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2021-01-31-accounts

East Anglia Art Fund Annual Report For the year ended 31 January 2021 Charlty no. 1014349

East Anglia Art Fund

Annual Report

For the year ended 31 January 2021

Contents Page
Trustees and Advisors 1
Acknowledgements 2
Chairman's Report 3
Trustees' Report 4-6
Independent Examiner's report 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10-14

East Anglia Art Fund

Trustees and Advisors For the year ended 31 January 2021

President Sir Timothy Colman Trustees Mr James Colman Mrs Charlotte Crawley Sir Richard Jewson (Chairman) Ms Nichola Johnson Mr Nicholas Lyons Mr Merlin Waterson Fund Director Mrs Amanda Geitner East Anglia Art Fund Shirehall Market Avenue Norwich NR1 3JQ Executive Committee Mr Martin Battye Mr Robert Collin (Treasurer) Mr Ian Collins Mrs Amanda Geitner Mr Peter Hornor (retired March 2020) Sir Richard Jewson Ms Nichola Johnson (chair) Prof John Last Mrs Linda McFarlane Mrs Mary Yule Independent examiner Giles Kerkham FCA DChA Larking Gowen LLP King Street House 15 Upper King Street Norwich NR3 1RB

Solicitors Mills & Reeve 1 St James Court Whitefriars Norwich NR3 1RU Bankers Barclays Bank PLC Leicester LE87 2BB

Page 1

East Anglia Art Fund

Acknowledgements For the year ended 31 January 2021

The Fund would like to thank the following for their generous support:

Charitable Trusts

The John Jarrold Trust The Norwich Town Close Estate Charity

Patrons

Mr & Mrs George Anson Sir Nicholas & Lady Bacon Mr & Mrs Martin Battye Mr & Mrs Simon Bax Mrs Jacquetta Cator The Marquess & Marchioness of Cholmondeley

Mr & Mrs James Colman Sir Timothy Colman The Rev. Paul Gismondi Mr & Mrs Brendan Hopkins Mr & Dr Bill Husselby Sir Richard & Lady Jewson

The Earl & Countess of Leicester Mr & Mrs Nicholas Lyons Mr & Mrs Ian McIntyre Mr & Mrs Ardeshir Naghshineh Prof. & Mrs Keith Roberts

Fellows

Mr & Mrs Charles Barratt Mr & Mrs Kip Bertram Miss Elizabeth Brocklebank Mr & Mrs Peter Cadbury Ms Debbie Carslaw & Ms Nessie Stonebridge

Mrs Gill Findlater Mrs Anthea Franklin Lady Keith of Castleacre Mr & Mrs David McCall Mr & Mrs Gregory Meath Baker Mr Bryan Read

Mr & Dr Merlin Waterson Mr & Mrs Ainslie Yule

Business Sponsors

Brown & Co Country & Eastern

Jarrold & Sons Lovewell Blake John Lewis

The Fund would also like to express its appreciation to our members for their continued support through the 2020/21 pandemic; a time in which many of the beneftits of membership were not available.

The Norwich Town Close Estate Charity continues to help us support ST*ART , a primary school-age art course, as well as A' Level art Masterclasses.

Our thanks are also due to Tate, Norfolk Museums, our volunteers, donors and exhibiting artists; also to the Trustees of the Dubery Brogden Estate and Norwich University of the Arts for making possible the awarding of our scholarships to students studying Fine Art, Illustration & Fashion.

Page 2

East Anglia Art Fund

Chairman's Report For the year ended 31 January 2021

This year was shaped by the Covid-19 pandemic, national lockdowns, the closure of museums and galleries and the government guidance on social distancing and gatherings. There were two EAAF events prior to the pandemic and we were able to host a further three events through the summer. EAAF staff left the office at Norfolk Museum Service (NMS), Shirehall in March and worked from home for the remainder of the year. Nonetheless membership remained stable, and we maintained close contact with our NMS colleagues. We communicated with our members weekly and took the opportunity to profile our many artist members with a continuing social media and e-mail project, EAAF presents. We also enhanced our website capability to host a series of talks for members - a new initiative for EAAF.

