RECEIVED - 5 SEP 2ff14 REGISTERED CHARrrY NUMBER: 310318 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR RYE ART GALLERY TRUST Glbbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers Rye East Sussex TN31 7U
RYE ART GALLERY TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees Independent Examlner's Report statement of Financial Actlvities Balance Sheet io Notes to the Financial Statsments li to 20 Detsiled Statement of finan¢lal Activities 21 to 22
RYE ART GALLERY TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees psent their report wlth the financial statements of the charlty for the year ended 31 Dember 2023. The trustee5 have adopted the provisions of Accounting and Reporting by Charitles: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). HIGHLIGHTS 2023 has proved to be a year with both highs and lows: Many very well received exhibitions Extensive and much needed exterior building n0VatiOn wa5 done in the year paIring the roof and windows at a heawy cost Two successful charitable events in December, The Barefoot Opera and The Charity Auction, together raised £6k for future renovation of the stordge rooms - Artwork sales and trading activities decreased from the previou5 year by £35,000 to £llO,000 The middle part of the year, from April to September, proved to be challenging with trading activities dropping to below £50k for the six months as the cost-of-llving crisis set in PRELIMINARIES ObJectlve5 and aims The Trust Deed was set up in 1957 for 'the propagatlon of knowledge concerning the flne arts and In partlcular the art of painting and the stimulatlon of Interest in and the encouragement of the same by the provision and arrangement of exhlbltlons and lertures and of facilities for Instruction in the same and the prattl thereof." An underlylng pollcy is that the Gallery is freely open for all, therefore providing vlsual art for public benefit. Governance and publlc benefrt The Trustees have overall responslbillty for ensurlng the Integrity or the Stormont bequest through the 1957 Trust Deed and that the charity has appropriate systems of controls, finandal and otherwlse. They are also reqUId to comply wlth the guldellnes as lald down by the Charlty Commissloners to whom they are accountable. Charlty law also requires the Trustees to ppa financial statements for each financial year which glve true and fair vievi of the situation of the charity and of the surplus or deficlt of the charity for that period. The Trustees have due regard for the guidan publlshed by the Charity Commission on public benefit. Governlng document and constltutlon Rye Art Gallery Trust remains a Charitable Trust created under the terms of the Mary Stormont Trust Deed and a constitutlon dated 4 Ortober 1957, as varied in 1987, 1995, 2012, 2018 and 2021. The Charities Commission Number is 310318. Page I
RYE ART GALLERY TRUST RÉPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DEceMBER 2023 OBJECTIVES AND AcrivrrIES Charbtable activltles In fulfilllng the objeetlves - genernlised To fulfll Its objectlves, and subject to always preserving its ststus as a charlty, the Trust may acquire works of art for the purpose of public displayi also may estsblish any or all the followlng: an Art Galleryi Picture Galleryi an Art School, a Lecture Hall and may do anythlng else whereby artistic educatlon and appreclatlon may be promoted. In furtherance of these actlvities, below sets out the operations and activities that were undertaken In 2023. SIX Gallery spaces are open free of charge to the public six days a week with a vartety of exhibitions and events taklng place during the year. The Trustees, Gallery Dlrertor and Staff ensure that the very best of Contemporary Art by local and regional artists and crafts people Is always available for enjoyment and purchase through regularly refreshed displays and themed exhlbltions. Last Year 60,000 visltors came to vlslt us many come to visit us as a public gallery, others come to buy and collett artists work that we have for sale. The Gallery holds a Permanent Collection of over 2000 items of I0 and the-dIMensIOnal Items, which Includes the original Stomont Bequest of around 100 palntings. Acqulsltlons via bequest, purchase and loan are made focuslng on 19th-21st century art. Art works from the Collettlon are shown for publlc enjoyment and education. In line wlth our collectlon pollcy the Gallery contlnues to acqulre w0S of art with a significarst connectlon to Rye and further afield. We continue to collect artworks Including palntlngs and sculpture from key artists to keep our pemanent collection current and preSentatIVe of the British contemporary history of art In thls reglon. Last Year our "Friends. brochure was produced and Included hlghllghts of the exhlbition programme through to December 2023. Exhibition catalogues are now prodUd for many of the major exhibitions taking place. These catslogues can also provlde important hlstorfcal background infonnatlon on the permanent collectlon and on our founder Mary Stormont for the public vlsltlng the gallery as well as adding to the hlstoric archlves for future vlsltors and researchers visltlng the gallery. At the end of 2023, the number of 'Friends' paid-up membershlp of the Gallery grew to a total of 134. There 15 no charge to visit the exhlbltlons, or the gallery. We installed an elertronic vlsltor counting system which registered 