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
- _Love Light Norwich,_ Norwich BID
- _Spotlight,_ Norwich Castle Life of Lowestoft
- _Katie Spragg, Plants Porcelain People,_ Caroline Fisher Projects (postponed to 2021) _Here,_ The Art Station Saxmundham (postponed to 2021)
- _JMW Turner Walton Bridges,_ tour to NMS partner venues _Alfred Cohen: An American Artist in Europe,_ multiple venues
## **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:
- To increase the understanding and enjoyment of painting and sculpture and helping to create, in Norwich an arts programme of national significance,
- The advancement of public education in the visual arts in particular by the holding of public exhibitions. To be the main holder of private sector partnership funding to ensure on-going financial security for national and international collection exhibitions at Norwich Castle Galleries through revenue funding for the artistic programme.
## **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:
- Select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Trust will continue on that basis.
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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- 2 the accounts do not accord with those; or
- 3 the accounts do not comply with the applicable requirements concerning 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 considered as part of an independent examination.
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.
- **4** The Trust's office and associated services are provided at no charge by the Norfolk Museums and Archaeology Service.
|**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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