2020-12-31-accounts

Chrfty Rogl•tra￿On No. 269697 Ctynpnny R•gkntrakn No. 00212824 {Eryl￿d and Wal08 INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLABSHIPS LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Tnt•os P E Brad85 S D Crad(k)ck PHU V Jacson D T Robpi S Hyrnan E Peake ARY CHthr M INatkins Charlty nurnbor 2697 Com￿nY numb•r 00212824 R•glster•d offK• The Royal Acadttny ofArt8 Pic¢athlty W1V ODS INl•pnd•nt •xamln iglrt mu￿ 114a Cr￿1 Road SWT 4AG

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED CONTENTS Balan￿ sheel Notes to the finan(¥818latem 8-14

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEAIBER20a7 The trustees tPdr rewl ¥d fmancial statrnts year eNtsJ 31 Decenknr 2020. and c¢ynpty ￿ the charity's MemLvaTrJum and of Asso(Jal￿. the Companies 20¢￿ and 'N£o)unling and Repth'ng by Charths.. St￿￿￿t of Recommended Pracbce applKable to charities preparing their aoxunts in accL¥d￿ ￿1th the Fr￿la1 ReForbn9 Slandard applKable in the UK and ReW1￿1C of Ireland IFRS 102). (as amend￿ for acctyJrry per￿$ c(¥)wnw tr￿n 1 Jarnwy 2016) The Tn￿t was incL¥POrnte(l on 19 March 1926 to xt as Govemor aTrJ Mana9er of the SchoLqrnhips f￿jnded by Mrs Mary GertNde Abbey in rrew of her IwJsb¥rtJ. Ihe Ethmn Austin AW RA., arKI to award stholarshps to suoxsful awicants ￿ the puw of erAbling hc4ders of $Ch￿OIShipS lo pursue their a￿$11¢ slud$. parti￿larlY the of MU￿ dee￿all￿ ts relatiL￿ to arLitethJre. We have referred lo ts gUIda￿e contsird ￿ the general guidance on benefrt then Teviev•ing aims and obiethes aTrJ in rAannirwJ our fubjffj aciivits. The wants made by E.A. AL)ey Scmarships enabk artists to devew th"r and benefft frryn wykir¥J in an academic eNr¢xment and then bring those eyperiet￿￿ back into their painting. teathing and exhiL¥bng pracbces for the benefft of The Company has teen gNen licence to onwt the LKnited by ts Seryet•y br TTrde arKI Inthsty. The registered offKe 15 Ihe Royal Academy ofArts, PKca'ly. Lond(￿ W1V ODS. Achlev•monts and porfornm In Fel)n￿ry, menl>ers of Abw C¢xKM?I met to rrk gthmtted ty 130 candidates. 59 for Ab Schdarship * 71 for the Abbey FelbA%hi￿. The porn1 ￿￿t in pwson ts interviM in March 2020. 2019r20 ￿8rded k) Enity Ohira. The Trustees chose to spm the Jules ￿ G08de furnl equaty w Ihe tt￿ee FelkY4A ith payments of £300 oath towards malerials arthj trav81 ithwi ltsty. 2018119 alwdnlees were afl•¢ted.' Eleni Ody59eoy 8ea Bonafini il bcth rthm in 2021 to compkte thw'r re¥KIe￿a rmly OlibTira's Scdship Is pClwY￿d Sertwnber 2023. FIMKlal rovl•w The Trustees rewew amualty the fina￿la1 end88¥wkn pwsue ts dwity's o14gdives iknut •roding the value of the caprtal er￿ltr￿. The incomirvj ￿SoUrceS of tre Trust in 2020 £87.382 (2019: £103,75n and the expenditure wa8 £79.356 12019.. £89,194). gp4ing a surpkts of £18,475 befue ￿niti￿ of losses on in¥estmenl$ £19.263 (2019: gains of £19.644).

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED TRUSTEES. REPORT (CONTINUEDI(INCLUDING DIRECTORS. REPORT) FOR THE YE4R ENDED 31 DECEAIBER 2020 needed to". ' pyowde fvnds knich can be desJated to supwt ils d￿rItable gr&)ts: ' xhieve a liquid re¥er¥e to provide cobvfor unfNeseen costs may arise. and around 6 monlhs, supwt arKI go¥emarKe costs. The ¥el of free resep4es at the year end was around The TNsteu ¢￿￿ttler that reserves at this le￿1 ill ensure that in the even¢ of a swtsnl dTQP in fijnding. will be a￿e to (>)nlinue the charity's current a(vitw thile ￿nSW￿l1￿ is gNen to ways in wh￿h addiknon81 funds may be raised. The prinopal rffjks faceil ty the Twst lie in tr pthM￿ of 1rNe8kn￿ hehj by the charity ￿ the opwthonal risk ofgrants payable to the &ilffjh Sth>S in R(wne payth in Euro. The tharity also re¢eNes ￿n￿al donali¢)ns from a trust ¥tht￿e inves1Th￿rts afy linked to the US stock market. The charty is theroth exFo¥ed lo flurtuatkw in the US ock markel to Stre[￿ ofthe US Ddlar. as donab.ons are recwved in that ojrrerty. £1 pgr rywber. Ea¢h tru*e ht)Ids one share 01£1 each.

