REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
The Andrew Brownsword Arts Foundation |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
The Andrew Brownsword Arts Foundation |
The Andrew Brownsword Arts Foundation |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Report of the Trustees | 1 | to | 4 |
Report of the Independent Auditors | 5 | to | 6 |
Statement of Financial Activities | 7 |
Balance Sheet | 8 |
Notes to the Financial Statements | 9 | to | 12 |
The Andrew Brownsword Arts Foundation (Registered number: 03737124) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidelines on public benefit. |
The Foundation's principal objectives are to promote public knowledge, understanding and appreciation of the fine arts and, in particular, the art of painting. |
Policy adopted to further the charity’s objects |
The policies adopted by the trustees to further the objectives of the Foundation have been, and continue to be, to promote the public awareness of the arts in general. It is proposed that the Foundation will achieve its objectives by acquiring works of art, but other exclusively charitable means may also be utilised by the trustees. |
The trustees are aware of the Public Benefit provisions of the Charities Act 2011 and of the guidance on them published by the Charity Commission. They are satisfied that the objects of the Charity and the activities of the Charity are within the definitions of Charitable Purposes as set down in the Act. The trustees are not aware of any public detriment caused by the Charity's objects or activities, and nor are they aware of anyone receiving any private benefit from the Charity's activities. |
The Foundation currently makes loans of paintings solely to other charities and non-profit organisations, each of which will make an appropriate statement as to how they achieve their aims for public benefit. Interested parties may wish to consult the Trustees' Reports of those organisations independently for further details. |
The Foundation wishes to grant as much public access to our paintings as is practically possible. To this end all of the paintings owned by the Foundation have been on display through the year during the borrowing museums' respective opening periods. |
Policy of Acquisition, Management and Disposal of Assets |
Our trustees maintain a watching brief with regards to the further acquisition of works, subject to their suitability, the market price and the availability of funds to make a purchase. |
We manage our assets to try to ensure that they are in the most appropriate location with regard to both the subject matter of the painting, the impact it can have on maximising visitor numbers as part of an exhibition and in respect of the educational value it creates. |
As yet we have had no need, nor desire, to dispose of any paintings but remain conscious as to the continued validity of each work within the collection. |
The Andrew Brownsword Arts Foundation (Registered number: 03737124) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
FINANCIAL REVIEW |
Review of transactions and financial position |
During the year, the charity received income of £4,887 (2023: £1,045) representing interest received. |
At 31 March 2024, the Foundation owned the following: |
Painting one: |
The Byam Family: Group Portrait of Mr and Mrs George Byam and their daughter Selina, by Thomas Gainsborough |
This work of art is on loan to the Holburne Museum in Bath (registered charity number 310288). This loan has been agreed and extended until April 2026. |
Painting two: |
Six Bells Abertillery, South Wales by L S Lowry |
This work of art is now exhibited to the public under a long-term loan arrangement with the National Museum of Wales (registered charity number 525774). This loan has been agreed and extended until 22 September 2024. |
Painting three: |
The River Dart, by John Brett |
This work of art is on loan to the Torre Abbey (registered charity number 1025393) on an indefinite term. |
Painting four: |
The Clark Sisters Riding, by Sir Alfred Munnings |
This work of art is on loan to the Torre Abbey (registered charity number 1025393) on an indefinite term. |
Painting five: |
A View of London from Charing Cross Bridge, by Alfred Sisley |
The work is on loan to the National Gallery under long-term loan, which has been agreed and extended until 17 September 2024. |
Painting six: |
Kent v Lancashire, by Albert Chevallier Tayler |
The work is on loan to the Marylebone Cricket Club Museum for a one year, automatically renewable term which commenced on 8 March 2007. |
If any of the above paintings are loaned to A D Brownsword, the principal trustee, a rent would be charged at a commercial rate and insurance costs paid by A D Brownsword. |
Investment policy and reserves |
The trustees have retained adequate reserves in the form of residual cash, which they hold in liquid form in order that it is available to meet any further acquisitions. At 31 March 2024 the total free reserves held by the charity were £150,055 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity's objects and provisions are regulated by the Memorandum and Articles of Association dated 17 March 1999, the date of incorporation. It was registered with the charity commission on 23 March 1999 and is listed in the central register of charities as registered charity number 1074789. |
Organisation of the charity |
The trustees have met as necessary for the review of acquisitions and progress. Decisions are made when the trustees have reached a unanimous agreement. The charity is administered in Bath by Nick Burrows, under the supervision of the trustees. |
There is no formal agreement with any advisor presently. The Foundation has been advised in the past by Guy Morrison with regard to the research of purchases of artwork, galleries and exhibitions that may be used to exhibit works of art. Since inception, the Foundation has successfully achieved its objective by acquiring six works of art. |
The Andrew Brownsword Arts Foundation (Registered number: 03737124) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and Training of Trustees |
Should a need arise to appoint new or additional trustees consideration will be given to the experience and credibility of the candidate. Candidates are briefed as what the Foundation seeks to achieve and of their likely role within it. |
New trustees will be given every opportunity to spend time with other Officers of the Foundation and will be inducted on the procedures and practices accordingly. Specific training will be tailored to the individual's needs and requirements. |
Risk management |
