## Society of Equestrian Artists
Charity number 294729
Annual Report and Financial Statements
for the year ended 31 December 2024
## Society of Equestrian Artists
Annual Report and Financial Statements for the year ended 31 December 2024
|**Contents**|**Page**|
|---|---|
|Trustees' report|2 to 6|
|Examiner's report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the accounts|10 to 13|
1
## Society of Equestrian Artists
## Trustees' report for the year ended 31 December 2024
## **Reference and administrative details of the charity, its trustees and advisors**
The trustees during the financial year and up to and including the date the report was approved were: **Name Position Dates** Jane Braithwaite Chair Glynis Mills Julie Barrett Sian Wynn Anthea Wood Appointed 20 February 2024 Elizabeth Balkwill Appointed 9 July 2024 Phillipa Winkworth Appointed 9 July 2024 Yvonne Jones Appointed 9 July 2024 Barry Peckham Deceased 29 August 2024 Lorna Lancaster Resigned 20 April 2024 Rebecca de Mendonca Resigned 27 November 2024 294729
Appointed 20 February 2024 Appointed 9 July 2024 Appointed 9 July 2024 Appointed 9 July 2024 Deceased 29 August 2024 Resigned 20 April 2024 Resigned 27 November 2024
## **Charity number**
Registered in England and Wales
## **President**
Lord Grimthorpe
## **Vice President**
John Thompson
## **Patrons**
Geoffrey Hughes Peter Jensen
**Registered and principal address Bankers** Pengwern Ganol Barclays Bank plc Penrherber 2/6 High Street Newcastle Emlyn Salisbury SA38 9RL SP1 2NP
## **Independent examiner**
Alan Dodd FCCA 104 Llansteffan Road Johnstown Carmarthen SA31 3NN
## **Structure, governance and management**
The charity is governed by a constitution adopted on 19 August 1985, as amended on 16 May 1999, 22 April 2012 and 27 July 2020.
## **Method of recruitment and appointment of trustees**
The trustees of the charity are appointed by the members at the AGM.
2
## Society of Equestrian Artists
## Trustees' report (continued) for the year ended 31 December 2024
## **Method of recruitment and appointment of trustees (continued)**
The recruitment of officers is sought from within the membership or via advertising in the national press or through Reach, a body that exists to establish contact between a Charity and experienced people (normally retired) who are seeking voluntary work in such organisations.
Recruitment of Committee Members is from the membership and the needs of the Society are communicated via newsletters, on the Society Website, or by direct contact from the Executive Committee. Applications from members of the Society for Committee Members are considered by the EC and suitable persons are recommended for election at the next AGM.
The wide geographic spread of the membership and Trustees render it difficult to facilitate formal induction programs but wherever possible the ability to make an immediate contribution to the business transacted by the Trustees is considered as an important factor in determining suitability for the roles in question.
## **Objectives and activities**
## **The charity's objects**
The Society is established to promote the practice of equestrian painting and sculpture and to advance public education and appreciation of this art.
## **The charity's main activities**
The aim of the Society is to encourage the study of equestrian art in all its forms and by mutual assistance between members, to promote learning and a standard of excellence worthy of the importance of this subject in British artistic traditions. In pursuing these objectives, members’ work will be exhibited publicly and workshops organised at which advice etc. will be available from experienced artists.
## **Public benefit statement**
In setting our objectives and planning our activities our Trustees have given serious consideration to the Charity Commission’s general guidance on public benefit and in particular that relating to the arts, culture, heritage or science.
## **Achievements and performance**
This report which is compiled for 2024 draws attention to the financial difficulties that continued to impact on the Society. The Society is far from alone in this, and 2024 saw many Arts societies and galleries cease to operate altogether, underlining the fact that The Arts continued to feel the continuing uncertainty of the UK and Global economic problems.
