REGISTERED CHARITY NUMBER: 310318
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021
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 31ST DECEMBER 2021
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Report of the Trustees |
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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 31ST DECEMBER 2021
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended 31
December2021.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
HIGHLIGHTS
-
The Gallery was required to close, under Government "covid" regulations from the beginning of the year
-
until April. But despite this, the year has proved to be a truly exceptional year on all fronts:
-
Many very well received exhibitions from April to December
-
Income up from £128,000 last year to a new all-time high figure of £174,000
-
Reserves (taken as cash, market investments, debtors and stock less creditors and loans) gained more
-
than £66,000 in the year to over £214,000 at the year-end
-
A "profit" in the year of over £60,000
-
The number of Friends of the Gallery increased somewhat over the year despite the lack of activity and
-
special events for Friends.
-
We held our first ever auction (online) which proved to be very successful in terms of community
-
interest and fund-raising
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,asvariedin1987,1995,2012,2018and2021. The
Charities Commission Number is 310318.
Page 1
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
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
operationsandactivitiesthatwereundertakenin2021startingoncethecovidrestrictionswerelifted in
April.
-SixGalleryspacesopenfreeofchargetothepublicsixdaysaweekwithavarietyofexhibitions and
eventstakingplaceduringtheyear.TheTrustees,GalleryDirectorandStaffensurethattheverybest of
ContemporaryArtbylocalandregionalartistsandcraftspeopleisalwaysavailableforenjoyment and
purchase through regularly refreshed displays and themed exhibitions.
-TheGalleryholdsaPermanentCollectionofover700itemsoftwoandthree-dimensionalwork, which
includestheoriginalStormontBequestofaround100paintings.Acquisitionsviabequest,purchase and
loanaremadefocussingon19th-21stcenturyart.ArtworksfromtheCollectionareshownfor public
enjoyment and education.
-Educational,socialeventsandawardstochildrenwererestrictedduetothecontinuingcovid concerns
oforganisingeventsinsmallindoorspaceswhichwouldputoffasignificantnumberofpeople from
attendingdespitetheremovaloflegalrequirementslaterintheyear.Itishopedtohavemuchmore of
this activity in 2022 onwards.
-Historically,wehavenormallyprintedourExhibitionprogrammeintwohalf-yearlybrochures. However,
becauseoftheuncertaintieswithCovidthisdidnothappenin2021andinsteadseveralbrochures were
printed for individual exhibitions.
-Exhibitioncatalogueshavebeenreintroducedformanyoftheexhibitionstakingplace.The catalogues
canprovideimportanthistoricalbackgroundinformationonthepermanentcollectionandonour founder
MaryStormontforthepublicvisitingthegalleryaswellasaddingtothehistoricarchivesfor future
visitors and researchers
-At the end of 2021, the number of Friends of the Gallery totalled 104
RYE ART GALLERY EXHIBITION AND EVENTS PROGRAMME FOR 2021 IN DETAIL
- Online Auction - 5th March - 1st April 2021
DuringJanuarythroughtoApril2021,thegalleryremainedclosedtothepublicinthethird COVID
lockdown.So,werevertedtobeingopenvirtually,runningaseriesofartrelatedtalksviazoom and
providing'artforsale'throughdirectmarketingtocustomersandourwebsite.Atthegallery, staff
worked behind the scenes to get ready for opening with preparations for shows.
Asakeypartofourfundraisingstrategyforthegallery,westagedourfirstonlineauctionof artworks
drawnfromanarrayofpiecescollectedfromourstoresincludingpaintings,printsandceramics.This did
notformapartofourcommercialoperations.Netrevenuesgeneratedfromtheauction(nearly £6,500)
havebeensetasideandaddedtothecharitabledonationsusedtoconserveourpermanent collections
and maintain the historic buildings operated by the Rye Art Gallery Trust.
Somegalleryfriends,artistsandsupportersalsodonatedartworksforthisauctiontohelpus raise
additional funds.
Page 2
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
- There Will be Growth in Spring, RSA Spring Show 2021 - April 12th - May 16th 2021
ThefirstknownsocietyfortheartsestablishedinRyewasthe'RyeArtsClub.'Originallysetup and
organisedbylocalartistHowardGullStormontandhiswife,thepainterMaryStormontwholived at
YpresStudio.ThishouseandtheoriginalbequestofherartcollectionsbecameapartoftheRye Art
Galleryasweknowittoday.Duringthe1920'sRyeArtsClubwasbasedatLambHouse,with Henry
Jamesthewriterlistedasanearlypresident.In1951,theClubtransferredintotheRyeSocietyof Arts
andso2021wastheSociety's70thanniversaryyear,ThespringshowatRyeArtGallerywas supported
byover40artists,itwasawonderfuleclecticmixofover100artworksincludingpaintings, prints,
ceramics,sculptures,photographyandfilm.TheRSA'sartcollectiononpermanentloantoRye Art
Gallery was also displayed as a part of this anniversary celebration in our upstairs studio space.
