**Registered Charity Number 1193267**
## **THE PATRICK HERON TRUST**
# **REPORT AND ACCOUNTS For the year ending 31 March 2025**
## **THE PATRICK HERON TRUST TRUSTEES’ REPORT** _**For the year ended 31 March 2025**_
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025, the third year of operation.
The Trust was set up to provide ‘access to the work of abstract and figurative artist Patrick Heron 1920 – 1999’ and ‘promoting academic research, the useful results of which will be published for the public benefit.’
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Charity Name The Patrick Heron Trust Charity Registration Number** 1193267 **Registered Office** 13 Coinagehall Street, Helston, Cornwall TR13 8ER
## **Trustees**
The Trustees of The Patrick Heron Trust during the period and to the date of signing this report are as follows:
Ms Katharine Heron (Chair) Michael Bird Caroline Collier Ms Susanna Heron Mr John Wilkin
**Independent Examiner** Pete O’Hara FCA, Chartered Accountant, 26 La Sagesse, Jesmond, Newcastle upon Tyne NE2 3AF
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Documents**
The Patrick Heron Trust is a charitable trust, registered as a charity on 13 January 2021.
Eligibility for membership of the charity, and membership of the Board of Trustees, is governed by the Trust deed. There are no restrictions in the governing document on the operation of the charity other than those imposed by general charity law.
## **Structure and Governance**
The charity currently has a Board of five Trustees.
The Board meets a minimum of twice per year. The Board receives written reports and agendas which are circulated in advance of meetings.
2
**THE PATRICK HERON TRUST TRUSTEES’ REPORT**
## _**For the year ended 31 March 2025**_
## **STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)**
## **Recruitment and Appointment of Board of Trustees**
Trustees are elected to the Board based on discussions and recommendations offered by Trustees and outside advisors to the charity.
Two additional Trustees, Michael Bird and Caroline Collier, have been appointed and welcomed to the Board which will bring the total number to five, and with an increased range of experience. The Board will continue to seek additional Trustees.
The selection process primarily sought individuals who had an active interest in the work of Patrick Heron over many years, and with an engagement in making modern art accessible to a wider audience and for education and research purposes.
## **Trustee Induction and Training**
New Trustees are inducted by the Chair of the Board and are provided with a range of resources to support their understanding of the Trust’s activities. The balance of the Board is reviewed on an annual basis with reference to current skills on the board and the operational needs of the charity. Trustee training is delivered either through external advisors or other Trustees.
## **Reserves Policy**
The Trustees have reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission, having reviewed the risks facing the organisation, seeking to maintain a level of reserves which enables the charity to operate effectively with financial stability and the means to fulfil its charitable purpose.
The Trustees aim to hold a level of Unrestricted Reserves which enables the charity to have sufficient working capital to continue to operate and also reflects the risks associated with an inability to attract further funding.
If alternative sources of funding were not forthcoming, then this amount would provide the means for the Trust to complete any outstanding work and close the charity in an orderly manner.
The Trustees anticipate the Unrestricted Reserves needed to fulfil these criteria as £75,000 as a minimum, and the target level of Unrestricted Reserves to be in the range of £75,000 to £100,000.
The charity’s total Unrestricted Reserves at 31 March 2025 are £213,334 (2024: £256,937).
Free Reserves, defined as non-designated Unrestricted Reserves minus the value of Unrestricted Tangible Fixed Assets, are £130,506 (2024: £174,109).
Though this exceeds the optimum level, this is a result of the charity being at an early stage of its evolution and only now beginning to spend the reserves generated via original donations received.
The Trustees aim, through their budgeting processes, to reduce free Reserves to within the target range within 1-2 years.
The Board regularly reviews the level of reserves that are required to ensure that they are adequate to fulfil our continuing obligations and to allow the organisation to fulfil its charitable purpose.
3
**THE PATRICK HERON TRUST TRUSTEES’ REPORT**
_**For the year ended 31 March 2025**_
## **STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)**
## **Grant Making Policy**
The charity does not currently engage in grant-making activity.
## **The Contribution of Volunteers**
The charity does not currently work with volunteers.
## **OBJECTIVES AND ACTIVITIES**
## **Charitable Purpose**
The Objects of the charity are to advance public education in and appreciation of the arts by providing access to the work of the abstract and figurative artist Patrick Heron (1920-1999) and promoting academic research, the useful results of which will be published for the public benefit.