The Society continued to operate and the Trustees have worked behind the scenes to grow the Society back to pre Covid numbers, and this was achieved in 2024. The Trustees were hopeful that the membership would continue to grow steadily into 2025. More importantly efforts were made to improve the quality and scope of the Society’s offering to its members in education, but also in communication. 2024 saw the very first issue of a digital ‘flipbook’ Newsletter which was very well received. Our Social Media presence continued to go from strength to strength thanks to the efforts of a dedicated three strong team building good engagement, and we were able to do much more to showcase our members and publicise events of interest to our followers and is a very important part of the running of the Society. A great deal of engagement took place through our social media offerings and at the end of 2024 membership stood at 385 * back to pre covid levels.
The measures being taken to run the Society within its income continued, spearheaded by the efforts of the Trustees. It is important to note that this income was provided almost exclusively by membership subscriptions – as demonstrated in the accounts. The need to exist within our financial restraints continues to be monitored and finances are reviewed at every Trustees Meeting.
3
## Society of Equestrian Artists
## Trustees' report (continued) for the year ended 31 December 2024
## **Achievements and performance (continued)**
This report which is compiled for 2024 draws attention to the financial difficulties that continued to impact on the Society. The Society is far from alone in this, and 2024 saw many Arts societies and galleries cease to operate altogether, underlining the fact that The Arts continued to feel the continuing uncertainty of the UK and Global economic problems.
The Society continued to operate and the Trustees have worked behind the scenes to grow the Society back to pre Covid numbers, and this was achieved in 2024. The Trustees were hopeful that the membership would continue to grow steadily into 2025. More importantly efforts were made to improve the quality and scope of the Society’s offering to its members in education, but also in communication. 2024 saw the very first issue of a digital ‘flipbook’ Newsletter which was very well received. Our Social Media presence continued to go from strength to strength thanks to the efforts of a dedicated three strong team building good engagement, and we were able to do much more to showcase our members and publicise events of interest to our followers and is a very important part of the running of the Society. A great deal of engagement took place through our social media offerings and at the end of 2024 membership stood at 385 * back to pre covid levels.
The measures being taken to run the Society within its income continued, spearheaded by the efforts of the Trustees. It is important to note that this income was provided almost exclusively by membership subscriptions – as demonstrated in the accounts. The need to exist within our financial restraints continues to be monitored and finances are reviewed at every Trustees Meeting.
Overall the Trustees felt that the aims set out for the Society in 2024 were accomplished, despite the financial restrictions that the Society operates under, and they continue to work hard to reinvigorate the Society and engage the membership. Membership sign up continued to increase steadily, and in 2025 the Society is seeing both established artists and early stage artists joining. Members made full use of the online membership system and also more members renewed via the online payment portal on the website.
(*It is worth noting at this point that since the end of 2024 the trend has continued and a further 39 new members have signed up at the date of writing this report, amongst them some high profile names in the equestrian art world. We are even more pleased to report that past lapsed members are rejoining. As we built upon the offering to our membership we hope this trend continues, after a low of 316 members in 2022.)
The Horse in Art Exhibition was held at Weston Park, Shifnal, Shropshire. The exhibition was very well received, but unfortunately did not translate into as many sales for our artists as we would have liked. A well attended Private View was held and prizes and Awards given. Sadly we learned on the eve of the exhibition that Barry Peckham, our fellow Trustee Member and staunch supporter of the Society for many years had passed away.
The residential workshop was held at Dedham Hall in Suffolk after a long search for a suitable venue. This well established art venue proved to be a major hit with the attendees, and we were booked to capacity with 28 members attending. The venue is located close to the Munnings Art Museum, which hosted our artists for two of the days. We are looking forward to expanding our relationship with the museum going forward. A good programme of workshops took place in 2024 cover locations across the UK from Northumberland to Devon and across to Herefordshire.
Following on from the 2023 Printed newsletter, our first digital summer newsletter was sent out in June 2024, utilising a digital platform to produce a ‘flipbook’ which was very well received by our members. The very few members who do not use the internet received printed copies through the post. The platform also proved useful for producing digital catalogues for the exhibition and will continue to be built upon.
