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2022-12-31-accounts

Company number: 07469528 Charity Number: 1140360

Dutch Masters Foundation

Report and financial statements For the year ended 31 December 2022

Dutch Masters Foundation

Contents

For the year ended 31 December 2022

Reference and administrative information ........................................................................................ 1 Trustees’ annual report ................................................................................................................................................ 2 Independent examiner’s report ......................................................................................................13 Statement of financial activities (incorporating an income and expenditure account) ..................... 15 Balance sheet ................................................................................................................................. 16 Notes to the financial statements ................................................................................................... 17

Dutch Masters Foundation

Reference and administrative information

For the year ended 31 December 2022

Company number 07469528 Country of incorporation United Kingdom Charity number 1140360 Country of registration (England & Wales) Registered office and 92 Agamemnon Road operational address LONDON NW6 1EH

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Guy America Appointed Trustee (from 1 March 2021- 31March 2023) and Nominated by the Nederlands Dans Theater from 1 April 2023 Jogchum Brinksma, Appointed Trustee (from 1 March 2021) Tjalling Halbertsma, Nominated by The Royal Picture Gallery Mauritshuis (from 1 March 2021) Stephanie Kogels, Appointed Trustee and Chair (from 1 March 2021, resigned 31 March 2023) Jeannette Smits van Oyen, Appointed Trustee (until 28 February 2021) and Nominated by the Royal Concertgebouw Orchestra (from 1 March 2021) Sabine Taal, Nominated by the Nederlands Dans Theater (from 1 March 2021- 31 March 2023) then Trustee and Independent Chair from 1 April 2023 Key management Gerald Oppenheim Governance Manager personnel Adrienne van Dok Relationship Manager Sasha Weld Forester Events Manager Bankers NatWest 38 Strand, London WC2N 5JB Solicitors Womble Bond Dickinson LLP 4 More London Riverside, London SE1 2AU Independent Joanna Pittman Examiner Sayer Vincent LLP Chartered Accountants Invicta House 108-114 Golden Lane, London EC1Y 0TL

1

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

Chair’s Foreword

I am pleased to present The Dutch Masters Foundation Annual Report for the year ended 31 December 2022. This was the twelfth full year of activity as a charity registered in England and Wales. The Trustees are pleased with the continuing progress that has been made during the year in which the Foundation was supported by 33 individual donors, the same as in 2021.

The Foundation was established as a philanthropic initiative designed to support the advancement of the arts in The Netherlands and throughout the world by encouraging growth and excellence in the sector. For 2022, the Trustees continued the Foundation’s primary focus, established at its inception, to support the artistic work of three Dutch world leaders in their respective spheres of activity. Accordingly, the Netherlands Dans Theater (NDT), the Royal Concertgebouw Orchestra (RCO) and the Royal Picture Gallery Mauritshuis continued to be the beneficiaries of the Foundation’s grants. The Foundation provides vital private sector support to each of these three institutions for specific programmes focused on education, innovation and talent development at a time when public sector budgets for culture and the arts continue to be severely curtailed.

Generous financial contributions from our donors and external event sponsors along with efficient operation of the Foundation by our Management Team and a successful charity auction at our Annual Gala Dinner enabled the Trustees to award grants for 2022 to the three Dutch Masters of £50,000 each (the same as in 2021). The Foundation’s expenses ratio is 30%.

The Foundation had taken steps in 2021 to strengthen financial reserves at a time of continuing uncertainty to £189,211 (2020: £133,226). To maintain grants to the Dutch Masters against a backdrop of inflation and cost of living pressures the Trustees used some of their reserves in 2022, but at the year-end these still stood at £171,732.The cumulative total of grants awarded to the three Dutch Masters since 2011 is now £2,244,750.

The Trustees’ financial aims for the Foundation remain to cover event costs through sponsorship wherever possible and to grow the number of donors further over time. This will enable the Trustees to consolidate the Foundation’s operating efficiency and annual grant making capacity whilst safeguarding the intimacy of our London events programmes with the Dutch Masters.

