2022-03-31-accounts - Yorkshire Sculpture Park

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

Official name ofcharity:	Official name ofcharity:	Official name ofcharity:	Official name ofcharity:		Yorkshire Sculpture	Park
Charity registration		number:			1087908
Company	registration		number:		03498700
Directors	and Trustees:				P Clegg (Chair)
					Sir R M Walker (Vice Chair)
					Rt. Hon. A Milbum (Vice Chair)
					SArmitage CBE JFoster CBE		Appointed			24 May 2022
					C Lord
					M McRae
					R Nabarro
					M de Peverelli
					SQureshi		Appointed			14July 2021
					SStuart-Smith		Appointed			14July 2021
					Baroness SWarsi
					R Watts		Appointed			9 November 2022
					M von Wistinghausen
					G Worthington
Secretary	and Registered			Office:	P Rogers
					Bretton Hall
					West Bretton
					Wakefield
					West Yorkshire
					WF4 4LG
Principle	Officers:				P Murray CBE —Executive Director				Retired 31 March 2022
					C Lilley —Director				Appointed		1 March 2022
					H Featherstone —Deputy Director
					M Chesman —Head	ofEstates &		Projects
					J Penney —Head of	Trading	&Visitor		Engagement
					Dr. H Pheby —Head	ofCuratorial		Programme
					P Rogers —Head of	Finance
					RWilliams —Head ofDevelopment
					KYoung —Head ofMarketing		&PR

Report ofthe Trustees fo	r the year ended 31March 2	022 (c	ontinued)
Bankers:	Lloyds Bank
	17Westgate
	Wakeiield
	WF1 1JZ
Auditors:	Hawsons Chartered		Accountants
	Statutory Auditors
	Pegasus House
	463a Glossop Road
	Sheffield
	S102QD
Solicitors:	Squire Patton	Boggs
	6Wellington	Place
	Leeds
	LS14NP
	Counterculture	Partnership
	Unit NH.204,	E1 Business Studios
	7Whitechapel
	London
	E1 1DU

Yorkshire Sculpture Parft Independent Auditors, Report to the Members of Yorkshlre Sculpture Park Icontlnuod) The extent to which our procedures are capable of detecling irregularibe5. induding fraud is detsiled below.. The tharitable company is sU"t to laws WKI regulath)ns that dir¢ty and indirectly affect the financAal statements. Based on our understanding of the charitable company and the environment il operates within, we determined that Ihe laws and regulations which were most signtficant induded FRS 102, Companies Act 2006. Health and Safety regulations and the Charities Act 2011. We Considered the extent lo which non-compliance th these laws and regulatrons might have a material effect on the financial ststements, induding how fraud might occur. We evaluated management's incenlwes and opportullrties for fraudulent manipulation of the financ5al slalemenls (including the risk of override of ntrOlS). and determined that the prtncipal risks were Yelated lo the posling of inappropriate journal entries lo improve the company's result for the period, and management bias in key accounting estimates. Audit procedures performed by the engagement team includ&J.' Discussions wtth management and those respOnsle for legal compliance pretedures within the charitable company lo obtsin an understanding of the legal arKI regulatory framework applicable lo the charitable company and how the charitable company complies wth that framework, including consideration of known or suspected instances of non-compliance with laws and regulations arKI fraud.. Reviewing minLrtes of Truslee meeling$.' Idenlfying and assessing the design effectNene5s of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations; Challenging assumptions and judgements made ty management in their signfficanl accounting estimates. Idenlrfying and lesling joumal entries, in particular any joumal entries posted with unusual account combinations or posted by senior management. There are inherent limitations in the audit procedures described above and the more removed non<ompliance with laws and regulations is from the events and transactions reflected in the financial statements. the less likely we are to become aware of rt. Also, the risk of not detecting a material misstalement due lo fraud is higher than the risk of not detecting one Tesufting from error. as fraud may involve deliberate concealment by, for exampte, forgery or intenb'onal misrepresentatiorts. or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. vAww.frc.org.uklaudtiorslaudil-assurancelauditor-s-responsibilrtie5-for-the-audrt4)f-th&Ndescription-ol-Ihe- audilorfs-responsibililies-for. This description fomis part of our aLltOr'S report. Use of our report This report is made solely to the charitable company's members, as a body. ill accordance with Chapter 3 of Part 16 ofthe Companies Act2006. Our audit work has been undertaken so that we might State lo the charitable company's members those matters we are required lo slate to them in an audrtorfs report and for no other purpose. To the fullest extent pemirtted by law. we do not accept or assume responsibilty to anyone other than the charitable company and the chaiitable company's members as a body, for our audit work, for this report. or for the opinions we have fomed. Simon Bladen, Senior Stalulory Auditor For and on behalf of Hawsons Chartered Accountants. Statutory Auditors Pegasus House 463a Glossop Road Sheffield S102QD Date.. -2022 16