61,200 public visitors In 2023. Visitors are encouraged to make a donatlon following thelr vlslt, a mlnlmum of £3.00. In view of thi5 increaslng public footfall our attentlon has had to focus more on fijndraising to support the running operation of the gallery, develop and look after our permanent collectlon held in trust and malntsin our historic bullding5, which consist of two Ilnked bulldlngs and six gallery spaces Includlng the orlglnal studlo where the artlst Mary Stomiont worked and lived for over 60 year5. Two charitable events were staged towards the end of the year an auction of artworks online and a muslc event featurlng opera arias, perfomied at the gallery. We ralsed £6k net of costs which wlll to go towards the renovatlon of our permanent collection Sto5. We are an art5 and crafts gallery with fine art for sale hostlng contemporary art exhibitions wlth our own remarkable growlng permanent collettlon held in trust on behalf of the Rye Community and beyond. RYE ART GALLERY EXHIBITION AND EVENfs PROGRAMME FOR 2023 IN DEfAIL We have successfully developed our exhlbitlon programme to reflect a seasonal planning approach: SprSng, Summer, Autumn and Wlnter. Rooted In the Landscape openlng on 28th January 2023 to the 12th Marth 2023 We launched our exhlbition programme for 2023, with a solo exhibitlon for the local "Plein air" painter Karl Terry RSMA, Rooted In the Landscape opening on 28th January. The flrst celebration of the paintlng career of Karl Terry, a well-known, established Pleln alr artlst. Karl has been feNently documenting the ever-changingi spectscular land and seascapes that surround us in Rye for many years. As a result of the exhibition Kad Terry became our best-selllng artlst for 2023. Page 2
RYE ART GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Supportlng event: The Curator In Conversatlon with Karl Terry RSMA Saturday 18th February 2023, from 5 pm untll 7 pm An Informal discussion about the artlsts life and work in conversatlon with the gallery curator Dr Jullan Day (46 attendees). The return of The Rye Society of Artists annual Spring Show 18th March - 1st May 2023 The first known soclety for the arts established in Rye was the 'Rye Arts Club.. Originally Set up and organised by local artist Howard Gull Stormont and his wife, the painter Mary Stormont who lived at Ypres Studio. This house and the original bequest of her art colltionS became a part of the Rye Art Gallery as we know it today. During the 1920,5 Rye Arts Club was based at Lamb House, with Henry James the writer listed as an early president. In 1951. the Club transferred into the Rye Society of Artists. Thts yearf5 sprlng show at Rye Art Gallery was 5UPPOrted by over 40 member artists with a wonderful eclecbc mix of over 150 artworks including paintings, prints, cernmics, sculptures, photography, and film. This continues to be a popular annual event and will take an additional gallery Space for member artists next Year. LT Saturdayi March 18th - 7th May 2023 In assoclation with the RSA sprlng show, TILT is a collaboratlve show that brought together four art15ts, Roz Cran, Adrienne Hunter, Sarah Palmer and Nick Snelling. All based In the Hastlngs area but withln the different mediums that they work, each artlst questloned thelr relationshlp with the natural world and objects In their dally Ilve5. The Earth's tilt plays a very Important role in our seasons. Earth is tilted on a 23.5. axis relative to our orblt around the sun. It is because of thls 'tilV, that we can experlence the seasons: 5p ringi summer, autumn, wlnter. With another spring fast approachlng for the gallery this was the perfect time of year to present an exhlbltlon where the artists focus on change and growth for the coming year. Supportlng Events: Join tllt artlsts Sarah Palmer and Rosamund Cran In the Stom)ont Studlo from 2 pm until 4 pm on April 1st and April 22nd (Earth day). clay and paper wlth pots and book making demonstratlons. These were attended by 25 children, artists provided free tuition. Tllt - Yoga session with Louise Simkiss-Day Sunday 26th March 2023 at 4 pm Adult group 6 participated in a sprlng Yoga dass based on Improving Strength and flexibility. Works on Paper wlth Sally Cole and Robert Sang Mackechnie RBA (1894-1975) Exhlbition catalogue produced. 20th May - 23rd of July 2023. During the Covid lo(kdown in 2019, whilst we were working at the gallery in isolation, we discovered in our attic a whole series of 'drawings, sketchbooks, and abstract watercolours by the artist Robert Mackechnie. These forgott works fomied part of a major bequest to the gallery in 1990, made to us by his wife, an artist and life-time supporter of Rye Art Gallery, Mar¥Jaret Barnard. These pieces were produced late in Robert'5 life when he had been suffering from memory loss and had been moved from his home In Watchbell Street to a care home in Ticehurst. Folloyiing on from Sally's SuC$ful solo show Embodied Land at Rye Art Gallery In 2020, we have been thinking about a ft)Ilow-up exhibltion purely showing her works on paper. It felt right to combine these with selectlons of Robert's historic experlmental work from our permanent collection which, as pure deconstrurtlons of the landscape have such genuine Impact. Teatime Poetry reading events were heltl during June with Poetess, Peronel Barnes and artlst Sally Cole, related to thelr book on St Davld's along with new work about the Pembrokeshire thndscapes. (Attendances of 15 people per sesslon). Page 3
