East Anglia Art Fund Annual Report For the year ended 31 January 2025 Charity no. 1014349 East Anglia Art Fund Annual Report For the year ended 31 January 2025 Contents Page Trustees and Advisors Acknowledgements Chairman's Report Trustees, Report 4-6 Independent Examiner's report Statement of financial activities Statement of financial position Notes to the financial statements 10-14 East Anglia Art Fund Trustees and Advisors For the year ended 31 January 2025 Trustees Mr James Colman Mrs Charlotte Crawley Sir Richard Jewson Ms Susan Jack {appointed December 2024) Ms Nichola Johnson Sir Nicholas Lyons (Chairman) Mr Merlin Waterson Fund Director Mrs Amanda Geitner East Anglia Art Fund Shirehall Market Avenue Norwich NR13JQ Executive Committee Mr Martin Battye Mr Robert Collin (Treasurer) Mr lan Collins Ms Croose-myhill Mrs Amanda Geitner Ms Kate Heyman Ms Nichola Johnson (chair) Mrs Linda McFarlane Professor Simon Ofield-Kerr 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 Investment Brokers Barratt & Cooke 5 Opie Street Norwich NR13DW Page 1 East Anglia Art Fund Acknowledgements For the year ended 31 January 2025 The Fund would like to thank the following for their generous support.. Charitable Trusts The Notwich 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 Mr Michael Fowler Sir Richard & Lady Jewson The Earl & Countess of Leicester Mr Jonathan Lloyd & Mrs Bee Wood Sir Nicholas & Lady Lyons Mr & Mrs Ardeshir Naghshineh Prof. & Mrs Keith Roberts Dr Paul Zuckerman & Mrs Sarah Greenhall Fellows Mr & Mrs Charles Barratt Miss Elizabeth Brocklebank Mr Peter Cadbury Ms Debbie Carslaw & Ms Nessie Stonebridge Mrs Gill Findlater Mrs Anthea Franklin Mr David Mc.C.all Mrs Mary Mellor prin￿ Jonathan Doria Pamphili Mr & Mrs Gerard Stsmp Mr & Dr Merlin Waterson Business Sponsors The Norwich Town Close Estate Charity continues to help us support SPARTI 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 2025 This year was another extremely active year for EAAF. in which we delivered a record 19 events, of which 6 were free to Members, and supported 15 exhibilions in Norfolk and Suffolk. The Norwich Castle Keep remained Glosed for refurbishment, but the Castle Museum & Art Gallery was open with a programme of temporary exhibitions supported by EAAF. We continued to work closely with our NMS colleagues. nolably on the delivery of the exhibition .' SUNLIGHT RogerAckling. Membership remained stable and we communicated with our members onsislenlly, continuing to profile our many artist members. Exhibitions SLSPPOrted with grants in 2024.. Adrift, Primeyarc Great Yarmouth, Norfolk Littoral, The Potters Arms, Nowich, Norfolk David Reekie, Diss Cornhall, Norfolk 14 x 14, The Theatre. Framlingham, Suffolk Outpost at 20, Nonmich. Norfolk Taking Time, The Cut. Halesworth. Suffolk Gem?an Expressionism. Holt Festival, Norfolk Thrgad Count, Art Station. Saxmundham, Suffolk SUNLIGHT.. Roger Ackling, Norwich Castle, Norfolk The Summer Project, The Cut. Halesworth. Suffolk Routes, Connection, Connections, St Slephens Church. Norfolk Daniel and Clara The Lost Estate, Norwich Castle. Norfolk In Theirspace, Snape Mallings. Suffolk Posc, Undcroroft, Noiwich. Norfolk JMW Tumer and changing visions of Landscape. Norwich Castle, Norfolk Members. Events were well altended and generated a small surplus John Craxton. A Life of Gifts, February, The Forum, Norwich Walsingham in Winter, February, Norfolk A I IAslory of the South Asia ColleGtAon, March, Nomiich Ibrahim Mahama in conversation with Dr Gabiiella Nugent. April, Norwich Castle Adrift, Primeyarc, April, Great Yarmoulh. Norfolk Antony Gormley and Madalene Odundo at Houghton Hall. May. Norfolk A Day in Raveningham, June, Norfolk Time Spent SUNLIGHT, June. Norwich Castle T rn ￿)- * O) ro> O C• IC+ ￿ O (O m (W U) CD Ln- In r tXI- O O Ixi CN r ¢X (N O(LS C(i East Anglla Art Fund Statement of financial position As at 31 January 2025 2025 2024 Notes Fixed assets Lady Adeane Collection Other pieces of art Listed securities 395.500 10,000 925,150 1,330,650 395,500 10,000 907,581 1,313,081 Current assets Debtors Cash at bank Current account Deposit account COIF Cash held at stockbrokers 5,449 4,300 5.152 5,915 43,008 22,461 81.985 4.839 19,562 40,931 2,520 72,152 Less: Creditors: amounts falling due within one year 12,7081 (13,0181 Net current assets 79,277 59,134 Net assets 1.409,927 1,372,215 Funds Unrestricted fund Restricted funds Endowment fund 10&11 10& 11 10&11 357.417 7,773 1,044,737 1,409,927 345.918 10,870 1,015.427 1,372.215 Approved by the Board of Trustees on 13 October 2025 Nicholas Lyons (Chairman) Trustee Page 9 ast Anglia Art Fund Notgs to the financial statgm•nts For the year ended 31 January 2025 1 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance wyth 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), Ihe 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 secunties. 