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2024-04-04-accounts

Registered number: 02530202 Charity number: 1000553

NATURE IN ART TRUST

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 4 APRIL 2024

NATURE IN ART TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 6
Independent examiner's report 7 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 21

(A company limited by guarantee)

NATURE IN ART TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 4 APRIL 2024

Trustees

P Walkden, Chairman B Ash L Bennett, Trustee Dr T Brain OBE, QPM, Trustee A Butler, Trustee C Dewhurst, Trustee W J Eykyn FCA, Trustee M Fairbairn, Trustee R Kingdon, Trustee Dr D H Trapnell (deceased 7 September 2023) J Tyers, Trustee P Wilkinson FRICS, Trustee (retired ) O Leigh-Wood, Trustee

Company registered number

02530202

Charity registered number

1000553

Registered office

Wallsworth Hall, Twigworth, Sandhurst, Gloucester, GL2 9PA

Accountants

MHA, 2 London Wall Place, London, EC2Y 5AU

Page 1

NATURE IN ART TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 4 APRIL 2024

The Trustees present their annual report together with the financial statements of the group and the company for the 5 April 2023 to 4 April 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and Activities

a. Policies and objectives

The Company is a registered charity formed under Articles of Association on 13 August 1990. The object of the Trust, as stated in the Memorandum and Articles of Association is "to advance the education and knowledge of the public in the works of art depicting flora, fauna and natural resources and works of art inspired by nature, and in particular by the exhibition of such works, and in the science of biology generally."

b. Main activities undertaken to further the charity's purposes for the public benefit

The principal activity of the company is owning and managing an art museum, NATURE IN ART

Achievements and performance

a. Review of activities

This was a sad year for Nature in Art Trust. David Trapnell, who founded the Trust in 1982 to establish and then manage a museum dedicated exclusively to art inspired by nature, died in September aged 93. David had the lightbulb moment of establishing a museum dedicated exclusively to art inspired by nature in all its forms, largely as a result of his experience supporting his wife’s artistic career (she was Elizabeth Gray). Despite the heritage of the genre stretching back tens of thousands of years, when people were painting on the walls of caves, museums and galleries appeared to him to have undervalued that rich heritage and failed to properly celebrate how, across time and cultures, artists and craftspeople have responded to nature in a myriad of ways.

So, despite him being an eminent radiologist, he chose to leave his medical career and focus on establishing a museum to fill that gap in the UK’s publicly accessible collections, a place where fine, decorative and applied art inspired by nature was exclusively collected and shown. In 1982 he set up what became Nature in Art Trust (then called The Society for Wildlife Art of the Nations’) and even though at that time it had no collection, building or money, he gathered around him people like Sir Peter Scott who shared the dream (he became the Trust’s first president). By 1987 Wallsworth Hall had been bought with money raised in the meantime, the beginnings of a collection was in place and after a huge amount of work, Nature in Art opened free of debt on 28th May 1988. It was a remarkable achievement, which the current trustees, staff and volunteers are determined to continue to develop in the years to come.

During this year people have appreciated our comprehensive programme of special exhibitions and regular changes to our general displays. This resulted in being the regional winner for the Best Art Gallery in the Muddy Stiletto Awards and shortlisted for the Cultural Venue of the Year in the SoGlos Awards.

Page 2

NATURE IN ART TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 4 APRIL 2024

The exhibitions we held during the year were:

We continue to be very grateful to people helping us develop our collection. This year it included items donated via bequests. They included an oil painting by Keith Shackleton, two lithographs by John Gould (1804-1881), three watercolours by Bruce Pearson, a stone carving by John Carlyon, prints by Lars Johnson and Hugh B Cott and work by Elizabeth Gray (1928-2022). We also received an original work, ‘Iceberg, Cape Mercy’ by Nicholas Jones generously donated by the artist.

We were pleased to be able to have a full programme of artists in residence, over 60 this year, demonstrating a huge variety of styles and media, mostly for a week. We also saw more activity in our Education programmes. Almost every day in the summer term we welcomed schools, (although we are not welcoming as many large groups as we have done in the past). Others visited at different times throughout the year. We had a full programme of holiday activity days in each school holiday and we were very pleased that our adult art course programme improved again with more courses being held than the previous year. A full programme of evening events and talks also took place.

Financial review

a. Introduction

The results for the year are set out in the annexed income and expenditure account. The directors consider the state of affairs of the company to be satisfactory.

