CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the period From 0110412023 Period start date To 3110312024 Period end date Charity name: READING FOUNDATION FOR ART Charity registration number: 268844 Objectives and Activities SORP r&feren Summary ofthe purposes of the charity as sel out in its governing document Para 1.17 To acquire works of art and objects of archaeological historic or scientific interest for the people of Reading, cared for and used with the ublic b Readin Museum Between 1 April 2023 and 31 March 2024 the Foundation has acquired works of art following it's 2020-2025 Acquisition Strategy which focuses on work relevant to Reading's diverse population including exceptional original prints. The Foundation has completed the commissioning of a group of sculptural caddy spoons by local silversmiths and continued to support the museum's membership of the Contemporary Art Society as a means of acquiring significant contemporary athorks. It has attracted both a major bequest of money and the gift of two works of art It has purchased two others. During this period the new acquisitions, along with other Foundation collection works, have been incorporated into exhibitions, displays and public engagement activities by Reading Museum for the benefit of Readin eo The Foundation Trustees have taken the commission's public benefit guidance into account in all their decisions and activities. Issues of relevance to Reading people, public access and maintenance have been onsidered before each ac uisition. Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or ServI￿S identified in the accounts. Para 1.17 and 1.19 Statement confirming whether the trustees have had regard to the guidanGe issued by the Charity Commission on public benefit Para 1.18 Additional information (optional) You ma choose to include further statements where relevant about.. SORP referencè Para 1.38 Policy on grant making Para 1 38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers other Achievements and Performance SORP ref8r8nce Between 1April 2023 and 31 March 2024 the Foundation acquired works of art focusing on contemporary work relevant to Reading's diverse population. The Foundation attracted bolh a major bequest of money and the gift of two works of art. It purchased two others. Foundation collection works were incorporated into the exhibitions, displays and public engagement activities of Reading Museum for the benefit of Reading people and visitors from further afield. For example, a major exhibition, Abstract Art for Everyone,, ran throughout this period and included sixteen Foundation works. It was accompanied by a programme of workshops, talks and other creative activities. A display of the sculptural silver caddy spoons was complimented by a public residency for nine young local silversmiths. Four works were loaned out to other UK museurns & galleries for inclusion in tem ora exhibitions. Summary of the main achievements of the charity, identifying the differen￿ the harity's work has made lo the circumstances of its beneficiaries and any wider benefits lo society as a whole. Pafa 1.20 Additional information (optionall You ma choose to include further statements where relevant aboLrt'. Achievemenls against objectives set Para 1.41 Performance of fundraising activities against objectives sel Para 1.41 Investment performance against objeclives Para 1.41 Other Financial Review Review of the charity's financial position at the end of the period Para 1.21 Review of the charity's financial position at the end of the period is presented at the RFFA AGM where the accounts are resented and si ned off Reserves are held with Redmayne Bentley investment company as capital sums. Statement explaining the policy for holding reserves statin are held Amount of reserves held Reasons for holding zero reserves Details of fund materially in deficit Explanation of any uncertainties about the charity continuing as a going concern Para 1.22 Para 1.22 £126,362 as er financial statement 2024 Para 1.22 Para 1.24 None Para 1.23 None Additional information (optional) You ma choose to include further statements where relevant about= The charily's principal sources of funds (including any fundraising) Para 1.47 Investment policy and objectives including any social investment policy adopted Paia 1 46 A description of the principal risks facing the charity Para 1.46 Other Structure, Governance and Management Description of charity's trusts.. Type of governing document Para 1.25 Declaration of Trust, 15 Nov 1974 How is the charity onslituted? le.g unincorporated association, CIO) Trustee selection methods including details of any constilulional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees Para 1.25 unincorporated association Para 1.25 In accordance with the Declaralion of Trust new Trustees are proposed by current TrLJStees and a quorum of more than three Trustees maintained as is a mix of local businesspeople, artists and art experts. The Chair and Vice Chair are elected by the Trustees at their Annual General Meetin Additional information (optionall You ma choose to include further statements where relevant about. Policies and procedures adopted for the induction and training of trustees Para 1.51 The charity's organisalional structure and any wider nelwork with which the charity works Para 1.51 Relationship with any related parties Par2 1.51 Other Reference and Administrative details Charit name Other name the charit uses Re istered charit number Charity's pnncipal address READING FOUNDATION FOR ART 268844 Civic Offices, Bridge Slreet, Reading. RG12LU Names of the charity trustees who manage the charity Dates acted