				E	E	E	E	E
Cost
All April 2020				68,601	10,525,775	155,638	75,756	10,825,770
Additions					17,374	16,246		33,620
At 31	March	2021		68,601	10,543,149	171,884	75,756	10,859,390
oepreciation
nt 1 n	rii anon				n net: nvn	1nrl nI 7	n 267	n nnn nnr.
Charge for the			year	1,056	192,683	10,734	13,886	218,359
At 31	March	2021		7,387	4,168,754	140,991	23,153	4,340,285
Net book value
At 31	March	2021		61,214	6,374,395	30,893	52,603	6,519,105
At 31	March	2020		62,270	6,549,704	25,381	66,489	6,703,844

8	Hentafjc assets	wor'&s of art	2021	2020
			E	E
	Market value
	At 1 April 2020		3,000,000	3,000,000
	Transferred to current	assets (Note 11)	(3,000,000)
	At 31 March 2021			3,000,000

9	Fixed asset investments
					2021	2020
					E	E
	Freehold investment properties				4,100,000	4,100,000
	Tradeable investment				8,138,333	6,744,132
	Investment in subsidiary				130,000	200,100
					12,368,333	11,044,232
	Freehold investment properties
	Market value at1 April 2020				4,100,000	4,655,000
	Disposais —revalued amount				(180,714)
	Revaluation gain/(loss) in the year				180,714	(555,000)
	Market value at 31 March 2021				4,100,000	4,100,000
	Historical cost at 1 April 2020 and 31		March 2021		784,131	784,131
The investment properties were		valued	by the trustees	in consultation	with an external	real estate services
pf	ovldel.
					2021	2020
					E	F
	Tradeable investment
	Market value at 1 April 2020				6,744,132	8,053,980
	Additions				8,229,984
	Disposals cost				(2,881,534)	(395,375)
	Disposals —revalued amount				(5,848,450)	(576,377)
	Revaluation gain/(loss) in the year				1,894,201	(338,096)
	Market value at 31 March 2021				8,138,333	6,744,132
	Historical cost at 31 March 2021				8,229,984	2,881,536

			2021	2020
			E	E
Investment		in subsidiary
Histori&:al	r,ost at 1 April 2020		200,100	200,100
Provision	for	impairment	(70,100)
Carrying	value at 31 March 2021		130,000	200,100

10 l3ebrois
			2021	2020
Irade debtors			'I'1,524	6,5'I 7
Other debtors			106,982	51,717
Prepayments	and accrued income		115,970	85,845
			234,476	144,079
			2021	2020
			E	E
Works ofart
Market value	at1 April 2020		87,650	52,663
Transferred from fixed assets (Note 8)			3,000,000
Revaluation gain in the year			1,617,000	34,987
Market value	at 31 March 2021		4,704,650	87,650
I2 Cieclitois
			2021	2020
			E	E
Trade creditors			4,406	13,807
Other creditors			23,157	36,549
The Welbeck	Estates Company	Limited	73,774	249,026
			101,337	299,382

							2021	2020
							E	E
Financial	assets that are tradeable	investments		measured		at fair value	8,138,333	6,744,132
through	profit or loss
Financial	assets that are debt instruments		at amortised		cost		929,865	744,525
Financial	assets that are equity instruments		measured		at cost less		130,000	200,100
impairment
Financial	liabilities that are debt instruments		measured		at	amortised	(97,022)	(293,791)
cost
							9,101,176	7,394,966