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2021-03-31-accounts

Page
Trustees'
report
Independent auditors' report 14
Consolidated Statement of Financial Activities 17
Consolidated balance sheets 18
Consolidated cash flow statement 19
Notes to the financial statements 20

Yorkshire Sculpture Park Independent Auditors. Report lo the Members of Yorkshire Sculpture Park (continued) The extent lo which our pyocedures are capable of delecting irregularities, indudirvJ fraud is detailed below: The charitable company is subject to laws a￿1 regulations that direcuy and indirectly affect the financial stslemenls. Based on our underslan¢Ying of the charitable company and the environment il operates within, we determined that the laws and regulations which were most S￿nifiCant included FRS 102, Companies Act 2006, Health and Safety regulations and the Charities Act 2011. We considered the extent lo which non-compliance with these laws and regulations might have a material effect on the financial slalemenls, including how fraud might OCCLtr. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial slalemenls (including the risk of override of controls), and determined that the principal risks were related lo the posting of inappropriale journal entries lo improve the company'5 result for the period. and management bias in key accounling estimates. Audit procedures performed by the engagement team induded.. Discussions wlh management and those responsible for legal compliance procedures within the charitable company lo obtain an understanding of the legal and regulalory framework applicable lo the charitable company and how the charitable company complies with that framework. including consideration of known or suspected inStar￿5 of non-compliance with laws and regulalions and fraud; Revlev￿n9 minules of Tnjslee meetings.. Idenlrfying and assessing the design effectiveness of controls that management has in place lo prevent and delecl fraud and non-compliance with laws and regulations,. Challenging assumptions and judgements made by management in their signrficant accounting estimates. Identifying and lesling journal entries, in particular any journal entries Posted %Mth unusual account combinations or posted by senior management. There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and Iransaclioris refflected in the financial stalemenls, the less likely we are to become aware of it. Also, the risk of not detecting a material fflisslalemenl due lo fraud is higher than the risk of not delecling one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresenlalions, or Ihrough collusion. A further descriplion of our responsibilities is available on the Financial Reporting Council's website al.. www.frc.org.ukjauditors1audil-assurancelauditor-s-responsibilrties-for-the-audil-of-the-f￿de8cfiptlon-0f-Ihe- audilorfs-responsibililies-for. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members. as a body. in accordance wtth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required lo stsle lo them in an audilor's report and for no other purtiose. To the fullest extent pemiitted by law, we do not accept or assume responsibility 10 anyone other than the charitsble company and the charitable company's members as a body. for our audit work. for this report. or for the opinions we have fomied. Simon Bladen, Senior Slatulory Auditor For and on behalf of Hawsons Chartered Accounlanls. Statutory Auditors Pegasus House 463a Glossop Road Sheffield S10 2QD Dale.. c> ..QC{A￿...Ir...........2o21 16

Unrestricted Restricted 2021 2020
Notes Funds
5		 Funds
F		 Total Totalf
Incoming resources
Grants, donations
and legacies		 4,249,077 853,604 5,102,681 5,440,767
Other trading
activities		 1,998,891 1,998,891 3,919,984
Investments 78 78 3,130
Other income 291,238 291,238 258,126
Total incoming resources 6,539,284 853,604 7,392,888 9,622,007
Resources expended
Raising funds 1,503,153 1,503,153 2,677,850
Charitable
activities		 3,441,724 438,853 3,880,577 4,694,397
Total resources expended 4,944,877 438,853 5,383,730 7,372,247
Net incoming
resources before transfers 1,594,407 414,751 2,009,158 2,249,760
Transfers
between
funds
Net movement
in funds		 1,594,407 414,751 2,009,158 2,249,760
Funds brought
forward		 11,329,506 10,838,377 22,167,883 19,918,123
Funds carried forward 12,923,913 11,253,128 24,177,041 22,167,863

