CHARITABLE INCORPORATED ORGANISATION NUMBER 1182442 

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 FOR THE BRITISH SPORTING ART TRUST 



## THE BRITISH SPORTING ART TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2022 

Page Report of the Trustees.                                                 1 to 5 Report of the Independent Auditors.                       6 to 9 Statement of Financial Activities.                                 10 Balance Sheet.                                                                11 to 12 Notes to the Financial Statements.                          13 to 22 Detailed Statement of Financial Activities.           23 to 24 



## THE BRITISH SPORTING ART TRUST 

## REPORT OF THE TRUSTEES 

## FOR THE YEAR ENDED 31 MARCH 2022 

The trustees present their report with the financial statements of the charity for the year ended 31 March 2022.  The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102. 

## OBJECTIVES AND ACTIVITIES 

## Objectives and aims 

The object of the Charity is the advancement of the public education in the fine arts particularly through the formation and display of British sporting art; mounting loan exhibitions;  sponsoring and publishing research on the subject of sporting art;  encouraging and supporting young artists and students in the study of sporting art. 

## Significant activities 

Despite lockdowns during the year the activities of the Trust gradually got back to normal in the year to March 2022.  Three visits were able to be organized but research facilities were hardly available to be offered to students and other interested parties and no arts prizes were able to be awarded.  The series of online lectures proved to be very popular, and these are also open to non-members. 

The vision shaping the Trust’s activities remains the promotion and fostering of knowledge and the appreciation of sporting art through public exhibition of significant works, publication of research in the form of essays and support for young artists and art history students.  In furtherance of these aims the Trust’s premises at Palace House, Newmarket continues to display sporting art throughout the ages with many significant loans whenever possible. 

## Public benefit 

The Trust’s activities are reviewed each year to ensure they continue to reflect and further its aims and objectives.  In planning activities the Trustees have paid due regard to the Charity Commission;s guidance on public benefit.  Primarily the public benefits arise from the preservation and conservation of this important genre of British art.  Additionally, admission to the Trust’s galleries and research facilities in our Library of some 3,500 volumes and extensive archive material is available to all members of the public and research facilities are offered free to students. 

Members of the public were able to view our exhibitions and use the library when the facilities were able to be open. 

Page 1 



## THE BRITISH SPORTING ART TRUST 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 

## ACHIEVEMENT AND PERFORMANCE 

## Charitable activities 

The Trustees continue to pursue the Trust’s objectives for sporting art by promoting public display, research, the publication of essays, continuing to encourage young artists and arranging visits to important collections.  The use of the Trust’s Library is also actively encouraged, particularly for educational purposes. 

The Trust’s premises at Palace House has a world-class displace in the Fred Packard Museum and Galleries of Sporting Art showing sporting art throughout the ages with loans from many galleries together with a significant number of the Trust’s own picture and objet d’art. 

## FINANCIAL REVIEW 

## Treasurer’s report 

The Trust recorded an overall surplus of some £13,880 before net gains on investments of £23,800. The surplus includes gifts of prints £5,490, net proceeds from a successful fundraising postcard auction of £15,800 and a donation of £14,400 for the purchase of a Tania Still painting.  Income and expenditure reflect the Lionel Edwards Exhibition (overall net cost £2,288 in the year) held in April 2021 and advance payments of £12,650 in respect of the Munnings Exhibition held in June 2022. Excluding one off items of income and expenditure, gifts, restricted donations and net gains on investments, the Trust made an overall loss of some £11,200.  A review of pictures worth more than £15,000 resulted in a gain in Heritage Assets of £100,000 together with a small adjustment of £1,300 in respect of a picture revalued in 2021. 

## Investment policy, objectives and performance 

The Trustees have absolute discretion to invest in any shares, stocks, funds, securities, land, building, chattels or any other investment.  The Trustees have engaged Rathbones Investment Management Limited as investment managers and their policy is to generate a balance between income and capital growth.  the fund has a medium risk profile with some 11% invested in fixed interest securities, 18% in UK equities and 50% in overseas equities, 16% in alternatives and the balance in cash.  The portfolio is held for the longer term and has an estimated yield of 1.9%.  During the year the fund made an overall net gain of some £24,000 compared with a net gain in the previous year of £95,000. 

