Trustees' Annual Report for the period
| Period start date | Period start date | Period start date | Period end date | Period end date | |||
|---|---|---|---|---|---|---|---|
| 01 | 01 | 2022 | 31 | 12 | 2022 | ||
| From | To |
Section A Reference and administration details
Charity name Guggenheim United Kingdom Charitable Trust
Other names charity is known by
Registered charity number (if any) 1086402
Charity's principal address Garden Cottage
Great House Little Sodbury, S. Glos.
Postcode BS37 6PX
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 |
Trustee name | Office (if any) | Dates acted if not for wholeyear |
Name of person (or body) entitled to appoint trustee (if any) |
|---|---|---|---|---|
| Lord Marland of Odstock | Chairman | Solomon R Guggenheim Foundation, New York | ||
| Alick Campbell of Lochnell | Trustee | Solomon R Guggenheim Foundation, New York | ||
| Francesco di Valmarana | Trustee | Solomon R Guggenheim Foundation, New York | ||
| Melissa Ulfane | Trustee | Solomon R Guggenheim Foundation, New York | ||
| Jackie Russell | Trustee | Solomon R Guggenheim Foundation, New York | ||
| Gaurav Burman | Trustee | Solomon R Guggenheim Foundation, New York |
Other Relevant organisations
Principal Bankers : Independent Examiner : Messrs Coutts & Co. Mr Jonathan Norbury, St. Martin's Office, The Tithe Barn, 440, Strand, Didmarton, Badminton, London, WC2R 0QS S. Glos, GL10 1DT
1
Section B Structure, governance and management
Description of the charity’s trusts
The governing document is a Deed of Trust. The charity is constituted by this Deed of Trust and administered in accordance with its terms. The registered number of the charity is 1086402 The charity is constituted as a Charitable Trust. The operations of the Trust are directed by regular meetings of the trustees, minutes are taken and kept as an accurate record of proceedings. Under Para 19.1 of the governing Deed of Trust: the power to appoint new or additional trustees shall be vested in the trustees from time to time by the Solomon R. Guggenheim Foundation and its Italian branch located in Venice
Type of governing document (e.g.; trust deed, constitution) How the charity is constituted
(e.g.; trust, association, company)
Trustee selection methods (e.g..; appointed by, elected by)
Section C Objectives and activities
The institutional mission of the Solomon R Guggenheim Foundation is to provide for the promotion of art and for the mental or moral improvement of men and women by furthering their education, enlightenment and aesthetic taste, and by developing the understanding and appreciation of art by the public; to establish, maintain and operate a museum or museums, or other proper place or places for the public exhibition of art.
Broadly captured in the word 'educational', this mission is carried out by the Guggenheim museums in a number of ways:
- by exhibiting its collections of 20[th] and 21[st] century painting, sculpture and photography
Summary of the objects of the charity set out in its governing document
-
by organizing exhibitions on specific artists and themes which promote the study and interpretation of the arts
-
by publishing scholarly catalogues
-
by operating intern programmes, bringing art, art history and museology students annually from all over the world to learn and work in the museum environment
-
by facilitating access of schoolchildren and other students, with guided visits, workshops, teacher-training, as well as discounts for admission
-
by collecting and conserving works of art through gift, extended loan or purchase
-
by stimulating wide participation in the museums' programs through membership
The Guggenheim UK Charitable Trust exists to encourage contributions from the UK to support the work of the museums and activities of the Solomon G. Guggenheim Foundation based in New York and its museums around the world.
2
UK Student interns at the Peggy Guggenheim Collection, Venice:
Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)
A major project of the Trust is to sponsor the participation of UK students in the internationally renowned internship programme of the Peggy Guggenheim Collection, Venice. In 2022, it sponsored 13 students from the United Kingdom who came from a diverse range of backgrounds. The internship programme delivers vital inspiration to young people as they start out on their careers in the art world and makes a lasting impact on their career development. Please click here for more details.
The Trust participates in projects, mainly connected with the improvement and development of the Peggy Guggenheim Collection in Venice. Such projects fund the improvement of facilities at the museum, sponsor educational programmes and exhibitions with the aim of increasing visitor numbers and widening public access, especially for the benefit of young people and those with disabilities.
