REcisfERED CHARIIY NUhlBER: 2957811 REPOR OF THE I'RUSTLES AND FINANCIAL sfATEMEprtS FOR THE YEAR DED31ST DECF.NIBER 2023 FOR NEW ENGLISH ART CLUB NGLIS T CLUB CONTENTS OF THE FINANCIAL sfATEhlENTS FOR'I'HE YEAR LNDED 31sr DECENIBER 2023 Page Report tsfthe Trustees IndepelldeDt ExAmintT'$ Report Stgtement of FinARtiAI Attivities Balknce Sheet Notes to tbe Fin*nei&l Statements 7 to 13 Detlliled St&tement of Financial Activitles 14 NEWE T CLUB REPORT OF THE TRUSTEES FOR THL YEAR ENDED 31sr DECEMBER202J Th¢ Executive Committee presents its report with the financial statement5 of the charity for the year ended 3 1st D¢c¢mber 2023. The finBncial $tat¢ments have been prepar¢d in a¢¢ordatt¢e with the accounting policies set out in note l io the accounts and comply with the charity's trust deed, the Charities Act 2011 and Acegiinting and Re￿)rtillg by Charitie5'. Stateiiient of Recomnjended Pra¢ti¢e appltcable to ¢hariti¢s preparing their a¢counts in accordance with the Finath¢ial R¢pDrting Standard for Siyjaller Entities published on 16th July 2014. OWEcfivES AND AcfiviTIES C.on$titution ind objeets The ch￿ty ivas cstablished 1886 and is r¢gi$ter¢d with The Charity Commission under the number 295780. The Club consists of persons int¢rest¢d in the ort of painting and kindred arts and is established for the promotion of sctence, liierniure and fine arts. The incorr￿ ofthe Club relates to sw)nsorship, legacies, coverthaTrted donations and inv¢sttnent itKome received. I'hc principal activittes of New English Art Club {"the Club") thE promotion and advanretnent of public education of the art of drawing ortd painting. Public belltfit In deterniining our objeuives and plartnitw ￿tUre eve]rts and activities. thc Exccutive Committee Men)bers have considered the Charity CoDunis5ion's guidance on publie benefit, including the guidan¢e on public benefft and fee chargin8. ACHIEVEMENT AND PERFORMANCE Wc kicked off 2023 ivith a suceessful major exhibition of NEAC tnetnb¢r5 WQTk - past and present- at the Vicloria Art Gall¢ry in Bath between January and April with sales totalling £25,470. Tlie year ended wilh another regional exhibition at the JeThm Gallery in tknrset featuring I￿rk by 16 mcmber artisis. Our al￿￿al exhibition was held in June at Mall Cialleries in London and i5% of the 399 works exhibited were from an open selection. The exhiTr>ition was well received but the total 5ale5 fjgure oF£80.000 wa5 a little diswihting. Seven d¢Dionslratioiis by men)ber anists were h¢ld during the exhibition and the anTrual leclutt given by Je55ica Kilburn wa5 titled'Thomas Hennel NEAC RIVS11903-1945)'. The NEAC. Educsttion PTogramme reaclied pr¢-COVID nujnbers of classes &nd workshop5 tutored by our meinber artists. Thcy held a tt>ta] of 17 ¢lwes and workthops Ihroughoul the year ivhich were all Trv¢ll attended. Thi5 year. ive introduced the NEAC S¢holarship award of £5,000 which aims to suppoii an artist who faccs fiiiancial ba￿terS in pursuing the arts in a professional capacity. Bursarics of £250 were awarded to two addition￿ NEAC Scholats. They attend NEAC classes and workshops for rtee ￿ are encouraged to visil metnber artist5, Studios. Our wtbsite attracted over 18,000 wiique users in 2023 and our monihly e•rteivslett¢rs are enjoyed by 3,000 siibscribet5. These ftature irtt¢rvieMs at)d article5. a5 well as promoting our exhibitio1￿. classe5 and workshops, which we also share on our social media platf0m￿. Th¢ w¢bsit¢ also leatures a s¢lfftion of members, paintings avai13ble to purchase, with sales totalling £14,950 ith 2023. Friends of th¢ NEAC have in¢reased to 200 in 2023 fnm 180 irt 2022 atld they continuc t(5 T￿e1ve newsletters, ¢aialogues. private