Charity registration number 1154066 Company registration number 08617307 (England and Wales) ASSOCIATION FOR ART HISTORY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ASSOCIATION FORART HISTORY LEGALAND ADMINISTRATIVE INFORMATION Trustees K Havelock Dr J Andrews E Black C Breward N Catterall F Frigeri A Patrizio K Soni N Walton M Wiite Dr A Bovey Dr S IlThiteman Dr S Lishman P Sankoff F Fowle (Appointed 23 June 2023) (Appointed 2) June 2023) {Resigned 6 April 2023) (Appoiiited 23 June 2023) (Resigned 6 April 20?3) {Resigned 23 June 2023) Chief Executive Officer G Perry Charity number 1154066 Company number 08617307 Regi5t¢r¢d orri£e 70 Cowcross Street Londoii ECIM6EJ Auditor Simpson Wreford LLP Wellesley House Duke of Wellington Avenue Royal Arsenal London SE186SS Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malliiig Kent CTI 3BZ Solieitors Russell-cooke Solicitors 2 Puiney Hill London SW156AB Invutment advi50r3 Cazenove (Schroders) l London Wall Place London EC2Y SAU
ASSOCIATION FORART HISTORY CONTENTS Page Trustees, report Independent auditor's report 8- 10 Statement of financial activitie5 Balance sheet 12 Statement of cash flows Notes to the financial Statements 14-25
ASSOCIATION FORART HISTORY TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who served during the period las listed on the legal and administration information) are pleased to report on the Association for An History's (AAH) financial statements and activities for the }'ear ended i l December 2023. The financial statemcnts have been prepared in accnrdance with the accounting policies set out in note I to the financial stateinents and comply with tlie charity's Meinorandum and Articles of Association, the Coinpanie5 Act 2006 and 'AccountingF and Reportiii¥ by Charities.. Statement of Recomineiided Practice applicable to cl)arities preparinb their accounts in accordance with tlie Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" letTective l January 2019}. Principal activities Through our principal activities, we realise our mission to advance the study and prgcti¢e of art history. Our a¢iivities gre organised around scholarship and research, as embodied in our Journal, Art Hisiory,, our Annual Conference and other research-led eveiits,. teacliing and leariiin& M".hich focuses on iiitroducing and enhanciiig art history, instruction at all education leve15; raising the profile of oiir subject to bi'oadeT publics principally through our Art History Festival,. and advocacy concernin¥ the is5ue5 which affect the subject and those en¥aged with it. Structure. governance and management The Association for Art History was founded in 1974 (as the Associalion of Art Historians) and registered with the Charity Commission in 198 l. We are a company, limited by guarantee, registered with Companies House with company number 08617307, and ivith the Charity Cominis5ion with chariry number 1154066. Governance At the end of 2023, the Association had 12 trustees including a Chair and Honorary Treasurer. Our Articles of Association provide for two standing committees.. Finance and Risk Management and Noininations. The former provides financial oversight on tl)e operation5 of tl)e A55ocialion. Tl)at comillittee a150 hold5 and review5 the Association's risk re¥ister, Llostly monitoring its exposure, asst5Sln¥ the appetite for risk, and con5ideriii¥ dctitsns wl)ich ameliornte various risks. The Nominaiions Committee reviews irusiee skill sets, compares them to Ihose needed to realise the Associaiion's strategic goals, and makes recommendations for additions to the board. Trusiee recruitmeni induction and trainin Current processes of trustee appointments have resulted in a board that has both satisfactorily represented the Association's constituencies and provided useful experrise. Three Irustees left the board in 2023 and three were added, wilh backgrounds in accountancy..'management and la/gOvernan¢e. All new trustees are provided with a thoroiigh induction. Mana ement Thc Association einployed seven staff members who work in various areas including programming, COTnmunications, publications and education. The Association's Chief Executive 15 responsible for ensuring that resources, governance and manageinent are in place to ei)able the charity to achieve its objective5. This includes the day-to-day inanagetnent of the organisation. its volunteers, employed statYat)d freelanee contractors. Strategy Our mission is to lead the collective effort in the UK to advance the studv and practice of art history; to connect those engaged with an liistory, aid scholgrly research and develop professional practice; and to advocate on behalf of the subject. stressing its imponance in a M'ell-rollnded ediication and influencing relevant policy. Our three-year strategy 12022-202415et5 Out goals, objective5 and activities to help u5 realise our mission. The plan 15 organised around three Inain cotnponents.. coiitributiiig to aiid proinotinb the 511bject of art history. increa5in¥ eiiga&Tement with art history and with tl)e Association," and enguring loi)g-tem sustainability. The Association undertook a mid-point review of its current strategy in 2023 in two consultative sessions at our Annual Conference and oiir AGM. Over 150 of our stakeliolders considered how our subject could be sustained during this pcriod of threat to arts and hllmanities disciplines and for the long tern]. Four areas of focus emerged, comprising.. l) Make Art History more accessible and iinderstood by the wider public,. 21 Advocate for the discipline'5 benefit5; 3) Empha515e, and 5UPPOrt development of, the vocational aspect5 of the di5cipline'. and 4) Protnote art history and visual liraCY across educational levels. especially secondar>. schools, in tsrder to impn)ve recruiin)ent to university courses. The actions to further these aims were incorporated into our strategic plan and will help to infom the next plan, for the years 2025-2027, on which work began in late 2023.