Section D Achievements and performance
Summary of the main achievements of the charity during the year
Fundraising:
Since its formation in 2001 the Trust has raised annual revenue for the benefit of the Guggenheim museums through private and public donations:
| 2001: £23,026 2002: £38,497 2003: £40,674 2004: £86,080 2005: £118,910 2006: £87,392 2007: £87,618 2008: £81,469 |
2009: £49,948 2010: £101,568 2011: £123,655 2012: £90,664 2013: £56,825 2014: £62,049 2015: £128,614 2016: £123,941 |
2017: £72,374 2018: £53,753 2019: £37,666 2020: £84,067 2021: £36,661 2022: £41,214 |
|---|---|---|
Total income since formation: £1,626,662
The Trust seeks to raise funds to spend on projects of educational and cultural importance to the UK within the Peggy Guggenheim Collection in Venice and through the wider Guggenheim Foundation.
-
In 2002-3, for example, the Trust helped to mount the exhibition 'Thinking Big: Concepts for British Sculpture in the 21st Century
-
In 2006-2008 the Trust contributed to the capital costs for improvements to the public spaces and support areas of Palazzo Venier dei Leoni, home of the Peggy Guggenheim Collection in Venice.
-
Between 2009-2013 the Trust contributed to the renovation of the gardens at the Palazzo Venier dei Leoni to set them out as one of the only garden exhibition spaces in the City of Venice and thereby increase visitor numbers through a programme of special exhibitions.
-
In 2015 the UK members donated £128,000 over a three year period for the purchase, renovation and transfer of a new cafe & entertainment space to a new site which releases much-needed exhibition space.
-
In 2017 one of the UK members commissioned a sundial from a well-known artist to act as a focal point for the courtyard of the new café complex.
-
In 2019 the trustees agreed to support the Philip Rylands Curatorial scholarship for a three year period from 2020 – 2022.
3
The long-term aim of the Trust is to build a capital reserve from which to provide stable funding for the UK participants in its intern programme and other projects which include UK involvement run by the Foundation - especially at the Peggy Guggenheim Collection in Venice. The Trust has now resumed its capital building activity now that renovation of the café complex is complete.
Section E Financial review
Brief statement of the charity’s policy on reserves
The Deed of Trust vests the Trustees with wide ranging powers to invest the assets of the trust. The trustees agreed:
-
to build up reserves for the on-going benefit of approved projects
-
• to hold a mixture of investments and cash deposits with reputable institutions
-
• to ensure that, where possible, disbursements on projects are less than sums raised each year
-
The Trustees formed an investment committee consisting of two suitably experienced trustees to manage the assets of the trust on a day-to-day basis and to report regularly to the trust on their performance. This mechanism is permitted by its Deed of Trust.
None. There are no major risks to which the Trustees or the Trust are exposed; no irrevocable commitments on expenditure have been made and assets are Details of any funds materially in deficit held in a mixture investments and cash invested with reputable banks for the purposes of future distribution.
Section F Other optional information
Details of any further information
Section G Declaration
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the
charity’s trustees
Signature(s)
Full name(s) Lord Marland of Odstock
Position Chair of Trustees
Date 20[th] April 2023
4
| Guggenheim United Kingdom Charitable Trust | Guggenheim United Kingdom Charitable Trust | Guggenheim United Kingdom Charitable Trust | Guggenheim United Kingdom Charitable Trust | Charity No (if any) |
1086402 | CC17a | |
|---|---|---|---|---|---|---|---|
| Annual accounts for theperiod | |||||||
| Period start date | 01/01/2022 | To | Period end date |
31/12/2022 | |||
Section A Statement of financial activities
| Recommended categories by activity |
Details of own analysis |
Note | Unrestricted funds |
Restricted income funds |
Endowment funds |
