REGISTERED CHARITY NUMBER: 310318
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
RYE ART GALLERY TRUST
Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
Rye
East Sussex
TN31 7LJ
RYE ART GALLERY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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Independent Examiner's Report |
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Statement of Financial Activities |
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Balance Sheet |
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Notes to the Financial Statements |
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RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended 31
December2020.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
HIGHLIGHTS
-TheGallerywasrequiredtoclose,underGovernment"covid"regulations,from19March-3July, from
5November-2Decemberandfrom19Decembertotheendoftheyear.Inaddition,therewere many
restrictionsandlimitationswhenwecouldopen.Butdespitethis,theyearhasprovedtobeagood year
in the circumstances:
-
Open six days a week when permitted
-
Four very well received exhibitions from July to December with the team generating almost as much
-
activity in open months as in previous years at about half the cost
-
The number of Friends of the Gallery was stable throughout the year
-Reserves(takenascash,marketinvestments,debtorsandstocklesscreditorsandloans)were more
than£36,000higheratyear-endcomparedwiththestartoftheyear-representingarecordforthe last
15 years or thereabouts.
A "profit" in the year of about £34,000 before adding investment gains.
PRELIMINARIES
Objectives and aims
TheTrustDeedwassetupfor"thepropagationofknowledgeconcerningthefineartsandin particular
theartofpaintingandthestimulationofinterestinandtheencouragementofthesamebythe provision
andarrangementofexhibitionsandlecturesandoffacilitiesforinstructioninthesameandthe practice
thereof."AnunderlyingpolicyisthattheGalleryisfreelyopenforall,thereforeprovidingvisualart for
public benefit.
Governance and public benefit
TheTrusteeshaveoverallresponsibilityforensuringtheintegrityoftheStormontbequestthrough the
1957TrustDeedandthatthecharityhasappropriatesystemsofcontrols,financialandotherwise. They
arealsorequiredtocomplywiththeguidelinesaslaiddownbytheCharityCommissionerstowhom they
are accountable.
CharitylawalsorequirestheTrusteestopreparefinancialstatementsforeachfinancialyearwhichgive a
trueandfairviewofthestateofaffairsofthecharityandofthesurplusordeficitofthecharityfor that
period.TheTrusteeshavedueregardfortheguidancepublishedbytheCharityCommissionon public
benefit.
Governing document and constitution
RyeArtGalleryTrustremainsaCharitableTrustcreatedunderthetermsoftheMaryStormont Trust
Deedandaconstitutiondated4October1957,asvariedin1987,1995,2012,2018andrecently in
2021. The Charities Commission Number is 310318.
Page 1
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
OBJECTIVES AND ACTIVITIES
Charitable activities in fulfilling the objectives - generalised
Tofulfilitsobjectives,andsubjectatalltimespreservingitsstatusasacharity,theTrustmay acquire
worksofartforthepurposeofpublicdisplay,alsomayestablishanyorallofthefollowing:-an Art
Gallery,aPictureGallery,anArtSchool,aLectureHallandmaydoanythingelsewhereby artistic
educationandappreciationmaybepromoted.Infurtheranceoftheseactivities,belowsetsout the
operationsandactivitiesthatwillbeundertakenstartingagainin2021butwithreferenceto2020at the
end of each section.
-SixGalleryspaceswillbeopenfreeofchargetothepublicsixdaysaweekandavarietyof exhibitions
andeventstakeplaceduringtheyear.TheTrustees,GalleryDirectorandStaffwillensurethatthe very
bestofContemporaryArtbylocalandregionalartistsandcraftspeopleisalwaysavailablefor enjoyment
andpurchasethroughregularlyrefresheddisplaysandthemedexhibitions.TheGallerieswereopen for
over 7 months in 2020.
-TheGalleryholdsaPermanentCollectionofover700itemsoftwoandthree-dimensionalwork, which
includestheoriginalStormontBequestofaround100paintings.Acquisitionsviabequest,purchase and
loanaremadefocussingon19th-21stcenturyart.ArtworksfromtheCollectionareshownfor public
enjoymentandeducation.In2020,wewereabletohaveworksfromthecollectiononshowwhen the
Gallerywasopenselectedbyourcuratorandshowninconjunctionwithourexhibitionsandwewere able
to receive some additions.
