BEECROFT ART TRUST Charity Registration No 310658 ANNUAL REPORT & ACCOUNTS YEAR ENDED 31" MARCH 2024
BEECROFf ARTTRUST Charity Registration No 310658 Year Ended 31° March 2024 Contents Trustees Annual Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the accounts
BEECROFT ART TRUST Charity Registration No 310658 Year Ended 31" March 2024 Trustees Annual Report The Trustee is pleased to present their report and accounts for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Trust's governing document, the Charities Act 2011 and the Statement of Recommended Practice, Charitie5 SORP (FRS102). Objectives and activities The promotion of the study of art, music, and literature and in particular, but without prejudice to the generality of the foregoing, the provision and maintenance of the Beecroft Art Gallery, at Southend-on- Sea, in the County of Essex as a public art gallery and library. The gallery now has over 2,000 works in its permanent collections, including works by Constable, Molenaer, Bright, Epstein, Weight, Lear and Seago. The art trust is administered and maintained for the objects set out in its governing document by the City Council, which meets any deficit incurred each year on operating the facilty. The Trustees in making decisions about the Trust make those decisions with due regard to the objects of the Trust. In addition, they have due regard to their legal duty to carry out the Trusvs charitable purposes for the Public Benefit and the Charity Commissions, guidance thereon. Achlevements and performance The Beecroft Art Trust is currently maintained to allow the purposes in its Governing document set out below to take place during the financial year 2023124. The Beecroft art collection continues to be on display in the Council's former library building on an ad hoc basis. The Trustees have not felt the need to formalise this arrangement. The GoodBox installed at the Gallery, which allows people to make a cashless donation for any amount they choose, generated donations averaging around £60 a month {£40/pcm 2022123) that contribute to the running costs of the Trust. The Trustee considers that the performance of the charity during the year was good. Plans for the future The Trustees will look at the option of loaning out sorne of it5 artwork for a fee as part of a wider initiative being proposed at the Council to generate additional income.
BEECROFf ART TRUST Charity Registration No 310658 Year Ended 31" March 2024 Financial review The cost of maintaining the Beecroft Art Trust exceeded the net income and the operating deficit of £131,011 {2023: £166,432) has been funded from the Southend City Council General Fund. Reserves Policy The trust does not need to hold resenrfes as any deficit which arises on the operation of the trust, should the trust have no funds to rneet it, is funded by Southend on Sea City Council, which is 501e trustee of the trust. Going concern Beecroft Arts Trust meets the definitton of a public benefit entity under FRS102. There are no material uncertainties about the charivs ability to continue as a going concern. Structure. governance. and management Governing documents The Trust's Governing document is in the form of a Scheme sealed by Order of the Commissioners on 18 February 1980. Trustee recruitment and tralnlng Southend City Council elected members are corporate Trustees. Therefore, Councillors once elected become a corporate Trustee of the Trust. Risk Assessment The city council, when carrying out risk assessments for its own activities, includes within the assessment the activities of the trust, so any major risks applicable to the trust are covered by the council arranging appropriate insurance or having in pla strategies to cover other contingencies.
