REGIsfERED CHARITY NUMBER: 310318 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR RYE ART GALLERY TRUST Glbbons Mannlngton & Phipps LLP Chartered Accountants Landgate Chambers Rye East Sussex TN317LJ
RYE ART GALLERY TRUST CONTEKfs OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees Independent Examiner's Report statement of Financlal Activities Balance Sheet Notes to the Financial Ststements 9 to 18 Detalled Statement of Flnanclal Activlties 19 to 20
RYE ART GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report with the financial ststements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). HIGHLIGHTS 2024 was another posltive year: Many very well received exhibltions The first of what wlll become an annual 'En Plein Air, event was very successful with a couple of hundred painting submitted for the competition. Artwork sales and trading activtties increased from the previous year by £87,000 to £308,000. £2k in ringfenced donations was recelved whlch will be used for the refurbishment of the interior storage permanent collertion spaces. A grant recelved from the Wind farm 'Llttle Cheyne, trust will be used to contribute towards the floorlng In gallery l. PRELIMINARIES Objectives and alms The Trust Deed was set up in 1957 for "the propagatlon of knowledge conceming the fine arts and in particular the art of painting and the stimulation of interest in and the encouragement of the same by the provision and arrangement of exhibitions and lectures and of facilities for instruction in the same and the practice thereof.. An underlying policy is that the Gallery is freely open for all, therefore providing visual art for public benefit. Governance and public benefit The Trustees have overall responsibility for ensuring the integrity of the Stormont bequest through the 1957 Trust Deed and that the chority has appropriate systems of controls, financial and otherwise. They are also QuIred to comply with the guidelines as laid down by the Chaiity Commissioners to whom they are accountable. Charlty law a150 requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the situation of the charity and of the surplus or deficit of the charity for that period. The Trustee5 have due regard for the guidance published by the Charity Commission on public benefit. Governing document and constitution Rye Art Gallery Trust remains a Charitable Trust created under the terms of the Mary Storniont Trust Deed and a constitutlon dated 4 October 1957, as varied in 1987, 1995, 2012, 2018 and 2021. The Charities Commission Number is 310318. Page I
RYE ART GALLERY TRUST REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJEcfIvES AND AcfIvTfIES Objectives and aims Charitable activities in fulfilling the obJectives - generalised To fulfil its objertive5, and subject at all times preserving its status as a charityi the Trust may acquire works of art for the purpose of public display. also may estsblish any or all of the following: an Art Gallery, a pictu Gallery, an Art School. a Letture Hall and may do anything else whereby artistic education and appreciation may be promoted. In furtherance of these artivities, below sets out the operations and activities that were undertaken in 2024. Six Gallery spaTrs are open free of charge to the public six days a week wlth a varlety of exhibitions and events taklng pla during the year. The Trustees, Gallery Dirertor and Staff ensure that the very best of Contemporary Art by local and reglonal artists and crafts people is always avallable for enjoyment and purchase through regularly refreshed displays and themed exhibitions. The Gallery holds a Permanent Collection and archive of over 2000 items of two and three-dimenslonal work, whlch includes the original Stormont Bequest of around 100 paintings. Acqulsitions via bequest, purchase and loan are made focussing on 19th-21st ntury art. Art works from the Collectlon are shown for public enjoyment and education. In line with our collection pollcy the Gallery continues to acqulre works of art with a significant connection to Rye and further afield. A slgnificant project Is under way to digitlse the permanent collection with a substantial database so that we can gain accreditation and seek funding to ensure we can look after thls Important historic collection rnore efficiently. We continue to collect artworks including paintings and sculpture from key artists to keep our permanent collection cuent and preSentatiVe of the British contemporary history of art in this region. Exhibition catalogues are produced for many of the major exhibitions taking place. These catalogue5 can also provide important historical background infonnation on the permanent collection and on our founder Mary Stormont for the public visiting the gallery as well as adding to the historic archives for fijture visitors and researcher5 Visiting the gallery. At the end of 2024, the number of paid Friends of the Gallery was around 100. We attracted over 65,000 public visitors to the gallery In 2024 another record attendan. We are an arts and crafts gallery with fine art for sale - hostlng contemporary art exhibitions with our own rnarkable permanent collectlon. Page 2