**Total this year ** | Total last year |
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |||
| Incoming resources(Note 3) | F01 | F02 | F03 | F04 | F05 | ||
| Incoming resources from generated funds |
- |
- | - | - | - | ||
| Voluntary income | S01 | 37,681 | - | - | 37,681 | 36,165 | |
| Activities for generating funds | S02 | - | - | - | - | ||
| Interest from cash deposits | S03 | 63 | - | - | 63 | 496 | |
| Incoming resources from charitable activities |
S04 | - | - | - | - | ||
| Other incoming resources | S05 | 3,470 | - | - | 3,470 | ||
| Total incoming resources | S06 | 41,214 | - | - | 41,214 | 36,661 | |
| Resources expended(Notes 4-8) | |||||||
| Costs of Generating Funds | - |
- | - | - | - | ||
| Costs of generating voluntary income | S07 | - | - | - | - | - | |
| Donations to to organisations authorised by Deed of Trust |
S08 | 6,957 | - | - | 6,957 | 76,887 | |
| Bank charges | S09 | 1,351 | - | - | 1,351 | 1,191 | |
| Charitable activities | S10 | - | - | - | - | - | |
| Governance costs | S11 | - | - | - | - | - | |
| Other resources expended | S12 | - | - | - | - | - | |
| Total resources expended | S13 | 8,308 |
- | - | 8,308 | 78,078 | |
| Net incoming/(outgoing) resources before transfers | S14 | 32,906 | - | - | 32,906 | 41,417 - |
|
| Gross transfers between funds | S15 | - | - | - | - | - | |
| Net incoming/(outgoing) resources before other recognisedgains/(losses) |
S16 | 32,906 | - | - | 32,906 | 41,417 - |
|
| Other recognised gains/(losses) | |||||||
| Gains and losses on currency | S17 | - | - | - | - | 94,819 - |
|
| Gains and losses on investment asset(see note 10) | S18 | 68,795 - |
- | - | 68,795 - |
159,128 | |
| Net movement infunds | S19 | 35,889 - |
- | - | 35,889 - |
22,893 | |
| Total funds brought forward | S20 | 723,248 | - | - | 723,248 | 700,355 | |
| Totalfunds carriedforward | S21 | 687,359 | - | - | 687,359 | 723,248 |
1
Section B Balance sheet
| Note | Unrestricted funds |
Restricted income funds |
Endowment funds |
Total this year |
Total lastyear | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| Fixed assets | F01 | F02 | F03 | F04 | F05 | |
| Tangible assets(Note 9) | B01 | - | - | - | - | - |
| B02 | - | - | - | - | - | |
| Investments(Note 10) | B03 | 652,419 | - | - | 652,419 | 721,214 |
| Totalfixed assets | B04 | 652,419 | - | - | 652,419 | 721,214 |
| Current assets | ||||||
| Stock and work inprogress | B05 | - | - | - | - | - |
| Debtors(Note 11) | B06 | - | - | - | - | - |
| (Short term) investments | B07 | - | - | - | - | - |
| Cash at bank and in hand | B08 | 34,940 | - | - | 34,940 | 2,034 |
| Total current assets | B09 | 34,940 | - | - | 34,940 | 2,034 |
| Creditors: amounts falling due within one year(Note 12) |
B10 | - | - | - | - | - |
| Net current assets/(liabilities) | B11 | 34,940 | - | - | 34,940 | 2,034 |
| Total assets less current liabilities | B12 | 687,359 | - | - | 687,359 | 723,248 |
| Creditors: amounts falling due after one year(Note 12) |
B13 | - | - | - | - | - |
| Provisions for liabilities and charges | B14 | - | - | - | - | - |
| Net assets | B15 | 687,359 | - | - | 687,359 | 723,248 |
| Funds of the Charity | ||||||
| Unrestricted funds | B16 | 687,359 | 687,359 | 723,248 | ||
| B17 | - | - | - | |||
| Restricted income funds (Note 13) | B18 | - | - | |||
| Endowment funds(Note 13) | B19 | - | - | |||
| Totalfunds | B20 | 687,359 | - | - | 687,359 | 723,248 |
| Signed by one trustee on behalf of all the trustees |
Signature | Name | Date of approval |
|||
| Lord Marland of Odstock | 27/07/2023 |
2
Section C Notes to the account5 Noto I Basis of pr•paration This section shouldbe completed byall chaiities. 1.1 Basis of aeeountinE These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with- • Accounting and Reporting by Charities-statement of Recommended Prartice ISORP 2(K)51; and with Accounting 5tandard5 and with the Charities Act 1993. 1.2 ChanE2 in basis of aceountine There has been no change to the accountlng pollcies Ivaluatlon rules and methods of accountingl slnce last year. 1.3 Change5 to previou5 acnts No changes have been made to accounts for previous years.