Membership:

The EAAF Presents project supported the recruitment of new members, however the lack of exhibitions and our usual events offer resulted in a small net loss of members.

Exhibitions supported with grants in 2020:

Laura Wilson, Deepening, Norwich Castle

Members' Events:

Sacred Treasures of Norwich Cathedral

Contemporary Projects at Norwich Castle Anish Kapoor at Houghton Hall (event held three times due to popular demand) These events were well attended and generated a small profit

Saturday Art Club:

Funded by the Norwich Town Close Estate Charity, Saturday Art Club ST*ART! for children at Norwich Castle commenced in January 2020 and continued online throughout 2020.

Legacies and Bequests:

With the gift of £500,000 from the Estate of Fred Dubery and Joanne Brogden given in January 2016, EAAF continued to support Dubery Brogden scholarships at Norwich University of the Arts (NUA). The year marked the completion of the fifth year of scholarships to students in Fine Art and Illustration and Fashion and Textiles, from 1st year to MA. The working relationship with NUA continues to grow and has been most rewarding.

Governance:

The Executive Committee and Trustees met online in October. Peter Horner resigned from the Executive Committee in March 2020. There are no recruitments to report.

Nichola Johnson Chair of EAAF Executive Committee 11 October 2021

page 3

East Anglia Art Fund

Trustees' Report For the year ended 31 January 2021

The Trustees present their report and the financial statements for the year ended 31 January 2021.

Structure, governance and management

Governing document

The Fund is governed by a Trust Deed dated 7 November 1991 as varied by Deed of Amendment dated 26 October 1998 and 6 June 2005. East Anglia Art Fund is registered as a charity number 1014349. East Anglia Art Fund was known as East Anglia Art Foundation prior to June 2005.

The aims and objects of the Fund

East Anglia Art Fund was established with the following aims and objectives:

Trustees

All of the Trustees listed on page 1 have served in office during the year ended 31 January 2021. Trustees are appointed by resolution at a Trustees' meeting.

Trustee induction and training

New Trustees are briefed on their legal obligations under charity law, the content of the Trust Deed and recent financial information of the Fund. Trustees are encouraged to attend appropriate training events where these will facilitate the undertaking of their role.

Organisation

The Fund is served by a Board of Trustees who meet at least once a year. The main operational decisions are made by an Executive Committee which meets at least half yearly and reports to the main Board of Trustees. The day to day running of the Fund is undertaken by the Fund's director and an administrator, both of whom are employed on a part time basis. The Trustees and the Executive Committee also rely on the services of a treasurer who maintains the books and accounting records of the Fund and provides financial information to the Trustees.

Risk management

The Trustees have examined the major strategic, business and operational risks which the Fund faces and have produced a document which sets out the systems and procedures to manage major risks. The strategy also includes procedures to minimise the impact on the Fund should those risks materialise. The document is reviewed annually.

Public benefit

The Trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. All art exhibitions are open to the general public.

Page 4

East Anglia Art Fund

Trustees' Report (continued)

For the year ended 31 January 2021

Achievements and performance

Review of activities and performance

The exhibitions and related events supported by the Fund during the year are given in the Chairman's Statement on page 3.

Plans for future periods

EAAF remains committed to:

providing financial assistance to the Norwich Castle Museum & Art Gallery to improve their art exhibitions programme and;

develop an ongoing role at the Castle and in the wider visual arts scene.

The charity has been adversly affected by the impact of Covid-19. We remain committed to serving our members and organising future and virtual events from home. This will continue until such time that the lockdown provisions are relaxed.