RYE ART GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND AcrivrrIES Charitable activities in fulfilling the objectives - generalised RYE ART GALLERY EXHIBITION AND EVENTS PROGRAMME FOR 2024 IN DETAIL For our annual programme we continue to reflett on a seasonal planning approach. So basically: Spring, Surnmer. Autumn, and Winter. Early in the year rather than launch any new events. we featured artists as ratOrt5 choice including Melvyn Evans, Denise Franklin, Sally Cole, Keith Purser, and Mick Rooney RA with good sales results. Opening Show of the year was Louis Turpin'5 successful solo exhibition. Onward Journeys: Gardens and Landscapes most works were studies of flowers and architerture from Great Dixter. Staged at the end of January through to middle of Marth. In support of this we feattjred a studio exhibition of historic portraits drawn from out pernianent collettion. Rye Society of Artists (RSA) Group Spring Show. members of the RSA curated their membership spring exhibition annually at the gallery (Dates: 23rd March 5th May). RSA confirmed for next spring they will take the additional gallery no. 3 to make MO of a special feature of Paintings from their membership. Ilth May 16th - June 16th The Art of British Printing (with a PMC feature) sees the retum of our successful printmakers show wlth a fantastic array of mainly local talent but also featuring Norman Ackroyd RA and Edward Twohig as well as key works from our permanent collection by Paul Nash, John Plper and a historic series of Piranesi etchings. 22nd June - Ilth August "Pathways" with Denise Franklin & Jane Beecham Sussex based abstract landscape artists worked together capturlng the essence of their surroundlngs, showcasing more than 30 unlque pieces created especially for this exhlbition resonatlng a hinterland between abstraction and infinitely subtle geographles of pla. September 24th - 29th September International Plein Air Festlval, wlth over 100 competition entries by 45 artists from around the UK, featuring addition paintings from well-known current local artists using the genre of En plein air paintlng, including Karl Terry and Tom Marsh with works from our pennanent collection Ivon Hitchens and Mary Stormont, the founder of Rye Art Gallery. We attracted sponsorship from the Kowitz family foundatlon to support the costs of the awards specifically prize money for winners. 5th October - November 14th Timely Connections with David Crew and Tony Bennett Mateus He55e research project with selected paintings by David Crew and new works by ramIc1st Tony Bennett. Hesse was a refugee from Nazi Germany who lived with David Crew's father who was a policernan. Hesse returned to Germany after the war and continued his Caer as a painter. David Crew has researched this as a projett and created some arresting paintings re-imaging the life of Mateus Hesse in Germany. We will also show his work from in and around Rye including a post war painting of Hastings castle. Anthony Bennett the raMiC1st will join with David to show related sculptural works. The exhibition of narrative paintings telling stories, they explore friendship and human relationship5 in times of conflict under the most difficult of arcumstances, a personal history of Rye. Tony Bennett's fine sculptural ceramics deal with his obsession with toys and the advent of Al. Where will the human race be In the fvture? His beautiful ceramic head of an ape man is staring into the abyss. Curatorial tours are usually arranged on a Sabjrday, during the year to encourage visitors to find out more about the collertion and the Indlvidual exhibitions. For Timely Connections we ran a specific programme of events involving the A level art students at Hastlngs College, led by the artist David Crew. Page 3