Note 2 A¢¢ountin¢ policies Thi5 StundUrdt olucrovntingpofKYshfj5 been uPprdbY the thurity.. INCOMING RESOURCES Recognition of irnIng re50urce5 These are included in the Statement of Financial A£tiYitie5 ISOFAI when". the charity becomes entitled to the resource5,' the trustees are virtually certain they will receive the resources.. and the rnonetaryvalue can be measured with sufficient reliability. IornIng re50urce5 With related Where incoming resources hove related expenditure las with fundraising or contract income) the expenditure incoming resources and related expenditure are reported gross in the SOFA. GTants and donatlons Grants and donations arÈ only includÈd in the SOFA whèn thÈ charity has unconditional entitlement to the re50UTces. Tam redaims on donations and Incoming resources from tsx reclaims are included in the SOFA atthe same time as the gift to which they relats. This is only included in the SOFA once the related goods or services have been delivered. Contrxtual income and performante related erants Grfts in kind Gift5 in kind are accountsd for at a reasonable estimate of theirvalue to the charity or the amount actually realised. Gift5 in kind for 56le or distribution are iniluded in the accounts as Eifts only when sold or distributed bythe chèrtty. Gift5 in kind for use bythe charity are included in the SOFA a5 incominE resource5 when receivable. DonatÈd Serv1 and I11t1$ These are only included in incominE resources Iwith an equivalent amount in resources expended) where the benefit to the charity 15 reasonably quantifiable. measurable and material. The value placed on these resources 15 the estimated value to the charity of the service or facility received. Volunteer help The value of any voluntary help received is not included in the accounts but is described in the tTU5tee5 annual report. Investment iMe This 15 included in the accounts when Teceivable. In¥estment gains and losse5 This includes any gain or loss on the sale of investments and anygain or loss resulting from revaluing investments to market value atthe end of the year. EXPENDITURE AND LIABILITIES LIabIl recoEnltlon Liabilities are recoenised as soon as there is a legal or constructive obligation cornmitting the chaTity to pay out re50urce5. Include costs of the prepaTation and e¥amin6tion of statutory accounts, the costs of trustee meetinE5 and cost of any leEal advice to trustee5 on governance or constitutional matter5. fyxTein6e (x)sts Grants with perFormance corxlitions Where the charity gives a grant with conditions for its payment being a specific level of service or output to be PTovided. such gTants 8Te only recogni5ed in the SOFA once the recipient of the grant has provided the specified service or output. Grants poyoble thout perForMare conditTrons Supp)rt Cost5 These ère only recognised in the accounts when a comrnitment ha5 been made and there are no conditions tts be met relating to the grant which remain in the control of the charity. Support Costs include central functions and have allocatsd to activity cost £atè8ories on a ba515 con515tent with the use of re50urce5, eE allocating property Costs by floor areas. or per capita. staff costs by the time spent and other costs by their usage. ASSErs Tawble assets for use by These 3re capitalised if they can be used for more than one year. and cost at least f 5CAJ_ They are ch6rity valued at C05t OT a reasonable v6lue on receipt. In¥tMentS Investments quoted on a recognised stock exchange are valued at market value at the year end. othÈr investment assets arÈ included attrustÈes' best estimatÈ of market value. stod[5 al work in proyess These ore valued at the lower of cost or market value.
Section C Notes to the accounts (cont)
| Note 3Analysis of incoming resources | |||
| Incoming resources may be further analysed if this would help the reader of the accounts. | |||
| Analysis | Thisyear | Lastyear | |
| £ | £ | ||
| Voluntary income | Donations from UK taxpayers | 30,014 | |
| HMRC Gift Aid | 7,667 | ||
| Total | - | 37,681 | |
| Investment income | Interest & Dividends | 3,533 | |
| Total | - | 3,533 |
| Section C Notes to the accounts (cont) | Section C Notes to the accounts (cont) | Section C Notes to the accounts (cont) | Section C Notes to the accounts (cont) | Section C Notes to the accounts (cont) |
|---|---|---|---|---|
| Note 4 Analysis of resources expended | ||||
| Resources expended may | be further analysed if this would help the reader of the accounts. | |||
| Analysis | Thisyear | Lastyear | ||
| £ | £ | |||
| Investment management costs |
Bank & investment management charges |
1,350.89 | 1,191.00 | |
| - | - | |||
| Total | 1,351 | 1,191.00 | ||
| Note : Total investment ma |
nagement charges as %of capital invested is 1.17% p.a.-not included in the costs above |
Note: Total investment management charges as %of capital invested is 1.17% p.a. - not included in the costs above
Notes 5-7 – Not applicable
5
Section C Notes to the accounts (cont)
| Note 8 Grantmaking | |||
| Please complete this note if the charity made any grants or donations which in aggregate form a material part of the charitable activities undertaken. |
