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2021-03-31-accounts

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THE DECORATIVE ARTS SOCIETY
ART & DESIGN 1850 TO THE PRESENT
Registered charity No. 271838
www. decorativeartssociety.org.uk
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REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021 |

,

,

THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

CONTENTS

PAGE
REFERENCE AND ADMINISTRATIVE DETAILS 1
REPORT OF THE TRUSTEES 2
REPORTOFTHE INDEPENDENTEXAMINER 5
STATEMENT OF FINANCIAL ACTIVITIES 6
BALANCE SHEET 7
NOTESTOTHEFINANCIALSTATEMENTS 8

THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021

REGISTERED CHARITY NO. 271838

PATRONS

Anne Ceresole John Everett Charlotte Gere OBE FSA John Keatley Betsy Newell Andrew McIntosh Patrick The Lady Vaizey CBE Dr Susan Weber FSA Barrie and Deedee Wigmore Christopher Wilk Robert Wilson OBE

TRUSTEES

Martin Levy FSA (Chairman) Margaret Baird Hilary Barton Max Donnelly FSA Frances Dunkels Melissa Hamnett ; Rowena Morgan-Cox Sarah Nichols (Honorary Treasurer; Chairman, Grants Sub-committee) Judy Rudoe FSA Rebecca Wallis (Resigned 10 June 2020) Matthew Winterbottom David Wurtzel (Appointed 8 October 2020; Chairman, Events Sub-committee) Robin Wyatt

EX-OFFICIO COMMITTEEMEMBERS MEMBERS
Geraldine Beare (Archivist)
StellaBeddoe (Journal Editor)
Mark Eastment (Honorary Journal Co-ordinator)
SharonGoodenoughFCA (Honorary Accountant)
AlexaGray (Website Manager)
AlisonHart (Membership Secretary)
Helen Kaymer (Website Editor)
PerillaKinchin (Newsletter Editor)
JamesMcNaught (Social Media Liaison)
HelenRitchie (HonorarySecretary)

ADDRESS

PO Box 136, Woodbridge, Suffolk IP12 1TG

INDEPENDENT EXAMINER

D A Sanders FCA, Sheen Stickland Chartered Accountants, 4 High Street, Alton, Hampshire GU34 1BU

BANKERS

Barclays Bank PLC, 21 High Street, Lymington, Hampshire SO41 9YJ Scottish Widows Bank, PO Box 883, Leeds LS1 9TY

Shawbrook Bank, Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex CM13 3BE

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The trustees of the Decorative Arts Society 1850 to the Present (“the Society”) present their annual report and financial statements for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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, and amended with effect from 1 January 2016 and with effect from 1 January 2019.

PATRONS

Sadly, Peter Rose, one of the founders of the Society and a Patron for many years, died in November 2020. There have been no other changes to the Society’s Patrons since last year’s report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Society is a

registered charity, number 271838, and is constituted by Trust Deed dated 23 April 1976.

The Society is managed by a Committee which comprises the trustees and ex-officio members named on page |. The trustees have been in office from 1 April 2020 to the date of this report unless otherwise stated. The appointment of trustees is governed by the Trust Deed of the Society. The Committee of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. Any training needs will be determined according to the experience and abilities of each trustee. The Society’s Committee meets at least four times each year, to agree the broad strategy and areas of activity for the Society, including consideration of grant making, fundraising events and financial performance. The Committee also has an Events Sub-committee, a Grants Sub-committee and an Editorial Panel (for its annual Journal).

OBJECTIVES AND ACTIVITIES

The Society encourages and supports the study of all aspects of the decorative arts from 1850 to the present day, particularly in Britain, Europe and the USA.

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Society’s aims and objectives, in planning future activities, and setting the grant making policy for the year.

Grants available fall into three categories:

In addition, the Society meets its public benefit obligations by:

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 - continued

IMPACT OF COVID-19

As reported last year, and in common with a number of other similar organisations, the most significant impact of Covid-19 has been on the Society’s events programme: no events have been held in the year ended 31 March 2021. In addition, the Society’s Annual General Meeting, due to be held in November 2020, was cancelled. As holding the Meeting virtually was not an option at that stage, relevant reports and news items of interest have been provided to the membership via other means, primarily the three newsletters and regular email updates.

The Society has not, however, seen an abnormal decrease in membership numbers as a result of the pandemic, nor in any other sources of income. Advertising income from the 2020 Journal, which was expected to be lower than in previous years, was only slightly down on 2019.