31 March 2021
31March 31 March
Notes 2021 2020
Group Companyf Groupf Companyf
Fixed assets
Tangibh assets 9 13,881,744 13,881,744 14,088,317 14,088,317
Heritage assets 11 6,756,271 6,756,271 5,997,271 5,997,271
Investments 12 2 2
Investment
property		 10 1,742512 1,742512 1,742,512 1,742,512
22,380,527 22,380,529 21,828,100 21,828,102
Current assets
Stock 13 309,095 305,434
Debtors 14 411,653 859,714 395,668 538,035
Cash at bank and in hend 1,849,339 1,331,049 828,884 766,698
2,570,087 2,190,763 1,529,986 1,304,733
Creditors —amounts
due within one year		 falling 15 (313,374) (294,777) (699,432) (643,226)
Net current assets 2,256,713 1,895,988 830,554 661,507
Total assets less current
liabilities		 24,637,240 24,276,515 22,658,654 22,489,609
Creditors —amounts
due after one year		 falling 16 (460,199) (460,199) (490,771) (490,771)
Net assets 24,177,041 23,816,3'I6 22,167,883 21,998,838
Charity funds
Restricted funds 18 11,253,128 11,253,128 10,838,377 10,838,377
Unrestricted
funds		 19 12,923,913 12,563,188 11,329,506 11,160,461
Total charity funds 24,177,041 23,816,316 22,167,883 21,998,838

Notes 2021 2020f
Cash flow from operating activities 21 1,387,215 (601,274)
Cash flow from investing activities
Interest received 78 3,130
Payments to acquire tangible fixed assets (334,842) (468,506)
Net cash flow from investing activities (334,764) (465,376)
Cash flow from financing activities
Repayment of borrowings (31,996) (30,134)
Net cash flow from financing activities (31,996) (30,134)
Net increase i(decrease) in cash and cash equivalents 1,020,455 (1,096,784)
Cash and cash equivalents at 1 April 828,884 1,925,668
Cash and cash equivalents at 31 March 1,849,339 828,884
Cash and cash equivalents consist of:
Cash at bank and in hand 1,849,339 828,884
Cash and cash equivalents at 31 March 1,849,339 828,884

2. Income from grant s, dona ti ons
and le		 gacies
Unrestricted Restricted Total Total
fund fund funds funds
2021 2021
6		 2021 2020f
Donations 73,088 73,088 84,525
Donated and legacy heritage assets 759,000 759,000 2,875,906
Total donations
and		 legacies 832,088 832,088 2,960,431
Arts Council England 1,336,799 1,336,799 1,312,646
Arts Council England
emergency
fund		 —COVID 350,000 350,000
Cultural
Recovery Fund		 402,007 402,007
Arts Council England —BCP Project 501,861
Wakefield
Council		 50,000 195,286 245,286
Henry Moore Foundation 3,000 3,000 2,000
Liz &Terry Bramhall Foundation 100,000 100,000 100,000
Schwab Charitable DAF 127,398
Walk ofArt Income 96,618 96,618 77,780
Grants from other Trusts 326,200 326,200 164,352
General grant income 132,500 132,500 158,998
Education Trusts —general income 4,800
Government
furlough		 scheme 1,078,184 1,078,184 32,501
Local authority
grants		 199,999 199,999
Total grants 3,416,989 853,604 4,270,593 2,480,336
Total 4,249,077 853,604 5,102,681 5,440,767
3. Income from other trading activities
Unrestricted Restncted Total Total
fund fund funds funds
2021f 2021 2021
6		 2020
E
Charitable
trading:
Car park income 1,018,002 1,016,002 968,857
Longside income 188,596 188,596 189,333
Educational
activities
income		 and workshop (8,417) (8,417) 101,841
Non-Charitable:
Income from trading subsidiary 802,710 802,710 2,659,953
1,998,891 1,998,891 3,919,984
25

Other i ncom e
Unrestricted Restricted Total Total
fund fund funds funds
2021 2021 2021f 2020f
Sponsorship income 38,232 38,232 47,876
Income from auction sales 30,000
Museum
income		 and Galleries tax relief 113,698 113,698 129,830
Other income 139,308 139,308 50,420
291,238 291,238 258,126

Expend iture
on ra		 ising funds
Unrestricted Restricted Total Total funds
fund fund funds
2021f 2021f 2021f 2020f
Charitable:
Cost of educational workshops 1,079 1,079 99,944
Other costs 8,642 8,642 27,244
Staff costs 112,279 112,279 158,581
Non-Charitable:
Trading subsidiary expenditure 404,040 404,040 1,171,221
Trading subsidiary staff costs 977,113 977,113 1,220,860
1,503,153 1,503,153 2,677,850

