REGISTERED CHARITY NUMBER: 295780
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
FOR
NEW ENGLISH ART CLUB
NEW ENGLISH ART CLUB
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
NEW ENGLISH ART CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
The Executive Committee presents its report with the financial statements of the charity for the year ended 31st December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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 for Smaller Entities published on 16th July 2014.
OBJECTIVES AND ACTIVITIES
Constitution and objects
The charity was established in 1886 and is registered with The Charity Commission under the number 295780.
The Club consists of persons interested in the art of painting and kindred arts and is established for the promotion of science, literature and fine arts.
The income of the Club relates to sponsorship, legacies, covenanted donations and investment income received.
Public benefit
In determining our objectives and planning future events and activities, the Executive Committee Members have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging.
ACHIEVEMENT AND PERFORMANCE
2020 has been a difficult year with COVID-19 sweeping through the world. The impact of this on the charity was that the Drawing School and the Mall Galleries had to close from the end of March.
The Drawing School ran its weekly life classes and four workshops until the first lockdown in March. It was only able to run one further workshop in October.
The Mall Galleries re-opened in September and planned to have a 'Festival of Figurative Art' featuring seven shows leading up to Christmas. The annual NEAC open exhibition was initially scheduled to be held in June but was rescheduled for 9th to 18th November as part of the 'Festival of Figurative Art'. The work was hung in the Mall Galleries but because the second lockdown begun on 5th November it was an online only exhibition until 7th December when it opened to the public until 16th December. The online exhibition included a virtual 3D tour and we produced a quality 92 page catalogue which was posted to Friends of the NEAC and the Federation of British Artists. Sales from the exhibition were excellent and were the second highest total in recent years. The President gave an online tour of the exhibition and the lecture 'Slade Painters and the NEAC after the turn of the 20th Century' was changed to a pre-recorded event that could be viewed on the website.
The 2019 NEAC scholars were not able to benefit from their award in 2020 and so their term of their award has been extended until the end of 2021. We could only have an online AGM in December and so it was not possible to elect new members. Candidates for membership in 2020 have been carried forward until June 2021.
The NEAC held a very successful exhibition in February 2020 at the Chris Beetle Gallery, St. James's, London. Sales from the NEAC website totalled £20,000 with 25 sales.
FINANCIAL REVIEW
Financial position
At the balance sheet date, reserves were held totalling £98,035 (2019 - 78,914). The Executive Committee Members consider these reserves to be appropriate having due consideration for its plans for the forthcoming year.
Reserves policy
Reserves are held in order for New English Art Club to undertake the work required to meet its aims and objectives.
An adequate level of reserves is considered by the Executive Committee Members to be the amount required to meet its planned activities and events for the forthcoming year.
Page 1
NEW ENGLISH ART CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
FUTURE PLANS
The Drawing school will continue to run weekly life classes and regular workshops.
The annual exhibition will be held at the Mall Galleries in June and the 'open' entries is expected to be around 2,500.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new members
The existing Executive Committee Members will appoint new Members on the basis of the appointee's knowledge and experience to be able to contribute towards the achievement of the charity's objectives.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
295780
Principal address
25 Southall Close Minster Kent CT12 4AR
Trustees
C H Gardner C Halliday P Brown S Malone
Independent Examiner
Sproull & Co. Chartered Accountants First Floor, Jebsen House 53-61 High Street Ruislip Middlesex HA4 7BD
Approved by order of the board of trustees on 23rd December 2021 and signed on its behalf by:
P Brown - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEW ENGLISH ART CLUB
Independent examiner's report to the trustees of New English Art Club
I report to the charity trustees on my examination of the accounts of New English Art Club (the Trust) for the year ended 31st December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Michelle Wickwar A.C.A., F.C.C.A. Sproull & Co. Chartered Accountants First Floor, Jebsen House 53-61 High Street Ruislip Middlesex HA4 7BD
23rd December 2021
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NEW ENGLISH ART CLUB
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020
| Unrestricted Restricted fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 41,685 - Charitable activities 3 Activities to generate funds 14,954 - Investment income 2 44 - Total 56,683 - EXPENDITURE ON Raising funds 4 7,482 1,000 Other 29,080 - Total 36,562 1,000 NET INCOME/(EXPENDITURE) 20,121 (1,000) RECONCILIATION OF FUNDS Total funds brought forward 75,914 3,000 TOTAL FUNDS CARRIED FORWARD 96,035 2,000 |
2020 Total funds £ 41,685 14,954 44 56,683 8,482 29,080 37,562 19,121 78,914 98,035 |
2019 Total funds £ 21,635 17,103 100 38,838 16,319 26,849 43,168 (4,330) 83,244 78,914 |
|---|---|---|
The notes form part of these financial statements
Page 4
NEW ENGLISH ART CLUB
BALANCE SHEET 31ST DECEMBER 2020
| Unrestricted fund Notes £ FIXED ASSETS Investments 7 1 CURRENT ASSETS Debtors 8 18,120 Cash at bank and in hand 82,242 100,362 CREDITORS Amounts falling due within one year 9 (4,328) NET CURRENT ASSETS 96,034 TOTAL ASSETS LESS CURRENT LIABILITIES 96,035 NET ASSETS 96,035 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - 2,000 2,000 - 2,000 2,000 2,000 |
2020 Total funds £ 1 18,120 84,242 102,362 (4,328) 98,034 98,035 98,035 96,035 2,000 98,035 |
2019 Total funds £ 1 13,799 66,434 80,233 (1,320) 78,913 78,914 78,914 75,914 3,000 78,914 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23rd December 2021 and were signed on its behalf by:
C Halliday - Trustee
C H Gardner - Trustee
The notes form part of these financial statements
Page 5
NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Incoming resources
These are accounted for on an accruals basis save for investment income which is accounted for in the period in which the charity is entitled to receipt.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Related party exemption
The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Fixed asset investments
Investments in subsidiary undertakings are shown at cost.