RYE ART GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Trading performance Taking into account all of the above, the gross sales of contemporary art in 2024 amounted to approxlmately £298,000 before commlssions. When allowing for deduttions for commlssions and VAT and adding in the relatively small amount of merchandise sales and other income, the overall total net incomlng resources amounted to £159,890. Total resources expended for the year amounted to £156,710, while a small gain wa5 realised on investments resulting in a net surplus of £9,012. £2,000 of additional net revenue has been ringfenced for future projerts and another £4,400 of interest received and investment income was earned In the year. Net unrestrirted assets at the end of the year amounted to £687,442 includlng £105,000 of non-cash funds held by Rathbones and ignoring the property revaluations over many years. Reserves policy The policy in place is to ensure that the net liquid reserves, defined as cash, marketable investments debtors and stock less creditors and loans, should stsy in excess of £125,000 except in exceptional tlmes. At the end of 2024, reserves on thls basls amounted to £180,644 Includlng restrirted funds and £160,234 excluding restricted funds. srRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Organlsatlon. recrultment, appointment of new trustees and manpower to keep the The Charity Is diretted by the Board of volunteer unpaid Trustees. The maxlmum number of permltted Trustees is 7. The Trust deed, as amended to the present dayi ststes 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 employees.. Dr. Julian Day is the Gallery Director; Jason McEwan-Mcghie as Gallery Representatlve; and Polly Horner and Alanda Marchant as Gallery Assistants. The trustees are very grateful for all the hard work they put In during 2024. REFERENCE AND ADMINIsfRATIVE DETAILS Registered Charlty number 310318 Princlpal address 107 High Street RYE East Sussex. TN317JE Trustees The Twstees who served the charity during the period were as follows: Mrs Heidi Foster (appointed February 2020) Mrs Louise Slmkiss-Day (appointed August 2020) Mrs Sarah Kowvtz (appointed November 2020) Dr Amy Pierce Mlller (appolnted December 2020) Mr Stephen Dee (appointed July 2022) Mr Michael Sweeney (Chairman) (Appointed August 2022) Page 4
RYE ART GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Independent Examiner Mr J Greenslade FCCA Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers Rye East Sussex TN317U Solicitors Heringtons Solicitors Bank Chambers 80 High Street Rye East Sussex TN317JR Investment adviser Rathbone5 Investment Management London WIJ 5FB Approved by order of the board of trustees on by: and signed on its behalf M Sweeney - Trustee Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF RYE ART GALLERY TRUST Independent examiner's report to the trustees of Rye Art Gallery Trust I report to the charity trustees on my examination of the accounts of Rye Art Gallery Trust (the Trust) for the year ended 31 December 2024. Responsibilities and basis of report A5 the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the ACV). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145{5){b) of the Act. Independent examinerfs statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material SpeCt. accounting records were not kept in respert of the Trust as required by Section 130 of the Act; or the accounts do not accord with those records. or the accounts do not comply wlth the applicable requirements COnrnIng 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 consldered as part of an Independent examination. I have no concems and have come across no other matters in connection with the examination to whlch attentlon should be drawn in this report In order to enable a proper understanding of the accounts to be reached. Mr J Greenslade FCCA Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers Rye East Sussex TN317L] 27 October 2025 Date: Page 6
RYE ART GALLERY TRusr STATEMENT OF FINANCIAL AcrivrrIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Totsl funds Unrestrlcted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 5.366 3.951 9.317 2,939 Charitable activities Artwork sales Shop sales 84.670 34,176 84,670 34,176 59.354 28.390 Trading actlvltles Investment income 27,243 4,424 27,243 4,424 32,238 4,379 Total 155.879 3,951 159,830 127,300 EXPENDrruRE ON Cost of Raising Funds 31,091 (14) 31.077 31,038 Charitable activities Artwork sales Shop sales Independant examiners fee 125,633 125,633 135,643 1,450 Total 156,724 (14) 156,710 168,131 Net gains on investments 5,892 5.892 632 NEf INCOME/{EXPENDrruRE) 5,047 3,965 9,012 (40.199) RECONCIUATION OF FUNDS Total funds brought forward 682,395 44,974 727,369 767,568 TOTAL FUNDS CARRIED FORWARD 687,442 48,939 736,381 727,369 The notes form part of these financial statements Page 7