-Educationalandsocialeventswilltakeplacethroughouttheyear.Receptionstomeettheartists are
arrangedasareworkshopswithpracticingartistsandcollaborationwithlocalSchoolswhomayask to
holdexhibitionsofstudentwork.Unfortunately,thesocialdistancingrequirementshavemeantthat most
sucheventswerenotallowedtotakeplacein2020anditwillbesometimebeforetheGallerycan get
back to a full programme.
-Forthelastcoupleofyears,theGalleryhasorganisedawards(theStormontawards)toencourage art
inthelocalschoolsforchildrenuptotheageof11.Withalltheoperatingdifficulties,itwasnot possible
toarrangesuchaneventin2020.Thetrusteeswill,in2021,bereviewinghowtore-establishthe event
for future years.
-WeprintourExhibitionprogrammeintwohalf-yearlybrochures.During2020,however, the
programmeswerepublishedonlyonlineduetotheuncertaintysurroundingwhenopeningsand activity
could take place. It is hoped this will start up again during 2021.
-Attheendof2019,theGalleryhadjustover100"FriendsoftheGallery".Despitethelackof social
eventsandactivityin2020,thetrusteeshavebeenpleasedthatthenumberattheendof2020had been
maintainedataboutthesamelevel.Itishopedthat2021willbringbackmoreactivityforthis very
important group.
Rye Art Gallery Exhibitions & Events Programme 2020
-Exhibition:January30th-8thMarch:TheArtistKittyFrenchandFriends:AcelebrationofRye based
artistandteacherKittyFrench,featuringartworksfromourpermanentcollectionsalongsidethose of
contemporaries including Ken Townsend, David Crew and Wally Cole
-Curator'stalk:February15-KittyFrenchandFriends:ThelifeandworksofRyeBasedteacher and
Artist Kitty French presented by Julian Day.
-Exhibition:22February-22March:FindingForm,withthephotographerYanaRitsnewwork alongside
the outstanding local based sculptor in stone Bernard McGuigan.
-Lectures:February19,26&4March:Thecoloureducationseries:WeeklylectureswithJohn Fewster
focusing on colour science, colour theory and finally colour perception.
Page 2
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
-Exhibition:March15-March20(ForcedtocloseasCovid19lockdowncommenced)Green Havoc:
LocalbasedartistsSarahPalmerandDeniseFranklinlinkedtogetherwithRyeArtGallery's gallery
collectionscuratortostageanexhibitioncelebratingtheexplosionofspringgrowthusingthe poem
'Almond Blossom' by Fiona Benson as their inspiration.
-Exhibition:July18-September14-EmbodiedLand:Arescheduledshowtocoincidewith the
reopeningofthegalleryfeaturingtheartworksoflandscapepainterandprintmakerSallyCole.The works
selectedwereadirectresultofSally'sresponsestothesoundsoftheseaandthevibrationsofthe land
during her residency at Piha beach, New Zealand and around the coast in Pembrokeshire.
-Exhibition:August15-30October-Seascapes:Athemedexhibitioncuratedfromselectionsfrom the
permanentcollectionswithsubmissionsfromover40artistsfeatured.Thegenreofseascapeshas close
connectionswithRye'srichmaritimeandfishinghistory.Artworksincludedlocalpainterslike Fred
CumingRA,KeithPurserandBrianYalebutalsoceramicsandsculpturefeaturedalongsidealarge textile
piece called 'Sea Figure' by Alice Kettle bringing texture and absorption to the show.
-Exhibition:September26-October31(SecondlockdownNovember)-EmpiricalWindows- A
retrospectivelookatworksoftheartistandillustratorKennethTownsend(1935-2001).Kennywas a
foundermemberoftheRyeSocietyofArtists,RSA,hewasawell-knownfigureinbothRyeand Hastings
heexhibitedwidelyintheUKandEurope.Theexhibitionfeaturedmanyworksforsaleselectedfrom his
studio with the kind permission of his family.
-CoursesonlinewithZoom:FromOctober6-November10(sixweeks)-RyeArtGallerycollections with
thecurator.Thereareover600artworksheldintheRyeArtGallerypermanentcollectionand in
conjunctionwiththeWEAthehistoryofthecollectionisexploredanddiscussedlookingatcasestudies of
Paul Nash, John Piper and Edward Burra.
