REGISTERED CHARITY NUMBER: 295780
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
FOR
NEW ENGLISH ART CLUB
NEW ENGLISH ART CLUB
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
NEW ENGLISH ART CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
The Executive Committee presents its report with the financial statements of the charity for the year ended 31st December 2024. 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.
The principal activities of New English Art Club ("the Club") are the promotion and advancement of public education of the art of drawing and painting.
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
Our annual exhibition at the Mall Galleries in London in June was a considerable success. Total sales at £91,330 were 2% higher than in 2023 and visitor footfall was up by 23%. Submissions from non-member artists were 8% higher and 139 were selected for the hanging - 34% of all the pictures in the exhibition. The value of Exhibition sales is not reflected in these accounts as they accrue to the Mall Galleries, part of the Federation of British Artists of which NEAC is a founding partner. Mall Galleries also benefits from the growth in on-line submissions which has been remarkable : the 2,800 odd we received in 2024 represented an almost threefold increase over the figure ten years ago. We were delighted to revive an old NEAC tradition by inviting Anthony Eyton and Leon Morocco to show works alongside our members. The annual lecture on Gwen John was given by Dr Alicia Foster. Several demonstrations by member artists were given during the exhibition.
The NEAC Education Programme provided 15 workshops during the year tutored by our member artists, and we also ran a series of "Instagram Live" virtual events with participants sketching with Member artists. For a second year we awarded a £5,000 NEAC Scholarship to a young artist selected from 272 applicants, to enable them to overcome financial barriers in pursuing their art in a professional capacity. Two bursaries of £250 were also awarded. Award winners have free access to NEAC classes and opportunities to visit member artists' studios.
Our website attracted over 23,000 unique users in the year and our monthly e-newsletters are enjoyed by more than 3,600 subscribers. These feature interviews and articles, as well as promoting our exhibitions, classes and workshops, which we also share on our social media platforms. The website also features a selection of members' paintings available to purchase, with sales totalling over £10,000 in 2024.
The nearly 200 Friends of the NEAC continue to receive newsletters, catalogues, private view invitations, and a discount on NEAC classes and workshops.
NEAC has been fortunate over many years in receiving financial help from individual supporters and through legacies. But such help is unpredictable and in order to strengthen our reserves we held a fundraising auction in December 2024 of our members work in which some 63 works were sold and which contributed £19,712 to the charity.
Page 1
NEW ENGLISH ART CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
FINANCIAL REVIEW
Financial position
At the balance sheet date, reserves were held totalling £97,976 (2023 - £90,439). The Executive Committee members consider these reserves to be appropriate having regard 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
We plan to continue with the many achievements listed above, in particular the educational programme of workshops including some on-line.
There were exhibitions of Members' work early in the year at Chris Beetles Gallery and at the Alpine Club in London.
For our principal exhibition at Mall Galleries we are introducing a new prize - generously funded by two supporters - for a work addressing the Climate Emergency. And in addition to the annual £5,000 NEAC Scholarship we plan to increase each of the two bursaries awarded to £500.
Considerable thought is being given as to how best to ensure our financial reserves are maintained given the costs of operating our website and of the prizes and scholarships which are a key part of our charitable purpose in helping promote the next generation of figurative artists. For a number of years, the NEAC has been reliant on a limited number of generous patrons and on legacies. These are inherently unpredictable, and we are looking at ways to broaden support and strengthen our self-generated income.
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
Federation of British Artists 17 Carlton House Terrace London SW1Y 5BD
Trustees
C H Gardner (resigned 22.2.24) C Halliday C P Cullen B G T Ward D S I Elliott
Page 2
NEW ENGLISH ART CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
REFERENCE AND ADMINISTRATIVE DETAILS 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 22nd June 2025 and signed on its behalf by:
C P Cullen - Trustee
Page 3
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 2024.
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 June 2025
Page 4
NEW ENGLISH ART CLUB
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 31,418 3,500 Charitable activities 3 Activities to generate funds 32,185 - Investment income 2 448 - Total 64,051 3,500 EXPENDITURE ON Raising funds 4 21,636 4,500 Charitable activities Activities to generate funds 33,878 - Total 55,514 4,500 NET INCOME/(EXPENDITURE) 8,537 (1,000) RECONCILIATION OF FUNDS Total funds brought forward As previously reported 80,048 11,500 Prior year adjustment 7 (1,109) - As restated 78,939 11,500 TOTAL FUNDS CARRIED FORWARD 87,476 10,500 |
2024 Total funds as £ 34,918 32,185 448 67,551 26,136 33,878 60,014 7,537 91,548 (1,109) 90,439 97,976 |
2023 Total funds restated £ 17,674 14,178 484 32,336 29,806 37,311 67,117 (34,781) 125,220 - 125,220 90,439 |
|---|---|---|
The notes form part of these financial statements
Page 5
NEW ENGLISH ART CLUB
BALANCE SHEET
31ST DECEMBER 2024
| Unrestricted Restricted fund funds Notes £ £ FIXED ASSETS Investments 8 1 - CURRENT ASSETS Debtors 9 46,471 - Cash at bank and in hand 45,199 10,500 91,670 10,500 CREDITORS Amounts falling due within one year 10 (4,195) - NET CURRENT ASSETS 87,475 10,500 TOTAL ASSETS LESS CURRENT LIABILITIES 87,476 10,500 NET ASSETS 87,476 10,500 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
2024 Total funds as £ 1 46,471 55,699 102,170 (4,195) 97,975 97,976 97,976 87,476 10,500 97,976 |
2023 Total funds restated £ 1 14,496 82,755 97,251 (6,813) 90,438 90,439 90,439 78,939 11,500 90,439 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 22nd June 2025 and were signed on its behalf by:
C P Cullen - Trustee
D S I Elliott - Trustee
The notes form part of these financial statements
Page 6
NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
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 exemption 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 7
NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
| 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 Royalties from greeting card sales Activities to generate funds Charity auction proceeds (from The NEAC Trading Company Limited) Activities to generate funds 4. RAISING FUNDS Raising donations and legacies School of Drawing Mall Galleries exhibition McIntosh Prize Critics Prize Auction Scholarships Bowyer prize Howard prize |
2024 2023 as restated £ £ 448 484 2024 2023 as restated £ £ 6,870 8,387 5,594 5,615 80 176 19,641 - 32,185 14,178 2024 2023 as restated £ £ 3,415 6,040 9,823 14,516 3,000 3,000 250 250 1,966 - 6,182 5,500 500 500 1,000 - 26,136 29,806 |
2024 2023 as restated £ £ 448 484 2024 2023 as restated £ £ 6,870 8,387 5,594 5,615 80 176 19,641 - 32,185 14,178 2024 2023 as restated £ £ 3,415 6,040 9,823 14,516 3,000 3,000 250 250 1,966 - 6,182 5,500 500 500 1,000 - 26,136 29,806 |
|---|---|---|
| 29,806 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023.