4
## Society of Equestrian Artists
## Trustees' report (continued) for the year ended 31 December 2024
## **Achievements and performance (continued)**
Despite great efforts, expenditure still exceeded income, non payment of subscriptions has improved slightly. However further measures taken meant the loss sustained in the 2023 financial year was less than previous years and it is hoped we will be able to maintain and build upon this progress going forward and continuing efforts to work in a sustainable manner and boost income with new initiatives will see the Society continuing to reduce the current annual expense over income. For the past four years this has stood at between - £3-4K driven by falling membership subscriptions, increased costs of running the Society, accounting etc.
In summary, the Trustees believe that the Society can enjoy a bright future. In 2024 we were pleased to welcome three new members to the Board of Trustees, a welcome and vital boost. That said, we still need more interested members to step forward as we have other Trustees due to step down and the Society always need volunteers for exhibitions and workshops. We were grateful for the support of our membership in 2024. A lot of work has been put in by our committee behind the scenes working to use the momentum to drive us forward into 2025 and 2026, but there are still concerns that this can be achieved if members do not get involved to help lead the Society going forward. The task of running the Society continues to fall on a few volunteers. There are still financial challenges ahead, but the end of 2024 saw more optimism for the future.
Your Trustees continued to seek sponsors, and seek new initiatives for our members. The Society also continued to review the health of the Society at our monthly meetings. We take advice from the Charity Commission and regularly review ongoing Government recommendations regarding reporting and governance of the Society. The Trustees are also continually reviewing the financial impact the economy is still having on the Society and will take action as necessary. To this end it was discussed and approved to deposit some of the Society’s unused Reserve capital into a higher interest bearing savings account with CAF (Charities Aid Foundation), to maximise the earning potential of these funds.
The Trustees had been waiting for several years to increase the membership subscriptions, holding off doing so understanding that the past four years had been very difficult ones financially for artists. The subscription rates were increased as follows: Friends £40 or £35 if paying via standing order. Associates £60 or £55 if paying by standing order. FMs and Overseas members remained the same. It had been over 12 years since the last increase of membership and the need for income from subscription has driven this increase as running costs have risen considerably over the last decade.
Trustees continues to seek new sponsors, but the current economic situation, with so many Charities struggling to raise funds continued and it was not possible to secure meaningful sponsorship. Going forward the Trustees will explore other ways of funding the work of the charity. The Trustees continue to carefully review ongoing expenditure in order to ensure the future financial viability of the Society, our immediate aim being to operate within the income of the Society. Our accounts have again been inspected by our Accountant Mr Dodd FCCA who we are pleased to retain for the 2024 accounts.
As mentioned earlier in this report there remain vacancies on the board of Trustees, Jane Braithwaite SEA our chairwoman steps down 2025 AGM. We are pleased to report that a new Chairwoman, Anthea Wood, will be stepping into the post at the AGM in 2025. The Trustees are pleased to consider new applications to the board of Trustees who will bring fresh insight into the running of the Society for its members, particularly experienced FMs and AMs and younger members who have skills in IT and Social Media. Without fresh input and hands on help the Society will struggle to continue in the long term.
Debbie Dunbar continued to provide Administrator and website services. The contract was increased in line with national minimum wage on a freelance contract basis. The cost for administration and website services saw their first increase in cost since 2012. This will be reviewed again in 2025.
The running of the Society, particularly workshops and exhibitions relies on the efforts of our volunteers. We have a keen but small band of loyal volunteers, but we were happy to welcome four new faces to the Board of Trustees in 2024.
5
## Society of Equestrian Artists
## Trustees' report (continued) for the year ended 31 December 2024
## **Risk management**
The Trustees have examined the major strategic and operational risks that the Society faces and confirm that appropriate measures are in place to protect the Society from them as far as possible. GDPR policies have been implemented and are in ongoing review. A Health and Safety policy is in place for workshops.