ASSOCIATION FORART HISTORY TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AehieN'ements and performanee The stalyand btsard Inonitor activities and objectives against annual goals. Among those are key perfomance indicators such as upiake and reception of our major iniiiatives-the Annual Conference- our scholarly journal. Art HitstJry,' and the Art History Festival as well as participation in smaller events and programmes. All have remained consistent with projections. Overall financial health and reserves are detailed belom". M."iih reserves remaining at comfortable levels vis-a- vis annual turnover. Advocac We Iiave worked to an agenda for our advocacy efforts iyhich furtliers gFoa15 in oiir strategic plan. Tliis incliides decolonising the art history. curriculun), addregsing issues of diversity and intlusion partiLularly among studei)Is taking art history at university, and supporting an history departments that are under threat of reduction or elimination. E ualit Diversit and Inclusion EDI In order io assess whether ihose on our siafy. our boards and our committees represent the populations we work within and serve. we have expanded our EDI monitoring and data gathering 10 include all of our stakeholders who volunteer for the A$slatIOn and those ivho apply for volunteer and paid posts, grants and aivards. Forms were most recentl}, circulated in autumn 2023,. we will continue to do this on an gnnual basis. Filling out the monitoring forms is voluntary., as the}, are in all instances. Our initial results show that while progress has been made in diversifyin£ our stsff and some volujiteer coinn)ittees {notabl}' the Doctoral and Early Career Research Committee and the International Advisory Board) pro¥re5S Still needs to be Tnade with other coinmittees including our Hi¥her Education and Curatorial Committees dmong others. Diver5lty in all its foTm5 IS taken into Lonsideratioii ivhen recruiting Lominittee niembers and ir will continue io remain a priority. Informed by our discussions with art history, heads of departments. we distributed a survey on efforts departments have made to diversify the cohon of undcrgraduate students in art history and faculty in those depanmentslareas of study. The survey wa% distributed in latc 2023. w¢ will publish results diirin£ 2024 aiid reference them in oiir 2024 EDI summary. We have also worked with the chairs of the tksign History Society and the Society of Architectural Historians of Great Britain to consider how ..¢ best encourabFe acce5S to our 5ubject5 by students from lower socio- econoniic strata. A facilitated dis¢us5ion anitsng stakeholders of the three organisations M'ill take place in 2024; we will publish and pursue aetions steps that result from that consultation. We conducted a thorough review of our grants programme in 2023 in terms of EDI monitoring and utility to Ihose in our academic and professional communities. This covered the period from March 2020 to March 2023. We found that while applicanis identifying as white comprised a simple majority of 560/0, tlie award rate to whites (640/.) and those idcntifying as non-white (61Q/o} were very, similar. I'hi)se with disabilities tre awarded grants at a rate of 67Q/o,' those without disabilities were at a success Tate of 640/0. All infollnation sent in response to our EDI foTm5 is anonyinised and 15 not available to the bFrant5 revieiving COTnmittee when assessing gFrant application5. To help eiicouragTe 511bmi55ions from as wide a potsl of applicants and perspectives as Pogsible, we will undertake to l)ighligl)t successful grant-funded projects Nvhich locus 01) non.Western and global Inajority content. Our EDI policy provides that the content of our events and initiatives will include a wide range of voices and vielpOintS and that they M'ill advance broad and inclusive art histories. In ?023 350/0 of our programme was focused on work from the global majority or that which involved issues of race, class, sexual preference and gender identity. This more than doubled our goal of I SQ/0. Publication Tlie Association's flagship publication is Avi Hi.fÈnry, an intematioiial, refereed journal that promotes world-class, art- historical scholarship from across the globe. It publishes es5ay5 and ci'itical reviews that foreground inethodological self- reflexivity and hi¥hlights specific areas of concerii and iiitere5t to tlie field through its special issue prourarnme. It represei)ts ihe diversily of the discipline at large and welcomes submissions from both esthblished and emerging scholars. The journal is supported bj an Editorial Board of academics from around the UK and an Intemational Advisory Board.
ASSOCIATION FORART HISTORY TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 In 2023, the Association published five issues of the journal. four were 'medley'" issues which contained a variety of essays {24 in total) and book review's124 in totall, spanning a diversity of topics, periods and Inethodologies. There was oi)e 'special' issue, i.e. on a specified topic or theme, entitled, 'The Vast Early Modern Atlantic, edited by Cecile Froinont (Yale University} and Esther Chadwick (Courtauld Institute of Art). The provoLiltion for the issue M'a5 what art l)istory might look like ivhen the frdmeivorks, through which ihe early modem Ailaniic world has been appi"oached up 10 iiow, are pushed into the background to allow nei¥ connections to emerge that redraw geographical, demographic, culiural, linguistic, and sensory. coordinates. The six essays in the volume demonstrated how challenging boundaries and crossing historiographic lines enrich our knowledge of the early modem Atlantic world in transformative ways. The two Committees advising the journal-the Editorial Board and the International Advisory Board IIABFwere strengthened by new meTnbeTS and a goveri)ance review in 2023. This iiicluded a replaceTneiit of most of tlie members of the IAB to align their locations and areas of study more c105ely with the jOUTnal's editorial vision, stratebFic constituencies, and geographies. Menibers Nwere added from Asia, Africa, South Ainerica aiid the European {non- Anglophone) coniinent in order to, among other things, encourage submissions from those part ot Ihe world. In 2023 the Association's long-held relationship with the publisher Wile) came to an end, and a new publisher for our journal was soiight. After a tender process. 'e chose Oxford University Press (OUP) as the new publisher for the journal, g fitting piiblislier as OUP has other highly regarded art and art history titles which are a good complement to Avi Hisiory. Transition work to the new publisher took place in 2023 for a n¢w contrart that began in 2024. Events and Initiatives The Association for Art History delivers an anniial prograinme of in-person and online events designed to engage with tlie broad ranbFe of our audiences. Our event5 are conceived and or&Tanised collaborativel),, WOTkingF closely with partners and volllnteer5 across tlie education and Culre sectors. For ihg Higher Educuliopi Sector OurAnnual Conference features the latest research from scholars in ihe UK and around the world. The 2023 event look place at University College. London. It featured 39 mulii-paper sessions, a bookfair and included keynote presentsiions from susan pui san lok (Decolonialising Arts Institute, UAL), Debra strick.land (University. of Glasgow) and Tim BTillger {Yale Centre for British Art). The professional development programme included a zine-making workshop, a session on copyright in the Iniiseum sector, a roundtable on the fure of art history and a UCL museums toiir. There were 464 in attendance at tlie coiiference. Patricia Smyth. Assistsnt Professorlsenior Research Fellow at the University of Wanvick. gave a talk at the University of Noitingham on her 20?2 Art History Residency research exploring the affective response of nineteenth-century spectators to images, from various disciplines including art, theairical spectacle, and new visual technolligies such as the Diorama. The talk attracted 44 attendees including those online and at the university. The Association offer5 a progTaTnme of events for students in Higher Education and those at earlv Stages of their careeTS. Organised by Doctoral and Early Career Research committee, these incliide our Professional Development Days, sun]er Syniposium, Global New Voices Conference, and a iiew readin¥ group serie5. Our Professional Developmeni Days offer professional advice, insights. and career development opportunities for those at the doctoral, post-docioral and early career stages. We presented this event online over two days to 49 participants. The event featured eight professionals and academics M,ho spoke on digital technologies, community engagement, preparing for postgradugte studv and disseminating research as well as mentoring sessions for nine doctoral students and those earlier in their careers. The A550ciation'5 Summer Symp05ium hig7hligshts cuent doctoral and early career research. The 202i event 'Art Out of Place featured 14 iesearch papers on the receptioii l)istory of artworks and took place at the Women's Library.. Glasgow. It atirdcied 40 participants. Global New Voices is our annual One-da conference for masters and early-stage doctliral research students worldwide. The online conference focussed on the theme of Resistance. Art and Visual Thinking. There were 13 research papers, and the event attracted an audience of 60.