		Unrestricted	Restricted	2022	2021
	Notes	Funds f	Funds f	Total 6	Totalf
Incoming resources
Grants, donations and legacies		2,310,980	320,989	2,631,969	5,102,681
Other trading activities		4,470,887		4,470,887	1,998,891
Investments		13		13	78
Other income		468,690		468,690	291,238
Total incoming resources		7,250,570	320,989	7,571,559	7,392,888
Resources expended
Raising funds		2,438,498	100,000	2,538,498	1,503,153
Charitable activities		3,878,936	867,607	4,746,543	3,880,577
Total resources expended		6,317,434	967,607	7,285,041	5,383,730
Net (outgoing)I incoming
resources before transfers		933,136	(646,618)	286,518	2,009,158
Transfers between funds
Fair value adjustment	5	104,488		104,488
Net movement in funds		1,037,624	(646,618)	391,006	2,009,158
Funds brought forward		12,923,913	11,253,128	24,177,041	22,167,883
Funds carried forward		13,961,537	10,606,510	24,568,047	24,177,041

1 March 2022
				31 March		31 March
			Notes	2022		2021
				Group 6	Company 5	Group E	Companyf
Fixed assets
Tangible assets			9	13,527,929	13,527,929	13,881,744	13,881,744
Heritage assets			11	7,022,159	7,022,159	6,756,271	6,756,271
Investments			12		2		2
Investment property			10	4 047,000	1,847,000	1,742,512	1 742 512
				22,397,088	22,397,090	22,380,527	22,380,529
Current assets
Stock			13	395,842		309,095
Debtors			14	491,928	470,184	411,653	859,714
Cash at bank and in		hand		2,415,205	2,178,846	1,849,339	1,331,049
				3,302,975	2,649,030	2,570,087	2,190,763
Creditors —amounts due within one year		falling	15	P06,333)	(766,646)	(313,374)	(294,777)
Net current assets				2,596,842	1,882,384	2,256,713	1,895,986
Total assets less liabilities	current			24,993,730	24,279,474	24,637,240	24,276,515
Creditors —amounts due aRer one year		falling	16	(425,683)	(425,683)	(460,199)	(460,199)
Net assets				24,568,047	23,853,791	24,177,041	23,816,316
Charity funds
Restricted funds			18	10,606,510	10,606,510	11,253,128	11,253,128
Unrestricted funds			19	13,961,537	13,247,281	12,923,913	12,563,188
Total charity funds				24,568,047	23,853,791	24,177,041	23,816,316

			Notes	2022	2021
				F	6
Cash flow from operating	activities		21	833,144	1,387,215
Cash flow from investing	activities
Interest received				13	78
Payments to acquire tangible		fixed assets		(234,150)	(334,842)
Proceeds from the sale ofassets				1,375
Net cash flow from investing		activities		(232,762)	(334,764)
Cash flow from financing	activities
Repayment ofborrowings				(34,516)	(31,996)
Net cash flow from financing		activities		(34,516)	(31,996)
Net increase in cash and cash equivalents				565,866	1,020,455
Cash and cash equivalents		at 1April		1,849,339	828,884
Cash and cash equivalents		at 31 March		2,415,205	1,849,339
Cash and cash equivalents		consist of:
Cash at bank and in hand				2,415,205	1,849,339
Cash and cash equivalents		at 31 March		2,415,205	1,849,339