INCORPORATED EDMN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT> FOR THE YEAR ENDED 31 DECEAIBER2020 P E Brades S D Cradd(￿k V Ja¢son D T Rolph H 8 Donszelmann S Ftyman E Peake A Ryan C Huber Names of wo3Fedr￿ Councl Members are Fxrt for o)ns1th￿ ofthe Council and a discu￿1￿ is held at a ofthe Cwncil ￿ if nol all are prewt. by em￿1. The namels of the person or required number votes ieve(l. ipJaTe f• elerted to the ctyrril. Upon eleclm by Ihe CtyJndl. trustees MeThbws) are W￿+￿1ed a copy of the Artides Memorandum of the Conyanylchaiity so that thvy •Te fiAty a•re of tr ams and obj'eclives of th• ganisation. They are also made of tr* anr￿￿1 Sele￿¢￿ Proce￿re$ and the (Yiterbo applied ￿ Ihe 8¢lection ofthe benthiaries Oftt￿ Abw Schdar5hip aThJ the Atthy FeNch￿IpS.

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEAIBER2020 The trustees. who are also the Oirecth of lrth>yF￿ EttM"n Auslin W merr￿￿al Stholarships ￿'Mited for the purF)se of company lav. are ￿e¥￿ble ts kyepariry I￿ Trustees, RepNt and the financia Statem￿ in acuydance Imih apph'cable l•w and Unrted kn"ngd￿ uwnling Standard$ (Unit￿1 Kingdom Company Law requns the trustees to Frfepare firar￿1 #atements for eath financial year give a true and fair view of the state of affair5 of the d￿rIty and of the incomiTrJ resowces and aP￿.Ca￿"0n of resources. indudiNJ the income and expenthre. ofthe &)rryny for that yew. . 8tste whether applKe UK A(xounting Slandards have be￿ folthd. W to any matwialrfeparknres disdo8e(l and explained in the ffinwKial stateTh￿.. . prepare the finaroal statements ￿ tre gcing CCfKem basts unless rt 1$ inaprKopii to presume that the dwrity will continue in cyeralitin. at any the financial posit￿ of the chaiity and enle them to ensure that the financial stslwnents comply th the Companies Act 20C6. They are abso tesponsible safeguarfing assets of the tharty and h for ta￿ng reas(￿able steps thg FfffjVenti￿ * dets(m offraud WK$ Oltrw irregukqrthes tkl

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED

I report to the trustees on my examination of the financial statements of Incorporated Edwin Austin Abbey Memorial Scholarships Limited (the charity) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable 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 that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 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 financial statements have not been prepared in accordance with the methods and 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 (FRS 102).

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 financial statements to be reached.

Paul Davis FCA Independent Examiner Bright Grahame Murray Chartered Accountants

Emperor's Gate 114a Cromwell Road Kensington London SW7 4AG

Dated: 8 June 2021

• 5 -

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER2020 2020 2019 Donations and leg Investment inc(The 87.382 10.449 89.130 14.627 Total I￿A￿n9 97.831 103,757 Charitable aCtiV￿e8 79,356 89.194 Net gain&lOos8ts) on inVestn￿ts {19.2631 19,644 (188> FuThl balances at 1 January 2020 438,3b1 404.174 Fund bal•ncM at 31 Doc•mb•r 2020 437,593 438,381 statem￿1 off#)anoal xbvibes inchjkn am gav￿ k>sses wnised in the year. under the compan￿ Act 20(h3.

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED BALANCE SHEET ASAf31 DECEAIBER2020 2020 2019 T8rvJI￿e awts Investments 11 12 269 368,471 349.208 349.208 368.740 13 Cash at bank and in ha￿1 144.450 107.129 144.875 107.319 Crodltorn: amounts f•llng th• ¥Athln ¢)n• ymr 14 (S6.4￿) 137.678) 69.641 Tolal assets IHS currnrt Ilablllllo• 437.593 438.381 In¢om• fund• Gentt unrestricted fvrKIs Share 437.581 12 438.369 12 437.593 438.381 437.593 438.381 The MI￿nY i er￿ to the exa)Ipti￿ from the auL4t reqfftmtt Contar￿ in Section 477 of the ConN)arae8 .k# 2006, fty the yoar wkye(131 Ofjcortw 2Q20. wth sedion 386 of the Act arKI ffinKial Statem￿ give a true and fair ¥iew of the state of affairs of the C1x￿nY as at the the finarml year and of rt8 incThnirwJ re80urce8 and applicatK)n of resources, indudirs Its irKome and expenthwre. for ts ffftanul year in aCC4ydar￿e ith the requiremerts of Sections 394 and 395 and which {ther4￿ Vith tr* requyemerts ol Cth)ynies Acl 20C6 relaling to firbonoal Ststem￿. so far as applicable to ts uynpany. .U/S/zi TnAts• Company R•glthkn Ilo. 00212824