## Reserves policy 

It is the policy of the Trust to maintain unrestricted funds, which are the free reserves of the Trust, at a level which equates to approximately twelve months unrestricted expenditure.  At 31[st] March 2022 free reserves were £179,736.  This figure includes the Michael Kidson legacy and an anonymous donation both within the investment portfolio and £8,333 for future Curatorship costs.  Excluding these amounts the net free reserves were £56,867 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Governing document 

The Trust is constituted by Trust Deed dated 1[st] April 2019 and is a Charitable Incorporated Organisation number 1182442. 

Page 2 



## Patron 

The Chairman and Trustees were delighted to announce during the year that Her Royal Highness The Duchess of Cornwall had agreed to become Patron of the Trust 

## Recruitment and appointment of new Trustees 

The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed.  The Charity Trustees of the CIO were all reappointed to serve a further three years to 31[st] March 2025 in accordance with the Trust Deed . In addition Julian Gascoigne was appointed as a Trustee with effect from 28[th] January 2022 for a period of three years. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure 

Trustees: 

In addition to the annual meeting, which must be held each year, the Trustees may hold other meetings during the year as and when the need arises. 

The decision of the majority of the Trustees present at a meeting is binding for all Trustees. 

## Executive Committee: 

The Executive Committee consists of ex officio officers plus up to six members elected by the Trustees and is responsible for the management of the charity. 

The Executive Committee must meet at least once each quarter and within 7 days after each meeting a copy of the minutes are submitted to the Chairman of the Trustees. 

## Risk management 

The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate exposure to the major risks. 

## REFERENCE AND ADMINISTRATIVE DETAILS Charitable Incorporated Organisation Number 

1182442 

## Principal address 

BSAT Gallery Palace House Palace Street Newmarket Suffolk CB8 8EP 

Page 3 



## THE BRITISH SPORTING ART TRUST 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 

REFERENCE AND ADMINISTRATIVE DETAILS Trustees Patron Her Majesty The Queen Consort Trustees John Chatfeild-Roberts (Chairman) Brian Allen Patricia Connor Jonathan Fountain Georgina Gold James Harvey ( resigned 24[th] July 2022 ) Katherine Stewart James Rawden-Mogg Sarah Rouhani Julian Gascoigne ( appointed 28[th] January 2022) 

Honorary Solicitor Vacant 

Honorary Treasurer David Burton 

Executive Committee Tim Cox (Chairman) Ann Cairns Dr Hannah Clark Dr Christopher Davenport-Jones Diana Hill Caroline Payne Nicholas Price 

Administrator Sally Bills Packard Curator Sally Fletcher 

Friends of British Sporting Art USA Patricia R. St. Clair, President 

Auditors Moore Green Chartered Accountants 22 Friars Street Sudbury, Suffolk CO10 2AA Page 4 



THE BRITISH SPORTING ART TRUST 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 

## REFERENCE AND ADMINISTRATIVE DETAILS 

Bankers 

Weatherbys Bank Sanders Road Wellingborough Northamptonshire NN9 4BX 

Investment Managers Rathbones Investment Management Limited Port of Liverpool Building Pier Head Liverpool L3 1NW 

## STATEMENT OF TRUSTEES RESPONSIBILITIES 

The Trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011.  Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.  In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 board of trustees on 21[st] October 2022 and signed on its behalf by 

John Chatfeild-Roberts  -  Trustee 

Page 5 



## REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH SPORTING ART TRUST 

___________________________________________________________________________________________________________________ 

## Opinion 

We have audited the financial statements of The British Sporting Art Trust (the ‘charity’) for the year ended 31 March 2022 on pages eight to twenty one.  The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

- In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 March 2022 and of its incoming resources and application of resources for the period then ended: 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;  and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.  Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report.  We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained its sufficient and appropriate to provide a basis for our opinion. 

## Conclusions relating to going concern 

In auditing the Financial Statements , we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed , we have not identified any material uncertainties relating to events or conditions that individually or collectively cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from the date the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## Other information 

The trustees are responsible for the other information.  The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and  except to the extent otherwise explicitly stated in our report ,we do not express any form of assurance conclusion thereon. 

Page 6 



REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH SPORTING ART TRUST 

In connection with our audit of the financial statements, our responsibility is to read the other information and doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to material misstatement in the Financial Statements themselves if,  based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit we have not identified material misstatements in the Trustee’s report. 