RYE ART GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Quiet Living - Saturday 10th June - Sunday 29th July 2023 (Exhlbltion Catalogue produced). A group exhibition of Still life works featuring paintlngs by Nick Archer, Karen Birchwood, Fred Cuming RA, Flona Denning* Brian Oxley and Jacqueline Stanley HRHA ARCA. And seletted pennanent collection pieces by Mary Stormont and Margaret Barnard. This still life exhibition provided an opportunity to show case works from our permanent collection in Rye and induded the major collection of Flower Paintings by our founder Mary Stornont but also Diana Low and Fred Cuming RA. Jacqueline Stanley ARCA HRHA (1928-2022) A Retrospective Saturday July 29 - September 30, 2023. This exhibition seeks to do the very thlng that rf Jacqueline Stanley were he today, she could tell you, tra the story of her life through her athork. From her student days,. painting outdoor scenes such as fun fairs. Brighton Pier and the raTrxuntamed Kent landscapes, through to her exploration of Ireland. We are offered scenes that are unique and unapologetic, Jackie's visual language is Visra1 and ask any Individual who knew her, and they will confirm that this extended to her speaking voice. She wa5 a felsty and determined woman, with a long succe$5ful career as a palnter and teacher. Jackie's associations with the art world are part of our history in Rye and It has been a great honour for the gallery to work c105ely wlth the famlly to stage a Retrospective with such a vartety of work comlng from different stages of her long Caer as a palnter. In recognition of Jacquellne Stanley's life and work and our annlversary of 60 years. we dedlcated all the spaces In the gallery to women art15ts and the many that were so important hlstorlcally for the gallery coming into being. Celebratingi our founder Mary Stormont and her supporters Mary Eastr)n and then later Margaret Barnard and Diana Low. We also chose to feature works by Angela Braven with a special exhlbltion entitled "Little Box Men" from Hastings based artist, Uz Finch. Addltlonal events. September 16 - A curatorial evening tour of Jacquellne Stanley's Retrospective. With curators Loulse Simkiss and Dr Julian Day. Followed by a prevlew screening of cllps from a new film in the making about Jackie, dlrected by her daughter, film maker Nlchola Bwce (25 attendees). O(tober 26 - Fllm Screening in Sbjdio Gallery The Roman of Bricks D5cted by Nlchola Bruce (16 ttendees). Abundance Satunlay Opening reception 18th November 2023 continues into January 2024 For our flnal exhibition of 2023, which will be taking us into a brand-new year. 2024, we will be exhibited new work from Rye Art Gallery artists with the theme of abundance. This group exhibition Includes artworks selected from our permanent collertions. The exhlbltlon is geared to affordable art and small treasures Specifically seletted for the Christmas gift market. Barefoot Opera at Rye Art Gallery Saturday 9th December 2023 6pm-8pm 'Libiamo, libiamo ne. lieti calid che la bellezza infiora, We joined forces with the 'Barefoot Opera, for a very speclal evening of music with singers performlng set pleces from famous operas Including Gluseppe Verdl's popular 'La traviata., ahead of the Barefoot opera's tour of La traviata in 2024. Page 4
RYE ART GALLERY TRUST REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 This perfomiance was In conjunttlon wlth our wlnter exhlbltlon 'abundance' which showcases the very best new work from more than 40 artlsts represented by Rye Art Gallery. (75 attendees pald £20.00 per ticket to support the gallery bullding restoratlon progrdmme). The launch of the Second Rye Art Gallery Auction. Durlng the Summer of 2023 we completed the first stage of the restoration of the outslde of our historlc building Ypres Studio where Mary Stormont our founder lived from 1898 until her death In 1962. ConseNlng and repairing old bulldings is a time consuming and very expensive bLJsiness, this year we spent £50,000 getting the bullding watertight, repairing the arts and crafts roof and exterior window features. As we plan to move forward wlth stage 2, interlor restot7tion to our studio, wlth museum standard permanent collectlon stores and archive room, the Rye Art Gallery Charltable Trust needs financial support. As a key part of our fundraising approach for 2023, we have organised thls second Rye Art Gallery onllne auttion. The aim is to auction over 50 selerted works. All profits raised from thls auction sale wlll go stralght to the 'stage two, restoration fund. We have seletted several Rye Art Gallery artlsts. Alongside these works we also featu IlmSted edition prints from our Pemianent Collectlon and exclusive posters from prevlous Rye Art Gallery exhibitions. On behalf of the charitable trust, we would like to thank our artlsts for thelr generous support of this projert. Our taryet of £9,500 wa5 achieved in auction sales. The costs of running our events programme have Increased in 2023. For example, promotional material5, catalogues, posters, hanglng expenses and framing costs have all gone up. The indlvldual incomes achieved from our exhlbition programme are detalled in the flnanclal report. Some of our shows performed better than others commerclally but this has to be balanced against the development