-Exhibition:24October-Sunday20December-PlaceswithTomMarsh.TomisaSussexbasedplein air
oilpainterthisfirstsoloexhibitionatRyeArtGalleryfeatured30artworksmainlycompletedlocally and
during the first Covid lockdown, Tom works fast to capture the essence of "place".
-Artist in Residence: Saturday 26 October - meet the artist event with Tom Marsh.
-Practical children's workshop: Saturday 29 October - 'Timberlina' Molly Spoon Making for Halloween.
-Exhibition:2December-10January2021(forcedtocloseDecember19)Miniatures& Masterpieces
wasdevelopedtocaterfortheChristmasseasonwithover200selectedsmallartworksfrom45 different
artists.Theshowincludedpaintings,ceramics,printsandsculpturegearedsalesofartworks as
Christmas presents.
Bequests
-During 2020 Rye Art Gallery received new artworks for their permanent collections.
ThebequestfromthelateEdwardHunterofGrovesEstate,Peasmarshincludedartworksfromlocal artist
andteacherKittyFrench.ThelateRosemaryBagleyofRyebequeathedaselectionofpaintings and
architectural drawings by her husband Geoffrey Bagley local painter and former Mayor of Rye.
Reputation
-ThetrusteesandtheGalleryDirectorhavebeenverykeentoimproveourreputationovertheyear and
havebeenpleasedtoseethatourGooglereviewratingcurrentlystandsat4.9outof5from many
reviewers who have visited. This represents our best ever rating.
THE COVID PANDEMIC - IMPACT & ACTIONS TAKEN
AttheendofMarch2020andthroughApril,whentheCovidpandemicseemedatitsworstwith no
certainty of anything, the Trustees were looking at:
-possible Gallery closure for many months
-little or no income with nobody walking the High Street for quite some time
Page 3
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
-high and fixed running costs each month
-an investment portfolio whose value had already dropped by over a third in a month
Setagainstthis,theGovernmenthadjustannouncedafurloughschemeforstaffandauthorised a
one-offgrantforthoseHighStreetshops(includingGalleries)forcedtoclose.Evenso,atthat time,
therewastalkofthesupportfinishinginthesummergivingthetrusteesapotentiallybleak outlook
beyond a couple of months.
Withallofthisinmind,theTrusteesdecided,throughAprilandMay,thattheprudentapproachwas to
incursomerelativelysmallupfrontcostsforthebetterlong-termgoodandavoidriskofmajor financial
distressifthesituationcontinuedtoolong.Staffnumberswereallowedtofalltozerowiththeaim of
reopeningassoonaspossibleusingunpaidvolunteers,whenpermittedtoopen.Thesituationcould then
be reviewed once things stabilised.
Havingtakenthesedecisionsinthespring,ithasbeengratifyingtoseehowpositivelythingsdid,in fact,
turn out.
Thisaroseforthreegoodreasons-goodplanningwhichallowedformuchflexibility,hardwork by
everyone (paid and unpaid) working together and a slice of hard won luck:
-Goodplanningandafocusonflexibility.TheGallerywasabletogetupandrunninginJulywithin two
weeksofthefirstlockdownending.Twowell-receivedexhibitionswererunandourcostswerekept well
below the level of previous years. Much use of unpaid volunteers was possible with significant benefit.
-Hardwork.Theteamrolleduptheirsleevestoputinamajorefforttoservethepublic,introduce new
moreefficientsystemsandkeeptestingthemarketwithnewideas.Andinthe"backoffice"alotof hard
workwasputintogettingthefinancesundercontroldeliveringqualitymonthly management
information.
-Asliceofhard-wonluck.TheTrusteeshadinitiatedanewinsurancecoverin2018which reduced
premiumsandimprovedthecover.Akeyelementofthisnewcoverwas"businessinterruption cover"
andthishaspaidoutfortheSpringlockdown.ItwillalsopayoutfortheNovember2020lockdown and
the December-April 2021 equivalent.
To cap it all, the investment portfolio by the year-end had recovered the big losses showing in March.
Despitetherecordlevelofreservesshownattheyear-end,thetrusteesarenotrestingontheir laurels
andareconfident,withallthathastakenplaceandisbeingdoneforthefuture,thatthis high
achievement will continue into 2021 making for another record year.
