CHARITABLE INCORPORATED ORGANISATION NUMBER CE016802 CHARITY NUMBER 1182442 AUDITED REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR THE BRITISH SPORTING ART TRUST
THE BRITISH SPORTING ART TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 Page Ito5 Report of the Trustees. Report of the 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 2025 The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I 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 Research continues to be carried out for the new acquisitions which will form part of the renewed displays in Palace House planned for later in 2025. The displays will also include a new commission carried out for the Trust by Susie Whitcombe. Five 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 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 theTrust's premises at Palace House, Newmarket continues to display sporting artthroughoutthe ages with many significant loans whenever possible. Public benefit The Trusvs activities are reviewed each year to ensure theycontinue to reflect and further its 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 view 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 2025 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 Trusvs Library is also actively encouraged, particularly for educational purposes. A prize was also given to an artist in respectof the Society ofEquestrian Artists. The Trusvs 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 loss of some £20,400 before gifts of pictures and books (£21,500) and net gains on investments (£3,835). This loss reflects a significant redllction in subscription income of £4,431 and £6,037 in the Meads archive restoration costs. The Trusvs overall loss of son]e £20,400 compares with an equivalent loss of some £17,400 in the previous year. Investment policy, objectives and perforniance 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 poliry is to generate a balance between income and capital growth. The fund has a Tnedium risk profile with some 19 % invested in fixed interest securities, 19 % in UK equities and 450/0 in overseas equities, 14 % in alternatives and 3 % in cash. The portfolio is held for the longer term and has an estimated yield of 2.4010. During the year the fund made net gains of some £15,000 and an overall net revaluation loss of some £11,000 compared with a net gain in the previous year ofsome £25,000. Reserves policy It is the policy ofthe 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 31st March 2025 free reserves were £228,038. This figure includes the Michael Kidson legacy and an anonymous donation both within the investment portfolio. Excluding these amounts the net free reserves were £117.597. STRUCTURE, GOVERNANCE35, AND MANAGEMENT Governing document The Trust is constituted by Trust Deed dated 1st April 2019 and is a Charitable Incorporated Organisation number CE016802, Charity number 1182442. Page 2
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 31st March 2028 in accordance with the Trust Deed. STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure Trustees.. In addition to the annual meetin& 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 Incoryorated Organisation Number CE016802 Charity 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 2025 REFERENCE AND ADMINISTRATIVE DETAILS Patron Her Majesty the Queen Trustees John Chatfeild-Roberts (Chairman] Patricia Connor Jonathan Fountain Georgina Gold Katherine Stewart Sarah Rouhani Julian Gascoigne Alexandra Henton [ appointed 13th September 2024] Honorary Solicitor Vacant Honorary Treasurer David Burton Executive Committee Tim Cox (Chairman) Ann Cairns Dr Hannah Clark Dr Christopher Davenport-lones Diana Hill Sally Bills( appointed April 2024) Nicholas Price( deceased February 2025) Administrator Kate Rogers Packard Curator Katherine Field Friends of British 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 2025 REFERENCE AND ADMINISTRATIVE DETAILS Bankers Weatherby's 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 ofthe 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 ofthe incoming resources and application of resources, including the income and expenditure, ofthe 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 ofthe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order ofthe board of trustees on 12 September 2025 and signed on its behalfby 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 ArtTrust [the'charity') for the year ended 31 March 2025 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 Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view ofthe state of the charity's affairs as at 31 March 2025 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 Art 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 reporL 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 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, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course ofthe 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 fact. 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 ofTrustees 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 charlS 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 that Act. 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 ofassurance, 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 of an 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 thrOU)0ut 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 lor 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 ofthe trustees, use ofthe 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 auditor's 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 auditorfs 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 underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view). 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 ofour 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 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. Moore Green Senior Statutory Auditor For and on behalf of Moore Green Chartered Accountants 22 Friars Street Sudbury Suffolk COIO 2M Date: 11 December 2025 Moore Green iseligiblefvrappointrnentas ouditorofthe charity ty virtue ofitseligibilityfvrappointmentas auditorofo company undersection 1212 ofthe Compani&sAct200& Page 9
