Estori¢k Colledion Eric and Salome Estorick Foundation Annual Report and Financial Statement Charity Registration Number: 1046374 Cornpany Limited by Guarantee Registration Nurnber. 03044221 IllnNThIIIII ABZZJPZ6 2410312023 COMPANIES HWSE 273
ERIC AND SALOME ESTORICK FOUNDATION YEAR ENDED 30 JUNE 2022 Content Page Company infom)ation Directors.rustee5. retM)rt 2-14 Auditorfs rerort 15-18 statnent of financial attivities 19 Summary income and eXpeIltU acnt Balan sheet 21 Statement of cash flows Notes to the financial Statefflts
ERIC AND SALOME ESTORICK FOUNDATION YEAR ENDED 30 JUNE 2022 Directors Michael Estorick (chairman) Dawn Ades Jo Cottrell Alexander Estorick Isobel Estorick Vanessa Hall-smith (resigned 30.6.20221 Gavin Henderson (resigned 18.1.20221 Martin Owen Jane McNeill (appointed 8 November 20221 Alexander Phillips lappointed 8 November 20221 Company Secretary Valentino Speziali Addres5 39a Canonbury Square London Nl 2AN www.estorickcollection.com Company number 03044221 Charity number 1046374 Auditors WMT- Chartered Accountants Verulam Point. Station Way, St Albans. Hertfordshire. ALI SHE Website www.estorickcollection.com
ERIC AND SALOME ESTORICK FOUNDATION THE DIREcfoRS' AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2022 The Dirertors and Trustee5 present their annual report and accounts for the activities of the Eric and Salome Estorick Foundation I'the Foundation") for the year ending 30 June 2022. The accounts have been prepared in accordance with the accounting policies set out on pages 23 to 25 and comply with the Foundation's articles, the Companies Act 2006, applicable law and the requirements of 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 IFRS102} (Second edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102). Objective of the Charlty and the Constitution The Foundation is a charity and is constituted as a company limited by guarantee. It is therefore governed by a memorandum and articles of association. The Foundation's objective and its principal activity is to create and maintain èn environment con(Jucive to the appreciation and understandin8 of rnodern art. particularly Italian art, through the promotion and display of its permanent collertion of works of art and by running a temporary exhibition and education programme. The Foundation has been funded in the past by the Eric and Salome Estorick Foundation IUSAI, a Delaware registered corporation which was closed in 2018 and the residual assets were transferred to the Foundation as a permanent endowment. There is also an expendable endowment for the care of the Collection and for the acquisition of works. The Foundation owns 122 works of art which comprise the museum's permanent collection. 120 of these works had been collected by Eric and Salome Estorick during their lifetime5 and were on loan when the museum opened in 1998. They have subsequently either been donated to or purchased by the Foundation. Of the two other works in the pemianent collertion. one was donated and the other purthased by the Foundation. The Statement of Financial Activities shows total funds amounting to £14.454.991. Publlc Benefft The Trustees ot the Foundation have paid regard to the Charity Commission's published guidance on public benefit. They believe that those who have acce55 to the visual arts derive vpry rpal hp.npfit from the experience. The museum seeks to be open and available to all and encourage5 participation by all. We offer a number of online artivitiè£ frpe of charge and work with various charitable organisations in providing courses and activities free of charge or at low cost. Core cost5 have to be met and therefore with reluctance the rnuseum levies an admission charge. All children up to age 18 and students with valid ID are pemiitted free entry and there are concessions for Senior Citizen5, Registered Disabled, Job Seekers. Museum Association, London Culture, Association for Art History, Engage and National Art Pas5 members.
ERIC AND SALOME ESTORICK FOUNDATION THE DIREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 202Z Risk Management Policy The Trustees have identified the main risks to which the Foundation is exposed, the current level of risk and its likely irnpact. the procedure5 to be put in place to mitigate the effects of identified risks and the level of residual risk. Any unanticipated risk ernerging in the course of the year would be brought to the Board of Trustees for further consideration. The main identified risk 15 the physical security of the Collection which has been mitigated through a conservatK)n programme. alarms, CCTV cameras, other security measures and insurance. Reserves Pollcy It is the policy of the Foundation to maintain unrestricted fund5, which are the free reserves of the Foundation. at a level which equate5 to approximately nine months of unrestricted expenditure. This provides funds to cover management and administration and 5UPPOrt Costs and to respond to emergency applications for grants which arise. The total reserves of the charity amounted to £14,454,991 of which unrestrirted reserves were £538,604, including fixed asset5 of £531,656. Additionally, there are endowment fund5 of £13,601,387 including an expendable endowment fund of £7.9m which can be used for the care of the Collertion if required. Restricted funds amount to £325,000 relating to fixed assets. Investments During the year the investments provided a dividend income of £161.S73 and capital loss of £573,047. The totol return was £1411,4741. During the year £30,000 of investments were 501d to finance operations. The final investment mix was approximately 21% in the Blackrock Diversified Dynamic Return Fund, 29% in the ishares Developed World Index Fund (Equities) and 50% in the ishares Overseas Corporate Bond Index Fund. Govemance The Foundation 15 directed by a Board of Trustees which meets four or fwe time5 a year. The day to day decision making is dealt with by the Dirertor who delegates operational matters to the staff team as appropriate. All Directors of the company are also Trustees of the Foundation. The Board of Trustees has power to appoint additional trustees as it considers fit. New trustees receive an induction pack which provides full briefing on the founding documents, current policies. previous annual reports and recent board meeting minutes.