INCORPORATED ED￿N AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR fHE YEAR ENDED 31 DECEAIBER2020 A¢¢owthJ polkl•• In(XVF4)rated ELin Menxyial ScI￿rshIps Lfinited 1$ a prNate crynpany lirrthted ty 8ha Lorbjon. W1V ODS. 1.1 Acc¢)unlJng conv•nll¢)n The acojunts have bew prepared in XC(yda￿ ith the Ch￿￿$￿￿￿emin9 d(￿￿MentI. the Companies Act arKI 'AcmJntiNJ arKI Re￿yting ty Charthes.. stater￿ of RecommerJed Prathce applicable lo charilies Fyeparing their acC￿nts in aCcorfan￿ tAilh the Financial Repfjting Stsn￿a￿ appI￿able in the UK and Republic of Ireland {FRS 1021" {as amwhJ&l fDr a¢xwntin9 c£vnrrncry from 1 January 2016). thwity r4 a Ber•fft Entity as defmd by FRS 102. The tharity has taken adwdnta9e of in the SORP fry dwthes appl￿.￿ FRS 102 Updats Bullet6n 1 not to prepore a Stnwrt of Cash Fk￿. The finanoal 3tsteTh￿ts are prepared in sterfwvJ. 18 the firthnal rl the dmnty. Monetary arrounts in these finarwial statern￿ are Twnded to the ne¥est £. The acc￿nts have been prepared urrtler the histori￿1 cost wNention, nv)dthed to include the revaluatK)n of Certain instruments at faw value. The wincipal ￿¢￿UntIng Fdi¢ie$ adopted are set oul belfyw. 1.2 Golng ct)nc•m The consequerKes of c0vir￿19 ha8 8IgMy kwted the vak oftr KNesti￿. ts inveslmwrt r•lJm on fund assets and tr levd of annual dcthtion in y￿. Htrhwer. Ihe tnth believe that the charity ha¥ a Secure revenue stream vhmth. wrtMne(l ith ils cash Tesep4es. Vlill enable rt to the thal presented by this Nwus. As a result ￿ lJuees have wep¥ed the fina￿181 statements on a gdng lj Chrftsblo fund• Unrestricted lurKIs afft available for ue at the dwell￿ ¢ ts Inntees in fvrtherance of thew tharitat4e 1.4 Incomlng rmowc Inojme is recognised when the rwity 15 legalty enliljed to it after c(MKliiion$ have been Legaaes are rwnised ￿ ff¢¢iO (Y ¢mher￿ rf tre rtw?ty has be￿ notified of an inNxndiTrJ disln"bub"C￿. the an￿Unt Is knon. and rect 18 expected. Ill￿ arr*xmt i8 not thè bew i8 treated

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED FOR THE YEARENDED 31 DECEAIBER2020 A¢¢ounllffj polkl•• IC(xffjnwd All expendi￿re is acccMjn￿1 i)n an >>u•l b88is WKI has bwn li8ted unthr heading5 that aggregate all costs ￿lated to that activty. Whwe casts canrKrt be directy athilxrted to parti￿lar rategw IW have Grants payable are re(￿n￿ed there is an obwn to ffAke a payrf the payftRnt is probatAe. and the payment ean be measured retiaw. Grants offered sut¥ect to condibons tMc have not been rret 1.6 Taryll￿• fix•d ass•ts Tangible fixed assets are inilialty ￿ta$￿Ted at o)st and subsw• ffleasw￿ at cost or vaJation, rt of dep￿￿ation and any iMp'M￿nt k)sses. their usefijl ffives on the folbhing bases.. 20% a str4ht Sne b The gain or k>ss arising on ￿ dBposal of an asset 18 tterniM￿d as trt drfference bel￿n the sae proceeds aryj the carryiwj value oflhe ass¢ and is reo)gnised in rt incom&(expenthth) for the year. 1.7 Cash and cxh •wlvl•rts Cash * ￿$h equivalenls cash in hand. deposts hekl * ￿11 ith bws. other slw)rt4em? liq￿d vestrnents wilh original matunlies of three mcth or less. and bank overdrafts. Bank overdrafts are 1.8 Flnanclal 1Th￿u The Trust only has finarKaa assets KI frfwKial laLMlili8s of a kind ltrot qualfy as basic financial instruments. Basic finanual instrurrwts rec4nised at tran5acon value and subsequenty 1.9 Taxatlon The charty is exempl lax on Irtome and gains faling Vilhin section 505 of the Taxes Ad 1988 or seclion 252 of the Ta¥AlK￿ of Chargea￿e Gawis Act 1992 to tr exknt that these are applied lo its In the applKh)n of the chari1￿8 the trust&¥ are requirwj to make I￿eMents, estimates aThJ aSsuMptiry￿ abwt the cafrying arrKMJnt of assets aThJ h'abdTrlies are rb)t readily apparont from other sowr2s. The estimates a￿1 a$8oaaled assumptims are based on histon.cal eX￿e￿e and other factors that are considered to be relevanL results ditfer fr(xn these eslimates. estimates are recwised in the peiioj in tt19 eslimate is revised v**re the revisffi affects only that

