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2024-10-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

1

TABLE OF CONTENTS

Page
Reference and Administrative Information 3
Trustees’ Annual Report 4
Report of the Independent Examiner 13
Statement of Financial Activities for the year ended 31st October 2024 17
Balance Sheet as at 31st October 2024 18
Statement of Cash Flows as at 31stOctober 2024 19
Notes to the Accounts 20

2

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity Registered no. 270585
Trustees Trustees who served during the year and up to the date
of this report were as follows:
Lisa Gee (Chair)
Barney Hare Duke
Matthew Collins
Duncan Hooson
Marlene Johnson
Aurelia Kassatly
Michael Wormack
Charity Secretary Helen Felcey
Registered Address Artists Futures Fund
PO Box 1033
ALTRINCHAM
WA15 9WR
Santander UK PLC
Bankers
CAF Bank Ltd
Independent Examiner Stacy Mason FCCA
HGA Accountants & Financial Consultants Ltd
T/A Chittenden Horley-Chartered Accountants
Thyde park House
Cartwright Street
Hyde
SK14 4EH
Website www.artistsfuturesfund.org
Email info@artistsfuturesfund.org

3

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

The Trustees present their report and financial statements for the year ended 31 October 2024. The financial statements comply with current statutory requirements, the Charity’s Memorandum and Articles of Association and Accounting and Reporting by Charities, and the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Historical Background

The charity was established in 1810 and was granted a Royal Charter in 1827 as the “Society for the protection and relief of artists in the several studies of painting, sculpture, architecture and engraving, and their widows and orphans.” The charity consisted of two funds; the Annuity Fund supported by contributions from the members, and the Benevolent Fund that relied on subscriptions from the public. The Annuity Fund was declared dormant on 16 April 2002. Further information about the history of the charity can be gained through study of the Charity archives which have been deposited at the London Metropolitan Archive.

Charity Name

‘The Society for the Management and Distribution of the Artists’ Fund’ is known under the working title of the ‘Artists Futures Fund’ (previously known as Artists’ Benevolent Fund).

Structure, Governance and Management

Artists Futures Fund is a charity established by Royal Charter and registered with the Charity Commission in England and Wales. The governing documents of the charity are the Royal Charter dated August 1827, supplemental charters dated 1926 and October 2004, scheme dated February 2005 and byelaws as amended June 1993, April 2000, August 2023 and August 2024.

Trustees

The Trustees of Artists Futures Fund are committed to applying the highest standards of ethical conduct and integrity in the Charity’s business activities. The Trustees recognise their duty to ensure that the Charity is compliant with the law, and they are committed to good governance and to implementing and enforcing effective systems throughout the organisation to prevent any improper conduct arising in their business dealings.

Key Management Personnel

Artists Futures Fund appointed the organisation’s first charity Director in March 2024, under a freelance capacity. The Trustees and Director are supported in their work by the Operations Manager to whom they have delegated authority for the day-to-day operational management of the charity, and who ensures that their decisions are implemented.

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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

Objectives and Activities

The charitable objectives are: “The relief in need of artists, their widows, widowers and orphans, including those whose needs arise by having a physical or mental disability.”

Our vision is to diversify and enrich the UK’s cultural landscape by empowering underrepresented artists. We aim to break down systemic barriers, ensuring that artists who face economic, social, cultural, or health challenges can make their creativity visible.

Our mission is to open doors to diverse and exciting futures in the arts. As a charitable institution committed to supporting individual artists, Artists Futures Fund strives to:

Established in 1810 and formerly known as the Artists’ Benevolent Fund, we have a longstanding 200-year history of providing impactful support to artists and their families. Today, we continue that tradition by enabling emerging visual artists to overcome significant barriers and sustain viable careers in the arts.

Artists Futures Fund believes that talented artists should not be held back from pursuing a career in the visual arts due to economic, social, mental or physical barriers.

By investing in diverse creative talent with bursaries to support living costs, and offering mentoring and professional development opportunities, our mission is to enrich the UK's cultural landscape and promote a more inclusive and innovative future for the arts.