The trustees have reviewed the charity's activities and assessed the opportunities available to the charity and the risks to which it is exposed. As a result of this process, the trustees have a risk management strategy, which comprises of an annual review of the risk which the charity may face; the establishment of procedures to mitigate those risks identified during the annual risk review; and the implementation of procedures designed to minimise any potential impact on the charity should any of those risks materialise. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Auditors |
Statutory Auditor |
Chartered Accountants |
County Gate |
County Way |
Trowbridge |
Wiltshire |
BA14 7FJ |
TRUSTEES' RESPONSIBILITY STATEMENT |
The trustees (who are also the directors of The Andrew Brownsword Arts Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The Andrew Brownsword Arts Foundation (Registered number: 03737124) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
TRUSTEES' RESPONSIBILITY STATEMENT - continued |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Approved by order of the board of trustees on |
Report of the Independent Auditors to the Members of |
The Andrew Brownsword Arts Foundation |
Opinion |
We have audited the financial statements of The Andrew Brownsword Arts Foundation (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit; we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of trustees' remuneration specified by law are not made; or |
- we have not received all the information and explanations we require for our audit; or |
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Report of the Independent Auditors to the Members of |
The Andrew Brownsword Arts Foundation |
Responsibilities of trustees |
As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the charity and sector, we identified that the principal risks of non-compliance with laws and regulations related to charity legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the charity. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Statement of Recommended Practice. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements |
(including the risk of override of controls), and determined that the principal risks were related to potential lack of |
segregation of duties, bookkeeping errors and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included: |
- Enquiry of management and those charged with governance about any known or suspected instances of |
non-compliance with laws and regulations and fraud; |
- Gaining understanding of management's internal controls designed to prevent and detect irregularities, and fraud; |
- Reviewing minutes of meetings of those charged with governance and any correspondence with The Charity |
Commission; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with |
applicable laws and regulations; |
- Performing analytical procedures to identify any unusual or unexpected relationship that might indicate a risk of material misstatement due to fraud; |
- Performing audit work over the risk of management override of controls, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
County Way |
Trowbridge |
Wiltshire |
BA14 7FJ |
The Andrew Brownsword Arts Foundation |
Statement of Financial Activities |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income | 2 |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 6,640,423 |
The Andrew Brownsword Arts Foundation (Registered number: 03737124) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Heritage assets | 7 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 6,640,423 |
TOTAL FUNDS | 6,640,423 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Andrew Brownsword Arts Foundation |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Incoming resources |
Donations and voluntary income are accounted for gross when due, including tax refundable. Interest receivable is accounted for when received. |
Resources expended |
Resources expended are accounted for when the liability is determined. Details are given on the face of the statement of financial activities on page 7. |
Allocation of costs |
Costs are allocated between direct charitable, governance and other expenditure according to the nature of the cost. A detailed analysis of the allocation of costs is given on the face of the statement of financial activities on page 7. |
Heritage assets |
Heritage assets are included in the accounts at original cost. The trustees seek advice as appropriate to ensure the asset values are not lower than cost. If asset values fall below original cost, appropriate adjustment is made. No depreciation is charged in respect of paintings. |
The policy of the acquisition, management and disposal of the heritage assets is outlined in the Report of the Trustees on page 1. |
Taxation |
The charity is exempt from corporation 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. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
2. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Interest receivable |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Auditors' remuneration | 2,052 | 1,787 |
The Andrew Brownsword Arts Foundation |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
5. | STAFF COSTS |
The charity had no employees in 2024 (2023 - Nil) |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Investment income |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 6,640,423 |
7. | HERITAGE ASSETS |
Total |
£ |
MARKET VALUE |
At 1 April 2023 and 31 March 2024 | 6,495,290 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The Andrew Brownsword Arts Foundation |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accrued expenses |
9. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 6,640,423 | 2,822 | 6,643,245 |
TOTAL FUNDS | 2,822 | 6,643,245 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 4,887 | (2,065 | ) | 2,822 |
TOTAL FUNDS | ( |
) | 2,822 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 6,641,177 | (754 | ) | 6,640,423 |
TOTAL FUNDS | 6,641,177 | (754 | ) | 6,640,423 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,046 | (1,800 | ) | (754 | ) |
TOTAL FUNDS | 1,046 | (1,800 | ) | (754 | ) |
The Andrew Brownsword Arts Foundation |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 6,641,177 | 2,068 | 6,643,245 |
TOTAL FUNDS | 6,641,177 | 2,068 | 6,643,245 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 5,933 | (3,865 | ) | 2,068 |
TOTAL FUNDS | 5,933 | (3,865 | ) | 2,068 |
10. | RELATED PARTY DISCLOSURES |
11. | STATUS OF COMPANY |
The company is limited by guarantee of the members. At 31 March 2024 there were 4 members who were together liable to contribute a maximum of £4 in the event of a winding up. |