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED FOR THE YEARENDED 31 DECEAIBER2020 Unr•8trfct•il Unrestrithd funds 2020 2019 Eh)nations and gifts Applicaion fees re￿1¥￿￿ 84,314 3.068 85,176 3.954 fvnds 2020 2019 10.357 92 14.468 159 Interes¢ receivable 10.449 14.627 Ch•rNabl• athlll•• 2019 G￿t luThllThJ Of￿afvItIeS {gee Nrte 6) Share of swjport tr)sts {see note 7) Shar¢ ofgovem•rte costs {see note n 64,298 12.838 2.220 71,302 15.732 2,160 79.356 89.194 Grnnts p•y•bl• 2020 2019 Grants Paya￿ to Brthsh SdKx>I at R( 64.298 71.302 10-

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER2020 Support c(Ats 2020 2019 9.300 269 9.300 269 12,000 449 Rent Postay, printirvj, copying and stafvy Tewione IT WPFQrt Travelling expen8e8 Sunthy expen Bank chaDJes InteMtMW costs 87 87 90 409 220 93 51 1,959 2.220 192 433 618 214 145 1.413 2.160 220 93 51 1.959 2.220 Anatysed to Charitsble aclrlbtss 12.838 2220 15.058 17,892 Go¥em8nce ￿sts indude8 Payn￿ to Ihe irth[*n￿ e￿1￿ ¢M £2220 (201￿ £2.160) for the r erKled 31 Decertlw 2019. Travel expenses rem1￿1$ed to 2 (2019 . nl) trustees the year anwrtwj to £220 {2019 . r￿11. Employ• 2020 Nwnb•r 2019 Numb•r Administralive EmW(rym•nt co•ts 2020 2019 W89es arAY salar 12.(MlO 11

INCORPORATED ED￿N AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDEO 31 DECEAI8ER2020 fvnds 2020 2019 Revau￿￿ of Investsnents (19263> 19.644 11 Tanglbl• fix•d •s••ts At 1 Jawwy 2020 3.367 At 31 Decen*w 2020 3.367 At 1 January 2020 3.098 269 At 31 December 2020 Carrylng amount At 31 December 2020 At 31 D￿mber2019 269 12-

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED NOTES TO THE FINANCIAL STATEMEIKS (coKfiNUED) FOR THE YEAR ENDED 31 DECEAIBER2020 2020 2019 Listed investments 349.208 360.471 SthrrJer UK Alpha Plus Fund A FWKI surL CazefV)¥e Charity Equity Value FuTrl A IrKome Uniis SUTL Cazenove Chty Bond Fund A Unils 54,043 208.803 55.61)0 248.761 64,110 349.208 368.471 The investmerf8 have by Com￿19. Tlwe fam in the ¥ah￿tth of the investments as at 31 December 2020 res￿ in a loss on InveStr￿ of£19.263. investrn8rt retum w fvnd assets ha¥e also dttmsed ty £4.111 to £10,35712019 ". £14.4681. 13 D•tknrn 2020 2019 Amoun1• lalkng lthln on• yw. 250 175 190 425 190 14 Crndlorn: am0￿ f•lllng vAINn y•ar 2020 2019 56,422 37.678 56.490 37.678 16 Sharn capltsl 2020 2019 Cdln•ry #h*r• caixtsl luwd and fulty paid 12 Orthnary shares of£1 eath 12 12 13-

INCORPORATED EDWIN AUSTIN ABBEY MEMORIAL SCHOLARSHIPS LIMITED NOTES TO THE FINANCIAL STATEMEpirs (coKnNUED) FOR THE YEARENDED 310ECEAIBER2020 16 R•lat•d ￿rtY tranmcdo tre ￿ di8closable rebJ p* transxlm the year (2019. n￿￿). 14-