ASSOCIATION FORART HISTORY TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 In 2023, the Association introduced g new series of participatory readillg groups designed to provide focused discussion amontw snialler groups of participant5 on subjtcts of it]terest to the academic community. The three sessions in the year explored the topics.. Theatricality, Queer Perfom]ance and History of Art. Decoloiiisiiig the Digital in the Classroom; and DeL(Iloiiisiiig Art History with How Art Can be Thou¥ht. The event5 ITiLluded 48 partlLiPiints. In addition to our tw'o sianding committees noted above, the Association enjoys the support aiid advice of a number of advisory committees which represent our various communities. One of them, our Higher Education Committee, apprises us of matters of importance in that sector and helps to coordinate advocacv effons throughout the UK. In March, the coinniittee organized tlie second of our online events addressing the opportunities and challenges inherent in diversifying art histi)ry curricula; the focus was on how the asse%smeiit of %tlldent IVOTk could be 'de¢olani%¢d. 69 academics took part in the session. For those inpre-universityy educatio Wilh teachers and students ai pre-university levels we continued to make etTorts to increase the presence of our subjeci in the curricula. Ai the A level. the online course we created with Art Hisiory in Schools ai the National Extension College, has proved to be popular and continues 10 address the geographical imbalance ot Ihe availability of the classroom-based course, with all but a few of the 105 schools offering it being located in the south. The online course has enabled students from around the UK to take the A level who otherwise niay nat liave had tlie opportunity to do so. We were encouraged to sec that we met our objectives M'ith the enrolment foT the 2022123 school year which shom'ed a faiTI)' even FeogFraphical distributioi) of students and, for the first tiine, the inajority did not come from the south of Englai)d. In the four years of the progiamme, 169 students have enrolled. Our Ways of Seeing conference for A-Level students and their teachers took place in November at the Victoria and Albert Museum. This year ive focused on the theme of war. a key strand in the an history syllabus. 160 were in attendance including 50 state school students, 8J from independent schools and 27 teachers. The eveni included a continuing professional development workshop organised b) the V&A, offering an introduction 10 resoiirces in the National Art Library and ideas for a studcnt-led activity on Eric Ravilious, pictures of war. Students also explored artworks relating to the war, folloH'ingT a self-LTuided handout. At the primary school level, we entered our fourth year of offering teachers continuing professional development sessions in art history. The event in 2023. also on the theme of ivar, was well received with attendance by 19 teachers who reach over 550 siudents during the school year. Fov Professionals In addition to serving those in Ihe HE secior and in pre-university edllcation, the Association for An History also works to advance the professional practice of art history, specifically those iii curatorial work aiid in the art trade. The A550ciation work5 closelj. with a cominittee of art curator5 froin around the UK on a nutnber of initiative5 to promote and advocate for curatorial practice, address topics of interest in the sector and provide opportunities for collaboration. professional developmeni and the sharing of expertise. The initiative includes a mentorship programme which included a 'speed mentoring, event in June. This in-person offering afforded six early-career curators from a cross section of organizaiions the opportunity to have sessions with four senior professionals from the museums and galleries sectors. Evet]ts in the initiative also included a Ciiratorial Walk-Throiigh at Tate Britain where curators spoke about the ideas behind, and i55ue5 encountered with, Ilie new installation of the pennanent Lollection,. 30 professiona15 attended. In 2023, the Association entered into a collaboration w'ith the Warburg Institute to present online talks 1¥1)ich, like the walk- throughs, preseni an opponunit5' for curaiors to learn about the iniellectual and practical considerations of exhibitions and collection interpretalions. The first of these 'Curatorial Conversalions, was presented in October and featured a discussion with curators of the exhibition. Th¥ de VLldeJ." (Fiecmvich, Arl ihe SLU. ul Ihe Quecvi Hozise, Royal Museums Greenwich. it was attended by 62 participants. With the curatorial committee, tlie Association also created professional development re5011rces on its website and distributed a survey on curatorial workplace wellbeing. The survey ivas taken by over 260 curators throiighout the UK. The A550ciation issued a reptsrt on it5 finding5 in 2024. The Association's art market steering group focuses on helping young people enter careers in auciilin houses and commercial galleries. Working with this group, the Association pi'esenied tw'o online events, in January and November. offering advice and guidance from art market professionals. These attracted a combined audience of 296.