As a result of the absence of events in the year ended 31 March 2021, coupled with the commitment to continue to award grants, the Society has reported a deficit for the year ending 31 March 2021, as described in the Financial Review section of this report. However, as described in the Reserves Policy section of this report, the Society has a level of reserves significantly higher than the minimum required and the trustees are confident that these are more than adequate to contain the deficit and to guard against any future deterioration in the Society’s financial position.

ACHIEVEMENTS AND PERFORMANCE

During the year, in pursuance of its charitable objectives, the Society has made the following grants: De Morgan Foundation — Collections Access Grant of £2,500;

Ushaw College, Durham — Collections Access Grant of £1,874; and

The Society also published its annual Journal and three newsletters. In addition, the Society ran a programme of four lectures via Zoom on topics of relevance to the Society’s objectives, the subjects being: “The Colour of Style: John Gregory Crace (1809 — 1889) and Colour in 19" century Interiors” by Dr Megan Aldrich; “Eileen Gray” by Dr Lis Darby; “A New Museum for London” by Alex Werner; and “Wiener Wertstatte: Commerce and Collaboration, 1903 — 1918” by Elisabeth Bogdan. The lectures were free and were well supported by both members and non-members.

The 40" Anniversary Fund, established as a result of the 40 Anniversary Appeal launched in November 2015, has enabled the Society to make the grants detailed above. The trustees are very grateful to members who have contributed so generously to the Fund and who have supported the Society’s fundraising events.

FINANCIAL REVIEW

The financial statements showa deficit for the year of £7,442 (2020: £6,363), of which a deficit of £11,305 (2020: £15,287) is attributed to the 40" Anniversary Fund. As in 2020, the apparent deficit for the year on the 40 Anniversary Fund is due to grants being made out of previous year’s donations. Despite the impact of Covid-19, the Society has achieved a surplus on the General Fund of £3,863 (2020: £8,924), albeit lower than in previous years due to no events being held during the financial year,

The trustees aim to keep administration costs to a minimum. Some of the administration of the Society continues to be carried out by the trustees and a number of the ex-officio committee members on a voluntary basis, but some expenses are reimbursed; however, the Society does have the services of a paid part-time membership secretary and pays an honorarium to both the honorary secretary and the website manager. In addition, fees are paid to the Journal and newsletter editors.

Unrestricted funds as at 31 March 2021 total £238,005 (2020: £245,447), of which £73,428 (2020: £84,733) is attributable to the 40" Anniversary Fund.

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 20721 - continued

RESERVES POLICY

The Society has a reserves policy in place designed to protect the financial position of the Society against any unexpected shortfall in income (for example, subscriptions) or increase in expenditure (for example, journal costs). Reserves are also required to enable the Society to fulfil its public benefit obligations should there be a deterioration in the Society’s financial position.

The trustees consider that the level of reserves (being total unrestricted funds) should be sufficient to guard against a significant deterioration in the Society’s financial position over a three year period; on this basis, the minimum level of reserves required is £120,000. This level is reviewed periodically.

The Society’s total unrestricted funds are currently significantly in excess of the minimum level of reserves required. However, given the impact of Covid-19 on the Society’s events programme and the deficits for the years ending 31 March 2020 and 31 March 2021, the trustees consider that no action is required to address this excess.

FUTURE DEVELOPMENTS

The events programme resumed in July 2021, with a visit to the William Morris Gallery in Walthamstow, and it is anticipated that further events will be held in autumn 2021 and that study tours will resume in spring 2022. In addition, the Society will be running further programmes of free Zoom lectures, as these have proved popular with members and non-members. Despite the fall in income during the year ending 31 March 2021, it is the Society’s intention to maintain an appropriate level of grant giving.

RISK MANAGEMENT

The trustees actively review major risks which the Society faces on a regular basis. The specific risks to the Society are a fall in subscription level, a drop in events income, increase in administration, journal and newsletter costs. Further risks come from unforeseen expenses to the Society. The trustees also examined other operational and business risks faced by the Society and confirm that they have established systems to mitigate significant risks.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity 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.

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Approved by the trustees on 7 October 2021 and signed on their behalf by:
Marti ; irpaan
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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE DECORATIVE ARTS SOCIETY

I report to the trustees on my examination of the accounts for The Decorative Arts Society (‘the Society’) for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity trustees of the Society 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 Society’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

I have completed my examination. I confirm that no material matter has 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 Society 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 in order to enable a proper understanding of the accounts to be reached.