Financial review

Principal funding sources

The main source of income comes from donations, subscriptions and the Board of Patrons. Both the level of donations and the year end financial position remain satisfactory. During the year the Fund received income from all sources (excluding investment losses) amounting to £67,374 made up as follows:

Patrons of East Anglia Art Fund
Membership subscriptions
Donation - Paston table
Tor Falcon exhibition sales
Tor Falcon sponsorship
Castle Keep donations
Marketing and events
Dubery Brogden picture sales
Donations and other income
Investment income and gift aid
Total income		 Restricted
£
-
-
-
-
-
-
-
-
-
16,462
16,462		 Unrestricted
£
17,182
13,069
-
-
-
-
5,805
-
300
14,556
50,912		 Total
2021
£
17,182
13,069
-
-
-
-
5,805
-
300
31,018
67,374		 Restricted
£
-
-
3,000
-
-
-
-
-
-
20,697
23,697		 Unrestricted
£
18,842
15,722
-
44,625
2,500
8,125
6,946
52,663
1,925
18,659
170,007		 2020
£
18,842
15,722
3,000
44,625
2,500
8,125
6,946
52,663
1,925
39,356
193,704

During the year the net expenditure, including losses on investments of £25,486 amounted to £49,970. The deficit has been deducted from the appropriate funds.

Level of income reserve

The Fund has no significant ongoing financial obligations or commitments. Accordingly, the Trustees ensure that sufficient funds are retained to generate levels of income, which together with regular fund raising activities are at least sufficient to cover the ongoing management and administrative expenses of the Fund and provide funds for charitable expenditure. There are no specifically designated reserve funds. Excluding listed securities at 31 January 2021, unrestricted reserves amounted to £37,220.

Accounts preparation

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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.

page 5

East Anglia Art Fund

Trustees' Report (continued) For the year ended 31 January 2021

Financial review (continued)

Investment policy

The Trustees may apply trust funds at their discretion in any of the investments permitted by law for the investment of trust funds.

The Fund maintains a portfolio of listed investments. These are invested under the guidance of professional advisors in order to mitigate capital risk by spreading across sectors in established companies and to maintain income returns. Surplus cash funds are generally held in term deposits to match the needs of the Fund for liquid funds. The Trustees review the level of equity investments from time to time in the light of the investment needs of the Fund.

It is the Trustees objective to secure investment income towards part of the running costs of the Fund whilst achieving sufficient capital growth to enable the investments to grow to provide for increasing operational costs in the future.

Trustees' responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Charities Act 2011 and Generally Accepted Accounting Practice.

Law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Trust's governing document, the Charities Act 2011 and 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 2019. The Trustees are responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent examiner

A resolution to reappoint Giles Kerkham FCA DChA as independent examiner will be proposed at the Annual General Meeting.

Approved by the Board of Trustees on 11 October 2021 and signed on its behalf by:

Richard Jewson (Trustee)

Page 6

Independent Examiner's report to the Trustees of East Anglia Art Fund

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 January 2021 which are set out on pages 8 to 14.

This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity'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 responsibity to anyone other than the charity and the charity's Trustees as a body for my work or for this report.

Responsibilities and basis of report

As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's statement

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

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

Giles Kerkham FCA DChA Larking Gowen LLP Chartered Accountants Norwich

Page 7

East Anglia Art Fund

Statement of financial activities (incorporating income and expenditure account) For the year ended 31 January 2021