## Matters on which we are required to report by exception 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports ) Regulation 2008  requires us to report to you if, in our opinion: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements;  or 

- sufficient accounting records have not been kept;  or 

- the financial statements are not in agreement with the accounting records and returns;  or 

- we have not received all the information and explanations we require for our audit. 

## Responsibilities of trustees 

As explained more fully in the Statement of Trustees Responsibilities set out on page five, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## Our responsibilities for the audit of the financial statements 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.  Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). 

We report to you our opinion as to whether the financial statements give a true and fair view and are prepared in accordance with the Charities Act 2011.  We also report to you if, in our opinion, the information given in the Report of the Trustees is not consistent with the financial statements, if the charity has not kept sufficient accounting records, if the financial statements are not in agreement with those accounting records or if we have not received all the information and explanations we require for our audit. 

We read the Report of the Trustees and consider the implications for our report if we become aware of any apparent misstatements within it. 

Irregularities, including fraud are instances of non-compliance with laws and regulations . We design procedures in line with our responsibilities , outlined above , to detect material misstatements in 

Page 7 



## REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH SPORTING ART TRUST 

respect of irregularities , including fraud. The extent to which our procedures are capable of detecting irregularities , including fraud is detailed below: 

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities , including fraud and non-compliance with laws and regulations , was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations: 

- we identified the laws and regulations applicable to the charity through discussions with trustees our knowledge and experience of the charity’s sector: 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or operations of the charity: 

- we assessed the extent of compliance with the laws and regulations identified through making enquiries of management : 

- we assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining of how fraud might occur, by: 

- making enquiries of management as to their knowledge of actual , suspected and alleged fraud: 

- 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: 

- performed analytical procedures to identify any unusual or unexpected relationships: 

- tested journal entries to identify transactions and investigated the rationale behind them: 

- in response to the risk of irregularities and non-compliance with the laws and regulations , we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation : 

- enquiring of management as to actual and potential litigation and claims; 

There are inherent limitations in our audit procedures described above . The more removed that laws and regulations are from financial transactions , the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence , if any . 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate  concealment or collusion. 

Page 8 



REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH SPORTING ART TRUST 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council ‘s website at www.frc.org.uk/auditorsresponsibilities.  This description forms part of our Report of the Independent Auditors. 

## Use of our report 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008.   Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Moore Green (Statutory Auditor) Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 22 Friars Street 

Sudbury Suffolk CO10 2AA 16 December 2022 

Page 9 



THE BRITISH SPORTING ART TRUST 

## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 

|______________________________________<br>Notes<br>INCOME AND<br>ENDOWMENTS FROM<br>Donations and legacies<br>2<br>Other trading activities<br>3<br>Investment Income<br>4<br>Total<br>EXPENDITURE ON<br>Raising funds<br>5<br>Charitable activities<br>6<br>Operation of gallery and<br>exhibitions<br>Total<br>Net gains/(losses) on<br>investments<br>NET INCOME<br>Other recognized<br>gains/(losses)<br>Gains/(losses) on revaluation<br>of heritage assets<br>Net movement in funds<br>RECONCILIATION OF FUNDS<br>Total funds brought forward<br> <br>TOTAL FUNDS CARRIED<br>FORWARD|__________________________________________________________________________<br>31.3.22<br>31.3.21<br>Unrestricted   Restricted   Endowment   Total funds   Total funds<br>Funds               Funds            Fund<br>£                        £                     £                       £                       £<br>122,358<br>5,740<br>-<br>128,098<br>155,098<br>35,312<br>-<br>-<br>35,312<br>7,804<br>8,758<br>-<br>-<br>8,758<br>8,782<br> __________<br>__________<br>__________<br>__________<br>__________<br> 166,428<br>5,740<br>-<br>172,168<br>171,684<br>16,689<br>-<br>2,690<br>19,379<br>11,409<br>138,907<br>-<br>-<br>138,907<br>105,857<br>155,596<br>-<br>2,690<br>158,286<br>117,266<br>5,876<br>  -  17,960<br> 23,836<br> 94,768<br> 16,708<br>5,740<br>15,270<br>37,718<br>149,186<br>-<br>101300<br>-<br>101,300                  -<br>___________       ____________       __________         ___________        __________<br> 16,708           107,040            15,270            139,018<br>149,186<br> 365,725     2,691,223          342,941         3,399,889       3,250,703<br>___________     _____________       __________         ____________      ____________<br>382,433 2,798,263 358,211 3,538,907 3,399,889|
|---|---|



