2025-03-31-accounts - The Fleming-Wyfold Art Foundation

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8/8/2025

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THE FLEMING-WYFOLD ART FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)

1. ACCOUNTING POLICIES (CONTINUED)

Activities in furtherance of the Charity's Objects

This represents income received from the ownership and utilisation of the collection and is accounted for when receivable.

Investment Income

Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:

Costs of Charitable Activities

These costs relate to expenditure incurred by the Charity in relation to the promotion of the Charity's objects, including the exhibiting, loaning and leasing of the art works.

Support and Governance Costs

Support and governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include expenses related to statutory audit fees, professional and legal fees and support costs.

Tangible Fixed Assets including Heritage Assets

Tangible Fixed Assets, which are stated at cost, include the Fleming collection of works of art which are available to exhibit to the public.

The Art Collection falls within the definition of 'Heritage Assets' under FRS 102 and the Charities SORP. Heritage assets are stated at cost or estimated market value if donated, unless a reliable estimate cannot be made/the cost of valuation is likely to exceed the benefits provided by the information, and are not subject to depreciation. Impairments in the carrying value of heritage assets are recognised if they have suffered physical deterioration or doubts arise as to their authenticity.

Depreciation

No depreciation has been provided on the collection as the Trustees consider that the estimated useful life of the collection is indefinite. Depreciation is provided on fixtures and fittings and is provided at a rate calculated to write off cost, less estimated residual value, evenly over their expected useful life.

The depreciation periods are as follows:

Fixtures and fittings 4 years
• Computer Equipment 2 years

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Docusign Envelope ID: 2BD9D903-6D8B-4CE6-9BD9-3325EA86E576

THE FLEMING-WYFOLD ART FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)

6. COST OF CHARITABLE ACTIVITIES AND SUPPORT COSTS

	Unresbicted	Total	Unrestricted	Total
	Funds	2025	Funds	2024
	£	£	£	£
Bank Charges	592	592	380	380
Book Production Costs	4,465	4,465	4,794	4,794
Bursary	4,531	4,531	3,254	3,254
Cost of staff (note 7)	124,262	124,262	132,042	132,042
Conservation	4,432	4,432	7,486	7,486
Payroll Costs	2,146	2,146	619	619
Promotion and marketing	45,829	45,829	31,090	31,090
Publication costs	4,231	4,231	4,594	4,594
Insurance	16,637	16,637	17,786	17,786
Intern and Training			285	285
IT&Communication costs	14,456	14,456	14,874	14,874
Other Professional Services	4,750	4,750	5,550	5,550
Storage&Transport	33,826	33,826	25,146	25,146
Travel Costs	8,084	8,084	14,665	14,665
Support and Governance	39,906	39,906	36,729	36,729
Costs (note 8)
	308,147	308,147	299,294	299,294

None of the Trustees has received any remuneration in the year (2024: £nil).

Travel and other expenses totalling £1,920 incurred in connection with activities of the Charity was reimbursed to one member of the board of Trustees during the year (2024: £993).

The Foundation considers the Director of Art and the Collections and Web Manager as key management personnel. The total employment benefits including employer pension contributions of the key management personnel were £124,262 (2024: £132,042).

7. ANALYSIS OF STAFF COSTS

ANALYSIS OF STAFF COSTS
	Group	Group
	2025	2024
	£	£
Wages and salaries	114,392	121,500
Social security costs	8,121	9,257
Pension contributions	1,749	1,285
	124,262	132,042

One employee received remuneration of between £60,000 to £70,000 in the year (2024: 1 between £80,000 to £90,000). This employee received no pension contributions.

The monthly average number of full time employees during the year was 2 (2024: 2).

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