of the artists we represent at the gallery. We are also showlng many permanent collection pleces in our shows, although thls does not generats sales revenue, there has been an IncaSe In loan requests from other museums and gallerles for our collertion pieces. Thls Is beglnning to provide additional revenue from loans and Ilcendng of pemianent collectlon Images and sales of prints. Drj. E. Day Rye Art Gallery FINANCIAL REEW Trading performance Taklng Into account all of the above, the sales of contemporary art in 2023 amounted to approximately £211,000 before commissions. When allowing for deductions for commlssior15 and VAT and addlng In the relatlvely small amount of merthandlse sales and other Income, the overall totsl net Income from nomial activities amounted to £127,300 Total expenses for the year amounted to approximately £153,500 Includlng £26,000 for building repalrs and before allowing for depreciation and one-off accountlng changes. After allowing for these changes, the net expenditure amounted to approxlmately £168,100 glving an overdll net deficit of clrca £40,200. £6,000 of additional net revenue has been rfngfenced for future projects. Net unrestricted assets at the end of the year amounted to £682,395 includlng £94,800 of non cash funds held by Rathbones and ignoring the property revaluatlons over many years. Page 5
RYE ART GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Reserves pollcy The policy in place Is to ensure that the net liquid resenies, defined as cash, marketable Investments, debtors and stock less creditor5 and loans, should stay in excess of £125,000 except In exceptional tlmes. At the end of 2023, reserves on thi5 basis amounted to £169,862 including restricted funds and É151,417 exduding restrirted funds. STRucfuRE, GOVERNANCE AND MANAGEMENT Goveming document The charity is controlled by its goveming document, a deed of twst and constfitutes an unincorporated charity. Organisation, recruitinen¢ appointment of new trustees and manpower to keep the Gallery operating The Charity is directed by the Board of volunteer unpaid Trustees. The maximum number of permitted Trustees is 7. The Trust deed, as amended to the present dayi States that one Trustee must be appointed by the Royal Academy, one by Rye Town Council and another by the Friends of Rye Art Gallery. The gallery is run by four employee5: Dr. Julian Day Is the Gallery Director; Jason McEwan-Mcghie as Gallery Representative; and Polly Homer and Alanda Marchant as Gallery Assistants. The trustees are very grateful for all the hard work they put In durlng 2023. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charfty number 310318 Prindpal address 107 Hlgh Street RYE East Sussex. TN31 7JE Trustees The Trustees who served the charity during the perlod were as follows: Mrs Heldl Foster (appolnted February 2020) Mrs Louise Simkiss-Day (appointed August 2020) Mrs Sarah Kowitz (appoirited November 2020) Dr Amy Pierce Miller (appoint December 2020) Mr Michael Boyd (appointed February 2021) Mr Stephen Dee (appointed July 2022) Mr Michael Sweeney (Chairman) (Appointed August 2022) Independent Examiner Mr J Greenslade FCCA Gibbon5 Vlannington & Phipps LLP Chartered Accountants Landgate Chambers Rye East Sussex TN31 7LJ Solldtors Heringtons Soliators Bank Chambers 80 High Street Rye East Sussex TN31 7JR Page 6
RYE ART GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADmINISTRATE DETAILS Investment advlser Rathbones Investment Management London WIJ 5FB Approved by order of the board of trustees on by: and signed on Its behalf M Sweeney - Trustee Page 7
INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF RYE ART GALLERY TRusr Xndependent examiner's report to the trustees of Rye Art Gallery Trust report to the charlty trustees on my examlnatlon of the accounts of Rye Art Gallery Trust (the Trust) for the year ended 31 December 2023. Responslbllltles and basis of ret As the charity trustees of the Trust you are responslble for the pparatIon of the accounts in accordance with the requirements of the Charities Act 2011 ('the Acv). report in respert of my examination of the Trusys accounts carried out under Section 145 of the Act and In carrylng out my examinatlon I have followed all applicable Directions glven by the Charity Commisslon under Section 145{5){b) of the Att. Independent examinerfs statement I have completed my examlnatlon. I confimi that no materlal matters have come to my attention In connectlon with the examlnatlon glvlng me cause to belleve that in any materlal respect: accountlng records were not kept in respect of the Trust as required by Sectlon 130 of the Att. or the accounts do not accord with those records; or the accounts do not comply wlth the appllcable requirements concemlng the form and content of accounts set out in the Charitles (Accounts and Reports) Regulations 2008 other than any requirement that the accounts glve a true and falr vlew which is not a matter considered as part of an independent examlnatlon. I have no concerns and have come acros5 no other matters in connectlon wlth the examinatlon to which attentlon should be drawn in this port In order to enable a proper understsnding of the accounts to be reached. Mr J Genslade FCCA Glbbons Mannington & Phlpps LLP Chartered Accountsnts Landgate Chambers Rye East Sussex TN31 7U g September 2024 Date: Page 8