The Foundation is supporting three key programmes with its 2022 grants:

2

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

September Dutch siblings Imre and Marne van Opstal will work with designers Studio Drift in a new collaboration.

During 2022, for the first time in three years and with Covid restrictions lifted, the Foundation was successful in bringing all three Dutch Masters to London. The events are described on page 7 of the Annual Report. The final event of 2022 was the Foundation’s eleventh Annual Gala Dinner held at Christie’s on 1 December. We were honoured and delighted our Founding Patron HRH Princess Mabel of Orange-Nassau joined us as our special guest.

The Trustees are most grateful for the generous financial contributions and enthusiastic support for our events by our donors, external sponsors and other benefactors. I would like to express my sincere gratitude to my fellow Trustees for their support and stewardship and to the three Dutch Masters for their outstanding performances and co-operation during the year.

My thanks also go to the Foundation’s Management Team of Gerald Oppenheim, Sasha Weld Forester and Adrienne van Dok for their excellent day-to-day management of the Foundation with their expertise in charity governance, events and relationship management.

I also thank the Foundation’s professional advisers, Joanna Pittman and her team at our Independent Examiners Sayer Vincent LLP and Jo Coleman at our legal advisers Womble Bond Dickinson LLP.

I would like to express my special thanks and warm gratitude to our Founding Patron HRH Princess Mabel of Orange-Nassau for her wonderful support and advocacy for the Foundation.

Stephanie Kogels steered the Foundation through the difficult years of lockdown during the Covid pandemic and we thank her for her enthusiasm and commitment whilst a trustee and Independent Chair of the Foundation until she stepped down on 31 March. I am delighted to have been appointed by the Dutch Masters (as the three members of the charity) to succeed Stephanie as Independent Chair with Guy America becoming the new Nominated Trustee for the Nederlands Dans Theater. During 2023 we will seek to bring in a t least one new Appointed Trustee and to make some changes to our governance to make it easier for new trustees to serve.

Sabine Taal Chair of the Board of Trustees 23 May 2023

3

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

The trustees present their report and the financial statements for the year ended 31 December 2022.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The objects of the charity set out in its governing document are;

These are achieved by supporting the charitable activities of the Nederlands Dans Theater, the Royal Concertgebouw Orchestra and the Royal Picture Gallery Mauritshuis.

Public benefit focus on ensuring that the charity’s activities achieve its charitable aims

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

The trustees have considered the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

4

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

Achievements and performance in the delivery of public benefit

The charity's main activities and its beneficiaries are described below. All its charitable activities are undertaken to further Dutch Masters Foundation’s charitable purposes for the public benefit.

Beneficiaries of our services

In 2022, the Dutch Masters Foundation achieved its objects and public benefit by funding the following projects through the grants that it awarded:

The Nederlands Dans Theater received a grant of £50,000 to support two projects with a focus on diversity of choreographic voices, application of new technologies all of which push the boundaries of physical possibilities. In May 2023 Felix Landerer will mark his debut creation for NDT 1 and in September Dutch siblings Imre and Marne van Opstal will work with designers Studio Drift in a new collaboration.

The Royal Concertgebouw Orchestra received a grant of £50,000 for continuing support to develop young hidden musical talent in 14 to 17 year olds from all over Europe.

The Royal Picture Gallery Mauritshuis received a grant of £50,000 to support the costs of “The Art of the Loot” exhibition which will raise awareness about how the Mauritshuis and many other museums have looted objects in their collections and make clear that objects have their own stories and values for different groups in the population. The Mauritshuis collection has itself been subjected to looting. There will be 10 different examples on show.

Grant making policies

The Dutch Masters Foundation has an established grant making policy to ensure it achieves its objectives and to promote and advance the arts, music and dance for public benefit. The arts and culture in Europe, and especially The Netherlands, continue to experience very considerable reductions in government subsidy and the continuing adverse effects of the now past Covid-19 pandemic.

