East Anglia Art Fund
Annual Report
For the year ended 31 January 2023
Charlty no. 1014349
## **East Anglia Art Fund**
## **Annual Report**
## **For the year ended 31 January 2023**
|**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 2023**
**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 (Retired October 2022) **Independent examiner** Giles Kerkham FCA DChA Larking Gowen LLP Prospect House Rouen Road Norwich NR1 1RE **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 2023**
The Fund would like to thank the following for their generous support:
## **Charitable Trusts**
The Norwich Town Close Estate Charity The Timothy Colman Charitable Trust
## **Patrons**
Mr & Mrs George Anson Sir Nicholas & Lady Bacon Mr & Mrs Martin Battye Mr & Mrs Simon Bax Mr Mark Cator The Marquess & Marchioness of Cholmondeley
Mr James Colman Sir Richard & Lady Jewson The Earl & Countess of Leicester Mr Jonathan Lloyd & Mrs Bee Wood Mr & Mrs Nicholas Lyons Mr & Mrs Ian McIntyre
Mr & Mrs Ardeshir Naghshineh Prof. & Mrs Keith Roberts
## **Fellows**
Mr & Mrs Charles Barratt Mrs Gill Findlater Mr & Dr Merlin Waterson Miss Elizabeth Brocklebank Mrs Anthea Franklin Mrs Mary Yule Mr Peter Cadbury Mr David McCall Ms Debbie Carslaw & Mrs Mary Mellor Ms Nessie Stonebridge
## **Business Sponsors**
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 2023**
This year saw new energy brought to EAAF as Covid-19 restrictions were lifted and we again offered our members museum and gallery visits and a great range of events. Staff returned to the office at Shirehall and we recruited a new administrator. We held a structured Away Day at The Cut, Suffolk, involving staff, Trustees and Executive Committee members in a lively refocus on future ambitions and immediate next steps for EAAF. We continued to work closely with our NMS colleagues. Membership remained stable and we communicated with our members, profiling our many artist members with the project EAAF Presents.
**Exhibitions** (supported with grants in 2022):
- _The Singh Twins: Slaves of Fashion,_ Norwich Castle
- _The World We Live In: Art and the Urban Environment_ , Norwich Castle
- _The Sun Also Rises,_ The New Cut, Halesworth, Suffolk
- _Undisclosed_ , Norwich Cathedral Hostry
- _Craxton-Picasso_ , Holt Festival
- _Alice Wilson at 303 Projects_ , Lowestoft
- _Conor Coulson, Thoughts from a Sleepless Night,_ NNF
- _Landscape Imagery, Daniel & Clara_ , multiple venues
- _It's Not Over Yet Duncan McAfee_ , 303 Projects Lowestoft
- _Global Shorelines_ , Suffolk
- _X1 Biennale_ , Norfolk
**Members' Events** (were well attended and generated a small profit):
- _Walsingham, In the Footsteps of Pilgrims_
- _Turner's Walton Bridges, Finding Stories_ , Norwich Castle
- _New Exhibitions, Independent Spaces_ , Norwich
- _Curator's Tour, The World We Live In_ , Norwich Castle
- _John Kiki on Film_ , Norwich
- _Craxton-Picasso_ , A Day at Holt Festival
- _A Day in Great Bardfield & Saffron Walden_ , Essex
- _Wood'n Boats with James Dodds_ , The Yare Gallery, Great Yarmouth
- _The Sun Also Rises - the Curator's Tour_ , The Cut, Halesworth
- _The Question of Slavery in East Anglia and the Country House_ , Norwich Cathedral Hostry
- _The Heavenly Host_ , Tea & Talk, Norwich Castle
- _The Singh Twins in Conversation_ , Norwich University of the Arts
## **ST*ART!**
The Norwich Castle Saturday Club ST*ART!, funded by the Norwich Town Close Estate Charity, continued online throughout 2022.
## **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). This year marked the completion of the 8th 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 in March 2022. Mary Yule resigned from the Executive Committee. Angela Dunn retired as Administrator after 21 years of service and was replaced by Emma Hazell.