Analysis of expendi ture by fund type
Unrestricted Restricted Total Total funds
fund fund funds
2021 2021 2021 2020
6 6
NAEA 31,901 31,901 28,479
Development 118,875 26,129 145,004 113,509
Premises
and establishment		 882,606 882,606 784,223
Visitors centre 236,236 236,236 323,806
Exhibitions, galleries and projects 767,596 128,339 895,935 1,639,643
BCP Project 26,368 26,368 56,140
Marketing 199,983 199,983 303,305
Other direct costs 13,166 13,166 76,200
Depreciation 257,032 284,385 541,417 536,551
Support costs 907,961 907,961 832,541
3,441,724 438,853 3,880,577 4,694,397
Analysis of expenditure by activities
Activities Support Total funds
undertaken costs
directly
2021f 2021
6		 2021
6
NAEA 31,901 12,722 44,623
Development 145,004 47,407 192,411
Premises and establishment 882,606 351,983 1,234,589
Visitors centre 236,236 94,211 330,447
Exhibitions, galleries and projects 895,935 306,117 1,058,093
BCP Project 26,368 10,516 36,884
Marketing 199,983 79,753 279,736
Other direct costs 13,168 5,252 18,420
Depreciation 376,046 165,369 541,415
2,807,247 1,073,330 3,880,577

Activities Support Total funds
undertaken costs
directly
2020
E		 2020f 2020
E
Unrestricted
NAEA 28,479 7,638 36,117
Development 113,509 30,445 143,954
Premises
and		 establishment 784,223 210,338 994,561
Visitors centre 323,806 86,849 410,855
Exhibitions,
galleries		 and projects 1,639,643 380,426 2,020,069
BCP Project 56,140 15,057 71,197
Marketing 303,305 81,350 384,855
Other direct costs 76,200 20,438 96,638
Depreciation 176,320 360,231 536,551
3,501,625 1,192,772 4,694,397
Analysis ofcosts
Direct Support Direct Support
costs costs costs costs
2021 2021 2020 2020
E E E 6
Staif costs 1,495,148 473,837 1,547,673 505,939
Depreciation 376,046 165,369 176,320 360,231
Fuel, light and water 136,551 6,951 172,287 2,667
Printing, postage, stationary
telephone		 and 4,289 40,750 4,342 41,643
Photocopying,
photography		 exhibition print and 7,957 4,277 29,322 14,110
Repairs, renewals, tools and materials 182,111 5,497 196,989 16,117
Travel, subsistence
expenses		 and motor 15,413 1,307 41,688 27,901
Signage, sitting and installation 6,034 13,540
Security 168,395 441 155,886 349
Books and research 10,872 12,631 622
Marketing
and		 receptions 12,510 22,790
Training 35 8,661 8,843 4,903
Cleaning
and		 refuse removal 38,201 159 61,302 16
Health and safety and uniforms 25,757 8,986
Subscriptions and memberships 1,350 2,137 1,806 4,106
Advertising
and promotion		 4?,952 77,063
Computer
and		 website costs 23,976 19,366 19,586 18,492
Exhibition
and		 artists costs 102,916 779,849
Other direct costs 151,734 170,722
Other support costs 193,489 58,842
Governance
costs		 151,089 136,834
2,80?,247 1,073,330 3,501,625 1,192,772

Net income for the year
2021
6		 2020f
This is stated after charging;
Depreciation 541,415 536,550
Fees payable to the Company's auditors in respect of:
The audit ofthe Company's annual accounts 19,500 29,633
All taxation advisory services 2,400 2,510
All non-audit
services not included		 above 3,600 5,400
Staffcosts and trustee remun eration
2021 2020
Group Charity Group Charity
6 6 F F
Wages and salaries 2,736,837 1,843,021 3,082,318 1,958,764
Social security costs 186,359 137,120 210,230 149,910
Pension costs 134,294 100,510 140,505 103,519
3,057,490 2,080,651 3,433,053 2,212,193
2021 2020
Group Charity Group Charity
Raising funds 163 82 239 121
Charitable activities 18 18 18 18
181 100 257 139
Group Group
2021 2020
No. No.