## CONTINUING OPERATIONS 

All income and expenditure has arisen from continuing operations 

The notes form part of these financial statements 

Page 10 



## THE BRITISH SPORTING ART TRUST 

## BALANCE SHEET AT 31 MARCH 2022 

|________________________________________________________________________________________________________________|________________________________________________________________________________________________________________|________________________________________________________________________________________________________________|________________________________________________________________________________________________________________|________________________________________________________________________________________________________________|________________________________________________________________________________________________________________|________________________________________________________________________________________________________________|
|---|---|---|---|---|---|---|
||||||31.3.22|31.3.21|
|||Unrestricted   Restricted   Endowment   Total funds||||Total funds|
||Notes|Funds|Funds|Fund|||
|||£|£|£|£|£|
|FIXED ASSETS|||||||
|Tangible assets|11|2,211|-|-|2,211|2,547|
|Heritage assets|12|200,486|2,780,618|-|2,981,104|2,855,114|
|Investments<br>|13|111,328|______-_____|340,271|451,599|431,357|
|Total||314,025|2,780,618|340,271|3,434,914|3,289,018|
|CURRENT ASSETS|||||||
|Stocks|14|500|-|-|500|500|
|Debtors|15|34,816|-|-|34,816|32,728|
|Investments|16|6,195|-|18,472|24,667|24,514|
|Cash at bank||34,260|17,645|_____-_____|51,905|78,051|
|||75,771|17,645|18,472|111,888|135,793|
|CREDITORS|||||||
|Amounts falling due|||||||
|within one year|17|(7,363)|-|(532)|(7,895)|(24,922)|
|||_____________|____________     ____________||___________|___________|
|NET CURRENT ASSETS||68,408|17,645|17,940|103,993|110,871|
|TOTAL ASSETS LESS|||||||
|CURRENT LIABILITIES||382,433|2,798,263|358,211|3,538,907|3,399,889|
|||_____________|____________|_____________|____________|____________|
|NET ASSETS<br>||382,433|2,798,263|358,211|3,538,907|3,399,889|
|FUNDS|18||||||
|Unrestricted funds|||||382,433|365,725|
|Restricted funds|||||2,798,263|2,691,223|
|Endowment funds|||||358,211|342,941|
|TOTAL FUNDS|||||3,538,907|3,399,889|
||The notes form part of these financial statements||||||



Page 11                                                                             continued….. 



THE BRITISH SPORTING ART TRUST 

## BALANCE SHEET – CONTINUED AT 31 MARCH 2022 

________________________________________________________________________________________________________________ 

The financial statements were approved by the Board of Trustees on 21[st] October 2022 and were signed on its behalf by : 

John Chatfeild-Roberts   -   Trustee 

Jonathan Fountain   -   Trustee 

Page 12 



THE BRITISH SPORTING ART TRUST 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

## 1. ACCOUNTING POLICIES 

## BASIS OF PREPARING THE FINANCIAL STATEMENTS 

The financial statements of the charity, which is a public benefit entity under FRS 102, 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 October 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. 

The financial statements have been prepared under the historical cost convention unless otherwise stated in the relevant accounting policy note and on a going concern basis. The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland. 

- the requirements of Section 7 Statement of Cash Flows 

## INCOME 

All income is recognized in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

Voluntary income received by way of  donations and gifts to the Trust is included in full in the Statement of Financial Activities when received.  Gifts of heritage assets are included in the Statement of Financial Activities at market value.  Legacy income is recognized following a grant of probate when the executor or administrator has communicated in writing both the amount and the settlement date, which is normally when received. 

Income from other trading activities is included in the Statement of Financial Activities when receivable. 

Investment income is also included in the Statement of Financial Activities when receivable. 

## EXPENDITURE 

Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. 

Costs of raising funds are those incurred in the fundraising activities of the Trust.   The costs of charitable activities include all resources expended by the Trust in undertaking its work to meet its charitable objectives. 

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THE BRITISH SPORTING ART TRUST 

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

## 1. ACCOUNTING POLICIES - continued 

## ALLOCATION AND APPORTIONMENT OF COSTS 

Costs incurred in the general running of the Trust, as opposed to direct management functions, are included as support costs. 