Income from grant	s,	donati	ons and le	gacies
				Unrestricted	Restricted	Total	Total
				fund	fund	funds	funds
				2022f	2022	2022 6	2021 F
Donations				108,462		108,462	73,088
Donated and legacy	heritage		assets	228,745		228,745	759,000
Total donations and	legacies			337,207		337,207	832,088
Arts Council England				1,336,799		1,336,799	1,336,799
Arts Council England emergency fund		—COVID					350,000
Cultural Recovery Fund				402,006		402,006	402,007
Arts Council England		—BCP	Project
Wakefield Council				50,000		50,000	245,286
Henry Moore Foundation							3,000
Liz &Terry Bramhall		Foundation			100,000	100,000	100,000
Schwab Charitable	DAF
Walk ofArt Income					100,142	100,142	96,618
Grants from other Trusts				2,500		2,500	326,200
General grant income					120,847	120,847	132,500
Education Trusts —general income
Government furlough		scheme		81,130		81,130	1,078,184
Local authority grants				101,338		101,338	199,999
Total grants				1,973,773	320,989	2,294,762	4,270,593
Total				2,310,980	320,989	2,631,969	5,102,681
Income from other	trading		activities
				Unrestricted	Restricted	Total	Total
				fund	fund	funds	funds
				2022	2022	2022	2021
				5	5	6	5
Charitable trading:
Car park income				1,399,203		1,399,203	1,016,002
Longside income				203,050		203,050	188,596
Educational activities income		and	workshop	66,405		66,405	(8,417)
Non-Chadtable:
Income from trading	subsidiary			2,802,229		2,802,229	802,710
				4,470,887		4,470,887	1,998,891

Other i	ncom	e
							Unrestricted	Restricted	Total	Total
							fund	fund	funds	funds
							2022f	2022f	2022f	2021f
Sponsorship		income					28,314		28,314	38,232
Income	from	auction		sales
Museum income	and		Galleries		tax	relief	177,094		177,094	113,698
Other income							263,282		263,282	139,308
							468,690		468,690	291,238
Expenditure		on	raising funds
							Unrestricted	Restricted	Total	Total funds
							fund	fund	funds
							2022f	2022f	2022f	2021f
Charitable:
Cost of	educational			workshops			2,495	45,000	47,495	1,079
Other costs							19,492		19,492	8,642
Staff costs							76,399	55,000	131,399	112,279
Non-Charitable:
Trading	subsidiary		expenditure				1,207,279		1,207,279	404,040
Trading	subsidiary		staff costs				1,132,833		1,132,833	977,113
							2,438,498	100,000	2,538,498	1,503,153

Analysis of	expenditure by fund typ	e
		Unrestricted	Restricted	Total	Total funds
		fund	fund	funds
		2022 E	2022 E	2022 6	2021f
NAEA		24,857		24,857	31,901
Development		128,731	48,108	176,839	145,004
Premises and establishment		813,519		813,519	882,606
Visitors centre		281,558		281,558	236,236
Exhibitions,	galleries and projects	1,238,387	227,408	1,465,795	895,935
BCPProject		57,831		57,831	26,368
Marketing		322,290		322,290	199,983
Other direct	costs	57,809		57,809	13,166
Depreciation		262,676	282,091	544,767	541,417
Supportcosts		691,278	310,000	1,001,278	907,961
		3,878,936	887,607	4,746,543	3,880,577

Analysis of	expenditure by activities
		Activities	Support	Total funds
		undertaken	costs
		directly
		2022	2022	2022
		F	E
NAEA		24,857	8,509	33,366
Development		176,839	44,087	220,906
Premises and establishment		813,519	278,483	1,092,002
Visitors centre		281,558	98,383	377,941
Exhibitions,	galleries and projects	1,465,795	423,924	1,889,719
BCP Project		57,831	19,797	77,628
Marketing		322,290	110,328	432,616
Other direct	costs	57,809	19,789	77,598
Depreciation		395,289	149,478	544,767
		3,595,787	1,150,758	4,746,543

							Activities	Support	Total funds
							undertaken	costs
							directly
							2021f	2021f	2021f
Unrestricted
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	1,202,052
BCPProject							26,368	10,516	36,884
Marketing							199,983	79,753	279,738
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
Analysis ofcosts
						Direct	Support	Direct	Support
						costs	costs	costs	costs
						2022f	2022f	2021f	2021
Staff costs						1,785,245	474,354	1,495,148	473,837
Depreciation						395,289	149,476	376,046	165,369
Fuel, light and	water					173,884	7,605	136,551	6,951
Printing, postage, stationary telephone					and	7,085	41,247	4,289	40,750
Photocopying, photography	exhibition			print and		21,944	10,887	7,957	4,277
Repairs, renewals,		tools and			materials	202,195	9,380	182,111	5,497
Travel, subsistence expenses			and motor			37,981	14,763	15,413	1,307
Signage, sitting and			installation			1,317		6,034
Security						177,364	490	168,395	441
Books and research						16,048	39	10,872
Marketing and	receptions					7,389		12,510
Training						4,973	31,105	35	8,661
Cleaning and	refuse		removal			57,740	192	38,201	159
Health and safety and uniforms						21,107		25,757
Subscrtiptions	and memberships					3,109	595	1,350	2,137
Advertising and promotion						73,294		47,952
Computer and	website costs					64,625	27,612	23,976	19,366
Exhibition and	artists		costs			398,387		102,916
Other direct costs						146,811		151,734
Other support	costs						222,627		193,489
Governance costs							160,384		151,089
						3,595,787	1,150,756	2,807,247	1,073,330

