Charfty numb•r. 1164755 THE VISITORS. ART FOUNDATION UNAUDrrED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 THE VISITORS. ART FOUNDATION CO￿rE￿rS Page Referenu and Admlnlstrattve Dotall8 of the Charlty. tts Tru$tsos and Advlsers Truste08' Report statement of Flnanclal Actlvltlos Balanco Sheel Notes to the Flnancial Statements THE VISITORS, ART FOUNDATION REFERENCE AND ADMINISTrATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trust8es C G Ri￿1nd CDZMartln RNKent Charity reglst•rod Trumbor 1164755 Prlnclpal offke The Tea House 17 Hall Road London NW8 9RD Page 1 THE VISITORS. ART FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual rew)rt togather Mnth the financ￿1 statements of the The Vi%itors' Art Foundation for the 6 April 2023 to 5 April 2024. Objectlves and ¥clivltlg$ . Polici•$ and obJecllv•s The principal objects of the Charity ore specfficalty restrkted to the advancement for publiG benefit of th¢ arts, utture. héritsge and scienc&. b. Adivities undertak•n to achleve obJ•ctlv The funds rais￿ will primarity be used for grants made to museums, gallèries and librgries in the London area to enabk them lo acquire tr commS8sion work from Brilish artists. craftspeople. scientists and writers. Funds wll also b& granted to museums. gaI￿rieS and Ibraries to gnabla the curation of exhibitions of ￿nteMporary work to ba shown alongside traditional collections. The charity will also provide grants lo assist with the digital and online expansion of art collections of other charities. to extend public access to Iho$e works. Achlevèmonts and pgrfonnancg . Review of A¢llvltl•$ The Charity has yet to make any donations. The downturn in the oconomy has put a great pressure on both government funding and major donor phiLanthropy. However the trustees hope lo see a heightened level of engagement wf(h the ideas that the ¢haTity seeks to promote from both museums and galleries on the one hand and from government on th8 other hand in the year ahead. A Grant Giving Commrttee has been established in anticipation of the Charity being in 8 posf(ion to alkjcate funds. The Comrnrttee wll provide adwce lo the Trustees in relation lo how to apply the Charity's funds in the best interests of the Charity and ils charitable objects, and includes o number of highly regarded experts from the arts administration world. Meanwhile. expenses are being kept to a bare minimum as is emdenl from the Charills financial statement$. The tru$ta&s hav8 referred to the guidance contsined in the Charity Commission's general guidance on publ benefrt when reviewng the aims and objeclrves and in planning future activiti68. The charttable 0￿.ectIveS are also Sel out in order lo provid8 a clèar and demon8lrable public benefft. Flnanclal revl•w a. ReservK pollGy The ch￿lty d8fin8s reserves as unreslrrted fvnds that aTe freely available to spend on the Charitls purposes. The Charity maintsins a gen8ral fund from which charitable th)nalions lo benefic￿ries will be made. The Charty experienced a loss at the year end of £1,89312023.' £293 profrtl, reducing surplus funds retained al the year end which amounted lo £18,48412023." £20.3771. It is intended th* the Charity will raise fur￿$ and then make grants of these funds to mu8eum8, galeries and other institutions in accordance wth the Charivs objects. In light of th8$8 a¢twit￿5, it is not the current intention of the Trustees to a¢cumulale rgserves. The Tnjstees do not believe that the Charty needs to hold signrficant Teserves as the majority of the grants and donatitins It w511 make will be.one off in nature and in any event could be mel out of the Charit18 cash aThJ liquid investments. The trustees have concluded that Iherg are sufficiont rese￿e$ to effectively continue to aehieve the cbjeetives of the Charity. Page 2 THE VISITORS. ART FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Structurol gov•rnance and management a. Constitutlon Thg Visilois, Art Foundation is a registered charty. number 1164755, and is constituted under a Tru$l deed. b. Pljethods of appolntm•nt or elKtion of Truste The management of the charfty is the responsibilty of thg Trustees who oro olected and cwlgd under the tenns of the Trust deed. Tru$lees are appointed for a temi of 3 years by trustee resolulron, passed by a majority of Iruslg0$ al a propedy-convened trustee meeting. ¢. Oryanl¥atlonal stru¢tur• and decisionwmaklng poli¢t6s Decisions are made by the trustees at board m99tings or by written resolLrtion. Decisions at meeting$ are made by majority deasion.. written re301utions mu$l be unanimous. As the organisatK*n 18 relatNely new, a Lqrger structure ￿ I￿t yet approprLgte. A grants Gommittge ha8 ￿en lined up to make rewmmendalkins to the trustees as to which grants to makg. Statement of Trustees. rnsponsibllltl The Trustees are responsible for preparing the Twslees, Report and th8 financial statements in ac￿rdanCe with applicable law and United Kingdom Aceounting Standards IUnit&J Kingd¢)m G8n8ralty Attepted Ac￿ntIng Pradi¢el. The law appticable lo ¢harilie8 in England & Wales requires the Trustees to prapare financial statements foi gach financial which give a true and fair view of Ihe stste of affairs of the charty 8nd of its incoming resources and application of resour¢es. inGluding its income and expenditure, for that per￿. In preparing these financial statements. the Trustees sre required to". select suitable xcounling polic￿$ and then apply them consistently, observe the ￿thodS and principles of the Charities SORP IFRS 102)., make judgments and accounting e$timal8S that are reasonable and prudent.. state whether applicable UK Ac¢ounting Standards IFRS 102) have been follow￿. subject to 8ny material departurgs disclosed and explained in the finanoial statements. prepar& the financial statements on the going concem basis unles$ it is in8pp￿prisle lo pwume that the charty will continue In busine$s. Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain tho charitys transactions and disdose with reasonable accuracy at any time thè financial posrtton of the charity and enable them lo ensure that the ffinanci8J statements comply with the Ch8ril*s Act 2011, the Charity {Accounts and RepThlsl Regulations 2008 and the prow$K>ns of the Trust deed. They are also responstrjle for safeguardiNJ the assets of the ch8rty antl hence for taking reasonable slep$ for the PTevention and detection of fraud other irregularitEs. Approved by order of the mgmbers of the board of TTUStees and signed on their behaw by.. C G Rlfklnd Truste8 Date.. 7 October 2024 Page 3 THE VISITORS. ART FOUNDATION STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 5 APRIL 2024 Unr6Stricted funds 2024 Total funds 2024 Total funds 2023 Note Expgnditur• on: Raising funds Governance costs 1,893 1￿93 947 11.2001 Totsl exponditure 1,893 1,893 12531 Net movement In funds 11.8931 11,8931 253 Reconclllatlon of funds: Total funds brought forward Net movement In funds 20.3TI 11.8931 20,377 11.893) 20,124 253 Totsl funds earrled for*ard 18.484 18,484 20.377 The Slatemenl of Financial Activities includes all gains and lossey reroynised in the year. The notes on pages 6 to 8 fom part of these financial stalements. Page 4 THE VISITORS. ART FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Current a¥s•ts Cash at bank and in hand 18A84 20.377 Total not assets 18A84 20.377 Charity fund8 Unreslficled funds 18.484 20.371 Tolal fvnd5 18.484 20,377 The financial stalerr*nts ￿re approved and aulhoris•J for issue by the Trustees and $tgned on their behaw by. C G Rlfklnd Date.. 7 Odober 2024 The notes on pages 8 to 8 fomi part of Ihesg financial slatemenls. Pago 5 THE VISITORS. Airf FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDEO S APRIL 2024 Acc¢)untlng pollcigs 1.1 Ba818 of preparatlon of fln•nclal stat¢m•nts The ffinan¢ial slalements bgan prepared in accordance wilh the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Stslemenl of Recommended Practice applicaE4e lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effectNe 1 January 20191, Ihe Financial Reporting Standard applicabLg in the UK and Republic of Ireland {FRS 1021 and the Charities Act 2011. The Visitors, Art Foundation moets tho definition of a public benefrt enlty under FRS 102. Assets and liabilrfcies are initialty recognised al historical or tran$￿tIOn value un￿sS clherwise stated in the relevant accountin9 policy. 1.2 Fund acGountlng General funds are unrestricted fvnds wh￿h are available for use al the discretion of the Trustees in fvrtherance of Ihe general objectives of the chaTty and which have not been desonaled for other purposes. 1.3 EX￿ndItUrn Expendilure 1$ remgnised once there is a legal or constructive obligation to transfer awnomic benefft to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the oblMJatM)n can be measured reliykjty. Support COgt8 are those costs incurred directty in support of expenditure on the objects of the charity. Govemance costs are those incurred in connection with adminislralion of thé ¢h8rity and compliance with constitutK*nal and statutory requiremanls. Costs of g8neraling funds are costs incurred in attr¥tiw voluntsry income, and those incuThed in trading actmlies that raise lunds. Charrtablfr activities and Govemance costs are costs Incurred on the chartys cper*ions, including support costs and ￿$t$ reEating to Ihe goveman¢e of the ¢har¢ty •portioned lo charitsblo actI￿tIO$. All expendrture 1$ in¢lu$ive of irrecoverable VAT. 1A Flnanclal In8truments The Charity only has finanual ass8ts and finanual liabilities of a kind that qualfy ay basrc financial in$lrLwnents. Basic financial instruments are initialty reeounised at transadon value and subsequent measured at thw'r settlement value. Pag8 6 THE VISITORS. ART FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED S APRIL 2024 EX￿nd￿￿rg on r•l8lng fvnds Costs of raislng voluntary In¢om& Unrestrlcted funds 2024 Totsl funds 2024 Bank charges Office c08ts 483 1,410 483 1,410 1,893 1.893 Costs of ral&lng voluntary income Icontinuod) Unrestricted funds 2023 Total fvnds 2023 Bank charges Office costs 363 363 947 Tntstees. rnmun•ratlon and expenses During the year, no Tntstees received any remuneration or other benefils12023 - £NILI. Durlng the year ended 5 April 2024, no Trustee exp8nses have been Incurred12023- £NIL). Pag8 7 THE visrroRS' ART FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 Summary offunds 8umm•ry ol funds- curr•nt y••r Balance at 6 Aprll 2023 Expendlture Balanu at S Aprll 2024 General fund$ 20,377 11,8931 18 Summary of funds- prIory￿r Balance at Balanco at 6 April 2022 Expenditure 5 Apnl 2023 General fvnd8 20,124 253 20.377 Analysls of not ass•ts b•tw8•n funds Analysls of net assots b•two8n funds- current perlod Unr8stri¢tod funds 2024 Total funds 2024 Current as$ets 18,484 18M84 Total 18,484 18A84 Anatysls of n•t assats b8tw•en fund5- prior ￿riod un￿tricted funds 2023 Total fvnds 2023 Current assets 20.37T 20.377 Total 20,377 20,377 Page 8