ASSOCIATION FORART HISTORY TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 For ihe Public We work to raise the profile of our subject among the public and encourage those who have an inteTest in art and visual culture to explore those subjects further through art history. Our niain offering foT those audience5 15 our Art Hi5toiy Festival. Foi the third iteration of the festival in 202i, the theme of Colour,. Inspiration, Insight, Iniil¥lll<ltion wa5 chosen to allow, foi" broad inrerpi'etstion. The 202i fesiival saw grow'th in the number of partner organisaiions {57 up from 40 the 5Jear before), aitendance118,517 compared to 2,728 in 2022) and in social media reach (over 800,000 versus 315.000 in 20?21. The 64 events included in the festival were offered by museums, galleries and cultural venues across England, Scotland, and Wales. 95 10 of which reported increased profile and audience reach as a result of being a part of the festival. Qtrants Honours and Aw'ards 'I'he Association continued to offer small grants to help advance scholarly research, develop professional practice, and support teaching and learning at the pre-llnivcrsity level. In the year, we awarded 43 grants linder £l.000 which benefited scholarly discourse in our field and the public understanding of art and art history. To further support and fatilitate researcl) and networking opportunities, particularly for doctoral and early career researchers, the Association offers bursaries to our Annual Conference. We awarded 26 bursaries to the event in 202i. We also recognise the Ork of young and aspiring scholars through our dissertation prizes awarded each year to undergraduates and post-graduates in our field. These aw".ards are organised and conferred by members of the Association's Doctoral and Earl}. Research ComTnittee. The award for the undcrgraduate prize went to Prune Engerant (University of Edinbiirgh) for the essay, 'Read the Room.. Exploring Liicy Lippard. The postgraduate prize M'as awarded to Samuel Lincoln (Univer51tJ' of Oxford) foT the essav 'A Postclassical Account of Cy Twonibl J 5 Mediterraneaii M Jth. The Associaiion acknowledges and telebrates the work of more senior scl)olars in our field through our Art History Fellows programme. The honour, in its third year in 2023, recognises contributions to our field trom scholars, curaiors. artists or others whose work has made a notable difference to the subject. Fellowships w'ere conferred upon two scholars.. Pairicia Almer, Professor of Modern and Contemporary Art History at the University of Edinburgh. and T.J. Clark. Professor Emeritus at the University of California. Berkeley. Our third Art History Residency took place from October 2023 to January 2024. The award, offered with the support of tlie Amper5aiid Foundation. coniprises a four-month residency for a mid-career art liistoriaii to enjoy concentrated time to furtl)er iheir ivork at a location in the Derbyshire countryside, supported by a stipend. The residency is aivarded ihrtsugh competitive process. The 2023 resident was Susanna Thompson. Professor of Contemporary Art and Criticism and Head of Doctoral Studies at The Glasgow School of Art. Her research explored the relationship between Edmonia Lewis, a neo-classical sculpior of African American and Native American Ojibive heritage, and her patron. Scottish aristocrat John Crichton-sttiart, Third Marquess of Buie 11847-19001, through an obje¢1 biography of her'Bust of Christ, (18701. Our efforts to serve those who SdY art history and move into tlie curatorial profession included the creation of a curatOTial prize to Tecognise excellence in this fjeld. The Association's Curatorial Prize for Exhibition5, sponsored in 2023 b}. Cromwell Place, was awarded to Lurator Ekow Eshun, for the exhibition The Black FL7ntaslic, which wa5 Staged ai the Hayward Gallery. The judging panel also Highly Coinmended Laura Bruni, Assistant Curaior, Tale Liverpool and Ammarah Saleem, Exhibitions Trainee, for the exhibition, JMW Tui'ner undLomin Fofallu.. Dark Walers at Tate Liverpool. Public benefit In planning our activities, trustee5 and staff have kept in mind the Charity Commission's guidance on public benefit. The Association'5 membership is open to all, a5 are all our activities such a5 the Annual Conference, workshops, seminars, public programnie5 and coiitinuin¥ professional development. We believe tliat art history gives us ali i115i¥lit iiito l)umanity, ai)d that thn)ugl) the Association's advancing its studv and practice. the public benefits. Irom a deeper understanding of themselves and the lives of others.
ASSOCIATION FORART HISTORY TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Finaneial review The linancial statements show a net surplus for the financial year of £iO,942 against a budgeted defitit of £100,923 (20?2 had a surplus of £20,076 against a budgeted deficit of £48,836). This large variance was due to revenue results for publishing exceeding budget, and to a lesser extent on increased income from bank account interest, gift aid, and investment dividend distribution. On Ihe expense side, M'e achieved savings in a niimber of areas, including in our programme, membership and marketing. the confcrcnce and the festival, and coiisiiltancy and professional fees. The Association's financial strdtegy is to pursiie a controlled drawdown of oiir reserve fvnds to further our mission and to contribute to our long-teTm sustainability. The Association has long anticipated the lessening of publishing revenues due to Open Access publishing it) the academic sector. These revenues have been reducing over the last severnl vears, and the reduction will be mol'e dramatic in 2024 with a new publishing contract for our journal. To help lessen the impact of this trend on our chariiable activities, Tnistees have approved a five-year plan h1¢h provides for our making designated spends from or reserves starting in 2023. The amounL which varies each year, is projected to total over £500k to 20?7. As 'e realised g budget surplus in 2023, a dra. dO.n on reserves was not required. This further addition to our reserves will help to ease a transition to rediiced publication income while we build oiir capacity to realise revenue from other sources. The fund5 we desi¥nated in 2023 to 5UPPOrt oui transition to lower publishing revtnuts atjd to help build our capacity to increase inconie Irom otl)er sources ii)cluded recruitmei)t costs for a Development Manager (who started eniployment in January 2024) and a Membership Manager as well as salary for the laiter (who began in November of 20231 in the amount of over £4,200. We have also designated costs to help raise our profile and build future capacity. These included £15,100 for our An History Festival: £9,800 for Ihe second edition of oiir A-level publication ThiKkikig Ahoiii Ari; and £1,900 related to promoting our 50th anniversary. Work on our next strategy gnd fundraising research totalled £2,800. General reserves catTied forward at 31 December 2023 totalled £862,591. This amount covers running costs of almost a ytar-aiid-three-quarters at curreiit rates of expeiiditure. While Inaiiitaiiiing a cautious level of reserve5, trustee5 have a150 appi'oved further investments to help support oui. charitable ubjectiveslaniiual operatin¥ costs. This Strategy has put the Association in a good position to w'eather downw'ard tluctuaiion in publishing revenues and support the planned draIdown of reserves in 2024. Risk rnanagement The charity's Finance and Risk Management Committee, chaired by the Honorary Treasurer, actively manages a risk refwister and regularly repoils back to the main tn]5tee board. Thi5 subcojnmittee also provides for added scrutiny of Inanagemeiit accounts and continuously review5 financial procedure5. The greatest risk to the financial resilieiicy of the Association is our reliance on revenue from sales of our journal as our main source of income. We have sought to ameliorate Ihis risk by investing in part-time fundraising and membership staff to help develop and improve raised and earned income. In addition, we invested funds frL)m our reserves to raise the income stream from our investments w,hich were held in mostly cash instruments. Plans for future perivds The Association has and will continue to take action ivhich furthers the areas of focu5 as noted in the stsxtegy sectio above. To help raise tl)e prolile and awareness of our subject outside ol. the art lield we will expand our Art History Festival and will launch a campaign to celebrate our 50th anniversary in 2024 which i¥ill iiiclude quotes from a number of well.known people, 'Art Hisiory Advocates., about the value of our subject to them and to society. The campaign, called Art History Now, will also include 50 videos of art history graduates who have gone on to a variety of careers both art related and outside of the field. W'e w'ill also increase our efforts to introduce art hisiorj. education, particularly at the secondary school level, by working witli stiidents in PGCE programmes in cognate subjects (History, English, Civics, Religious Education and Art & Design) to show them how art history can be incorporated into their future curricula.
