CHARITABLE INCORPORATED ORGANISATION NUMBER 1182442 AUDITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE BRITISH SPORTING ART TRUST
THE BRITISH SPORTING ART TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sr MARCH 2024 Page Ito5 Report ofthe Trustees. Report ofthe Independent Auditors. 6t09 Statement of Financial Activities. io Balance Sheet. Ilto12 Notes to the Financial Statements. 13to22 Detailed Statement of Financial Activities. 23to24
THE BRITISH SPORTING ART TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charitys trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102 OBIECTIVES 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 activitles The year saw a program of redisplay in Palace House. The top floor reopened with Munnings pictures and a display of the sculptor, John Skeaping. Three new acquisitions by contemporary artists, Charles Church. Tania Still and Marcus Hodge were also hung, the first being unveiled by our patron HM Queen Camilla. Picture labels were also redesigned to ensure uniformity and to provide additional information. Three visits were organized during the year. The series of online lectures continue to be very popular and these are also open to non-members. The vision shaping the Trusvs 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 foryoung 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 theycontinue to reflectand furtherits aims and objectives. In planning activities, the Trustees have paid due regard to the Charity Commissions 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 4.000 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 vSew our exhibitions and use the library when the facilities are open. Page I
THE BRITISH SPORTING ART TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 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. A prize was also given to an artist in respect of the Society of Equestrian Artists. The Trusys premises at Palace House has a world-class display 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 ofthe Trust's own picture and objet d'art. FINANCIAL REVIEW Treasurer's report The Trust recorded an overall surplus of some £80,000 before gifts of pictures and books (£38,892) and gains on investments [£24,881). This surplus reflects a verygenerous legacy of £IOO,000 from the Nancy Bateman Charitable Trust and a grant of £1,800 for the development of the Tom Carr sketch books. Subscription income was down bysome £2,000 reflecting a slight reduction in membership. Excluding one off items of income and expenditure, gifts, restricted donations and net gains on investments, the Trust made an overall operational loss of some £17,400 compared with £20,500 in the previous year. Investment policy, objectives and performance The Trustees have absolute discretion to invest in any shares. stocks, funds, securities, land, buildin& 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 tnedium risk profile with some 17¥0 invested in fixed interest securities, 19% in UKequities and 44% in overseas equities, 15 % in alternatives and the balance in cash. The portfolio is held for the longer term and has an estimatedyield of 2.7%. Duringtheyearthe fund made netgains of some £2,000 and an overall net revaluation surplus of some £23.000 compared with a netloss in the previous year of some £35,000. Reserves policy It is the policy of the Trust to maintsin unrestricted funds, which are the free reserves of the Trust, at a level which equates to approximately twelve months unrestricted expenditure. At 31st March 2024 free reserves were £251,901. This figure includes the Michael Kidson legacy and an anonymous donation both within the investment portfolio. Excluding these amounts the net free reserves were £141,542. STRUCTURE, GOVERNANCE35, AND MANAGEMENT Governing document The Trust is constituted by Trust Deed dated 1st April 2019 and is a Charitable Incorporated Organisation number 1182442. Page 2
Trustees The management of the Trust is the responsibility ofthe Trustee5 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 31st March 2025 in accordance with the Trust Deed. STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure Trustees.. In addition to the annual meeting, which must be held eachyear, the Trustees mayhold 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 ofex officio officers plus up to six members elected by the Trustees and is responsible for the rnanagement ofthe 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 ofthe 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 2024 REFERENCE AND ADMINISTRATIVE DETAILS Patron Her Majesty the Queen Trustees John Chatfeild-Roberts (Chairman) Brian Allen(resigned 5th lanuary 2024) Patricia Connor lonathan Fountain Georgina Gold Katherine Stewart Sarah Rouhani Julian Gascoigne Honorary Solicitor Vacant Honorary Treasurer David Burton Executive Committee Tim Cox (Chairman) Ann Cairns Dr Hannah Clark Dr Christopher Davenport-Jones Diana Hill Caroline Playne (resigned Isr May 2024) Nicholas Price Administrator Sally Bills (resigned 27th July 2023] Kate Rogers (appointed 27th July 2023) Packard Curator Katherine Field Friends of Sporting Art USA Patricia R. St. Clair, President Auditors Moore Green Chartered Accountants 22 Friars Street Sudbury, Suffolk COIO 2AA Page 4
