Estorick Collection Eric and Salome Estorick Foundation Annual Report and Financial Statement Iiiiaif Charity Registratlon Number: 1046374 Company Llmited by Guarantee Registratlon Number: 03044221 AE•4WG4Y 1710412025 COMPANIES HOUSE A24
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ERIC AND SALOME ESTORICK FOUNDATION YEAR ENDED 30 JUNE 2024 Content Page Company information Directors'trnth, report 2-15 Auditor's report 16-19 Statement of flnanclal actlvltles 20 Summary Income and expenditure account 21 Balan sheet statement of cash flobvs 23 Notes to the accounts 24-38 44
ERIC AND SALOME EsfoRICK FOUNDATION YEAR ENDED 30 JUNE 2024 INFORMATION PAGE Dirertors Jane McNeill Alexander Phillips Dawn Ades Jo Cottrell Alexander Estorick (Vice Chairl Michael Estorick Kathryn Hunter Allison Katz (appointed 30 January 2024) Martin Owen Isobel Estorick (resigned on 30 January 2024) (Co-chair) (Co-chalrl Address 39a Canonbury Square London NI 2AN www.estorickcollectlon.com Company number 03044221 Charlty number 1046374 Audltors Moore Kingston Smith LLP - Chartered Accountants 4 Victoria Square St Albans Hertfordshire ALI 3TF
ERIC AND SALOME ESTORICK FOUNDATION THE DIRECTORS, AND TRiISTEES REPORT FOR THE YEAR END 30 JUNE 2024 The Directors and Trustees present their annual report and accounts for the activities of the Eric and Salome Estorlck Foundation {"the Foundation") for the year ending 30 June 2024. The accounts have been prepared in accordance with the accounting policies set out on pages 24 to 26 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 preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 Isecond editlon) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102). Objectlve of the Charlty and the Constltutlon The Foundatlon is a charity and is constituted as a company Ilmited by8uarantee, It is therefore 80verned by a memorandum and articles of association. The Foundation's objective and its principal activlty is to create and maintain an environment conducive to the appreciation and understanding of modern art, par ticularly Italian art, throu8h ihe promotion and display of it5 permanent collection of works of art and by running a tempor8rv exhibition and education programme. The Foundation has been funded in the past by the Eric and Salome Estorick Foundation IUSAI, Delaware re8iStered 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 acquisitlon of works. The Foundation owns 122 works of art whlch comprise the museum's permanent collectlon. 120 of these works had been collected by Eric and Salome Estorick durin8 their lifetimes and were on loan when the museum opened in 1998. They have subsequently either been donated to or purchased bv the Foundation. Of the two other works in the permanent collection. one was donated and the other purchased by the Foundation. The Statement of Flnancial Activities shows total funds amounting to £15,083,996. Publlc 8eneflt The Trustees of the Foundation have pald regard to the Charity Commission's published guidance on public benefit. They believe that those who have access to the visual arts derive very real benefit from the experience. The museum seeks to be open and available io all and encoura8es participation by all. We offer a nurnber of online activities free of charge and work with various charitable organisations In providing courses and activities free of charge or at low cost. Core costs have to be met and iherefore with reluctance the museum levies an admission charge. All children up to age 18 and students with valid ID are pemiitted free entry and there are conce55ions for People over 60, Registered Disabled. Job Seekers, Museum Association, Londonculture, Association for Art History. Engage and National Art Pass members.
EIUC AND SALOME EsfoRICK FOUNDATION THE DIRECTORS. AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2024 Risk Management Pollcy The Trustees have identified the main risks to which the Foundation is exposed, the current level of risk and its likely impact, the procedures to be put in place to mitigate the effects of identified risks and the level of residual risk. Any unanticipated risk emerging in the course of the year would be bfought to the Board of Trustees for further consideration. The main identified risk is the physical security of the Collection which has been mitl8ated through a conservation programme, alarms, ccrv cameras, other security measures and insurance. Reserves Pollcy It is the policy of the Foundation to maintaln unrestricted funds, which are the free reserves of the Foundation, at a level which equates to approximately nine month5 of unrestricted expenditure. This provides funds to cover management and adminlstration and support costs and to respond to emergency applications for grants which arlse. The total reserves of the charity amounted to E15,083.996 of which unrestricted reserves were £563.929, including fixed assets of £481.652. Additionally there are endowment fund5 of £14,221,067 including an expendable endowment fund of £8.5m which can be used for the care of the Collection if required. Restricted fvnds arnount to £299,000 relatln8 to fixed assets. Investments Ouring the year the investments provided a dlvidend Income of £207,075 and capital gain of £691,288. The total return was £898,363. Ourin8 the year £50,000 of investments were sold to finance operations. The final investment mix was approximately 46% in the iShares Developed World Index Fund (Equities) and 54% in the ishares Overseas Corporate Bond Index Fund. Govefnanc• The Foundation is directed by a Board of Trustees which meets four or five times a year. The dav-to- day decision making is dealt with by the Director who delegates operational matters to Ihe slaff team as appropriate. All Directors of the company are also Trustees of the Foundation. The Board of Trustees has power to appolnt addltional trustees as it considers fit. New trustees recelve an induction pack which provides full briefing on the founding documents. current policies, previous annual reports and recent board meetin8 minutes.
ERIC AND SALOME ESTORICK FOUNDATION THE DZRECTORS. AND TRusfEES' REPORT FOR THE YEAR END 30 JUNE 2024 PRINCIPAL AcfiviTIES Introductlon The Eric and Salome Estorick Foundation is known to the publlc as the Estorick Collectlon of Modern Italian Art I'the Estorick Collection"}. It continues to attract attention for its high standard of vi51tor experience and has established a reputation for Its diverse and challenging exhibition pro8ramme. The Trustees believe that the Estorick Collection's unique and pioneering role in the presentation of Italian 20th century art continues to be justlfied. This is borne out by the consistently high level of reco8nition and interest which the progiamme receives from public and critic5 alike. The Trustees also aim to ensure that the pro8ramme of temporary exhibitions is varied, wlth a diverse ran8e of artists, in¢ludSng lesser-known artists. being represented and a balance being rnaintained between monographic and thematic shows. The programme for the past year included an interesting selection of exhibitions and collateral activities that was consistent with the remit of the Foundation by di5playiTrg a wide variety of work linked to its Collection of Italian 20th century art (see below). In October 2023. the Estorick Collectlon was awarded Vislt England's Quality Rose Marque for 2023- 2024. It also continues to retain Accredited Museum status from Arts Council England. The Trustees acknowledge the continuing support of private and public collections in Italy and other countries through their generous loan ofworks 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. Total attendance in 2023124 was 22,720, lower than the previous year, which benefited from the last Morandl exhibition. but very positive for the museum.