## TANGIBLE FIXED ASSETS 

|TANGIBLE FIXED ASSETS|||
|---|---|---|
|Tangible fixed assets are stated at cost less|depreciation.|Depreciation is provided at rates|
|calculated to write off the cost of fixed assets, less their estimated residual value, over their|||
|expected useful lives on the following bases:|||
|Computer equipment and panels|33 ⅓%|straight line|
|Other office equipment|10%|straight line|
|Library & gallery equipment|10% and|straight line|
||20%||



## HERITAGE ASSETS 

Heritage assets are stated at market value which is considered to be their fair value.   A revaluation of painting, prints and objets d’art normally occurs every third year.  Heritage assets are reviewed for impairment by the gallery curator.  A detailed inventory is maintained of all heritage assets held. 

## STOCKS 

Stocks are valued at the lower of cost and net realizable value, after making due allowance for obsolete and slow moving items. 

## TAXATION 

The charity is exempt from tax on its charitable activities. 

## FUND ACCOUNTING 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.  The trustees may choose during the reporting period to set aside a part of the unrestricted funds to be used for particular future project or commitment.  By earmarking funds in this way, the trustees set up a Designated fund that remains part of the unrestricted funds of the charity. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity.  Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Endowment funds are required to be invested/retained for the charity’s purposes. 

The cost of raising and administering funds is charged against the specific fund. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

Page  14 



## THE BRITISH SPORTING ART TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

## 1. ACCOUNTING POLICIES – continued 

## INVESTMENTS 

Investments in quoted shares, traded bonds and similar are measured initially at cost and subsequently at fair value.  Acquisitions are initially recognized at cost.  Realised gains on disposals are calculated based on historic cost.  The Statement of Financial Activities includes realized and unrealized gains and losses arising on investment revaluations and disposals throughout the year under the heading ‘Net Gains/(Losses) on investments’.  Cash held within the investment portfolio is shown as a current asset investment in the Balance Sheet. 

## DEBTORS AND CREDITORS 

Debtors comprise prepayments which are valued at the amount prepaid. Short term creditors are measured at their settlement amount. 

## 2. 

## DONATIONS AND LEGACIES 

|Gifts of pictures, prints and objets d’art<br>Donations, sponsorship and legacy<br>Subscriptions, life membership and tax recovered<br> <br> <br>3.<br>OTHER TRADING ACTIVITIES<br>Functions, visits and Auction<br>Trading income<br> <br> <br>4.<br>INVESTMENT INCOME<br>Income from listed investments<br> <br>Deposit account interest<br> <br> <br>Page 15|<br> <br>|31.3.22<br>£<br>5,490<br>97,675<br> 24,933 <br> 128,098 <br>31.3.22<br>£<br>24,528<br>10,784 <br>35,312 <br>32.3.22<br>£<br>8,749<br>9 <br>8,758|31.3.21<br>£<br>34,260<br>99,565<br> 21,273<br> 155,098<br>32.3.21<br>£<br>-<br> 7,804<br> 7,804<br>32.3.21<br>£<br>8,720<br> 62<br> 8,782|
|---|---|---|---|
||<br>  <br> <br>|||
|||||
|||||





## THE BRITISH SPORTING ART TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

|5.<br>RAISING FUNDS<br>Other trading activities<br>Functions, visits and auction<br>Newsletter and essays<br>Trading expenses<br> <br> <br>Investment management costs<br>Portfolio management<br>(Unrestricted £880 Endowment £2690)<br>Aggregate amounts|31.3.22<br> <br>£<br> <br>8,154<br> <br>3,828<br> <br> 3,827  <br> 15,809  <br> 31.3.22<br> <br>£<br>3,570 <br>19, 379|31.3.21<br>£<br>-<br>3,720<br>4,524<br>8,244<br>31.3.21<br>£<br> 3,165<br> 11,409|
|---|---|---|



## 6. CHARITABLE ACTIVITIES COSTS 

|Operation of gallery and exhibitions<br> <br>SUPPORT COSTS<br>Governance costs – auditor’s remuneration|Direct<br>Support<br> <br>costs<br>costs<br>(see note 7)<br>£<br>£<br> <br> 134,407<br> 4,500<br> <br> <br>|<br> <br> <br> <br>|Totals<br>£<br> 138,907|
|---|---|---|---|
||||£<br>4,500|



## 7. SUPPORT COSTS 

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## THE BRITISH SPORTING ART TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

## 8. TRUSTEE’S REMUNERATION AND BENEFITS 

There were no trustee’s remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021. 

