```
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`**
||**`Page`**|**`Page`**|**`Page`**|
|---|---|---|---|
|**`Report of the Trustees`**|`1`|`to`|`6`|
|**`Independent Examiner's Report`**||`7`||
|**`Statement of Financial Activities`**||`8`||
|**`Balance Sheet`**||`9`||
|**`Notes to the Financial Statements`**|`10`|`to`|`20`|
```
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
```