ASSOCIATION FORART HISTORY TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees, responsibilities The Ti"ustees, who are also the directors of Association for Art History for the purpose of company law, are responsible for preparing the Trustees, Report and Ihe financial statements in accordance M'iih applicable law and United Kingdom Accounting Standards (Uniied Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statcments for each financial vear which give a triie and fair view of the state of affairs of the charity and of the incoming resources and application of resources, incliiding th¢ incoine and expenditure, of the charitable coinpany for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them CLinsistently- observe the methods gnd principles in the Charities SORP; make judgements and estimates that are reasonable and prlldent,. state whether applicable UK Accouiitin¥ Standards have been followed, subject to any inaterial departures di5cltssed and explained in the Iinancial statements; and prepare the financial staiements L)n the going concern b&sis unless it is inappropriate tl) presume that the charity will continue in operation. T]ie frnstees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at an}. tiine tlie financial p05ltion of the charity aiid enable tl)em to ensure that the financial statements comply with the Companies Act 2(X)6. They aTe a150 resp0115ible for safe¥uarding tlie assets of the Lharity and henLe foT taking reasonable Steps for the prevention and detection of fraud and other in'egularities. Auditor In accordance with the colnpany's articles, a resolution proposing that Simpson Wreford LLP be reappointed as auditor of the Company will be pui at a General Meeting. Diselosure of information to auditor Each ol'the Trustees has tot)linned tl)at there is no inforn)ation of which they are aware which is relevant to the audit, but ol. which the auditor is unaware. They have further confimjed that they have taken appropriate steps to identify such relevant information and to establish that the audiior is aware of such information. The Trustees, report was approved by ihe Board of Trustees. C Rrem'ard Trustee Date-.
ASSOCIATION FORART HISTORY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OFASSOCIATION FORART HISTORY Opinion Wc have aiidited the financial statements of Association for Art History (the 'charity') for the y¢ar ended 31 December 2023 which coinpri5e tl)e stateTnent of financial activities, the balance sl)eet, tlie statement of cash flows and notes to the finaiicial Statements, includingF si¥nificant accounting policie5. The finaiicial reportiiig framem'ork that lias been applied in their prepaiation is applicable law and Ui)ited Kingdom Accountii)g Standards. ii)cluding Financial Reporting Standard 102 ThE Financ'ial Rep(Jrting Stundard applicable in the UK and Repilblic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial staiements.. give a true and fair view of the State of the charitable company's affair5 a5 at 31 December 2023 [d of its incoming resourLe5 and applicdtion of resources, inLludin¥ its income aiid expenditure, for tlie vear theii ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in aCLtsrdance witl) the reqiiiren)ents of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities linder those standards are further describcd in the .4llditnr'.Y re.fpnK.sihilitie.I for ihe tsudii of ihe Section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our aiidit of the financial 5tatenients in the UK, including the FRC'S Ethical Standard: and lie have ruifilled our other ethical responsibilities in acLordance witl) tl)ese requiiements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going Concern In auditinuF the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the woik we have perfonned, wt have not idei)tified any mateiial unctrtainties relating to events or conditions that, individually or collectively, may cast significani doubt on the charitv's ability to continue as a going concern for a period of at least twelve months from when the financial statemenis are authorised for issue. Our responsibilities gnd the responsibilities of the Trustees with respect to going Concern are described in the relevgnt sections of this report. Other information The other infonnation comprises the inforniaiion included in the annual report other than the financial ststemenis 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 inforniation and, except to the extent othenvise explicitly stsied in our report: we do not express any forni of assuran¢e conclusion thereon. Our responsibility is to read the other information and, in doing so, consider wliether the other infoTmation is materially inconsistent with the financial stateinents or our knowledge obtained in the course of the audit. or otherw'ise appears to be materially misstated. If M'e identify such Inaterial inconsistencie5 or apparent inaterial Inis5tateinents, we are required to deteTmine whether this gives rise to a n)aterial mi55tatement in tl)e findnLial statements themselves. If. based on the work we have perfoTmed, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in ihis regard. Opinions on other matters prescribed bv the Companies Act 2006 In our opinion, based on the Ork uiidertaken in the course of our audit-. the infLimiatiL)n given in the frustees, report for the financial year for h1¢h the financial statements are prepared, which includes the directors, report prepared for the PUTposes of company law, is consistent with the fingncial statement%; and the directors, report included wiihin the Trustees, report has been prepared in accordance with applicable legal requirements.
ASSOCIATION FORART HISTORY INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE MEMBERS OFASSOCIATION FORART HISTORY Matters on which we are required to report by eyeeption In thc light of the knowlcdgc and undcrstanding of the charity and its environment obtain¢d in the cours¢ of the audit, we have not identified material misstateTnents in the directors, report included within the Trllstee5' report. We have nothing to report in respect of the following matters in relation tLI which ihe Companies Act 2006 requires us to report to l'ou 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 agreeinent with the aceounting records and retums., or certain disclosures of tTUStees' remuneration specificd by law are not made; or we have not received all the infoiimation and explanationg we require for our audit., or Ihe Trustees were not entitled 10 prepare the financial statements in ac¢ordan¢e with the small companies regime and take advantage of the small ¢ompanies' ¢xemption5 in preparing the Trustees, report and from the requir¢m¢nt to prepare a strategic report. Responsibilities of Trustees As explained more full}, in the siatement of Trustees, responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vie, and for such internal control as the Twstees determine is necessary to enable the preparation of finaiicial statements that are free from material misstatement, whether diie to fraud or error. In preparing the financial statements, the Trustees are responsible for as5essin¥ the charity's ability to continue as a ¥oin¥ concem, di5closiii¥, as applicable, matters related to ¥oing conceni and using the goin¥ concetn basis of accountin¥ unless the Trustees either intend to liquidate the charitable company or io cease operations, or have no realistic altemative bui to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about M'hether the financial statement5 a5 a whole are fvee from material Inisstatement, whether due to fraiid or error, and to issue an aiiditovs report that include5 oiir opiiiioii. Reasonable assurance is a high level of agsurance but is not a guarantee that an audit conducted in accordai)ce w'ith ISAS (UK} will alwavs detect a material misstatement when it exists. Misstateinents can arise In)m fraud or error and are considered material if, individualljw or in the aggregate, thev could reasonablv expected to influence the econoinic decisions of users taken on the basis of these financial statements. The extent to which our predureS are capable of deiecting irregularities, including fraud. is detailed below. Our approach to identify'ing and assessing the risks of material misstatement in respect of irregularities. including fraud and non-compliance wilh laws and regulations, was as follo.$.. the eiigagement partner eiisured that the eiigagement teEun collcctively had the appropriate competence, capabilities and skills to identify or reco15£ non-cornpliance ivith applicable law5 and regiilations,. we identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our commercial knowledge and experience of Ihe charitj and education sector., we focused on specific laws and regulations which we considered may have a direct material effect on the financial siatements or the operations of the company, including Ihe Compgnies Act 2006, the Charities Act 201 l and data protection., we a5se55ed the extent of compliaiice with the laws and re¥ulations identified above through making enquiries of management and inspecting legal correspondence: and ideniified laws and regulaiions were communicated within the audii ieam regularly and Ihe ieam remained alert io instances of non-compliance Ihroughout the audit.