ERIC AND SALOME ESTORICK FOUNDATION THE DIRECTORS, AND TRU5TEES' REPORT FOR THE YEAR END 30 JUNE 2022 PRINCIPAL AcfiviTIES Introduction The Eric and Salome Estorick Foundation is known to the public as the Estorick Collection of Modern Italian Art 1.the Estorick Collection'}. It continues to attract attention for its high standard of visitor experience and has established a reputation for its diverse and challenging exhibition programme. The Trustees believe that the Estorick Collection's unique and pioneering role in the presentation of Italian 20th century art continues to be justified. This is borne out by the consistently high level of recognition and interest which the programme receives from public and critlC5 alike. The Trustees recognise that the temporary exhibrtions have to be varied, and lesser-known artists represented. with a balance being maintained behveen monographic and thematic shows. The programme for the past year included an interesting selection of exhibitions and collateral artivities that was consistent with the remit of the Foundation by displaying a wide variety of work linked to its collection of Italian 20th century art Isee below). In November 2021, the Estorick Collection was again designated a Quality Assured Visitor Attraction by Visit England in their assessment Stated Yhe Estoritk houses an exceptional collection of Italian art in a most attractive setting. At the time of this assessment, the whole collection was on display (very well presented and interpreted) which allowed for a fascinatin8 insight into the variety of modern art movements represented in the collection. Overall. this is a unique attraction offering a very good visitor experience" The Estorick Collection was therefore considered eligible to be nominated for a VE Hidden Gem Accolade which has been awarded to the Collection in October 2022. It also continues to retain Accredited Museum status from Arts Council England. The Trustees acknowledge the continuing support of private and public collertions in Italy and other countries through their ger)erous loan of works to the museum. The Trustees also acknowledge the contribution of Arts Council England in providing Government Indemnity for those works on loan to the museum. The Estorick Collection reopened in May 2021 after been forced to close its doors to the public due to the COVID-19 pandemic. Thi5 wa5 an unprecedented and uniquely challenging period for the
ERIC AND SALOME ESTORICK FOUNDATION THE DIREcfoRS' AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2022 museum. After reopeninR to the public the Collection (Jffered a series of online tslks and interactive curatorial di5CUSsions, a5 well as a range of online activities for children, in addition to the museum's regular posts on Twitter. Instagram and Facebook. Attendance 202112022 was 15,760, a figure that would undoubtedly have been higher had it not been for the COVID-19 Crisis. Press and Marketing Alison Wright PR continued to be responsible for press relation5; the media coverage is now well established in Britain and Italy as well as appearing in other international publications. The museum's social media channels continued to grow throughout the year. promoting the temporary exhibitions as well as the artists, artwork5 and themes of the permanent collection. Social media were used to increase awareness of the museum and its artivities, engaging and reaching both existing and new potential visitors. The number of followers on its Instagram atcount kept growing throughout the year reconfirming the positive trend of the past years. A small groyrth was recorded on Facebook and Twitter. Followers= July 2021 4.763 5.189 7,690 Followers: July 2022 Facebook Twitter Instagram 5299 8901 Visitor impressions, collected through surveys. highlighted general sat15fartion with regard to temporary exhibitions and the museum. Cross marketing with other museums, festivals and organisations helped in promoting the exhibitions programme as well as the museum. Printed and digital advertising, ès well as leaflet distribut)n, was used to promote the exhibitions held at the museum during the year. Four online talks were held during this period IA Still Life.- Poul Coldwell in Convef5t7tion with Roberta Cremoncini,. The Estorick Collertion.. A Conversotion with Roberto Cremoncini ond ChristopherAdam5 Part l & 2, Discovering Bice Lozzori with Exhibition Curator Renato Miraccol and were attended by 226 users. A special private view for Members was held on 30 November and it was attended by 117 guests. A Special tour for London Art Fair VIP5 took place in April. Cross marketing with other museums and organi5ations helped in promoting the exhibitions programme and the museum. Printed and digital advertising, as well a5 leaflet distribution, was used to promote the exhibitions held at the museum during the year.
ERIC AND SALOME ESTORICK FOUNDATION THE DIRECTORS. AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2022 Membership Scheme The total membership in June 2022 was 751. an increase of 178 from June 2021. Total membership comprises the following.. 28 Life members, 104 Contributing members. 99 Joint memberships, 153 Joint Concession memberships. 160 Individual members and 207 Individual Concession member5. 149 new memberships were taken out during the year. Retention rate for returning members was 83%, with a number of previously lapsed members also renewing. The return to something c105er to normality after the restrictions of the Covid-19 pandemic has seen the number of members bounce back from the losses during the periods that the museum was closed, Yiith hi8h retention rates throughout the year. Exhibitions Olivier Debre: Fervent Abstrartion 30 June- 26 september 2021 The first exhibition in England of paintings by French post-war artist Olivier t)ebré11920-19991. Enormou51y prolific and internationally renowned, Debre was one of the key representatives of Lyrical Abstraction alollg5ide Serge Poliakoff. Pierre Soulages and Nicola5 de Stael. Origin3lly influenced by Picasso, whom he met in 1941. Debre later began usin8 the intense, vivid colours which would come to define his unique Style from 1960 onward- a dramatic change of direction related in part to his encounters with American painters such as Mark Rothko and Jule5 Olitski. Describing his work as 'fp.rvent abstraction. Debré's ambition was to expre55 as directly as p055ible the profound emotions awakened in him by the natural world. Chosen by Michael E5torick, Chairman of the Estorick Foundation, this %how brought together some 30 oils and works on paper from all periods of the artisvs life. including 16 of his large-scale canvases. The exhibition was accompanied by a catalogue wlth coiilribuli0115 by Michael E5torick and art historian5 Fanny Drugeon. Sarah Wilson, and Henry Meyric Hughes. Attendance.. 3,133 visitors