Tangible fixed assets
Group and Charity
Plant, Visitors
equipment
&		 centre &
Freehold Leasehold motor underground
Propertyf Budlingsf vehicles galleyf Total
Cost
At 1 April 2020 8,100,791 175,000 2,539,212 9,934,790 20,749,793
Additions 33,193 248,575 53,074 334,842
At 31 March 2021 8,133,984 175,000 2,787,787 9,987,864 21,084,635
Depreciation
At 1 April 2020 710,224 28,000 2,008,403 3,914,849 6,661,476
Charge for the year 159,662 3,500 169,550 208,703 541,415
At 31 March 2021 869,886 31,500 2,177,953 4,123,552 7,202,891
Net book value
At 31 March 2021 7,264,098 143,500 609,834 5,864,312 13,881,744
At 31 March 2020 7,390,567 147,000 530,809 6,019,941 14,088,317

Fixed asset investments
Investment
In
subsidiary
Charity companies
E
Cost or valuation
At 1 April 2020 and 31 March 2021
Subsidiary
Name Company Registered Class of Holding
number office share
YSPTrading Limited 24980S2 Bretton Hall, Ordinary 100%
West Bretton,
Wakefield,
West Yorkshire,
WF4 4LG
The financial results ofthe subsidiary for the year were:
Profitfor
Income
F		 Expenditure f the year
f		 Net assets
E
YSPTrading Limited 1,593,785 (1,402,105) 191,680 360,727
Stocks
Group Group
2021 2020
E E
Goods held for resale 309,095 305,434

Debtors
2021 2020
Group
8		 Charity
6		 Groupf Charity
Trade debtors 15,525 15,197 70,768 64,399
Amounts
owed by group
undertakings		 452,221 173,512
Other debtors 134,522 130,690 50,447 25,671
M&G tax relief debtor 113,698 113,698 129,380 129,380
Prepayments and accrued income 147,908 147,908 145,073 145,073
411,653 859,714 395,668 538,035

2021 2020
Group Charity Group Charity
6 6 6
Bank loans 52,443 52,443 53,867 53,867
Trade creditors 156,652 151,286 416,313 411,632
Other taxation and social security 119,522 76,156
Other creditors 176 176 43,434 42,405
Accruals 104,103 90,872 66,296 59,166
313,374 294,777 699,432 643,226

Creditors: Amounts
falling		 due in more than one year
2021 2020
Group Charity Group Charity
6 F
Bankloans 460,199 460,199 490,771 490,771

The ageing ofthe bank loans is as foll ows:
2021 2020
Group Charity Groupf Charity
Due in one year 52,443 52,443 53,867 53,867
Due between two and five years 209,772 209,772 215,470 215,470
Due in more than five years 250,427 250,427 275,301 275,301
512,642 512,642 544,638 544,638

Restricted funds
Group and Charity - 2021 Balance at Incoming Resources Transfer Balance at
31 March resources expensed 31 March
2020 2021f
Bretton Country Park 3,891,178 (72,564) 3,818,614
Visitors 6,019,941 (167,313) 5,852,628
centre/underground
gallery
14-18Now WWI 9,500 (9,500)
Centenary
Art Commission
Henry Moore Foundation 3,000 (3,000)
Liz and Terry Bramhall 100,000 100,000
Foundation
ACE Sustain
Fund		 560,147 560,147
Car park extension
project		 316,861 195,286 (36,358) 475,789
Marian Goodman
Gallery
Rotheschild
Foundation		 1,500 (1,500)
Petr Aven
David Family 13,553 (2,711) 10,842
Sir Ken 8 Lady Morrison 20,652 (4,130) 16,522
Production
Park
Ernest Hecht Foundation 6,545 (1,309) 5,236
Walk ofArt 96,618 (26,129) 70,489
Oak Project 80,000 (47,139) 32,861
Bloomberg
App Project		 50,000 (50,000)
Wolfson Fdn 145,000 145,000
Piercy &Co 2,500 (2,500)
Finnis Scott Foundation 9,700 (9,700)
John SCohen Foundation 5,000 (5,000)
Garfield Weston 65,000 65,000
Foundation
Dunard
Fund		 100,000 100,000
Total restricted funds 10,838,377 853,604 (438,853) 11,253,128