ERIC AND SALOME ESTORICK FOUNDATION THE DIREcfoRS' AND TRUSTE REPORT FOR THE YEAR END 30 JUNE 2024 Press and Marketln8 Alison Wright PR continued to be responsible for pre55 relations,. the media coverage is now extremely well established in.8ritain and Italy as well as appearing in other international publication5. The museum's social media channels continued to Brow throu8hout the year. promotin8 the temporary exhibitions as well as the artists, artworks and themes of the permanent collection. Social media were used to increase awareness of the museum and ils activitles, engaging and reachin8 both existing and new potential visitors. The number of followers on our Instagram account continued to grow throughout the year, reconfirmin6 the positive trend of recent years. A small but steady growth was recorded on Facebook and X (formerly Twitter). Followers Instagram Facebook xnwitier July 2023 11738 5329 5469 July 2024 13841 5491 5507 Visitor impressions, collected through sunieys, highlighted general satisfaction with the temporary exhibitions and the museum. Cross marketing with other museums, festivals and organisations helped in prornoting the exhibitions pro8ramme as well as the museum. Printed and di8ital advertising. as well as leaflet distribution, was used to promote the exhibitions held at the museum durin8 the year. Membershlp Scheme The total membershlp at the end of June 2024 was 9SI, a decrease of 44 from June 2023. Total membership comprised the following- 30 Life members. 131 Contributing members, 120 Joint memberships, 188 Joint Concession memberships. 199 Individual members and 283 Individual Concession members. Retention raie for returnin8 members over the past 12 months was 69%. LearninglEducatlon The education programme continued to offer workshops for schools, universities, and community groups to explore themes in the temporary exhibitions and permanent collection in both English and Itallan. Free twenty-minute guided tours and pald forty.minute tours were provided to a range of charity and community groups. schoo15. colleges and universities. Family Art Days and Under 5 sessions were programmed In the school holidays for each exhibition and a sèries of Adult Art Classes in the evening5. The new'Sen50ry & Soft Play, monthly se55ion for under 55 has been well attended. Our long-term partnershlp contlnued with Sluart Low Trust giving particlpants an opportunity to socialise and support their well-being.
ERIC AND SALOME ESTORICK FOUNDATION THE DIRECTORS. AND TRusfEEY REPORT FOR THE YEAR END 30 JUNE 2024 We saw 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 work5hop5 to schools. Life drawin8 classes have become a popular activity for adulls as well as the newly introduced out of hours 'Unlocked' Exhibition tour series. Activity Adult Programme (Life Drawin& Unlocked, Art Classe51 School Workshops Total Attended 405 33 25 461 children 93 adults 127 adults 31 children (5-181 101 under 5YO 122 students 13 adult5 Familie5 (Art Day and Soft Play) 16 University Community Workshops Educators, events TOTAL 20 1537 Exhlbltions Osvaldo Llclni: Rebellious An8el 14 June 1023 - 10 September 2023 Osvaldo Licini {1894-19581 produced some of the most dlstinctlve and idiosyncratic ima8ery in the history of twentieth-century Italian art. His early years were Spent in Bologna, where he met Giorgio Morandi and experienced a brief interest in Futurism. Between 1917 and 1926 he divided his time between Italy and Paris, moving in the avant-garde circles of artists such as Modigliani and Pica550. On returnin8 to Italy in the mid-1920s he established himself as a fi8urative painter of portraits and
ERIC AND SALOME EsfoRICK FOUNOATtON THE DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024 landscapes. However, early In the next decade he abruptly changed direction and adopted a geometric-abstract vocabulary, developing a style infused with a sense of playfulness and poetry. Together with artists such as Lucio Fontana and Fausto Melotti, Licini showed work at Milan's lfflportant11 Milione gallery, and was associated with the international Abstraction Création group. Having always been111-disp05ed toward Mussolinl's regime, Licini withdrew into the isolation of his hometown of Monte Vidon Corrado in Italws Marche region, during the Second World War. There, his style underwent another dramatic shift, and he began a series of hi8hly ima8inatlve works populated by fantastical characters such as 'rebellious angels., 'flyin8 Dutchmen., and an enigmatic presence he named 'Amalassunta' Licini died in 1958, the year of a major exhibition of hi5 work at the Venice Biennale, where he was recognised as a modern master. The first show to be dedicated lo Llcini by a British museum, curated by Mattia Patti. Osvoldo Licinl.. Rebellious Angelexplored each phase of the artist's career, presenting around fifty of his most signiflcant paintings. Attendance.. 5,011 Llsetta Camii: Identlties 20 September 2023 - 17 Decernber 2023 3iJ The first museum show in the UK of work by groundbreaking photographer Lisetta Carmi11924- 20221, whose imagery has received renewed attention. Always motivated by a deeply humanistic splrit, Carmi focused on marginalised sectors of soclety, such as the working-class and trans communities of her native Genoa. Carmi's images are not only striking works of art but also important socio-political documents exploring significant, yet often overlooked, aspects of Italian life and culture.
ERIC AND SALOME EsfoiucK FOUNDATIO THE DIRECTORS. AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024 Born into a middle-class Jewish family, Carmi was forced to leave school because of the Racial Laws introduced by Italy's Fascist regime in 1938 and fled to Switzerland with her family. She went on to enjoy a short, successful career a5 a concert pianist, but in 1960 abruptly changed directlon and decided to devote herselfto photography. Carmi is best known for sensitively chronicling the Itves of those who belonged to Genoa's trans ommunity during the 19605. The photographs she took resulted in a highly controversial volume of images that was published In 1972 and went on to become a cult classic. This show featureLI around 30 of these works as well as several colour images recently rediscovered in the house in Puglia where Carmi retired irn 1979 to devote herself to yogi meditation. Much of Carmi's photography addressed the social problems assoclated wlth labour and experienced by the working classes. The exhibition included photographs from the port ofGenoa, where she posed as the relative of a docker to photO8raph the harsh condltlons endured by the camalli {labourers). She a150 documented the city's Italsider steelworks, highlightin8 the dangers of industrial production. and vlsited Sardinia, where she photO8raphed the first women employed in it5 cork industry. She also visited15rael, Veneiuela, Mexico. Indla, and Afghanistan, 8ivin8 voice, with her images, to those who had none. Attendance.. 5,348 Pasquarosa: From Muse to Palnter 12 January 2024- 28 Aprll 2024 Pasquarosa Marcelli11896 - 19731, known simply as 'Pasquarosa', was one of the first Italian artists to have a solo exhibition in London. during the 1920s. A century later. her work returned to the