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 wher) received. 1.5 Fixed a3gets Art work is included at the amount at which it was valued on the date it was gifted to the Fund. Any subsequenl valuation made by a professional valuer is note(J in the accounts. No depreciation is charged on works of art. The cost of minor additions or those costing below £5.000 are not capitalised. Listed investments are ststed 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. Tkie endowrrieril fund represents Ihoè4V a55et&+ wliich ale Iield for Ihe benefil of tlie 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. on￿ the contributions have been paid, the charity has no further payment obliqations. The contributions afe recognised as an expense in the SOFA wh6n 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 temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or 3imilar account. 1.9 Financlal Instruments I he charity only has tinancial assels and financial Iiatsilities of a kind that quality as Oasic ftnancial instruments. Basic financial insrruments are initially recognised at transaction value and subsequently measured al their settlement value. 1.10 Golng concer The Trustees have considered the charrtws position at the time of signing the financial statements, and have concluded thal they have a reasonable expectation that the charity will have adequate resources to continue in operational exislence for the foreseeable future, being al least twelve months from the date of signing thesc financial statemcnts. They therefore continue to adopt the going concern basis of accounting in preparinq these tinancial statements. Page 10 East Anglia Art Fund Notes to the flnanclal statements (continued) For the year ended 31 January 2025 2 Trustees. remuneration and related party transactions. The Trustees received no remuneration or benefits from the Fund, and were not reimbursed for any of their expenses in the year (2024.. £nill. EAAF donated £200 towards a gift made to a Trustee on retirement in recognition of his services given to the charity over many years. All Trustees are members of the charity and have paid subscriptions with no conditions as shown in the Trustees Report on page 5. Except for the transactions disclosed above, there were no other related paty transactions during the year. 3 Analysis of total expenditure Unfeslricted fijnd Restricted fund 2025 Total 2024 Unrestricted Totsl fund Reslricled fund Expenditure on charitsble actlvltles Leaflets and promotion Student prize Scholarships Marketing and events Staff salaries Education projects Investment costs Donation - Art Exhibition support Accountancy Printing, stationery and postage Internet and computer Bank and card charges Meetings Travel Insurance Iiideperideiit exiqWTiiiiei'b fee5 1.574 1,574 2,404 500 17.500 9,867 40,593 557 900 18,000 1,625 829 6.835 579 116 45 523 1,782 102,655 2,404 500 17.5 17,500 7,212 42,641 17,500 7.212 42.641 9,867 40,593 3,445 738 557 492 2,500 648 18.500 1.800 1.630 3,172 553 259 178 562 1.808 80,537 1,386 18,500 1,800 1,630 3.172 553 283 178 562 1.808 102,244 408 15,500 1,625 829 6,835 579 80 45 523 1,782 81,570 24 36 21,707 21,085 During the year, £17,500 was paid to Norwich University of the Arts to fund bursaries awarded to students, classified as scholarships expenditure. Included within Donation - Art Exhibition support is a payment of £10,000 to Norfolk Museums Service, made in support of their art programme. The remaining £8,500 under this heading relates to grants paid to individuals. The Trust's office and associated servi￿5 are provided at no charge by the Norfolk Museums and Archaeology Service. Unrestricted fund Restricted fund 2025 Totsl 2024 Unrestricted Restricled Total fund fund Staff costs and numbers Salaries Employer pension cost 41.772 41,772 869 42.641 39.783 810 40,593 39,783 810 40,593 42.641 The total employee benefits {including salary, employer pension contributions and employer NICJ paid to key management personnel during the year amounted to £25.942 {2024.. £24,697}. The number of individuals included in this total was 1 (2024'.1 }. Key management personel are defined as the charity's senior leadership team and Trustees. The average weekly number of employees during the year was 2 (2024.. 