18. Restricted funds (continued)
Group and Charity - 2020 Balance at Incoming Resources Transfer Balance at
31 March resources expensed 31 March
2019 2020
E 6
Bretton Country Park 3,700,304 268,595 (77,451) 3,891,178
Visitors 6,016,102 (103,584) 107,423 6,019,941
centre/underground
gallery
14-18Now WWI 9,500 9,500
Centenary
Art Commission
Henry Moore Foundation 2,000 (2,000)
Liz and Terry Bramhall 100,000 (100,000)
Foundation
ACE Sustain Fund 560,147 560,147
Car park extension
project		 316,861 316,861
Marian Goodman
Gallery		 59,952 (59,952)
Rotheschild
Foundation		 13,500 (13,500)
Petr Aven 20,000 (20,000)
David Family 13,900 (347) 13,553
Sir Ken & Lady Morrison 21,000 (348) 20,652
Production
Park		 20,000 (20,000)
Ernest Hecht Foundation 6,950 (405) 6,545
Total restricted funds 10,276,283 852,258 (397,587) 107,423 10,838,377
19. Unrestricted
funds		 Charity Group
E 'Z
Balance at 31 March 2019 9,150,019 9,641,840
Net movement
in funds for the		 year 2,117,865 1,795,089
Transfer during the year (107,423) (107,423)
Balance at 31 March 2020 11,160,461 11,329,506
Net movement
in funds for the		 year 1,402,727 1,594,407
Transfer
during the year
Balance at 31March 2021 12,563,188 12,923,913

Analysis ofn et assets between funds
Group - 2021 Unrestricted
fundsf		 Restricted
funds		 Total funds
Tangible fixed assets 3,734,716 10,147,031 13,881,744
Heritage assets 6,756,271 6,756,271
Investment
property		 1,742,512 1,742,512
Current assets 1,463,990 1,106,097 2,570,087
Creditors due within one year (313,374) (313,374)
Creditors due in more than one year (460,199) (460,199)
12,923,913 11,253,128 24,177,041
Group - 2020 Unrestricted
funds		 Restricted
funds		 Total funds
f.
Tangible fixed assets 3,249,940 10,838,377 14,088,317
Heritage assets 5,997,271 5,997,271
investment
property		 1,742,512 1,742,512
Current assets 1,529,986 1,529,986
Creditors due within one year (699,432) (699,432)
Creditors due in more than one year (490,771) (490,771)
11,329,506 10,838,377 22,167,883

Analysis ofnet assets Analysis ofnet assets between funds between funds (continued)
Charity - 2021 Unrestricted
fundsf		 Restricted
funds		 Total funds
6
Tangible fixed assets 3,734,716 10,147,031 13,881,744
Heritage assets 6,756,271 6,756,271
Investment
property		 1,742,512 1,742,512
Fixed asset investments 2 2
Current assets 1,084,666 1,106,097 2,190,763
Creditors due within one year (294,777) (294,777)
Creditors due in more than one year (460,199) (460,199)
12,563,188 11,253,128 23,816,316
Charity - 2020 Unrestricted
funds		 Restricted
funds		 Total funds
F
Tangible fixed assets 3,249,940 10,838,377 14,088,317
Heritage assets 5,997,271 5,997,271
Investment
property		 1,742,512 1,742,512
Fixed asset investments 2 2
Current assets 1,304,733 1,304,733
Creditors due within one year (643,226) (643,226)
Creditors due in more than one year (490,771) (490,771)
11,160,461 10,838,377 21,998,838
Reconciliation
ofconsolidated		 net incoming resources to net cash flow from operating activities
2021 2020
Group Group
6
Net incoming resources 2,009,158 2,249,760
Interest receivable (78) (3,130)
Net outgoing resources from operations 2,009,080 2,246,630
Depreciation 541,415 536,550
Donation of heritage assets (759,000) (2,875,906)
(Increase) in stock (3,661) (14,726)
(Increase)/decrease in debtors (15,985) 94,842
(Decrease)
in creditors		 (384,634) (588,664)
Net cash inflow/(outflow) from operating activities 1,387,215 (601,274)

Analysis of net debt
1 April Non-cash 31 March
2020 Cash flowf Movements
F		 2021
6
Cash at the bank and in hand 828,884 1,020,455 1,849,339
Debts falling due within one year (53,867) 1,424 (52,443)
Debts falling due after one year (490,771) 30,572 (460,199)
284,246 1,052,451 1,336,697
Financial commitments
2021 2020
As at 31 March the annual Group Company Groupf Companyf
commitments under non-cancellable
operating leases were as follows:-
Due within 1 year 1,183 1,183
Due within 1 to 2years
Due within 2 to 5years
1,183