RYE ART GALLERY TRUST STATEMENT OF FINANCIAL AcrIvrrIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Totsl funds 2022 Totsl funds Unrestricted fund Restrlcted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 189 750 2,939 8,347 Charitable activities Athork sales Shop sales 59,354 28,390 59.354 28.390 118.893 Trdding activities Investment income 21,621 4,379 10.617 31238 4.379 25,915 2,480 Total 115,933 11.367 127.300 155,635 EXPENDITURE ON Cost of Ralslng Funds 26,106 4.932 31.038 26,533 Charitsble activltles Artwork sales Shop sales Professlonal fees Independant examlners fee 135,185 458 135,643 116,062 155 1,300 1.450 1,450 Total 162,741 5.390 168,131 144,050 Net gain[105ses) on investments 632 632 (12,258) NET INCOME/(EXPENDITURE) Transfers between funds (46,176) (1.105) 5.977 1.105 (40.199) (673) 19 Net movement In funds (47,281) 7,082 (40,199) (673) RECONCILIATION OF FUNDS Totsl fund5 brought fonvard 729,676 37,892 767,568 768,241 TOTAL FUNDS CARRIED FORWARD 682,395 44974 727,369 767,568 The notes form part of these financial statements Page 9
RYE ART GALLERY TRUST BALANCE SHEEr 31 DECEMBER 2023 2023 Totsl funds 2022 Total funds Unrestrirted fund Restrlcted fijnds Notes FIXED ASSETS Tangible assets Heritage assets Investments 13 14 15 530.978 530,978 26,529 94.840 532,042 24,774 87,615 26.529 94.840 625018 26.529 652.347 644,431 CURRENT ASSErs Stocks Debtors Cash at bank and In hand 16 17 5.800 7,332 75,418 5.800 7.332 93,863 5,200 6,197 155,540 18,445 88,550 18,445 106,995 166,937 CREDITORS Amounts falllng due within one year 18 {31,973) {31,973) (43,800) NET CURRENT ASSErs 56.577 18,445 75.022 123,137 TOTAL ASSEfs LESS CURRENT LIABILITIES 682,395 44.974 727,369 767,568 NEf ASSETS 682,395 44974 727,369 767,568 FUNDS Unrestricted funds: General fund Restricted funds: Pemianent Collection Friends of Rye Art Gallery 19 682,395 729,676 3I506 12,468 24,774 13,118 44,974 37,892 TOTAL FUNDS 727,369 767,568 The financial statements were approved by the Board of Trustees and authorlsed for Issue on and were slgned on its behalf by: M Sweeney - Trustee The notes form part of these financlal statemer Page 10
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES BASIS OF PRepARING THE FINANCIAL sfATEMEMrs The financlal statements of the charity, which is a publlc benefit entlty under FRS 102, have been prepared In accordance wlth the Charities SORP {FRS 102) 'Accountlng and Reporting by Charities: ststement of Recommended Pract1 applicable to charltles preparing thelr accounts in accordance wlth the Financial Reportlng Stsndard appllcable In the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Flnanclal Reporting Stsndard 102 'The Financlal Reportlng Standard applicable In the UK and Republlc of Ireland. and the Charities Att 2011. The financlal statements have been prepared under the historlcal cost conventlon, with the exceptlon of investments which are Included at market value, as modified by the revaluation of certaln assets. FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS The charity has taken advantsge of the followlng disclosure exemption in preparlng these financlal statements, as permltted by FRS 102 'The Financial Reporting Stsndard applicable In the UK and Republlc of Iland,. the requlrements of Section 7 Ststement of Cash Flows. INCOME All income other than grant income is recognlsed In the Statement of Flnancial Attivitles once the charity has entitlement to the funds, It Is probable that the Income will be recelved and the amount can be measured reliably. Grant income has been recognised under the perfom)ance model. Grants that do. not speclfy any future perfonnance-related conditions are recorded when the grant prOed$ are received or recelvable. Any grant that Imposes specified future perfOrMan-re1ated conditions is COgnised only when the performance-related condition5 a met. Grants recelved before the revenue recognition crlterla are satisfied are recogni5ed as a Ilablllty EXPENDITURE Llabllltles are recognised as expetKliture as soon as there Is a le9al or constructive obligatlon committing the charlty to that expendlture, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured rellably. Expendlture is accounted for on an accruals basls and has been classified under headlngs that aggregate all cost related to the category. Where costs cannot be direttly attributed to partlcular headings they have been allocated to actlvities on a basls consistent with the use of resources. TANGIBLE FIXED ASSErs Depreclatlon is provided at the following annual rates in order to write off each asset over its estlmated useful lrfe. Frethold prope Fixtures and flttlngs not provided 15% on reducing balance HERITAGE ASSETS Pollcy for acquisition, management and dlsposal of Permanent Collection The Collection focuses on Britlsh Art from the late 19th ntury to the present, with the major holdlng being of work from the early to mid twentleth century. The Trust alms to collett artwork relevant to Collection themes according to avallable fundingi storage space and curatorlal care. Themes are as follows: l. The work is geographlcally related to Rye and its envlrons in the South East of England, In particular works that refiett the region's varied landscape, seascape and soclal history. 2. The work Is by artists of reglonal and national Importance assoclated wlth the Rye and South East area, (eg. Burra. Nash, Plper, Bratby, Cumlngi etc) Page li contlnued.