David Sanders FCA

Sheen Stickland

Chartered Accountants 4 High Street Alton

Hampshire GU34 1BU

Date: Ws S oNme Qs ey

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

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||||||| |---|---|---|---|---|---| |Unrestricted|Unrestricted| |Funds|Funds| |2021|2020| |Note|£|£| |INCOME| |Donations| |Members’|subscriptions|2|22,005|21,735| |Donations|3|6,069|11,263| |28,074|32,998| |Other|trading|activities| |Fundraising|events|4|-|72,936| |Sale|ofjournals|3,923|4,914| |Advertising|7,260|7,560| |Other income|5)|14|298| |11,197|85,708| |Income|from|investments|6|1,410|1,659| |TOTAL INCOME|40,681|120,365| |EXPENDITURE| |Expenditure|on|raising|funds| |Expenditure|on|fundraising|events|-|66,788| |Journal|printing|and|postage|20,155|22,251| |Other|support|costs|7|7,419|6,926| |Other|expenditure|8|3,009|3,676| |30,583|99,641| |Expenditure|on|charitable|activities| |Governance|costs|9|1,407|1,537| |Donations|12|15,599|24,550| |Bursaries|granted|13|-|1,000| |Lecture|costs|14|534|-| |17,540|27,087| |TOTAL EXPENDITURE|48,123|126,728| |NET MOVEMENT|IN FUNDS|(7,442)|(6,363)| |Total funds|brought|forward|245,447|251,810| |TOTAL FUNDS|CARRIED FORWARD|19 &|20|238,005|245,447|

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The notes on pages 8 to 14 form part of these financial statements.

There were no recognised gains or losses for either 2021 or 2020 other than those included in the Statement of Financial Activities. The income and results derive from continuing activities. All the income and expenditure in the years ended 31 March 2021 and 31 March 2020 relate to unrestricted funds.

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

BALANCE SHEET AS AT 31 MARCH 2021

2021 2020
Note £ £
FIXED ASSETS
Tangible assets 15 58 77
CURRENT ASSETS
Debtors 16 4,556 8,930
Cash atbank and inhand 17 238,350 248,958
Total current assets 242,906 257,888
CREDITORS— amounts falling due within one year 18 (4,959) (12,518)
NETCURRENTASSETS 237,947 245,370
NETASSETS 238,005 245,447
THE FUNDS OF THE CHARITY
Unrestrictedfunds 19&20 238,005 245,447

The notes on pages 8 to 14 form part of these financial statements.

Approved by the trustees on 7 October 2021 and signed on their behalf by:

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Martin Levy (C! airman)
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Sarah Nichols (Honorary Treasurer)
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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

NOTES TO THE FINANCIAL STATEMENTS

  1. ACCOUNTING POLICIES

Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these financial statements. The financial statements have been prepared in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (“the SORP”), issued on 16 July 2014 and amended with effect from 1 January 2016 and with effect from 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Society constitutes a public benefit entity as defined by FRS 102.

The trustees consider that, despite the impact of Covid-19, there are no material uncertainties about the Society’s ability to continue as a going concern and that there are sufficient funds to enable the Society to operate for the foreseeable future. There are no significant areas of adjustment or key assumptions that affect items in the financial statements.

Funds structure

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purposes. The aim and use of each restricted fund are set out in the notes to the financial statements.

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the Society’s charitable objects. Unrestricted funds include funds which the trustees, at their discretion, have created for a specific purpose. An analysis of unrestricted funds is presented in note 19 to the financial statements.

Income recognition

All income is recognised and included in the Statement of Financial Activities once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations and members’ subscriptions are accounted for gross of income tax refunds, where applicable. Income from fundraising events is shown gross, with the associated costs included in expenditure on fundraising events.

Interest on fixed term deposit accounts is accounted for on an accruals basis; other deposit account interest is recognised on a receipts basis. Late income tax repayment interest (arising on Gift Aid claims) is also recognised on a receipts basis.

Expenditure recognition and allocation

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Support costs and other expenditure are allocated to expenditure on raising funds as it is considered that such costs involved in expenditure on charitable activities are minimal. Governance costs are allocated to expenditure on charitable activities, as required by the SORP. Lecture costs are allocated to expenditure on charitable activities. Analyses of support costs, other expenditure, governance costs and lecture costs are presented in notes 7, 8, 9 and 14 respectively to the financial statements.

Irrecoverable VAT

Value added tax (“VAT”) is not recoverable by the Society and, as such, is included in the relevant costs in the Statement of Financial Activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery, etc - 25% reducing balance basis

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date.

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

.

