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← The Bridget Riley Art Foundation

2024-06-30-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 2024

THE BRIDGET RILEY ART FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sir John Leighton Mr M H Wyld CBE Professor R K Kudielka Mr J A Kirkland P Johnson CBE Ms F M Follin Mr P J Young Charity number 1144367 Company number 07677479 Registered office 2[nd] Floor, Regis House 45 King Williams Street London EC4R 9AN Bankers NatWest Victoria Branch PO Box 1357 169 Victoria Street London SW1E 5NA Investment Managers JM Finn 25 Copthall Avenue London EC2R 7AH J.P. Morgan Bank Luxembourg S.A. 25 Bank Street Canary Wharf London E14 5JP

THE BRIDGET RILEY ART FOUNDATION

CONTENTS
Page
Trustees’ report 1-5
Statement of financial activities 6
Balance sheet 7
Notes to the accounts 8-13

THE BRIDGET RILEY ART FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2024

The Trustees (who are also directors of the charity for the purposes of the Companies Act) are pleased to present their annual report together with the financial statements of the charity for the year ended 30 June 2024.

The financial statements comply with current statutory requirements, the requirements of the Charitable Company’s governing document and the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with section 1A “small entities” of the Financial Reporting Standard applicable in the UK (FRS 102) (effective 1 January 2019).

Structure, governance and management

The Foundation was incorporated on 21 June 2011 as a company limited by guarantee and was registered as a charity with the charity commission on 20 October 2011.

Each member promises that if the Foundation is dissolved while he or she remains a member or within twelve months afterwards to contribute up to £1 towards the costs of dissolution and the liabilities incurred by the foundation while he or she was a member.

Appointment and re-appointment of Trustees is by Trustees’ resolution. New Trustees are chosen for the particular skills and experience they can bring to the Foundation. When a new Trustee joins the board, they receive minutes of Trustees’ recent meetings and other management and financial reports and are encouraged to attend a training seminar for new Trustees organised by external bodies.

Objectives and activities

The Trust was established to promote education in the arts and in particular to promote understanding of Abstract Art and its antecedents in Post-Impressionist and Impressionist painting and its ancestry in earlier European art. It is committed to promoting the practice of drawing at all levels and to encouraging the study of drawings by art students, students of art history and by the general public throughout the UK. It is in addition intended to protect the reputation of Bridget Riley’s work as an artist and to keep a proper record of that work, and to be responsible, eventually, for maintaining a core collection of it and an associated archive for the benefit of the public.

Public benefit

We have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

1

THE BRIDGET RILEY ART FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2024

Organisational structure

The trustees are responsible for the overall management and decision making for the Foundation.

The Trustees of the charity, who are the trustees of the company for the purposes of company law, who served during the period were:

The trustees met three times during the year.

Financial review

The initial monetary funding has arisen from donations made by the patron (Bridget Riley) and her company. During the year the Foundation made grants of £662,805 (2023: £172,776) during the year towards achieving its charitable objectives

Reserves remain healthy based on the investments held and the trustees are confident that they will be able to maintain their grant commitments in the future.

Going Concern

The trustees are confident that the Foundation can continue to fund grants at its current level in the short to medium term. Investments have shown an improvement in value at the yearend but the trustees remain aware of the impact of market volatility. The trustees are satisfied that all current commitments are covered by available reserves.

2

THE BRIDGET RILEY ART FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2024

Review of the year and plans for the future

The Trustees continued to support a range of arts organisations, artists and educational work.

The principal donations in the year were to the University of Cambridge with a gift of £200,000 to the Fitzwilliam Museum to assist in the purchase of a Bridget Riley painting (Banner 1) through the Acceptance in Lieu scheme. A donation of £100,000 was made to the Tate towards their GREENART Project which looks to produce effective environmentally friendly solutions in the conservation of cultural heritage. A grant of £50,000 was made to the British Council in support for the Coventry Collection Centre.

The Foundation continued its long-standing relationship with the British School at Rome where we agreed to fund a further year of residencies which, over several years, has had a significant impact.

The continuing partnerships with the Courtauld for a curatorial fellowship and Drawing Room in support for a learning co-ordinator have been well received and the Trustees agreed that funding will continue into 2025

The trustees expect further grants to be made in 2025 as applications are received and assessed.

Reserves policy

Since inception income has arisen mainly from Bridget Riley and her company donations. The trustees have sought to ensure the commitments on grants and governance costs are seen to be well within available cash reserves. It is anticipated that this source of income may well continue in the short term and the trustees continue to monitor expenditure in the event that donations are reduced or cease completely. At present no grant commitments extend further than three years from the date of this report and are fully covered by the reserves in place.

Risk Management

The Trustees assess the major risks to which the charity is exposed, and this process continued during the year. In the opinion of the Trustees the charity has established, and continues to operate, systems and controls to mitigate risks to an acceptable level in day-to-day operations.

Grant making Policy

Applications for funding are considered at meetings of Trustees. Areas of focus include education in the arts and in particular understanding of Abstract Art and its antecedents in Post-Impressionist and Impressionist painting and its ancestry in earlier European art.

3

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2024

Investment policy

A committee of two Trustees, Frances Follin and Jack Kirkland, plus the Company Secretary oversee the funds placed with J P Morgan and J M Finn.