Measuring Impact and Public Benefit

As a grant-making trust, providing public benefit is at the heart of the Charity’s activity, as demonstrated in the pages that follow in this Report. The Trustees consider that they have complied with their duty in Section 17 of the Charities Act 2011 and have due regard for the guidance of the Charity Commission on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting grant making policy.

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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

Artists Futures Fund is dedicated to breaking down systemic barriers in the arts, ensuring that artists facing economic, social, cultural, or health challenges can thrive. With only 8% of UK artists coming from working-class or low-income backgrounds, Artists Futures Fund plays a crucial role in fostering greater representation by providing financial support, mentorship, and career development opportunities to talented yet disadvantaged individual artists.

Since launching our Artist Fellowship programme in 2019/20 we have:

Through our bursaries, mentorship, and development opportunities, we empower disadvantaged artists to build careers that are sustainable in the long term. Almost 90% of our alumni identify as practicing artists and 85% of alumni are working in the creative and education industries, passing on their skills to future artists and designers. An indicator of success is demonstrated in the range of activities and pursuits that Fellows have engaged with since completing the Fellowship, as per these examples:

AFF’s work not only transforms the lives of the artists we support but also diversifies and enriches the UK’s cultural landscape, allowing for a broader range of voices and perspectives to be heard through their art. The success of AFF’s alumni in securing exhibitions, residencies, commissions locally and internationally, and teaching positions demonstrates the tangible impact of the charity’s investment in artist development and career progression. Ultimately, the Fund is contributing to a more inclusive and innovative future for the arts by ensuring that artistic talent is nurtured and has the opportunity to flourish, regardless of background, fostering important storytelling and indirectly supporting a more equitable and culturally rich world.

6

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

Charity Achievements and Performance

During 2023/2024, the charity underwent a significant transformation aimed at strengthening its operations and advancing its mission to support emerging artists in need. In March 2024, the charity appointed its inaugural Director to lead the organisation’s strategic vision and future direction. The charity rebranded in August 2024 as Artists Futures Fund, a name that reflects our renewed commitment to uplifting and empowering artists who face system barriers.

Two new trustees joined the Board in June 2024, bringing expertise in charity governance and a deep understanding of the challenges faced by contemporary emerging artists. Their input has been invaluable in shaping the charity’s future. In August 2024 charity’s Governing Document and Byelaws were revised to reflect the new name and mission and successfully filed with the Charity Commission. The rebranding involved launching a refreshed website and visual identity, offering a dynamic platform to showcase grantees and promote our expanding grant programmes. The new visual identity enabled greater awareness of our mission and initiatives within the arts and charity sectors.

2023/2024 therefore marked the beginning of strategic development of plans to guide and expand the charity’s work over the next three years. This report outlines the key milestones, programmes, and achievements over this pivotal period.

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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

Grant Programmes 2023/24

Following extensive research, planning, and evaluation, the Breakthrough Artist Fellowship was launched in summer 2024. This flagship grant programme is designed to support emerging artists transitioning from higher education to professional careers. With over 55 applications, the inaugural cohort included five Fellows selected through partnerships with Higher Education Institutions (HEIs) across England and Wales.

Each Breakthrough Artist Fellow receives an unrestricted grant of £10,000, distributed over ten months, to assist with basic living costs, research, materials, travel, and development of their creative practice. The first instalment of £5,000 was awarded to each Fellow in September 2024 (£25,000). The second instalment will be made in March 2025 (£25,000). HEI partners led the selection process using a clear, inclusive and uniform eligibility framework set out by Artists Futures Fund.

Responsive to evaluation of the charity’s former ‘Step Change Programme’, the new Fellowship offers a highly valuable mentoring and professional development programme, in addition to the grant, and is delivered in partnership with the Visual Artists Association. The programme provides personalised career advice and professional guidance, plus networking opportunities essential for long-term success. Fellows are given opportunities to engage with industry professionals, attend in-person events, and prepare for a co-curated end-of-fellowship Showcase. These events offer valuable exposure and facilitate meaningful connections within the arts sector. Feedback from participants has been overwhelmingly positive, with Fellows describing the experience as “amazing and very inspiring.”

