REGISTERED CHARITY NUMBER: 295780
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021
FOR
NEW ENGLISH ART CLUB
NEW ENGLISH ART CLUB
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
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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
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NEW ENGLISH ART CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
The Executive Committee presents its report with the financial statements of the charity for the year ended 31st December 2021. 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
2021 continued to be a difficult year with the country entering a third Covid-19 lockdown at the start of year.
The Drawing School was unable to run its weekly life classes but ran seven 'one-day' workshops between May and December.
The Mall Galleries re-opened in April and the annual NEAC open exhibition was held in June. No events were held in the gallery during our exhibition and visitors were limited to 20 each hour. A virtual 3D tour of the exhibition was available to view on the NEAC and Mall Galleries websites. Sales at the exhibition were excellent and totalled £136K. The number of works exhibited were 409 of which 33.5% were from the open submission. The annual lecture held during the exhibition was pre-recorded and could be viewed on the NEAC website. It was given by Alison Young and the subject was 'Sickert and the art of the Music Hall'.
Bursaries of £250 were awarded to two NEAC Scholars during the exhibition. They attend NEAC classes and workshops for free and are encouraged to visit member artist studios.
The sales of members work on the NEAC website were £36,974.
Friends of the NEAC continue to receive monthly e-newsletters and admission to events.
FINANCIAL REVIEW
Financial position
At the balance sheet date, reserves were held totalling £138,513 (2020 - 98,035). 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.
FUTURE PLANS
It is planned that the Drawing School will again commence weekly life classes and regular workshops.
The website has to be rebuilt as the software on which it runs (Dupal 7) will no longer be supported after 2022.
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NEW ENGLISH ART CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
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 20th May 2022 and signed on its behalf by:
P Brown - Trustee
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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 2021.
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
24th May 2022
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NEW ENGLISH ART CLUB
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 54,917 15,000 Charitable activities 3 Activities to generate funds 11,075 - Investment income 2 13 - Total 66,005 15,000 EXPENDITURE ON Raising funds 4 14,831 500 Charitable activities Activities to generate funds 25,196 - Other - - Total 40,027 500 NET INCOME 25,978 14,500 RECONCILIATION OF FUNDS Total funds brought forward 96,035 2,000 TOTAL FUNDS CARRIED FORWARD 122,013 16,500 |
2021 Total funds £ 69,917 11,075 13 81,005 15,331 25,196 - 40,527 40,478 98,035 138,513 |
2020 Total funds £ 41,685 14,954 44 56,683 8,482 - 29,080 37,562 19,121 78,914 98,035 |
|---|---|---|
The notes form part of these financial statements
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NEW ENGLISH ART CLUB
BALANCE SHEET
31ST DECEMBER 2021
| Unrestricted Restricted fund funds Notes £ £ FIXED ASSETS Investments 7 1 - CURRENT ASSETS Debtors 8 19,765 - Cash at bank and in hand 106,861 16,500 126,626 16,500 CREDITORS Amounts falling due within one year 9 (4,614) - NET CURRENT ASSETS 122,012 16,500 TOTAL ASSETS LESS CURRENT LIABILITIES 122,013 16,500 NET ASSETS 122,013 16,500 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
2021 Total funds £ 1 19,765 123,361 143,126 (4,614) 138,512 138,513 138,513 122,013 16,500 138,513 |
2020 Total funds £ 1 18,120 84,242 102,362 (4,328) 98,034 98,035 98,035 96,035 2,000 98,035 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20th May 2022 and were signed on its behalf by:
C Halliday - Trustee
C H Gardner - Trustee
The notes form part of these financial statements
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
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 2021
| 2. INVESTMENT INCOME 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 Drawing School Scholarship Fund Bowyer prize |
2021 £ 13 2021 £ 4,022 5,205 1,742 106 11,075 2021 £ 3,080 6,751 5,000 500 - 15,331 |
2020 £ 44 2020 £ 1,355 3,932 9,526 141 14,954 2020 £ 1,565 5,917 - - 1,000 8,482 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
Trustees' expenses
One trustee received an expense during the year totalling £197 (2020 - £216). 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 2021
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Trustees No employees received emoluments in excess of £60,000. The total trustees cost and benefits for the reporting period was £nil (2020 - £nil). 7. FIXED ASSET INVESTMENTS MARKET VALUE At 1st January 2021 and 31st December 2021 NET BOOK VALUE At 31st December 2021 At 31st December 2020 |
2021 2020 4 4 Shares in group undertakings £ 1 1 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 (2020 - £1).
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Balance due from The NEAC Trading Company Limited Sundry debtors Sponsorship and donations |
2021 £ 14,117 648 5,000 19,765 |
2020 £ 12,472 648 5,000 18,120 |
|---|---|---|
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Accrued expenses |
2021 2020 £ £ 1,864 1,728 2,750 2,600 |
|
|---|---|---|
| 4,614 4,328 |
||
| 10. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Bowyer Prize fund McIntosh Prize fund |
At 1.1.21 £ 96,035 2,000 - |
Net movement At in funds 31.12.21 £ £ 25,978 122,013 (500) 1,500 15,000 15,000 |
| 2,000 | 14,500 16,500 |
|
| TOTAL FUNDS | 98,035 | 40,478 138,513 |
| Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Bowyer Prize fund McIntosh Prize fund |
Incoming resources £ 66,005 - 15,000 |
Resources Movement expended in funds £ £ (40,027) 25,978 (500) (500) - 15,000 |
| 15,000 | (500) 14,500 |
|
| TOTAL FUNDS | 81,005 | (40,527) 40,478 |
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Bowyer Prize fund |
At 1.1.20 £ 75,914 3,000 |
Net movement At in funds 31.12.20 £ £ 20,121 96,035 (1,000) 2,000 |
|---|---|---|
| TOTAL FUNDS | 78,914 | 19,121 98,035 |
| Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 56,683 Restricted funds Bowyer Prize fund - |
Resources Movement expended in funds £ £ (36,562) 20,121 (1,000) (1,000) |
|
| TOTAL FUNDS | 56,683 | (37,562) 19,121 |
| A current year 12 months and prior year 12 months combined position is as follows: Net movement At At 1.1.20 in funds 31.12.21 £ £ £ Unrestricted funds General fund 75,914 46,099 122,013 Restricted funds Bowyer Prize fund 3,000 (1,500) 1,500 McIntosh Prize fund - 15,000 15,000 |
||
| 3,000 | 13,500 16,500 |
|
| TOTAL FUNDS | 78,914 | 59,599 138,513 |
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Bowyer Prize fund McIntosh Prize fund |
Incoming Resources resources expended £ £ 122,688 (76,589) - (1,500) 15,000 - |
Movement in funds £ 46,099 (1,500) 15,000 |
|---|---|---|
| 15,000 (1,500) |
13,500 | |
| TOTAL FUNDS | 137,688 (78,089) |
59,599 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2021.
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