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||||||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|
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|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|