ERIC AND SALOME ESTORICK FOUNDATION THE DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022 Estorick Collertion Uncut 6 October- 19 December2021 In autumn 2021, the Estorick's entire collection of modern Italian art was on show throughout the museum's six galleries. Internationally renowned. and rarely seen in full, it was formed by Eric and Salome Estorick in the immediate post-war period, and comprises some 120 paintings. drawings. prints and sculptures by many of the most prominent Italian artists of the modernist era, including Giacomo Balla, Umberto 8occioni. Giorgio de Chirico. Amedeo Modigliani, Giorgio Morandi and Gino Severini. Grouped themalically, and spotlighting movements such as Futurism and Metaphysical Art. the display also featured works by major sculptors such as Mario Marini and Giacomo Manzu. and imagery by those painters to whom the Estoricks were particularly close.. Massimo Campigli. Renato Guttuso and Zoran Music. Other artlsts. including Modigliani and Mario Sironi, were also the subjects of focused displays. Additionaify, Estorick Collertion Uncut featured a selection of Striking volumes from the museum's library, including a number of rare Futurist rnanifestos and journals. The exhibition represented an unmissable opportunity to explore what has been described as "one of the finest collections of early twentieth-century itslian art anywhere in the worlLV. A Still Life: Paul Coldwell in Dialo£ue with Giorgio Morandi Igalleries 5 and 61 To complement Estorick Collection Uncut. the museum displayed a selection of new works by artist Paul Coldwell. Exhibited alongside the E5torick'5 holding of etchings and drawings by Morandi, Coldwell's prints. sculptures and poems were created in London under lotkdown conditions between 2020 and 2021. In them, he explOd parallels between his own experiences during that period and the self-imposed 'restrictions' of Morandi's life in Bologna, where the artist lived and worked for his entire career. As Coldwell observed- -what for others might be seen as limitations. for Morandi became creative opportunities. His work speaks of the capacity of the imagination to escape from confinement. something that I hope might be found in my work as well." Attendance.. 3.329
ERIC AND SALOME ESTORICK FOUNDATION THE DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022 Bice Lazzari: Modernist Pioneer 14 January 2022 - 24 April 2022 Born in 1900 in Venice, Bice Lazzari studied music before moving on to focu5 on painting as an adolescent. Initially working largely in landscape, as was the fashion in Venice at the time, Lazzari made her first abstract compositions in the late 19205, inspired by an interest in applied and decorative arts. Laizari left Venice in 1935 and moved to Rome, where she remained until her death in 1981. initially supporting herself by collaborating with architects and decorators on abstract designs for clients. It was not until after the Second World War that Lazzari was able to devote herself to painting. Her work explore(J the formal aspects of painting and drawing. and her mark makin8 was often inspired by music. Graphi(5. Dainting and decoration wprp illSPPArAhlp plpmpnts of her highly individual artistic activity, which took the form of contlniJOU5 annotatlOn5. an ongoing visual diary. Exploring the aesthetics of Art Informel, minimalism and hard-edged abstraction, her paintings made a significant contribution to twentieth-century Italian art, yet have remained largely unknown outside her natNe country. Organised irb collaboration with the Arthivio Bice Lazzari. Rome, this exhibition featured some 40 works highlighting the art15t's lyrical and highly original interpretation of abstract art. Attendance: 6.561
ERIC AND SALOME ESTORICK FOUNDATION THE DIREoR5. AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2022 Archipenko and the Italian Avant Garde 4 May 2022- 4 September 2022 This ambitious exhibition proposed an alternative history of modernism by retracing the latIonShIp between Alexander Archipenko and the masters of the Italian avant garde. Born in Kyiv. Archipenko11887-19641 wa5 one of the twentieth century's most influential sculptors. He spent time in Moscow before settling in Paris in I9, where he developed an emphatically modern interpretation of sculpture under the influence of Cubist imagery. Between 1911 and 1912 he created a number of truly original works in which human figu5 were broken down into sections that seemed to move in circles and spirals upon themselves. These works immediately caught the eye of Futurist5 5u¢h as Urnberto Boccioni, who would refer to Archipenko peatedlY in his writings on sculpture. Equally influential was the artisys investigation of negative space in sculptural fomi and his construrtion of 'sculpto-paintings' incorporating brightly painted elements in high relief. After the First World War. Archipenko's work became a formal reference point for the new generation of Futurists working in Italy. Among these were Mino R05so and Thayaht (Ernesto Michahellesl who adopted Archipenko's fluid. streamlined forms in their own 'aerosculptures' of the 19305. Pioneering the 'biomorphid approach adopted by many figures belonging to Marinetti's movement at this time, Archipenko's example suggested to young Italian artists how they might keep the avant-Earde flame alight in the face of the prevailing'Return to Orderf, which emphasised more traditional artistic values. Archipenko's work also informed the iconography of Metaphysical painting, his mannequin-like figures having caught the attention of artists such as Giorgio de Chirico and Carlo Carra. This exhibition, juxtaposing works by Archipenko with imagery by a range of painters and sculptors. was curated by Dr Maria Elena Versari, Visiting Professor of Art History and Theory at CarneRie Mellon University, and with the cooperation of The Alexander Archipenko Foundation. Attendance= 6,155 Education The education programme continued to offer workshops for schools, universities, and community roups to explore themes in the temporary exhibitions and permanent collection in both English and Italian. Free twenty-minute guided tours and paid forty-minute tours were provided to a range of
ERIC AND SALOME ESTORICK FOUNDATION THE DIRECTORS. AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022 charity and community group5, schools, college5 and universities. Family Art Day5 and Under 5 sessions were programmed in the school holidays for each exhibition and a serie5 of Adult Art Classes in the evenings. We continued to focus on provioing a blended offer of in-person and online workshops and talks to respond to the on-going impact of the COVID-19 pandemic. Our lon8-term partnership Contned with Stuart Low Trust by adapting the workshops to be delivered online and every two weeks instead of four per exhibition to increase the opportunities for participants tQ 5ocialise and support their well-being. Online talks were also provided for Age UK with a high attendance and to care homes acr05S the UK in partnership with Vibrant Communities. We sow a positive increase of schools organising visits to the museum from the previous year and we continued to work with Islington's 11 by 11 scheme to offer free tours and self-led drawing sessions to encourage schoo15 to attend in-per50n museum visits. In the summer we worked in partnership with Bright Start to deliver under 55 Outdoor workshops at Whittington Park and Andover Community Centre. Working with Isledon Youth Services we also delivered two workshops for 13-20 years olds as part of their Summetversity programme to explore the museum. We received funding from Islington council for the Holidays, Activity and Food HAF provision to deliver creative enrichment workshops and provide access to food over the Christmas and Easter holidays for children on free school meals, on EHCP plans. wlth SEND an(J willi social workers and their families. OINier Debré FtThent Abstractto 30 June- 26 September 2021 Estoridt Collectlon Unw¢ 6 October- 19 December 2021 Bke Lauarf.. Modernist Pioneer 14 January 2022- 24 Aprth 2022 Archipenko and the ltslian Avant Garde 4May2022-4 September 2022 Guided Tour5 13 evertts. 321 attended 14 evenis. 377 atteThded 3ev¥riLS. 36 attended Workshops 11 scheduled. 7 events. 177 attended 4 events. 90attended 8 events, 132 attended 8events. 9D attended Family Art Day 4 events, 57atteDded 2 events. 12 attended 6 events, 81 attended 2 events. 37 attended Under Ss sessions l event. 9 attefide 3 events. 70 attended l event, 17 attended Outreach 4 events. 74 attended l event. 32 attended Educ*ion Events l event. 11 attended l event. 11 attended l event. 7 attended l evefiL 7 attended Adult Art Classes 2 events, 30 attended l online evenL 17 attended 3 events. 36attended l online event. 6 attended 3 events. 44 attended Online TOIL l event. 32 attended Online Workshops 6 events. 48 attended 7 events. 41 attended JO everbts, 93 attended TOTAL 22 events. 367 attended 31 event5. 531 attended 46 events. 802 attended 20 events. 295 attended io