THE BRITISH SPORTING ART TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Bankers Weatherbls Bank Sanders Road Wellingborough Northamptonshire NN9 4BX Investment Managers Rathbones Investment Management Limited Port of Liverpool Building Pier Head Liverpool L3 INW 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 offraud and other irregularities. Approved by order of the board of trustees on 13th September 2024 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 SportingArt Trust {the'charity') for the year ended 31 March 2024 on pages ten to twenty-two. 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 GenerallyAccepted Accounting Practicej. In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources for the period then ended.. have been properly prepared in accordance with United Kingdom GenerallyAccepted 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 (UKJJ 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 relatlng 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 other information comprises the information included in the trustees, annual report2 other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, considerwhether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH SPORTING ART TRUST rise to a 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 facL We have nothing to report in this regard. 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. Auditor 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 the regulations made under section 154 of thatAct. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 respect of irregularities , including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH SPORTING ART TRUST We assessed and concluded that the charities key area was in relation to heritage asset valuation, with a updated professional valuation being undertaken this year. Because of the inherent limitations olan audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation As part of an audit in accordance with ISAS (UK), we exercise professional judgment and-maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor's report. However. future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content OF the financial statements. including the disclosures, and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation (ie. gives a true and fairview). We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH SPORTING ART TRUST 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 matter5 we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept 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. Mr Nicholas Farr Bsc FCA Senior Statutory Auditor For and on behalf of Moore Green Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 22 Friars Street Sudbury Suffolk COIO 2AA Date: 21.11.2024 Page 9
THE BRITISH SPORTING ART TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Unrestricted Restricted Endowment Total funds. Total funds Funds Funds Fund Notes INCOME AND ENDOWMENTS FROM Donations, Subscriptions and gifts Other trading activities Investment Income 131,604 12,743 12,052 40,692 172,296 12,743 12,052 154,277 28,984 10,409 Total 156,399 40,692 197,091 193,670 EXPENDITURE ON Raising funds Charitable activities Operation of gallery and exhibitions 14,410 2,520 16,930 24,142 56,922 4,267 61,189 125.739 Total 71,332 4,267 2.520 78,119 149,881 Net gains/(losses) on investments 18,747 24,881 (35,529) NET INCOME/LOSS 91,201 36,425 16.227 143.853 8,260 Other recognized gains/Oosses) Gains/(losses) on revaluation of heritage assets Net movement in funds. 91.201 36.425 16,227 143,853 8,260 RECONCILIATION OF Funds Total funds brought forward 366,934 2.851.333 328.900 3,547.167 3,538,907 TOTAL FUNDS CARRIED FORWARD CONTINUING OPERATIONS All income and expenditure has arisen from continuing operations Continued..... The notes form part oFthese financial statements Page 10
THE BRITISH SPORTING ART TRUST BALANCE SHEET AT 31 MARCH 2024 31.3.24 31.3.23 Unrestricted Restricted Endowment Total funds Total Funds Notes Funds Funds Fund FIXED ASSETS Tangible assets Heritage a55ets. Investments li 12 13 400 205,834 io 400 1,210 3,078,394 3.034,934 430 186 2,872,560 Total 312,284 2,872,560 324,136 3,508,980 3,444,666 CURRENT ASSETS Stocks Debtors Investments Cash at bank 14 15 16 500 32,799 7,240 500 32,799 28,763 500 30.208 28.921 05 21,523 154,848 15,198 21,523 191,569 110,687 CREDITORS Amounts falling due within one year 17 [8,997) (532) (9,529) [8,186] NET CURRENT ASSETS 145 851 102 501 TOTAL ASSETS LESS CURRENT LIABILITIES 458,135 2,887,758 345,127 3,691,020 3,547.167 NET ASSETS FUNDS Unrestricted funds Restricted funds Endowrnent funds 18 458,135 366,934 2,887,758 2,851,333 345 127 32 TOTAL FUNDS The notes form part of these financial statements continued.... Page 11