The support of the Dutch Masters Foundation and its private sector donors and sponsors therefore remains vital. The Trustees have confirmed their policy is to continue the Foundation’s primary initial focus on supporting the world class artistic work of the three Dutch Masters, the Nederlands Dans Theater, the Royal Concertgebouw Orchestra and the Royal Picture Gallery Mauritshuis. The policy is reviewed annually to ensure that it continues to reflect the charity’s objects and thereby advances public benefit.

5

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

Achievements and performance of the charity

Fundraising activities

Funding for the Dutch Masters Foundation is provided by private sources and is vital to its success. Individual donors provided the funds that allowed the Foundation to support the projects it chose in 2022, as described above. These donations were complemented by income from a charity auction and event sponsorship, principally several sponsored tables at the Foundation’s tenth Annual Gala Dinner in December 2022.

Supporter activities

The uniqueness of the Foundation lies in its commitment to bringing some of the best cultural organisations in The Netherlands to showcase their work in the UK. It is thanks to the Foundation’s generous donors that it can do this. In 2022, the Foundation supported its fundraising activities by returning to a full programme of live events to engage with current supporters and to inform potential new supporters about the Foundation’s activities.

In 2022 the following events were held:

On 26 January, at the Wallace Collection there was a private view of Frans Hals: the Male Portrait exhibition led by Quentin Buvelot Senior Curator at the Mauritshuis followed by a reception for donors and guests.

On 9 March at the Dutch Church in the City of London, 10 dancers from NDT 2 at the Nederlands Dans Theater performed “The most Fascinating Problem in the World” by Tom Weinberger, followed by a reception for donors and guests.

On 22 March at Home House, the Foundation’s Chair hosted a personally funded dinner and round table discussion for some donors about the Foundation and its future plans.

On 23 May at the RAC Club, an ensemble from the Royal Concertgebouw Orchestra performed for the donors followed by a drinks reception for donors and guests.

On 1 December, the Foundation’s eleventh Annual Gala Dinner took place at Christie’s. We were delighted that our Founding Patron, HRH Princess Mabel of Orange-Nassau, HE the Netherlands ambassador Mr Karel van Oosterom and Sir Simon Schama attended as special guests of the Foundation.

There were performances before and during the dinner by dancers from NDT and an ensemble of musicians from the RCO. The Director of the Mauritshuis Martine Gosselink interviewed the eminent historian Sir Simon Schama about Jan Steen’s painting of a Girl Offering Oysters.

6

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

A charity auction of “money can’t buy” prizes raised over £29,000 which, together with other income, enabled the Trustees to award grants for 2022 of £50,000 each to the three Dutch Masters.

The Foundation ended the year with 33 individual donors (2021: 33 and one corporate donor). Despite the constraints imposed by the continuing Covid-19 pandemic during most of 2021 and 2 the Trustees are heartened by the performance of the Foundation during its 12[th ] year. The events programme attracted a few new donors in year and generated additional funds for the future.

Future plans

The Foundation has a full programme of events planned for 2023.

On 22 January at Beaufort House in Chelsea, there was a family day for donors and their children with the Mauritshuis featuring scent boxes to show how scents influence paintings.

In March, donors were offered tickets to TEFAF in The Netherlands.

On 21 April, at Sadler’s Wells during the NDT’s residency donors were invited to see NDT 1 perform a trio of works spanning generations, continents and contemporary issues and attend the reception hosted by Rose Damen Family and Damen Shipyards.

On 20 June there will be an event featuring musicians from the RCO with a reception.

On 3 October at Dulwich Picture Gallery, donors will have a private view of the Rubens exhibition with curator Ariane van Suchtelen from the Mauritshuis.

On 21 November, the Foundation’s twelfth Annual Gala Dinner will take place at the Steel Yard in the City of London.

The Trustees are also planning to offer donors exclusive access to the Frieze Masters art fair in October.

Structure, Governance and Management

Nature of the governing document and constitution of the charity

The Dutch Masters Foundation is a charity registered in England and Wales (no 1140360) and is registered as a private limited company (no 07469528). Since December 2011, the Dutch Masters Foundation has been a charity for tax purposes.

The charitable company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of charitable company being wound up members are required to contribute an amount not exceeding £1.