Compared to the previous year we saw greater levels of activity. Slowly we are shaking off the effects of Covid, although there is still some further recovery to be made. We were pleased that we saw an increase in income in all the main areas of our activity – donations, admissions, subscriptions and educational activities. Inevitably, and irrespective of general price increases, with an increase in activity we saw rises in costs, but in some areas like repairs and services we experienced reductions in expenditure. As ever, we worked hard to keep our costs under control.

We record our thanks to all those who gave donations during the year and were pleased that Friends renewals were strong this year and new members joined. We now have over 100 digital members receiving their

Page 3

NATURE IN ART TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 4 APRIL 2024

newsletters online. As well as the Friend saving money, this saves the Trust postage and printing costs, both of which are rising. The house close to Nature in Art owned by the Trust continued to provide a valuable income stream although some unavoidable maintenance costs were incurred. Our investments in ethical funds overseen by the largest charity investment manager in the UK (they work with around 1700 charities) performed well. The building repairs started during the previous year were completed.

b. Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

c. Principal risks and uncertainties

The charity has conducted its own review of the major risks to which it is exposed and systems have been established to mitigate those risks. Significant external risks, such as a potential lack of funding due to a drop in revenues, has led to the charity considering development of a forward plan to address such issues. Internal risks are minimised by the implementation of procedures for authorisation of major transactions and projects and to ensure consistent quality of delivery of all operational aspects of the company.

d. Reserves policy

The Trustees operate a reserves policy to give what they consider adequate coverage of likely future expenditure for a reasonably foreseeable period.

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 13/8/1990 .

The company is constituted under a Memorandum of Association dated 13/8/1990 and is a registered charity number 1000553.

b. Method of appointment or election of Trustees

The trustees are appointed by invitation of the council of Management on the basis of the balance of skills and experience required by the Trust and serve for an indefinite term. newly appointed members of the Council of Management are advised on their responsibilities as trustees and are progressively involved in areas of management.

c. Organisational structure and decision making

The Council of management consisting of up to 20 members, who meet annually, manage the Trust's

Page 4

NATURE IN ART TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 4 APRIL 2024

affairs.There are sub-committees covering management and selection. Other special sub-committees may be created by the council at its discretion. the Trust has the power to employ any company, person or firm to manage or assist in the day-to day management of the Trust.

Plans for future periods

a. Future developments

The charity will endeavour to continue to grow its involvement in exhibitions and events and improve its performance in all areas of the Trust's activities.

Funds held as custodian

a) Funds consisting of some designated money

NIA (General) Fund

The Nature in Art (General) Fund results from a merger of two previous funds. It generates an income that helps the education work and the cost of maintenance of the grounds.

b) Funds entirely consisting of designated money

Development Fund

Once opened, the extension will be endowed to the fund. Its purpose is the future development of the museum, in particular -

To fund investigation and planning of improvements to the buildings, particularly possible extension of the museum (Phase 3).

Most of the money in this fund has been set aside whenever the Trust has been able to save some funds. In addition a few designated gifts have been made to the fund.

Page 5

NATURE IN ART TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 4 APRIL 2024

Trustees' responsibilities statement

The Trustees (who are also directors of Nature In Art Trust for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees, on

and signed on their behalf by:

P Walkden, Chair

Trustee

Page 6

(A company limited by guarantee)

NATURE IN ART TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 4 APRIL 2024

Independent examiner's report to the Trustees of Nature In Art Trust (the 'company')

I report to the charity Trustees on my examination of the accounts of the company for the year ended 4 April 2024.

This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.

Responsibilities and basis of report

As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Page 7

NATURE IN ART TRUST

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 4 APRIL 2024

Independent examiner's statement

Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Dated:

Rakesh Shaunak FCA

MHA 2 London Wall Place London EC2Y 5AU

Page 8

NATURE IN ART TRUST

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT (incorporating income and expenditure account) FOR THE YEAR ENDED 4 APRIL 2024

Unrestricted
funds
Note
2024
£
Income from:
Donations and legacies
2
88,038
Charitable activities
174,868
Investments
61,934
Total income
324,840
Expenditure on:
Raising funds:
Investment management
4,503
Charitable activities
5
317,798
Total expenditure
322,301
Net income / (expenditure) before investment
gains/(losses)
2,539
Net gains/(losses) on investments
77,864
Net income / (expenditure) before other recognised gains
and losses
80,403
Impairment of fixed assets
8
(400,000)
Net movement in funds
(319,597)
Reconciliation of funds:
Total funds brought forward
3,464,307
Total funds carried forward
3,144,710		 Total
funds
2024
£
88,038
174,868
61,934
324,840
4,503
317,798
322,301
2,539
77,864
80,403
(400,000)
(319,597)
3,464,307
3,144,710		 Total
funds
2023
£
55,583
148,214
40,619
244,416
905
268,117
269,022
(24,606)
(159,754)
(184,360)
-
(184,360)
3,648,667
3,464,307

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 21 form part of these financial statements.