## **Public Benefit**
The Trustees understand and have discussed the implications of the provisions of the Charities Act 2006, which state that all charities must demonstrate that they are established for public benefit, and have had due regard to the public benefit guidance issued by the Charity Commission. The Trustees believe that the charity meets both of the key principles.
Principle 1 – There must be an identifiable benefit, or benefits
The Trust provides public benefit by advancing public education in and appreciation of the arts.
Principle 2 - Benefit must be to the public, or a section of the public
The Trust’s work is available to all members of the public.
## **Risk Management**
The Trustees of the charity regularly review the major governance, operational and financial risks which the charity faces as part of its annual business planning process and confirm that systems have been established to mitigate these risks.
The Trust has a risk management strategy in place which comprises:
- an annual review of the strategic risks the charity may face via the business plan
- the establishment of systems and procedures to mitigate those risks identified
- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
The Trustees are satisfied that appropriate financial systems and controls and employment policies and practices are in place.
4
## **THE PATRICK HERON TRUST**
**TRUSTEES’ REPORT**
_**For the year ended 31 March 2025**_
## **OBJECTIVES AND ACTIVITIES (CONTINUED)**
## **Risk Management (Cont.)**
The Trustees consider the key risks facing the charity at this time and the mitigating actions taken to be as follows:
Failure to secure adequate funding income (from trusts and foundations, earned income, individual giving and the impact of any shortfall on liquidity of the charity):
- Fundraising strategy regularly reviewed by Trustees and amended where appropriate.
- Regular review of reserves policy along with financial forecasts, cash flow management and review of operational business plan.
Compliance with legislation and regulations appropriate to the activities, size and structure of the charity
- Balanced Board with experienced Trustees, an annual Board calendar with applicable requirements noted, responsibilities assigned and monitored.
The Trustees also manage the general financial risks arising by ensuring that:
- Prudent budgets have been set for the next financial year
- The charity maintains a prudent, low cost operating base
- Reserves policies have been adopted which provide an appropriate amount of uncommitted reserves which will enable the charity to meet its liabilities.
## **Funding**
The Trust is currently funded by personal donations on which it has claimed Gift Aid. In addition, there are some small gifts that are not Gift Aided. Additional sources of funding will be considered in subsequent years including grant aid.
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**THE PATRICK HERON TRUST TRUSTEES’ REPORT** _**For the year ended 31 March 2025**_
## **ACHIEVEMENTS AND PERFORMANCE**
## **Summary of main achievements of the charity during the year**
## **Achievements and Performance**
To further the core objectives the Trustees have focussed on the following areas of work:
- The Catalogue Raisonné of Oil Paintings by Patrick Heron has been commissioned and good progress is being made. Publication is expected in spring 2027. Over 1000 oil paintings are included. The lead researcher and author is Dr Andrew Wilson, working with Assistant Researcher Dr Robert Sutton. The publisher is Art Publishing Inc. and a programme of public events is being organised in support of the publication.
- It is the Trust’s intention to develop Catalogue Raisonné for the other areas of work by Patrick Heron which entails supporting research.
- The intention to select a core collection of works by the artist to be owned by the Trust continues to be developed along with a plan for its long-term care. The larger part of this collection is expected to be bequeathed. However, the Trust also expects to purchase work to ensure the collection provides a representative range of work by Patrick Heron and to this end has purchased one work to date. The Trust will also accept gifts of works by Patrick Heron either into the collection or will negotiate a suitable onward gift to a museum or other public collection. The Trust was pleased to be able to facilitate one such gift last year and another is being negotiated this year.
- The Trust will ensure that it can provide the storage, care and insurance of any work in ownership, and make the work available for loan for public exhibitions. The loan of works to public exhibition will extend the visibility to a wider audience.
- The Trust will continue to actively seek equivalent exhibitions in museum and galleries over next five years.
- Developing a wider interest in the work of Patrick Heron has included talks about his work and the context in which it was made. This is informal dissemination by enabling groups of artists and art students to visit the garden at Eagles Nest which was Patrick’s home, which continues to be an annual event with the Newlyn Art School and others. These are informal arrangements at this stage to further the public network of interest in Patrick Heron, and through research by scholars and practitioners.