if not for whole ear Trustee name Office lif any) Name of person lor body) entitled toa oint trustee ifan Giles Blagden Jim Attewell Chair Vice Chair Pat Jordan-Evans David Dallas Jim Attewell Prof Susanne Clausen Steve Woodford Bill Gornall-King Katie Newman 10 Johannes Von Slumm 12 13 14 15 16 17 18 19 20 Cor orate trustees - names of Ihe directors at the date the re Director name ortwasa roved Name of trustees holding tille to property belonging to the charity Trustee name Date5 acted if not for whole ear Funds held as custodian trustees on behalf of others Description of the assets None held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity's objects None Details of arrangements for safe custody and segregation of such assets from the charity's own assets None Additional information (optional) Names and addresses of advTsers (Optional infornation} Type of Name Address adviser Name of chief executive or names of senior staff members (Optional information) Exemptions from disclosure Reason for non-disclosure of ke ersonnel details Other o tional information Declarations The trustees declare that they have approved the trustees, report above. Signed on behalf of the cherity's trustees Signaturels} Full namelsl Position leg Secretary, Chair. etc) Giles Blagden Chair Date 31.1.2025 **READING FOUNDATION FOR ART** ## **Income & Expenditure for the year ended 31[st] March 2024** |**2022-23**
**£**
645.00
5,490.63
2,500.00
280.76
**8,916.39**
-606.34
-2,040.00
-379.00
-500.00
-7,405.00
**-10,930.34**
-2,013.95
**2022-23**
**£**
109,842.00
2,145.00
12,690.30
14,375.00
**139,052.30**
115,590.00
(3,603.00)
14,375.00
12,690.30
**139,052.30**|**INCOME**
Investment Interest - Dunedin
Investment interest - Redmayne Bentley
Donatons
The Estate of Sidney Malcolm Gold - Legacy to Reading Foundaton for Art
Bank Account interest
**Total Income**
**EXPENDITURE**
Redmayne Bentley management fee
Contemporary Art Society - 23/24 Fine Art Acquisiton Scheme
Catering for meetngs
**Works of Art:**
The Purchase and conservaton of Edmund John Niemann (1813-1876)
Original photography by Mat Hulse
One tall botle Stoneware and carbon trap shino
Caddy spoons
**Total Expenditure**
Excess Income over expenditure
**Assets**
Stocks and Securites*
Short Term Debtor: Redmayne Bentley
Bank Balance
Dunedin shares
**Organisatonal Reserves and Balances**
Capital Fund
Interest re-invested 1980/81
Balance of Proft & Loss from re-investment
Movement in Dunedin shares
Surplus Account
Purchase of fve small self-portraits by Martn Andrews that combine as one work enttled Covid:
states of mind – oil on panel|**2023-24**
**£**
525.00
5,761.31
600.00
93,750.00
924.03
**101,560.34**|**2023-24**
**£**
525.00
5,761.31
600.00
93,750.00
924.03
**101,560.34**| |---|---|---|---| |||(517.94)
(2,040.00)
(2,485.60)
(2,000.00)
(650.00)
(1,250.00)
**(8,943.54)**
92,616.80
**2023-24**
**£**
109,296.81
255.65
104,789.17
13,950.00
**228,291.63**|(517.94)
(2,040.00)
(2,485.60)
(2,000.00)
(650.00)
(1,250.00)
**(8,943.54)**
92,616.80| |||126,362.00
(2,434.54)
(425.00)
104,789.17
**228,291.63**|| *[Stocks and Securities less Short Term Debtor: Redmayne Bentley - cash from valuations report - total investment including cash] S Jones – Auditor …………………Susan Jones……………………… Date………24/01/2025…… S Donnelly, CPFA – Hon Treasurer Stuart Donnelly Date 31/01/2025 ## **Independent review of Reading Foundation for Arts Accounts** Undertaken by Stephen MacDonald CPFA, Strategic Finance Business Partner for DEGNS service. Independence – I can confirm none of the following situations described in the Guidance on Charities Commission website are in place for myself - are an employee of the charity or its book-keeper - serve on a sub-committee overseeing the charity’s finances - are a major donor to, or beneficiary of, the charity - have a significant financial or commercial relationship with the charity or its trustees - have a close relationship with the trustees or any other related parties. Experience - I can confirm my qualification and experience on Charities and other accounts covers the following 2 points - income £250,000 or less and your charity prepares accruals accounts. The trustees are not required to appoint an examiner who is a member of one of the accountancy bodies listed in the appendix. However, the examiner will need an understanding of accounting principles, accounting standards and the Charities SORP and so we recommend that the trustees select an examiner who is a member of one of the accountancy bodies listed in the appendix - non-professional examiners, to explain their skills and experience and why this makes them competent to carry out the work. For example, the examiner may work in a role that involves financial management, such as setting and managing budgets and reviewing financial reports, or that requires knowledge of accounting systems, such as maintaining financial records and internal controls ## **Validation undertaken** Accounts were produced by Susan Jones from RBC using information from the Reading Borough Council E5 system. There is one significant income receipt during the year of £93,750 which I have independently tracked back to the E5 Ledger. Other income I have reconciled with E5 transaction reports. Expenditure I have ensured each payment made totalling £8,900 complied with the councils approval processes and had been authorised by 2 separate people from the Culture Service and within Finance. I also checked each transaction on the ledger and can confirm all entries were correctly recorded on the Ledger. The Accounts presented therefore are a true and fair record of the activity during the year Stephen MacDonald CPFA