ERIC AND SALOME ESTORICK FOUNDATION THE DIREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022 Following on from the success of the Print ondstitch project with Islington Council for children in need the previous year we received funding from Harrow Council to deliver a pilot project. Unfortunately. due to increased pressures of the pandemic on social workers there weren't the resources to support the (levelopment of the project. The Adult Art programme provided classes online and in-per50n and the popularity of the life drawing classes has remained steady. We also delivered an online talk and art activity reflecting on climate change as part of Islington's Greener Together festival. Café The licensed Café continued to be run by Biagio Casella. It is open to visitors as well as the general publit. offers a selection of pasta dishes, sandwiches and snacks wtth an Italian theme as well as hot and cold drink5 and cakes. In April 2022 the Trustees decided not to renew the contract and to start to run the Cafe in house from the beginning of July 2022. Gallery Hire Six private events were held at the museum during the year, raising £5,105. Five of the events were private parties or memorials and one was a corporate staff party. A5 the Covid-19 restrictions were lifted in 2021, interest in venue hire increased. albeit from a very low level. At the end of the period in question, enquiries and bookings remained below pre-2020 levels. Staffing Roberta Cremoncini, continued in her role as Director and continued to run the Collection. Chris Adams continued as Assistant Curator. on a part-time basis (three days per weekl- Luke Alder continued a5 full-time Museum Administrator and Claudia Zanardi as full-time Marketing li
ERIC AND SALOME ESTORICK FOUNDATION THE DIREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022 Coordinator. Jenny Pengilly continued as part-time Education Coordinator14 days per weekl and Marco Timillero as the Shop and Volunteers Manager. Amanda Williams jorned the team on I, July 2021 as Office Assistant. The museum also uses the services of a freelance book-keeper. A rotating pool of volunteers are present in the galleries and in the shop during opening hours. A series of volunteers and interns have joined for short periods of time to help in the office and remotely on various specific tasks. Volunteer briefings led by gallery staff are held at the start of each exhibition and ongoing training sessions were held regularly on Zoom. The Tru5tee5 are most grateful for the dedication and contrTrbution made by staff and volunteers. Staff salaries are reviewed by the Board on an annual basis. a performance related bonus scheme is not in operation. Shop The shop continues to offer a selection of catalogues and art books, together with a range of gifts, Postcards and posters. Library The Library remains a valuable research tool for students and people interested in modern Italian art. Acquisltions were limited but 3 number of relevant books were received as gifts or in reciprocal exchange with other institutions. This is helping to keep the library up to date with new publications in relevant areas and the current holdings are 3,423 books and catalogues. Future Programme Following the end of Archipenko ond the Itolion Avont Gorde, at the end of summer 2022, the E5torick Collection presents an exhibition of works by Luigi Pericle until the end of the year. 2023 will represent the 25 anniversary of the opening of the museum and that will celebrated with an important exhibition of works by Giorgio Morandi and a series of other events highlighting the achievements of the collection in the past 25 years. Fundraising The Foundation did not engage in material fvndraising from the public in the year to June 2022. 12
ERIC AND SALOME ESTORICK FOUNDATION THE DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022 Directors and Trustees All Directors of the company are also Trustees of the Foundation. The Board of Dirertors has power to appoint additional Trustees as it considers fit to do so. All Trustees named below served during the year. Dawn Ades Jo Cottrell Alexander Estortck Isobel Estorick Mithael Estorick Vanessa Hall-smwth Gavin Henderson Martin Owen Statement of Trustees, responsibilities The Trustees (who are also the directors for the purpose of company law} are responsible for preparing the Annual Report and the financial ststements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial vear. Under that law the Trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Prartice (United Kingdom Accounting Standards and applicable lawl. Under company law the Trvstees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. Including the income and expeii¢Jilure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. al select suitable atcountin8 policies and then apply them consistently: bl observe the methods and principle5 in the Charities SORP.. cl make judgments and accounting estimates that are reasonable and prudent- dl state whether applicable UK Accounting Standards have been followed. subject to any material departures disc105ed and explained in the financial statements- and el prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate. The Trustees are responsible for keeping adequate accountinR records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are a150 responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies. 13
Ec ANO SALOME ESTORICK FOUNDATION THE OIRECTOILS. TRiISTEEY REPORT FOR THE YEAR END aOJUfft 2022 St•temert as to dlsclosure of inforniath)n to authtors The Trusiees conflrm th so far 05 they are aware. there Is no relevant audlt InfomialioTr {0$ defined by sertlon 418131 Oft Companies Art 2CQ61 of whlch the Charitable comparfs audrtors are unavdare. They have tsken all the steps that thty i)ught to have taken as Trustees In order to make themselves aware of any releva audrt information and to establish that the charitsble cofflpany's audtors are aware of that Inforniation. Auditors WMT- (hartered Accountants were •pp)inted audltots tothe Foundat and a resolution proposing thelr reapp3lntment wll be putto Annual General MeetlTrx. Thls reF*Yt has bÈen prepared In xc¢rdance wtth the speclal provi5vJn5 of Part 15 of the Companle5 Act 2(x16 relating to small companie5. Mlchael Estorl¢k Ch¥mian Date 14
ERIC AND SALOME ESTORICK FOUNDATION AUDITOR'S REPORT TO THE MEMBERS OF ERIC & SALOME EsfoRICK FOUNDATION FOR THE YEAR ENDED 30 JUNE 2022 Opinion We have audite.d the financial statements of The Eric and Salome Estorick Foundation (the 'charitable oMpan) for the year ended 30 June 2022 which comprise the Statement of Financial Activities, Balance Sheet. Statement of Cash Flow5 and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. intruding Financial Reporting Standard 102 The Finonciol Reporting Stt7ndord applicoble in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements: give a true and fair view of the state of the charitable companvs affairs as at 30 June 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United KinEdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditorf5 responsibilities for the audit of the financial statements sertion of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtaine¢J is sufficient and appropriate to provide a basis for our opinion. Conclusions relaling to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 8a5ed on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signifitant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trusteeswith respect to going concern are described in the relevant sections of this report. Oth$r inforrnation The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustee5 are responsible for the other information contained within the annual report. Our opinion on the financial slalements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears 15