ERIC AND SALOME EsfoiucK FOUNDATION THE DIREcfoRS' AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024 capital in a show featuring some 50 paintings and drawings on loan from Rome's Archivio Nino e Pasquarosa Bertoletti and other private collections. Born in Anticoli Corrado, Pasquarosa moved to Rome as a youn8 woman to work as an artist's model, where she met her future husband {Ihe painter Nino Bertolettil and became part of an artistic coterie. Between 1913 and 1914, the couple established a studio in Villa Strohl-fern where, despite never having had any formal trainin8. Pasquarosa began to paint. She exhibited her work for the first time at the Roman Secessionlst exhibition of 1915, achieving unexpected success. From that point on critics began to praise the spontaneous and original character of her ima8ery, with one describln8 her as a"phenomenon". During the Inter-war years, she travelled frequently and met some of the key flgvres of the artistic and cultural establishment of the day, inclLJding Luigi Pirandello, Giorgio de Chirico and Renato Gutluso. During the late 19205, she had a solo exhibition at London's Arlin8ton Gallery. which was highly unusual for a female Italian artist at that time. Starting from humble beginnings, Pasquarosa established herself as a successful artist during a turbulent historical period. She continued to exhibit within Italy throughout her life and participated in numerous Venice Biennales from the 19305 until shortly before her death in 1973. Her work is testaiTient to the enduring power of art to chan8e lives. Attendance: 9,946 Ser810 Strlzzl: The Perfect Moment 15 May 2024 - 8 September 2024 Sergio Strizzi11931-20041 was a still photographer who worked on some of the m05t important film sets in Italy and abroad from the 19505 to the early 2000s. Passionate about photography from an early age, he began his career working as a reporter for Italy's Publifoto agency before receiving his
EIUC AND SALOME ESTORICK FOUNDATION THE DIRECTORS, AP4D TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024 first movie-related commission in 1952. He would go on to document such iconic films as The Gold of Naples, directed by Vittorio De Sica. and The River Girl, starring Sophia Loren. During the 1960s Stri221 collaborated with Michelan8elo Antonioni, chronicling the production of his great trilogy of alienation La notte, L'eclisse and Red Desert. His subsequent work on the sets of several James Bond films represented a turning point in his career, bringing him to the attention of directors around the world. In 1979 Audrey Hepburn chose Striz2i to photograph her for a feature in Llfe ma8azine. Over the following decade he was commissioned to work on major films such as John Huston's Escape to Victory a5 well a5 Terry Gilliam's AdventUTe5 of Baron Munchau5en, and durin8 the 1990s continued to collaborate with high-profile narnes including Giuseppe Tornatore and Roberto Benigni. One of his later project5 wa5 documenting the film Ripley's Game {20021 directed by Liliana Cavani. Widely appreciated as one of the world'5 greatest set photographers. Strizzi docvmented over 100 films during his long career and was considered an artist in his own right by those he worked with. This exhlbition, organised in collaborarion with Rome's Archivio Sergio Strizzi. comprised some 80 images spanning the photO8rapherfs entire career and was the first survey of his work In the UK. Attendance.. 8,188 Intervention - Gallery 4 sophie Ko: Temporal Geography 7 February 2024 - 25 February 2024 At the heart of Sophie Ko's practice Iles the concept of time, which is explored through the instability of the media she employs. The five work5 by the artist that were on display were emblematic of her approach. bein8 subject to a continuous process of modification throu8h the slow and inexorable degradation of the materials from which they are rnade. io
ERIC AND SALOME EsfoRICK FOUNDATION THE DJREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2024 Sophie Ko Ib. 1981) lives and works in Milan. The pieces exhibited in this display organised in conjunction with the Consulate General of Italy in London. constituted the latest In the Estoritk's ongoing series of 'lnterventions', whereby contemporary land frequently young, emerging) artists create works in response to the museum's permanent collection. Caffè Estorlck The licensed Caffe's authentic, seasonal Italian cuisine. which can be enioyed both Indoors and outside in the garden, ha5 made it a popular destination for visitors year-round. EslfJri¢k Gallery Hlre Ten private event5 were held at the museum during the year, raising £9.482 in hire fees and £3,387.50 in catering income. Thiee were corporate parties, one a meetlng, one a club launch. one a tour. one a cultivation evenin8 and three were private parties. Three hires were from returning Customers. li
ERIC AND SALOMÉ EsfoRICK FOUNDAnON THE DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2024 Staffing Roberta Cremoncini, continued in her role as Dlrector, with responsibllity for runnin8 Ihe Collection. Chri5 Adams continued a5 Assistant Curator. part-time (three days per weekl, and Luke Alder continued as full-time Museum Admlnislrator. Claudia Zanardi's role changed from Marketing Coordinator to Marketin8 Development Mana8er in December 2023 and Kirsty Mclntosh joined as full-time Marketlng As515tant in April 2024. Marco Tlmillero continued as the Shop and Volunteer5 Manager and Amanda Williams continued as part t¢me Office Assistant. The museum also uses the servlces of a freelance bookkeeper. Maria Gomez.Dlaz started as part-time Education Coordinator (4 days per weekl in June 2023, and she left in April 2024 to be replaced by Luca Nasciuti in May 2024. A rotatin8 group of volunteers were present in the galleries and shop during opening hours. Several volunteers and interns jolned for short perlods to help in the oflice and remotely on various speciflc tasks. In the past year, Victoria John, one of the volunteers, undertook extensive work to develop our volunteer offer and asslsted the Dlrector with membershlp and visitor development research. Volunteer briefings led by gallery staff were held at the start of each exhibition. The Trustees are most 8rateful for the dedication and contribution made by staff and volunteers. Staff salaries are reviewed by the Board on an annual basis. A performance-related bontss scheme is not in operation. Shop The shop continue5 to offer a selection of catalo8ues and art books, together with a ran8e of custom gifts. postcards and posters. The museum's collaboration with Italian Books has fostered successful book launche5 and led to an increase in Italian language publications being offered in the shop. 12
ERIC AND SALOME ESTORICK FOUNDATION THE DIREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2024 Llbrary The library remains a valuable research tool for students and people interested In modern Itallan art. Acquisitions were limited but several relevant books were received as gifts or in reciprocal exchange with other instltutlons. This is helping to keep the library up to date with new publications in felevant areas and the current holdin8s are 3,481 books and catalogues. Future Programme Following the Sergio Strizzi exhibition, at the end of summer 2024, the Estorick Collectlon will present an exhibition of paintings by Antonio Colderoro in collaboration with Lisson Gallery, an artist renowned for his delicate and exqui51tely balanced abstract imagery. It wlll feature around 50 work5 spanning the artist's career, including several figurative paintings produced before he tfansitioned to geometric abstraction in Ihe late 1950s. Following thls exhibition, the Estorick Collection will start 2025 with Breoking Lines, an exploratlon of the revolutlonary world of experimental poetry, Dlrectofs and Trustees All Dlrectors of the company are also Trustees of the Foundation. The Board of Directors has power to appoint additional Trustee5 as it considers fit to do so. All Trustees named below served during the year: Dawn Ades Jo Cottrell Alexander Estorick Michael Estorick Kathryn Hunter Allison Katz Jane McNeill Martin Owen Alexander Phllllps Isobel Estorick lappolnted 30 January 2024) {Co-Chair) (Co-chair) (resigned on 30 January 2024) 13