FINANCIAL REVIEW
Trading performance
In2020salesofcontemporaryartamountedtoapproximately£117,894beforecommissions. When
allowingfordeductionsforcommissionsandVATandaddingintherelativelysmallamount of
merchandisesalesandotherincome,theoveralltotalnetincomefromnormalactivitiesamounted to
£67,579.In2020,therewasinadditionanextraamountofincomearisingfromGovernmentgrants and
insurance payouts which totalled £61,064.
Totalexpensesfortheyearamountedto£90,052beforeallowingfordepreciationandone-off accounting
changes.Afterallowingforthesechanges,thenetexpenditureamountedto£94,637givingan overall
net surplus of £34,006. Profits on investments increased this to a net surplus of £34,598.
Netunrestrictedassetsattheendoftheyearamountedto£667,869including£19,523ofnoncash funds
held by Rathbones and ignoring the property revaluations over many years.
Page 4
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
FINANCIAL REVIEW
Reserves policy
Inthelightofallthathashappenedwithsuchsignificantvolatilityinoperations,theTrustees have
decidedtoimplementamoreformalreservespolicy.For2021,thepolicywillbetoensurethatthe net
liquidreserves,definedascash,marketableinvestments,debtorsandstocklesscreditorsand loans,
shouldstayinexcessof£125,000intotal(andinexcessof£100,000inrelationtounrestricted funds),
exceptinexceptionaltimes.Aftertheyear-end,thispolicywillbereviewedinthelightofexperience to
determineifitshouldcontinueuntilfurthernotice.Attheendof2020,thereservesonthis basis
amounted to £147,381in total (£137,592 relating to unrestricted funds).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustandconstitutesan unincorporated
charity.
Organisation, recruitment, appointment of new trustees and manpower to keep the Gallery operating
TheCharityisdirectedbytheBoardofvolunteerunpaidTrustees.Themaximumnumberof permitted
Trusteesis7.TheTrustdeedstatedin2018thatoneTrusteemustbeappointedbytheRoyal Academy,
onebyRyeTownCouncilandanotherbytheFriendsofRyeArtGallery.Atthebeginningof2020, there
were 4 trustees. At the end there were 6.
Duringtheyear,twotrusteesresigned-KatevanderPumpandSusanBenn.Katehadservedfor over
fouryearsandSusanforovertwo.Bothgavesignificantvaluetothetrusteeboardthroughouttheir time
astrustee-inparticularduring2020inassistingwithguidinganddeterminingthestrategythat needed
tobetakenthroughthetoughtimesbroughtaboutbyCovid.Wearemostgratefultobothofthem and
thank them whole-heartedly.
Wewerepleasedtowelcomefournewtrusteesduringtheyear.HeidiFosterwasappointedin February
astherepresentativeoftheFriends,havingservedpreviouslyontheoldFriendscommitteewhenit was
structuredasaseparateorganisation.LouiseSimkiss-Day,wasappointedtothetrusteesinAugust as
theRoyalAcademyrepresentative.Shecomeswithastrongbackgroundinartandeducation. Sarah
KowitzwasappointedinNovemberandDrAmyPierce-MillerinDecember.Bothhavevery strong
experience in the arts and museum fields.
Althoughoutofnecessitybecauseofthefinancialrisksreferredtoabove,wewereverysorrytolose Jane
Fenn,theGalleryDirector,whohadgivenmanyyearsofloyalanddedicatedservicetothe Gallery
deliveringmanyimprovementsandwhowillbesadlymissed.Weareverygratefulforallshehas done
over the years and wish her all the best for the future.
HavingnopaidstafffromJulyonwardstotheendoftheyear,theGalleryfoundawaytooperate flexibly
primarilythrough"paidfor"contractorsupportfromoneofthetrustees,JulianDay,supportedby our
new Gallery Representative, Jason McEwen-McGhie, also on contract.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
310318
Principal address
107 High Street
RYE
East Sussex.
TN31 7JE
Page 5
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees
The Trustees who served the charity during the period were as follows:
Mr Trevor Llanwarne CB (Chairman)
Ms Kate Van Der Pump - retired summer 2020
Ms Susan Benn - retired summer 2020
Mr Julian Day - retired June 2021
Mrs Heidi Foster - appointed February 2020
Mrs Louise Simkiss-Day - appointed August 2020
Mrs Sarah Kowitz - appointed November 2020
Dr Amy Pierce Miller - appointed December 2020
Mr Michael Boyd - appointed February 2021
Independent Examiner
Mr J Greenslade FCCA
Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
Rye
East Sussex
TN31 7LJ
Solicitors
Heringtons Solicitors
Bank Chambers
80 High Street
Rye
East Sussex
TN31 7JR
Investment adviser
Rathbones Investment Management
London
W1J 5FB
Approved by order of the board of trustees on 23 June 2021 and signed on its behalf by:
.......................................................