RYE ART GALLERY TRUST BALANCE SHEEr 31 DECEMBER 2024 Unrestrirted fund 2024 Total funds Restricted funds 2023 Total funds Notes FIXED ASSErs Tanglble assets Heritage assets Investments 13 14 15 529.208 529,208 26,529 101,109 26,529 530,978 26,529 94,840 101.109 630,317 26.529 656,846 CURRENT ASSErs Stocks Debtors Cash at bank and in hand 652,347 16 17 4,130 4.142 75,055 4.130 4.142 97.465 5,800 7,332 93,863 22,410 83.327 21410 105,737 CREDITORS Amounts falling due wrthln one year 106,995 18 (26.202) (26,202) (31.973) NEf CURREKf ASSErs 57,125 21410 79.535 75,022 TOTAL ASSETS LESS CURRENT UABILrrIES 687,442 48.939 736.381 727,369 NET ASSETS 687,442 48,939 736,381 FUNDS Unrestricted funds: General fund Re5tritted funds: Permanent Collection Friends of Rye Art Gallery 727,369 19 687.442 682.395 36.471 11468 32,506 12.468 48.939 44.974 TOTAL FUNDS 736.381 727.369 The financial statements were approved by the Board of Trustees and authorised for issue on . and were signed on its behalf by: M Sweeney - Trustee The notes fomi part of these financlal statements Page 8
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 AccouKfING POUCIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements of the charty, which is a public benefrt entity under FRS 102, have been prepared in accordan with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: ststement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Iland, and the Charities Act 2011. The financial statements have been prepad under the historical cost convention, with the exptIOn of investments which a included at market value. as modified by the valUation of rtain assets. FINANCIAL REPORTING sfANDARD 102- REDUCED DISCLOSURE EXEMPTIONS The charity has taken advantsge of the following disclosure exemption in pparing these financial statements. as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of [land,. the requirements of Section 7 Statement of Cash Flows. INCOME All income other than grant income is recognlsed In the Ststement of Finanaal Artlvities once the charlty 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 performance model. Grants that do not specify any future performance-related conditions a recorded when the grant prOedS are retrived or recelvable. Any grant that imposes specifled future performance-related conditions is CogniSed only when the performance-related conditions are met. Grants reiVed before the revenue recognition crlterla are satlsfied are recognised as a liabillty EXPENDrruRE Liabilities are COgnised as expenditure as soon as there is a legal or constructive obligatlon committing the charity 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 re5iably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be d1CtlY attributed to particular headings they have been allocated to activities on a basis consistent with the use of resour5. TANGIBLE FIXED ASSETS Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Fixtures and fittings not provided 150h on reducing balance HERrrAGE ASSErs Policy for acquisitlon, management and disposal of Pennanent Collection The Collection focuses on British Art from the late 19th ntury to the pSent, with the major holding being of work from the early to mid twentieth ntUry. The Trust aims to collett artwork relevant to Collection themes accordlng to available fundlng, storage Spa and curatorlal care. Thernes are as follows: l. The work is geographlcally related to Rye and its environs in the South East of England, in particular works that reflect the region's varied landscape, seascape and social hlstory. 2. The work is by artlsts of regional and national importance assoclated with the Rye and South East area, (eg. Burra, Nash, Piper, Bratby, Cumlng, etc) Page 9 continued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - continued HERrrAGE ASSETS 3. The work falls especially into the categorles of Painting (encouraged by the terms of the Trust), Printmaking and Drowing. Works in other media are of InteSt provided that the above criteria are met. Policy for acquisition, management and disposal of Pernianent Collection (Cont.