eC AND SALOME EsfoRICK FOUNDATION THE DIREcfoRS' AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024 Statement of Trustees, responsibilltles The Trustees (who are also the director5 for the purpose of company lawl are responsible for preparing the Annual Report and the financial staternents in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accountin8 Practice (United Kingdom Accounting Standards and applicable law}. Under company law the Trustees must not approve the financial statement5 unless they are satisfied that they give a true and fair view of the state of affairs of the charitable companv and of the incoming resources and application of resources, includin8 the income and expenditure, of the charltable company for that perlod. In preparin8 these financial statements, the truslees are required to- al select suitable accounting policies and then apply them consistenlly; bl obsefve the methods and princlples in the Charitie5 SORP. ) make jud8ments and accounting estimates that are reasonable and prudent. dl state whether applicable UK Accounting Slandards have been followed, Subject to any material departures disclosed and explained in the financial statements.. and el prepare the financial statements on the going concern basis unle55 It is inappropriate to presume that the charilable company will continue to operate. The Trustee5 are responsible for keeping adequate accountSn8 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 compa ny and enable them to ensure that the financial statements comply with the Companie5 Act 2(M)6. They are also responslble for safe8uardin8 the assels of the company and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularities. Statement as to dlsclosure ol Inlormatlon to audltors The Trustees confirm that so far as they are aware, there is no relevant audit information la5 defined by section 418131 of the Companies Act 2006) of which the charitable company's auditors are unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor5 are aware of that information. 14
ERIC AND SALOME ESTORICK FOUNDATION THE DIREcfoRS' AND TRusfEES' REPORT FOR THE YEAR END 30 JUNE 2024 Auditors Moore Kingston Smilh LLP - Chartered Accountants were appointed auditors to the Foundation and a resolulion proposing their reappointment will be put to the Annual General Meeting. This report has been prepared in accordance with the spetial provisions of Pari 15 of ihe Companies Act 2006 relating to small companies. J. McllEILL Co-chaiy Date: &141 Is
ERIC AND SALOME EsfoiucK FOUNDATION AUDITOR'S REPORT TO THE MEM8ERS OF ERIC & SALOME ESTOIUCK FOUNDATIOII FOR THE YEAR ENDED 30 JUNE 2024 Opinion We have audited the financial statements of The Eric and Salome Estorick Foundation Ithe 'charltable company,) for the year ended 30 June 2024 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows 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 Kin8dorn Accountin8 standards, Including Flnancial Reporting Standard 102 The Finonciol Reporting Standard opplicable in the UK ond Republic of Ireland {United Kingdom Generally Accepted Accountin8 Practice). In our opinion. the financial slatements.. give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 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 Klngdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companie5 Act 2006. Basls for oplnlon We conducted our audit in accordance with liilernatlonal Standards on Auditing {UKI (ISAS IUKII and applicable law. Our responsibillties under ihose standards are further deKribed in the Auditorfs responsibilities foi the audit Df the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our olher ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtained Is Sufficient and appropriate to provide a basis for our opinion. Concluslons relatln8 to zolng concern In auditin8 the financial statements, we have concluded that the trustees, use of the going concern basis of accountin8 in the preparation of the financial 51atements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin8 to event5 or conditlons that. indlvldually or collectively, may cast significant doubt on the entity's ability to continue as a goin8 concern for a period of at least twelve months from when the financial slaternents are authorlsed for issue. Our responsibilities and the responsibilities of the trustees with respect to goin8 concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in oui report. we do not express any fomi of assurance conclusion thereon. 16
ERIC AND SALOME ESTORtCKFOUNDATION AUDtroR'S REPORT TO THE MEMBERS OF EIUC & SALOME EsfoRICK FOUNDATION FOR THE YEAR ENDED 30 JUNE 2024 Our responsibility is to read the other informatlon and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audlt Of Otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materlal misstatements, we are required lo determine whether this gives rise to a material mSsstatement in the financial statement5 themselves. If, based on the work we have performed. we conclude that there 15 a material misstatement of this other information, we ale required to report that fact. We have nothing to report In this regard. Opinions on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit: the information 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 conslstent with the financial statements,. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirement5. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the auLlit, we have not identlfied material misstatements In the trustees, report. We have nothing lo report In respect of the following matters in relation to which the Companies Act 2006 require5 US to report to you if. in our opinion; adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustee5' remuneration specified by law are not made- or we have not recelved all the inforrnation and explanations we require for our audit, or the tru5tees' were not entitled to take advantage of the small companies, exemptions in preparing ihe trustee5' report and from the requirement to prepare a strategic report. ResponslbllSties of trustees As explained more fully in the trustees, responslbilities statement the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for belng satisfied that they give a true and fair view, and for such internal control as the trustees determine 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 trustee5 are responsible for assessing the charitable company's ability to continue as a going concem, disclosing. as applicable. rnatters related to going concern and using the goin8 concern basis of accounting unless the trustees either intend to liquidale the charitable company or to cease operations, or have no realistic alternative but to do so. 17