T Llanwarne CB - Chairman - Trustee
Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
RYE ART GALLERY TRUST
Independent examiner's report to the trustees of Rye Art Gallery Trust
IreporttothecharitytrusteesonmyexaminationoftheaccountsofRyeArtGalleryTrust(theTrust) for
the year ended 31 December 2020.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheAct and
incarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbytheCharity Commission
under section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention in
connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
Mr J Greenslade FCCA Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers Rye East Sussex TN31 7LJ Date: ............................................. 26 July 2021
Page 7
RYE ART GALLERY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
63,700
Charitable activities
5
Artwork sales
49,929
Lecture income
478
Trading activities
3
13,317
Investment income
4
1,250
Total
128,674
EXPENDITURE ON
Cost of Raising Funds
6
22,950
Charitable activities
7
Artwork sales
68,732
Professional fees
1,624
Independant examiners fee
1,275
Total
94,581
Net gains on investments
592
NET INCOME
34,685
Transfers between funds
19
(150)
Net movement in funds
34,535
RECONCILIATION OF FUNDS
Total funds brought forward
633,421
TOTAL FUNDS CARRIED FORWARD
667,956 |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
150
150
33,503
33,653 |
2020
Total
funds
£
63,700
49,929
478
13,317
1,250
128,674
22,950
68,732
1,624
1,275
94,581
592
34,685
-
34,685
666,924
701,609 |
2019
Total
funds
£
3,694
103,567
-
30,117
1,625 |
|
|
|
139,003
24,287
93,218
-
- |
|
|
|
117,505
7,666 |
|
|
|
29,164
- |
|
|
|
29,164
637,760 |
|
|
|
666,924 |
The notes form part of these financial statements
Page 8
RYE ART GALLERY TRUST
BALANCE SHEET
31 DECEMBER 2020
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
13
530,364
Heritage assets
14
-
Investments
15
45,399
575,763
CURRENT ASSETS
Stocks
16
6,075
Debtors
17
45,580
Cash at bank and in hand
55,884
107,539
CREDITORS
Amounts falling due within one year
18
(15,346)
NET CURRENT ASSETS
92,193
TOTAL ASSETS LESS CURRENT
LIABILITIES
667,956
NET ASSETS
667,956
FUNDS
19
Unrestricted funds:
General fund
Restricted funds:
Permanent Collection
Friends of Rye Art Gallery
TOTAL FUNDS |
Restricted
funds
£
-
23,864
-
23,864
-
-
9,789
9,789
-
9,789
33,653
33,653 |
2020
Total
funds
£
530,364
23,864
45,399
599,627
6,075
45,580
65,673
117,328
(15,346)
101,982
701,609
701,609
667,956
23,864
9,789
33,653
701,609 |
2019
Total
funds
£
531,875
23,714
50,598
606,187
3,997
5,964
84,960
94,921
(34,184)
60,737
666,924
666,924
633,421
23,714
9,789
33,503
666,924 |
|
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
T Llanwarne CB - Chairman - Trustee
The notes form part of these financial statements
Page 9
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestments which
are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
Thecharityhastakenadvantageofthefollowingdisclosureexemptionsinpreparingthese financial
statements,aspermittedbyFRS102'TheFinancialReportingStandardapplicableintheUK and
Republic of Ireland':
the requirements of Section 7 Statement of Cash Flows.
Income
AllincomeotherthangrantincomeisrecognisedintheStatementofFinancialActivitiesonce the
charityhasentitlementtothefunds,itisprobablethattheincomewillbereceivedandthe amount
can be measured reliably.
Grant income has been recognised under the performance model.