BEECROFf ART TRUST Charity Registration No 310658 Year Ended 31" March 2024 Background The Beecroft Art Gallery was founded by the late Walter G. Beecroft of Leigh-on-sea. who set up a trust fund to purchase the building and collected paintings which formed the nucleus of the present collection. Opened in 1953, the building was extended in 1960 when Sydney Thorpe Smith bequeathed his collection of local topographic works which illustrate the development of the Southend area as seen through the eyes of local artists to the gallery. Due to serious ongoing structural problems the building in Station Road was closed in Autumn 2013. The Beecroft Art Gallery was reopened in Autumn 2014 at the old Central Library building. The gallery occupies the basement, ground floor and 1st floor levels: the lower levels are used for temporary exhibitions and the first floor is used for a bigger display of the permanent collection and a costume gallery. Despite significant efforts by Council officers, it was not possible to bring the former Gallery Building back into use for the purposes of the Trust after it was vacated in 2013. In December 2020, the Trustee opted to use the statutory Sale provision in Section 6 of the Trusts of Land and Appointment of Trustees Act 1996 and proceed to sell (complying with S117-119 of the Charities Act 2011). th The sale of the former gallery building was completed on 8 February 2022 and the net proceeds have become investment permanent endowment. At the meeting in December 2020 the Trustees also agreed to retain the Beecroft art collection in the former library building on an ad hoc basis. Reference and adminlstratlve details Trustee Southend-on-sea City Council Secretary/Treasurer to the Trust Southend-on-sea City Council Address Civic Centre Victoria Avenue Southend-on-sea Essex 552 6ER
BEECROFT ART TRUST Charity Registration No 310658 Year Ended 31 March 2024 Independent Examiner TC Group The Courtyard Shoreh3m Road Upper Beeding Steyning West Sussex BN44 3TN Statement of Trustees, Responsibilities The Trustees are responsible for preparing accounts which give a true and fair view of the state of affairs of the Charity a5 at the end of each financial year and the income and expenditure of the Charity for that period. In preparing those accounts, the Trustees are required to: Select suitable and applicable accounting policies and then apply them consistently Make judgement and estimates that are reasonable and prudent Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the organisation will continue in business The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with charity legislation and the relevant governing instruments. They are responsible for safeguarding the CharItS assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Results The Trust's financial results are as per the annexed accounts. By order of the Trustees Signed J Chesterton (Feb 10, 2025 13:42 GMT) Joe Chesterton. Executive Director (Finance & Resources) Date Feb 10, 2025
BEECROFf ART TRUST Charity Registration No 310658 Year Ended 31" March 2024 Independent ExaTninerfs Report I report on the accounts of the Trust for the year ended 31 March 2024. which are set out on pages 6 to 11. Responsibllitles and basls 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 Trusvs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5}(b) of the Act. Independent examinerfs 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: l. 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 account5 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 shou5d be drawn in this report in orderto enable a proper understanding of the accounts to be reached. cGv4 Mark Cummins FCCA FCIE For and on behalf of TC Group Office: Steyning, West Sussex Dated.. f-thr% lols
BEECROFf ART TRUST Charity Registration No 310658 Year Ended 31" March 2024 Staternent of Financial Activities 2023124 2023124 Unrestricted Endowment 2023124 Total 2022123 Total Funds Funds Funds Funds Note Income From Donations 132,290 65.142 132.290 291.870 25,747 Investments 65,142 Total Income 197.432 197.432 317,617 Expenditure on Charitable activities 197,432 197,432 192,617 Total expenditure 197,432 197.432 192,617 Net income and net movement in fund5 125,000 Reconciliation of Funds Total funds brought forward Total funds carried forward 3.256.018 3.256.018 3,131,018 3.256,018 3.256.018 3,256,018 All income and gains for the year are recognised on the statement of financial activities. All the Charity's activities a re classified as contin uing.
BEECROFf ART TRUST Charity Registration No 310658 st Year Ended 31 March 2024 Balance Sheet 2023124 Total Funds 2022123 Tota I Funds Note Flxed Assets Heritage Assets Total Fixed Assets 1.969.295 1,969,295 1,969,295 1,969,295 Current Assets Cash at bank and in hand 1.287,563 1,287,383 Total Current Assets 1.287.563 1.287,383 Llabilltles Creditors: Amounts falling due within one year Net current assets (840) 1,286,723 (660) 1,286,723 Total assets less current liabilities 3,256,018 3,256,018 The funds of the charity Endowment funds 3.256,018 3,256,018 Total charity funds 3,256,018 3,256,018 Approved by the Trustee and signed on its behalf by an authorised signatory. Signed ekto J Chesterton (Feb 10, 2025 13:42 GMT) Joe Chesterton, Executive Director (Finance & Resources) Southend on Sea City Council for the Trustee Date Feb 10, 2025
BEECROFT ART TRUST Charity Registration No 310658 Year Ended 31° March 2024 Notes to the accounts Note l Legal Status Beecroft Art Trust is an unincorporated charity registered in England and Wales (charity number 310658). Note 2 Accounting Policies Basis of preparation The accounts have been prepared in accordance with 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 l January 2016)- (Charities SORP (FRS 102)). and the Charities Act 2011. Beecroft Art Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). There are no material uncertainties about the charit5 ability to continue as a going concern given the continued support of Southend City Council. The financial statements are prepared in Pounds Sterling, which is the functional currency of the charity. Monetary amounts in these financial statement5 are rounded to the nearest pound. Cash Flow Statement In accordance with the Charities SORP (FRS 102) the charity is claiming exemption from the requirement to prepare a cash flow statement on account of it being a small charity. Income Donations and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. Charitable activities- represent income from rent and are recognised when receivable. Investment income is accounted for when receivable. Expenditure Expenditure is accounted for on an accruals basis exclusive of the element of VAT which is recoverable bv Southend City Council in accordance with VAT Notice 749 para 7.5. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Tangibjefixed assets ond depreciation Tangible fixed assets are capitalised at C05t. Land 15 not depreciated. Buildings are depreciated on a straight-line basis over their useful life. The art collection is held as a heritage asset and is not depreciated on the basis it is expected to increase in value.