EIUC AND SALOME ESTORICK FOUNDATION AUDITOR'S REPORT TO ThE MEMBERS OF ERIC & SALOME ESTORICK FOIINDATION FOR THE YEAR ENDED 30 JUNE 2024 Aud5torfs responsibllllles for the audit of the financial statements Our objectives are to obtaln reasonable assurance about whether the flnancial statements as 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 (UK) will always detect a material misstatement when it exlsts. Misstatements can arise from fraud or error and are considered material if, individually or in the ag8regate. they could reasonably be expected to influence the economlc decisions of user5 taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws 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 delecting irregularities. includin8 fraud is detailed below- Di5CUSsion5 Wlth and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be empected to have a material impact on the financial Statements. During the engagement team briefing. the outcomes of these discussions nd enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entitv. The followin8 laws and re8ulations were Identified as bein8 of sl8niflcance to the entity: Those laws and re8ulations considered to have a direct effect on the financial statements include UK financial reportinB Standards, Company Law, Charity Law and Tax and Pensions le8islatS0n. Those laws and regulations for which non-compliance May be fundamental to the operating aspects of the charity and therefore may have a materlal effect on the financial statement5 include compliance with the charitable objectives, public benefil, data protection. health and safety le8islation and employment law, Audit procedures undertaken in response to the potential risks relating to irregularities {which include fraud and non-compliance with laws and regulations) comprised of.. inquirie5 of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potentlal litigation or claims,. inspection of relevant legal correspondence. review of Trustee meetln8 mlnute5; testin8 the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements sn account balances 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 detectinE irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irre8ularities that result from fraud might be inherently more difficult lo detect than irregularities that result from error. As explained above, there is an unavoidable risk that material mi5StatÈments may not be detected, even thou8h the audit has been planned and performed in accordance with ISAS IUKI. 18
ERIC AND SALOME ESTORICK FOUNDATIOII AUDrroR'S REPORT TO THE MEMBERS OF ERIC & SALOME ESTORICK FOUNDATION FOR THE YEAR ENDED 30 JUNE 2024 As part of an avdit in accordance with ISAS IUKI. we exercise professional judgment and maintain professional scepticism throu8hout the audit. We also". Identify and assess the risks of material misstatementof the financial statements, whether due to fraud or error, desi8n and perform audit procedures respollsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions. misrepresentations, or the override of internal control. Obtain an understandlng of inlernal control relevant to the audli in order to desl8n audit procedures that are appropriate in the circumstances, but not forthe purpose ofexpressing an oplnlon on the effectiveness of the charitable compan5 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 appropriateness of the trustee5' use of the going concern basis of accountin8 and, based on the audit evidence obtained, whether a material uncertainty ex15t5 related to event5 or conditions that may cast Sl8nificant doubt on the chaiitable company'5 ability to continue as a going concern. If we conclude that a material uncertainty exlsts, we are required to draw attentlon In our auditor's report to the related disclosures in the financial 5tatemerrts or, if such disclosures are inadequate. to modify our rjpinion. Our conclusions are based on the audil evldence obtained up to the date of our auditor's report. However, future events or conditions may cause ihe charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financlal statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communlcale wlth those charged with governance reBardin8, amon8 Other matters, the planned scope and timing of the audit and si8nificant audit findings, includin8 any significant deficiencies in internal control that we identify durin8 our audit. Use of our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 thatwe might state to the charitable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assurne responsibillty to anyone other than the charitable company and the charitable company's members as a body, for our audil work, for this report, or for the opinions we have formed. Ellzabeth Wlcks (Senlor Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Chartered Accountants and Statutory Audltors 4 Victoria Squa St Ajbans Hertfordshire ALI 3TF Date.. 9 Aprll 2025 19
ERIC AND SALOME ESTORICK FOUNDATION srATEMEKf OF FINANCIAL AcfivrnES FOR THE YEAR ENDED 30 JUNE 2024 Note Unrestrlrted Restrlcted Endowment Funds Funds Fund$ Total Funds 2024 Total Funds 2023 INCOME & ENDOWMENTS FROM: Donations & legacies Charitable aciivlties Investments 3,195 273,660 3,195 273,660 207,075 25,000 19,411 HI,033 189,607 38,377 207,075 25,000 Total 301,855 207,075 508,930 688,428 EXPENDrnIRE ON: Raising fund5 Charitable attivittes 58,273 538,727 58,273 551,727 76,637 640,490 13,000 Total 597,000 13,000 610,000 717,127 Net galns on Investments 13 691,288 691,288 97,486 Net Income I {expendlture) (295,145) (13,000) 898,363 590,218 68,787 Transfers between funds 17 246,169 (246,169) Nrt movement In funds (48,976) (13,000) 652,194 590,218 68,787 Reco11•atIon of fvnds Total funds brought roThiard 612,905 312,000 13,568,873 14,493,778 14,424,991 Total funds carried forward S63,929 299,000 14,221,067 15,083,996 14,493,778 20
EIUC AND SALOME EsfoRICK FOUNDATION SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 INCOME Donatlons & legacies Charitable activities 3,195 273,660 19,411 441,033 Gross Income 276,855 460,444 EXPENDrruRE Raising funds Charitable artlvlties 58,273 551,727 76,637 640,490 610,000 717,127 Total eXPerltm Net Incomel(expendltsire) before tsxatlon for the financlal year (333,145) (256,683) Tax recoverable 25,000 38,377 Net income l (expendlture) for the financlal Yr (308,145) (218,306) 21
ERIC AND SALOME ESTORICK FOUNDATION BALANCE SMEEr AS AT 30 JUNE 2024 Notes 2024 2023 Tanglble and Intanglble assets Herltage assets Investments li 780,652 819,283 12 13 5,696,200 8 462 459 14,939,311 5,696,200 7 821171 14,336,654 CURReKr ASSETS stks 14 15 19,250 94,533 17,989 82,103 153 835 253,927 Cash at bank and in hand 182,435 Cradltors: amounts fallin9 due withln one year NET CURAEiir ASSETSI(LTABILITIES) 144 685 15? 124 TOTAL ASSETS LESS CURREMf LIABILrriES . 15 083 996 14 493 778 FUNDS OF TtrIE CHARITY Unrestrlcted funds Restrlcted funds EnéOwMt funds 17 17 17 574,835 299,000 14 210 161 612,905 312,000 13 568 873 TOTAL CHARITY FUNDS 15 083 996 14 493 778 Sn accordance wlth s454 of the Companles Act 2CQ6 the Dlrectors may amend these flnanoal statements if they subsequently prove to be defecttve. The financial statements have teen prepared in accordance with the 5peclal prov151on5 applicabte to cornpanle5 subject to the small companles, regime and in accordan wlth FR5102 SORP. These flnanclal statement5 were approved by the Board of Dlrector5 and J. McNeill was author15ed by the Board to slgn c¥) thelr behalf: Co-thalr Date: Company registration no. 03044221 Charlty registration no. 1046374 22