view invitations and a diseount on NEAC ¢lasses and workslK)PS. FINANCIAL REVIEII, Vinancial positio Ai thc balance sheet date, rcsetves were held tolallittg £91,548 (2022 - £126.329}. The I xecutive cOn￿ni￿ce Mcmber5 consider these r¢serv¢s to be appropriate having due considcrdlion for its plan5 for the forthcoming ycar. Page I NEII, E.YGLISH ART CLUB REPORT O HETR srkES FOR TIIE YEAR ENDED31ST D&CEIllBER 023 FINANCIAL REVIEW Reserve5 PDIicy Reserves are held in order for N¢w English Art Club to uttdertake the work required to meet its aims and objecttves. An adequate lev¢1 of rcs¢rv¢s is ¢onsidered by tlie Executive CoTnmtNee Members to be the amount requircd to meet planthed activities artd events for thc forthcoming year. FUTURE PLANS We plan to continue with the achievements listed th)ve. in particular th¢ educational programme of workshops. We have already started using a ivider ran¥¢ of v¢nu¢s for th¢s¢ so that they are Itss tA*ndon-centric and can atlract st￿¢￿ts from a ivid¢r ra]]ge of locations. We are also runni]ig soine workshops online, a¥ain enabling people in more remote parts of the country to benefjt. We have also b¢gwi an exp¢ritnent ivith a free-to-attend Inslagram Draiving Club where members offcr a demonstration of their draiving skills, providing p￿ters with the ¢han¢¢ to observe a[￿ learn a5 wcll as draiv along with them. The £5,000 Scholarship enters its second yeai. building on OUT expcricnce of la51 time and hopefully attra¢ting an even larger nuEnber of applicant5 as It becomes better knowi. IV¢ continiie to ivork local galleries to shoivcase our embers. work outside ofLolldon. kicking off 2024 with exhibition at Island Fine Arts on the Isl¢ of WighL We sincerely hope to reY¢rse our somewh&t disap￿l￿tIng sales at our annual eyhtbition whi¢h ivill re￿Ure a new £l.000 prize courtesy ofDora Bertolulti Howard (Ihe widow of Ken Howard RA and Past President NEACI alongsid¢ our mally other regLilar aivard5. We wÈll maintain the ratio of non-members, to members. work in the exhibition (35Yo 10 65Y()), and this year we will revive a v¢ry old NEAC tradition of inviting one or two particularly distinguished artists to join us as guest exhibitors. STRUCTURE. GOVERNANCE AND ￿TANAC.EME￿T Governing The charity L5 controlled by its goveming do¢umen¢ a deed of trust and constitutes unincorporated ¢harity. Retrnitment and Appointmellt of members The exisling Executive Comnullee Members ivill appoint new Menthers on tli¢ basis of the app)iniee's kntswledge and experience to be able to ¢ontribut¢ tOiV3rd5 th¢ achievernen¢ of the charity's objectives. REFERY.P4CE AND ADIMINISTRATIVE DETAILS Regi5tcrcd ChArity number 295780 Prknclpal Addre Federdlioji of British Artists 17 Carltots House Terrace iA>ndon SWIY 5BD Trustees C H Gardner C Halliday P Brown (resigned Z8.12.23) S Malonr (r¢signed 28.12.23) C P Cullen (appoinled 28.12.23) B G T Ivard (appointcd 28.12.23} D S l Elltott {appointed 28.12.23) Page 2 NEW sp￿1 &Co. F&)or. Jeb%o Hou8¢ 53-61 Hi8bStfttt slip HA4 7BD AppDYed by OTthr ofthe bL*ud ofuw¢e&•tt26th ApTi12024 th￿d0￿1 Itsb&￿fty. Py3 INDEPENDENT EXAi¥IIP4ER'S REPOH'fTO THE TRusfEES OF NEW ENGLISII ART CLUB llldepend¢nt ¢xaJDillePs report lo the trustees of New Englisb Art Club I report to the Charity Itust¢¢5 on my examination of the a¢¢ounts of New English Art Club (the Trust) for the year ended 3151 December 2023. Respollsibiiities basis ofreport A$ the charity trustees of thc Trust you are responsible for the preparation of the account5 Én accordance with the requiremcnts of the Charitics A¢1 2011 (Ihe A¢t'l. J report in respect of my examtnation of th¢ Truqfs acwunts carried out under Seuion 145 of the Act and in carrying oui my cxamination I have folloiyed all applicable Directions given by ihe Charity Commission under Section 145(5Hb) of th¢ A¢t. lmdepettdtnt ex*mkner'$ statement I have completed my examinatiot). I confirm that no material malters have come to my allenlion in ¢onneclion with the exarnination giving me cause to believe that Èn any material respect.. 