2023-06-30-accounts

Charity registration No: 1144367

Company Registration No. 07677479 (England and Wales)

THE BRIDGET RILEY ART FOUNDATION

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

THE BRIDGET RILEY ART FOUNDATION

CONTENTS

Page

Balance sheet 1 Notes to the accounts 2 - 5

THE BRIDGET RILEY ART FOUNDATION

BALANCE SHEET AS AT 30 JUNE 2023 Notes Fixed assets Investments 8 Current assets Debtors Cash at bank and in hand 9 Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Income funds Unrestricted funds Unrestricted income funds Accumulated gains & losses	2023 £ 5,000 325,087	£ 4,592,505 145,426	2022 £ 6,250 439,661	£ 4,289,199 347,890
	330,087 (184,661)		445,911 (98,021)
	4,209,194 528,737		4,399,541 237,548
		4,737,931		4,637,089
		4,737,931		4,637,089

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with Section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Board on 30 May 2024

………………………………………………..

P Young

Company Registration No. 07677479

1

THE BRIDGET RILEY ART FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023

1. Accounting policies

1.1. Basis of preparation

The financial statement have been prepared in accordance with the Statement of Recommended Practice: ‘Accounting and Reporting by Charities’ preparing their accounts in accordance with the financial reporting standard applicable in the UK and Republic of Ireland (FRS 102), Charities SORP, the Charities Act 2011 and the Companies Act 2006.

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

Going concern

The Trustees consider that there are no material uncertainties over the Foundations ability to continue as a going concern due to its significant cash balances, investments and reserves.

1.2. Income

All income is recognised once the Charity has entitlement to the income. It is possible that the income will be received and the amount can be measured reliably. Donations are recorded in the accounts when receivable.

1.3. Expenditure

Raising funds

Costs of raising funds represents amounts paid to the Foundation’s external investment advisors.

Charitable expenditure

Grants payable in furtherance of the charity’s objects are recognised in the year in which the grant is formally approved by the Charity and has been communicated to the recipient, expect to the extent that it is subject to conditions that enable the charity to revoke any award.

Support costs

Support costs represent other costs and governance costs, which are recognised on an accruals basis. Governance costs represent those costs associated with the governance arrangements relating to the general running of the charity. Such costs include external audit fees, related trustee costs and compliance with statutory requirements.

1.4. Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the quoted market price. Net gains and losses arising on revaluation and disposals reflected in the statements of financial activities.

1.5. Cash at bank and in hand

Cash at bank and in hand includes cash and short-term deposits with a maturity if three months or less.

1.6. Financial instruments

The Foundation 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 amortised cost using effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand and accrued income. Financial liabilities held at amortised cost comprise grants payable, accruals and amounts owed to Bridget Riley Services Limited.

Investments are held as part of an investment portfolio and are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.

2

THE BRIDGET RILEY ART FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1.7 Critical estimates and significant judgements

In preparing the financial statements the trustees are required to make estimates and assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgements are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year

2. Donations

Donations from institutions: - Bridget Riley Services Limited Donations from individuals Gift aid income 3. Investment income Interest receivable Dividends 4. Cost of raising funds Investment management costs 5. Charitable activities Support costs £ Grants paid and committed - Other costs 19,723 19,723	Grant funding £ 172,776 - 172,776			2023 £ - 15,000 3,750 18,750 2023 £ 2,753 29,278 32,031 2023 £ 17,924	2022 £ 400,000 5,000 1,250 406,250 2022 £ 65 34,861 34,926 2022 £ 19,360
				Total 2023 £ 172,776 19,723 192,499	Total 2022 £ 213,171 9,927 223,098

THE BRIDGET RILEY ART FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Grants The British School at Rome Leeds University The Drawing Room Hart Club Studio Voltaire Courtauld Institute New Contemporary Support costs Website & IT Professional fees and taxation Bank charges Governance costs: - Trustee expenses - Accountancy fees 6. Other costs Restoration costs		2023 £ - 73,594 - - - 33,182 66,000	2022 £ 91,270 - 88,401 23,500 10,000 - -
		172,776	213,171
		2023 £ 49 10,043 35 921 8,675 19,723	2022 £ 155 1,232 152 440 7,948 9,927
		2023 £ 30,705 30,705	2022 £ - -

7. Trustees

The Trustees, being the key management personnel, received no remuneration and 2 were reimbursed £921 (2022: 1 was reimbursed £440) for travel and related expenses during the year.

During the year, the Foundation received services from PYPC Ltd in relation to restoration costs of £11,000 (2022:£Nil). Philip Young is a director of PYPC Ltd and Charity Commission approval has been obtained for this transaction. At the year end these amount remains unpaid.

THE BRIDGET RILEY ART FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1. Fixed asset investment

Market value of investments at 1 July 2022 Cash held by investment managers for re investment Balance at 1 July 2021 Acquisitions at cost Disposals at market value Change in value in the year Market value of investments at 30 June 2023 Cash held by investment managers for re-investment Balance at 30 June 2023 Historical cost: At 30 June 2023 At 30 June 2022 Investments comprise the following: Equities (Listed) 9. Debtors Accrued income 10. Creditors: amounts falling due within one year Amounts owed to Bridget Riley Services Limited Grants payable Accruals	2023 £ 5,000				£ 4,179,200 109,998
					4,289,199 2,158,749 (2,159,584) 181,371
					4,469,735 122,769 4,592,505 4,259,003 4,170,128
					4,592,505 2022 £ 2,500
	2023 £ 35,961 128,000 20,700 184,661				2022 £ 9,771 82,000 6,250 98,021