NOTES TO THE FINANCIAL STATEMENTS- continued

  1. MEMBERS’ SUBSCRIPTIONS
Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
SubscriptionsunderGiftAid 12,110 12,364
Other subscriptions 9,895 9,371
22,005 21,735
3. DONATIONS
Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Donations to 40"AnniversaryFund (note 19):
- under Gift Aid 738 7,815
- other 3,556 2,448
4,294 10,263
Otherdonations 1,775 1,000
6,069 11,263
4. FUNDRAISING EVENTS
Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Receipts from participating members - 72,936
5. OTHERINCOME
Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
AGM tickets - ch
Raffles and fundraising - 212
Recycling for charity 14 I]
14 298
6. INCOMEFROM INVESTMENTS
Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Depositaccountandotherinterest 1,410 1,659

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

NOTES TO THE FINANCIAL STATEMENTS - continued

7. OTHER SUPPORTCOSTS
Unrestricted
Funds		 Unrestricted
Funds
2021 2020
£ £
Membership Secretary costs 5,900 5,400
Honorarium (Honorary Secretary) 1,500 1,500
Depreciation 19 26
7,419 6,926
8. OTHEREXPENDITURE
Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Direct debitand PayPal charges 424 366
Insurance 433 384
Honorarium (Website Manager) 1,200 1,200
Otherwebsite support costs 271 824
Exchange differences 198 410
Bank charges 7 7
Sundry expenses 476 485
3,009 3,676
9. GOVERNANCE COSTS
Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Independent examiner’s fee 1,380 1,320
Meeting costs (travel expenses) 27 217
1,407 1,537
  1. TRUSTEES’ EXPENSES AND REMUNERATION

The trustees and a number of the ex-officio committee members all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2020: £Nil), with the following exceptions:

No travel expenses were paid to trustees during the year (2020: ENil). Travel expenses paid to ex-officio committee members in the year totalled £27 (2020: £217).

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

NOTES TO THE FINANCIAL STATEMENTS - continued

  1. STAFF COSTS The Society has no employees. Accordingly, there were no staff costs in the year ending 31 March 2021 nor in the year ending 31 March 2020.

  2. DONATIONS

Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Donations to Institutions:
DeMorgan Foundation 2,500 -
William Morris Gallery, Walthamstow 4,800 -
NationalMuseums and Galleries, Liverpool 425 -
Portsmouth CityMuseum 5,000 -
Ushaw College, Durham 1,874 .
The Box, Plymouth, Devon - 10,000
Shipley Museum, Yorkshire - 5,000
BusheyMuseum, Hertfordshire - 5,000
Kelmscott Manor, Gloucestershire - 2,500
National Trust - 1,000
Leeds City Council, Yorkshire - 800
Other Donations:
Contribution towards new Daniel Cottierbook 1,000 -
Contribution towards Burne-Jones catalogue - 250
15,599 24,550

All donations are made from the 40" Anniversary Fund. Donations made in lieu of entrance fees on visits made by the Society are included in “Expenditure on fundraising events”.

The contribution towards the new Daniel Cottier book was made to Max Donnelly, a trustee of the Society and a coauthor of the book, to cover a proportion of the photography costs. Mr Donnelly abstained from the decision regarding this donation, which was approved by all the trustees.

  1. BURSARIES

All bursaries are made from the 40" Anniversary Fund.

  1. LECTURE COSTS

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Unrestricted Unrestricted
Funds Funds
2021 2020
£ £
Lecture fees 390 -
Additional Zoom licences 144 -
534 é
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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

15. TANGIBLE FIXED ASSETS

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Plant and machinery, etc
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Plant and machinery, etc
£
COST
At 1 April2020 and at 31 March 2021 2,385
DEPRECIATION
At 1 April2020 2,308
Charge for year 19
At 31 March 2021 2,327
NETBOOKVALUE
At 31 March 2021 58
At 31 March2020 au]
16. DEBTORS
2021 2020
£ £
Tax recoverable 2,484 3,870
Payments in advance 1,529 Sid
Interest receivable 468 497
Other debtors 75 4,052
4,556 8,930
17. CASHATBANKAND INHAND
2021 2020
£ £
Barclays current account 8,973 12,899
Barclays deposit account 48,768 141,629
Barclays euro account 5,554 5,245
ScottishWidows —CAF 12 month fixed rate deposit 85,033 -
Shawbrook Bank—CAF 12 month fixed rate deposit 88,383 87,159
PayPal 1,639 2,026
238,350 248,958