7

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

The Trustees of the Dutch Masters Foundation, as charity trustees, have control of the charity and its property and funds. The Articles of Association of the charity provide for the following:

Currently the Chair can hold office for a term of three years. At the end of that term, the retiring Chair may be re-appointed, but no Chair may be re-appointed for more than three consecutive terms of office.

Any appointment of a Nominated Trustee must be notified to the charity by a notice in writing addressed to the Chair of the Trustees and signed on behalf of the member making the nomination. The appointment of the Nominated Trustee shall take effect upon receipt of the notice by the charity or such later date as is specified in the notice. At present a Nominated Trustee shall hold office for a term of three years and may be re-appointed by the member that appointed him or her for up to two more three-year terms.

Appointed Trustees may also serve for three years and up to two additional three-year terms.

Some changes are anticipated during 2023 when amendments will be made to Trustee appointments to allow them to serve for an initial term of up to three years and two further terms of up to three years each. This will give the Trustees greater flexibility and allow easier rotation of roles.

Trustees’ meetings take place at least three times a year. At these meetings, the Trustees agree the broad strategy and areas of activity for the Dutch Masters Foundation, including consideration of grant-making, fundraising, the events programme, financial reserves and risk management policies and performance. Day-to-day administration of the Dutch Masters Foundation charity and its fundraising activity is delivered by a Management team of three with responsibilities for the Foundation’s governance, its donors & sponsor relationships and events.

There were major changes to the Trustees on 1 March 2021 when most of the previous Trustees stood down from the Board of Trustees at the end of their terms of office. One Trustee continued and was joined by five new Trustees, including a new independent Chair. The details are set out on page 1 of this report in the Reference and Administrative Information.

Stephanie Kogels stepped down as Independent Chair and Trustee on 31 March 2023 and is succeeded as independent Chair by Sabine Taal. She ceased to be the NDT’s Nominated Trustee at that point and is replaced in that role by Guy America, an Appointed Trustee up to that date. The Trustees will recruit at least one new Appointed Trustee in due course.

8

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

The charity has arrangements in place for induction of any new Trustees to include the following:

All Trustees gave their time freely and no Trustee remuneration was paid during the year. The Trustees receive no benefits from the charity. Any expenses claimed from the charity are set out in note 7 to the accounts.

Financial review

Risk Management and Going Concern

The Trustees have considered and reviewed the major risks to which the Foundation is exposed and established systems and procedures to manage them. This includes the Trustees’ assessment of the charity as a going concern.

The Trustees have considered the impact on fundraising, the changes in circumstances and their effect on the Foundation’s Management Team, as well as changes outside the charity’s control affecting its’ ability to deliver services. In the case of the Foundation, this means holding fundraising events to raise funds. These are described in this report in several places and are reflected in decisions taken during 2021 and in the first half of 2022 up to the point at which the Trustees Annual Report and Financial Statements were approved. This also includes an assessment of Going Concern by the Trustees. The Trustees have taken account of the following:

9

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

Reserves policy

In terms of financial risks, the Trustees are carefully monitoring the number of donors to the Foundation and the level of grants that are awarded to the beneficiary organisations. They have decided that there should be a minimum level of reserves maintained of £80,000. Closing reserves were £64,596 on 31 December 2013, £58,025 on 31 December 2014, £86,282 on 31 December 2015, £109,814 on 31 December 2016, £112,782 on 31 December 2017, £123,416 on 31 December 2018, £123,949 on 31 December 2019, £133,226 on 31 December 2020, £189,211 on 31 December 2021 and £171,732 at 31 December 2022.

For the year-end 2022 the Trustees decided to draw on some of the Foundation’s reserves to maintain the level of grants to the three Dutch Masters at £50,000 each whilst continuing to mitigate against the risk of some donors not continuing to support the Foundation in 2023 and to have funds in place should sponsorship not be secured to cover all event costs fully. Closing reserves on 31 December 2022 were £171,732 after 2022 grants of £50,000 each to the Dutch Masters (total £150,000) had been provided for in the year end accounts. Decisions on the award of grants were taken in February 2023 and the projects supported are described elsewhere in this report.

