OpenCharities

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2022-03-31-accounts

Unrestricted funds Unrestricted funds
Notes 2022 2021
Income
Donations
and legacies		 34,961
Investment
income		 353,951 190,969
Charitable
activities
—Galleries 29,266 31,738
—Craft workshops 60,375 60,510
Other income 89,277 95,506
Total income 532,869 413,684
Expenditure
Raising funds
—Investment
management		 fees 2,254 2,860
Charitable
activities
—Galleries 1,007,874 850,032
—Craft workshops 13,671 12,736
Total expenditure (1,023,799) (865,628)
Net gains on investments 984,149 3,621,815
Net income and net 493,219 3,169,871
movement
in funds
Reconciliation
of funds
Total funds brought forward 24,536,584 21,366,7'I3
Total funds carried forward 25,029,803 24,536,584

Notes 2022 2021
Cash flows from operations
Net movement
in funds		 493,219 3,169,871
Less: Investment
income		 (353,951) (190,969)
Less: Net gains on investments (963,565) (3,441,101)
Decrease/(increase)
in debtors		 10 2,861 (90,397)
Increase/(decrease)
in creditors		 12 137,207 (198,045)
Depreciation 215,427 218,359
Net cash used
in operations		 (468,802) (532,282)
Cash flows from investment
Investment
income		 353,951 190,969
Proceeds from sale of investments 4,634,000 8,729,984
Purchase of investments (3,225,000) (8,229,984)
Purchase of fixed assets (60,050) (33,620)
Net cash generated
from invest-		 1,702,90'I 657,349
ment
Net increase
in cash		 1,234,099 125,067
Cash at the beginning
ofthe year		 811,357 686,290
Cash at the end ofthe year 2,045,456 811,357

vestment
income
2022 2021
E
Income from tradeable investment 266,829 103,323
Rent receivable 87,122 87,109
Interest receivable 447
Touring exhibition fees 90
353,951 190,969

3
Analysis of		 Charitable
inco		 me and expenditu re
Craft
Galleries workshops Grants Total
E E
Year ended 31 March 2022
Income
Sales and charges 15,385 60,375 75,760
Grants and donations 13,881 13,881
29,266 60,375 89,641
Expenditure
Direct costs (94,341) (94,341)
Staff costs (292,620) (4,505) (297,125)
Premises costs (259,673) (8,231) (267,904)
Depreciation (215,427) (215,427)
Other costs (145,813) (935) (146,748)
(1,007,874) (13,671) (1,021,545)
Net (deficit)/surplus for the year (978,608) 46,704 (931,904)
Year ended 31 March 2021
Income
Sales and charges 18,555 60,510 79,065
Grants and donations 13,183 13,183
31,738 60,510 92,248
Expenditure
Direct costs (42,019) (42,019)
Staff costs (286,422) (4,505) (290,927)
Premises costs (155,844) (8,231) (164,075)
Depreciation (218,359) (218,359)
Other costs (147,388) (147,388)
(850,032) (12,736) (862,768)
Net (deficit)/surplus for the year (818,294) 47,774 (770,520)
Support and governance costs
Auditor's
remuneration		 2022 2021
E
Fee payable to the auditor for the audit ofthe financial statements 6,300 6,000
Fees payable to the auditor for other services 4300 4200

ff costs
2022 2021
Number Number
Full time
Part time 15 15
17 17
2022 2021
Staff costs (for the above persons):
Wages and salaries 259,089 264,378
Socia I security costs 21,043 14,968
Pension costs 12,520 11,581
Staff allowances 4,473
297,125 290,927
Other income
2022 2021
Insurance
proceeds		 5,332
Government
grants		 89,277 90,174
89,277 95,506
Tangible fixed assets
Leasehold Workshops Plant and
Property 8 galleries Equipment machinery Total
E E
Cost
At 1 April 2021 68,601 10,543,149 171,884 75,756 10,859,390
Additions 60,050 60,050
Disposals (309) (309)
At 31 March 2022 68,601 10,603,199 171,575 75,756 10,919,131
Depreciation
At 1 April 2021 7,387 4,168,754 140,991 23,153 4,340,285
Charge for the year 1,056 192,755 7,730 13,886 215,427
At 31 March 2022 8,443 4,361,509 148,721 37,039 4,555,712
Net book value
At 31 March 2022 60,158 6,241,690 22,854 38,717 6,363,419
At 31 March 2021 61,214 6,374,395 30,893 52,603 6,519,105
Herit age assets
—works of art
2022 2021
E
Market value
At 1 April 2021 3,000,000
Transferred to current assets (Note 11) (3,000,000)
At 31 March 2022
9
Fixed asset investments
2022 2021
E
Freehold
investment
properties		 4,355,000 4,100,000
Tradeable
investment		 12,072,407 8,138,333
Investment
in subsidiary		 130,000 130,000
16,557,407 12,368,333
Freehold investment
properties
Market value at1 April 2021 4,100,000 4,100,000
Disposals
—revalued
amount		 (180,714)
Revaluation
gain in the year		 255,000 180,714
Market value at 31 March 2022 4,355,000 4,100,000
Historical cost at 1 April 2021 and 31March 2022 784,131 784,131
The investment
properties
were		 valued by the trustees in consultation with
an external		 real estate services
provider.
2022 2021
Tradeable
investment
Market value at 1 April 2021 8,138,333 6,744,132
Additions 3,225,000 8,229,984
Disposals —cost (2,881,534)
Disposals —revalued
amount		 (5,848,450)
Revaluation
gain
in the year		 709,074 1,894,201
Market value at 31March 2022 12,072,407 8,138,333
Historical cost at 31 March 2022 11,454,984 8,229,984
2022 2021
E
Investment in subsidiary
Carrying value at 1 April 2021 130,000 200,100
Provision for impairment (70,100)
Carrying value at 31 March 2022 130,000 130,000
'IO
Debtors
2022 2021
P. E
Trade debtors 9,356 11,524
Other debtors 72,869 106,982
Prepayments and accrued income 149,390 115,970
231,615 234,476
1I
Current		 asset investments
2022 2021
E
Works of art
Market value at 1 April 2021 4,704,650 87,650
Transferred
from fixed assets (Note 8)		 3,000,000
Disposals
- revalued		 amount (4,634,000)
Revaluation
gain in		 the year 1,617,000
Market value at 31 March 2022 70,650 4,704,650
12
Creditors
2022 2021
E
Trade creditors 29,997 4,406
Other creditors 38,083 23,157
The Welbeck Estates Company Limited 170,464 73,774
238,544 101,337

2022 2021
E
Financial assets that are tradeable investments measured at fair value 12,018,701 8,138,333
through profit or loss
Financial assets that are debt instruments at amortised cost 2,127,481 929,865
Financial assets that are equity instruments measured at cost less 130,000 130,000
impairment
Financial liabilities that are debt instruments measured at amortised (233,156) (97,022)
cost
14,043,026 9,101,176