Notes
Income
Tor Falcon exhibition and sponsorship
Membership subscriptions
Patrons and donations
Sponsorship
Education projects
Dubery Brogden picture sales
Marketing and events
Castle Keep donations
Open Art Show
Other income
Investment income
Gift aid
Total income
Expenditure
Expenditure on charitable activities
3
Picture cost of sales
Net (expenditure)/income
Investment (losses)/gains
5
Net movement in funds
Fund balances at 1 February 2020
Fund balances at 31 January 2021
10 & 11		 Unrestricted
funds
£
13,069
17,482
-
-
-
5,805
-
-
-
9,391
5,165		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
16,462
-		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2021
£
-
13,069
17,482
-
-
-
5,805
-
-
-
25,853
5,165		 Total
2020
£
47,125
15,722
23,492
-
-
52,663
6,946
8,125
-
275
32,169
7,187		 Unrestricted
funds
£
47,125
15,722
20,492
-
-
52,663
6,946
8,125
-
275
11,472
7,187		 Restricted
funds
£
-
-
3,000
-
-
-
-
-
-
-
20,697
-		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
50,912 16,462 - 67,374 193,704 170,007 23,697 -
69,203
-		 22,655
-		 -
-		 91,858
-		 110,426
20,000		 82,053
-		 28,373
-		 -
20,000
69,203 22,655 - 91,858 130,426 82,053 28,373 20,000
(18,291)
(22,114)		 (6,193)
-		 -
(3,372)		 (24,484)
(25,486)		 63,278
74,429		 87,954
19,881		 (4,676)
-		 (20,000)
54,548
(40,405)
358,428		 (6,193)
18,876		 (3,372)
997,073		 (49,970)
1,374,377		 137,707
1,236,670		 107,835
250,593		 (4,676)
23,552		 34,548
962,525

318,023		 12,683 993,701 1,324,407 1,374,377 358,428 18,876 997,073

Page 8

East Anglia Art Fund

Statement of financial position As at 31 January 2021

Notes
Fixed assets
Lady Adeane Collection
5
Other pieces of art
5
Listed securities
5
Current assets
Debtors
6
Cash at bank
Current account
Deposit account
COIF
Cash held at stockbrokers
Cash in hand
Less:
Creditors: amounts falling due within one year
7
Net current assets
Net assets
Funds
Unrestricted fund
10 & 11
Restricted funds
10 & 11
Endowment fund
10 & 11		 2021
£
395,500
10,000
854,289
1,259,789
3,001
1,269
21,592
38,660
17,522
73
82,117
(17,499)
64,618
1,324,407
318,023
12,683
993,701
1,324,407		 2020
£
395,500
10,000
894,578
1,300,078
4,117
48,483
23,290
38,578
3,613
33
118,114
(43,815)
74,299
1,374,377
358,428
18,876
997,073
1,374,377

Approved by the Board of Trustees on 11 October 2021

…………………………. Richard Jewson Trustee

Page 9

East Anglia Art Fund

Notes to the financial statements For the year ended 31 January 2021

1 Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102)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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements are prepared in accordance with the historical cost convention, with the exception of listed securities, which are stated at market value.

East Anglia Art Fund constitutes a public benefit entity as defined by FRS 102.

1.2 Expenditure

Expenditure is included on an accruals basis. Direct charitable expenditure comprise costs incurred directly in support of the objects of the Fund including the costs of administration and management.

1.3 Bequests and gifts

Bequests and gifts are included in the financial statements when they are probable. Amounts committed under specific appeals are recorded when receivable. Gifts and donations of listed securities are included at market value at date of transfer.

1.4 Investment income

Dividends and interest are included in the financial statements when received.

1.5 Fixed assets

Art work is included at the amount at which it was valued on the date it was gifted to the Fund. Any subsequent valuation made by a professional valuer is noted in the accounts. No depreciation is charged on works of art. The cost of minor additions or those costing below £1,000 are not capitalised. Listed investments are stated in the financial statements at market value.

1.6 Funds

Unrestricted funds are donations and other income receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor or as set out by the terms of an appeal. Expenditure which meets the fund criteria is charged to the fund, together with a fair allocation of management and support costs, if appropriate.

The endowment fund represents those assets which are held for the benefit of the Trust.

1.7 Pensions

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid, the charity has no further payment obligations. The contributions are recognised as an expense in the SOFA when they fall due. The assets of the plan are held separately from the charity in independently administered funds.

1.8 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.