} To date the Trust's Board has not had time to fully review works in the Collection which might usefully be di5P05ed of. Records maintained The Collection of over 700 items is Catalogued and held on computer5 at two extemal addresses and is also in print. In the Catalogue there is a description of each work with name of artist, artist's dates, title of work, date of work, medium, measurements, signing, visual description, provenance and conservation notes as relevant. The Archives a listed either in separate Catalogues or grouped by title and these are also on computer and in print. Most of the Collectlon has been photographed in an ongoing programme and copies held on disc. A review takes place periodically, the last one being in 2015. srocKS Stock5 are valued at the lower of cost and net realisable value, after maklng due allowance for obsolete and slow movlng Items. TAXATION The charity is exempt from tax on its charitable attivities. FUND ACCOUNTING Unrestricted funds can be used In accordan with the charitable objectives at the dlscretion of the trustees. Restricted funds can only be used for particular restricted purposes withln the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restritted purposes. Further explanatlon of the nature and purpose of each fund is included in the notes to the financial statements. Investments Investments are recognised at the Market Value at the year end date. Both recognised and unrecognised gains and losses are taken to the Statement of Financial Activities as calculated at the year end. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayment5 are valued at the amount prepaid net of any trade discounts due. Creditors Creditor5 and provlslons are recognised where the charty has a present obligation resulting from past event that will probably result in the transfer of funds to a thlrd party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provislons are nonnally recognised at their settlement amount after allowing for any trade dlscounts due. Volunteers Given the absence of a reliable measurement basis, the contribution of volunteers is not included as income in charity accounts. Page 10 continued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMEKfs - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 DONATIONS AND LEGACIES 2024 2023 Donatlons Grants 5,067 4.250 2,939 9,317 2,939 2023 2022 Local Council - Covid grant 2,667 667 12,908 TRADING ACTIVITIES 2024 2023 Merchandise sales Charitable events income 21596 4,647 20,029 12,209 27,243 32,238 INVESTMENT INCOME 2024 2023 Investment income Deposit account interest 2,780 1,644 3,046 1,333 4,424 4,379 INCOM E FROM CHARrrABLE AcrIvrrIES 2024 2023 Activity Artwork sales Shop sales Commlsslons on sales Commissions on sales 84,670 34,176 59,354 28,390 118,846 87,744 Page 11 contlnued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 COST OF RAISING FUNDS OTHER TRADING AcfIviTIES 2024 2023 Openlng stock Purchases Closing stock Staff costs Subcontractors Commission Bad debts Rates and water Insuran Llght & heat Telephone Postage & stationery Repairs & renewals Computer expenses Cleanlng Credit card charges Security Advertising Sundries Hanging fees Depreciation 5,800 14,541 (4,130) 7,696 131 (60) 429 63 939 508 199 246 398 379 387 235 349 1,255 457 361 177 5,200 14,663 (5,800) 7,322 59 1,263 64 727 493 175 390 2, 784 36 331 212 473 1,024 455 337 171 30,360 30,379 INVEsfMENT MANAGEMENT cosrs 2024 2023 Support costs 717 659 Aggregate amounts 31,077 31,038 CHARITABLE AcfIvITIES cosrs Support cost5 (see note 8) Direct Costs Totals Artwor1( sales 124,183 1,450 125,633 Page 12 continued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS Governance costs Finan Totals Investment management costs Artwork sales 717 717 1.450 1,450 717 1.450 2,167 INDEPENDENT EXAMINERS REMUNERATION 2024 2023 Independent examiners fee 1,450 1,450 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 Dember 2024 nor for the year ended 31 December 2023. TRUSTEES, EXPENSES There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. 11. srAFF COSTS 2024 2023 Wages and salaries Other pension costs 74.920 2,041 71,364 1,862 76.961 73,226 The average monthly number of employees during the year was as follows: Gallery Dlrector Gallery/Sales Asslstsnts 2024 2023 No employees received emoluments in eX$S of £60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcrivrriES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donatlons and legacies Charltable actlvities Artwork sales Shop sales 2,189 750 2,939 59,354 28,390 59,354 28,390 Trading activities Investment income 21,621 4,379 10,617 32,238 4,379 Total 115,933 11,367 127,300 Page 13 continued...
