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2022-01-31-accounts

East Anglia Art Fund Annual Report For the year ended 31 January 2022 Charfty no. 1014349

East Anglia Art Fund

Annual Report

For the year ended 31 January 2022

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 2022

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 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 2022

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

Charitable Trusts

The Norwich Town Close Estate Charity

Patrons

Mr & Mrs George Anson Mr & Mrs James Colman Sir Nicholas & Lady Bacon Sir Timothy Colman Mr & Mrs Nicholas Lyons Mr & Mrs Martin Battye Mr & Dr Bill Husselby Mr & Mrs Ian McIntyre Mr & Mrs Simon Bax Sir Richard & Lady Jewson Mr & Mrs Ardeshir Naghshineh Mrs Jacquetta Cator The Earl & Countess of Leicester Prof. & Mrs Keith Roberts The Marquess & Marchioness of Mr Jonathan Lloyd Mrs Bee Wood Cholmondeley

Fellows

Mr & Mrs Charles Barratt Mrs Gill Findlater Mr & Mrs Kip Bertram Mrs Anthea Franklin Miss Elizabeth Brocklebank Mr David McCall Mr Peter Cadbury Mrs Mary Mellor Ms Debbie Carslaw & Mrs Priscilla Meath Baker Ms Nessie Stonebridge Mrs Susie Turner

Mr & Dr Merlin Waterson Mr & Mrs Ainslie Yule

Business Sponsors

Business sponsorship was suspended during 2020/21 Covid pandemic, but we express continued gratitude to:

Country & Eastern John Lewis

Jarrold & Sons Lovewell Blake

The Fund would also like to express its appreciation to our members for their continued support through the pandemic; a time in which many of the benefits 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 2022

This year saw continuing lockdown restrictions, a second year of working from home and the partial closure of museums and galleries. Nonetheless, as restrictions eased the staff spurred us in to action, realising the 6th EAAF Open Art Show at Norwich Castle, supporting a range of exhibitions and hosting a number of members' events. Membership remained stable and we continued to work closely with our NMS colleagues. We communicated with our members weekly and profiled our many artist members with the social media and e-mail project, EAAF Presents.

Exhibitions supported with grants in 2021

Members Events were well attended and generated a small profit

The Norwich Castle Saturday Art Club ST*ART!, funded by the Norwich Town Close Estate Charity, commenced in January 2020 and continued on-line throughout 2021.

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 sixth 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 on-line in March and October 2021. There are no resignations or recruitments to report.

Nichola Johnson Chair of EAAF Executive Committee 10 October 2022

page 3

East Anglia Art Fund

Trustees' Report For the year ended 31 January 2022

The Trustees present their report and the financial statements for the year ended 31 January 2022.

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 2022. 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 2022

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 Report on page 3.

Plans for future periods

EAAF remains committed to:

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 gains) amounting to £91,787 made up as follows:

Patrons of East Anglia Art Fund
Membership subscriptions
Open Art Show picture sales
Marketing and events
Dubery Brogden picture sales
Donations and other income
Investment income and gift aid
Total income		 Restricted
£
-
-
-
-
-
-
19,597
19,597		 Unrestricted
£
16,382
15,475
13,695
10,066
1,334
-
15,238
72,190		 Total
2022
£
16,382
15,475
13,695
10,066
1,334
-
34,835
91,787		 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

During the year the net income, including gains on investments of £80,085 amounted to £80,991. The surplus has been added to 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 2022, unrestricted reserves amounted to £41,773.

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 2022

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 10 October 2022 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 2022 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 

13 October 2022

Page 7

East Anglia Art Fund

Statement of financial activities (incorporating income and expenditure account) For the year ended 31 January 2022

Unrestricted
Notes
funds
£
Income
Membership subscriptions
15,475
Patrons and donations
16,382
Dubery Brogden picture sales
1,334
Marketing and events
10,066
Open Art Show
13,695
Investment income
10,043
Gift aid
5,195
Total income
72,190
Expenditure
Expenditure on charitable activities
3
65,623
Net income/(expenditure)
6,567
Investment gains/(losses)
5
31,032
Net movement in funds
37,599
Fund balances at 1 February 2021
318,023
Fund balances at 31 January 2022
10 & 11
355,622		 Restricted
funds
£
-
-
-
-
-
19,597
-
19,597
25,258
(5,661)
-
(5,661)
12,683
7,022		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
49,053
49,053
993,701
1,042,754		 Total
2022
£
15,475
16,382
1,334
10,066
13,695
29,640
5,195
91,787
90,881
906
80,085
80,991
1,324,407
1,405,398		 Total
2021
£
13,069
17,482
-
5,805
-
25,853
5,165
67,374
91,858
(24,484)
(25,486)
(49,970)
1,374,377
1,324,407		 Unrestricted
funds
£
13,069
17,482
-
5,805
-
9,391
5,165
50,912
69,203
(18,291)
(22,114)
(40,405)
358,428
318,023		 Restricted
funds
£
-
-
-
-
-
16,462
-
16,462
22,655
(6,193)
-
(6,193)
18,876
12,683		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
(3,372)
(3,372)
997,073
993,701