8

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

Evaluation and Impact

Our commitment to accountability and continuous improvement is demonstrated through rigorous evaluation processes, including longitudinal surveys and post-Fellowship feedback. Consultations with sector experts to ensure the Fellowship programme remains effective and impactful are also key to evaluation of impact with learnings shared with stakeholders to highlight the Fellowship’s success in achieving its outcomes and driving long-term impact in the arts sector.

Higher Education Institution Partnerships

Since 2020, our place-based support for emerging artists has been delivered through unique partnerships in cities where there are higher proportions of students likely to face a higher and broader range of challenges that could deter them from building on their learning, exploring their practice and acquiring the confidence and skills needed to develop sustainable and resilient careers.

Collaborations with HEIs located in regions with fewer professional opportunities for artists were central to the Fellowship’s success. These partnerships allowed Fellows to access studio space, resources, exhibition opportunities, local communities and facilities, as well as mentorship and professional networks essential for career development.

Through these partnerships, we not only supported individual artists but also contributed to local cultural ecosystems, fostering community engagement and the exchange of ideas.

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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

Higher Education Institution Partners in 2024 include:

Fundraising

Sir Stanley Spencer, CBE RA Bequest

The recent opportunity to scale up our response to support more artists has been made possible through an act of philanthropy in 2023 from the Estate of the late and highly regarded English modernist painter Sir Stanley Spencer CBE RA. During his own lifetime, at a time of need, Sir Stanley was able to sustain his practice through financial support from the Fund and this legacy gift has re-established our resilience and provided an opportunity to deliver on our long-term ambitions and widen the reach of our support. Whilst mindful of a challenging fundraising environment, and as responsible stewards of the Sir Stanley Spencer legacy, Artists Futures Fund trustees have designated the majority of these reserves enabling long-term, sustained growth and expansion of the organisation.

To raise the remaining funds required to deliver our expanded annual Fellowship programmes we have established a comprehensive three-year fundraising strategy that seeks new partnerships with philanthropists, trusts and institutions . We are therefore looking to a like-minded community of individuals and organisations to join us in our commitment to supporting disadvantaged artists through our Artists Futures Fund Giving Circle . We are also engaging new corporate partners and exploring opportunities for multi-year commitments from funding bodies. Additionally, legacies continue to be an essential source of sustainable revenue for the charity enabling longer-term, strategic expansion and growth.

10

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

FINANCIAL REVIEW

Overview

The charity benefitted from a large legacy in 2022/2023. The balance of which is still outstanding. The charity chiefly derives its income from investments, augmented by donations and periodic legacies.

Income and Expenditure

The total income for 2023/24 amounted to £109,400, a significant decrease compared to the previous year, which had benefitted from an extraordinary legacy gift of £860,428 from the Estate of Sir Stanley Spencer.

Donations totalled £25,914, with the majority coming from two key sources: the Eaton Fund contributed £20,000, a marked increase from £5,000 in 2022/23, and the Norie Trust provided £5,000. Legacies played a crucial role in this year’s financial performance, totalling £45,884. These included three bequests received in December 2023 (£27,000), January 2024 (£10,081), and May 2024 (£3,347).

Expenditure for the year stood at £136,734, significantly higher than the previous year. This increase was primarily driven by our commitment to broadening our reach of support for artists in need with the launch of the Breakthrough Artist Fellowship in October. Expenditure was also evidenced by the recruitment and appointment of an inaugural Director and the development of new visual identity assets for the charity, including a refreshed website providing a platform for artists.

Investment & Reserves Policy Statement

The Trustees have a Reserves and Investment Policy in place that takes into consideration the Charity’s mission and Charity Commission guidance, and sets out the long-term investment objective, risk profile, strategic asset allocation and investment restrictions. The Trustees are entitled to exercise discretion over both the capital and income of the fund. No specific restrictions are imposed on Trustees by the Trust Deed in the exercise of their powers of investment. It is the policy of the Trustees to invest the capital of the charity to provide sufficient income to fund its activities. The Board of Artists Futures Fund has responsibility for decision-making on investment matters and investment management and has appointed an appropriately qualified investment manager. Artists Futures Fund’s reserves policy is to ensure that its ongoing and future activities are reasonably protected . from unexpected variances in income and expenditure

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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

Reserves are maintained by the charity to meet fluctuations in investment income, providing funds to cover grant commitments. The current investment policy remains unchanged, holding funds in interest bearing accounts and in charitable and other investments. The Trustees will continue their policy of safely investing the capital of the charity to ensure that payments to existing and future beneficiaries can be maintained. The administrative costs of the charity are under constant review. The Trustees intend to continue distributing grants which may exceed income each year, subject to annual reviews. On this basis, the Trustees aim to maintain unrestricted reserves of approximately 6 months of projected operational costs.