The income of the Dutch Masters Foundation is derived from donations and sponsorship as well as a charity auction held at the annual gala dinner in the autumn. The Trustees are therefore focused on fundraising. Maintenance of existing supporters and identification and cultivation of new supporters are priorities to manage the Foundation’s funding risk prudently.

Transactions and financial position

The financial statements have been prepared implementing the Charities SORP (FRS102) Accounting and Reporting by Charities (second edition – October 2019).

The Trustees consider that the financial performance by the charity during the period has been satisfactory in the difficult circumstances of 2022. The 2022 grants of £50,000 paid to each of the three beneficiary organisations have been given as conditional grants (meaning they are subject to terms and conditions).

The statement of financial activities shows net outgoing resources for the 2022 year of £17,479 (2021: net incoming resources of £55,985) after all costs, net of sponsorship revenue, and grants to the Dutch Masters. Total reserves at the 2022 year-end stood at £171,732 (2021: £189,211). Free unrestricted liquid reserves amounted to £171,732 (2021: £189,211).

10

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

Share capital

The company is limited by guarantee and therefore has no share capital.

All the directors of the company are also Trustees of the charity. Their responsibilities include all the responsibilities of directors under the Companies Act 2006 and of trustees under the Charities Act 2011.

Funds held as custodian trustee on behalf of others

The charity holds no funds as custodian trustee on behalf of others.

Related parties and relationships with other organisations

The Foundation’s Memorandum and Articles of Association set out its relationship to the three Dutch Masters which are the members of the charity. All three Dutch Masters are charities established in The Netherlands. The Foundation co-operates with them in pursuit of its objectives and to deliver the public benefit for which it was established.

The Foundation has no subsidiary undertakings.

Trustees’ responsibility statement

The Trustees (who are also Directors of Dutch Masters Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

11

Dutch Masters Foundation

Trustees’ annual report

For the year ended 31 December 2022

The Trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The Trustees are members of the charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

The trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the Board of Trustees on 23 May 2023 and signed on their behalf by

Sabine Taal

Director and Chair of the Board of Trustees

12

Independent examiner’s report

To the trustees of

Dutch Masters Foundation

I report to the trustees on my examination of the accounts of Dutch Masters Foundation for the year ended 31 December 2022.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011 (‘the 2011 Act’). My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Foundation, you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

13

Independent examiner’s report

To the trustees of

Dutch Masters Foundation

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Name: Joanna Pittman FCA

Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 23 May 2023

14

Dutch Masters Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2022

For theyear ended 31 December 2022
Income from:
Donations
Other trading activities
Fundraising events
Total income
Expenditure on:
Raising funds
Charitable activities
Grant making
Total funds carried forward
Note
2
3
Total expenditure
4
Net income for the year being net
movement in funds
6
Reconciliation of funds:
Total funds brought forward		 Unrestricted

£
198,228
31,984


-

32,500
Restricted
£
198,228

64,484

262,712

86,210
193,981

171,732
2022
Total
£

280,191
(17,479)
189,211		 221,725
36,500
Unrestricted
£
-

34,000
Restricted
£
221,725

70,500
2021
Total
£
230,212
32,500		 258,225
34,000
292,225
53,710
193,981
32,500

-		 10,790
191,450
34,000

-
44,790
191,450
247,691
32,500		 202,240
34,000
236,240
(17,479)
189,211
-

-		 55,985
133,226
-

-		 55,985
133,226
171,732
-		 189,211
-
189,211

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 13 to the financial statements.

15

Dutch Masters Foundation

Company no. 07469528

Balance sheet

As at 31 December 2022

As at 31 December 2022
Total net assets
The funds of the charity:
Unrestricted income funds:
General funds
Total unrestricted funds
Note
Current assets:
Debtors
10
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year
11
Total charity funds
13		 £
18,700
312,837		 £
15,516
338,075
353,591
164,380
171,732
189,211
171,732
171,732
2022
£


2021
£
331,537
159,805
171,732
189,211

189,211
189,211

These accounts have been prepared in accordance with the special provisions applicable to small companies subject to the small companies' regime.