2) Page11 East Anglia Art Fund Notes to the flnancial statements {continuedl For the year ended 31 January 2025 5 Fixed assets The Lady Adeane Collection comprises a prestigious art collection bequest to the Fund in 1996 at a Vdluation of £395,500. The collection was appraise(J for Insurance purposes at open market value in February 2023 by Art & Antiques Appraisals Limited, a firm of Independent Agents, Consultants and Valuers at a market valuation of £1,361.500. The market valuations are based on the middle of the likely auction estimate range. Under the temis of the Deed of Gift the Lady Adeane collection cannot be sold. Similarly other pieces of art which do not form part of the Adeane Collection have been valued at £13,500. 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 2024 Revaluation of investments Gain on sale Sale proceeds Purchases At market value 31 January 2025 907,581 16,944 21.881 38,825 {120,844} 99.388 925,150 Cost Market value Allocated.. General investments Brogden bequest 261.887 511,518 773,405 303,475 621,675 925,150 6 Debtors 2025 2024 Gift aid 5,449 4,300 7 CreditorJ: amounts falling due within one year 2025 2024 Grants Other creditors 10,000 3018 13,018 2,708 2,708 8 Financial instruments 2026 2024 Financial assets measured at fair value through income and expenditure 925.150 907,581 FindfiGial tibseLb meabuied dl fdir value Iliiougli incoine and expendituie ale Gomprised of listed investments. 9 Pension Gornfflitment5 The charity operates a defined contribution pension scheme The assets of the srheme arp. held separately from those of the Gharity in an indepeiideritly adiniriislered furid. Tlie pension cost Ghaige represents contributions payable by the charity to the fund and amounted to £869 {2024. £810) Page 12 East Anglia Art Fund Note5 to the financial statements (continued) For the year ended 31 January 2025 l O Analysis of net assets Restricted Unrestricted Endowment fund fund fund Total 2025 Fixed assets.. Works of art Listed securities 405,5 621,675 1,027,175 405.500 925.150 1.330.650 303.475 303,475 Debtors Cash at bank and in hand Creditors Net current assets 5,449 51.201 12.708 53.942 5,449 76,536 12,708 79,277 7,773 17.562 7.T13 17,562 Total assets 7.773 357,417 1.044,737 1,409,927 Restricted Unrestricted Endowment fund fijnd fund Total 2024 Fixed assets.. Works of art Listed secunties 405,500 606,040 1,011,540 405.500 907,581 1.313,081 301,541 301,541 Dpbtors Cash at bank and in hand Creditors Net current assets 4.300 53.095 113,018 44.377 4.300 67.852 13,018 59.134 10,870 3,887 10.870 3,887 Total assets 10.870 345,918 1.015,427 1,372.215 11 Movements in funds At1Feb 2024 Revalualionl profits etc At 31 Jan 2025 Income Expenditure Restricted funds: Eciucation projects Scholarship 2nd grant fund lU.UOiI 62 13,4451 18.2621 121,707) 7,363 410 18,610 18,610 10.870 7,773 Unregtricted funds: (ieneral funds 345,918 82,521 180.537 9,515 357,417 Endowment fund Works of art Oubeiy Brogdeii beques1 405,5 609.927 1.015.427 405,500 639,237 1.044.737 29.310 29.310 Total funds 1,372,215 101,131 {102,2441 38,825 1,409,927 Page 13 East Anglia Art Fund Notes to the financial ststements {continued) For the year ended 31 January 2025 11 Movements in funds (continued) At1 Feb 2023 Revalualionl losses etc At 31 Jan 2024 Income Expenditure Restricted funds: Education projects Dubery Brogden picture fund Scholarship and grant fund 11,365 1,330 (557) {528) {20,000) {21,085) 10,808 1802) 802 18.413 18.413 62 10.870 13.542 Unrestricted funds: General funds 349.655 81.851 (81,570) (4.018) 345,918 Endowment fund Works of art Dubery Brogden bequest 405.500 610,732 1.016,232 405.500 609,927 1,015,427 (805) Total funds 1.379.429 100.264 (102.655) {4,823) 1,372,215 Education projects Thio fund is for specific sponsor's donations of master classes and programmes arranged by EAAF. 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