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMEKfs - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - contlnued HERrrAGE ASSETS 3. The work falls especially into the categories of Palnting (encouraged by the terms of the Trust), Printmaking and Drawing. Works In other media are of Interest provlded that the above crfterla are met. Pollcy for acqulsltlon, management and disposal of Permanent Collection (ConL) To date the Trusvs Board has not had tlme to fijlly review works in the Collection which mlght usefully be dlsposed of. Records maintsined The Collertlon of over 700 items is Catalogued and held on computers at two extemal addresses and is also In prlnt. In the Catalogue there is a descrlptlon of each work with name of art15t, artlst's dates, title of work, date of work, medlum, measurements, signlngi vlsual description, provenance and conservatlon notes as relevant. The Archives are listed either in separate Catalogues or grouped by title and these are also on computer and in prlnt. Most of the Collertlon has been photographed In an ongolng programme and coples held on disc. A revlew takes place periodlcally, the last one belng In 2015. STOCKS St¢xks are valued at the lower of c05t and net realisable value, after maklng due allowance for obsolete and slow mowng items. TAXATXON The charity Is exempt from tax on Its charltable activities. FUND ACCOUNTING Unrestrirted funds can be used in accordance with the charltable objectives at the dlscretlon of the trustees. Restricted funds tan only be used for partlcular restrirted purposes within the objects of the charity. Restrlctlons arlse when speclfled by the donor or when funds are raised for partlcular restrlcted purposes. Further explanation of the nature and purpose of each fund is included In the notes to the financlal statements. Investments Investments are recognised at the Market Value at the year end date. Both recognised and unrecognlsed galns and losses are tsken to the Ststement of Financial Actlvltles as calojlated at the year end. Debtors Trade and other debtors are recognlsed at the settlement amount due after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trdde dlscounts due. Credttors Creditors and provisions are recognlsed where the charlty has a present obligation resulting from past event that wlll probably result In the transfer of funds to a third party and the amount due to settle the obligation can be measured or estlmated reliably. CdItorS and provisions are normally recognlsed at thelr settlement amount after allowlng for any trade discounts due. Voluntsers Glven the absence of a reliable measurement basis, the contribution of volunteers Is not included a5 income in charity accounts. Page 12 continued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACIES 2023 2022 Donatlons Grants Covid insurance claim 2,939 2,234 2,667 3,446 2,939 8,347 2023 2022 Local Council - Covid grant 2,667 667 12,908 TRADING AcfIvITIES 2023 2022 Merchandlse sales Charltable events income 20,029 12,209 25,915 32,238 25,915 INVESTMENT INCOME 2023 2022 Investment income Deposit account interest 2,346 134 1.333 4,379 2,480 INCOME FROM CHARrrABLE ACTIVITIES 2023 2022 Artlvlty Athiork sales Shop sales Commissions on sales Commisslons on sales 59,354 28,390 118,893 87,744 118,893 Page 13 continued,..
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 cosr OF RAISING FUNDS OTHER TRADING AcrxvrrIES 2023 2022 Opening stock Purchases Closing stock staff costs Subcontractors Commission Rates and water Insurance Light & heat Telephone Postage & stationery Repairs & renewals Computer expenses Cleanlng Credlt card charges Securlty Advertising Sundrles Hanging fees Depreciation 5,200 14.663 (5,800) 7,322 59 1.263 6,200 11,990 (5,200) 6,321 771 70 709 297 96 632 1,002 727 493 175 390 2,784 36 331 212 473 1,024 455 337 171 353 253 294 1,102 573 310 109 30,379 25,886 INVESTMENT MANAGEMENT COSTS 2023 2022 Support costs 659 647 Aggregate amounts 31,038 26,533 CHAIUTABLE AcfIviTIES cosrs Support costs (see note 8) Dlrect Costs Totals Artwork sales Independant examiners fee 135,643 135,643 1.450 1,450 135,643 1,450 137,093 Page 14 continued..
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS Governance costs Flnance Totals Investment management costs Independant examiners fee 659 659 1,450 1,450 659 1.450 2,109 INDEPENDENT EXAMINERS REMUNERATION 2023 2022 Independent examiners fee 1,450 1,300 10. TRusfEES' REMUNERATION AND BENEFITS The were no trustees. muneratIon or other benefits for the year ended 31 Dernber 2023 nor for the year ended 31 December 2022. TRUSTeES' EXPENSES There were no tnjstees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. 11. STAFF COSTS 2023 2022 Wages and salaries Other pension costs 71,364 1,862 61,986 1,219 73,226 63,205 The average monthly number of employees during the year was as follows: 2023 2022 Gallery Director Gallery/Sales Asslstants No employees received emoluments in excess of £60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestritted fund Restricted funds Totsl fiJnds INCOME AND ENDOWMENTS FROM Donatlons and legacies 8,347 8,347 Charitable actlvities Artwort sales 118,893 118,893 Trading artlvlties Investment income 25,915 2,480 25,915 2,480 Totsl 155,635 155,635 Page 15 contlnued...
