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 cu￿ent 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 Ca￿er 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 COn￿rnIng 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 I￿land, and the Charities Act 2011. The financial statements
have been prepa￿d under the historical cost convention, with the ex￿ptIOn 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 p￿paring 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
prO￿edS are retrived or recelvable. Any grant that imposes specifled future performance-related
conditions is ￿CogniSed only when the performance-related conditions are met. Grants re￿iVed
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 d1￿CtlY attributed to particular headings they
have been allocated to activities on a basis consistent with the use of resour￿5.
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 p￿Sent, 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 Inte￿St 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 De￿mber 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 f￿ehOld 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 c￿dItorS
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
ReSoUr￿S
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