RYE ART GALLERY TRusr NOTES TO ThE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfIvITIES - continued Unrestritted Restrirted fund funds Totsl funds EXPENDrruRE ON Cost of Raising Fund5 26,106 4,932 31,038 Charitable activities Athork sales Shop sales Independant examlners fee 135,185 458 135,643 1,450 1,450 Total 162,741 5,390 168,131 Net gains on investments 632 632 NEf INCOME/(EXPENDITURE) Transfers between funds (46,176) (1,105) 5,977 1,105 (40,199) Net movement In funds (47,281) 7,082 (40,199) RECONCILIATION OF FUNDS Total funds brought forward 729,676 37,892 767,568 TOTAL FUNDS CARRIED FORWARD 682,395 44,974 727,369 13. TANGIBLE FIXED ASSETS Flxtures and fittlngs Freehold property Totals COST At l January 2024 and 31 December 2024 583,948 40,019 623,967 DEPRECIATION At l January 2024 Charge for year 58.085 34,904 1,770 92.989 1.770 At 31 December 2024 58.085 36.674 94,759 NET BOOK VALUE At 31 December 2024 525.863 3.345 529,208 At 31 December 2023 525,863 5,115 530, 978 The fehOld property is used for the purposes of the charlty. It is Included at valuation, prepared by Dyer Commercial at 30 November 1998, as detailed below, plus improvements Sin that date a5 follows: Stormont Galley valuatlon Eastern Room valuation Improvements Year Ended 31 December 2008 250,000 45,000 112,888 Page 14 continued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 13. TANGIBLE FIXED ASSETS - contlnued 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 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. Since 2012 further smaller improvements have been 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 rise in recent years it was unlikely that the property will ever be valued at less than the current holding value. The decision was therefore made not to depreciate the property during this year and going forwards.During 2019 the Trustees appolnted a local estate agent to undertake a valuatlon of the property, which was deemed to lie in excess of £550,000. The Trustees therefore believe that the decision not to depreclate the building further was the corrett one. 14. HERrrAGE ASSETS Total MARKET VALUE At l January 2024 and 31 December 2024 26,529 NET BOOK VALUE At 31 December 2024 26.529 At 31 December 2023 26,529 The Permanent Collection comprises the Stormont Bequest, the Robert Mackechnie Bequest and other works of art acquired since the formation of the Trust. It consists of over 700 items of fine art and sculpture. In accordance with previously comMended practice, works acquired prior to I January 2000 have not been included in the balan 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 15 the Trustee's opinion that where donations of Heritage Assets a made, it Is not possible to make a reliable estimation of the a55et'5 fair value and the cost of valuation is likely to exceed the benefits provided by the information. Therefore donated assets a not recognised in the accounts. Summary analysis of Heritage Asset transactions: 2023 2022 2021 2020 2019 2018 Purchases Donations Total additions 1,755 910 150 1,755 910 150 Impairment Page 15 contlnued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 14. HERITAGE ASSETS - continued DisFosals Proceeds from disposals 15. FIXED ASSEf INVESTMENTS Llsted investment MARKEf VALUE At l January 2024 Additions 94,840 6,269 At 31 December 2024 101,109 NEf BOOK VALUE At 31 December 2024 101,109 At 31 December 2023 94,840 There We no investment assets outside the UK. 2023 2022 Historical c05t of investments 103,533 96,910 The fixed asset investments are managed by Rathbones Investment Management. 16. sfocKS 2024 2023 Finished goods 4,130 5,800 17. DEBTORS: AMOUNTS FALUNG DUE THIN ONE YEAR 2024 2023 Trade debtors Sundry debtors Prepayments 4,422 69 2,841 4,142 4,142 7,332 Page 16 continued...