## **Financial review**
The net deficit for the year was £2,983, including a net deficit of £4,233 on unrestricted funds and net income of £1,250 on restricted funds after transfers.
## **Reserves policy**
The charity's free reserves, excluding fixed assets, at the year end were £44,789.
Although they have not adopted a formal reserves policy, the Trustees believe that there are adequate reserves to cover the charity's non sales-related expenditure for the next twelve months. They continue to work to increase the Society’s income, and to continue to build upon the work already done to reduce the running costs of the Society.
Approved by the board of trustees on …………..……...…….
Signed: ………………..…………. (Trustee)
Name: ……………..…..………….
6
## Society of Equestrian Artists
## Independent examiner's report to the trustees of Society of Equestrian
## Artists
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024, which are set out on pages 8 to 13.
## **Responsibilities and basis of report**
As the charity 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 as carried out under section 145 of 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 Act.
## **Independent examiner's statement**
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 Charities Act; 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.
Alan Dodd FCCA
Date: …………………….
7
## Society of Equestrian Artists
## Statement of Financial Activities
## (including summary income and expenditure account) for the year ended 31 December 2024
|Notes
2024
Unrestricted
funds
£
**Income from:**
Donations
500
Exhibitions
4,285
Subscriptions
9,885
Workshops
23,200
Other income
-
Bank interest
607
Sales of merchandise
1,046
**Total income**
39,523
**Expenditure on:**
Exhibition costs
4,732
Printing, postage and stationery
368
Cost of goods for resale
817
Workshop expenses
22,548
Secretarial expenses
11,450
Independent examination
520
Insurance
486
IT software and consumables
788
Website costs
317
Subscriptions
35
Telephone and internet
342
Bank charges
156
Donations made
770
Other expenses
94
Depreciation
333
**Total expenditure**
43,756
**Net income / (expenditure)**
(4,233)
**Fund balances brought forward**
49,689
**Fund balances carried forward**
(2)
45,456|2024
Restricted
funds
£
1,250
-
-
-
-
-
-
1,250
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,250
-
1,250|2024
Total
funds
£
1,750
4,285
9,885
23,200
-
607
1,046
40,773
4,732
368
817
22,548
11,450
520
486
788
317
35
342
156
770
94
333
43,756
(2,983)
49,689
46,706|2023
Total
funds
£
460
13,005
9,469
2,058
149
384
-
25,525
11,619
741
-
1,084
9,000
500
486
698
1,934
35
320
169
50
639
663
27,938
(2,413)
52,102
49,689|
|---|---|---|---|
All incoming resources and resources expended derive from continuing activities.
8
## Society of Equestrian Artists
## Balance sheet
|as at 31 December 2024
Notes
2024
Unrestricted
£
**Fixed assets**
Tangible assets
(3)
667
**Total fixed assets**
667
**Current assets**
Stock
300
Debtors and prepayments
(4)
1,359
Cash at bank and in hand
47,836
**Total current assets**
49,495
**Current liabilities:**
**amounts falling due within one year**
Creditors and accruals
(5)
4,706
**Total current liabilities**
4,706
**Net current assets / (liabilities)**
44,789
**Net assets**
45,456
**Funds**
Unrestricted funds
45,456
Restricted funds
-
**Total funds**
45,456|2024
Restricted
£
-
-
-
-
1,250
1,250
-
-
1,250
1,250
-
1,250
1,250|2024
Total
£
667
667
300
1,359
49,086
50,745
4,706
4,706
46,039
46,706
45,456
1,250
46,706|2023
Total
£
-
-
-
2,494
52,168
54,662
4,973
4,973
49,689
49,689
49,689
-
49,689|
|---|---|---|---|
The financial statements were approved by the board of trustees on …………..……...…….
Signed: ……………...………….…. (Trustee)
Name: ……………..…..………….
9
## Society of Equestrian Artists
## Notes to the accounts
## for the year ended 31 December 2024
## **1 Accounting policies**
## **Basis of accounting**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared 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 (FRS 102) (effective 1 January 2019) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102. There has been no change to the accounting policies since last year. No changes have been made to the accounts for previous years.
