**Charity number: 1164755**
## **THE VISITORS' ART FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **THE VISITORS' ART FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6|
|**Notes to the Financial Statements**|7 - 11|
## **THE VISITORS' ART FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022**
## **Trustees**
C G Rifkind C D Z Martin R N Kent
## **Charity registered number**
1164755
## **Principal office**
The Tea House 17 Hall Road London NW8 9RD
## **Accountants**
Sopher + Co LLP Chartered Accountants 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD
Page 1
## **THE VISITORS' ART FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022**
The Trustees present their annual report together with the financial statements of the The Visitors' Art Foundation for the year ended 6 April 2021 to 5 April 2022 .
## **Objectives and activities**
## **a. Policies and objectives**
The principal objects of the Charity are specifically restricted to the advancement for public benefit of the arts, culture, heritage and science.
## **b. Activities undertaken to achieve objectives**
The funds raised will primarily be used for grants made to museums, galleries and libraries in the London area to enable them to acquire or commission work from British artists, craftspeople, scientists and writers. Funds will also be granted to museums, galleries and libraries to enable the curation of exhibitions of contemporary work to be shown alongside traditional collections. The charity will also provide grants to assist with the digital and online expansion of art collections of other charities, to extend public access to those works.
## **Achievements and performance**
## **a. Review of Activities**
The Charity has yet to make any donations. The Covid 19 epidemic put great pressure on both government funding and major donor philanthropy. However the trustees hope to see a heightened level of engagement with the ideas that the charity seeks to promote from both museums and galleries on the one hand and from government on the other hand in the year ahead. A Grant Giving Committee has been established in anticipation of the Charity being in a position to allocate funds. The Committee will provide advice to the Trustees in relation to how to apply the Charity's funds in the best interests of the Charity and its charitable objects, and includes a number of highly regarded experts from the arts administration world. Meanwhile, expenses are being kept to a bare minimum as is evident from the Charity's financial statements.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities. The charitable objectives are also set out in order to provide a clear and demonstrable public benefit.
## **Financial review**
## **a. Reserves policy**
The Charity defines reserves as unrestricted funds that are freely available to spend on the Charity's purposes.
The Charity maintains a general fund from which charitable donations to beneficiaries will be made. The Charity experienced a loss at the year end of £1,697 (2021: £2,375), reducing surplus funds retained at the year end which amounted to £20,124 (2021: £21,821).
It is intended that the Charity will raise funds and then make grants of these funds to museums, galleries and other institutions in accordance with the Charity's objects. In light of these activities, it is not the current intention of the Trustees to accumulate reserves. The Trustees do not believe that the Charity needs to hold significant reserves as the majority of the grants and donations it will make will be “one off” in nature and in any event could be met out of the Charity’s cash and liquid investments.
The trustees have concluded that there are sufficient reserves to effectively continue to achieve the objectives of the Charity.
Page 2
## **THE VISITORS' ART FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022**
## **Structure, governance and management**
## **a. Constitution**
The Visitors' Art Foundation is a registered charity, number 1164755, and is constituted under a Trust deed.
## **b. Methods of appointment or election of Trustees**
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Trustees are appointed for a term of 3 years by trustee resolution, passed by a majority of trustees at a properly-convened trustee meeting.
## **c. Organisational structure and decision-making policies**
Decisions are made by the trustees at board meetings or by written resolution. Decisions at meetings are made by majority decision; written resolutions must be unanimous. As the organisation is relatively new, a larger structure is not yet appropriate.
A grants committee has been lined up to make recommendations to the trustees as to which grants to make.
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
## **THE VISITORS' ART FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022**
Approved by order of the members of the board of Trustees on 26 January 2023 and signed on their behalf by:
**C G Rifkind** Trustee
Page 4
## **THE VISITORS' ART FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
|**Note**
Donations
2
**Expenditure on:**
Raising funds
3
Governance costs
4
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2022**
**£**
**500**
**1,597**
**600**
**2,197**
**(1,697)**
**21,821**
**(1,697)**
**20,124**|**Total**
**funds**
**2022**
**£**
**500**
**1,597**
**600**
**2,197**
**(1,697)**
**21,821**
**(1,697)**
**20,124**|Total
funds
2021
£
-
1,775
600
2,375
(2,375)
24,196
(2,375)
21,821|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 11 form part of these financial statements.
Page 5
## **THE VISITORS' ART FOUNDATION**
## **BALANCE SHEET AS AT 5 APRIL 2022**
|**Note**
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
6
**Net current assets**
**Total net assets**
**Charity funds**
Unrestricted funds
**Total funds**|**21,324**
**(1,200)**|**2022**
**£**
**20,124**
**20,124**
**20,124**
**20,124**|22,420
(599)|2021
£
21,821|
|---|---|---|---|---|
||||||
|||||21,821|
|||||21,821|
||||||
|||||21,821|
The financial statements were approved and authorised for issue by the Trustees on 26 January 2023 and signed on their behalf by:
## **C G Rifkind** Trustee
The notes on pages 7 to 11 form part of these financial statements.
Page 6
## **THE VISITORS' ART FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Visitors' Art Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **1.3 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **1.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
Page 7
## **THE VISITORS' ART FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **1. Accounting policies (continued)**
## **1.5 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
## **1.6 Financial instruments**
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.
## **2. Income from donations and legacies**
||**Unrestricted**|**Total**|Total|
|---|---|---|---|
||**funds**|**funds**|funds|
||**2022**|**2022**|2021|
||**£**|**£**|£|
|Donations|500|**500**|-|
## **3. Expenditure on raising funds**
## **Costs of raising voluntary income**
|**Unrestricted**
**funds**
**2022**
**£**
Bank charges
482
Office costs
1,115
1,597|**Total**
**funds**
**2022**
**£**
**482**
**1,115**|
|---|---|
||**1,597**|
Page 8
## **THE VISITORS' ART FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **3. Expenditure on raising funds (continued)**
## **Costs of raising voluntary income (continued)**
|Bank charges
Office costs|Unrestricted
funds
2021
£
486
1,289
1,775|Total
funds
2021
£
486
1,289|
|---|---|---|
|||1,775|
## **4. Governance costs**
|**Unrestricted**
**funds**
**2022**
**£**
Accountancy costs
600
Unrestricted
funds
2021
£
Accountancy costs
600|**Total**
**2022**
**£**
**600**|
|---|---|
||Total
2021
£
600|
## **5. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 9
## **THE VISITORS' ART FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **6. Creditors: Amounts falling due within one year**
|Accruals
**7.**
**Summary of funds**
**Summary of funds - current year**
**Balance at 6**
**April 2021**
**£**
General funds
**21,821**
**Summary of funds - prior year**
General funds
**8.**
**Analysis of net assets between funds**
**Analysis of net assets between funds - current year**
Current assets
Creditors due within one year
**Total**|**2022**
**£**
**1,200**
**Income**
**£**
**Expenditure**
**£**
**500**
**(2,197)**
Balance at
6 April 2020
£
Expenditure
£
24,196
(2,375)
**Unrestricted**
**funds**
**2022**
**£**
21,324
(1,200)
20,124|2021
£
599
**Balance at 5**
**April 2022**
**£**
**20,124**
Balance at
5 April 2021
£
21,821
**Total**
**funds**
**2022**
**£**
**21,324**
**(1,200)**
**20,124**|
|---|---|---|
Page 10
## **THE VISITORS' ART FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **8. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2021
£
22,420
(599)
21,821|Total
funds
2021
£
22,420
(599)
21,821|
|---|---|---|
Page 11