ASSOCIATION FORART HISTORY INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE MEMBERS OFASSOCIATION FORART HISTORY Audit response to risks identified Wc as5csscd the susccptibilitv of the ¢ompany's finan¢ial statements to material misstatement, including obtaining an understanding of how fraud migFht OCCUT, by.. making enquiries of management as to where they coi)sidered there was suept1b]IItY to fraud. their knowledge ot actual, suspecied and alleged traud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. pcrformed analytical procediires to idcntify any unusual or unexpected relationships. tested jouriial entrie5 to identify unusual transactioiis., assessed whether judgements and assumptions n)ade in detemining the accounting estimates were indicative of pOntial bias.. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which in¢liided, biit were not limited 10.. agreeiiig fiiiancial stateinent disclosures to underlying supporting documentation. enquiring of management as to actual and potential litigation and claims; and Teview of nieetiiig minutes enquiry into any correspondence with the Charity Commission. There are inherent limitations in our audit procedures described aLx)ve. The more removed that laws and regulations are from financial transactilins, the less likely it is thai would become alare of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance ivith laws and regulations to enquiri, of the directors and other manggement and the inspection of regulatory and legal correspondence, if any. Material misstateinents that arise due to fraud can be harder to detect than those that arise from error as they Tnay involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. httP5'.11 www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report. Use of our report This report is made 501ely to the charitable company's members, as a body, in accordance with Chaptcr 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's meTnbers those Inatters we are required to state to them in an auditor's report and for no other piirpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable coinpany and the charitable company's members as a body, for our audit ivork. for thig report. or for the opinions we have fonned. Kate Taylor FCA (Senior Statutory Auditor) for and on behaifof Simpson Wreford LLP Chartered Accountants Statutory Auditor Welle51ey House Duke of Wellington Avenue Royal Arsenal London SE186SS
ASSOCIATION FORART HISTORY STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted fund5 funds 2022 2022 Total 2023 2022 Note5 Income and endowmeNt5 from: Donations and legacies Charitable activities Investments Other income 1,087 499,735 16,972 3,000 5,000 4,087 504,735 16,972 680 451.766 11,469 14,000 680 506,566 11,469 14,000 54,800 Total ineorne 517,794 8,000 525,794 477,915 54,800 532,715 Expenditure on: Raising funds Charitable activities 20,933 479,576 20,933 482,213 17,865 426,824 17,865 466,697 2,637 39,873 Total expenditur¢ 500,509 2,637 503,146 444,689 39,873 484,562 Net gainsl{lossesl on investments 13 8,294 8,294 (28,0771 {28,077} Net income and movement in funds 25,579 5.363 30,942 5,149 14,927 20,076 Reconciliation of funds: Fund balance5 at l JanuaTh' 2023 814,672 16,977 831,649 809,523 2,050 811,57i Fund balances at 31 December 2023 840,2.$1 22,i40 862,591 814,672 16,977 8i1,649 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
ASSOCIATION FORART HISTORY BALANCE SHEET ASAT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Investmenis 15 16 498 32i,416 847 265,122 32i,914 265,969 Current assets Debtors Investments Cash at bank and in hand 17 18 127,409 317,874 158,780 111,932 217,198 324,423 604,063 65J.553 Creditors.. amounts falling due within one year 19 65,006 86,136 Net current assets 539,057 567,417 Total a55ets les5 curreni liabilities 862,971 833,386 Creditors.. amounts falling due after mor¢ than one vear 20 {380) (1,737) Net as5et5 862,591 831,649 The funds of the charity Restrictcd income ndS Unrestricted funds 21 22,340 840,251 16,977 814,672 862,591 8i1,649 The financial stsiements were approved by the Trustees on . C Breward Trustee Company registration number 08617307 (England and Wales)
ASSOCIATION FORART HISTORY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Not¢5 Cash flows frotn operating activities Casl) (absorbed b)'Ilgeneraied Iroin operations 25 (31,939) 85,179 Investing aetivities Purchasc of invcstments Investment income received {50,000} 16,972 (25,000) 11,469 Net eash used in investing aetivities 13i,028) {13,531} Net eash used in finaneing aetivities Net (deereaseyinerease in eash and ck)sh equivalents 164,967) 71,648 Cash and cash equivalents at beginning of year 541,621 469,974 Cash and exsh equivalents at end of year 476,654 541,622 Relating to: Cash at bank and in hand Short tenn deposit5 included in cutTent asset investments 158,780 324,423 317,874 217,198
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aeeounting policies Charity information Association for Art History is a private company liinited by guarantee incotporated in England and Wale5. The registered office is 70 Cowcross Street, London, EC IM 6EJ. 1.1 Accounting conventio The finaiicial stattinent5 have been prepared in accordance with the charity's Memorandum and Articles of Association, the Conipanies Act 2006, FRS 102 'The Financial Reportiii¥ Standard appliLable in the UK Lind Republic ol. Ireland-, ("FRS 102,1 and the Charities SORP 'Accounting and Reporting by Chariiies". Siaiement 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}" (effective l January 2019). The chariry is a Public Benefit Eniity as defined by FRS 102. The financial siatements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to Ihe nearest £. The financial statements have been prepared under the historical cost convention, unless stated in the relevant accouniing policy noie. The principal accounting policies adopied are set out below. 1.2 Going concer At the time of approving the financial statement5, the TTU5tee5 have a reasonable expectation that the charity has adequate resources to ctsntinue in operational existence for the foreseeable future. Thus the Trustees coi)tinue to adopt Ihe going concern basis of accounting in preparing the Iinancial statemenis. 1.3 Ch2rilable fund$ Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the noies to the financial statemenis. Designated funds are unrestricted funds set aside for specific purpL)ses at the discretion of the trustees. 1.4 Incorne Income is reco¥nised when the charity has entitlement to the funds, any perfoTmance conditions attached to the item of income have been n)et, it is probable that the ii)coine will be received and the amount can be measured reliably. Income from the government and other grants, M'hether 'capital' (TrltS or 'revenue' twrants, is recognised wheii the charity l)as entitltnient to the fuiids, any perfoTmance conditions attached to the grant5 have been Inet, it is probable that the incotne will be received and the an)oiint can be measured reli(Ibly and 15 not deferred. Membership subsciiption income ieceived from new members is spieail over the period of the membeTship following receipi. Income received in advance of an event or conference is deferred uniil criteria for income recognition are met.