ERIC AND SALOME ESTORICK FOUNDATION AUDITOR'S REPORT TO THE MEMBERS OF ERIC & SALOME ESTORICK FOUNDATION FOR ThE YEAR ENDED 30 JUNE 2022 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gNes rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fatt. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit= the inforniation given in the trustees. report. which includes the directors. report prepared for company law purposes. for the financial year for which the financial statements are prepared is consistent with the financial statements: and the directors. report included within the trustees. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and tts environment obtained in the course of the audit, we have not identified material misstatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2CQ6 requires us to report to you if, in our opinion: adequate accounting recor(Is have not been kept. or returns adequate for our audit have not been received from branches not visited by us- or the financial statements a not in agreement with the accovnting records and return5. or certain disc105ures of trustees. remunefation specified by law are not made- or we have not received all the information and explanations we require for our audit- or the tru5tees' were not entitled to take advantage of the srnall companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trv5tees As explained more fully in the trustees. responsibilities statement the trustees Iwho are also the director5 of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determirbe is necessary to enable the preparation of financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are respor)sible fo assegsihg the charitablè compan5 ability to continue as a going concern, disc105ing, as applicable, matter5 related to going concern and using the Boing concern basis of accounting unless the trustees etther intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do SQ. 16
ERIC AND SALOME ESTORICK FOUNDATION AUDOR's REPORT TO THE MEMBERS OF ERIC & SALOME EsfoRICK FOUNDATION FOR THE YEAR ENDED 30 JUNE 2022 Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstatement. whether due to fraud or error, and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be experted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with rav and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irreeularities, including fraud is detailed below: Discussions with and enquiries of management and those charged with governance were held with a view to identifyinE those laws and regulations that could be expetted to have a material impart on the financial statements. During the engagement team briefing. the outcomes of these discussions and enquirie5 were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity= Those laws and regulation5 considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law. Charity Law and Tax and Pensions legislation. Those law5 and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the tharitable objectives. public benefit. data protection, health and safety legislation and employment law. Audit procedures undertaken in response to the potential risks relating to IrguIaritieS (which include fraud and non-compliance with law5 and regulations) comprised of- inquiries of management and the Trustees as to whether the entity complies with such laws and regulations,. enquiries with the same concerning any actual or potential litigation or claims- inspection of relevant legal correspondence- review of Trustee meeting minute5.' testing the appropriateness of journal entrie5,' and the performance of analytical review to identify unexpected movements in account balance5 which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud. is limited by the inherent difficulty in detecting irregularities, the effectiveness ot the entivs contro15, and the nature. timing and extent of the audit procedures performed. Irregularities that result from fraud rnight be inherently more difficult to detect than irregularities that result from error. As explained above. there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAS IUKI. 17
ERIC AND SALOME EsfoiucK FOUNDATION AUDITOR'S REPORT TO THE MEMBERS OF ERIC & SALOME ESTORICK FOUNDATION FOR THE YEAR ENDED 30 JUNE 2022 As Part of an audit in accordance with ISAS IUKI. we exercise professional judgment and maintain professional scepticism throuEhout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedure5 re5pon5ive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectln8 a material misstatement resulting from fraud is higher than for one resultin8 from error, as fraud may involve collusion. forgery, intentional orni5sions, mi5representation5, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectivene55 of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the approprièteness of the trustees. use of the going contem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable companws ability to continue as a Eoing concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However. future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit finding5, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable CoMpanS members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companWs members those matters we are required to state to them in an udito¢s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable compan5 members as a body, for our audit work. for this report. or for the opinions we have formed. Elizabeth Wicks (Senr Ststutory Auditor) fror and on tehall ot WMT Chartered Accountants and StstLrtory Auditors Verulam Point Station Way St Albans Hertfordshl, ALI SHE Date.. 21 £02S 18
ERIC AND SALOME ESTORICK FOUNDATION STATEMENT OF FINANCIAL ACtIVITIES FOR THE YEAR ENDED 30 JUNE 2022 Note Unrestrirted Restrirted Endowment Funds Funds Funds Total Funds 2022 Totsl Funds 2021 INCOME & ENDOWMENTS FROM: Donations & legaoe5 Charitable activities Investments other 12,095 152.944 9,929 22,024 152,944 161,573 10,030 57,190 70,817 155,461 2,1140 161,573 10,030 Totsl 175,069 9,929 161,573 346,571 286,308 EXPENDITURE ON: Raising fuThJs Charitsble activitie5 35,180 445.001 35,180 467,930 14,914 379,138 22,929 Total 480,181 22,929 503,110 394,052 Net gains on investments 13 (573,047) (573,047) 259,066 Net income I (expenditure) (305,112) (13,CM)O) (411,474) (729,586) 151,322 Transfers btheen funds 17 191,573 (191,573) Net movement in funds (113,539) (13,000) (603,047) (729,586) 151,322 Reconciliation of funds Total funds brought foNard 642,143 338,000 14,204,434 15,184,571 15,033,255 Total funds Girried forward 528,604 325,000 13,601,387 14,454,991 15,033,255 19