THE BRITISH SPORTING ART TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 31.3.25 Unrestricted Restricted Endowment Total funds Funds Funds Fund 31.3.24 Total funds Notes INCOME AND ENDOWMENTS FROM Donations, Subscriptions and gifts Other trading activities Investment Income 33,142 17,046 11,364 22,000 55,142 17,046 11.364 172,296 12,743 12,052 Total 61,552 22,000 83,552 197,091 EXPENDITURE ON Raising funds Charitable activities Operation of gallery and exhibitions 19,891 2,634 22,525 16,930 53,911 6,037 59,948 61,189 Total 73,802 6,037 2,634 82,473 78,119 Net gains/[losses) on investments NET INCOME/LOSS (11,303) 15,963 254 4,914 143,853 Other recognized gains/{losses) Gains/(losses] on revaluation of heritage assets Net movement in funds. (11,303) 15,963 254 4.914 143.853 RECONCILIATION OF Funds Total funds brought forward 458,135 2.887.758 345,127 3,691,020 3,547,167 TOTAL FUNDS CARRIED FORWARD CONTINUING OPERATIONS All income and expenditure has arisen from continuing operations Continued... The notes form part of these financial statements Page 10
THE BRITISH SPORTING ART TRUST BALANCE SHEET AT 31 MARCH 2025 31.3.25 Unrestricted Restricted Endowment Total funds Notes Funds Funds Fund 31.3.24 Total funds FIXED ASSETS Tangible assets Heritage assets. Investments li 12 13 973 217,821 973 400 3,111,881 3,078,394 2,894,060 Total 328,719 2,894,060 335,980 3.558.759 3,508,980 CURRENT ASSETS Stocks Debtors Investments Cash at bank 14 15 16 500 32,383 3.333 500 32,383 13.266 103 135 500 32,799 28,763 129 507 9,933 129,690 9,661 9,933 149,284 191,569 CREDITORS Amounts falling due within one year 17 (11,577] [532) (12,109) [9,529) NET CURRENT ASSETS 118 113 137 175 182 040 TOTAL ASSETS LESS CURRENT LIABILITIES 446,832 2.903,721 345.381 3.695.934 3,691,020 NET ASSETS FUNDS Unrestricted funds Restricted funds Endowment funds 18 446,832 2,903,721 345 381 458,135 2,887,758 345 127 TOTAL FUNDS The notes form part ofthese financial statements continued.... Page 11
THE BRITISH SPORTING ART TRUST BALANCE SHEET-CONTINUED AT 31 MARCH 2025 The financial statements were approved by the Board ofTrustees on 12 September 2025 and were signed on its behalfby= 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 2025 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 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 othenvise 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 illcome is recognized in the Statement of Financial Activities once the charityhas entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Voluntary income received byway of donations and giftsto theTrust 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 marketvalue. Legacy income is recognized followinga grant of probatewhen 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 construrtive 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 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 2025 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 Other office equipment Library & gallery equipment straight line straight line IOO/o 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 a55ets 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 ofthe 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 statemenL Page 14
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 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 31.3.25 31.3.24 Gifts of pictures, prints , objets d'art and books Donations, legacy and sponsorship Subscriptions, life membership and tax recovered 21,500 11,016 38,892 106,348 OTHER TRADING ACTIVITIES 31.3.25 31.3.24 Functions, visits Trading income 12,945 8,140 INVESTMENT INCOME 32.3.25 31.3.24 Income from listed investtnents Interest 11,285 79 12,018 34 Page 15
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 RAISING FUNDS Other trading activities 31.3.25 31.3.24 Functions and visits Newsletter and essays Trading expenses 12,835 3,656 7.677 3,865 19 28 Investment management costs 31.3.25 31.3.24 Portfolio management (Unrestricted £863 Endowment £2,634) Aggregate amounts CHARITABLE ACTIVITIES COSTS Direct costs Support costs (see note 7) 31.3.25 31.3.24 Operation of gallery and exhibitions 59,948 61.189 SUPPORT COSTS 31.3.25 31.3.24 Governance costs- auditor's remuneration Page 16
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEE'S REMUNERATION AND BENEFITS There were no trustee's remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. TRUSTEE'S EXPENSES There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowment Total funds funds funds fund INCOME AND ENDOWMENTS FROM Donations and legacies 131,604 40,692 172,296 Other trading activities 12,743 12,743 Investment income Total 156,399 40,692 197,091 EXPENDITURE ON Raising funds Charitable activities Operation of gallery and exhibitions 14,410 2,520 16,930 Total 71,332 4,267 2,520 78,119 Net gains on investments 6,134 18,747 24,881 Page 17
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total funds funds funds fund NET INCOME 91,201 36,425 16,227 143,853 Other recognized gains/losses Gains/[losses) on revaluation of heritage assets Net movement in funds 91,201 36,425 16.227 143,853 RECONCILIATION OF FUNDS Total funds brought forward 366,934 2,851,333 328,900 3,547,167 TOTAL FUNDS CARRIED FORWARD 458,135 2,887,758 345,127 3,691,020 10. AUDITOR'S REMUNERATION 31.3.25 31.3.24 Audit (inclusive ofVAT) 7,050 4,965 Page 18