Both Investment Managers report on a quarterly basis and activity on each account can be viewed online by the committee members.

It is not currently intended to draw income from these investments although they are readily realisable.

The committee reports to the full membership of Trustees at each Trustee meeting.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the Directors of The Bridget Riley Art Foundation for the purpose 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). The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Company law requires the Trustees to prepare accounts 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 year.

In preparing these accounts, the Trustees are required to:

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 accounts 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.

4

THE BRIDGET RILEY ART FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2024

This report has been prepared in accordance with the Statement of Recommended Practice: ‘Accounting and Reporting by Charities’ and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to smaller entities.

Approved by order of the board of trustees on 22 April 2025 and signed on its behalf by:

P Young Trustee

5

THE BRIDGET RILEY ART FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2024

Notes
Income:
Donations and legacies
Investment income
2
3
Total income
Expenditure
Cost of raising funds
Charitable activities:
Promotion of education in
the arts
Other costs
4
5
6
Total expenditure
Net income/
(expenditure)
Net (Losses)/Gains on
investment assets
Net movement in funds
Fund balances at 1 July
2023
Fund balances at 30 June
2024		 2024
£
6,250
35,888

42,138

18,974
685,617
16,310

720,901

(678,763)

663,504

(15,259)

4,737,931

4,722,672		 2023
£
18,750
32,031
50,781
17,924
192,499
30,705
241,128
(190,347)
291,189
100,842
4,637,089
4,737,931

All income and expenditure has arisen from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

All income and expenditure relates to unrestricted funds.

The accompanying notes form part of this Statement of Financial Activities.

6

THE BRIDGET RILEY ART FOUNDATION

BALANCE SHEET

AS AT 30 JUNE 2024

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		 2024
£
11,250
93,897		 £
5,146,195
(423,523)		 2023
£
5,000
325,087		 £
4,592,505
145,426
105,147
(528,670)		 330,087
(184,661)
3,530,433
1,192,239		 4,209,194
528,737
4,722,672 4,737,931
4,722,672 4,737,931
4,722,672 4,737,931

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The accounts were approved by the Board on 22 April 2025

P Young

Company Registration No. 07677479

7

THE BRIDGET RILEY ART FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024

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.

8

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

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.

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

nations
Donations from individuals
Gift aid income		 2024
2023
£
£
5,000
15,000
1,250
3,750
6,250
18,750

9

THE BRIDGET RILEY ART FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

3. Investment income

Interest receivable
Dividends
4. Cost of raising funds
Investment management costs		 2024
2023
£
£

1,727
2,753
34,161
29,278
35,888
32,031
2024
2023
£
£

18,974
17,924

10

THE BRIDGET RILEY ART FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

  1. Charitable activities
Support
costs
£
Grants paid and
committed
-
Other costs
22,812
22,812
Grants
The British School at Rome
Leeds University
The Drawing Room
Courtauld Institute
New Contemporary
British Council
Tate
Cambridge University
Art UK
Support costs
Website & IT
Professional fees and taxation
Bank charges
Sundry costs
Governance costs:
-
Trustee expenses
-
Accountancy & advisory fees		 Grant
funding
£
662,805
-

662,805		 Total 2024
£
662,805
22,812

685,617
2024
£
35,701
-
104,238
94,734
-
50,000
100,000
200,000
78,132		 Total
2023
£
172,776
19,723
192,499
2023
£
-
73,594
-
33,182
66,000
-
-
-
-
662,805 172,776
2024
£
103
12,596
146
1,145
685
8,136		 2023
£
49
10,043
35
-
921
8,675
22,812 19,723

11

THE BRIDGET RILEY ART FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

6. Other costs

Restoration costs 2024
£
16,310
16,310		 2023
£
30,705
30,705

7. Trustees

The Trustees, being the key management personnel, received no remuneration and 2 were reimbursed £685 (2023: 2 were reimbursed £921) for travel and related expenses during the year.

During the year, the Foundation received services from PYPC Ltd in relation to restoration costs of £Nil (2023: £11,000). Philip Young is a director of PYPC Ltd and Charity Commission approval has been obtained for this transaction.

8. Fixed asset investment

Market Value of
Investments
£
Market Value
of Cash
£
Market value of investments as
at 1 July 2023
4,370,498
222,006
Acquisitions / Additions at cost
604,345
44,003
Disposals / withdrawals at
market value
(633,161)
(125,000)
Change in value in the year
664,504
-
Market value of investments at
30 June 2024
5,005,186
141,009
Historical cost:
At 30 June 2024
At 30 June 2023
Investments comprise the following:
Equities (Listed)		 Market Value of
Investments
£
Market Value
of Cash
£
4,370,498
222,006
604,345
44,003
(633,161)
(125,000)
664,504
-		 Total
£
4,592,504
648,348
(758,161)
663,504
5,146,195
4,310,972
4,259,003
5,005,186

NOTES TO THE ACCOUNTS (CONTINUED)

12

FOR THE YEAR ENDED 30 JUNE 2024

9. Debtors
Accrued income
10. Creditors: amounts falling due within one year
Amounts owed to Bridget Riley Services Limited
Grants payable
Accruals		 2024
£
11,250
2024
£
289,115
234,155
5,400
528,670		 2023
£
5,000
2023
£
35,961
128,000
20,700
184,661

13