RYE ART GALLeRY TRUST NOTES TO THE FINANCEAL sfATeMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 12. COMPARATIVES FOR THE STATEMEKf OF FINANCIAL AcfIviTIES - continued Unrestricted Restricted fijnd funds Total fijnds EXPENDrruRE ON Cost of Raising Funds 26,533 26,533 Charitable actlvltles Artwo sales Professional fees Independant examiners fee 116,062 155 1,300 116,062 155 1,300 Totsl 144,050 144,050 Net gains/(losses) on investments (12,258) (12,258) NEf INCOME/IEXPENDITURE) Transfers between funds (673) 2,188 (673) (2,188) Net movement in funds 1,515 (2,188) {673) RECONCILIATION OF FUNDS Total fvnds brought fornard 728,161 40,080 768,241 TOTAL FUNDS CARRIED FORWARD 729,676 37,892 767,568 13. TANGXBLe FIXED ASSErs Flxture5 and fittlngs Freehold property Totals cosr At l January 2023 Additions 583,948 39.369 650 623.317 650 At 31 December 2023 583.948 40,019 623,967 DEPRECIATION At l January 2023 Charge for year 58,085 33,190 1,714 91,275 1.714 At 31 December 2023 58,085 34,904 91989 NET BOOK VALUE At 31 December 2023 525,863 5,115 530,978 At 31 December 2022 525,863 6,179 532,042 The freehold property is used for the purposes of the charity. It is included at valuation, prepared by Dyer Commercial at 30 November 1998, as detsiled below, plu5 Improvements Since that date as follows: stomont Galley valuation Eastern Room valuation 250,000 45,000 Page 16 contlnued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMENTS - contSnued FOR THE YEAR ENDED 31 DECENBER 2023 13. TANGIBLE FIXED ASSETS - continued Improvements Year Ended 31 December 2008 Improvements Year Ended 31 December 2009 Improvements Year Ended 31 December 2010 Improvements Year Ended 31 December 2011 Improvements Year Ended 31 December 2016 Improvements Year Ended 31 December 2017 Improvements Year Ended 31 December 2022 112,888 109,656 43,785 9.710 8.311 1,500 3.098 583,948 A major project to improve the property reached completion during the year ended 31st December 2012 and it was decided to charge depreciation in order to write the property off over 50 years. sin 2012 further smaller improvements have b&n made with depreciation being charged to keep to the initial assessment of a 50 year life made in 2012. For the year ended 31 December 2018 the Trustees decided that as property values in the High Street continued to rlse In recent years it was unlikely that the property will ever be valued at less than the cuent holding value. The decision wa5 therefore made not to depreciate the property during thls year and golng forwards.During 2019 the Trustees appointed a local estate agent to undertake a valuatlon of the property, whlch was deemed to lie In excess of £550,000. The Trustees therefore believe that the declsion not to depreciate the building fiJrther was the correct one. 14. HERrrAGE ASSErs Total MARKEf VALUE At l January 2023 Addltlons 24,774 1,755 At 31 December 2023 26,529 NET BOOK VALUE At 31 Dernber 2023 26,529 At 31 December 2022 24,774 The Permanent Collertion comprises the Stomiont Bequest, the Robert Mackechnie Bequest and other works of art acquired since the formation of the Trust. It consists of over 700 item5 of fine art and Sculpture. In accordan with previously recommended practice, works acquired prior to I January 2000 have not been included in the balance sheet. Significant costs would be Involved in obtaining a full valuation compared with the additional benefit derived therefrom.The amounts are Stated at cost where purchased. It is the Trustee's opinion that where donations of Heritage Assets are made, it is not Possible to make a reliable estimation of the asset's fair value and the cost of valuation is likely to exceed the benefits provided by the information. Therefore donated assets are not recognised in the accounts. Summary analysls of Heritage Asset transartions: 2023 2022 2021 2020 2019 2018 Purchases Donatlons Total addltlons 1,755 910 150 1,755 910 150 Page 17 contlnued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 14. HERThAGE ASSETS - continued Impalrment Dlsposals Proceeds from dlsposals 15. FIXED ASSEf INVEsfMENTS Listed investments MARKET VALUE At l January 2023 Additions 87,615 7,225 At 3 1 December 2023 94840 NET BOOK VALUE At 31 December 2023 94,840 At 31 December 2022 87,615 The were no investment assets outside the UK. 2023 2022 Historical cost of investments 103,533 96,910 The flxed asset investments are managed by Rathbones Investment Management. 16. STOCKS 2023 2022 Finished goods 5,800 5,200 17. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2023 2022 Trade debtors Sundry debtors PpaYrnents 4,422 69 2,841 4,713 1,484 7,332 Page 18 continued...