BEECROFf ART TRUST Charity Registration No 310658 Year Ended 31, March 2024 Note 2 Accountlng Pollcles {continued) Co5h at bonk ond in hond Cash at bank and in hand includes cash and short term highly IiquTd investments. No separate bank account is maintained by the Trust. therefore all income and expenditure pass through the City Council's account, and its cash balances are held within the City Council's general bank account. Creditors and pmvisions Creditors and provisions are recognised where the charity has present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to rnake judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements. Note 3 Income from Donations Donations of £1,279 (2023 £438) were received from the public to contribute to operating costs. Donations of £131,011 {2023 £291,432) were from Southend City Council as the fvnding required to make up the operational deficit for the year of £131.011 (2023 £166,432). The donation to fund the operational deficit is equitably apportioned across all operational trust expenditure. Included in the donation of £131,011 are the following donated services: 2024 2023 Employees- seconded stsff Administration 45.522 336 50,272 382 45.858 50,654 Note 4 Income from Investments Interest earned on cash balances held within Southend-on-sea City Council and invested in accordance with the City Council's Treasury Management Policy.
BEECROFf ART TRUST Charity Registration No 310658 st Year Ended 31 March 2024 Note 5 Cost of Charitable Artivities 2024 2023 Employees Building/Ground Maintenance Business Rates Utilities Insurance Supplies & Service5 Governance costs Administration 67,938 1.947 {62.136} 155.064 20.750 12.528 840 soi 197.432 58,029 9,936 15,565 91,095 16,350 541 660 441 192,617 The support costs incurred are the administration services provided by Southend City Council and governance costs, Total support costs for the year were £1,341 {2023: £1,311). Governance costs comprise solely of fees paid to independent examiners. During the year £840 {2023: £6601 was paid to the independent examiner in respect of examination services. Employee costs relate to employees of the Council. No staff are remunerated over £60,000 in the year. The charity is managed by Southend City Council and doesn't have any key management personnel. Note 6 Fixed Assets Art Collection (Heritage Assets) Asset cost, valuation. or revalued amount Balance as at 01104123 and 31103124 1.969,295 Accumulated depreciation and impairment reviews Balance as at 01104123 and 31103124 Net Book Value Brought forward @ 01104123 Carried forward @ 31103124 1,969,295 1,969,295 10
BEECROFT ART TRUST Charity Registration No 310658 Year Ended 31" March 2024 Note 7 Creditors Amounts falling due within one year. 2024 2023 Other Creditor5 840 660 Note 8 Endowment fund The endowment comprises of the collection of art held by the Trust and the net funds received from the sale of the Station Road building. Note 9 Trustee remuneration No trustee was paid in respect of their services as a trustee in 2023 or 2024 and no expenditure was reimbursed. Note 10 Related Party Transactions During the year the trustee (Southend City Council) donated £131.011 {2023: £291,432) to the Trust in respect of the funding required to cover the operational deficit for the year. Southend City Council collected a further £65,142 {2023'. £25,747) on behalf of the Trust in respect of income generated from facilities hire and interest earned on cash balances. The Trust paid the Council £197,432 in respect of operating costs for the year (2023: £191,956). li
BEECROFf ART TRUST Charity Registration No 310658 Year Ended 31" March 2024 Note 12 Comparative Funds 2022123 2022123 Endowment Funds 2022123 Total Funds Unrestricted Funds Note Income From Donations 291,870 25.747 291,870 Investments 25,747 Total Income 317,617 317,617 Expenditure on Charitable activities 192,617 192,617 Total expenditure 192.617 192,617 Net income and net movement in funds 125.000 125.000 Reconciliation of funds Total funds brought forward Total fund5 carried forward (125,000) 3,256,018 3,256.018 3,131,018 3.256,018 12