EIUC AND SALOME EsfoiucK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Cash flows from operatlng activities Net income for the year Adjustments for: Deprech?tlon on flxed assets (Gain) on investrnents Income from investments Disposal pr(Keeds from the sale of investments (Increase)Idecrease in stock (Increase)Idecrea5e in debtors Increasel(decrease) in credltors 590,218 68,787 40,125 (691,288) (207,075) 50,000 (1,261) (12,430) (59,053) 39,148 (98,613) (189,607) 1,681,126 (2,527) (29,643) 32,621 Net *h (uwl In) oper•tlng actlvlti•$ (290,764) 1.501,292 Cash flows from Investln9 artlvitles Income from investments Purchase of flxed assets Purchase of investments 207,075 (1,494) 189,607 (1,775) { 1,550,000) Net cash provided by Investln9 actlvlti•s 205,581 (1,362,168) Net Increase l (decrease) in cash and cash equivalents (85,183) 139,124 Cash arKI cash equlvalents at the beginning of the year 153,835 14,711 Cash and cash equlvalents at the end of the yo•r 68,652 153,835 Cash and cash equivalents 1$ made up of the following: Cash at bank and in hand 68,652 153,835 Total 68.652 153,835 Analysls of changes In net debt At l July 2023 Cash flow At30 £ June 2024 Cash at bank 23
ERIC AND SALOME ESTORICK FOUNDATION NOTES TO THE FINANCIAL sfATEMEMrs FOR THE YEAR ENDED 30 JUNE 2024 AccoupifING POUCIES 1.1 AOUntIng Conventlon The Foundatlon meets the definltlon of a public benefit entity under FRS 102. The flnancial ststements have been prepared under the historical cost conventson, modified by the revaluation of investments, in accordan with Accounting and Reporting by Charities: Statement of Recommended practi applicable to charltles preparlng their accounts in accordance with the Financlal Reporting Stsndard applicable in the UK and Republic of Ireland (FRS102) (SLxond edltion), the Financlal Reportiry Stsndard applicable in the Unlted Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. The preparation of flnancial statements in Complian wlth SORP 2015 requires the use of certain critical accounting estimates. It also requi management to exercise Judgment in applying the accounting policles (see note 1.15) These financlal statements are presented in Sterling as that is the cufncY of the prlmary economlc environment in which the Charity operates. 1.2 Incf•mlng resourc•s All Incomlng resou$ a Included in the Ststement of Financial Activities when the charity Is entitled to the Income, it is probable that it wlll be reTrived and the arnount can be quantified with reasonable accuracy, All income is gross without deduction for relate(l expenditure. The following speciflc pollcie5 are applied to particular categories of income.. Voluntsry Income Is received by way of donatlons and glfts and Is Included in full In the Statement of Finandal Activities when recelpt is probable. Investment income is included when receivable. Incomlng resources from charitable trading activltles are accounted for when earned. Income Is stated net of VAT where appllcable. 1,3 Grants recelvable Grants, induding govemment grants, are recognlsed on a receivable basis and are deferred only when the donor has Imposed pre-conditions on the use of the grant. 1.4 Funds The Foundation's funds conslst of unrestricted, restricted and endowment funds. The Foundation may use unrestrlcted amounts at its discretion in furtherance of the charlvs objectives. Restricted and endowrnent funds represent funds which are to be used In accordance with the donor's wishes, 24
ERIC AND SALOME ESTORICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 1.5 Flxed assets and d•preciatlon Fixed assets, other than heritage assets, are ststed at historical cost less depreciation. Depreciation Is charged to the SOFA to write off the cost less estimated residual value of each asset over its experted useful lrfe at the following rates." Freehold Property Over SO years Propety improvements Over 50 years Website Redesign Over 4 years Other assets Over 4 years 1.6 Donated herltage asstts Works of art that are donated 5peclfically for the furtheran of the obJeLtlves of the Foundation are recognised in the financial statements at their deemed cost being their fair value at the point of acquisition. Where informatlon on the original 'c05t' of assets transferred to the Foundation is unavailable those assets are not recogni5ed in the financial ststements however inforrnation on such assets is included in the notes to the flnanclal ststements. No depreciakn'on Is charged on heritage assets as they are consldered to have an Indeflnlte Ilfe however tlw are reVId annually for impairment. 1.7 Stock Stock Is stated at the lower of cost and selllng pr1 less costs to sell. All Items whlch are greater than 3 years old are written off at the end of each financial year. 1.8 ReUrCeS expended Expendlture Is recognised on an accruals basls as Ilabilitles are Incurred. Expendlture Is recognised net of VAT where appllcable. Charitable expendlture cornprlsed those costs Incurred by the charty In the delivery of its activities and servKes for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indlrect nature necessary to support them. Governan costs include those costs associated with meeting the constitutional and ststutory requirements of the charlty and Include the audit fees and costs linked to the strateglc management of the charlty. 1.9 Forelgn currendeg Monetary assets and Ilabllltles denornirklted in foreign currencles are translated Into SterlirYJ at the rates of exchange prevailing at the accounting date. Transactlons In forelgn currencies are recorcled at the date of the transaction. All differences are taken to ststement of financlal athvitles. 1.10 Flnanclal Instruments The Charity only enters into basic financial Instrument5 transactions that result in the recognition of financial assets and liabllities such as debtors and credltors. Financial instruments are initially measured at transaction value. They are asse55ed at the end of each reporting period for objectlve evidence of impairment. If objertive evidence of impairment is found, an impalmient loss is recognised in the SOFA. 25
ERIC AND SALOME EsfoRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 1.11 D•btorn Short terrn debtors are measured at transaction prtce less any Impalrment losses. 1.12 Credltors Credltors and provisions are recognised where the Foundation has a present obllgation re5ultlng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obllgation can be measured or estimated rellabty. 1.13 Investm•nts Investments a carrted at market values ruling at the balance sheet date with unreallsed gains and losses belng Induded in the statement of financial actfvities. Realised galns and losses are calculated on proceeds less opening market value. 1.14 Going concern The trustees have assessed whether the use of goin9 concern is appropnate and have considered posslble events or conditlons that mlght cast gnificant doubt on the abllity of the charltable company to continue as a going COnrn. The trustees have made this assessment for a period of at least one year from the date of the approval of these flnanclal staternents. In particular, the trustees have considered the charitable company's forecasts and proiettion5 and have taken account of presSuS on Income. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resOurS to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the golng concem basls In preparlng Its financial statements. 1.15 Judgments In applyin9 accountlng polldes and key sourcrf of ertlmatlon uncertalnty The pparatIOn of the financial statements requlres management to make Judgments, estlmates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date arKJ the amounts reported for revenues and expenses durlng the year. The natu of estimation means the aLtual outcomes could differ from those estimates. There were no material estimations nece55ary other than the declslon on depreciation rates. 26