- Somewhere the Grass is Greener - April 12th - 30th May 2021
'SomewheretheGrassisGreener,'broughttogetherlocalartistsNickArcherandMichaelDenton of
Overlap:Theworkexploreslandscaperepresentationsthroughvaryinglevelsofabstraction.Both artists
usemultimediadisciplinestoachievetheirvisions,fromaudio-visualpresentations,topainton canvas.
Althoughlandscapeisthecentralmotifinallthework,onecanalsofindlinksintheartists' creative
process
whichrevealeddeepermeaningsandaninvestigationofthesublime,arecurrentthemethroughout art
history:landscapeusedasametaphortorevealtherawforcesofnatureandthemysteriesof our
experience.
- Clouds - 22nd May - 22nd August 2021
"We see nothing until we truly understand it." John Constable
Thedepictionofcloudsinthevisualartshasbeenafascinationofartistslongbeforethebeginning of
scientificclassificationandthestartofmeteorology.Becauseoftheirposition(betweenheaven and
earth)cloudswereidealreligioussymbolisminWesternart.Cloudswerealsoinstrumentalduring the
RenaissancewithdepictionsoftheMadonnaandbabyJesuscushioningtheirfloatingbodiesand elevating
the churches importance in lives of those living underneath them.
Thisexhibitionincludedworkbyartistswhoareinspiredandcontinuetoworkinthesameway as
Constable.ThecloseexaminationsofJennyPockley'scloudsnotonlyreferenceConstablebutbring us
backtoreligioussymbolismwheretheatmosphericrealityisstartling-wearealmostwaitingfor that
spiritualexperiencetotakeplace.Theexhibitionpullstogetherthetechnical,theobservant and
suggestive artists that work within the realms of cloud and skyscapes.
- Peter Waldron: Studio Studies - May 22nd - 22nd August 2021
Aselectionofsmallabstractoilswithsomenewlargerscalecanvases.Theseweresmallabstract studies
madeduringlockdownforRyeArtGallery'sstudiospace.PeterWaldronstudiedatChelseaSchoolof Art
andDesign,London,andwasawardedaFellowshipinPaintingatGloucestershireCollegeofArt.His work
isheldintheArtsCouncilCollection,bygalleriesinLondonandCreteandinprivate collections
worldwide.
- Burra & Friends - Friday 27th August - Sunday 3rd October 2021
Artists'responsestotheartistEdwardBurra(acollaborativeshow)includingworksfromour permanent
collectionsbyPaulNash,EdwardBurraandJohnBantingwithnewworksforsalebyDavidLock, James
Dearlove,DavidSurnam,GerryPaulWhiteandGeraldineSwayne.EdwardBurraisanamethatcomes up
regularlyinRye,asoneofourmostfamousinhabitantstherearemanypeoplewhoremember, recollect
andeulogisedaboutthisenigmaticindividual.Hisartworkandhislifewereajourneyof immeasurable
achievement,hewasoverwhelmedwithillnessfrombirthbutratherthanallowingthistobecome his
identity,heworkedtirelesslycreatingthepaintingswenowrecogniseassomeofthemostfamous water
colours in the art world.
Page 3
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
- B is for Burra... by John Wiltshire - Open until Sunday 3rd October 2021
Anexhibitionthatcameoutofanin-depthintrospectionofRyeArtGallery'sEdwardBurraarchives by
JohnWiltshire.Studiesincludepersonalobjects,toys,photographsandpostcards.Johnwasourartist in
residence during May until August.
Supporting evening events:
- A discussion about our collaborative exhibitions 'Burra & Friends' with 'B is for Burra'Saturday 18th September 5 PM - 7 PM
40attendeesjoinedarthistorianLouiseSimkissandculturalhistorianDiarmuidHesterwhowereat Rye
Art Gallery in a conversation with contributing artists David Lock, and John Wiltshire.