For the year ended 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the trustees on 23 May 2023 and signed on their behalf by

Sabine Taal Director and Chair of the Board of Trustees

16

Dutch Masters Foundation

Notes to the financial statements

For the year ended 31 December 2022

Dutch Masters Foundation is a charitable company limited by guarantee and is incorporated in England & Wales.

The registered office address is 92 Agamemnon Road, London, NW6 1EH.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Advantage has been taken of Section 396(5) of the Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

As a smaller charity, a Statement of Cash flows is not required.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Incoming resources are accounted for on a receivable basis. Yearly donations are recognised in the year to which they relate. Any donations received in advance are held in deferred income.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably, in accordance with the Charities SORP (FRS 102).

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

17

Dutch Masters Foundation

Notes to the financial statements

For the year ended 31 December 2022

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Value Added Tax is not recoverable by the charity, and is therefore charged as a cost against the activity for which the expenditure was incurred.

i) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Resources expended are allocated to the particular activity where the cost relates directly to that activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to support costs.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on the proportion of charitable expenditure direct costs, of the amount attributable to each activity

 Raising funds 15%  Grant making 85%

k) Debtors

Trade and other debtors are recognised at the settlement amount due.

18

Dutch Masters Foundation

Notes to the financial statements

For the year ended 31 December 2022

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2 Income from donations

Income from donations Income from donations Income from donations
Gifts
All income from donations is unrestricted in 2022 and 2021.
Income from fundraising events
Unrestricted
Restricted
£
£
Annual Dinner
31,984
32,500
Total income from fundraising events
31,984
32,500		 2022
Total
£
64,484		 Unrestricted
£

36,500		 198,228
2022
Total
£		 221,725
2021
Total
£
198,228 221,725

Restricted

£
34,000		 2021
Total
£


70,500
70,500
31,984 32,500 64,484 36,500 34,000

19

Dutch Masters Foundation

Notes to the financial statements

For the year ended 31 December 2022

4a Analysis of expenditure (current year)

the year ended 31 December 2022
Analysis of expenditure (current year)
Support costs
Accountancy and bookkeeping
Legal and professional fees
Insurance
Administration fees
Travel and subsistence
Telephone, fax, website costs
Postage
Bank charges
Sundry costs
Grants payable (Note 5)
Support costs
Governance costs
Total expenditure 2022
Direct costs
Venue hire
Catering
Production
Sundry
Governance costs
External scrutiny		 Cost of
raising
funds
£
-
-
-
-
-
-
-
-
-
-
-
78,449
6,072
1,689
86,210
17,540
50,665
6,978
3,266		 Grant
making
£
-
-
-
-
-
-
-
-
-
150,000
-
150,000
34,410
9,571
193,981
-
-
-
-		 Governance
costs
£
-
-
-
7,300
-
-
-
-
-
-
3,960
11,260
-
(11,260)
-
-
-
-
-		 Support
costs
£
5,070
953
601
33,500
74
79
4
143
58
-
-
40,482
(40,482)
-
-
-
-
-
-		 2022
Total
£
5,070
953
601
40,800
74
79
4
143
58
150,000
3,960
17,540
50,665
6,978
3,266
280,191
-
-
280,191

20

Dutch Masters Foundation

Notes to the financial statements

For the year ended 31 December 2022

4b Analysis of expenditure (prior year)

the year ended 31 December 2022
Analysis of expenditure (prior year)
Grants payable (Note 5)
Support costs
Governance costs
Total expenditure 2022
Support costs
Accountancy and bookkeeping
Legal and professional fees
Insurance
Administration fees
Travel and subsistence
Telephone, fax, website costs
Postage
Bank charges
Sundry costs
Direct costs
Venue hire
Catering
Production
Sundry
Governance costs
External scrutiny		 Cost of
raising
funds
£
-
37,476
5,724
1,590
44,790
-
-
-
-
-
-
-
-
-
3,024
27,189
4,525
2,738
-
-
-		 Grant
making
£
-
150,000
32,440
9,010
191,450
-
-
-
-
-
-
-
-
-
-
-
-
-
-
150,000
-		 Governance
costs
£
3,600
10,600
-
(10,600)
-
-
-
-
7,000
-
-
-
-
-
-
-
-
-
-
-
-		 Support
costs
£
-
38,164
(38,164)
-
-
5,460
473
601
30,127
-
299
53
69
1,083
-
-
-
-
-
-
-		 2021
£
3,024
27,189
4,525
2,738
-
150,000
-
3,600
5,460
473
601
37,127
-
299
53
69
1,083
236,240
-
-
236,240