## TRUSTEE’S EXPENSES 

There were no trustees’ expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021. 

## 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 

|INCOME AND<br>ENDOWMENTS FROM<br>Donations and legacies<br>Other trading activities<br>Investment income<br>Total<br>EXPENDITURE ON<br>Raising funds<br>Charitable activities<br>Operation of gallery and exhibitions<br>Total<br>Net gains/(losses) on investments|Unrestricted    Restricted   Endowment   Total funds<br>funds               funds              fund<br>£                        £                      £                      £<br>120,838             34,260                -                 155,098<br>7,804                   -                      -                      7,804<br>8,782  -   -  8,782<br>137,424             34,260                 -                 171,684<br>9,024<br>-                 2,385               11,409<br>105,496 361  -  105,857<br>114,520                    361           2,385             117,266<br>23,362                      -             71,406               94,768|
|---|---|



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## THE BRITISH SPORTING ART TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

## 9. COMPARITIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES – continued 

|||Unrestricted     Restricted     Endowment    Total funds|
|---|---|---|
|||funds                funds                 fund|
|||£ £ £|
||NET INCOME|46,266            33,899             69,021           149,186|
||Other recognized gains/losses|-                       -<br>-|
|||______________     _____________     _____________   _____________|
||Net movement in funds|46,266             33,899             69,021            149,186|
||RECONCILIATION OF FUNDS||
||Total funds brought forward|319,459       2,657,324           273,920        3,250,703|
|||____________   _____________         ___________      ____________|
||TOTAL FUNDS CARRIED||
||FORWARD|365,725       2,691,223           342,941        3,399,889|
|||__________ ____________ ___________  ____________|
|10.|AUDITOR’S REMUNERATION||
|||31.3.22<br>31.3.21|
|||£                            £|
||Audit (inclusive of VAT)|4,500                   6,000|
|||__________              _______|
|||4,500 6,000|



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## THE BRITISH SPORTING ART TRUST 

## NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

|11.<br>TANGIBLE FIXED ASSETS<br>Fixtures and<br>Fittings<br>£<br>COST<br>At 1 April 2021<br>3,977<br>Additions<br> 631 <br>At 31 March 2022<br> 4,608 <br>DEPRECIATION<br>At 1 April 2021<br>3,150<br>Charge for period<br> 467 <br>At 31 March 2022<br> 3,617 <br>NET BOOK VALUE<br>At 31 March 2022<br> 991 <br>At 31 March 2021<br> 827 <br>12.<br>HERITAGE ASSETS<br> <br>MARKET VALUE<br>At 1 April 2021<br>Additions<br>Revaluation<br>At 31 March 2022<br>NET BOOK VALUE<br>At 31 March 2022<br>At 31 March 2021<br>Paintings, prints and objets d’art<br>Library and gallery<br>Total|Computer<br>equipment<br>£<br>2,440<br> 109 <br> 2,549 <br>720<br> 609 <br> 1,329 <br> 1,220 <br> 1,720 <br> <br>31.3.22<br>£<br>2,932,240<br>48,864 <br>2,981,104|<br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br>|Totals<br> <br>£<br>6,417<br> 740<br> 7,157<br>3,870<br> 1,076<br> 4,946<br> 2,211<br> 2,547<br> Total<br>2,855,114<br>24,690<br>101,300<br>2,981,104<br>2,981,104<br>2,855,114<br>31.3.21<br>£<br>2,806,250<br> 48,864<br> 2,855,114|
|---|---|---|---|
|||<br>||
|||<br>||
|||<br>||
|||<br> <br> <br> <br> <br>||



Prints and other works of art purchased by the Trust are included in the above figures at £202,790. The historic cost at 31 March 2022 was £128,514. 

Page 19 



THE BRITISH SPORTING ART TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

## 12. HERITAGE ASSETS 

All paintings, prints and objets d’art were revalued by Nicholas Price, a member of the Executive Committee, in April 2019.  In August 2022 a further review of paintings valued in excess of £15,000 was carried out by Nicholas Price resulting in a net revaluation of £100,000 and reflected in the accounts 

The library and gallery includes £47,580 of which £25,000 relates to books revalued by Roy Heron, £5,000 to the Ackerman Photographic Archive (revalued by David Fuller in September 2012), £11,080 to the Mead Photographic Archive purchased in 2017 and the Allerton Collection gifted in 2020 valued at £5000.  The remaining £1,500 relates to the value of fixtures and fittings within the gallery, which were revalued by the Trustees in November 2016. 