## **Going concern**
The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources, if it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.
## **Grants and donations**
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Where grants are related to performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance.
## **Expenditure and liabilities**
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
## **Taxation**
As a charity the organisation benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
## **Tangible fixed assets**
Tangible fixed assets costing more than £1,000 are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows: Computer equipment: over 3 years
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
10
## Society of Equestrian Artists
## Notes to the accounts continued
## for the year ended 31 December 2024
|**2 **
**3 **
**4 **
**5 **|**Restricted funds**
Balance b/f
Incoming
Outgoing
Transfers
Balance c/f
£
£
£
£
£
The Horse Trust
-
1,250
-
-
1,250
-
1,250
-
-
1,250
**Fund name**
**Purpose of restriction**
The Horse Trust
**Tangible assets**
Total
**Cost**
£
£
At 1 January 2024
2,352
2,352
Additions
1,000
1,000
Disposals
(2,231)
(2,231)
At 31 December 2024
1,121
1,121
**Depreciation**
At 1 January 2024
2,352
2,352
Depn reversed re. disposals
(2,231)
(2,231)
Charge for year
333
333
At 31 December 2024
454
454
**Net book value**
At 31 December 2024
667
667
At 31 December 2023
-
-
**Debtors and prepayments**
2024
2023
£
£
Debtors
860
-
Prepayments
499
2,494
1,359
2,494
**Creditors and accruals**
2024
2023
£
£
Creditors
-
Accruals
1,730
500
Deferred income (see note below for analysis)
1,336
2,693
Other creditors
1,640
1,780
4,706
4,973
Restricted donations received for subsequent donation to The Horse Trust
Computer
equipment|
|---|---|
Deferred income represents receipts received in 2024 for events held during 2025.
11
## Society of Equestrian Artists
## Notes to the accounts continued
## for the year ended 31 December 2024
## **6 Related party transactions**
## **Trustee expenses**
During the year 3 trustees were paid a total of £414; £93 in respect of travel and £321 for event and workshop expenses (previous year: 3 trustees and £511 - £63 travel and £448 for event and workshop expenses).
## **Trustee remuneration and benefits**
No trustee received any remuneration or benefit during this or the previous year.
12
## Society of Equestrian Artists
## Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the year ended 31 December 2024
|2024
2023
Unrestricted Unrestricted
funds
funds
£
£
**Income**
Donations
500
460
Exhibitions
4,285
13,005
Subscriptions
9,885
9,469
Workshops
23,200
2,058
Other income
-
149
Bank interest
607
384
Sales of merchandise
1,046
-
**Total income**
39,523
25,525
**Expenditure**
Exhibition costs
4,732
11,619
Printing, postage and stationery
368
741
Workshop expenses
22,548
1,084
Secretarial expenses
11,450
9,000
Independent examination
520
500
Insurance
486
486
IT software and consumables
788
698
Website costs
317
1,934
Subscriptions
35
35
Telephone and internet
342
320
Bank charges
156
169
Donations made
770
50
Other expenses
94
639
Depreciation
333
663
**Total expenditure**
42,939
27,938
**Net income / (expenditure)**
(3,416)
(2,413)
**Fund balances brought forward**
49,689
52,102
**Fund balances carried forward**
46,273
49,689|2024
Restricted
funds
£
1,250
-
-
-
-
-
-
1,250
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,250
-
1,250|2023
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|2024
Total
funds
£
1,750
4,285
9,885
23,200
-
607
1,046
40,773
4,732
368
22,548
11,450
520
486
788
317
35
342
156
770
94
333
42,939
(2,166)
49,689
47,523|2023
Total
funds
£
460
13,005
9,469
2,058
149
384
-
25,525
11,619
741
1,084
9,000
500
486
698
1,934
35
320
169
50
639
663
27,938
(2,413)
52,102
49,689|
|---|---|---|---|---|
13