Page 8
NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
5. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
One trustee received an expense during the year totalling £Nil (2023 - £207). This represents the reimbursement of general support costs including postage and stationery and presentation costs.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| as restated | ||
| Trustees | 4 | 4 |
No employees received emoluments in excess of £60,000.
The charity does not employ any staff. All trustees act in a voluntary capacity and receive no remuneration.
7. PRIOR YEAR ADJUSTMENT
During the preparation of the 2024 financial statements, various items within the 2023 accounts were reviewed and determined to have been inaccurately reported. Furthermore a historic donation, previously allocated to the General reserves was determined to have been a restricted fund donation. The 2023 comparative figures in these financial statements have been amended as a result.
The net result of the charity's Income and Expenditure for the year ended 31st March 2023 has not changed.
These financial statements also incorporate a new method of accounting for the donated profits of the subsidiary trading company, The NEAC Trading Company Limited, including a correction to year years' transfers totalling £1,109.
The 2023 comparative results have also been updated in this regard.
8. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| MARKET VALUE | |
| At 1st January 2024 and | |
| 31st December 2024 | 1 |
| NET BOOK VALUE | |
| At 31st December 2024 | 1 |
| At 31st December 2023 | 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 (2023 - £1).
Page 9
NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| as restated | |||||||
| £ | £ | ||||||
| Balance due from The NEAC Trading Company Limited | 39,961 | 8,767 | |||||
| Sundry debtors | 1,510 | 729 | |||||
| Sponsorship and donations | 5,000 | 5,000 | |||||
| 46,471 | 14,496 | ||||||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE | YEAR | ||||
| 2024 | 2023 | ||||||
| as restated | |||||||
| £ | £ | ||||||
| Other creditors | 2,667 | 3,846 | |||||
| Accrued expenses | 1,528 | 2,967 | |||||
| 4,195 | 6,813 | ||||||
| 11. | MOVEMENT IN FUNDS | ||||||
| Net | |||||||
| Prior | year | movement | At | ||||
| At 1.1.24 | adjustment | in funds | 31.12.24 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General fund | 80,048 | (1,109) | 8,537 | 87,476 | |||
| Restricted funds | |||||||
| Bowyer Prize fund | 1,500 | - | (500) | 1,000 | |||
| McIntosh Prize fund | 9,000 | - | (3,000) | 6,000 | |||
| Ken and Dora Howard Prize fund | 1,000 | - | (1,000) | - | |||
| Climate Emergency Prize | - | - | 3,500 | 3,500 | |||
| 11,500 | - | (1,000) | 10,500 | ||||
| TOTAL FUNDS | 91,548 | (1,109) | 7,537 | 97,976 |
Page 10
NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 64,051 | (55,514) | 8,537 |
| Restricted funds | |||
| Bowyer Prize fund | - | (500) | (500) |
| McIntosh Prize fund | - | (3,000) | (3,000) |
| Ken and Dora Howard Prize fund | - | (1,000) | (1,000) |
| Climate Emergency Prize | 3,500 | - | 3,500 |
| 3,500 | (4,500) | (1,000) | |
| TOTAL FUNDS | 67,551 | (60,014) | 7,537 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1.1.23 | in funds | 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 111,220 | (32,281) | 78,939 |
| Restricted funds | |||
| Bowyer Prize fund | 2,000 | (500) | 1,500 |
| McIntosh Prize fund | 12,000 | (3,000) | 9,000 |
| Ken and Dora Howard Prize fund | - | 1,000 | 1,000 |
| 14,000 | (2,500) | 11,500 | |
| TOTAL FUNDS | 125,220 | (34,781) | 90,439 |
Page 11
NEW ENGLISH ART CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
11. 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 | 26,336 | (58,617) | (32,281) |
| Restricted funds | |||
| Bowyer Prize fund | - | (500) | (500) |
| McIntosh Prize fund | - | (3,000) | (3,000) |
| NEAC Scholarship fund | 5,000 | (5,000) | - |
| Ken and Dora Howard Prize fund | 1,000 | - | 1,000 |
| 6,000 | (8,500) | (2,500) | |
| TOTAL FUNDS | 32,336 | (67,117) | (34,781) |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2024.
Page 12