Grantsthatdonotspecifyanyfutureperformance-relatedconditionsarerecordedwhenthe grant
proceedsarereceivedorreceivable.Anygrantthatimposesspecifiedfuture performance-related
conditionsisrecognisedonlywhentheperformance-relatedconditionsaremet.Grants received
before the revenue recognition criteria are satisfied are recognised as a liability
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Freehold property-not provided
Fixtures and fittings-15% on reducing balance
Heritage assets
Policy for acquisition, management and disposal of Permanent Collection
TheCollectionfocusesonBritishArtfromthelate19thcenturytothepresent,withthe major
holding being of work from the early to mid twentieth century.
TheTrustaimstocollectartworkrelevanttoCollectionthemesaccordingtoavailable funding,
storage space and curatorial care. Themes are as follows:
1.TheworkisgeographicallyrelatedtoRyeanditsenvironsintheSouthEastofEngland, in
particular works that reflect the region's varied landscape, seascape and social history.
2.TheworkisbyartistsofregionalandnationalimportanceassociatedwiththeRyeand South
East area, (eg. Burra, Nash, Piper, Bratby, Cuming, etc)
continued...
Page 10
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES - continued
Heritage assets
3.TheworkfallsespeciallyintothecategoriesofPainting(encouragedbythetermsofthe Trust),
PrintmakingandDrawing.Worksinothermediaareofinterestprovidedthattheabove criteria
are met.
Policy for acquisition, management and disposal of Permanent Collection (Cont.)
TodatetheTrust'sBoardhasnothadtimetofullyreviewworksintheCollectionwhich might
usefully be disposed of.
Records maintained
TheCollectionof700itemsisCataloguedandheldoncomputersattwoexternaladdressesand is
alsoinprint.IntheCataloguethereisadescriptionofeachworkwithnameofartist, artist's
dates,titleofwork,dateofwork,medium,measurements,signing,visualdescription, provenance
andconservationnotesasrelevant.TheArchivesarelistedeitherinseparateCatalogues or
grouped by title and these are also on computer and in print.
MostoftheCollectionhasbeenphotographedinanongoingprogrammeandcopiesheldon disc.
A physical Audit takes place every few years, the last one being in 2015.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowance for
obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Investments
InvestmentsarerecognisedattheMarketValueattheyearenddate.Bothrecognised and
unrecognisedgainsandlossesaretakentotheStatementofFinancialActivitiesascalculated at
the year end.
Debtors
Tradeandotherdebtorsarerecognisedatthesettlementamountdueafteranytrade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors
Creditorsandprovisionsarerecognisedwherethecharityhasapresentobligationresultingfrom a
pasteventthatwillprobablyresultinthetransferoffundstoathirdpartyandtheamountdue to
settletheobligationcanbemeasuredorestimatedreliably.Creditorsandprovisionsare normally
recognised at their settlement amount after allowing for any trade discounts due.
Volunteers
Giventheabsenceofareliablemeasurementbasis,thecontributionofvolunteersisnot included
as income in charity accounts.
continued...
Page 11
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
2.
DONATIONS AND LEGACIES
Donations
Grants
Covid insurance claim
Local organisations
Local Council - Covid grant
HMRC - Furlough grants
3.
TRADING ACTIVITIES
Merchandise sales
Room hire
Advertising
4.
INVESTMENT INCOME
Investment income
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Commissions on sales
Artwork sales
Lecture income
Lecture income |
|
2020
£
2,636
19,565
41,499
63,700 |
|
|
2019
£
2,694
1,000
-
3,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
£ |
|
|
£ |
|
|
- |
|
|
1,000 |
|
|
10,000 |
|
|
- |
|
|
9,565 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,565 |
|
|
1,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
£
13,317
-
-
13,317
2020
£
1,218
32
1,250
2020
£
49,929
478
50,407 |
2019
£
28,972
365
780
30,117
2019
£
1,595
30
1,625
2019
£
103,567
-
103,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 12
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
6. COST OF RAISING FUNDS
Other trading activities
Opening stock
Purchases
Closing stock
Staff costs
Subcontractors
Rate and water
Insurance
Light & heat
Telephone
Postage & stationery
Repairs & renewals
Computer expenses
Cleaning
Credit card charges
Security
Advertising
Sundries
Hanging fees
Depreciation
Investment management costs
Support costs
Aggregate amounts
7.