EIUC AND SALOME ESTORICK FOUNDATION SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 INCOME Donations & legacES Charitable actNities 22,024 152,944 57,190 70,817 Gross income 174,968 128,007 EXPENDrtURE Raising funds Charitable activities 35.180 469,930 14,914 379,138 505,110 394,052 Total expenditure Net income/(expenditure) before taxatlon for the financial year (303.142) (266,045) Tax recoverable 10,030 2,840 Net income l (expenditu} for the finanaal year (293,112) (263,205) Notes to the summary income and expenditure account summary irKome and exEEnditure account is required to meet the accounting requirements of the CoMpanS Att 2006 and presents in a different fomiat amounts included in the Ststement of Financial Acbvitses, but excludirrfj the endowment fijnd. 20
ERIC AND SALOME ESTORICK FOUNDAT1014 OALANCE SHEET AS AT 30 JUNE 2022 2022 2021 TIble assets li 12 856,656 5.696,200 864207 5,6962DJ 8 456 731 15,017,138 14,406,541 CURREKf ASSETS 14 15 15,462 15,872 35,621 C35h at bank In nd 81633 193,999 clIt0. amounts falng withln cne 16 NEf CURREiir ASSEfsi(LIABILrriES) 167 439 CURRErir LLE5 FIA4DS OF ThE CIIARTrY Unb1cte1 futNIs 17 17 17 538,f 325.000 642,143 338,000 14 204 434 14 454 991 15 184 577 In a¢an with $454 of Ih CThnparries kt 2LI)6 trE DreLtiw5 arnd thue finandal statements SUWnY prove to be (Wedlb. ThefirBrKial 5taternits prwared lTha(oytsr1tht spdal pry1(abIetO o)mp)rdes subrt to the snal crffiptheg reulme aThl In xtLYdm lth FRS102 SCXiP. These flnarKtal 51atements were apwoval the knrd LlreLI(xs arn5 MldHd E*tylck wa5 athorf5ed by the eoard to swjn ffl ttrr beh1. Chalrnmn Dat¢: 21. J. 2glS Company reglstrnlion no. 03044221 Charlty reglstratlon no. 11)46374 21
EIUC AND SALOME EsfoRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Cash flows from operating activities Net income for the year Adjustments for: Depreciation on tangitAe frxed assets (Gain) on inve5trnents Income from invesknnents Disposal prOedS from the sale of investments (Increase)/decrease in stock (Increase)Idecrease in debtors Increa5el(decrease) in creditors (729,586) 151,322 37,543 573,047 (161,573) 30,000 410 (16,840) 7,623 31,733 (259,066) (155,461) (1,779) 5,399 5,430 Net sh (used in) operating activities (259,376) (22l422) Cash flow5 from investin9 activities Income from investments Purchase of tsngible fixej assets Prc(eeds from sale of investrnents 161,573 (29,992) 155,422 (1,685) Net cash provided by investing activities 131.581 153,776 Net irKrease l (decrease) in cash arKI cash equivalents (127,795) (68,646) Cash arKI cash equivalents at the beginning of the year 142,5 211,152 Cash and cash equivalents at the end of the year 14,711 141506 Cash and cash equivalents is made up of the following: Cash at bank and in hand 14,711 142,506 Total 14,711 141506 Analysls of changes in net debt At l July 2021 Cash flow At30 £ June 2022 Cash at bank 142 506 22
ERIC AND SALOME EsfoRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 ACCOUNTING POUCIES 1.1 Accounting Convention The Foundation meets the definition of a public benefit entity under FRS 102. The finanoal ststements have Ien prepard under the historical cost convention, mc(Jified by the revaluation of investments, in accordance with Accounting and ReForting by Charitie5.' Statement of Recommended prath applrcable to charit5 preparing their accounts in accordance with the Financial Reporting Stsndard applicab in UK and RepublK of Ireland {FRS102) (Second edition), the Financial Rep)rting Standard applicable in uned 'ngd¢mTr and Republ of Ireland (FRS 102) and the Companies Act 2006. The preParatn of financial statements in compliarKe with SORP 2015 requires the use of rtain itical accounting esttmates. It also requi manogeftnt to exercise jthjgment in applying the accounting Folicies (see note 1.15) These financial siatements a presented in Sterling as that is the currerq of the primary economic environment in which the Charity operates. 1.2 Incoming resources All incoming resource5 are induded in the Statement of financial Activities when the charity is entided to the income, it 15 probable that it will received and the amount can be quantified with aSOnable accuracy. All income is gross without deduction for rekited expenditure. The following speofic polKies are applied to partular cate9C5 of inccffie: Voluntary income is received by way of thnation5 and gifts and is irKluded in fvll in the Statement of Financial Acknvibes when receipt is probable. Investment income is included when receivable. Ir¢comirvJ resources from charitsble trading aLtivitEs a accounted for when eamed. Income is stated net of VAT where applicable. 1.3 Grants re]Vable Grants, including govemment grants, are reccgnised on a receivab basis and are defer only when the donor has imposed prtrconditions on the use of the grdnt. 1.4 Funds The Foundation's funds consist of unrestrthd, restricted aThJ endowment funds. The Foundation may use unrestricted amounts at its discretion in fvrtherance of the charitvs objectives. Restricted and endowment funds represent furxls" whicli are to te used in accordonce with the donorfs wishes. 23
ERIC AND SALOME ESTORICK FOUNDATION NOTES TO THE FINANCIAL sfATEMErirs FOR THE YEAR ENDED 30 JUNE 2022 1.5 Tanglble fixed assets and depreciation Tangible fixed assets, other than heritage assets, are ststed at historical cost kss depreciation. Depreciation is charged to the SOFA to write off the cost less estrmated restdual value of each sset over its expected LefUl life at the folkThting rates: Freehold ProFerty Over 50 years Property Improvements Over 50 years other assets Over 4 years 1.6 Donated heritage assets Works of art that are donated speciftalty for the furtheran of the objecbves of the Foundation are recognised in the financial statements at their deemed cost being their frdir value at the Int of acquisition. Where information on the original 'cosV of assets transferred to the Foundation is unavailable those assets are not recc¥Jnised in the financial ststements however infomiation on such assets is included in the rKites to the finanoal statements. No depreciation is charged on heritsge assets as they a cOndered to have an indefinite life however they are reviewed annually for impairrnent. 1.7 Stock stock is Stst at the lower of cost and sellirKJ Pri less costs to sell. All items which are greater than 3 years old are written off at the end of each financral year. 1.8 Resources expended ExFenditure is recognised on an accruaL5 basis as Ik4biifcies are incurr&J. Expenditure is reccKJnised rt of VAT where applicable. charitab expenditure comprised those costs incurred by the charity in the delivery of Its activities and services for its benefiaaries. It include5 toth costs that can be allocated dirertly to such attivities and those costs of an irKlireLt nature necessary to support them. Governan costs indude those costs asated with meeb.ng the constitUtn31 and statutory requirements of the charity arKI Ind the audit fees and costs linked to the strategic management of the charity- 1.9 Foreign currencies Monetsry assets and Ikqbilities denominated in foreign currenoes are translated into sterling at the rates of exchange prevailing at the accountirwj date. Transactions in fOJn currencies are recorded at the date of the transaction. Ail dffierences are tsken to the stateMt of financial attivitie5, 1.10 Flnancial Instrnments The Charity only enters into basic finanoal instrurrents transactions that result in the recognitson of financial assets and liabilitie5 such as debtors a1 ueditors. Flnancial instruments are initialty aSured at bractIOn value. They are assessed at the end of each reporting peri)J for objective eviden of impalmnt. If obiecb.ve evidence of impaiment is found, an impaimient loss is recc#JniwJ in the SOFA. 24