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

18. CREDITORS — amounts falling due within one year

2021 2020
£ £
Accrued expenses 1,380 3,421
Payments received in advance (see tablebelow) below) - 310
Other creditors 3,579 8,587
4,959 12,518
“Payments received inadvance” primarily represents amounts received frommembers to participate onpost post year end
events, in particular study tours, as detailed in the table below:
2021 2020
£ £
Balance at 1 April 2020 (2020: 1 April 2019) 510 38,574
Amountreleased to fundraising events - (38,464)
Amountreleased tomembers’ subscriptions (70) (40)
Amounts refunded (380) -
Amounts transferred to donations (60) -
Amounts received forpostyear end fundraising events - 440
Balance at 31 March 2021 (2020: 31 March 2020) - 510
ANALYSIS OF FONDMOVEMENTS
Movements inyear ended 31 March 2021:
Balance Transfers Balance
at 1 April between at31March
2020 Income Expenditure funds 2021
£ £ £ £ £
Unrestricted funds:
General fund 160,714 36,387 (32,524) - 164,577
40"Anniversary Fund 84,733 4,294 (15,599) - 73,428
Total unrestrictedfunds 245,447 40,681 (48,123) - 238,005
Restricted funds - - - - -
Totalfunds 245,447 40,681 (48,123) - 238,005
All the income and expenditure in the year ended 31 March 2021 relates to unrestricted funds.
Movements in year ended31March March 2020:
Balance Transfers Balance
at 1 April between at31 March
2019 Income Expenditure funds 2020
£ £ £ £ £
Unrestrictedfunds:
General fund 151,790 110,102 (101,178) - 160,714
40"AnniversaryFund 100,020 10,263 (25,550) - 84,733
Totalunrestrictedfunds 251,810 120,365 (126,728) - 245,447
Restrictedfunds - - - - -
Totalfunds 251,810 120,365 (126,728) - 245,447

“Payments received in advance” primarily represents amounts received from members to participate on post year end events, in particular study tours, as detailed in the table below:

  1. ANALYSIS OF FOND MOVEMENTS

All the income and expenditure in the year ended 31 March 2021 relates to unrestricted funds.

All the income and expenditure in the year ended 31 March 2020 related to unrestrictedfunds.

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THE DECORATIVE ARTS SOCIETY 1850 TO THE PRESENT

  1. ANALYSIS OF FUND MOVEMENTS (continued)

The 40" Anniversary Fund was established as a result of the 40" Anniversary Appeal, launched in November 2015 to mark the 40" anniversary of the Society, and aims to offer financial support to museums and decorative arts scholars. In the year ended 31 March 2021, donations of £15,599 (see note 12) were made from the Fund.

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS

The net assets at 31 March 2021 and 31 March 2020 were all held within unrestricted funds.

  1. RELATED PARTY TRANSACTIONS

Certain trustees are employed in a curatorial capacity by organisations which have received donations from the Society; the trustees concerned abstained from the decision making process with regard to these donations.

During the year, Max Donnelly, a trustee, received a grant of £1,000 towards photography costs incurred for “Daniel Cottier: Designer, Decorator, Dealer”, a book which he co-authored. Mr Donnelly abstained from the decision regarding this grant, which was approved by all the remaining trustees.

In the year ending 31 March 2020, a Collections Access Grant amounting to £2,500 was made to Kelmscott Manor. The Society’s Chairman, Martin Levy, is Chairman of the Kelmscott Campaign Group; however, he was not involved in the decision making process regarding this grant.

In the year ending 31 March 2020, a donation of £1,000 was given to the National Trust as sponsorship of a symposium on William Morris. Rebecca Wallis, a former trustee, is employed by the National Trust but abstained from the decision regarding this donation.

  1. IMPACT OF COVID-19

As detailed in the Report of the Trustees, and as reported last year, the most significant impact of Covid-19 has been on the Society’s events programme: no events have been held in the year ended 31 March 2021. In addition, the Society’s Annual General Meeting, due to be held in November 2020, was cancelled. As holding the Meeting virtually was not an option at that stage, relevant reports and news items of interest have been provided to the membership via other means, primarily the three newsletters and regular email updates.

The Society has not, however, seen an abnormal decrease in membership numbers as a result of the pandemic, nor in any other sources of income. Advertising income from the 2020 Journal, which was expected to be lower than in previous years, was only slightly down on 2019.

As a result of the absence of events in the year ended 31 March 2021, coupled with the commitment to continue to award grants, the Society has reported a deficit for the year ending 31 March 2021, as described in the Financial Review section of the Report of the Trustees. However, as described in the Reserves Policy of the same report, the Society has a level of reserves significantly higher than the minimum required and the trustees are confident that these are more than adequate to contain the deficit and to guard against any future deterioration in the Society’s financial position.

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