Charity number: 1164755
THE VISITORS' ART FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE VISITORS' ART FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 - 8 |
THE VISITORS' ART FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025
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
Page 1
THE VISITORS' ART FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their annual report together with the financial statements of The Visitors' Art Foundation for the period 6 April 2024 to 5 April 2025.
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 downturn in the economy has put a 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 £1,803 (2024: £1,893), reducing surplus funds retained at the year end which amounted to £16,681 (2024: £18,484).
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 2025
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.
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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
C G Rifkind Trustee Date: 9 October 2025
Page 3
THE VISITORS' ART FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Note Expenditure on: Raising funds 2 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 1,803 1,803 (1,803) 18,484 (1,803) 16,681 |
Total funds 2025 £ 1,803 1,803 (1,803) 18,484 (1,803) 16,681 |
Total funds 2024 £ 1,893 1,893 (1,893) 20,377 (1,893) 18,484 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 6 to 8 form part of these financial statements.
Page 4
THE VISITORS' ART FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2025
| Current assets Cash at bank and in hand Total net assets Charity funds Unrestricted funds Total funds |
2025 £ 16,681 16,681 16,681 16,681 |
2024 £ 18,484 |
|---|---|---|
| 18,484 | ||
| 18,484 | ||
| 18,484 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
C G Rifkind
Date: 9 October 2025
The notes on pages 6 to 8 form part of these financial statements.
Page 5
THE VISITORS' ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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 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.
All expenditure is inclusive of irrecoverable VAT.
1.4 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.
Page 6
THE VISITORS' ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
2. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2025 £ Bank charges 483 Office costs 1,320 1,803 |
Total funds 2025 £ 483 1,320 |
|---|---|
| 1,803 |
Costs of raising voluntary income (continued)
| Bank charges Office costs |
Unrestricted funds 2024 £ 483 1,410 1,893 |
Total funds 2024 £ 483 1,410 |
|---|---|---|
| 1,893 |
3. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL).
Page 7
THE VISITORS' ART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
| 4. Summary of funds Summary of funds - current year General funds Summary of funds - prior year General funds 5. Analysis of net assets between funds Analysis of net assets between funds - current year Current assets Total Analysis of net assets between funds - prior year Current assets Other unallocated Total |
Balance at 6 April 2024 £ Expenditure £ 18,484 (1,803) Balance at 6 April 2023 £ Expenditure £ 20,124 253 Unrestricted funds 2025 £ 16,681 16,681 Unrestricted funds 2024 £ 18,484 1,893 20,377 |
Balance at 5 April 2025 £ 16,681 |
|---|---|---|
| Balance at 5 April 2024 £ 20,377 |
||
| Total funds 2025 £ 16,681 |
||
| 16,681 | ||
| Total funds 2024 £ 18,484 1,893 |
||
| 20,377 |
Page 8
SIGNATURE CERTIFICATE
Document
Name V288_2025_04_05_The Visitor's Art Foundation - Final full.pdf Creator Nicole Meho (nicole.meho@sopherco.com) Date 14 November 2025 11:30:08 UTC Identifier 5bebd96e-8db2-4309-88c0-1b9c799ab9e5
Signers
charles@rifkindassociates.com
E-mail charles@rifkindassociates.com Signed 17 November 2025 11:23:23 UTC IP address 87.224.31.74