- The Trust have prepared a business plan which will be reviewed every year.
- The Trust has appointed an Administrator.
## **Financial Review**
The out-turn for the year is an unrestricted deficit of £(43,603) (2024: Surplus £32,547). The deficit will be deducted from Unrestricted Reserves, leaving a balance on Unrestricted Funds at 31 March 2025 of £213,334.
6
## **THE PATRICK HERON TRUST TRUSTEES’ REPORT** _**For the year ended 31 March 2025**_
## **FUTURE PLANS**
The charity’s activities remain at an early stage of development. Future work will include:
- Seeking other sources of funding.
- Supporting the ongoing Catalogue Raisonné of Oil Paintings to the point of publication.
- Supporting proposals for museum and gallery exhibitions in the UK and overseas.
- Monitoring of the business plan
- Developing the core collection and ensuring its secure storage to museum standards, with condition reports and, where necessary, undertaking conservation.
## **RESPONSIBILITIES OF THE TRUSTEES**
The Trustees are responsible for managing the business of the charity and may exercise all the powers of the charity unless restricted by the Charities Act or the constitution of the charity.
The Trustees are responsible for the preparation of financial statements for each financial year which show a true and fair view of the state of affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year.
In preparation of the financial statements the Trustees should follow best practice and:
1. Select suitable accounting policies and apply them.
2. Make judgements and estimates that are reasonable and prudent.
3. Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue on that basis.
The Trustees are responsible for maintaining proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity.
The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **DECLARATIONS**
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005 by the Charities Commission England and Wales).
This report was approved by the Board of Trustees on 5 June 2025 and signed on its behalf by:
**Ms Katharine Heron Chair/Trustee**
7
## **INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS ON THE UNAUDITED ACCOUNTS OF THE PATRICK HERON TRUST FOR THE YEAR ENDED 31 MARCH 2025**
I hereby report to the Trustees of The Patrick Heron Trust (Charity Registration Number 1193267) on my examination of the accounts for the year ended 31 March 2025 set out on pages 9 to 16.
## **Responsibilities and Basis of Report**
As the charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Having satisfied myself that the accounts of the charity are not required to be audited under charity law and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent Examiner’s Statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 130 of the 2011 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods or principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Pete O’Hara, FCA, Chartered Accountant**
## **Fellow of the Institute of Chartered Accountants in England & Wales**
26 La Sagesse, Newcastle upon Tyne NE2 3AF
5 June 2025
8
## **THE PATRICK HERON TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Note**
**Income**
Income from Investments
Income from Grants, Donations &
Legacies
2
Income from Charitable Activities
**Total Income**
**Expenditure**
Cost of Raising Funds
Expenditure on Charitable
Activities
3
**Total Expenditure**
**Net Income/(Expenditure)**
Balance brought forward at 1 April
**Balance carried forward at 31**
**March**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2025**
**Total**
**2024**
**£**
**£**
**£**
**£**
-
-
-
-
12,500
50,000
62,500
250,000
-
-
-
-|
|---|---|
||**12,500**
**50,000**
**62,500**
**250,000**
-
-
-
-
56,103
87,094
143,197
80,170|
||**56,103**
**87,094**
**143,197**
**80,170**|
||**(43,603)**
**(37,094)**
**(80,697)**
**169,830**
256,937
137,283
394,220
224,390|
||**£213,334**
**£100,189**
**£313,523**
**£394,220**|
The notes on pages 11 to 16 form part of the financial statements.
All of the activities of the charity are classed as continuing.
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
9
## **THE PATRICK HERON TRUST**
## **STATEMENT OF FINANCIAL POSITION/BALANCE SHEET**
_**AS AT 31 MARCH 2025**_
|**Notes**
**Fixed Assets**
Tangible Fixed Assets
6
**Current Assets**
Debtors
7
Cash At Bank & In Hand
**Creditors – Amounts Falling Due Within 1 Year**
8
Net Current Assets/(Liabilities)
**Total Net Assets**
9
**Represented by:**
Unrestricted Reserves
10
Restricted Reserves
10
The notes on pages 11 to 16 form part of the financial statements.|**2025**
**2024**
**£**
**£**
82,828
82,828
17,506
56,682
252,814
264,600|
|---|---|
||270,320
321,282
(39,625)
(9,890)|
||230,695
311,392|
||**£313,523**
**£394,220**|
||213,334
256,937
100,189
137,283|
||**£313,523**
**£394,220**|
|||
## **These financial statements were approved and signed by a Member of the Board of Trustees on 5 June 2025.**
## **Ms Katharine Heron Chair/Trustee**
10
## **THE PATRICK HERON TRUST**
## **NOTES TO THE ACCOUNTS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1. Accounting Policies**
## **Charity Information**
The Patrick Heron Trust is a charitable Trust. The registered office is 13 Coinagehall Street, Helston, Cornwall TR13 8ER. The charity is a public benefit entity.
