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
Tn*t•os
P E Brad85
S D Crad(k)ck
PHU
V Jac*son
D T Robp*i
S Hyrnan
E Peake
ARY
CHthr
M INatkins
Charlty nurnbor
26*97
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 acctyJr*ry 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 arL*itethJre. We have
referred lo ts gUIda￿e contsir*d ￿ the general guidance on benefrt *then
Teviev•ing aims and obiethes aTrJ in rAannirwJ our fubjffj aciivit*s. 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 Oh*ira.
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 Sc*d*ship Is pC*lwY￿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 des*Jated 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 fir*ar￿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 applK*e UK A(xounting Slandards have be￿ folth*d. 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 en*le 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 reqfftm*tt Contar￿ in Section 477 of the ConN)arae8
.k# 2006, fty the yoar wkye(131 Ofjcortw 2Q20.
wth sedion 386 of the Act arKI ffin*Kial 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￿ V*ith 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 EL**in 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￿￿$￿￿￿emin9 d(￿￿MentI. the Companies
Act arKI 'AcmJntiNJ arKI Re￿yting ty Charthes.. stater￿ of Recommer*Jed Prathce applicable lo
charilies Fyeparing their acC￿nts in aCcorfan￿ tAilh the Financial Repfjting Stsn￿a￿ appI￿able in the
UK and Republic of Ireland {FRS 1021" {as amwhJ&l fDr a¢xwntin9 c£vnrr*ncry from 1 January
2016). thwity r4 a Ber•fft Entity as defmd by FRS 102.
The tharity has taken adwdnta9e of in the SORP fry dwthes appl￿.￿ FRS 102 Updats
Bullet6n 1 not to prepore a St*nwrt of Cash Fk￿.
The finanoal 3tsteTh￿ts are prepared in sterfwvJ. 18 the firthnal rl the dmnty. Monetary
arrounts in these finarwial statern￿ are Twnded to the ne¥est £.
The acc￿nts have been prepared urrtler the histori￿1 cost wNention, nv)dthed to include the revaluatK)n
of Certain instruments at faw value. The wincipal ￿¢￿UntIng Fdi¢ie$ 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 ￿ lJu*ees have wep¥ed the fina￿181 statements on a gdng
lj Chrftsblo fund•
Unrestricted lurKIs afft available for u*e at the dwell￿ ¢* ts Inntees in fvrtherance of thew tharitat4e
1.4 Incomlng rmowc
Inojme is recognised when the r*wity 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 kno*n. and rec*t 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$￿Ted at o)st and subsw• ffleasw￿ at cost or va*Jation, r*t of
dep￿￿ation and any iMp*'M￿nt k)sses.
their usefijl ffives on the folbhing bases..
20% a str4ht Sne b
The gain or k>ss arising on ￿ dBposal of an asset 18 t*terniM￿d as trt drfference bel￿n the sae
proceeds aryj the carryiwj value oflhe ass¢ and is reo)gnised in r*t incom&(expenthth) for the year.
1.7 Cash and cxh •wlv*l•rts
Cash * ￿$h equivalenls cash in hand. deposts hekl * ￿11 *ith bw*s. 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 tran5ac*on value and subsequenty
1.9 Taxatlon
The charty is exempl lax on Irtome and gains faling V*ilhin 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 applK*h)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
Sthrr*Jer UK Alpha Plus Fund A FWKI
surL CazefV)¥e Charity Equity Value FuTrl A IrKome Uniis
SUTL Cazenove Ch*ty 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
C*dln•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 re*bJ p* transxlm the year (2019. n￿￿).
14-