|||
| 8.1 Total value of grants | |||
| Purpose for whichgrants made | Grants to institutions | Grants to individuals | |
| Total amount £ | Total amount £ | ||
| See Note 8.3 | - | - | |
| See Note 8.3 | 6,957 | - | |
| Total | 6,957 | - | |
| 8.1 Grantmaking costs | |||
| If the charity’s accounts are prepared on the “activity basis” please give details of any support cost associated with grantmaking. Please enter “Nil” if the charity does not identify and/or allocate support costs. |
|||
| Support costs ofgrantmaking | £ | ||
| 8.3 Grants made to institutions | |||
| If the charity has made grants to particular institutions that are material in the context of its grantmaking please give details of the institution supported, purpose of the grant and total paid to each institution listed. Sufficient information should begiven toprovide a reasonable understanding of the range of institutions supported. |
|||
| Names of institutions | Purpose | Total amount of grantspaid £ |
|
| Solomon R Guggenheim Foundation, New York |
Donation to further the educational mission of the Solomon R Guggenheim Foundation and their museums worldwide as authorised by the Deed of Trust |
6,957 |
|
| Totalgrants to institutions | 6,957 | ||
| Note : The trustees approved a grant of £22,295.41 in favour of the SRG to pay for the cost of the UK interns at the museum. |
|||
| However, due to slow bank clearance the payment was made on 3rd January 2023. |
| Note 8 Grantmaking | |||
| Please complete this note if the charity made any grants or donations which in aggregate form a material part of the charitable activities undertaken. |
|||
| 8.1 Total value of grants | |||
| Purpose for whichgrants made | Grants to institutions | Grants to individuals | |
| Total amount £ | Total amount £ | ||
| See Note 8.3 | - | - | |
| See Note 8.3 | 6,957 | - | |
| Total | 6,957 | - | |
| 8.1 Grantmaking costs | |||
| If the charity’s accounts are prepared on the “activity basis” please give details of any support cost associated with grantmaking. Please enter “Nil” if the charity does not identify and/or allocate support costs. |
|||
| Support costs ofgrantmaking | £ | ||
| 8.3 Grants made to institutions | |||
| If the charity has made grants to particular institutions that are material in the context of its grantmaking please give details of the institution supported, purpose of the grant and total paid to each institution listed. Sufficient information should begiven toprovide a reasonable understanding of the range of institutions supported. |
|||
| Names of institutions | Purpose | Total amount of grantspaid £ |
|
| Solomon R Guggenheim Foundation, New York |
Donation to further the educational mission of the Solomon R Guggenheim Foundation and their museums worldwide as authorised by the Deed of Trust |
6,957 |
|
| Totalgrants to institutions | 6,957 | ||
| Note : The trustees approved a grant of £22,295.41 in favour of the SRG to pay for the cost of the UK interns at the museum. |
|||
| However, due to slow bank clearance the payment was made on 3rd January 2023. |
Note 9 – Not applicable
| Note 9 – Not applicable | ||
|---|---|---|
| Note 10 Investment assets | ||
| Please complete this note if the charity has any investment assets. | ||
| 10.1 Analysis of Investments | ||
| £ | ||
| Carrying (market) value at beginning of year | 721,214 | |
| Add:additions to investments at cost | ||
| Less:disposals at carrying value | ||
| Add/(deduct):net gain/(loss) on revaluation | - 68,795 | |
| Carrying (market) value at end of year | 652,419 | 5.03% |
Notes 11-14 – Not applicable
Note 15 Additional Disclosures
The following are significant matters which are not covered in other notes and need to be included to provide a proper understanding of the accounts:
(10.1) Nothing significant to disclose
6
Independent examiner's report on the accounts
Section A Independent Examiner’s Report
Report to the trustees/ Guggenheim United Kingdom Charitable Trust members of
On accounts for the year 31[st] December 2022 Charity no 1086402 ended (if any)
Set out on pages 1-6
Respective responsibilities I report to the trustees on my examination of the accounts of the Guggenheim UK of trustees and examiner Charitable Trust (the Trust) for the year ended 31[st] December 2022. 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 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.
Basis of independent My examination was carried out in accordance with general Directions given by the examiner’s statement Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
7
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.
-
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.
Date: 27[th] July 2023
Signed: Name: Jonathan Norbury
Relevant professional qualification(s) or body:
Address: Tithe Barn, Didmarton,
Gloucestershire, GL19 1DT
Section B Disclosure
Only complete if the examiner needs to highlight material problems.
Give here brief details of any There are no material disclosures items that the examiner wishes to disclose .