Dutch Masters Foundation

Notes to the financial statements

For the year ended 31 December 2022

5a Grant making (current year)

he year ended 31 December 2022
Grant making (current year)
Cost
Nederlands Dans Theatre
The Royal Concertgebouw Orchestra
Royal Picture Gallery Mauritshuis
At the end of the year		 Grants to
institutions
£
50,000
50,000
50,000

Support
and
governance

£

14,660

14,660

14,661


2022

£

64,660

64,660

64,661
150,000 43,981 193,981

Grants were awarded to the three Dutch Masters regularly supported by the charity to support their educational work.

5b Grant making (prior year)

Grant making (prior year)
Cost
Nederlands Dans Theatre
The Royal Concertgebouw Orchestra
Royal Picture Gallery Mauritshuis
At the end of the year		 Grants to
institutions
£
50,000
50,000
50,000

Support
and
governance

£

13,817

13,817

13,816


2021

£

63,817

63,817

63,816
150,000 41,450 191,450

Grants were awarded to the three Dutch Masters regularly supported by the charity to support their educational work.

6 Net incoming resources for the year

This is stated after charging / crediting:

Auditors' remuneration (excluding VAT):
External scrutiny		 2022
£
3,300
2021

£
3,000

The charity trustees are not paid nor receive any benefits from the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

No trustees claimed expenses of £nil (2021: £53) in respect of cost of postage.

The total fees of the key management personnel were £40,800 (2021: £37,127). Key management personnel consists of 3 managers who provide services on a contractual basis and do not meet the definition of an employee.

22

Dutch Masters Foundation

Notes to the financial statements

For the year ended 31 December 2022

The total donations in 2022 from trustees were £52,025 (2021: £63,500).

Outstanding amounts at 31 December 2022 were £nil (2021: £15,438).

9 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Prepayments & Accrued income

2022
£
18,700
2021

£
15,516
18,700
15,516

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Accruals
Deferred income (note 12)
Grants payable		 2022
£
4,805
5,000
150,000
2021

£

4,380

10,000

150,000
159,805
164,380

12 Deferred income

Deferred income comprises donations specified by the donors as relating to specific periods and represent those parts of the donations which relate to periods subsequent to the accounting year end.

Balance at the end of the year
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year		 2022
£
10,000
(5,000)

2021
£
5,000
(5,000)
10,000
5,000 10,000

23

Dutch Masters Foundation

Notes to the financial statements

For the year ended 31 December 2022

13a Movements in funds (current year)

he year ended 31 December 2022
Movements in funds (current year)
Restricted funds:
Annual Dinner
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Total funds		 At the start
of the year
Income and
gains
Expenditure
and losses
Transfers
At the end
of the year
£
£
£
£
£
-
32,500
(32,500)
-
-
-
32,500
(32,500)
-
-
189,211
230,212
(247,691)
-
171,732
189,211
230,212
(247,691)
-
171,732
189,211
262,712
(280,191)
-
171,732

Purposes of restricted funds

The one restricted fund was contributions towards the cost of catering at the Annual Dinner.

13b Movements in funds (prior year)

Movements in funds (prior year)
General funds
Total unrestricted funds
Total funds
Restricted funds:
Annual Dinner		 At the start
of the year
Income and
gains
Expenditure
and losses
Transfers
At the end
of the year
£
£
£
£
£
34,000
(34,000)
133,226
258,225
(202,240)
-
189,211
133,226
258,225
(202,240)
-
189,211
133,226
292,225
(236,240)
-
189,211

14 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

24