Total unrestricted reserves at 31/10/24 were £1,457,669 of which the majority derives from the legacy gift from the Estate of Sir Stanley Spencer. Unrestricted Funds have been reclassified into Designated and General Funds. Designated Funds, totalling £1,312,669 (2023: £1,237,118), are set aside to enable long term growth and expansion of the organisation ensuring the charity objectives can be fulfilled. The balance of £145,000 is held as general unrestricted funds which represents 12 months of budgeted expenditure for 2024/25.

This crucial level of reserve – given the volatility of the current economic situation – together with restricted reserves at 31/10/24 of £530 (funding received in advance that has been given for a specific purpose and is tied to specified projects or activity taking place in future financial years), provide the charity with a strong balance sheet and cash position.

Going concern

There are no concerns to note regarding going concern.

Future Plans

Artists Futures Fund aims to expand our support by offering a minimum of ten additional Fellowships per year to artists who face systemic barriers to sustainable careers in the arts and design, particularly focusing on areas of the UK where there are fewer professional opportunities for artists. Our aim is to increase the number of annual Fellowships by 200% within the next three years and we aim to reach at least 15% more artists from . underrepresented demographics, such as low-income communities Our comprehensive fundraising strategy is designed to establish a reliable income stream to sustain and expand the programme in the years to come through philanthropic gifts and multi-year pledges providing ongoing financial support for future Fellows. We believe that by diversifying our income revenue and building strong relationships with donors, and funding partners, we can ensure the continuation of the annual programme for generations of artists to come.

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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

Risk Management Statement

The Trustees are satisfied that appropriate policies, protection, systems and checks are in place to mitigate exposure to major risks. The Trustees review the Risks Register at their regular meetings during the year. Examples of the key risks faced by Artists Futures Fund and their mitigation are provided below:

Trustees' responsibilities in relation to financial statements

The trustees (who are also directors of Artists Futures Fund for the purposes of company law) are responsible for preparing the Trustees’ Annual and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

13

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31st OCTOBER 2024

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APPROVAL

Approved by the Trustees and signed on their behalf by:

Lisa Gee, Chair

Date: 12 March 2025

14

INDEPENDENT EXAMINER’S REPORT

To the trustees of the Artists Futures Fund for the year ended 31st October 2024

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31st October 2024 which are set out on pages 15 to 27.

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’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no material 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 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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 to enable a proper understanding of the accounts to be reached.

15

Stacy Mason FCCA

Accountants & Financial Consultants Ltd t/a Chittenden Horley - Chartered Accountants The Wesley Centre Royce Road Hulme Manchester M15 5BP

Date: 12 March 2025

16

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] OCTOBER 2024

Unrestricted
funds
Notes
£
Income from:
Donations and legacies
2
71,798
Investment income
3
37,602
TOTAL INCOME
109,400
Expenditure on:
Cost of raising funds
4
29,166
Expenditure on charitable
activities
5
107,568
TOTAL EXPENDITURE
136,734
Net gains on Investments
102,885
NET MOVEMENT IN FUNDS
75,551
TOTAL FUNDS BROUGHT
FORWARD
12 1,382,118
TOTAL FUNDS CARRIED
FORWARD
12 1,457,669		 2024
Restricted
funds

£

-

-

-

-
-
-
-

-

530

530

The notes on pages 20 to 27 form part of these financial statements.