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020
| 2. INVESTMENT INCOME Deposit account interest Interest received 3. INCOME FROM CHARITABLE ACTIVITIES Activity School of Drawing Activities to generate funds Friends of NEAC Activities to generate funds Mall Galleries exhibition Activities to generate funds Royalties from greeting card sales Activities to generate funds 4. RAISING FUNDS Raising donations and legacies School of Drawing Mall Galleries exhibition McIntosh Prize Critics Prize Drawing School Scholarship Fund Bowyer prize |
2020 £ - 44 44 2020 £ 1,355 3,932 9,526 141 14,954 2020 £ 1,565 5,917 - - - 1,000 8,482 |
2019 £ 100 - 100 2019 £ 5,551 10,272 1,135 145 |
|---|---|---|
| 17,103 | ||
| 2019 £ 3,792 5,777 5,000 250 500 1,000 |
||
| 16,319 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2020 nor for the year ended 31st December 2019.
Trustees' expenses
One trustee received an expense during the year totalling £216 (2019 - £789). This represents the reimbursement of general support costs including postage and stationery and presentation costs.
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| Trustees | 4 | 4 |
No employees received emoluments in excess of £60,000.
The total trustees cost and benefits for the reporting period was £nil (2019 - £nil).
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| MARKET VALUE | |
| At 1st January 2020 and | |
| 31st December 2020 | 1 |
| NET BOOK VALUE | |
| At 31st December 2020 | 1 |
| At 31st December 2019 | 1 |
There were no investment assets outside the UK.
The charity holds 100% of the share capital of its trading company, The NEAC Trading Company Limited. The market value of these shares is deemed in the opinion of the Executive Committee to be £1 (2019 - £1).
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Balance due from The NEAC Trading Company Limited Sundry debtors Sponsorship and donations Gift Aid receivable |
2020 £ 12,472 648 5,000 - 18,120 |
2019 £ 7,957 648 5,000 194 |
|---|---|---|
| 13,799 |
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Other creditors | 1,728 | - | |||
| Accrued expenses | 2,600 | 1,320 | |||
| 4,328 | 1,320 | ||||
| 10. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.1.20 | in funds | 31.12.20 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 75,914 | 20,121 | 96,035 | ||
| Restricted funds | |||||
| Bowyer Prize fund | 3,000 | (1,000) | 2,000 | ||
| TOTAL FUNDS | 78,914 | 19,121 | 98,035 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 56,683 | (36,562) | 20,121 | ||
| Restricted funds | |||||
| Bowyer Prize fund | - | (1,000) | (1,000) | ||
| TOTAL FUNDS | 56,683 | (37,562) | 19,121 | ||
| Comparatives for movement in funds | |||||
| Net | |||||
| movement | At | ||||
| At 1.1.19 | in funds | 31.12.19 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 79,244 | (3,330) | 75,914 | ||
| Restricted funds | |||||
| Bowyer Prize fund | 4,000 | (1,000) | 3,000 | ||
| TOTAL FUNDS | 83,244 | (4,330) | 78,914 |
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 38,838 | (42,168) | (3,330) |
| Restricted funds | |||
| Bowyer Prize fund | - | (1,000) | (1,000) |
| TOTAL FUNDS | 38,838 | (43,168) | (4,330) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.19 | in funds | 31.12.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 79,244 | 16,791 | 96,035 |
| Restricted funds | |||
| Bowyer Prize fund | 4,000 | (2,000) | 2,000 |
| TOTAL FUNDS | 83,244 | 14,791 | 98,035 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 95,521 | (78,730) | 16,791 |
| Restricted funds | |||
| Bowyer Prize fund | - | (2,000) | (2,000) |
| TOTAL FUNDS | 95,521 | (80,730) | 14,791 |
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2020.
Page 11