ERIC AND SALOME ESTOIUCK FOUNOATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 INCOME FROM DONATIONS AND LEGACIES Unrestrlcted Restricted Endowment Pundg Funds Funds 2024 Total Voluntary Income Donatlons 3,195 3,195 3,195 3,195 Total 2023 Total Donations 6,211 13,200 19,411 6,211 13,200 19,411 INCOME FROM CHARrrABLE Acrivmes Unrestrlrted Regtrlcted Endowment Funds Funds Funds 2024 Total 2023 Totsl UnrnSLtsd Shop Sales Café contributions EducatSon Other Income Fees receivabl admlssions and membership Rent re1Vable- gallery hire 59,232 84,540 12,348 265 107,793 59,232 84,540 12,348 265 107,793 110,272 119,331 15,275 2,767 184,839 9,482 9,482 8,549 273,660 273,660 HI,033 Total INCOME FROM INVESTMENTS All investment income arises from the Investments In the BlackRock Dynarnlc Diversified Grovrth Fund, iShare5 Overseas Corporate Bond Index Fund and ishares Developed World Endex Fund and relates to endowment funds. 27
ERIC AND SALOME ESTORICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 OTHER INCOME Other income relates to Museums and Galleries Exhibitton Tax Rellef which is an amount receivable under an HMRC scheme whereby qualifying entities may claim a 20-25% subsidy on the costs of producing permanent, temporary and touring exhibitions up to a specified limit per exhibition. It also Includes EXPENDMIRE ON RAISXNG FUNDS Unrestricted Restricted Endowment Funds Funds Funds 2024 Total 2023 Total UnrMtrSrted Advertlsing and trade subscrlptions Openin9 Stock Shop purchases Uosing stock Cultivation events and cafe expenses Catabgue expenses 5,543 5,543 4,095 17,989 26,604 (19,250) 26,736 17,989 15,462 26,604 39,386 (19,250) (17,989) 26,736 35,683 651 651 Total 58,273 58,273 76,637 EXPENDrnIRE ON CHARZTABLE ACTivrrIES Unre•trlct•d Restrlthd Ermlowment Funds Funds Funds 2024 Total 2023 Totsl Gross salaries and employer NIC Temporary exhibitions Printlng, postsge and stationery Utilitles Collectlon insurance Rates Educaticm materials Telephone and fax Travel and subsisten Cleaning Library collectlons Building maintenance Security Depreciation Internet and website Irrecoverable VAT Foreign exchange Governance (note 8) 282,159 282,159 268,157 101,591 3,296 101,591 3,296 198,772 3,626 15,653 35,927 3,988 2,123 1,765 962 4,490 15,653 35,927 3,988 2,123 1,765 962 4,490 13,345 33,031 5,773 2,517 2,396 1,322 4,775 14,087 4,548 27,125 1,635 14,087 4,548 40,125 1,635 12,456 2,011 39,148 1,291 7,564 3,110 41,130 13,000 1,188 38,190 1,188 38,190 Total 538,727 13,000 551,727 640,490 In 2024, temporary exhibitlon costs of £NII (2023.. £13,200) and depreciation costs of £13,000 (2023: £13,000) were restricted costs. All other costs were unrestricted. 28
ERIC AND SALOME ESTORICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 GOVERI4ANCE COSTS Unrestrfrted RestrlLted Endowment Funds Funds Funds 2024 Total 2023 Total Unrestrfcted Accountan Legal and professional 11.169 9,696 11,169 9,696 10,947 7,744 Audit fee Bank Charges 11,025 6,300 11,025 6,300 13,050 9,389 Totsl 38,190 38,190 41,130 NET INCOMING RESOURCES BEFORE TRANSFERS 2024 Total 2023 Total Net incoming resources before transfers are ststed after charglng: Depreclatlon Auditors, MUneratIon Fees for other services 40,125 11,025 11,169 39,148 13,050 10,947 10. EMPLOYEES 2024 Total 2023 Total Salary and wages National insurance contributions Penslon 256,304 16,773 4,582 248,921 14,752 4,484 Total 277,659 268,157 AvetBge number of employees 12 li There was one employee during the year with emoluments between £60,000 and £70,000 (2023., one). There is one member of key management (2023: one). Her gross salaryi employer pension contributions and employer'5 national Insuran amounted to £78,801 (2023.. £75,288). 29
ERIC AND SALOME EsfoRZCK FOUNDATZON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 11. TANGIBLE AND INfANGIBLE FIXED ASSETS Freehold Property WebsAte Other Property Improvement Redulgn ITanglble) {Tanglble) (Tangible) (Intsngible) Total At l July 2023 Additlons Dlsposals 538,578 971,209 59,845 52,745 1,622,377 1,494 1,494 At 30 June 2024 538,578 971,209 59,845 54,239 1,623,871 At l July 2023 Charge for the year Dlsposals 293,527 10,772 415,605 19,424 46,8H 6,206 47,118 3,723 803,094 40,125 At 30 June 2024 304,299 435,029 53,050 50,841 843,219 Net Book Value At 30 June 2024 234,279 536,180 6,795 3,398 780,652 245,051 555,604 13,001 5,627 819,283 At 30 June 2023 The net book value of intangible assets as at year end was £6,795 (2023: £13,001) 30
EIUC AND SALOME ESTORICK FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 12. HERITAGE ASSErs 2024 2023 Cost at l July 2023 5,696,200 5,696,200 Cost at 30 June 2024 5,696,200 5,696,200 Durlng the year to 30 June 2017, a colleLtton of 68 works of Itallan art wlth a deemed cost of É4,366,200 were donated to the Foundatlon by the Eric and Salome Estorick Foundatlon (USA). During the year to 30 June 2018, a further work of Italian art wlth a deemed cost of £400,000 was donated to the Foundation by the Eric and Salome Estorlck Foundation (USA). These have been recognlsed In the Balan Sheet. There has been no change to the cost of heritage assets held SIn 30 June 2018. In addition, a further $3 works of art are owned by the Foundation. Of these S3 works the 10 that were donated in 1999 are not induded In the Balance Sheet iEcause it wa5 not a requlrement at that tlme. The remalning 38 works have been included at the valuations applicable at the tlme of transfer, being £930,000. The whole collectlon has an insurance value of approximately £45m. The collection brlngs together some of the finest and most important works created by Italian artists during the first half of the twentieth ntury and includes paintlng5, drawlngs and sculptures. The Foundation does not presently actively seek to acquire works for the collection, and seeks to avoid disposal of works in the collection In all but eXptIonal clrcumstances, as detsiled In the Collectlon Development Policy. The Foundation asplres to the highest standard of care in preservlng the collectlon, in Ilne wlth the Care and Conservation Pollcy, relylng on a combination of preventative and remedial conservation work. As well as the collectlon owned by the Foundatlon there are also a number of works on long term loan ta the collection. The collection is open to the public and educatlonal tours are encouraged, 13. INVEsfMENTS 2014 2023 Brought forward at l July 2023 Investment additfons Investment disposals Investment realised gainsl(Iosses) Investment thange in valuatlon 7,821,171 7,853,685 1,550,000 (1,681,126) 250,110 (151,497) (50,000) 20,079 671,209 Market value carrled forward at 30 June 2024 8,462,459 7,821,171 31