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is prlibable thai a transfer of economic benefits will be required in settlement, and the amouni of the obligation can be measured reliably. Expenditure is classified by activitv. The costs of each activity are made up of the total of direct costs and shared Costs, including support costs involved iii uiidertaking each activity. Direct COSts attributable to a single activity are allocated diTectl)' to that activity.. Shared cost5 whicli contribute to more tlian one activity and support cost5 which are not attributhble to a single activity are apportioned between tl)ose activities on a basis ctsnsistei)t 1th the use of resources. Central staty costs are allocated on the basis of time spent, and depreciation charges are allocated on the ponion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initiall}. measured at cost and subsequenily measured ar cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over Iheir useful lives on the following bases.. Computers 4 years straight line basi5 The gain or loss arising on the disposal of an asset is determined as Ihe difference between the sale proceeds and Ihe carrying value of the asset, and is recognised in the statement of financial activities. The charity's policy is ILI capitalise items over £1,000. 1.7 Fixed a55et investrnents Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subscquently measured at fair value at eacli reportingF date. Chaii¥e5 in fair value are recogFnised in net incoinellexpenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets At each reponing end date, the charity reviews the carrying amounts of lis tangible assets io determine whether Ihere is any indication that those assets have suffered an impairnieni loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determinc the extent of the impainn¢nt loss (if any). 1.9 Cash and eash equivalents Cash and casl) equivalents include cash in hand, deposits held at call with banks, other shori-terni liquid invesimenis with original maturities of three monihs or less, and bank overdrafts. Bank overdrafts are shown ivithin borrowings in curreni liabilities. 1.10 Financial instrurnents The charity has elected to apply the provisions of Section I I 'Basic Financial Instrnments, and Section 12 '0ther Financial Instrunients 15sue5' of FRS 102 to all of it5 financial instrllinents. The charitable company only has financial assets ai)d finai)cial liabililies of a kind that qualifj as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their setilement value with the exception of bank loans which are subsequently recognised at amortised cost using Ihe effective interest method. 1.11 Retirernent benefit5 Payments to defined contribution retirement benefit schemes are char¥ed as an expense a5 they fall due.
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critieal accounting estimates and judgements In the application of the charity's accounting policies, the Ti'ustees are required to make judgements, estimates and assumptions about the carrying amouni of assets and liabilities Ihat are not readily apparent from other sources. The estimates and asso¢iated assumptions are based on historical experience and other factors that are considered to be relevant. A¢tug1 results may differ from these estimates. The estiinates and underlj'ing assumptions are reviewed on an ongoing basis. Revi5lOllS to accounting estiinates are recognised in the period in iYliiLh tlie estimate is revised where the revision affects oiily that period, or in the period of the revision and future peiiod5 where tl)e revision affects both Liin"ent and future periods. Ineome fn)m donations and legacie5 Unrestricted Restrieted funds funds 2023 2023 Total Unrestrieted Restrieted funds funds 2022 2022 Total 2023 2022 Donations and gifts Sponsorship fees 1,087 2,000 1,000 3,087 1,000 680 680 1,087 3,000 4,087 680 680 In¢om¢ from charitable activities Unrestrieted Restrieted funds funds 2023 2023 Total Unrestri¢ted Restrietcd funds funds 2022 2022 Total 2023 2022 Charitablt AetlVLties Publication inconie Ani)ual Conference Grants Membetship income Festival Prograinmes 410,607 65,522 410,607 65,522 5,000 20,125 1,000 2,481 368,636 44.020 368,636 44,020 5,000 20,125 1,000 2.481 25.609 25,609 23,300 45,001 23,300 31,500 13,501 499,735 5,000 504,735 451.766 54,800 506,566
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from investments Unrestricted Unrestricted funds funds 2023 2022 Income from listed investments Interest receivable 11,469 3,857 16,972 11,469 Other income Unrestri¢¢ed Unrestri¢¢ed funds funds 2023 2022 Other income 14,000 Expenditure on raising funds Unrestri¢¢ed Unrestricted funds funds 2023 2022 Fundraising and publicity Advertj51ri& Staff costs 2,682 15,183 15,741 20,933 17,865
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on charitable aetivities Charitable Support & A¢tivitics Governance 2023 2023 Total Charitable Support & AetiTritics Govcrnanee 2022 2022 Total 2023 2022 Direct costs Staff costs Deprcciation and impaiTment Conference costs Bank chargjes Consultancy Education costs Insurance IT costs Office costs Other event Costs Publication costs Rent Subscriptions Othtr charitable expendiiure 188,053 282,876 193,680 73,584 267,264 349 349 63,442 637 4,712 3,819 1,498 22,672 2,433 25,8i5 22,545 14,600 382 578 578 43,356 2,542 8,241 1,000 1,478 6i,442 43,356 637 4.712 2,542 8.241 3,819 1,000 1,498 22,672 2,433 1,478 22,939 5.993 5,993 41,964 21,084 13,600 387 25.8i5 22,545 41,964 21,684 14,600 13,600 387 4,967 4,967 996 1,152 2,148 iOi.694 147,073 450.767 i02,680 130,494 433,174 Grant funding of activities (see noie 91 18,467 18,467 23,061 23,061 Share of support and governance eosts (see note ) Governance 12,979 12,979 10,462 10,462 322,161 160,052 482,213 325,741 140,956 466,697 Analysis b). fund Unrestricted funds Restricted fiinds 319.524 2,637 160,052 479.576 2,637 285,868 39,873 140,956 426,824 39,873 322,161 160,052 482,213 325,741 140,956 466,697 Grants payable Charilable Activities Charitable Activities 2023 2023 Grants to individuals 18,467 23,061
