**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.
Page 1
**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
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 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:
1. accounting records were not kept in respect of the Trust 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.
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
Page 3
**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
Page 4
**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
Page 5
**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.
Page 6
**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.
Page 7
**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|
|---|---|---|
Page 8
**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)**|
Page 9
**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|
Page 10
**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.
Page 11