- Louis Turpin: Gardens - Landscapes -Saturday 11th September - Sunday 10th October
LouisTurpin'snewexhibitionwasthefirstoneinRyeforovertwoyears,andincludedacollectionof 30
newpaintings.Theworkrepresentedhisjourneythroughlife,notonlyasapainterbutalsoas someone
livingandworkingthroughlockdown.Hissignatureartworksexpressedjoyincolourandacelebration of
nature, returning to the artist's roots, referencing composition and structure.
Supporting evening events:
- In Conversation with Louis Turpin - Wednesday 15th September 5 PM - 7 PM
Over60attendeescametohearLouisTurpinwithDrJulianDay,CuratorofRyeArtGallery 'In
Conversation'wasadiscussionaboutLouis'newexhibitionGardens-Landscapeswhichhadopened at
RyeArtGalleryon11thSeptemberbutalsocoveredhisexperienceswithartandlifeoverhislong career
and time in Rye
- Monochrome - Cadmium - Opening Thursday 11th November 2021 until Sunday 9th January
2022
Thefinalexhibitionof2021wasacalloutshowtoallartistswhosubmittednewworksfrom selected
artists using a monochromatic palette.
Theshowincludednotjustartworksusingblackandwhitebutalsopieceswhereartistshavelimited their
palettetoincludeanothercolourorperhapstoofferevenmoreversatility,somewarmandcold pigments
added to white.
Withover150paintingsprintsceramicsandsculpturesshownmanymonochromaticartworkswere also
exhibitedinthisshowfromthepermanentcollectionsatRyeArtGallery.FromGiovanniBattista Piranesi
architectural masterpieces to Norman Ackroyd's meticulous observations of landscape.
Three successful exhibitions of local artists new works were staged during November and December 2021.
- Artist in focus - Keith Purser - November 2021
KeithPurserlivesandworksinDungenessintheshadowofthepowerstationandthe never-ending
horizonoftheedgeofthecountry.Selvedgingandforaging,hisworkincorporatesfoundobjectsfrom the
beach.BorninBromley,heattendedSidcupSchoolofArtinthe1960sandhaslivedandworked in
Cornwall, Lincolnshire and Kent.
- Artist in focus - Sally Cole - November 2021
25Newpaintings,drawingsandmonotypeswereshownthathavebeenproducedoverthelast two
years, reflecting on these challenging times for us all.
DuringthefirstlockdownSallysetupaworkspaceinhersmallshedandeventuallyshewasthenable to
travel back to Pembrokeshire, during October 2020, and then in April and May 2021.
Page 4
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2021
- Artist in focus - Karl Terry - December 2021
Karlisaprolific'pleinair'oilpainterbasedinKent.Inspirationsaredrawnfromawealthof coastal
landmarks,recordingwhathedescribesasever-changingmomentsandweatherpatterns.His favourite
placestopaintareCamber,WinchelseaandthelocallandscapenearWittersham,wherehelives. The
exhibitionfeatured25newpaintingsfocusedonRyeenvironswithparticularemphasison works
depicting the dunes and Camber at different times of day and with that ever-changing weather.
FINANCIAL REVIEW
Outcome from the various lockdowns suffered in 2020/21
AlthoughtheGalleryenduredenforcedclosureforthefirst3-4monthsoftheyear,theGallery benefitted
financially from a number of favourable events and circumstances. This included:
-manyBritishcitizenschosetostayintheUKfortheirholidayandenjoyedplentyofday-trips and
weekend breaks with money to spend on art
-notleast,theGallerywasabletocontinuetomakesuccessfulclaimsunderthebusiness interruption
coverprovidedbyourinsurancearrangementsandtomakefurtherclaimsonpublicgrantsrelating to
covid
Trading performance
Takingintoaccountalloftheabove,thesalesofcontemporaryartin2021amountedto approximately
£272,964beforecommissions.WhenallowingfordeductionsforcommissionsandVATandaddingin the
relativelysmallamountofmerchandisesalesandotherincome,theoveralltotalnetincomefrom normal
activitiesamountedto£141,236.In2021,therewasinadditionanextraamountofincomearising from
Government grants and insurance payouts which totalled £33,059.
Totalexpensesfortheyearamountedto£112,621beforeallowingfordepreciationand one-off
accountingchanges.Afterallowingforthesechanges,thenetexpenditureamountedto£113,982 giving
an overall net surplus of £60,313. Profits on investments increased this to a net surplus of £66,532.
Netunrestrictedassetsattheendoftheyearamountedto£728,061including£96,299ofnoncash funds
held by Rathbones and ignoring the property revaluations over many years.