ERIC AND SALOME ESTOIUCK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 1.11 Debto Short term debtors a measured at transactKm price le55 any impairment losses. 1.12 Creditors Creditors and provisions are rerognised Whe the Foundats"on has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to setde the obligati{ can be measured or estimated reliably. 1.13 Investments Investments are carried at market values ruling at the balan sheet date with unrealised gains and losses being included in the Statement of financial activities. Realised gains and losses a calculated on proceeds less opening market value. 1.14 Going concern The trustees have assessed whether the use of going concern is approprbate and have considered pJssible events or conditions that mvjht cast significant doubt on the ability of the charitable company to continue as a going concem. The trustees have made this assessment for a peri1 of at least one year from the date of the approval of th finanaal statements. In partFcular, the trustees have consKlered the charitable compan5 forecasts and projeLttons and have taken account of pressures on income. After making enquiries, the trustees have concluded that there is a reasonable exprtation that the charitable compbny has adwuate resour5 to continue in 0eratnal existen for the foreseeab future. The charitsble company therefore continues to adopt the going con basis in preparing ts financ1 statements. 1.15 Judgments in applying accounting poliaes and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgments. estimates and assumpts.ons that affect the amounts reported for assets and Ik4biliknes as at the balan sheet date and the amounts reF(Jrted for revenues and exFEll5es durirYJ the year. The natu of estimation means the artual outcomes could differ frMI those estimates. There were no material estimations r*ce55ary Other than the dlsiOn on depreciation rates. 25
ERIC AND SALOME EsfoRICK FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restrirted Endowment Funds Funds Funds 2022 Total Voluntary Income Donations 12,095 9.929 22,024 12,095 9.929 22,024 Total 2021 Total DonatM)ns Grants 15,161 8,OCMJ 15,161 12,450 4.450 Government Grants Furtough Scheme 29,579 29.579 Total 52,740 4,450 57,190 INCOME FROM cHARABLE AcfIviTIES Unrestricted Restrirted Endowment Funds Funds Funds 2022 Total 2021 Total Ilnrestricted Shop Sales Café contributions Education Other income Fees receivable- admissions and memkrship Rent receivabltr gaIry hire 47,112 2,411 7,120 6,764 83,907 47.112 2,411 7,120 6,764 83,907 24,513 899 805 447 42,913 5,630 5,630 1,240 152.944 152,944 70,817 Total INCOME FROM INVEsfMENTS l investment income arises from the investments in the BlackRock Dynamic Diversified Growth Fund, ishares Overseas Corwrate BoTrJ Irmjex FuTrJ armd ishares Developed World Index Fund and relates to endowment furKIs. 26
ERIC AND SALOME ESTORICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 OTHER INCOME Other InCe relates to Museums arKI Galleries Exhibitb)n Tax Relief which is an amount receivable under an HMRC scheme whereby qualrfying entitie5 may daim a 20-25% subsKly on the costs of prr>Juong Ftrmanen¢ temEK)rary and touriThJ exhibitions up to a sified limit r exhibition. It also includes EXPENDtruRE ON RAISING FUNDS Unrestricted Restricted Endowment Funds Funds Funds 2022 Total 2021 Total Unrestrirted Advertisirvj and trade subscriptions OFening stock Shop purchases aosirrfj stock Cultivation events and café expenses Catalogue expenses 4,685 4,685 3,200 15.872 23,537 (15,462) 15,872 14,093 23,537 12,070 (15,462) (15,872) 4,748 1,800 4,748 1,800 373 1,050 Total 35,180 35,180 14.914 EXPENDrruRE ON CHARABLE ACTivrrIES Unrestricted Restrirted Endowment Funds Funds Fund5 2022 Total 2021 Total Gross salartes and employer NIC Temporary exhibitions Printing, postage arKI ststs"onery Utilities Collecbon inSUrae Rates Education materkils Telephone and fax Travel and sub5iStence Cle¢Jiilng Library collections Building maintenan Security Depreciati¢)n Internet and website Irrecoverable VAT Foreign exchange Governan (note 8) 207,113 207,113 203,669 101,237 2,309 9,929 111,166 2,309 50.497 2,797 8,080 28.789 5,175 1,259 1,818 678 4,116 39 10.752 1,309 24,543 2,773 15,051 1,290 28,670 8,080 28,789 5.175 1,259 1,818 678 4,Ilb 39 10,752 1.309 37,543 2.773 15,051 1,290 28,670 6,991 23,739 1,396 1,891 1,780 2.uii 21,207 1.899 31,733 2,749 1,021 13,000 25.758 Total H5,001 22.929 467,930 379,138 27
ERIC AND SALOME EsfoRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 In 2021 education materials costs of £680, £13,1KIO of depreciation costs and £1,820 of gross salaries and employer NIC costs were restrKted costs. All other costs We unrestrKted. GOVERNANCE cosrs Unrestricted Restricted Endowment Funds Funds Funds 2022 Total 2021 Total Accountsnry Legal and professional 8,848 8,824 7,230 7,707 8,824 Audit f Bank Charges 8,186 2,812 8.186 2,812 8,575 2,246 Totsl 28,670 28,670 25,758 NET INCOMING RESOURCES BEFORE TRANSFERS 2022 Total 2021 Total Net incoming resourtrs befo transfers are stated after charging-. Depreciation Auditors, remuneration Fees for other servi 37.543 8,186 8.824 31,544 8,575 7,707 10. EMPLOYEES 2022 Total 2021 Total Salary and wages National Insuran contributions Pension I,910 12,9 3,959 186.966 12,832 3.871 Total 207,813 203,669 Average number of employees There was one employee during tr* year with enlUments betWn £60,000 and £70,IX)O (2021.. one). There is one member of key management (2021: one). Her gros5 salary, employer pensM)n contributions and employerfs national Insuran amounted to £70.336 {2021: £69,154). 28
ERIC AND SALOME ESTORICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 11. TANGIBLE FIXED ASSErs Freehold Prnpe Propetty improvements Website Other Redesign Total C05t At l July 2021 Additions Disposals 538,578 971,209 35,020 24,825 45,803 1,590.610 5,167 29,992 At 30 June 2022 538,578 971.209 59,845 50,970 1,620,602 Depreciat} At l July 2021 Charge for the year Disp05a15 271,985 10,771 376,756 19.424 33.255 6,795 .407 553 726,403 37,543 At 30 June 2022 282,756 396,180 40,050 44,960 763,946 At 30 June 2022 255,822 575,029 19,795 6,010 856,656 At 30 June 2021 266,593 594,453 1,765 1,396 864,207 29
EIUC AND SALOME EsfoRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 12. HERITAGE ASSETS 2022 2021 Cost at l July 2021 5,696,200 5,696,200 Cost at 30 June 2022 5,696,200 5,696,200 During the year to 30 June 2017, a collection of 68 works of Itslian art with a deeme(J (y)5t of £4,366,200 were donated to the FoUndatn lry the and Salorriè stonC PountstK)n {U5A). Uunfig the year to 30 June 2018, a further work of Itslian art wfch a deemed cost of £400.000 was donated to the Foundation by the Eric and Sak¥ne Estorick Foundation (USA). These have been recrjjnised in the Ba Sheet. There has len no chaThJe to the cost of heritage assets hekd since 30 June 2018. In addition, a further 53 works of art are owned by the Foundatron. Of these 53 works the 10 that were ck)nated in 1999 are not included in the Ban Sheet because it was not a requirement at that time. The remaining 38 worLs have teen induded at the valuation5 applicable at the time of transfer, being £930,000. The whole collect#)n has an insurance value of approximatety £45m. The cdlettion brings together some of the fin& and )51 important works created by Italian artists during the first half of the tWentth century and indudes paintings, drawings aThJ sculpture5. The Foundation does not presently actively seek to acquire works for the collection, and seek5 to avoid disposal of works in the colleCtn in all but exceptK)nal orcumstantts. as detailed in the colleth.on Development Policy. The Foundation aspires to hvjhest standard of care in preservin9 the collection, in line with the Care and Conservalion Poly, relying on a combination of preventative and remedial cOnseatr.0n work. As well as the collection owned by the Foundat)n there are also a numter of works on b)ng temi loan to the collecthjn. The collecbon is open to the public and (atH)nal tours a erK¢)uraged. 13. INVESTMENTS 2022 2021 Brought foNard at l July 2021 Investment additions Investment disFosals Investment alised gains/(losses) Investment change in valuation 8,456,731 8.197,665 1.200,000 {1,200,000) 161,279 97,787 (30.000) 6,072 (579,118) Market value orried forward at 30 June 2022 7,853,685 8,456,731 30