RYE ART GALLERY TRiisr NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 18. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade credltors Taxatiors and soclal securlty ¢)ther creditor5 21,401 7,022 3,550 33,234 7,222 3,344 31,973 43,800 19. MOVEMENT IN FUNDS Net movement In funds Transfers between funds At 31112123 At I/V23 Unrestricted funds General fund 729.676 (46,176) (1,105) 682,395 Restricted funds Permanent Collertion Friends of Rye Art Gallery 24,774 13.118 5,977 1,755 (650) 12N68 37,892 5,977 1,105 44,974 TOTAL FUNDS 767,568 (40,199) 727,369 Net movement in funds, included in the above are as follows: Incomlng Resources resources expended Galns and losses Movement in funds Unrestricted funds General fund 115,933 (162.741) 632 (46,176) Restrlcted funds Permanent Collection 11.367 (5,390) 5,977 TOTAL FUNDS 127.300 (168.131) 632 (40,199) Comparatlves for mov•ment in funds Net movement In fijnds Transfers between funds At 31112122 At 111122 Unréstrlcted funds General fund 728,161 (673) 2,188 729,676 Restrirted funds Permanent Collection Friends of Rye Art Gallery 23,864 16,216 910 (3,098) 24,774 13,118 40,080 (2, 188) 37,892 TOTAL FUNDS 768,241 (673) 767,568 Page 19 u)ntlnued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL sfATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 19. MOVEMENT IN FUNDS- contlnued Comparative net movement In funds, included in the above are as follows: Incoming Resources resources expended Galns and losses Movement in funds Unrestricted funds General fund 155,635 (144,050) (12,258) (673) TOTAL FUNDS 155,635 (144,050) (12,258) (673) RESTiucfED FUNDS The Permanent Collertlon is a Restrlcted Fund. The purpose of the fund is to hold prominent works that the Trust feels are an important to thelr alms on a permanent ba51S The Frlends of Rye Art Gallery Fund balance of £13,118 brought forward at l January 2023 represents a past donatlon made to the Trust whlch stipulated that it Is to be used for MacKechnie Room improvements. As such it Is a Restricted Fund. The fixed assets purchased by the charity In the year using trIcted funds from the Friends collectlon do not have $trIcted condltlons attached to thelr usage, and as such a transfer has been made to the general funds of £650 to reflett this. Herltage asset Improvements made In the year totslling £1,755 were pald through general fvnds, the cost of these improvements has been transfeed to restricted funds, please see note 14. 20. RELATED PARTY DISCLOSURES There were no related party transactlons for the year ended 31 December 2023. Page 20
RYE ART GALLERY TRUST DEfAILED sfATEMENT OF FINANCIAL ACTIVITXES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENrs Donations and legacles Donations Grants Covid Insuran claim 2,939 2,234 2,667 3,446 2,939 8,347 Trading activities Merchandise sales Charitable events income 20,029 12,209 25,915 32,238 25,915 Investment income Investfflent income Deposit account interest 3.046 1,333 2,346 134 4.379 2,480 Charitable activities Commlssions on sales 87,744 118,893 Total Incoming resources 127.300 155. 635 EXPENDrnIRE Other tradlng activities Opening stock Purchases Wages & salaries Pensions Subcontractors Commission Rates and water Insurdn Light & heat Telephone Postage & stationery Repairs & renewals Computer expenses Cleaning Credit card charges Security Advertislng Sundries Hanging fees Fixtures and fittlngs Closin9 Sto 5,200 14,663 7,136 186 59 1,263 64 727 493 175 390 2,784 36 331 212 473 1,024 455 337 171 (5,800) 6,200 11,990 6,199 122 771 70 709 297 96 632 1,002 353 253 294 1,102 573 310 109 (5,200) 30,379 25,886 This page does not form part of the ststutory finandal statements Page 21
Rye ART GALLERY TRUST DEfAILED sfATEMENT OF FINANCIAL AcfIvITXES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Other trading activities Charitable activities Wages Pensions Rates and water Insurance Light and heat Repairs & maintenance Postage and stationery Advertlsing, private viewlngs and entertainment Sundries Hanging & exhibltion expenses Exhibltlon security costs Exhlbltion telephone costs Cleanlng Subcontrattors Computer expenses Credlt card charges Fixtures and fittings 64,228 1,676 S78 6.538 4,435 25,058 3,511 55, 787 1,097 626 6,384 2,671 9,015 5,692 9,215 4,261 3.037 4,254 1,570 2,982 533 321 1.903 1,543 9,920 5,158 2,791 2,644 864 3,174 6,941 39 2,276 983 135,643 116,062 Support costs Finance InvestJnent manager charges 659 647 Governance costs Independent examiner5 fee Professional & legal fees 1,450 1,300 155 1.450 1,455 Total resources expended 168,131 144,050 Nét (expenditure)/income before galns and losses (40,831) 11,585 Realised recognised galns and losses Reali5ed galnsl(losses) on fixed a55et investments 632 (12,258) Net expenditure (40.199) (673) Thls page doe5 not form part of statutory flnancial statements Page 22