CHARITABLE ACTIVITIES COSTS
Artwork sales
Professional fees
Independant examiners fee |
Direct
Costs
£
68,732
-
-
68,732 |
2020
£
3,997
6,165
(6,075)
7,739
3,184
118
991
599
275
394
1,408
279
434
236
598
576
719
412
282
22,331
2020
£
619
22,950
Support
costs (see
note 8)
£
-
1,624
1,275
2,899 |
|
2019
£
3,935
15,953
(3,997)
3,409
-
306
995
955
395
227
370
339
-
596
-
-
-
-
370
23,853
2019
£
434
24,287
Totals
£
68,732
1,624
1,275
71,631 |
|
|
|
|
|
continued...
Page 13
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
8. SUPPORT COSTS
Governance
Finance
costs
£
£
Investment management costs
619
-
Professional fees
-
1,624
Independant examiners fee
-
1,275
619
2,899
9.
INDEPENDENT EXAMINERS REMUNERATION
2020
£
Independent examiners fee
1,275 |
Totals
£
619
1,624
1,275 |
|
3,518 |
|
2019
£
1,275 |
10. TRUSTEES' REMUNERATION AND BENEFITS
Duringtheyearonetrustee-MrJDay-received£7,200forhisservicessuppliedintherole of
interim Gallery Director. These are included within subcontractor costs for the year.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2020norforthe year
ended 31 December 2019.
11. STAFF COSTS
2020
£
Wages and salaries
35,393
Social security costs
208
Other pension costs
1,276
36,877
The average monthly number of employees during the year was as follows:
2020
Gallery Director
1
Gallery/Sales Assistants
1
2 |
2019
£
56,595
-
3,100 |
|
59,695 |
|
2019
1
3
4 |
No employees received emoluments in excess of £60,000.
continued...
Page 14
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3,694
Charitable activities
Artwork sales
103,567
Trading activities
30,117
Investment income
1,625
Total
139,003
EXPENDITURE ON
Cost of Raising Funds
24,287
Charitable activities
Artwork sales
93,218
Total
117,505
Net gains on investments
7,666
NET INCOME
29,164
RECONCILIATION OF FUNDS
Total funds brought forward
604,257
TOTAL FUNDS CARRIED FORWARD
633,421 |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
33,503
33,503 |
Total
funds
£
3,694
103,567
30,117
1,625 |
|
|
139,003
24,287
93,218 |
|
|
117,505
7,666 |
|
|
29,164
637,760 |
|
|
666,924 |
continued...
Page 15
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
13. TANGIBLE FIXED ASSETS
COST
At 1 January 2020
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
Eliminated on disposal
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019 |
Freehold
property
£
580,850
-
-
580,850
58,085
-
-
58,085
522,765
522,765 |
Fixtures
and
fittings
£
39,720
413
(1,546)
38,587
30,610
1,341
(963)
30,988
7,599
9,110 |
Totals
£
620,570
413
(1,546)
619,437
88,695
1,341
(963)
89,073
530,364
531,875 |
|
|
|
|
Thefreeholdpropertyisusedforthepurposesofthecharity.Itisincludedatvaluation, prepared
byDyerCommercialat30November1998,asdetailedbelow,plusimprovementssincethat date
as follows:
|
£ |
Stormont Galley valuation |
250,000 |
Eastern Room valuation |
45,000 |
Improvements Year Ended 31 December 2008 |
112,888 |
Improvements Year Ended 31 December 2009 |
109,656 |
Improvements Year Ended 31 December 2010 |
43,785 |
Improvements Year Ended 31 December 2011 |
9,710 |
Improvements Year Ended 31 December 2016 |
8,311 |
Improvements Year Ended 31 December 2017 |
1,500 |
|
|
|
580,850 |
|
|
|
|
Amajorprojecttoimprovethepropertyreachedcompletionduringtheyearended31st December
2012anditwasdecidedtochargedepreciationinordertowritethepropertyoffover50 years.
Since2012furthersmallerimprovementshavebeenmadewithdepreciationbeingcharged to
keep to the initial assessment of a 50 year life made in 2012.
Fortheyearended31December2018theTrusteesdecidedthataspropertyvaluesinthe High
Streetcontinuedtoriseinrecentyearsitwasunlikelythatthepropertywilleverbevaluedat less
thanthecurrentholdingvalue.Thedecisionwasthereforemadenottodepreciatethe property
duringthisyearandgoingforwards.During2019theTrusteesappointedalocalestateagent to
undertakeavaluationoftheproperty,whichwasdeemedtolieinexcessof£550,000. The
Trusteesthereforebelievethatthedecisionnottodepreciatethebuildingfurtherwasthe correct
one.
continued...