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Auditor's remuneration Fees payable to the charity's auditor and associates.. 2023 2022 For audit serviees Audit of the financial stateinents of the charity 6,000 6,442 For other Services All other non-audit services 900 In COTnmon with many other entities of our size and nature we use our auditors to assist with the preparation of tlie financial statements. Trustees None of the Trusiees (or an}. persons connected with them) received any remuneration or benefits from the charity during the }'ear. 12 Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Social security costs Other peiision costs Freelance costs 254,678 26,-f25 17,414 14,058 246,931 21,824 13,692 10,439 298,617 282,447 The number of employees whose annual remuneration was more than £60.000 is as follows.. 2023 Number 2022 Number £70,001 to £80,000
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employees (Continued) Rernuneralion of key management personnel The remuneration of key management personnel is as follows. 2023 2022 Aggregate conipensation 88,259 84,617 13 Gains 2nd 10$5es on investments Unrestricted Unrestricted funds funds 2023 2022 GaIn(lOsSes) arisii)g on-. Revaluation of investments 8,294 {28,077} 14 Taxation The charity 15 exePt frotn taxation on its activities because all its incoine is applied for chariL2ble purposes. 15 Tangible fixed assets C.-knthptÈr Cost At l January 2023 5,566 At 31 December 2023 5,566 Depreciation and impairment At l Janiiary 2023 Depreciation charged in the year 4,719 349 At 31 December 2023 5,068 Cklrrving amount At 31 December 2023 498 At 31 December 2022 847 2U-
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Fixed asset investments Listed ini'estments Cost or valuation At l January 2023 Additions Valuation chaiige5 265,122 50,000 8,294 At 31 December 2023 323,416 Carrying amount At 31 December 2023 323,416 At 31 December 2022 265,122 17 Debtors 2023 2022 Amounts falling due within on¢ year.. Trade debtors Other debiors Prepayments and accrued income 500 90,621 20,811 104,875 22,534 127,409 111,932 18 Current asset investments 2023 2022 Funds held on dewsit 317,874 217,198 19 Creditors: amounts falling due within one year 2023 2022 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 8,833 19,275 7,285 20,563 14,076 44,212 36,898 65,006 86,136 Deferted income relates to membership subscription incoine and 20?4 conference income.
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Creditors: amounts falling due after more than one year 2023 2022 Notes Deferred income i80 1,737 Deferred income relates to membership subscription income. 21 Restricted funds The restricted funds of the charity coinprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At l January 2023 Incoming resources Resources expended At31 Deeember 2023 Ways of Seeing Programme History of Art text book The Ampersand Foundation Curatorial award5 1.977 15,000 2.000 11,637) 2,340 l.i,000 5,000 5,000 1,000 I 1,000) 16,977 8,000 12,6371 22,340 Previous year: At l January 2022 Incoming re5011rce5 Resources expended At31 December 2022 Ways of Seeing Programme Plan, Prepare, PTovide History of Art lexi book Art History Festival 2.050 2.000 15,000 15,000 22,800 12,073) (15,0001 1,977 15,000 (22,8001 2,050 54,800 (39,873) 16,977 Purposes of restricted fuThds W5 ofSeeinE ProgrammE A grant ivas provided to the Association by the Worshipful Company of Arts Scholars for the purpose of providing free tickets to this eveni frlim state sector maintained schools. History ofArl ¢e.ri book A grant was provide by the Arts Scholars for the 'Thinking About Art, book. which the Association are due to begin 'ork on in 2024. AFup¥rJund Fozlvclulio This grant was provided ro support the Art History Residency, which offers a researcher the opportuniry for concentrated time to fvrther their work at a provided residence in the Derbyshire countyside. 22-
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Unrestricted funds The llnrestrirted funds of the charity comprise the unexpended balances of donations and grants w,hich are not subject to specific coiidition5 bj. donors and grantors as to how they Jnay be used. These include designated funds which have been set aside out of unrestricted fund5 by the trustee5 for specific purposes. At l Januarv 2023 Incoming rcsourccs Resources expended Transfers Gain5 and losse5 At31 Deeember 2023 De5i¥nated General funds {i3,834) (466,675) 100,000 (100,000) 66,166 774,085 814,672 517,794 8,294 814,672 517,794 (500,509) 8,294 840,251 Previous year: At l Januarv 2022 Incoming resources Resources expended Transfers Gains and lossts At31 Deetmber 2022 General funds 809,523 477,915 (444,689) (28,077) 814,672 Desi¥nated funds have been assigned by the Trustees due to a fall in publishing income. Additional details are included in the Tnjstee report. 23 Analysis of net assets between fund5 Unrestricted fund5 2023 Restricted funds 2023 Total 2023 Fund balances at 31 D¢cemb¢r 2023 are represented by.. Tangible assets Investments Current assets/(liabilities) Long temi liabilities 498 32i,416 516,717 {380) 498 323,416 539,057 (380) 22,340 840,251 22,340 862,591 23
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Analysis of net assets between funds (Continued) Vnre51ri¢t¢d funds 2022 R¢slricl¢d funds 2022 Total 2022 Fund balanees at 31 December 2022 are represented b>: Tangible asbets Investments Current assetsl(liabilities) Long term liabilities 847 265,122 567,417 (1,737) 265,122 550,440 {1,737) 16,977 814,672 16,977 831,649 24 Related party transactions Transactions with related parties During the year the chariTr entered into the following transactions with relared parties. Trustees During the year five trusiees were reimbuTsed a total of £1,445 for travel expenses. G Perry G PeTry 15 the CEO ]d wa5 reimbursed £2,056 for expense5. The Courtauld S Whiteman is a trustee of Association for Art Hisiory {AAH}, and is Governor of The Courtauld. AAH paid The Courtauld £2,767 for freelance fees. 25 Cash generated frorn operations 2023 2022 Surplus for the year 30,942 20,076 Adjustments for.. InvestTnent income recogni5ed in Statement of financial activities Fair value gains and losses on investments Depreciatioii and iinpaiTnient of tangible fixed assets (16.9721 (8,294) 349 (11,469} 28,077 578 Movements in WOTking capital.. (Increase) in debtors (Decieasellincrease in creditors (Decrease)lincrease in deferred income (15,477) (?1.1301 (1,357) 86,136 1,737 Cash (absorbed by)Igen¢rated from operations (31,939) 13,203 24-
ASSOCIATION FORART HISTORY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Analysis of ehanges in net funds The charity had no Tnaterial debt during the year. 25-