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 ii. TANGIBLE FIXED ASSETS Fixtures and Computer Fittings equipment Totals COST At l April 2024 Additions At 31 March 2025 4,608 2,314 6,922 DEPRECIATION At l April 2024 Charge for period 4,570 1,952 6,522 At 31 March 2025 li NET BOOKVALUE At 31 March 2025 At 31 March 2024 400 12. HERITAGE ASSETS MARKET VALUE At l April 2024 Additions At 31 March 2025 Total 3,078.394 33,487 NET BOOK VALUE At 31 March 2025 At 31 March 2024 3 111881 31.3.25 31.3.24 Paintings, prints and objets d'art Library and gallery 3,058,713 3.025,226 Total Prints and other works of art purchased by the Trust are included in the above figures at E220.088 The historic cost at 31 March 2025 was £145,812. Page 19
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 12. HERITAGE ASSETS All paintings, prints and objets d'artwere revalued by Nicholas Price, a member of the Executive Committee, in April 2019. In August 2022 a review of paintings valued in excess of £15,000 was carried out by Nicholas Price resulting in a net revaluation of£lOO,000 and reflected in the accounts in the year to March 2022. A further review of all paintings ,prints and objets d'art was carried out by Nicholas Price in August 2024 and no change in the overall valuation was recommended. The library and gallery includes £53,168 of which £4,267 relates to the Robert Fountain books gifted in 2024,£25,500 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. £1,000 relates to the value of fixtures and fittings within the gallery, which were revalued by the Trustees in November 2016. The remaining value of books was £1,321 reviewed in 2024 and deemed to be unchanged. 13. FIXED Ass INVESTMENTS Listed Investments MARKET VALUE At l April 2024 Additions Disposals Revaluation 430,186 44.998 (18,224) At 31 March 2025 44 NET BOOKVALUE At 31 March 2025 At 31 March 2024 The historic cost of the listed securities at 31 March 2025 was £389,024 14. STOCKS 31.3.25 31.3.24 Trading stock 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Other debtors Page 20
THE BRITISH SPORTING ART TRUST NOTES TO THE FJNANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 16. CURRENT ASSET INVESTMENTS 31.3.25 31.3.24 Cash held within investment portfolio 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Other creditors 18. MOVEMENT IN FUNDS Net Movement in Funds At 1.4.24 At 31.3.25 Unrestricted funds General fund 458,135 [11,303) 446,832 458,135 (11,303) 446,832 Restrirted funds Gifts and Bequests 2,872,560 21,500 2,894,060 Mead donations Tom Carr Archive 14,698 [5,537} 9,161 2,887,758 15,963 2,903.721 Endowment fvnds Endowment fund 345,127 254 345,381 TOTAL FUNDS 3,691,020 4,914 3,695,934 Page21
THE BRITISH SPORTING ART TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 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 61.552 (73,802) 947 (11,303) Restricted funds Gifts and Bequests Mead Collection Tom Carr project 21,500 500 21,500 [5,537) (6,037) Endowment funds Endowment funds (2,634) 2,888 254 TOTAL FUNDS 3,835 4,914 Donations for the restoration ofthe Mead Photographic Collection (net £9,161) and the Tom Carr Archive (net £500) are within Restricted Funds. The Gifts and Bequests fund represents the value ofthe 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 ofthe Gallery from other income of the Trust. (W23) 19 RELATED PARTY DISCLOSURES Two Trustees are also Trustees of the National Horseracing Museum (charity number 283656). Duringtheyear theTrust paid £36,654 to the museum in respect ofmanagement Fees and for the Trust's shared staff costs in respect of a joint Administrator. Trading income from shop sales is shown in the accounts after a 30 % deduction by The National Horseracing Museum. The maxin]um deduction for the year totals £365. During the year Christopher DavenportJones, a member ofthe executive committee. was Reimbursed £1,189 for organizing visits across the country. 20. Year ended 31 March 2025- Heritage Assets Five Year Summary 2025 2024 2023 2022 2021 B/fwd Additions Revaluation C/fwd 3,078,394 33,487 3,034,934 43,460 2,981,104 53,830 2,855,114 24,690 101,300 2,981,104 2,815,854 39,260 3,111,881 3,078,394 3,034,934 2,855,114 Page 22
THE BRITISH SPORTING ART TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 31.3.25 31.3.24 INCOME AND ENDOWMENTS Donations and legacies Gifts of pictures, prints and books Donations, sponsorship and legacy Subscriptions and tax recovered 21,500 11,016 38,892 106,348 55,142 172,296 Other trading activities Functions and visits Trading income 12,945 io 17,046 8,140 603 12,743 Investment income Income from listed investments Deposit account interest 11,285 79 12,018 34 Total incoming resources 83,552 197,091 EXPENDITURE Other trading activities Functions and visits Newsletters and essays Trading expenses 12,835 3,656 7,677 3,865 Investment management costs Portfolio management 3,497 3,345 Charitable activities Printing, postage, stationery and telephone Mead development Carried forward 7,515 7,784 13,552 10,751 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 2025 31.3.25 31.3.24 Charitable activities Brought forward Tom Carr archive costs 13,552 10,751 1,300 Zoom charges Database and website development Society of Equestrian Artists prize Travel and expenses Paypal/sumup charges Charles Church picture unveiling NHRM management fee Gallery costs Recruitment fee 686 533 250 402 58 648 838 250 458 132 2,368 34,989 558 2,800 36,654 Fixtures and fittings Computer equipment Peterborough Show 198 161 404 681 451 52,898 56.224 Support costs Governance costs Auditors. remuneration Legal and professional fees 7,050 4,965 Total resources expended 82,473 78,119 Net income before gains and losses 1,079 118.972 Realised recognized gains and losses Realised gains on fixed asset investments 14,889 1,969 Net Income 15,968 This page does not form part of the statutory financial statements 120,941 Page 24