THE BRITISH SPORTING ART TRUST BALANCE SHEET-CONTINUED AT 31 MARCH 2024 The financial statements were approved by the Board of Trustees on 13th September 2024 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 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements ofthe 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 l 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 entitlementto the funds, it is probable that the income will be received, and the amount can be measured reliably. Voluntaryincome received byway ofdonations and gifts to theTrust is included in full inthestatement of Financial Activities when received. Gifts ofheritage assets are included in the Statement of Financial Activities at marketvalue. Legacy income is recognized Following a grantof probate when the executor or administrator has communicated in writing both the amount and the settlement date, which is normallywhen received. Income from other trading activities is included in the Statement of Financial Activities when receivable. Investment income is also Éncluded 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 econornic benefits will be required in settlementand 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 charitable activities include all resources expended by the Trust in undertaking its work to meet its charitable objectives. Page 13
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 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 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%0 Other office equipment io% Library & gallery equipment IO% and 200 straight line straight line straight line HERITAGE ASSETS Heritage assets are stated at market value which is considered to be their fair value. A revaluation of painting, prints and objects 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 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 ofthe unrestricted funds of the charity. Restricted funds can only be used for particular restricted purposes within the objects of 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 2024 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 unrealised gains and losses arising on investment revaluations and disposal 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. DONATIONS AND SUBSCRIPTIONS 31.3.24 31.3.23 Gifts of pictures, prints, objets d'art and books Donations and sponsorship Subscriptions, life membership and tax recovered 38.892 106.348 53,050 71.847 OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Funrtions. visits Trading income 8,140 7,633 INVESTMENT INCOME 32.3.24 31.3.23 Income from listed investments Interest 12,018 10,400 Page 15
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS Other trading activities 31.3.24 31.3.23 Functions and visits Newsletter and essays Trading expenses 7,677 3,865 4,810 4,092 Investment management costs 31.3.24 31.3.23 Portfolio management (Unrestricted £825 Endowment £2,520) Aggregate amounts CHARITABLE ACTIVITIES COSTS Direct costs Support costs [see note 7) 31.3.24 31.3.23 Operation of gallery and exhibitions 61,189 125,739 SUPPORT COSTS 31.3.24 31.3.23 Governance costs- auditorfs remuneration Page 16
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THEYEAR ENDED 31 MARCH 2024 TRUSTEE'S REMUNERATION AND BENEFITS There were no trustee's remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. TRUSTEE'S EXPENSES There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowment Total funds funds funds fund INCOME AND ENDOWMENTS FROM Donations and legacies 101.207 53,070 154,277 Other trading activities 28.984 28,984 Investment income Total 140.600 53.070 193,670 EXPENDITURE ON Raising funds Charitable activities Operation of gallery and exhibitions 21,601 2,541 24,142 125 739 125 739 Total 147,340 2,541 149,881 Net gains/Oosses) on investments (8,759) (26,770) (35,529) Page 17
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 COMPARITIES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- contlnued Unrestricted Restricted Endowment Totsl funds funds funds fund NET INCOME (15,499) 53,070 [29,311) 8,260 Other recognized gains/losses Gains/[losses) on revaluation of heritage assets Net movement in funds [15,499) 53,070 (29.311) 8,260 RECONCILIATION OF FUNDS Total ndS brought fonvard 382,433 2,798,263 358,211 3.538,907 TOTAL FUNDS CARRIED FORWARD 366,934 2,851.333 328,900 3,547,167 10. AUDITOR'S REMUNERATION 31.3.24 31.3.23 Audit (inclusive of VAT) 4,965 4,725 Page 18
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL sfATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 11. TANGIBLE FIXED ASSETS Fixtures and Computer Fittings equipment Totals COST At l April 2023 Additions At 31 March 2024 4,608 1,992 322 6,600 322 DEPRECIATION At l April 2023 Charge for period 4,119 1,271 681. 5,390 At 31 March 2024 NET BOOKVALUE At 31 March 2024 At 31 March 2023 1,210 12. HERITAGE ASSETS MARKET VALUE At l April 2023 Additions At 31 March 2024 Total 3.034,934 43.460 NET BOOK VALUE At 31 March 2024 At 31 March 2023 31.3.24 31.3.23 Paintings. prints and objets d'art Library and gallery 3,025,226 2,986,070 Total Prints and other works of art purchased by the Trust are included in the above figures at £208,101 The historic cost at 31 March 2024 was £133,825 Page 19