## **Basis of Accounting**
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Statement of Recommended Practice (Charities SORP FRS 102) "Accounting and Reporting by Charities" and the Charities Act 2011.
The financial statements have been prepared on the historical cost basis.
Advantage has been taken of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a statement of cashflows.
The financial statements are prepared in sterling, the functional currency of the charity.
## **Taxation Status**
The Patrick Heron Trust is a Charity registered under the 1960 Charities Act and is accorded exemption from liability to taxation on its income under S505 Income and Corporation Taxes Act 1988.
## **Going Concern**
There are no material uncertainties about the charity's ability to continue.
## **Income**
All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy.
The following specific policies are applied to particular categories of income:
- Donations and legacy income is received by way of donations, legacies, grants and gifts and is included in full in the Statement of Financial Activities when receivable.
- • Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
- Investment income is included when receivable.
- Income from charitable trading activity is accounted for when earned.
- Other income is accounted for when receivable.
11
## **THE PATRICK HERON TRUST**
## **NOTES TO THE ACCOUNTS**
_**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1. Accounting Policies (Continued)**
## **Tangible Fixed Assets and Depreciation**
Depreciation is provided on any fixed assets at rates calculated to write off the assets over their remaining useful lives as follows:
Permanent Collection of artwork - not depreciated
The Collection is held at historic cost which the Trustees believe gives a clear and accurate reflection of the resources used to acquire the assets. The work is expected to at least hold its acquisition value and, as such, as a heritage asset, it is not deemed to be appropriate to depreciate its value annually.
The Collection is not subject to annual revaluations as the Trustees believe that any revaluation gains made by the Collection would distort the true financial position, since our policy means that these gains cannot be crystallised.
The Collection is not held for its market value, nor sold on the market. The nature of the Collection and how it is intended to be used means that, in the view of the Trustees, market valuations are not meaningful for users of the accounts.
## **Impairment of Fixed Assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
## **Financial Instruments**
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost where there is a material adjustment.
## **Fund Accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity.
Designated funds are unrestricted funds earmarked by the Trustees for specific purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
12
## **THE PATRICK HERON TRUST NOTES TO THE ACCOUNTS**
_**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1. Accounting Policies (Continued)**
## **Judgements and Key Sources of Estimation Uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements or estimation uncertainty included within the financial statements.
## **2. Income from Grants, Donations & Legacies**
|Donations
Gift Aid|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**2025**
**£**
**2024**
**£**
-
50,000
50,000
200,000
12,500
-
12,500
50,000|
|---|---|
||**£12,500**
**£50,000**
**£62,500**
**£250,000**|
The 2024 total of £250,000 included £50,000 attributable to Unrestricted Funds and £200,000 to Restricted Funds.
13
## **THE PATRICK HERON TRUST NOTES TO THE ACCOUNTS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **3. Expenditure on Charitable Activities**
|**Direct Activity Costs**
Artwork Storage
Artwork Transport
Catalogue Raisonné
Conservation Costs
**Support Costs**
Administrative Support
ICT Costs
Insurance
Subscriptions
**Governance Costs**
Independent Examination
Trustee Meeting Expenses|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**2025**
**£**
**Total**
**2024**
**£**
30,503
-
30,503
6,406
199
-
199
143
-
87,094
87,094
62,717
13,724
-
13,724
430|
|---|---|
||**44,426**
**87,094**
**131,520**
**69,696**
1,067
1,067
-
2,003
-
2,003
1,997
7,067
-
7,067
7,067
124
-
124
-|
||**10,261**
**-**
**10,261**
**9,064**
1,320
-
1,320
1,320
96
-
96
90|
||**1,416**
**-**
**1,416**
**1,410**|
||**£56,103**
**£87,094**
**£143,197**
**£80,170**|
The 2024 total of £80,170 included £17,453 attributable to Unrestricted Funds and £62,717 to Restricted Funds.