Page 9

NATURE IN ART TRUST

(A company limited by guarantee) REGISTERED NUMBER: 02530202

BALANCE SHEET AS AT 4 APRIL 2024

Note
Fixed assets
Tangible assets
8
Investment property
Total tangible assets
9
Investments
10
Current assets
Debtors
11
Investments
12
Cash at bank and in hand
Creditors:amounts falling due within one
year
14
Net current assets
Net assets
Charity Funds
Unrestricted funds
16
Total funds		 £
705,063
340,860
36,162
1,990,673
77,364
2,104,199
(5,415)		 2024
£
1,045,923
3
1,045,926
2,098,784
3,144,710
3,144,710
3,144,710		 £
1,108,394
340,860
53,055
1,917,312
49,761
2,020,128
(5,078)		 2023
£
1,449,254
3
1,449,257
2,015,050
3,464,307
3,464,307
3,464,307

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on signed on their behalf, by:

and

P Walkden, Chair and Trustee

The notes on pages 11 to 21 form part of these financial statements.

Page 10

NATURE IN ART TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Nature In Art Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The Trust has taken advantage of the exemption for small companies from preparing consolidated financial statements.

1.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 11

NATURE IN ART TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

1.5 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Tangible fixed assets are carried at cost or valuation , net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities incorporating income and expenditure account.

Page 12

(A company limited by guarantee)

NATURE IN ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

1. Accounting policies (continued)

1.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.11 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Page 13

NATURE IN ART TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

2. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
88,038
Total 2023
55,583
Analysis of income from charitable activities by type of income
Unrestricted
funds
2024
£
Subscriptions
-
Admissions
-
Educational receipts
-
Rental and miscellaneous
-
Mews 2 rental income
-
Course income
-
-
Total 2023
148,214		 Total
funds
2024
£
88,038
55,583
Total
funds
2024
£
26,597
80,282
15,452
12,179
15,300
25,058
174,868
148,214		 Total
funds
2023
£
55,583
Total
funds
2023
£
24,706
63,348
13,192
12,488
15,300
19,180
148,214

3. Analysis of income from charitable activities by type of income

Page 14

(A company limited by guarantee)

NATURE IN ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

4. Support costs

Activities
£
Printing postage and stationery
9,689
Travel and transport
1,160
Insurances
20,529
Building and grounds repair
24,001
Light heat water and cleaning
18,011
Rates
2,323
Education expenses
17,602
Art purchases and exhibition hire
15,259
Mews 2 costs
1,430
Advertising
11,905
Telephone
2,226
Sundry
4,819
Bank and card charges
4,375
Collection care, photos and frames
6,083
Wages and salaries
144,602
Employers' national insurance
15,552
Pension cost
8,637
Depreciation
6,385
314,588
Total 2023
264,967
5.
Governance costs
Unrestricted
funds
2024
£
Independent examiners costs
3,210		 Total
2024
£
9,689
1,160
20,529
24,001
18,011
2,323
17,602
15,259
1,430
11,905
2,226
4,819
4,375
6,083
144,602
15,552
8,637
6,385
314,588
264,967
Total
funds
2024
£
3,210		 Total
2023
£
6,396
284
17,542
39,607
21,462
1,908
11,158
12,590
1,497
8,583
2,187
2,242
1,996
-
112,767
11,401
7,140
6,207
264,967
Total
funds
2023
£
3,150

Page 15

(A company limited by guarantee)

NATURE IN ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

6. Net income/(expenditure)

This is stated after charging:

2024 2023
£ £
Depreciation of tangible fixed assets:
- owned by the charity 6,385 6,207

During the year, no Trustees received any remuneration (2023 - £NIL). During the year, no Trustees received any benefits in kind (2023 - £NIL). During the year, no Trustees received any reimbursement of expenses (2023 - £NIL).

7. Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs		 2024
£
144,602
15,552
8,637
168,791		 2023
£
112,767
11,401
7,140
131,308

The average number of persons employed by the company during the year was as follows:

2024 2023
No. No.
13 11

No employee received remuneration amounting to more than £60,000 in either year.