8ccounting records wcrc not kept in re5P¢Ct of thc Trust as Tequired by Section 130 of ihe Act or the accounts do not a(xord witli those re¢ords; or the accounts do tK)t comply ivtth the applicable requirements ¢onc¢rning the fomi ond conlent of accounts set out ill ihe Charities {Abrounts and Report5} Regiilatitsns 2008 other ihan any req￿irement that the accouRts give tr￿e alld fair vi￿¥ whi¢h is not a matter considered as part of on independent examination. I have no concenis and have Come atross ]Ktr Other mallers in ¢onn¢dion with the examination to whi¢h attention $hollld be draivtt in this report in order to ¢tkable a proper understandin8 olthe accounts to be reached. £pnor or when funds art wais¢d for partlCLi12r restricted pllrposes. Fised #55et inYe5tments Investmenls in subsidiary undcrtaktngs are shoThm at ¢ost. Page 7 NEW ENGLISEI ART CLUB NOI'ES TO I'IIL fr'INANCIAI. STATTrdiI1b'.N'fs- t&Mtinu¢d FOR IIF. YLAR .NDI:D 31sr DF.CD: INVESTMENf INCOME 2023 2022 Int¢￿st r¢r¢ivrd INCOME FROM C.HARITABLE AcfiviTtEs 2023 2022 Activity A¢tiviti¢s to g¢n¢rate funds Activities to generate ￿ndS Activities to generate fi￿d5 School of Drawing Friends ofNEAC Mall Galleries exhibitio Rvyalties fiY)m greeting card sal¢s 4.242 4.108 12,626 4.747 15,797 Aciiviti¢$ to generdte funds 17 380 29,107 21,356 RAISING FUNDS Raisillg donstioit5 and legacies 21J23 1022 S¢hool of Drasving Mall GallerÈ¢s exhibÉtion M¢lntosh Prize Critics Prize Drdwinu Sch(￿1 SGholarship Fund Bowyer prize VAG exhibition 6.040 1SJ38 3,0110 750 5,0110 500 14.773 2.839 6,¥78 3.000 1.500 500 45,401 14.717 TRusfEES' REhIUNERATIOY AND BENEFrtS There were no Irusiees. remuneration or other ben¢fits for the year end¢d 31st December 2023 nor for the year ended 31st D¢cember 2022. Trustees expenses Onc trustee received an expense diiring the ycar tolallino £207 (2022- £203}. This represents the ￿1mbUrSeMent of generAI Sw>￿}rt costs itt¢ludino postage and siationery and presentation cosis. Page 8 NEW ENCLISH ART CLUB NOI'ifs 1.0 THF FINANCIAL srATE￿IENT.8- eontinu¢ FORI'Hb YEAR b.NDbD Jisr DECENIBER 2023 STAFF COSTS The average monthly number ofemployee$ during the year w&$ as follows.. 21123 2022 No employees received effto1umet￿ in excess of £60.000. FIXED A&SET INVESI'IIIENTS Shares i group dertakillgs MARKF.T VALUE At 1st January 2023 and 31st Dcccmbcr 2023 NET BOOK VALUE At 315t December 2023 At 31st December 2022 Th¢r¢ were no investsnent assets outside the UK. The chariry hold$ IOQO/ty of the share ¢apithl of its trading Company, Thc NFAC Trading Company Limited. The market value of these sharcs i5 deemed in the opinion of the Executive Committee to be £1 (2022- £1). DEBTORS: AMOUNTS FALLING DUE wrfHIN ONK YEAR 2023 2022 Balance due from The NEAC Tradtng Company Limited Sundry debtors Sponsorship and dotbations 9,876 729 sooo 7,634 758 5.000 15.605 13.392 Pag¢ 9 NEW LINGLISH ART CLUB NOTLS'I'O'I'HE VINANCIAL STATEMENTS- colltinued FOR THF VV.AR NDTr.D 31￿. DF.CF. R 2023 CREDrroRS: knmouprfs FALLING DUE IVITHIN ONE YEAR 2023 21)22 Other Gr¢ditors Accrued expenses 3,846 967 4.214 1,469 6.813 5.683 io. MOVEMENr tN FUNDS Net movement ill fullds At 31.1223 At 1.1.23 Unrestricted fuDds General fund 113J29 (37.281) 76.048 Restricted funds Boivyer Priz¢ fimd M¢lntosh Prize fund NEAC Scholarship fvnd Ken artd Dora