Reserves policy
Thepolicyinplaceistoensurethatthenetliquidreserves,definedascash,marketable investments,
debtorsandstocklesscreditorsandloans,shouldstayinexcessof£125,000exceptin exceptional
times.Attheendof2021,reservesonthisbasisamountedto£214,341includingrestrictedfunds and
£198,125 excluding restricted funds. The trustees propose keeping to this policy for 2022.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustandconstitutesan unincorporated
charity.
Page 5
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisation, recruitment, appointment of new trustees and manpower to keep the
Gallery operating
TheCharityisdirectedbytheBoardofvolunteerunpaidTrustees.Themaximumnumberof permitted
Trusteesis7.TheTrustdeed,asamendedtothepresentday,statesthatoneTrusteemustbe appointed
bytheRoyalAcademy,onebyRyeTownCouncilandanotherbytheFriendsofRyeArtGallery.At the
startof2021,therewere7trusteeswithone(JulianDay)providinginterimGalleryDirectorservicesas a
contractor.InJune,followingthegrowingconfidenceofbeingabletostayopen,hebecamea full-time
employee and resigned as a trustee.
Withthisgrowingconfidenceabouttheeconomyandthecontrolofcovid,thetrusteesalsofeltable to
appoint2otherindividualsasemployeesoftheGalleryatthesametimeastheGalleryDirector, namely
JasonMcEwen-McghieasGalleryRepresentativeandPollyHornerasGalleryAssistant.Allthreehave all
stayedinplacethroughouttheyear,wholeheartedlyservingtheneedsofthepublicandthe trustees
alike. The trustees are very grateful for all the hard work they put in during 2021.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
310318
Principal address
107 High Street
RYE
East Sussex.
TN31 7JE
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
Page 6
RYE ART GALLERY TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
28th June 2022 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................
T Llanwarne CB - Chairman - Trustee
Page 7
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 31st December 2021.
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: ............................................. 8 July 2022
Page 8
RYE ART GALLERY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
36,463
Charitable activities
5
Artwork sales
113,194
Lecture income
539
Trading activities
3
22,767
Investment income
4
1,332
Total
174,295
EXPENDITURE ON
Cost of Raising Funds
6
24,826
Charitable activities
7
Artwork sales
83,141
Professional fees
4,615
Independant examiners fee
1,300
Total
113,882
Net gains on investments
6,219
NET INCOME
66,632
Transfers between funds
19
(6,427)
Net movement in funds
60,205
RECONCILIATION OF FUNDS
Total funds brought forward
667,956
TOTAL FUNDS CARRIED FORWARD
728,161 |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
6,427
6,427
33,653
40,080 |
2021
Total
funds
£
36,463
113,194
539
22,767
1,332
174,295
24,826
83,141
4,615
1,300
113,882
6,219
66,632
-
66,632
701,609
768,241 |
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 |
The notes form part of these financial statements
Page 9
RYE ART GALLERY TRUST
BALANCE SHEET 31ST DECEMBER 2021
Notes
FIXED ASSETS
Tangible assets
13
Heritage assets
14
Investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds:
General fund
Restricted funds:
Permanent Collection
Friends of Rye Art Gallery
TOTAL FUNDS |
Unrestricted
fund
£
530,036
-
96,299
626,335
6,200
2,344
117,451
125,995
(24,169)
101,826
728,161
728,161 |
Restricted
funds
£
-
23,864
-
23,864
-
-
16,216
16,216
-
16,216
40,080
40,080 |
2021
Total
funds
£
530,036
23,864
96,299
650,199
6,200
2,344
133,667
142,211
(24,169)
118,042
768,241
768,241
728,161
23,864
16,216
40,080
768,241 |
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 |
|
|
|
|
|
The financial statements were approved by the Board of Trustees and authorised for issue on 28th June 2022 ............................................. and were signed on its behalf by:
.............................................
T Llanwarne CB - Chairman - Trustee
The notes form part of these financial statements
Page 10
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021
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 11
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021
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
TheCollectionofover700itemsisCataloguedandheldoncomputersattwoexternal addresses
andisalsoinprint.IntheCataloguethereisadescriptionofeachworkwithnameof artist,
artist'sdates,titleofwork,dateofwork,medium,measurements,signing,visual description,
provenanceandconservationnotesasrelevant.TheArchivesarelistedeitherin separate
Catalogues 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 12
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
2.
DONATIONS AND LEGACIES
Donations
Grants
Covid insurance claim
Local Council - Covid grant
HMRC - Furlough grants
3.
