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|||||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|
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|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|
##