8
| Guggenheim United Kingdom Charitable Trust | Guggenheim United Kingdom Charitable Trust | Guggenheim United Kingdom Charitable Trust | Guggenheim United Kingdom Charitable Trust | Charity No (if any) |
1086402 | CC17a | |
|---|---|---|---|---|---|---|---|
| Annual accounts for theperiod | |||||||
| Period start date | 01/01/2022 | To | Period end date |
31/12/2022 | |||
Section A Statement of financial activities
| Recommended categories by activity |
Details of own analysis |
Note | Unrestricted funds |
Restricted income funds |
Endowment funds |
**Total this year ** | Total last year |
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |||
| Incoming resources(Note 3) | F01 | F02 | F03 | F04 | F05 | ||
| Incoming resources from generated funds |
- |
- | - | - | - | ||
| Voluntary income | S01 | 37,681 | - | - | 37,681 | 36,165 | |
| Activities for generating funds | S02 | - | - | - | - | ||
| Interest from cash deposits | S03 | 63 | - | - | 63 | 496 | |
| Incoming resources from charitable activities |
S04 | - | - | - | - | ||
| Other incoming resources | S05 | 3,470 | - | - | 3,470 | ||
| Total incoming resources | S06 | 41,214 | - | - | 41,214 | 36,661 | |
| Resources expended(Notes 4-8) | |||||||
| Costs of Generating Funds | - |
- | - | - | - | ||
| Costs of generating voluntary income | S07 | - | - | - | - | - | |
| Donations to to organisations authorised by Deed of Trust |
S08 | 6,957 | - | - | 6,957 | 76,887 | |
| Bank charges | S09 | 1,351 | - | - | 1,351 | 1,191 | |
| Charitable activities | S10 | - | - | - | - | - | |
| Governance costs | S11 | - | - | - | - | - | |
| Other resources expended | S12 | - | - | - | - | - | |
| Total resources expended | S13 | 8,308 |
- | - | 8,308 | 78,078 | |
| Net incoming/(outgoing) resources before transfers | S14 | 32,906 | - | - | 32,906 | 41,417 - |
|
| Gross transfers between funds | S15 | - | - | - | - | - | |
| Net incoming/(outgoing) resources before other recognisedgains/(losses) |
S16 | 32,906 | - | - | 32,906 | 41,417 - |
|
| Other recognised gains/(losses) | |||||||
| Gains and losses on currency | S17 | - | - | - | - | 94,819 - |
|
| Gains and losses on investment asset(see note 10) | S18 | 68,795 - |
- | - | 68,795 - |
159,128 | |
| Net movement infunds | S19 | 35,889 - |
- | - | 35,889 - |
22,893 | |
| Total funds brought forward | S20 | 723,248 | - | - | 723,248 | 700,355 | |
| Totalfunds carriedforward | S21 | 687,359 | - | - | 687,359 | 723,248 |
1
Section B Balance sheet
| Note | Unrestricted funds |
Restricted income funds |
Endowment funds |
Total this year |
Total lastyear | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| Fixed assets | F01 | F02 | F03 | F04 | F05 | |
| Tangible assets(Note 9) | B01 | - | - | - | - | - |
| B02 | - | - | - | - | - | |
| Investments(Note 10) | B03 | 652,419 | - | - | 652,419 | 721,214 |
| Totalfixed assets | B04 | 652,419 | - | - | 652,419 | 721,214 |
| Current assets | ||||||
| Stock and work inprogress | B05 | - | - | - | - | - |
| Debtors(Note 11) | B06 | - | - | - | - | - |
| (Short term) investments | B07 | - | - | - | - | - |
| Cash at bank and in hand | B08 | 34,940 | - | - | 34,940 | 2,034 |
| Total current assets | B09 | 34,940 | - | - | 34,940 | 2,034 |
| Creditors: amounts falling due within one year(Note 12) |
B10 | - | - | - | - | - |
| Net current assets/(liabilities) | B11 | 34,940 | - | - | 34,940 | 2,034 |
| Total assets less current liabilities | B12 | 687,359 | - | - | 687,359 | 723,248 |
| Creditors: amounts falling due after one year(Note 12) |
B13 | - | - | - | - | - |
| Provisions for liabilities and charges | B14 | - | - | - | - | - |
| Net assets | B15 | 687,359 | - | - | 687,359 | 723,248 |
| Funds of the Charity | ||||||
| Unrestricted funds | B16 | 687,359 | 687,359 | 723,248 | ||
| B17 | - | - | - | |||
| Restricted income funds (Note 13) | B18 | - | - | |||
| Endowment funds(Note 13) | B19 | - | - | |||
| Totalfunds | B20 | 687,359 | - | - | 687,359 | 723,248 |
| Signed by one trustee on behalf of all the trustees |
Signature | Name | Date of approval |
|||
| Lord Marland of Odstock | 27/07/2023 |
2
Section C Notes to the account5 Noto I Basis of pr•paration This section shouldbe completed byall chaiities. 1.1 Basis of aeeountinE These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with- • Accounting and Reporting by Charities-statement of Recommended Prartice ISORP 2(K)51; and with Accounting 5tandard5 and with the Charities Act 1993. 1.2 ChanE2 in basis of aceountine There has been no change to the accountlng pollcies Ivaluatlon rules and methods of accountingl slnce last year. 1.3 Change5 to previou5 acnts No changes have been made to accounts for previous years.