17

BALANCE SHEET AS AT 31[ST] OCTOBER 2024

Notes

FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
95,207
Cash at bank
187,842
283,049
CREDITORS
11
34,586
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
Restricted funds
Total unrestricted funds
Designated funds
121,312,669
General funds
12
145,000
TOTAL FUNDS		 Notes

FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
95,207
Cash at bank
187,842
283,049
CREDITORS
11
34,586
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
Restricted funds
Total unrestricted funds
Designated funds
121,312,669
General funds
12
145,000
TOTAL FUNDS		 2024
£
1,209,736




248,463
1,458,199
530


1,457,669
1,458,199

198,144
78,793
276,937
1,140


1,237,118
145,000

 2023
Restated
£
1,106,851




275,797
1,382,648
530


1,382,118
1,382,648

Approved by the Trustees and signed on their behalf by:

Lisa Gee, Chair Date: 12 March 2025

18

STATEMENT OF CASH FLOWS AS AT 31[ST] OCTOBER 2024

Notes
Cash used in operating activities
14
Cashflows from investing activities
Interest and dividends
Addition of investment
Cashflows from financing activities
Proceeds from new borrowings
Repayment of borrowing
Cash used in financing activities
Increase/(decrease) in cash & cash equivalents in the year
Cash and cash equivalents brought forward
Cash used in financing activities
Cash and cash equivalents consist of:
Cash at bank and in hand		 2024
£
71,447


37,602
-
37,602


-
-
-

109,049

78,793

187,842



187,842		 2023
£
603,326
17,264
(557,284)
(540,020)
-
-
-
63,306
15,487
78,793
78,793

19

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared: under the historic cost convention, as modified by the revaluation of investments (as set out below) through the statement of financial activities; in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July2014; FRS102; and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS102.

The accounts (financial statements) have been prepared to give a ‘true and fair view’ and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective 1 April 2005 which has since been withdrawn.

The financial statements are prepared in £ sterling, the functional currency of the charity.

Estimates and judgements

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.

Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. The following applies to types of income:

Donations from individuals and other bodies (not being of the nature of a grant) are recognised when receivable.

Earned income is measured at the fair value of the consideration received or receivable for Services and goods supplied, net of discounts and VAT.

20

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised when receivable and dividend income is recognised as the charity’s right to receive payment is established.

Deferred income is only deferred and included in creditors when:

• A sales invoice has been raised ahead of the work being carried out and there is no contractual entitlement to the income until the work has been done

• Not all the terms and conditions of the grant have been met, including the incurring of expenditure and the grant conditions are such that unspent grant must be refunded

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds - including those associated with fundraising activities, managing

investments and commercial trading by the subsidiary company. Charitable activities - costs of undertaking the work of the charity. The charity is not registered for VAT and cannot recover any input tax charged. Costs are stated inclusive of VAT were charged.

Tangible fixed assets and depreciation

Individual fixed assets costing more than £500 are capitalised at cost and are depreciated over their estimated useful lives on a straight-line basis. The charity does not have any tangible fixed assets.

Investments, gains and losses

Fixed asset investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The SoFA includes the net gains and losses arising on revaluation and on disposals throughout the year.

Gains and losses on are taken to the Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between sale proceeds (net of transaction costs) and the opening carrying value or cost, if acquired during the year.

21

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Unrealised gains and losses are calculated on the difference between opening and closing fair values.

Debtors

Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

Cash at bank

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from

the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

Financial instruments

The charity has only basic financial instruments which are initially recorded at cost, and except for investments (as set out above) subsequently measured at their settlement value.

22

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. DONATIONS AND LEGACIES (unrestricted)

Donations
Unrestricted grants
Total donations and legacies
3. INCOME FROM INVESTMENTS
Dividends
Interest – fixed interest
securities
Interest - deposits
Total donations and legacies
4. COST OF RAISING FUNDS
SUPPORT COSTS
5. CHARITABLE EXPENDITURE
Grants – support of artists in need
Individuals
Support costs
Total
 2024
£
25,914
45,884
71,798
2024
£
19,629
1,578
16,395
37,602
2024
£
29,166
2024
£

53,000
54,568
107,568		 2023
£
16,759
860,428
877,187
2023
£
16,019
1,245
-
17,264
2023
£
4,000
2023
£
5,000
39,067
44,067

A total of £32,500 was paid out in grants to artists in need in 2023. A lower figure of £5,000 is shown as £27,500 was accrued for in 2022.