Hoiv8rd Prize fi￿d J.000 12.IMIO (3,0110) 5,IMIO 1,000 9.000 1.00 13,000 2,500 15500 TOTAL Fi]NDS 126.329 (34.781) 91.548 Net nM)vcmcnt in filnds, included in the above are as follo1￿.. Incoming resour£e8 Resour¢es expended lovement in funds Ullrestrieted funds General fund 42,134 (79,415) (37J81) Restritted fund$ Boivyer Prize fitnd MGlnt05h Prize fuTrd NE.:AC Scholarship fimd Kcn and Dora Howdrd Prize fur (500} (3.000) (500) (3.000) 5,000 i.ooo 5,000 1.000 6,1100 13JbO) 2500 TOTAL FUNDS 48.134 {82915) (34.781) Page 10 NEW ENGLISH ART CLUB OTES TO TIIE FINANCIAL STA'I'L￿fEl%Trs- oouti FOR TIIE YEAR ENDED 31ST DEC.EP*"IBER 2023 io. MOVEME￿ IN FUNDS- ¢ontinu¢d Cothpar¥tives for movement in fund5 Net movement funds At 31.12.22 Al 1.1.22 Unrestrfcted lunds Generdl fund 122.013 (&684) 113.329 Restricted funds Bowyer Pri£¢ lund Mclrttosh Prize fund 1.500 15,000 (500) (3,000) 1,000 12,000 16,500 (3,500} 13,000 TOTAL FUNDS lJ8,513 (12,184) 126,329 Comparative n¢t niovem¢nt in fimds, included in th¢ above are as follows- Resourres expended Move￿ent in fllnd5 ttsoiirte& Unreslrict¢d funds General ￿nd 55.584 (64.268) (8.684) Restricled funrl$ Bowyer Prize fund Mclrfosh Prize fund (500) (3.000) 1500} (3.000) (3,500) 13,500) TOTAL FIJNDS 55.584 (67.7681 (12,1841 Pag¢ll &W ENCLISFI AKI'CI.UB NOTES TO THE FJNANCIAL STATENIENTS- CODtin OR THE YEAR ENDF.D 315r DKCFMBER2023 io. MOVEMEwf IN FUNDS- toDtinued A current year 12 nK*nths and prior year 12 ￿llthS combined position is as follows= Net movemenl in fvllds At 31.12.23 At 1.1.22 Unreslr5eted funds General fund 122,013 {45.965) 76.048 Restricted funds Bowycr Prize fund Mclntosh Prize fimd NEAC Scholatship fi]nd Ken and D(Jtt Hoivard Pri7¢ fijnd 1,500 I5.1￿0 11,000) (6.000) 5.000 1.000 500 9.000 5.000 1,000 16.500 (1.0001 15.500 TOTAL FUNDS 138.5 13 146,9651 91,548 A ciirrent year 12 motrths and prior year 12 month5 eombined net movement in fund5, included in the above are a5 folloivs.. Itttoming resources Re50urce5 ¢¥ponded Movement im funds Unrestricted funds General fund 97.718 (143,683) 145,965) Restritted funds BoThycr Prize furtd Mclntosh Pri7c fund NEAC SclK)larship thnd Ken and Dor4 Hoiyard Prizc fimd 1,0001 16,OIM>I 11.000) {6,000) 5,000 1,000 5.000 1,000 6.000 {7.000) {I,000) TOTAL FUNDS 103,718 (150,683) (46,965> Pa8e 12 'F,IV ENGLISII RT CLUB P40TES TO THE FINANCIAL STATE,MENTS- continue FOR THE Y ENDED 31ST DECEIVIBER 2023 IA. RELATED PARTY DISCLOSURES There wer¢ tKTr r¢lated party transactions for Éh¢ ycar ended 315t Deeember 2023. Page 13 NEW TrIYGLISH ARTCLUB DETAILED sfATEMEprf OF FIP4AP4CIAL ACTIVITIES FOR THE YEAR ENDED 31ST DF.CEMBER 2023 2023 2022 INCOME AND ENDOWMENfS Don9tions And legacÈe8 Spot]sorship and donation$ Gift Aid Milner Priz¢ Award Ken and Dora PriLe 14,11 3.433 30,632 3.096 500 1,000 18,543 34,228 lyvesttnent inoomt Interest rcceived 484 Charltable *etlvltles School of Draivtng Friends of NEAC Mall Galleries cxhibition Royalties from greeiing ¢ard sales 8J87 4,747 15.797 176 4,242 4,108 12.626 380 29.107 21.356 Total intomin% resources 48,134 55,584 EXPENDITURE Raising doD*tÉtins and leEAeies S¢hool of Drawing Mall Galleries exhibition Mrlntosh Prize CriliLS Prize Drawin8 School Scholarship Fund Bowycr pr¥ze VAG exhibition 6,040 1SJ38 3.(MlO 750 5,tMIO 2,839 6,878 3.000 1,500 500 14.773 45.4(11 14.717 Support ¢05ts M&nggem¢nt Accountancy fees Website design costs Website construrtivn and nulniiig ¢osis Sales a￿d admin costs Marketing 1,498 1,401 ,112 19,102 12,022 19,414 3.618 13,996 t8,402 37,514 53,051 TolY41 re50urce5 expended 82.915 67.768 Ntl exptttditure (34,781) 112.184) Tliis page doe5 not forni part of the Statutory financial slatements Page 14