TRADING ACTIVITIES
Merchandise sales
Other income
4.
INVESTMENT INCOME
Investment income
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Commissions on sales
Artwork sales
Lecture income
Lecture income |
|
2021
£
3,404
12,908
20,151
36,463 |
|
2020
£
2,636
19,565
41,499
63,700 |
|
|
2021 |
|
2020 |
|
|
£ |
|
£ |
|
|
20,151 |
|
10,000 |
|
|
- |
|
9,565 |
|
|
|
|
|
|
|
|
|
|
|
|
20,151 |
|
19,565 |
|
|
|
|
|
|
|
|
|
|
|
2021
£
21,184
1,583
22,767
2021
£
1,327
5
1,332
2021
£
113,194
539
113,733 |
|
|
2020
£
13,317
-
13,317
2020
£
1,218
32
1,250
2020
£
49,929
478
50,407 |
continued...
Page 13
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
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
£
83,141
-
-
83,141 |
2021
£
6,075
7,447
(6,200)
6,696
3,067
(3)
981
483
243
576
1,374
208
513
421
509
585
857
183
231
24,246
2021
£
580
24,826
Support
costs (see
note 8)
£
-
4,615
1,300
5,915 |
|
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
Totals
£
83,141
4,615
1,300
89,056 |
|
|
|
|
|
continued...
Page 14
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
8. SUPPORT COSTS
Governance
Finance
costs
£
£
Investment management costs
580
-
Professional fees
-
4,615
Independant examiners fee
-
1,300
580
5,915
INDEPENDENT EXAMINERS REMUNERATION
2021
£
Independent examiners fee
1,300 |
Totals
£
580
4,615
1,300 |
|
6,495 |
|
2020
£
1,275 |
9. INDEPENDENT EXAMINERS REMUNERATION
10. TRUSTEES' REMUNERATION AND BENEFITS
Duringtheyearonetrustee-MrJDay-received£7,332(2020:£7,200)forhisservices supplied
intheroleofinterimGalleryDirectorupuntilJunewhenhebecameanemployeeandresigned as
a Trustee. These are included within subcontractor costs for the year.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31stDecember2021norforthe year
ended 31st December 2020.
11. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs |
2021
£
36,766
-
2,622
39,388 |
2020
£
35,393
208
1,276 |
|
|
36,877 |
TheaveragemonthlynumberofemployeesinformationbelowisfromMayfor2021and the
comparativeaveragefor2020isuptoJuly.Therewerenoemployeesduringtheperiod August
2020 to April 2021.
The average monthly number of employees during the year was as follows:
Gallery Director
Gallery/Sales Assistants |
2021
1
2
3 |
2020
1
1 |
|
|
2 |
No employees received emoluments in excess of £60,000.
continued...
Page 15
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
63,700
Charitable activities
Artwork sales
49,929
Lecture income
478
Trading activities
13,317
Investment income
1,250
Total
128,674
EXPENDITURE ON
Cost of Raising Funds
22,950
Charitable activities
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
(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 |
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 |
continued...
Page 16
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
13. TANGIBLE FIXED ASSETS
COST
At 1st January 2021
Additions
Disposals
At 31st December 2021
DEPRECIATION
At 1st January 2021
Charge for year
Eliminated on disposal
At 31st December 2021
NET BOOK VALUE
At 31st December 2021
At 31st December 2020 |
Freehold
property
£
580,850
-
-
580,850
58,085
-
-
58,085
522,765
522,765 |
Fixtures
and
fittings
£
38,587
1,477
(695)
39,369
30,988
1,361
(251)
32,098
7,271
7,599 |
Totals
£
619,437
1,477
(695)
620,219
89,073
1,361
(251)
90,183
530,036
530,364 |
|
|
|
|
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 17
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
14. HERITAGE ASSETS
HERITAGE ASSETS |
|
MARKET VALUE
At 1st January 2021 and
31st December 2021
NET BOOK VALUE
At 31st December 2021
At 31st December 2020 |
Total
£
23,864 |
|
23,864 |
|
23,864 |
ThePermanentCollectioncomprisestheStormontBequest,theRobertMackechnieBequest and
otherworksofartacquiredsincetheformationoftheTrust.Itconsistsofover700itemsof fine
artandsculpture.Inaccordancewithpreviouslyrecommendedpractice,worksacquiredpriorto 1
January2000havenotbeenincludedinthebalancesheet.Significantcostswouldbeinvolved in
obtainingafullvaluationcomparedwiththeadditionalbenefitderivedtherefrom.Theamounts are
statedatcostwherepurchased.ItistheTrustee'sopinionthatwheredonationsofHeritage Assets
aremade,itisnotpossibletomakeareliableestimationoftheasset'sfairvalueandthecost of
valuationislikelytoexceedthebenefitsprovidedbytheinformation.Thereforedonatedassets are
not recognised in the accounts.