Nichola Johnson Chair of EAAF Executive Committee 12 October 2023
page 3
## **East Anglia Art Fund**
## **Trustees' Report For the year ended 31 January 2023**
The Trustees present their report and the financial statements for the year ended 31 January 2023.
## **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 2023. 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 2023**
## **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:
- 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.
## **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 £103,726 made up as follows:
|Patrons of East Anglia Art Fund
Membership subscriptions
Open Art Show picture sales
Marketing and events
Dubery Brogden picture sales
Education projects
Donations and other income
Investment income and gift aid
**Total income**|Restricted
£
-
-
-
-
-
11,050
-
19,690
30,740|Unrestricted
£
19,782
16,552
-
6,921
-
-
10,000
19,731
72,986|**Total**
**2023**
**£**
**19,782**
**16,552**
**-**
**6,921**
**-**
**11,050**
**10,000**
**39,421**
**103,726**|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|
|---|---|---|---|---|---|---|
During the year the net income (excluding losses on investments) amounted to £8,493. The deficit including losses on investments has been allocated 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 2023, unrestricted reserves amounted to £50,409.
## **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 2023**
## **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 12 October 2023 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 2023 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
26 October 2023
Page 7
## **East Anglia Art Fund**
## **Statement of financial activities (incorporating income and expenditure account) For the year ended 31 January 2023**
|Unrestricted
Notes
funds
£
**Income**
Membership subscriptions
16,552
Donations
10,000
Patrons
19,782
Dubery Brogden picture sales
-
Education projects
-
Marketing and events
6,921
Open Art Show
-
Investment income
10,992
Gift aid
8,739
**Total income**
72,986
**Expenditure**
Expenditure on charitable activities
3
71,013
**Net income/(expenditure)**
1,973
Investment gains/(losses)
5
(7,940)
**Net movement in funds**
(5,967)
Fund balances at 1 February 2022
355,622
**Fund balances at 31 January 2023**
10 & 11
**349,655**|Restricted
funds
£
-
-
-
-
11,050
-
-
19,690
-
30,740
24,220
6,520
-
6,520
7,022
**13,542**|Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
(26,522)
(26,522)
1,042,754
**1,016,232**|**Total**
**2023**
**£**
**16,552**
**10,000**
**19,782**
**-**
**11,050**
**6,921**
**-**
**30,682**
**8,739**
**103,726**
**95,233**
**8,493**
**(34,462)**
**(25,969)**
**1,405,398**
**1,379,429**|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|Unrestricted
funds
£
15,475
-
16,382
1,334
-
10,066
13,695
10,043
5,195
72,190
65,623
6,567
31,032
37,599
318,023
**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**|
|---|---|---|---|---|---|---|---|
Page 8
## **East Anglia Art Fund**
**Statement of financial position As at 31 January 2023**
|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|**2023**
**£**
**395,500**
**10,000**
**896,162**
**1,301,662**
**5,751**
**8,296**
**13,683**
**39,141**
**19,570**
**-**
**86,441**
**(8,674)**
**77,767**
**1,379,429**
**349,655**
**13,542**
**1,016,232**
**1,379,429**|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|
|---|---|---|
Approved by the Board of Trustees on 12 October 2023
…………………………. **Richard Jewson** Trustee
Page 9
## **East Anglia Art Fund**
## **Notes to the financial statements For the year ended 31 January 2023**
## **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 2023**
- **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 (2022: £nil). There are no related party transactions requiring disclosure.