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 12. HERITAGE ASSETS All paintings, prints and objets d'artwere revalued by Nicholas Price. a member of the Executive Comrnittee, whom is an independent dealer specialising in British and European prints and oils in August 2024. The library and gallery includes £51,347 of which £4,267 relates to the Robert Fountain books gifted in 2024,£25,000 relates 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 £5,000. The remaining £l.000 relates to the value of fixtures and fittings within the gallery, which were revalued by the Trustees in November 2016. The value of books was reviewed in 2024 and deemed to be unchanged. 13. FIXED ASSET INVESTMENTS Listed Investments MARKET VALUE At l April 2023 Additions Disposals Revaluation 408,522 35,772 (37,020) At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 The historic cost of the listed securities at 31 March 2024 was £361.843 14. STOCKS 31.3.24 31.3.23 Trading stock 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Other debtors Page 20
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 16. CURRENT ASSET INVESTMENTS 31.3.24 31.3.23 Cash held within investment portfolio 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Other creditors 18. MOVEMENT IN FUNDS Net Movement in Funds At 1.4.23 At31.3.24 Unrestricted funds General fund 366,934 91,201 458,135 366,934 91,201 458,135 Restrlcted funds Gifts and Bequests 2,833,668 38,892 2,872,560 Mead donations Tom Carr Archive 17.665 (2,967) 14,698 2,851.333 36,425 2,887,758 Endowment funds Endowment fund 328.900 16,227 345,127 TOTAL FUNDS 3,547,167 143,853 3,691,020 Page 21
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incoming Resources resources expended Gains and Losses Movement in funds Unrestricted funds General fund 156,399 [71,332] 6,134 91,201 Restricted funds Gifts and Bequests Mead Collection Tom Carr project 38,892 38,892 (2,967) 500 (2,967) (1.300) 1,800 Endowment funds Endowment funds [2,520) 18,747 16,227 TOTAL FUNDS 24,881 143,853 Donations for the restoration of the Mead Photographic Collection (net £14,698) and the Tom Carr Archive (net £500J are 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 ofthe Trust. 19 RELATED PARTY DISCLOSURES Two Trustees are also Trustees of the National Horseracing Museum (charity number 283656). During the year theTrustpaid £34,989 to the museum in respectof Management Fees and for the Trust's shared staff costs in respect of a joint Administrator. One trustee donated £216 towards the cost of the BSAT Dinner held in February 2024. Trading income from shop sales is shown in the accounts after a 30 % deduction by The National Horseracing Museurn. The maximum deduction for the year totals £674. 20. Year ended 31 March 2024- Heritage Assets Five Year Summary 2024 2023 2022 2021 2020 B/fwd Additions Revaluation C/fwd 3.034,934 43,460 2,981.104 53.830 2,855,114 24,960 101,300_ 2,981,104 2,815,854 39,260. 2,794578 21.276 3,078,394 3,034,934 2,855,114 2,815,854 Page 22
THE BRITISH SPORTING ART TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and legacies Gifts of pictures, prints and books Donations. sponsorship and legacy Subscriptions and tax recovered 38,892 106,348 53,050 71,847 172.296 154,277 Other trading activities Functions and visits Trading income 8.140 4,603 12.743 7,633 28,984 Investment income Income from listed investments Deposit account interest 12.018 34 10,400 Total incoming resources 197.091 193.670 EXPENDITURE Other trading activities Functions, visits and Auction Newsletters and essays Trading expense5 7,677 3,865 4,810 4,092 11,867 Investment management costs Portfolio management 3.345 3,373 Charitable activities Printing, postage, stationery and telephone Mead development Carried Forward 7,784 2,967 10,751 9,061 9,061 This page does not form part of the statutory financial statement Page 23
THE BRITISH SPORTING ART TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Charitable artivities Brought fonvard Tom Carr archive costs Munnings Exhibition Costs Packard curatorship Zoom charges Database and website development Society of Equestrian Artists prize Travel and expenses Paypal/sutnup charges Charles Church picture unveiling NHRM management fee Gallery costs Recruitment fee Lecture Fees Executive Meeting Costs Fixtures and fittings Computer equipment Peterborough Show 10,751 1,300 9.061 58,819 8,333 635 5,140 648 838 250 458 132 2,368 34,989 558 2,800 952 349 2,807 31,479 1,228 309 227 502 662 511 681 451 56,224 121,014 Support costs Governance costs Auditors, remuneration Legal and professional fees 4,965 4,725 Total resources expended 78,119 149,881 Net income before gains and losses 118,972 43,789 Realised recognized gains and losses Realised gains on fixed asset investments 1,969 17,778 Net Incorne 120,941 This page does not form part of the statutory financial statements Page 24