Note 2 A¢¢ountin¢ policies Thi5 StundUrdt olucrovntingpofKYshfj5 been uPprdbY the thurity.. INCOMING RESOURCES Recognition of irnIng re50urce5 These are included in the Statement of Financial A£tiYitie5 ISOFAI when". the charity becomes entitled to the resource5,' the trustees are virtually certain they will receive the resources.. and the rnonetaryvalue can be measured with sufficient reliability. IornIng re50urce5 With related Where incoming resources hove related expenditure las with fundraising or contract income) the expenditure incoming resources and related expenditure are reported gross in the SOFA. GTants and donatlons Grants and donations arÈ only includÈd in the SOFA whèn thÈ charity has unconditional entitlement to the re50UTces. Tam redaims on donations and Incoming resources from tsx reclaims are included in the SOFA atthe same time as the gift to which they relats. This is only included in the SOFA once the related goods or services have been delivered. Contrxtual income and performante related erants Grfts in kind Gift5 in kind are accountsd for at a reasonable estimate of theirvalue to the charity or the amount actually realised. Gift5 in kind for 56le or distribution are iniluded in the accounts as Eifts only when sold or distributed bythe chèrtty. Gift5 in kind for use bythe charity are included in the SOFA a5 incominE resource5 when receivable. DonatÈd Serv1 and I11t1$ These are only included in incominE resources Iwith an equivalent amount in resources expended) where the benefit to the charity 15 reasonably quantifiable. measurable and material. The value placed on these resources 15 the estimated value to the charity of the service or facility received. Volunteer help The value of any voluntary help received is not included in the accounts but is described in the tTU5tee5 annual report. Investment iMe This 15 included in the accounts when Teceivable. In¥estment gains and losse5 This includes any gain or loss on the sale of investments and anygain or loss resulting from revaluing investments to market value atthe end of the year. EXPENDITURE AND LIABILITIES LIabIl recoEnltlon Liabilities are recoenised as soon as there is a legal or constructive obligation cornmitting the chaTity to pay out re50urce5. Include costs of the prepaTation and e¥amin6tion of statutory accounts, the costs of trustee meetinE5 and cost of any leEal advice to trustee5 on governance or constitutional matter5. fyxTein6e (x)sts Grants with perFormance corxlitions Where the charity gives a grant with conditions for its payment being a specific level of service or output to be PTovided. such gTants 8Te only recogni5ed in the SOFA once the recipient of the grant has provided the specified service or output. Grants poyoble thout perForMare conditTrons Supp)rt Cost5 These ère only recognised in the accounts when a comrnitment ha5 been made and there are no conditions tts be met relating to the grant which remain in the control of the charity. Support Costs include central functions and have allocatsd to activity cost £atè8ories on a ba515 con515tent with the use of re50urce5, eE allocating property Costs by floor areas. or per capita. staff costs by the time spent and other costs by their usage. ASSErs Tawble assets for use by These 3re capitalised if they can be used for more than one year. and cost at least f 5CAJ_ They are ch6rity valued at C05t OT a reasonable v6lue on receipt. In¥tMentS Investments quoted on a recognised stock exchange are valued at market value at the year end. othÈr investment assets arÈ included attrustÈes' best estimatÈ of market value. stod[5 al work in proyess These ore valued at the lower of cost or market value.