1.9 Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial insrruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.10 Going concern

The Trustees have considered the charity's position at the time of signing the financial statements, and in particular the impact of Covid-19 and lockdown on the ability to put on public exhibitions and to generate funding. Under the current circumstances, it is difficult to produce precise forecasts for the remainder of the financial year and medium term. Nevertheless, the Trustees have considered the current position of the charity, and have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 10

East Anglia Art Fund

Notes to the financial statements (continued) For the year ended 31 January 2021

2 Trustees' remuneration

The Trustees received no remuneration or benefits from the Fund, and were not reimbursed for any of their expenses in the year (2020: £nil). There are no related party transactions requiring disclosure.

3 Analysis of total expenditure

Expenditure on charitable
activities
Leaflets and promotion
Brogden legacy costs
Scholarships
Marketing and events
Staff salaries
Education projects
Website development
Open Art Show
Investment costs
Donation - Art Exhibition support
Art exhibition support not required
Tor Falcon exhibition costs
Accountancy
Printing, stationery and postage
Internet and computer
Bank and card charges
Meeting expenses
Travel
Insurance
Independent examiner's fees		 Unrestricted
fund
£
1,481
-
-
4,120
32,980
-
4,108
3,360
408
15,722
-
-
1,490
1,190
2,340
182
-
-
472
1,350		 Restricted
fund
£
-
520
17,500
-
2,500
1,679
-
-
456
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
£
1,481
520
17,500
4,120
35,480
1,679
4,108
3,360
864
15,722
-
-
1,490
1,190
2,340
182
-
-
472
1,350		 2020
Total
£
1,638
1,223
17,500
6,805
36,666
4,150
4,089
-
420
9,500
(22,500)
42,796
1,340
1,119
1,766
723
478
952
447
1,314		 Unrestricted
fund
£
1,638
-
-
6,805
34,166
-
4,089
-
420
6,500
(22,500)
42,796
1,340
1,119
1,766
723
478
952
447
1,314		 Restricted
fund
£
-
1,223
17,500
-
2,500
4,150
-
-
-
3,000
-
-
-
-
-
-
-
-
-
-
69,203 22,655 91,858 110,426 82,053 28,373

Art exhibition support not required represents the reversal of provisions made in previous years no longer needed.

Staff costs and numbers
Wages and salaries
Employer pension cost		 Unrestricted
fund
£
32,309
671		 Restricted
fund
£
2,500
-		 2021
Total
£
34,809
671		 2020
Total
£
36,002
664		 Unrestricted
fund
£
33,502
664		 Restricted
fund
£
2,500
-
32,980 2,500 35,480 36,666 34,166 2,500

The average weekly number of employees during the year was 2 (2020: 2)

Page 11

East Anglia Art Fund

Notes to the financial statements (continued) For the year ended 31 January 2021

5 Fixed assets

The Lady Adeane Collection comprises a prestigious art collection bequest to the Fund in 1996 at a valuation of £395,500. The collection was appraised for insurance purposes at open market value on 17 February 2014 by Art & Antiques Appraisals Limited, a firm of Independent Agents, Consultants and Valuers at a valuation of £882,150. Under the terms of the Deed of Gift the Lady Adeane collection cannot be sold.

Other pieces of art comprises a picture donated in 1999 at an estimated value of £10,000.

From time to time the Adeane collection and other pieces of art are on display at the Norwich Castle Museum & Art Gallery. Members of the public can arrange to view the collection on application to EAAF.

Listed securities:
At market value 1 February 2020
Revaluation of investments
Loss on sale
Sale proceeds
Purchases
At market value 31 January 2021
Allocated:
General investments
Brogden bequest		 (23,890)
(1,596)
Cost
£
258,436
466,562
724,998		 £
894,578
(25,486)
(139,293)
124,490
854,289
Market
value
£
280,803
573,486
854,289

All investments held are listed UK securities and no individual investment held exceeds 5% of the portfolio value.

6
Debtors
Gift aid
7
Creditors: amounts falling due within one year
Grants and donations
Other creditors
8
Financial instruments
Financial assets measured at fair value through income and expenditure		 2021
£
3,001
2021
£
10,000
7,499
17,499
2021
£
854,289		 2020
£
4,117
2020
£
35,500
8,315
43,815
2020
£
894,578

Financial assets measured at fair value through income and expenditure are comprised of listed investments.