Summary analysis of Heritage Asset transactions:
|
2021 |
2020 |
2019 |
2018 |
2017 |
|
£ |
£ |
£ |
£ |
£ |
Purchases |
- |
150 |
- |
- |
150 |
Donations |
- |
- |
- |
- |
- |
|
|
|
|
|
|
Total additions |
- |
150 |
- |
- |
150 |
|
|
|
|
|
|
Impairment |
- |
- |
- |
- |
- |
|
|
|
|
|
|
Disposals |
- |
- |
- |
- |
- |
|
|
|
|
|
|
Proceeds from
disposals |
- |
- |
- |
- |
- |
|
|
|
|
|
|
15. FIXED ASSET INVESTMENTS
FIXED ASSET INVESTMENTS |
|
|
Listed |
|
investments |
|
£ |
MARKET VALUE |
|
At 1st January 2021 |
45,399 |
Additions |
104,151 |
Disposals |
(55,923) |
Revaluations |
2,672 |
At 31st December 2021 |
96,299 |
NET BOOK VALUE |
|
At 31st December 2021 |
96,299 |
At 31st December 2020 |
45,399 |
There were no investment assets outside the UK. |
|
continued...
Page 18
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021
15. FIXED ASSET INVESTMENTS - continued
2021
£
Historical cost of investments
93,169
The fixed asset investments are managed by Rathbones Investment Management.
16.
STOCKS
2021
£
Finished goods
6,200
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£
Trade debtors
788
Other debtors
-
Prepayments
1,556
2,344
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£
Trade creditors
14,828
Taxation and social security
6,377
Other creditors
2,964
24,169
19.
MOVEMENT IN FUNDS
Net
Transfers
movement
between
At 1/1/21
in funds
funds
£
£
£
Unrestricted funds
General fund
667,956
66,632
(6,427)
Restricted funds
Permanent Collection
23,864
-
-
Friends of Rye Art Gallery
9,789
-
6,427
33,653
-
6,427
TOTAL FUNDS
701,609
66,632
- |
2021 |
|
2020 |
2020 |
2020 |
|
£ |
|
|
£ |
|
|
93,169 |
|
|
28,773 |
|
|
|
|
|
|
|
|
|
|
2020
£
6,075
2020
£
923
43,333
1,324
45,580
2020
£
8,597
3,936
2,813
15,346
At
31/12/21
£
728,161
23,864
16,216
40,080
768,241 |
|
|
continued...
Page 19
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021
19. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
174,295
174,295 |
Resources
expended
£
(113,882)
(113,882) |
Gains and
losses
£
6,219
6,219 |
Movement
in funds
£
66,632
66,632 |
|
|
|
|
|
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Permanent Collection
Friends of Rye Art Gallery
TOTAL FUNDS |
At 1/1/20
£
633,421
23,714
9,789
33,503
666,924 |
Net
movement
in funds
£
34,685
-
-
-
34,685 |
Transfers
between
funds
£
(150)
150
-
150
- |
At
31/12/20
£
667,956
23,864
9,789
33,653
701,609 |
|
|
|
|
|
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
128,674
128,674 |
Resources
expended
£
(94,581)
(94,581) |
Gains and
losses
£
592
592 |
Movement
in funds
£
34,685
34,685 |
|
|
|
|
|
Restricted funds
ThePermanentCollectionisaRestrictedFund.Thepurposeofthefundistoholdprominent works
that the Trust feels are an important to their aims on a permanent basis
TheFriendsofRyeArtGalleryFundbalanceof£9,789broughtforwardrepresentsa donation
madetotheTrustwhichstipulatedthatitistobeusedforMacKechnieRoomimprovements. As
suchitisaRestrictedFund.Thetransferduringtheyearof£6,427wastheproceedsofthe April
2021auctionwherethecommitmentwasmadeinadvancethatallproceedswouldbeusedfor the
refurbishmentofGalleries5,6andthestaircaseand/orforexpensesincurredfor improving
conservation.
continued...
Page 20
RYE ART GALLERY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
20. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2021.
Page 21