Page 8

East Anglia Art Fund

Statement of financial position As at 31 January 2022

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		 2022
£
395,500
10,000
947,974
1,353,474
2,970
3,391
10,227
38,665
3,106
73
58,432
(6,508)
51,924
1,405,398
355,622
7,022
1,042,754
1,405,398		 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

Approved by the Board of Trustees on 10 October 2022

…………………………. Richard Jewson Trustee

Page 9

East Anglia Art Fund

Notes to the financial statements For the year ended 31 January 2022

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 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 2022

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 (2021: £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
Accountancy
Printing, stationery and postage
Internet and computer
Bank and card charges
Insurance
Independent examiner's fees		 Unrestricted
fund
£
740
-
-
5,865
35,286
-
-
9,646
384
6,007
1,630
1,180
2,470
522
481
1,412
65,623		 Restricted
fund
£
-
-
17,500
-
2,500
1,826
-
-
432
3,000
-
-
-
-
-
-
25,258		 2022
Total
£
740
-
17,500
5,865
37,786
1,826
-
9,646
816
9,007
1,630
1,180
2,470
522
481
1,412
90,881		 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
91,858		 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
69,203		 Restricted
fund
£
-
520
17,500
-
2,500
1,679
-
-
456
-
-
-
-
-
-
-
22,655

The Trust's office and associated services are provided at no charge by the Norfolk Museums and Archaeology Service.

4
Staff costs and numbers
Wages and salaries
Employer pension cost		 Unrestricted
fund
£
34,549
737
35,286		 Restricted
fund
£
2,500
-
2,500		 2022
Total
£
37,049
737
37,786		 2021
Total
£
34,809
671
35,480		 Unrestricted
fund
£
32,309
671
32,980		 Restricted
fund
£
2,500
-
2,500

The average weekly number of employees during the year was 2 (2021: 2)

Page 11

East Anglia Art Fund

Notes to the financial statements (continued) For the year ended 31 January 2022

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 2021
Revaluation of investments
Profit on sale
Sale proceeds
Purchases
At market value 31 January 2022
Allocated:
General investments
Brogden bequest		 70,245
9,840
Cost
£
267,849
512,022
779,871		 £
854,289
80,085
(132,172)
145,772
947,974
Market
value
£
313,849
634,125
947,974

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		 2022
£
2,970
2022
£
3,000
3,508
6,508
2022
£
947,974		 2021
£
3,001
2021
£
10,000
7,499
17,499
2021
£
854,289

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 £737 (2021: £671).

Page 12

East Anglia Art Fund

Notes to the financial statements (continued) For the year ended 31 January 2022

10 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
11 Movements in funds
Restricted funds:
Education projects
Dubery Brogden picture fund
Scholarship and grant fund
Unrestricted funds:
General funds
Endowment fund
Lady Adeane collection
Dubery Brogden bequest
Total funds		 At 1 Feb
2021
£
5,381
2,242
5,060
12,683
318,023
405,500
588,201
993,701
1,324,407		 Restricted
fund
£
-
-
-
-
10,022
(3,000)
7,022
7,022
Restricted
fund
£
-
-
-
-
12,683
-
12,683
12,683
Income
£
-
-
19,597
19,597
72,190
-
-
-
91,787		 Unrestricted
fund
£
-
313,849
313,849
2,970
42,311
(3,508)
41,773
355,622
Unrestricted
fund
£
-
280,803
280,803
3,001
51,718
(17,499)
37,220
318,023
Expenditure
£
(1,826)
(432)
(23,000)
(25,258)
(65,623)
-
-
-
(90,881)		 Endowment
fund
£
405,500
634,125
1,039,625
-
3,129
-
3,129
1,042,754
Endowment
fund
£
405,500
573,486
978,986
-
14,715
-
14,715
993,701
Investment
Gains
£
-
-
-
-
31,032
-
49,053
49,053
80,085		 Total
2022
£
405,500
947,974
1,353,474
2,970
55,462
(6,508)
51,924
1,405,398
Total
2021
£
405,500
854,289
1,259,789
3,001
79,116
(17,499)
64,618
1,324,407
At 31 Jan
2022
£
3,555
1,810
1,657
7,022
355,622
405,500
637,254
1,042,754
1,405,398

Page 13

East Anglia Art Fund

Notes to the financial statements (continued) For the year ended 31 January 2022

11 Movements in funds (continued)

Restricted funds:
Education projects
Dubery Brogden picture fund
Scholarship and grant 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
18,876
358,428
405,500
591,573
997,073
1,374,377		 Income
£
-
-
16,462
16,462
50,912
-
-
-
67,374		 Expenditure
£
(1,679)
(976)
(20,000)
(22,655)
(69,203)
-
-
-
(91,858)		 Investment
losses
£
-
-
-
-
(22,114)
-
(3,372)
(3,372)
(25,486)		 At 31 Jan
2021
£
5,381
2,242
5,060
12,683
318,023
405,500
588,201
993,701
1,324,407

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 and grant 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 and to provide grants to local artists in the Suffolk area.

Page 14