Page 16

(A company limited by guarantee)

NATURE IN ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

8. Tangible fixed assets

Cost or valuation
At 5 April 2023
Additions
Impairment
At 4 April 2024
Depreciation
At 5 April 2023
Charge for the year
At 4 April 2024
Net book value
At 4 April 2024
At 4 April 2023		 Freehold
property
£
1,083,494
-
(400,000)
683,494
-
-
-
683,494
1,083,494		 Fixtures and
fittings
£
60,849
3,054
-
63,903
42,732
5,029
47,761
16,142
18,117		 Office
equipment
£
93,261
-
-
93,261
86,478
1,356
87,834
5,427
6,783		 Total
£
1,237,604
3,054
(400,000)
840,658
129,210
6,385
135,595
705,063
1,108,394

9. Investment property

Investment property
Freehold
investment
property
£
Valuation
At 5 April 2023 and 4 April 2024 340,860

The 2024 valuations were made by the Trustees, on an open market value for existing use basis.

10. Fixed asset investments

Shares in group undertakings £ Market value At 5 April 2023 and 4 April 2024 3

Page 17

(A company limited by guarantee)

NATURE IN ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

10. Fixed asset investments (continued)

Subsidiary undertakings

The following were subsidiary undertakings of the company:

Name

Holding

Nature in Art Limited 100%

The aggregate of the share capital and reserves as at 4 April 2024 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of
share capital
and reserves
£
Nature in Art Limited
(10,341)
11.
Debtors
2024
£
Other debtors
36,162
12.
Current asset investments
2024
£
Listed investments
1,990,673
Listed investments
The market value of the listed investments at 4 April 2024 was £1,990,673 ).
13.
Current asset investments
2024
£
At 5 April 2022
1,917,312
Additions
-
Disposals
-
Unrealised (loss) / gains on investments
73,361
Realised loss on disposal
-
1,990,673		 Profit/(loss)
£
(10,394)
2023
£
53,055
2023
£
1,917,312
2023
£
2,113,065
1,895,657
(1,931,656)
(5,448)
(154,306)
1,917,312

Page 18

(A company limited by guarantee)

NATURE IN ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

14. Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 2024
£
1,005
4,410
5,415		 2023
£
878
4,200
5,078

15. Summary of funds

16. Summary of funds - current year

Balance at
5 April 2023
£
Development funds
1,632,150
Undesignated funds
1,832,157
3,464,307
17.
Summary of funds - prior year
Balance at
5 April 2022
£
Development funds
1,791,904
Undesignated funds
1,856,763
3,648,667		 Income Expenditure
£
£
-
-
324,840
(322,301)
324,840
(322,301)
Income
Expenditure
£
£
-
-
244,416
(269,022)
244,416
(269,022)		 Transfers
and
unrealised
Gains
Balance at
4 April 2024
£
£
-
1,632,150
(322,136)
1,512,560
(322,136)
3,144,710
Transfers
and
unrealised
Gains
Balance at 4
April 2023
£
£
(159,754)
1,632,150
-
1,832,157
(159,754)
3,464,307		 Transfers
and
unrealised
Gains
Balance at
4 April 2024
£
£
-
1,632,150
(322,136)
1,512,560
(322,136)
3,144,710
Transfers
and
unrealised
Gains
Balance at 4
April 2023
£
£
(159,754)
1,632,150
-
1,832,157
(159,754)
3,464,307
3,464,307

Page 19

(A company limited by guarantee)

NATURE IN ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2024
£
Tangible fixed assets
705,063
Fixed asset investments
3
Investment property
340,860
Current assets
2,104,199
Creditors due within one year
(5,415)
3,144,710
Analysis of net assets between funds - prior year
Unrestricted
funds
2023
£
Tangible fixed assets
1,108,394
Fixed asset investments
3
Investment property
340,860
Current assets
2,020,128
Creditors due within one year
(5,078)
3,464,307		 Total
funds
2024
£
705,063
3
340,860
2,104,199
(5,415)
3,144,710
Total
funds
2023
£
1,108,394
3
340,860
2,020,128
(5,078)
3,464,307

19. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,637 (2023 - £7,140). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

20. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

Page 20

NATURE IN ART TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2024

21. Related party transactions

During the year, the Trust charged £83,981 (2023 - £70,465) in respect of wages and accommodation costs to Nature in Art Limited, a subsidiary of the Trust. The Trust also charged £8,100 (2023 - £7,680) respect of premises costs to Nature in Art Limited.

Page 21