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 p￿sent their report wlth the financial statements of the charlty for the year ended 31
De￿mber 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 reqUI￿d to comply wlth the guldellnes as lald down by the Charlty Commissloners to whom they
are accountable.
Charlty law also requires the Trustees to p￿pa￿ 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 I￿0 and th￿e-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 w0￿S 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 prodU￿d 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 Sto￿5.
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.
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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 coll￿tionS 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).
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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 Vis￿ra1 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 Ca￿er 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 D5￿cted 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 Inc￿aSe 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 RE￿EW
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 ADmINISTRAT￿E 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 re￿t
As the charity trustees of the Trust you are responslble for the p￿paratIon 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 G￿enslade 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 I￿land,.
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
prO￿ed$ 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. C￿dItorS 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 De￿rnber 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 cu￿ent 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 De￿rnber 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
P￿paYrnents
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
transfe￿ed 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