Net income for the year
				2022f	2021f
This is stated after charging:
Depreciation				544,766	541,415
Fees payable to the Company's		auditors	in respect of:
The audit ofthe Company's	annual accounts			20,475	19,500
All taxation advisory services				2,520	2,400
All non-audit services not included above				3,780	3,600


	Groupf	Charityf	Groupf	Charityf
Wages and salaries	3,186,108	2,150,819	2,736,837	1,843,021
Social security costs	229,0?2	164,865	186,359	137,120
Pension costs	135,265	101,928	134,294	100,510
	3,550,445	2,417,612	3,057,490	2,080,651


		Group	Charity	Group		Charity
Raising funds		92	65		163	82
Charitable	activities	138	61		18	18
		230	126		181	100

				Group	Group
				2022	2021
				No.	No.
In In	the the	band band	f60,001 - f70,000 f80,001 - f90,000
In	the	band	f100,001 - f110,000
In	the	band	6110,001 - 120,000

Tangible fixed assets
Group and Charity
			Plant,	Visitors
			equipment &	centre &
	Freehold	Leasehold	motor	underground
	Property	Budlings	vehicles	galley	Total
	6	E	6
Cost
At 1 April 2021	8,133,984	175,000	2,787,787	9,987,864	21,084,635
Additions	4,156		160,375	27,476	192,007
Disposals			(3,900)		(3,900)
At 31 March 2022	8,138,140	175,000	2,944,262	10,015,340	21,272,742
Depreciation
At 1 April 2021	869,886	31,500	2,177,953	4,123,552	7,202,891
Charge for the year	193,323	3,500	172,073	175,870	544,766
Eliminated on disposal			(2,844)		(2,844)
At 31 March 2022	1,063,209	35,000	2,347,182	4,299,422	7,744,813
Net book value
At 31 March 2022	7,074,931	140,000	597,080	5,715,918	13,527,929
At 31 March 2021	7,264,098	143,500	609,834	5,864,312	13,881,744

12.	Fixed asset	investments
							Investment
							in
							subsidiary
	Charity						companies
							8
	Cost or valuation
	At 1 April 2021 and 31 March 2022
	Subsidiary
	Name		Company		Registered	Class of	Holding
			number		office	share
	YSPTrading	Limited	2498092		Bretton Hall,	Ordinary	100%
					West Bretton,
					Wakefield,
					West Yorkshire,
					WF4 4LG
	The financial	results ofthe subsidiary	for the year	were:
						Profit for
			Income		Expenditure	the year	Net assets
				8	5	6	6
	YSPTrading	Limited	2,945,323		(2,400,112)	545,211	714,258
13.	Stocks
						Group	Group
						2022	2021
						8	5
	Goods held	for resale				395,842	309,095

Debtors
			2022			2021
		Group 8		Charity 8	Group F		Charityf
Trade debtors		42,890		33,913	15,525		15,197
Amounts owed by group undertakings							452,221
Other debtors		126,163		113,396	134,522		130,690
M&G tax relief debtor		1?7,094		177,094	113,698		113,698
Prepayments	and accrued income	145,?81		145,781	147,908		147,908
		491,928		470,184	411,653		859,714

		2022			2021
		Group	Charity	Group		Charity
		E	E	E		E
Bank loans		52,443	52,443	52,443		52,443
Trade creditors		324,281	313,296	156,652		151,286
Amounts owed by group undertakings			171,225
Other taxation and social security		209,921	128,125
Other creditors		13,579	13,579	176		176
Accruals		106,109	87,978	104,103		90,672
		706,333	766,646	313,374		294,777
Creditors: Amounts	falling due in more than one year
		2022			2021
		Group	Charity	Group		Charity
		E	E	F		E
Bank loans		425,683	425,683	460,199		460,199

The	ageing	ofthe bank loans isas foll	ows:
				2022			2021
			Group		Charity	Group		Charity
			E		E			E
Due	in one year		52,443		52,443	52,443		52,443
Due	between	two and five years	209,772		209,772	209,772		209,772
Due	in more	than five years	215,911		215,911	250,427		250,427
			478,126		478,126	512,642		512,642