- **3 Analysis of total expenditure**
|**Expenditure on charitable**
**activities**
Leaflets and promotion
Student prize
Scholarships
Marketing and events
Staff salaries
Education projects
Open Art Show
Investment costs
Donation - Art Exhibition support
Accountancy
Printing, stationery and postage
Internet and computer
Bank and card charges
Meetings
Travel
Insurance
Independent examiner's fees|Unrestricted
fund
£
355
500
-
4,718
38,898
-
-
408
17,336
1,685
1,091
3,037
268
302
222
523
1,670
71,013|Restricted
fund
£
-
-
17,500
-
-
3,240
-
480
3,000
-
-
-
-
-
-
-
-
24,220|**2023**
**Total**
**£**
**355**
**500**
**17,500**
**4,718**
**38,898**
**3,240**
**-**
**888**
**20,336**
**1,685**
**1,091**
**3,037**
**268**
**302**
**222**
**523**
**1,670**
**95,233**|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|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|
|---|---|---|---|---|---|---|
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
£
38,150
748
38,898|Restricted
fund
£
-
-
-|**2023**
**Total**
**£**
**38,150**
**748**
**38,898**|2022
Total
£
37,049
737
37,786|Unrestricted
fund
£
34,549
737
35,286|Restricted
fund
£
2,500
-
2,500|
|---|---|---|---|---|---|---|
The average weekly number of employees during the year was 2 (2022: 2)
Page 11
## **East Anglia Art Fund**
## **Notes to the financial statements (continued) For the year ended 31 January 2023**
## **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 2022
Revaluation of investments
Loss on sale
Sale proceeds
Purchases
At market value 31 January 2023
Allocated:
General investments
Brogden bequest|(16,363)
(18,099)
Cost
£
263,575
512,806
776,381|£
947,974
(34,462)
(192,975)
175,625
**896,162**
Market
value
£
299,246
596,916
896,162|
|---|---|---|
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|**2023**
**£**
**5,751**
**2023**
**£**
**2,536**
**6,138**
**8,674**
**2023**
**£**
**896,162**|2022
£
2,970
2022
£
3,000
3,508
6,508
2022
£
947,974|
|---|---|---|
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 £748 (2022: £737).
Page 12
## **East Anglia Art Fund**
## **Notes to the financial statements (continued) For the year ended 31 January 2023**
## **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
2022
£
3,555
1,810
1,657
7,022
355,622
405,500
637,254
1,042,754
1,405,398|Restricted
fund
£
-
-
-
-
14,542
(1,000)
13,542
13,542
Restricted
fund
£
-
-
-
-
10,022
(3,000)
7,022
7,022
Income
£
11,050
-
19,690
30,740
72,986
-
-
-
103,726|Unrestricted
fund
£
-
299,246
299,246
5,751
52,332
(7,674)
50,409
349,655
Unrestricted
fund
£
-
313,849
313,849
2,970
42,311
(3,508)
41,773
355,622
Expenditure
£
(3,240)
(480)
(20,500)
(24,220)
(71,013)
-
-
-
(95,233)|Endowment
fund
£
405,500
596,916
1,002,416
-
13,816
-
13,816
1,016,232
Endowment
fund
£
405,500
634,125
1,039,625
-
3,129
-
3,129
1,042,754
Investment
Losses
£
-
-
-
-
(7,940)
-
(26,522)
(26,522)
(34,462)|**Total**
**2023**
**£**
**405,500**
**896,162**
**1,301,662**
**5,751**
**80,690**
**(8,674)**
**77,767**
**1,379,429**
Total
2022
£
405,500
947,974
1,353,474
2,970
55,462
(6,508)
51,924
1,405,398
**At 31 Jan**
**2023**
**£**
**11,365**
**1,330**
**847**
**13,542**
**349,655**
**405,500**
**610,732**
**1,016,232**
**1,379,429**|
|---|---|---|---|---|---|
Page 13
## **East Anglia Art Fund**
## **Notes to the financial statements (continued) For the year ended 31 January 2023**
## **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
2021
£
5,381
2,242
5,060
12,683
318,023
405,500
588,201
993,701
1,324,407|Income
£
-
-
19,597
19,597
72,190
-
-
-
91,787|Expenditure
£
(1,826)
(432)
(23,000)
(25,258)
(65,623)
-
-
-
(90,881)|Investment
Gains
£
-
-
-
-
31,032
-
49,053
49,053
80,085|At 31 Jan
2022
£
3,555
1,810
1,657
7,022
355,622
405,500
637,254
1,042,754
1,405,398|
|---|---|---|---|---|---|
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