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 charl￿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 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