9 Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £671 (2020: £664) and there were contributions of £nil (2020: £44) outstanding at the year end.

Page 12

East Anglia Art Fund

Notes to the financial statements (continued) For the year ended 31 January 2021

10 Analysis of net assets

Analysis of net assets
Fixed assets:
Works of art
Listed securities
Debtors
Cash at bank and in hand
Creditors
Net current assets
Total assets
Fixed assets:
Works of art
Listed securities
Debtors
Cash at bank and in hand
Creditors
Net current assets
Total assets		 Restricted
fund
£
-
-
-
-
12,683
-
12,683
12,683
Restricted
fund
£
-
-
-
-
18,876
-
18,876
18,876		 Unrestricted
fund
£
-
280,803		 Endowment
fund
£
405,500
573,486		 Total
2021
£
405,500
854,289
280,803 978,986 1,259,789
3,001
51,718
(17,499)		 -
14,715
-		 3,001
79,116
(17,499)
37,220 14,715 64,618
318,023 993,701 1,324,407
Unrestricted
fund
£
-
305,065		 Endowment
fund
£
405,500
589,513		 Total
2020
£
405,500
894,578
305,065 995,013 1,300,078
4,117
93,061
(43,815)		 -
2,060
-		 4,117
113,997
(43,815)
53,363 2,060 74,299
358,428 997,073 1,374,377

11 Movements in funds

Movements in funds
Restricted funds:
Education projects
Dubery Brogden picture fund
Scholarship fund
Unrestricted funds:
General funds
Endowment fund
Lady Adeane collection
Dubery Brogden bequest
Total funds		 At 1 Feb
2020
£
7,060
3,218
8,598		 Income
£
-
-
16,462
16,462
50,912
-
-
-
67,374		 Expenditure
£
(1,679)
(976)
(20,000)		 Investment
losses
£
-
-
-		 At 31 Jan
2021
£
5,381
2,242
5,060
18,876 (22,655) - 12,683
358,428 (69,203) (22,114) 318,023
405,500
591,573		 -
-		 -
(3,372)		 405,500
588,201
997,073 - (3,372) 993,701
1,374,377 (91,858) (25,486) 1,324,407

Page 13

East Anglia Art Fund

Notes to the financial statements (continued) For the year ended 31 January 2021

10 Movements in funds (continued)

Movements in funds (continued)
Restricted funds:
Education projects
Paston table
Dubery Brogden picture fund
Scholarship fund
Art bursary fund
Unrestricted funds:
General funds
Endowment fund
Lady Adeane collection
Dubery Brogden bequest
Total funds		 At 1 Feb
2019
£
11,210
-
4,441
5,054
2,847
23,552
250,593
405,500
557,025
962,525
1,236,670		 Income
£
-
3,000
-
23,544
(2,847)
23,697
170,007
-
-
-
193,704		 Expenditure
£
(4,150)
(3,000)
(1,223)
(20,000)
-
(28,373)
(82,053)
-
(20,000)
(20,000)
(130,426)		 Investment
profits
£
-
-
-
-
-
-
19,881
-
54,548
54,548
74,429		 At 31 Jan
2020
£
7,060
-
3,218
8,598
-
18,876
358,428
405,500
591,573
997,073
1,374,377

Descriptions of restricted funds

Education projects

This fund is for specific sponsor's donations of master classes and programmes arranged by EAAF.

Dubery Brogden picture fund

Under the Will of the late Prof. Joanne Brogden Dubery a legacy of £25,000 was left to cover the ongoing cost of picture storage and administration expenses.

Scholarship fund

The investments of stocks and shares bequeathed to EAAF under the Will of the late Prof Joanne Brogden Dubery is invested to fund scholarships to art students to part fund their college or university education.

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