23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

6. SUPPORT AND GOVERNANCE COSTS

Governance
£
Director’s and Secretary’s fees
8,095
External examiner/Accountancy
960
Consultancy, legal and professional
15,423
Trustees’ meetings and expenses
2,838
Trustee Indemnity Insurance
698
Office costs and other costs
-
Total
28,014
Less allocated to fundraising
-
Total
28,014
7. NET INCOMING RESOURCES
This is stated after charging:
External examiner/Accountancy
Director’s and Secretary’s fees and expenses
Trustees’ expenses
Number of Trustees claiming expenses
Other
Support
Costs

£
42,726

-

-

-

-
12,144
55,720
(29,166)
26,554		 Total
2024

£

50,821

960

15,423

2,838

698

12,144

83,734
(29,166)

54,568
2024
£

960
51,199
1,268
3		 Total
2023
£
6,600
1,140
31,208
2,332
151
1,787
43,067
(4,000)
39,067
2023
£
1,140
7,032
943
3

No Trustees were paid a remuneration this year (2023 – 2024).

8. STAFF INFORMATION

The charity does not have any employees. The key management personnel comprise of the Trustees, freelance Director and freelance Operations Manager.

9. INVESTMENTS

Cost or valuation
Brought forward

Additions
Gain on valuation
Carried forward
 2024
£

1,106,851
-
102,885
2023

£

532,195
557,284

17,372
1,106,851
1,209,736

24

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

10. DEBTORS

Settlement and loan due from Sir Stanley Fernley
Trust
11. CREDITORS
Creditors
Accruals
Total		 2024
£
95,207
2024
£
7,805
26,781
34,586		 2023
£
198,144
2023
£
-
1,140
1,140

12. STATEMENT OF FUNDS

Restricted
Funds
Designated
Funds
General
Funds
Total Funds		 Balance
at 1stNov
2023

Restated
£
530
1,237,118
145,000
1,382,648		 Income

£
-
45,884
63,516
109,400		 Expenditure
£
-
-
136,734
136,734		 Gains
£
-
102,885
-
102,885		 Transfer
between
funds
£
-
(73,218)
73,218
-		 Balance
at 31st
Oct 2024
£
530
1,312,669
145,000
1,458,199

25

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Restated Statement of Funds

Restricted
Funds
Designated
Funds
General
Funds
Total Funds		 Balance
at 1stNov
2022

£
530
-
518,362
518,892		 Income

£
-
557,284
337,167
894,451		 Expenditure
£
-
-
48,067
48,067		 Gains
£
-
17,372
-
17,372		 Transfer
between
funds
£
-
662,462
(662,462)
-		 Balance
at 31st
Oct 2023
Restated
£
530
1,237,118
145,000
1,382,648

Unrestricted Funds have been reclassified into Designated and General Funds.

Designated Funds, totalling £1,312,669 (2023: £1,237,118), are set aside to enable long term growth and expansion of the organisation ensuring the charity’s objectives can be fulfilled.

The balance of £145,000 is held as general unrestricted funds which represents 12 months of budgeted expenditure for 2024/25.

26

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS


Fund balances at 31stOctober 2024 are
represented by:
Investments
Net Current Assets
Total
Fund balances at 31stOctober 2023 are
represented by:
Investments
Net Current Assets
Total		 Unrestricted
Funds

£
1,209,206
248,463
1,457,669
1,106,321
275,797
1,382,118		 Restricted
Funds
£
530
-
530
530
-
530		 Total
£
1,209,736
248,463
1,458,199
1,106,851
275,797
1,382,648

14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
Net Income
Deduct interest income shown in investing activities
Deduct net gains in investments

Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Net cash generated from operating activities		 2024
£
75,551
(37,602)
(102,885)
102,937

33,446
71,447		 2023
£
863,756
(17,264)
(17,372)
(198,144)
(27,650)
603,326

15. TAXATION

As a registered charity, the charity is exempt from tax.

16. CAPITAL COMMITMENTS

At 31st October 2024, the charity had no capital commitments. (2023 – nil).

17. RELATED PARTY TRANSACTIONS

There were no related party transactions that required to be disclosed in this or previous years.

27