REGISTERED CHARITY NUMBER: 295780
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022
FOR
NEW ENGLISH ART CLUB
NEW ENGLISH ART CLUB
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
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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
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NEW ENGLISH ART CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
The Executive Committee presents its report with the financial statements of the charity for the year ended 31st December 2022. 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
2022 was a year when things began to get back to normal after the difficult years of Covid lockdowns and restrictions. The Drawing School was able to run a range of weekly classes and workshops tutored by our member artists. They held eight one day workshops and a further three workshops during our annual exhibition which were well attended and received. On-line classes were trialled with a dialogue of two members being live streamed whilst they drew from life in their studios.
Our annual open exhibition was held in June but was impacted by a rail strike during the first week. The Critics Lunch was able to be held in the first week with reduced attendance but the Private View and other events had to be moved to the second week of the exhibition. Sales were affected but still reached a creditable total of £96,000. The annual lecture was given by David Lloyd Hancock and was titled 'Augustus John and the first crisis of brilliance'. The number of works exhibited were 378 of which 38% were from the open submission.
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.
Our website had to be replaced as the software on which it was based (Drupal 7) was no longer supported. The website is important because we use it to promote and publicise both the NEAC and the Drawing School and to sell members work in order to provide income to enable us to achieve our charitable objectives. We looked at several options and decided to replace it with a new website built on the Artlogic platform. This had a commercial module, CRM (customer relationship management) and a secure database for members, friends and customer details. It was launched in June just before the start of our annual exhibition. We took the opportunity to also replace the NEAC logo with a more up to date version which also launched in June.
The sales of members work on the NEAC website were £21,446.
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 £126,329 (2021 - £138,513). The Executive Committee Members consider these reserves to be appropriate having due consideration for its plans for the forthcoming year.
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NEW ENGLISH ART CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
FINANCIAL REVIEW
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
We will introduce in 2023 an annual NEAC Scholarship award of £5,000. It is for individuals who have not historically benefited from many opportunities to engage with the NEAC, and aim to support those who face financial barriers in pursuing the arts in a professional capacity. Early-career artists includes anyone who feels they are at the beginning stages of their professional artistic career, regardless of age.
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 5th June 2023 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 2022.
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
8th June 2023
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NEW ENGLISH ART CLUB
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
| Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 34,228 - Charitable activities 3 Activities to generate funds 21,356 - Investment income 2 - - Total 55,584 - EXPENDITURE ON Raising funds 4 11,217 3,500 Charitable activities Activities to generate funds 53,051 - Total 64,268 3,500 NET INCOME/(EXPENDITURE) (8,684) (3,500) RECONCILIATION OF FUNDS Total funds brought forward 122,013 16,500 TOTAL FUNDS CARRIED FORWARD 113,329 13,000 |
2022 Total funds £ 34,228 21,356 - 55,584 14,717 53,051 67,768 (12,184) 138,513 126,329 |
2021 Total funds £ 69,917 11,075 13 81,005 15,331 25,196 40,527 40,478 98,035 138,513 |
|---|---|---|
The notes form part of these financial statements
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NEW ENGLISH ART CLUB
BALANCE SHEET 31ST DECEMBER 2022
| Unrestricted Restricted fund funds Notes £ £ FIXED ASSETS Investments 7 1 - CURRENT ASSETS Debtors 8 13,392 - Cash at bank and in hand 105,619 13,000 119,011 13,000 CREDITORS Amounts falling due within one year 9 (5,683) - NET CURRENT ASSETS 113,328 13,000 TOTAL ASSETS LESS CURRENT LIABILITIES 113,329 13,000 NET ASSETS 113,329 13,000 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
2022 Total funds £ 1 13,392 118,619 132,011 (5,683) 126,328 126,329 126,329 113,329 13,000 126,329 |
2021 Total funds £ 1 19,765 123,361 143,126 (4,614) 138,512 138,513 138,513 122,013 16,500 138,513 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5th June 2023 and were signed on its behalf by:
P Brown - 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 2022
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 2022
| 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 |
2022 £ - 2022 £ 4,242 4,108 12,626 380 21,356 2022 £ 2,839 6,878 3,000 1,500 500 14,717 |
2021 £ 13 2021 £ 4,022 5,205 1,742 106 11,075 2021 £ 3,080 6,751 5,000 500 - 15,331 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021.
Trustees' expenses
One trustee received an expense during the year totalling £203 (2021 - £197). 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 2022
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. 7. FIXED ASSET INVESTMENTS MARKET VALUE At 1st January 2022 and 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 |
2022 2021 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 (2021 - £1).
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Balance due from The NEAC Trading Company Limited Sundry debtors Sponsorship and donations |
2022 £ 7,634 758 5,000 13,392 |
2021 £ 14,117 648 5,000 19,765 |
|---|---|---|
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Accrued expenses |
2022 2021 £ £ 4,214 1,864 1,469 2,750 |
|
|---|---|---|
| 5,683 4,614 |
||
| 10. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Bowyer Prize fund McIntosh Prize fund |
At 1.1.22 £ 122,013 1,500 15,000 |
Net movement At in funds 31.12.22 £ £ (8,684) 113,329 (500) 1,000 (3,000) 12,000 |
| 16,500 | (3,500) 13,000 |
|
| TOTAL FUNDS | 138,513 | (12,184) 126,329 |
| 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 £ 55,584 - - |
Resources Movement expended in funds £ £ (64,268) (8,684) (500) (500) (3,000) (3,000) |
| - | (3,500) (3,500) |
|
| TOTAL FUNDS | 55,584 | (67,768) (12,184) |
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
10. MOVEMENT IN FUNDS - continued
Comparatives for 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 |
| Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 66,005 Restricted funds Bowyer Prize fund - McIntosh Prize fund 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 |
| A current year 12 months and prior year 12 months combined position is as follows: Net movement At At 1.1.21 in funds 31.12.22 £ £ £ Unrestricted funds General fund 96,035 17,294 113,329 Restricted funds Bowyer Prize fund 2,000 (1,000) 1,000 McIntosh Prize fund - 12,000 12,000 |
||
| 2,000 | 11,000 13,000 |
|
| TOTAL FUNDS | 98,035 | 28,294 126,329 |
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NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
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 £ £ 121,589 (104,295) - (1,000) 15,000 (3,000) |
Movement in funds £ 17,294 (1,000) 12,000 |
|---|---|---|
| 15,000 (4,000) |
11,000 | |
| TOTAL FUNDS | 136,589 (108,295) |
28,294 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2022.
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