ERIC AND SALOME EStORICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 INVESTMENTS (continued) Detsi15 of material investments held at the year*nd are as follows: Market Value 2022 2021 Dynamic Diversified Growth Fund ishares Overseas Corwrate Bond Index FuThl Ishares Develottd Wodd IrKlex Fund 1.636,090 3,960.888 2,256,707 1,881,590 4,225,306 2,349,835 7,853,685 8,456,731 2022 2021 ttynamic DiverSifd Growth FUTh ishares Overseas CorForate BoThJ Index FuThJ ishares Developed World Index Fund 1,430,827 4,100,000 1,695,432 1,454,755 4,100,000 1,695,432 7,226,259 7.250,187 14. sfocK 2022 2021 Book stock 15,462 15,872 IS. DEBTORS 2022 2021 Prepayments and accrued income Trade debtors 38.404 2,767 10,030 1,019 240 29.540 1,033 2,840 1,926 282 Tax relf VAT debtor other debto 52,460 35,621 16. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade creditors Taxation and s(Kial security other CredOr5 and accruaLs 17,386 6,094 10,703 12,360 2,999 11,201 34,183 26,560 31
ERIC AND SALOME ESTOIUCK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 17. MOVEMENT OF FUNDS Balance Income Expenditure 1.7.2021 Gainsl Transfers (losses) Balance 30.6.2022 UNRESTRIcfED 642,143 175,069 (480,181) 191,573 528,604 RESTiucfED Heritsge Lottery ltslian Cultural Institute Lakonishok Foundation 338,000 (13.0) (1,800) (8,129) 325,000 1,8C 8.129 351.000 9,929 (22,929) 325,000 ENDOWMENT Heritage asset Eric and Salome Estorick Foundation (USA) - D 14,152,932 51,502 161,573 (573,047) (191,573) 13,549,886 51,502 14,204,434 161.573 (573,047) (191,573) 13,601,387 TOTAL 15.184,5TJ 346,571 (503,110) {573,047) 14,454,991 Balan 30.6.2020 Ino)me Expenditure Gains/ Transfers (losses) Balance 30.6.2021 UNREsTrIcfED 736,887 96,818 (350.077) 156,212 639,8tl0 RESTRICTED Heritage Lottery Museum Government fvrlough scheme 351,000 (13,000) 338,000 4,450 (3,699) (751) 29,579 (29.579) 351,000 34,029 (43,975) (751) 338,000 ENDOWMENT Heritage asset Eric and Sahyne Estorick Foundation (USA) - D 13.893,866 51,502 IS5,461 259,066 (155,461) 14,152,932 51,502 13.945,368 155.461 259,066 (155,461) 14,204,434 TOTAL 15,033,255 286,308 (394,052) 259,066 15,184,577 32
EIUC AND SALOME ESTORICK FOUNDATION NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 30 JUNE 2022 17. MOVEMEpif OF FUNDS (continued) UNRESTRIcfED FUNDS: unrestn.rted funds are the free reserves of the FOUtk)n. RESTRICTED FUNDS: Heritage Lottery Fund.. represents £650,000 awarded to the Foundation In 1997 for the purpose of restoring Northampton Lcrfdge. The fund5 were sFent in 1997 and 1998. £13,000 yearly depreciation is charged to the fund over 50 years as per accounkn.ng kyjlicy. The fund will be exhausted in year 2047. Arts Council: represents funds received to contribute towards the Make Futurism Great Again exhibition. Government furlough Kheme As a result of the COVID 19 pandemic the FourKtstion applied for funding under the government furlough scheme. The income from this grant was used in accordance with the scheme requirements to fund related salary costs. ENDOWMENT FUNDS: Heritage asset endowment fund. The heritsge asset endowment fuThts initialEy arose as the result of the disposal of one of the Foundation's heriiage assets. Although the policy of the Foundation is to retsin heritsge assets for the benefft of the Collection, it was decided that, given the exPtiOnal circurrthnces, one of the paintings held as a donated heritage asset (though not previously capitslisaj) should be sold in order to generate cash funds for the Collection and for funding future acquisitions. These funds were invested and the market valuatK)n of the investment funds as at 30 June 2022 is £7,853.685 (2021: £8.456.731}. Downward movement ofthe market value of the endowment funds is £573,047 (2021: upward movement of £259,066). In 2007, 2017 and 2018 a numlxr of artworks We transfeTredl donated to the Foundation {see note 12} and were add to thi5 endowment fund. Erlc and Salome Estorlck Foundation (USA)- D: represents funds receNed from Eric and Salome Estorick Foundation (USA) for investment. The endowment funds are all expendable endowrnents Lather than Fund D above whKh is permar¢ent endowment fund. Under the temis of the consent for Fund D granted by Eric and Salome Estorick Foundation (USA) the principal amount invested must remain intact, and only investment income, not exceeding 5% of prirKipal may be transferred to unrestrirted income each year. During the year £191,573 (2021: £156,212) was transferred from the endowment fund to unrestrirted funds. Of this £161,573 (2021: £155,461) was investment income and £30,000 {2021: £Nil) was drawn down from the investsnent fund. 33
EIUC AND SALOME ESTOIUCK FOUNDATION NOTES TO THE FINANCIAL StATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 18. ANALYSIS OF NEf ASSETS BETWEEN FUNDS AND RESERVES Fund balances are represented by: Unrestricted Funds Restricted Endowment Totsl Funds Funds Funds 2022 Fixed Assets Current As*ts Current LiabilitEs 531,656 31,113 (3,183) 325,0(Kl 13,549,885 51,502 14,406,541 82,663 (34,183) 528,604 325.000 13,601,387 14,454,991 At 30 June 2022 Un¥estricted Funds Restricted Endowment Total Funds Funds Funds 2021 Fixed Assets Current Assets Current Liabilities 526.206 142.497 (26.560) 338.000 14,152,932 51,502 15,017,138 193,999 {26,560) 642,143 338,0 14,204,434 15,184,577 At 30 June 2021 20. FINANCIAL INSTRUMENTS As noted in the accounting polK$ on page 23. the Foundation only enters into basic financial instrument transactions that result in the recc4nibon of financial assets and liabilities such as debtors creditors. The investments of the FoundatKsn are financial assets rneasured at fair Val through the ststement of Financial Activities (see Tr)te 13) 21. DIREcfoRSITRUSTEES' REMUNERATIOM AND EXPENSES The aggregate amount of reimbursed exFenses to DirectOtsruStees was Enil (2021.. £nil). No DireCtorruStee 1Ve any Muration in year. 22. RELATED PARTY TRANSAcfIoNS There were related paty transacttons duriThJ the year. 34
ERIC AND SALOME EsfoRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 23. CAprrAL STRUCTURE The Foundation C(ynronn is limited by guarantee and does Th)t have share Glpital. Each member's lbIlity shall not exceed £10.00 in the event of a winding up. 24. CONTROLUNG PARTY No single party has ulb.mate control over the Foundation. 35
EIUC AND SALOME EsfoRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2022 COMPARATIVE s[ATEmE OF FINANCIAL ACllVITIES FOR THE YEAR ENDED 30 JUNE 2021 Note Unrestricted Re5trirted Endowment Funds Funds Funds Total Funds 2021 INCOME & ENDOWMEKfs FROM: Donations & legacies Charitable actsVitS Investments Other 23,161 70,817 34,029 57,190 70,817 155,461 2.840 155,461 Total 96,818 34.029 155.461 286.308 EXPENDrnIRE ON: Raising fu15 Charitable activities 14,914 335.163 14,914 379,138 43,975 Total 350,077 43,975 394,052 Net gains on investsrEnts 13 259,066 259,066 Net incomel(expenditure) (253,259) (9,946) 414,527 151,322 Transfers between fulS 17 155,461 (155.461) Net movement in funds (97,798) (9.946) 259.066 151,322 Reconciliation of funds Total funds brought forward 736,887 351,000 13,945,368 lJ,OJJi2JJ Total funds carria forward 639.089 341,054 14,204,434 15,184,577 36