## 13. FIXED ASSET INVESTMENTS 

|FIXED ASSET INVESTMENTS||
|---|---|
||Listed Investments|
||£|
|MARKET VALUE||
|At 1 April 2021|431,357|
|Additions|60,755|
|Disposals|(52,869)|
|Revaluation|12,356|
|At 31 March 2021|451,599|
|NET BOOK VALUE||
|At 31 March 2022|451,599|
|At 31 March 2021|431,357|



The historic cost of the listed securities at 31 March 2022 was £352,526. 

## 14. STOCKS 

|31.3.22<br>£<br>Trading stock<br>500 <br>15.<br>DEBTORS:  AMOUNTS FALLING DUE WITHIN ONE YEAR<br>31.3.22<br>£<br>Other debtors<br> 34,816 <br>Page 20|31.3.21<br>£<br> 500<br>32.3.21<br>£<br> 32,728|
|---|---|





## THE BRITISH SPORTING ART TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 

|___________________________________________________________________________________<br>16.<br>CURRENT ASSET INVESTMENTS<br>Cash held within investment portfolio<br>17.<br>CREDITORS:  AMOUNTS FALLING DUE WITHIN ONE YEAR<br> <br>Other creditors<br>18.<br>MOVEMENT IN FUNDS<br>Net Movement in<br>At 1.4.21<br>Funds<br> £                                               £<br>Unrestricted funds<br>General fund<br>357,392<br>16,708<br>Curatorship                                    8,333                                            -<br>__________<br>_________<br>365,725<br>16,708<br>Restricted funds<br>Gifts and Bequests<br>2,673,828<br>5,490<br>Mead donations<br>17,395<br>250<br>Revaluation<br>-<br>101,300<br> ____________ __________<br>2,691,223<br>107,040<br>Endowment funds<br>Endowment fund<br>342,941<br>15,270<br> _____________<br> ___________ <br>TOTAL FUNDS<br>3,399,889<br>139,018|_____________<br>31.3.22<br>£<br>24,667<br>31.3.22<br> £<br> <br>7,895<br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br>|_______________<br>31.3.21<br>£<br>24,514<br>31.3.21<br>£<br>24,922<br>At 31.3.21<br>£<br>374,100<br>8,333<br> __________<br>382,433<br>2,679,318<br>17,645<br>101,300<br> ____________<br>2,798,263<br>358,211<br> _____________<br>3,538,907|
|---|---|---|



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## THE BRITISH SPORTING ART TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

## 18. MOVEMENT IN FUNDS – continued 

Net movement in funds, included in the above are as follows: 

|Unrestricted funds<br>General fund<br>Curatorship<br>Restricted funds<br>Gifts and Requests<br>Revaluations<br>Endowment funds<br>Endowment funds<br> <br>TOTAL FUNDS|Unrestricted funds<br>General fund<br>Curatorship<br>Restricted funds<br>Gifts and Requests<br>Revaluations<br>Endowment funds<br>Endowment funds<br> <br>TOTAL FUNDS|Unrestricted funds<br>General fund<br>Curatorship<br>Restricted funds<br>Gifts and Requests<br>Revaluations<br>Endowment funds<br>Endowment funds<br> <br>TOTAL FUNDS|Unrestricted funds<br>General fund<br>Curatorship<br>Restricted funds<br>Gifts and Requests<br>Revaluations<br>Endowment funds<br>Endowment funds<br> <br>TOTAL FUNDS|
|---|---|---|---|
||<br> <br>|||
||<br> <br>|5,740<br>-||
|||172,168(|158,286)12|



The curatorship fund was set up in 2016 in respect of donations to cover Curatorial costs and includes a Curatorship donation received in advance.  Donations for the restoration of the Mead Photographic Collection (net £17,645) is also noted separately within Restricted Funds. The Gifts and Bequests fund represents the value of the paintings, prints and objets d’art, and library that have been gifted to the Trust. 

An earlier endowment fund appeal raised £250,000 to provide a reserve so that the Trust could maintain its objectives as disclosed in the Trustees Report.  The Trustees have undertaken to defray the Management Fee of the Gallery from other income of the Trust. 