## **4. Net Income/(Expenditure)**
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Net income/(expenditure) is stated after charging/(crediting):|||
|Independent Examiner’s Fees – current year|1,320|1,320|
## **5. Staff Costs & Trustees’ Remuneration**
No staff were employed in the year (2024: None).
No remuneration has been paid to any Trustees/Directors in the year (2024: £Nil).
Reimbursement of £96 of Travel and Subsistence expenses was made to 1 Trustee in respect of their work or attendance at meetings of the charity (2024: £90 to 1 Trustee).
14
## **THE PATRICK HERON TRUST**
## **NOTES TO THE ACCOUNTS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**6.**|**Tangible Fixed Assets**|||||
|---|---|---|---|---|---|
|||||**Permanent**|**Total**|
|||||**Artwork**|**Fixed**|
|||||**Collection**|**Assets**|
||**Cost**|||**£**|**£**|
||At 1 April 2024|||82,828|82,828|
||Additions|||-|-|
||At 31 March 2025|||82,828|82,828|
||**Depreciation**|||||
||At 1 April 2024|||-|-|
||Charge for year|||-|-|
||At 31 March 2025|||-|-|
||**Net Book Value**|||||
||At 31 March 2025|||**£82,828**|**£82,828**|
||At 1 April 2024|||£82,828|£82,828|
|**7.**|**Debtors**|||||
|||||**2025**|**2024**|
|||||**£**|**£**|
||Trade Debtors|||-|-|
||Accrued Income|||12,500|50,000|
||Prepayments|||5,006|6,682|
|||||**£17,506**|**£56,682**|
|**8.**|**Creditors – Amounts Falling Due Within 1 Year**|||||
|||||**2025**|**2024**|
|||||**£**|**£**|
||Trade Creditors|||-|-|
||Accruals|||39,625|9,890|
|||||**£39,625**|**£9,890**|
|**9.**|**Analysis of Net Assets between Funds**|||||
|||**Unrestricted**|**Restricted**|**Total**|**Total**|
|||**Funds**|**Funds**|**2025**|**2024**|
|||**£**|**£**|**£**|**£**|
||Fixed Assets|82,828|-|82,828|82,828|
||Debtors|17,506|-|17,506|56,682|
||Cash at Bank and In Hand|145,420|107,394|252,814|264,600|
||Creditors – Amounts Due Within 1 Year|(32,420)|(7,205)|(39,625)|(9,890)|
|||**£213,334**|**£100,189**|**£313,523**|**£394,220**|
15
## **THE PATRICK HERON TRUST**
## **NOTES TO THE ACCOUNTS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **10. Analysis of Charitable Funds**
|**Unrestricted Funds**
Charity General Fund
**Restricted Funds**
Catalogue Raisonné Fund
**Total Funds**
**Name of Restricted Fund**
Catalogue Raisonné Fund|**At 1 April**
**2024**
**£**
**Income**
**in Year**
**£**
**Expend.**
**in Year**
**£**
**At 31**
**March**
**2025**
**£**
256,937
12,500
(56,1030
213,334
137,283
50,000
(87,094)
100,189|
|---|---|
||**£394,220**
**£62,500**
**£(143,197)**
**£313,523**
**Description,**
**Nature**
**&**
**Purpose**
**of**
**the**
**Restricted Fund**
Donations
towards
the
commissioning
and
eventual publication of The Catalogue Raisonné of
Oil Paintings by Patrick Heron|
## **11. Related Party Transactions**
In the year to 31 March 2025, two of the Trustees donated a total of £50,000 (2024: £200,000) to the charity.
The 2024/25 and 2023/24 donations were provided specifically towards the production of The Catalogue Raisonné of Oil Paintings by Patrick Heron.
There were no other transactions in the year with related parties, such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities (Effective April 2008) (2024: Nil).
## **12. Taxation**
The Trust is a registered charity and no provision is considered necessary for taxation.
## **13. Financial Commitments**
No material financial commitments have been made in respect of future financial periods.
16