RYE ART GALLERY TRusr NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade cdItorS Taxation and soclal securty Other creditors 15,398 7,151 3,653 21,401 7,022 3,550 26.202 31,973 19. MOVEMENT IN FUNDS Net movement in funds At 31/1W24 At 111/24 Unrestrlcted funds General fund 682.395 5,047 687,442 Restricted funds Permanent Collection Friends of Rye Art Gallery 31506 11468 3,965 36,471 12,468 44,974 3,965 48,939 TOTAL FUNDS 727,369 9,012 736,381 Net movement in funds, included in the above a as follows: Incoming resources ReSoUrS expended Galns and losse5 Movement in funds Unrestricted funds General fund 155,879 (156,724) 5,892 5,047 Restricted funds Permanent Collection 3,951 14 3,965 TOTAL FUNDS 159.830 (156.710) 5,892 9,012 Comparatives for movement in funds Net movement in funds Transfers between funds At 31/12123 At 111/23 Unrestricted funds General fund 729,676 (46,176) (1,105) 682,395 Restricted funds Permanent Collection Friends of Rye Art Gallery 24,774 13,118 5,977 1,755 (650) 32,506 12,468 37,892 5,977 1,105 44,974 TOTAL FUNDS 767,568 (40,199) 727,369 Page 17 continued...
RYE ART GALLERY TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 19. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resou rces expended Gains and losses Movement In funds Unrestrlcted funds General fund 115,933 (162,741) 632 (46,176) Restrlcted funds Permanent Collectlon 11,367 (5,390) 5,977 TOTAL FUNDS 127,300 {168,131) 632 (40,199) 20. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. Page 18
RYE ART GALLERY TRUST DEfAILED sfATEMEKf OF FINANCIAL ACTIvrrIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and legacles Donations Grants 5,067 4,250 2,939 9,317 2,939 Trading actfv•tles Merchandise sales Charitable events income 22,596 4,647 20,029 12,209 27,243 32,238 Investment income Investment income Deposit account interest 2,780 1.644 3, 046 1,333 4,424 4,379 Charltable activltles Commissions on sales 118,846 87,744 Total incoming resources 159,830 127,300 EXPENDITURE Other tradlng actlvitles Openlng stock Purchases Wages & salaries Pensions Subcontracto Commission Bad debts Rates and water Insurance Light & heat Telephone Postage & stationery Repairs & renewals Computer expenses Cleaning Credit card charges Securlty Advertislng Sundries Hanging fees Fixtures and frttings Closlng stock 5.800 14,541 7,492 204 131 (60) 429 63 939 508 199 246 398 379 387 235 349 1,255 457 361 177 (4,130) 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) 30,360 30,379 This page d$ not form part of the statutory flnanclal Statements Page 19
RYE ART GALLERY TRusr DEfAILED STATEMENT OF FINANCIAL AcrIvrrIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 other trading aetivities Charitsble activities Wages Pensions Rates and water Insurance Light and heat Repairs & maintenan Postage and stationery Advertising, private viewings and entertainment Sundries Hanging & exhibitlon expenses Exhibltlon securty costs Exhibition telephone costs Cleanlng Subcontractors Computer expenses Credit card charges Fixtures and fittings 67,428 1,837 562 8,451 4,567 3,577 2,212 64,228 1,676 578 6,538 4,435 25,058 3,511 11,290 4,112 3,246 3,139 1,794 3,479 1,182 3,415 2,299 1,593 9,215 4,261 3,037 4,254 1,570 2,982 533 321 1,903 1,543 124,183 135,643 Support costs Finance Investment manager charges 717 659 Governance costs Independent examiners fee 1,450 1,450 Total resources expended 156,710 168,131 Net Income/(expenditure) before gains and losses 3,120 (40,831) Reallsed recognised galns and losses Realised gains/(losses) on fixed asset investments 5,892 632 Net Income/(expenditure) 9,012 (40,199) This page does Thjt form part of the statutory financial statements Page 20