ERIC AND SALOME EsfoRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13. It4VESTMENTS (continued) Details of material investments held at the year-end are as follows: Market Value 2024 2023 ishares Overseas Corporate Bond Index Fund ishares Developed World Index Fund 4,570,415 3,892,044 4,507,965 3,313,206 8,462,459 7,821,171 As restated 2023 2024 IShare5 Overseas Corporate 8ond Index Fund iShare5 Developed World Index Fund 4,875,000 2,440,512 4,875,000 2,470,432 7,315,512 7,345,432 Note that the brought foThvard cost of the Ishares Developed World Index Fund has been restated due to an error In the prlor year financial statements. This is not a value presented in the balance sheet and dS not affect the overall rnarket value of the investment in the prior year. 14. sfocK 2024 2023 Book stock 19,250 17,989 15. DEBTORS 2024 2023 Prepayments and accrued income Trade debtors 27,320 2,824 63,376 1,013 37,379 6,108 38,376 240 Tax rellef Other debtors 94,533 82,103 32
ERIC AND SALOME EsfoRICK FOUNDAIION 140TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 16. CREDrroRS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 2023 Trade credltors Taxatlon arKI sttial securlty Loan Other creditors and accruals 11,023 4,758 40,651 3,427 30,000 22,725 21,969 37,750 96,803 33
ERIC AND SALOME ESTORXCK FOUNDA0 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 17. MOVEMENT OF FUNDS Balance 1.7.2023 Incoffle Expendlture Galnsl (loss) Transfers Balance 30.6.2024 UNRESTRicfED 612,905 301,855 (597,OlJO) 257,075 574,835 REsfRIcfED Heritsge Lottery 312,000 (13,000) 299,000 ENDOWMENT Heritage a55et Eric and Salome Estorick Foundatlon (USA) - 13,517,371 51,502 207,075 691,288 (257,075) 14,158,659 51,502 13,568,873 207,075 691,288 (257,075) 14,210,161 TOTAL 14,493,778 508,930 (6LO,000) 691,288 15,083,996 The Heritsge Asset Endowment Fund balance Is made up of Investments plus herltage assets. Income generated by the Investments and disP05als to fund activities are transferred annually to the unrestricted fund. Balance 1.7.2022 Income Expendlture Galnsl (1¢)sses) Tranrfers 8alance 30.6.2023 UNRESTRICTED 498,604 485,621 (690,927) 319,607 612,905 RESTRIcfED Heritage Lottery Archlvio Luigi Pericle 325,000 (13,000) (13,200) 312,000 13,200 325,000 13,200 (26,200) 312,1)00 ENDOWMENT Heritage asset Eric and Salome Estorick Foundation (USA) 13,549,885 51,502 189,607 97,486 (319,607) 13,517,371 51,502 13,601,387 189,607 97,486 (319,607) 13,568,873 TOTAL 14,424,991 688,428 (717,127) 97,486 14,493,778 34
ERIC AND SALOME ESTORICK FOU14DATION NOTES TO THE FINANCIAL STATEMENTS FOR The YEAR ENDED 30 JUNE 2024 17. MOVEMENT OF FUNDS (contlnued) UNRESTiucfED FUNDS: Unrestricted funds are the fr reseNes of the Foundatton. REsfRICTED FUNDS: Heritage Lottery Fund: represents £650,000 awarded to the Foundation in 1997 for the purpose of restoring Northarnpton Lodge. The funds were spent In 1997 and 1998. £13,000 yearly depreciation is charged to the fund over 50 years as per accounting policy. The fund will be exhausted in year 2047. Arts Coundl: represents funds reiVed to contribute towards the Make Futurism Great Again exhibition. ENDOWMENT FUNDS: Herltage asset endowment fund. The heritage asset endowment funds initially arose as the result of the dlsposal of one of the Foundation's heritage assets. Although the pollcy of the Foundatlon Is to retain heritage assets for the beneflt of the Collection, It was declded that, glven the exceptional circumstances, one of the paintings held as a donated heritage asset (though not prevlously capitalised) should be sold In order to generate cash funds for the Collection and foi funding future acquisitions. These funds were invested and the market valuation of the investment funds as at 30 June 2024 is £8,462,459 {2023: £7,821,171). Upward movement of the market value of the endowment funds is £691,288 (2023., £98,613). In 2007, 2017 and 2018 a number of athorks were transferredl donated to the Foundation (see note 12) and were added to this endowment fund. Eric and Salome E$torlck Foundatlon (USA) - D: represents funds reIVed from Erlc and Salome Estorick Foundation (USA) for investment. The endowment funds a all expendable endowments other than Fund D above which is a permanent endowment fund. Under the terms of the consent for Fund D granted by Erlc and Salome Estorick Foundation (USA) the prlncipal amount invested must remain intact, and only investment Income, not exceeding 5% of the principal may be transferred to unrestrirted Income each year. During the year £257,07S (2023.. É319,607) was transferred from the endowment fund to unrestricted funds. Of thls £207,075 {2023: £189,607) was investrnent income and £50,000 (2023: £130,000) was drawn down from the investment fund. 35
ERIC AND SALOME ESTORICK FOUNDAnoN NOTES TO. THE FINANCIAL sfATEMEf4TS FOR THE.YEAR.ENDE0 30 JUNE 2024 18. ANALYSIS OF NEf ASSETS BEfwEEN FUNOS AND RESERVES Fund balances are represented by: Unregtr5cted Funds Restrlcted Endowment Funds Fund$ Totsl Funds 2024 Fixed Assets CUrnt Assets CUrnt Liabilities 481,652 130,934 (37,751) 299,000 14,158,659 SI,502 14,939,311 182,436 (37,751) 574,835 299,OCK) 14,210,161 15,083,996 At 30 June 2024 Unrestrlrted Funds Restrlcted Endowment Funds Funds Totsl Fund$ 2023 Fixed Assets Current Assets Current Llabilltles 507,283 202,425 (96,803) 312,000 13,517,371 51,502 14,336,654 253,927 (96,803) 612,905 312,000 13,568,873 14,493,778 At 30 June 2023 20. FINANCIAL It4STRUMENTS As noted in the account6ng policles on page 25, the Foundatlon only entets Into baslc flnanclal instrument transactlons that result In the recognltion of flnandal assets and Ilabllitle5 such as debtors and creditors. The Investments of the Foundatk)n are flnandal assets ffaSUred at falf value through the Statement of Flnanclal ALtlvitles (see note 13) 21. DIREcfoRSITRusfEES' REMUNERATXON ANO EXPENSES The aggregate amount of relmbursed expenses paid to the Dlrectorstrrustees was £91 (2023. £nil). No DiTectortrrustee re¥Ved any remuneration in the year. 22. RELATED PARTY TRANSAcfioNS There were no related paty transactions durlrg the year. 36
ERIC AND SALOME EsfoiucK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS. FOR THE YEAR ENDED 30 JUNE 2024 23. CAprrAL STrUCTURE The.F()undatlon fThe C(xnpany°)' is lirnlted by guafariteé and, does not have share captsl. Each memtserfs.liabllty shall not exceed'EIO in tre event of.a winding up. 24. CONTROLLING PARTY No single party has ultlmate control over the Foundatlon. 37
ERIC AND SALOME EsfoiucK FOUIIDATION NOTES TO THE F114ANCIAL sfAT.EMEKrs. FOR THE YEAR ENDED 30 JUNE 2024 COMPARATIVE sfATEMENT OF FINANCIAL AcrivrrxES FOR THE YEAR ENDED 30 JUNE 2023 Note Unrestrlcted Restrirted Endowment Fuftd$ Funds Funds T¢)tsl Funds 2023 INCOME & ENDOWMENTS FROM: Donations & legacies Charltable activltles Investrnents Other 6,211 441,033 13,200 19,411 441,033 189,607 38,377 189,607 38,377 Total 485,621 13,200 189,607 688,428 eXPENorruRE ON: Ralslng funds Charltable activities 76,637 614,290 76,637 640,490 26,200 Total 690,927 26,200 717,127 Net galns on Investments 13 97,486 97,486 Net Incom• I (expendlture) (205,306) {13,000) 287,093 68,787 Transfers between funds 17 319,607 (319,607) Net movement In fund9 114,301 (13,000) (32,514) 68,787 Recondl•ation ol funds Total lurrfls brought fOard 498,604 325,000 13,601,387 14,424,991 Total funds carried forward 612,905 312,000 13,568,873 14,493,778 38