Page 16
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
14. HERITAGE ASSETS
HERITAGE ASSETS |
|
MARKET VALUE
At 1 January 2020
Additions
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019 |
Total
£
23,714
150 |
|
23,864 |
|
23,864 |
|
23,714 |
ThePermanentCollectioncomprisestheStormontBequest,theRobertMackechnieBequest and
otherworksofartacquiredsincetheformationoftheTrust.Itconsistsofapproximately700 items
offineartandsculpture.Inaccordancewithpreviouslyrecommendedpractice,works acquired
priorto1January2000havenotbeenincludedinthebalancesheet.Significantcostswould be
involvedinobtainingafullvaluationcomparedwiththeadditionalbenefitderived therefrom.The
amountsarestatedatcostwherepurchased.ItistheTrustee'sopinionthatwheredonations of
HeritageAssetsaremade,itisnotpossibletomakeareliableestimationoftheasset'sfair value
andthecostofvaluationislikelytoexceedthebenefitsprovidedbytheinformation. Therefore
donated assets are not recognised in the accounts.
Summary analysis of Heritage Asset transactions:
|
2020 |
2019 |
2018 |
2017 |
2016 |
|
£ |
£ |
£ |
£ |
£ |
Purchases |
150 |
- |
- |
150 |
700 |
Donations |
- |
- |
- |
- |
- |
|
|
|
|
|
|
Total additions |
150 |
- |
- |
150 |
700 |
|
|
|
|
|
|
Impairment |
- |
- |
- |
- |
- |
|
|
|
|
|
|
Disposals |
- |
- |
- |
- |
- |
|
|
|
|
|
|
Proceeds from
disposals |
- |
- |
- |
- |
- |
|
|
|
|
|
|
15. FIXED ASSET INVESTMENTS
FIXED ASSET INVESTMENTS |
|
|
Listed |
|
investments |
|
£ |
MARKET VALUE |
|
At 1 January 2020 |
50,598 |
Additions |
246 |
Disposals |
(2,801) |
Revaluations |
(2,644) |
At 31 December 2020 |
45,399 |
NET BOOK VALUE |
|
At 31 December 2020 |
45,399 |
At 31 December 2019 |
50,598 |
continued...
Page 17
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
15. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
The fixed asset investments are managed by Rathbones Investment Management.
16.
STOCKS
Finished goods
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
19.
MOVEMENT IN FUNDS
Net
movement
At 1/1/20
in funds
£
£
Unrestricted funds
General fund
633,421
34,685
Restricted funds
Permanent Collection
23,714
-
Friends of Rye Art Gallery
9,789
-
33,503
-
TOTAL FUNDS
666,924
34,685 |
|
2020
£
6,075
2020
£
923
43,333
1,324
45,580
2020
£
8,597
3,936
2,813
15,346
Transfers
between
funds
£
(150)
150
-
150
- |
2019
£
3,997
2019
£
350
4,252
1,362
5,964
2019
£
26,494
5,415
2,275
34,184
At
31/12/20
£
667,956
23,864
9,789
33,653
701,609 |
|
|
|
|
|
|
|
|
continued...
Page 18
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
19. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Permanent Collection
Friends of Rye Art Gallery
TOTAL FUNDS |
Incoming
resources
£
128,674
128,674 |
|
Resources
expended
£
(94,581)
(94,581)
At 1/1/19
£
604,257
23,714
9,789
33,503
637,760 |
|
Gains and
losses
£
592
592
Net
movement
in funds
£
29,164
-
-
-
29,164 |
|
Movement
in funds
£
34,685
34,685
At
31/12/19
£
633,421
23,714
9,789
33,503
666,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
139,003
139,003 |
Resources
expended
£
(117,505)
(117,505) |
Gains and
losses
£
7,666
7,666 |
Movement
in funds
£
29,164
29,164 |
|
|
|
|
|
Restricted funds
ThePermanentCollectionisaRestrictedFund.Thepurposeofthefundistoholdprominent works
that the Trust feels are an important to their aims on a permanent basis
TheFriendsofRyeArtGalleryrepresentsadonationmadetotheTrustwhichstipulatedthatit is
to be used for MacKechnie Room improvements.As such it is a Restricted Fund.
continued...
Page 19
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
20. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 20