```
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`**
||**`Page`**|**`Page`**|**`Page`**|
|---|---|---|---|
|**`Report of the Trustees`**|`1`|`to`|`7`|
|**`Independent Examiner's Report`**||`8`||
|**`Statement of Financial Activities`**||`9`||
|**`Balance Sheet`**||`10`||
|**`Notes to the Financial Statements`**|`11`|`to`|`21`|
```
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
```
- `The Gallery held a very attractive set of exhibitions from local artists giving tremendous support to us`
- `the Gallery Director and staff showed enormous dedication and hard work`
```
-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
```