## 19 RELATED PARTY DISCLOSURES 

Two Trustees are also Trustees of the National Horseracing Museum (charity number 283656).  One Trustee donated £29,908 for the sponsorship of the Edwards Exhibition and the purchase of a picture.  During the year the Trust paid £78,866 to the museum in respect of Management Fees and for the Trust’s shared staff costs in respect of a joint Administrator and Packard Curator. 

Trading income from shop sales is shown in the accounts after a 30% deduction by The National Horseracing Museum.  The maximum deduction for the year totals £206. 

## 20. Year ended 31 March 2022 – Heritage Assets Five Year Summary 

|2022<br>£<br>B/fwd<br>2,855,114<br>Additions<br>24,690<br>Revaluation101,300 <br>C/fwd<br>2,981,104|2021<br>2020<br>2019<br>2017<br>£                         £                        £<br>2,815,854        2,794,578        3,181,824       3,166,426<br>39,260              21,276                    838             15,398<br>  -  <br>-  (388,084) <br> - <br>2,855,114         2,815,854        2,794,578        3,181,824|
|---|---|



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## THE BRITISH SPORTING ART TRUST 

## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 

|_________________________________________________________________<br> <br>INCOME AND ENDOWMENTS<br>Donations and legacies<br>Gifts of pictures, prints and books<br>Donations and sponsorship and legacy<br>Subscriptions, life membership and tax recovered<br> <br>Other trading activities<br>Functions, visits and Auction<br>Trading income<br>Investment income<br>Income from listed investments<br>Deposit account interest<br> <br> <br>Total incoming resources<br> <br>EXPENDITURE<br>Other trading activities<br>Functions, visits and Auction<br>Newsletters and essays<br>Trading expenses<br>Investment management costs<br>Portfolio management<br> <br>Charitable activities<br>Printing, postage, stationery and telephone<br>Sundry<br>Carried forward|_________________________<br>31.3.22<br>£<br>5,490<br>97,675<br> <br>24,933<br>128,098<br> <br>24,528<br>10,784<br>35,312<br>8,749<br> 9 <br> 8,758 <br>172,168<br> <br>8,154<br>3,828<br>3,827 <br>15,809<br>3,570<br>7,940<br>187<br>8127|_____________________<br>31.3.21<br>£<br>34,260<br>99,565<br> 21,273<br>155,098<br>-<br> 7,804<br>7,804<br>8,720<br> 62<br> 8,782<br>171,684<br>-<br>3,720<br> 4,524<br> 8,244<br>3,165<br>5,561<br>67<br>5,628|
|---|---|---|



This page does not form part of the statutory financial statements 

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## THE BRITISH SPORTING ART TRUST 

## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 

_______________________________________________________________________________________________________________ 

|<br>Charitable activities<br>Brought forward<br>Edwards Exhibition Costs<br>Munnings Exhibition Costs<br>Packard curatorship<br>Zoom charges<br>Database and website development<br>Conservation<br>Travel and expenses<br>Paypal charges<br>Christmas tree costs-covered by specific donation<br>NHRM management fee<br>Picture auction<br>Book binding costs<br>Legal costs for conversion to a Charitable Incorporated<br>Organisation<br>Fixtures and fittings<br>Computer equipment<br>Peterborough Show<br>Support costs<br>Governance costs<br> Auditors’ remuneration<br>Legal and professional fees<br>Total resources expended<br>Net income before gains and losses<br>Realised/Unrealised recognized gains and losses<br>Realised gains/(losses) on fixed asset investments<br>Unrealised gains/(losses) on fixed asset investments<br> <br>Net Income|31.3.22<br>31.3.21<br>£                                       £<br>8,127<br>5,628<br>27,828<br>15,454<br>11,609<br>-<br>50,000<br>50,000<br>637<br>100<br>3,337                                    59<br>696                                   -<br>893<br>-<br>220                                    81<br>-                                        361<br>28,866<br>28,081<br>396<br>-<br>420<br>-<br>-<br>(200)<br>467<br>292<br>609<br>1<br>302                                     -<br>_____________<br>_____________<br>134,407<br>99,857<br>4,500<br>6,000<br>-                                         -<br>_____________<br>______________<br>158,286<br>117,266<br>13,882<br>54,418<br>11,480<br>(6,405)<br>12,356<br>101,173<br>______________                  _______________<br> 37,718 149,186|
|---|---|



This page does not form part of the statutory financial statements 

Page 24