Restricted funds
Group and Chadity - 2022	Balance at	Incoming	Resources	Transfer	Balance at
	31 March	resources	expensed		31 March
	2021				2022f
Bretton Country Park	3,818,614		(73,513)		3,745,101
Visitors	5,852,628		(175,865)		5,676,763
centre/underground gallery
14-18Now WWI		15,000	(15,000)
Centenary Art Commission
Henry Moore Foundation
Liz and Terry Bramhall	100,000	100,000	(200,000)
Foundation
ACE Sustain Fund	560,147				560,147
Car park extension project	475,789		(32,713)		443,076
Marian Goodman Gallery
Rotheschild Foundation
Petr Aven
David Family	10,842		(10,842)
Sir Ken 8 Lady Morrison	16,522		(16,522)
Production Park
Ernest Hecht Foundation	5,236		(5,236)
Walk ofArt	70,489	100,142	(48,108)		122,523
Oak Project	32,881	98,347	(79,808)		51,400
Bloomberg App Project
Wolfson Fdn	145,000		(145,000)
Piercy &Co
Finnis Scott Foundation
John SCohen Foundation
Garfield Weston	65,000		(65,000)
Foundation
Dunard Fund	100,000		(100,000)
Rainbow Heron		7,500			7,500
Total restricted funds	11,253,128	320,989	(967,607)		10,60B,510

Restricted funds (continued)
Group and Charity - 2021	Balance at	Incoming	Resources	Transfer	Balance at
	31 March	resources	expensed		31 March
	2020f				2021 E
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 Wyw	9,500		(9,500)
Centenary Art Commission
Henry Moore Foundation		3,000	(3,000)
Liz and Terry Bramhali		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)
PetrAven
David Family	13,553		(2,711)		10,842
Sir Ken &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

Unrestricted funds	Charity f	Group
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 31 March 2021	12,563,188	12,923,913
Net movement in funds for the year	684,093	1,037,624
Transfer during the year
Balance at 31 March 2022	13,247,281	13,961,537

Analysis ofnet assets between funds
Group - 2022	Unrestricted fundsf	Restricted fundsf	Total funds
Tangible fixed assets	3,662,989	9,864,940	13,527,929
Heritage assets	6,899,636	122,523	7,022,159
Investment property	1,847,000		1,847,000
Current assets	2,683,928	619,047	3,302,975
Creditors due within one year	(706,333)		(706,333)
Creditors due in more than one year	(425,683)		(425,683)
	13,961,537	10,606,510	24,568,047
Group - 2021	Unrestricted funds	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

Analysis ofnet assets between funds (contin	ued)
Charity - 2022	Unrestricted fundsf	Restricted funds 6	Total funds
Tangible fixed assets	3,662,989	9,864,940	13,527,929
Heritage assets	6,899,636	122,523	7,022,159
Investment property	1,847,000		1,847,000
Fixed asset investments	2		2
Current assets	2,029,983	619,047	2,649,030
Creditors due within one year	(766,646)		(766,646)
Creditors due in more than one year	(425,683)		(425,683)
	13,247,281	10,606,510	23,853,791
Charity —2021	Unrestricted funds	Restricted funds	Total funds
	F	6
Tangible fixed assets	3,734,716	10,147,031	13,881,744
Heditage 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

				2022	2021
				Group	Group
				6	6
Net incoming resources				391,006	2,009,158
Interest receivable				(13)	(78)
Net outgoing resources		from operations		390,993	2,009,080
Depreciation				544,766	541,415
Donation ofheritage	assets			(228,745)	(759,000)
(Gain) on revaluation				(104,488)
Loss on disposal				4,681
(Increase) in stock				(86,747)	(3,661)
(Increase)/decrease	in	debtors		(80,275)	(15,985)
Increase/(Decrease)	in	creditors		392,959	(384,634)
Net cash inflow from	operating		activities	833,144	1,387,215

Analysis of net debt
	1 April			Non-cash		31 March
	2021		Cash flow	Movements		2022
	E		6	E		E
Cash at the bank and in hand	1,849,339		565,866			2,415,205
Debts falling due within one year	(52,443)		52,433	(52,433)		(52,443)
Debts falling due after one year	(460,199)			34,516		(425,683)
	1,336,697		618,299	(17,917)		1,937,079
Financial commitments
		2022			2021
	Group		Company	Group		Company
As at 31 March the annual	E		E	E		E
commitments under non-cancellable
operating leases were as follows:-
Due within 1 year				1,183
Due within 1 to 2years
Due within 2to 5years
				1,183