Section C Notes to the accounts (cont)
| Note 3Analysis of incoming resources | |||
| Incoming resources may be further analysed if this would help the reader of the accounts. | |||
| Analysis | Thisyear | Lastyear | |
| £ | £ | ||
| Voluntary income | Donations from UK taxpayers | 30,014 | |
| HMRC Gift Aid | 7,667 | ||
| Total | - | 37,681 | |
| Investment income | Interest & Dividends | 3,533 | |
| Total | - | 3,533 |
| Section C Notes to the accounts (cont) | Section C Notes to the accounts (cont) | Section C Notes to the accounts (cont) | Section C Notes to the accounts (cont) | Section C Notes to the accounts (cont) |
|---|---|---|---|---|
| Note 4 Analysis of resources expended | ||||
| Resources expended may | be further analysed if this would help the reader of the accounts. | |||
| Analysis | Thisyear | Lastyear | ||
| £ | £ | |||
| Investment management costs |
Bank & investment management charges |
1,350.89 | 1,191.00 | |
| - | - | |||
| Total | 1,351 | 1,191.00 | ||
| Note : Total investment ma |
nagement charges as %of capital invested is 1.17% p.a.-not included in the costs above |
Note: Total investment management charges as %of capital invested is 1.17% p.a. - not included in the costs above
Notes 5-7 – Not applicable
5
Section C Notes to the accounts (cont)
| Note 8 Grantmaking | |||
| Please complete this note if the charity made any grants or donations which in aggregate form a material part of the charitable activities undertaken. |
|||
| 8.1 Total value of grants | |||
| Purpose for whichgrants made | Grants to institutions | Grants to individuals | |
| Total amount £ | Total amount £ | ||
| See Note 8.3 | - | - | |
| See Note 8.3 | 6,957 | - | |
| Total | 6,957 | - | |
| 8.1 Grantmaking costs | |||
| If the charity’s accounts are prepared on the “activity basis” please give details of any support cost associated with grantmaking. Please enter “Nil” if the charity does not identify and/or allocate support costs. |
|||
| Support costs ofgrantmaking | £ | ||
| 8.3 Grants made to institutions | |||
| If the charity has made grants to particular institutions that are material in the context of its grantmaking please give details of the institution supported, purpose of the grant and total paid to each institution listed. Sufficient information should begiven toprovide a reasonable understanding of the range of institutions supported. |
|||
| Names of institutions | Purpose | Total amount of grantspaid £ |
|
| Solomon R Guggenheim Foundation, New York |
Donation to further the educational mission of the Solomon R Guggenheim Foundation and their museums worldwide as authorised by the Deed of Trust |
6,957 |
|
| Totalgrants to institutions | 6,957 | ||
| Note : The trustees approved a grant of £22,295.41 in favour of the SRG to pay for the cost of the UK interns at the museum. |
|||
| However, due to slow bank clearance the payment was made on 3rd January 2023. |
| Note 8 Grantmaking | |||
| Please complete this note if the charity made any grants or donations which in aggregate form a material part of the charitable activities undertaken. |
|||
| 8.1 Total value of grants | |||
| Purpose for whichgrants made | Grants to institutions | Grants to individuals | |
| Total amount £ | Total amount £ | ||
| See Note 8.3 | - | - | |
| See Note 8.3 | 6,957 | - | |
| Total | 6,957 | - | |
| 8.1 Grantmaking costs | |||
| If the charity’s accounts are prepared on the “activity basis” please give details of any support cost associated with grantmaking. Please enter “Nil” if the charity does not identify and/or allocate support costs. |
|||
| Support costs ofgrantmaking | £ | ||
| 8.3 Grants made to institutions | |||
| If the charity has made grants to particular institutions that are material in the context of its grantmaking please give details of the institution supported, purpose of the grant and total paid to each institution listed. Sufficient information should begiven toprovide a reasonable understanding of the range of institutions supported. |
|||
| Names of institutions | Purpose | Total amount of grantspaid £ |
|
| Solomon R Guggenheim Foundation, New York |
Donation to further the educational mission of the Solomon R Guggenheim Foundation and their museums worldwide as authorised by the Deed of Trust |
6,957 |
|
| Totalgrants to institutions | 6,957 | ||
| Note : The trustees approved a grant of £22,295.41 in favour of the SRG to pay for the cost of the UK interns at the museum. |
|||
| However, due to slow bank clearance the payment was made on 3rd January 2023. |
Note 9 – Not applicable
| Note 9 – Not applicable | ||
|---|---|---|
| Note 10 Investment assets | ||
| Please complete this note if the charity has any investment assets. | ||
| 10.1 Analysis of Investments | ||
| £ | ||
| Carrying (market) value at beginning of year | 721,214 | |
| Add:additions to investments at cost | ||
| Less:disposals at carrying value | ||
| Add/(deduct):net gain/(loss) on revaluation | - 68,795 | |
| Carrying (market) value at end of year | 652,419 | 5.03% |
Notes 11-14 – Not applicable
Note 15 Additional Disclosures
The following are significant matters which are not covered in other notes and need to be included to provide a proper understanding of the accounts:
(10.1) Nothing significant to disclose
6
Independent examiner's report on the accounts
Section A Independent Examiner’s Report
Report to the trustees/ Guggenheim United Kingdom Charitable Trust members of
On accounts for the year 31[st] December 2022 Charity no 1086402 ended (if any)
Set out on pages 1-6
Respective responsibilities I report to the trustees on my examination of the accounts of the Guggenheim UK of trustees and examiner Charitable Trust (the Trust) for the year ended 31[st] December 2022. 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 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.
Basis of independent My examination was carried out in accordance with general Directions given by the examiner’s statement Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
7
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.
-
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.
Date: 27[th] July 2023
Signed: Name: Jonathan Norbury
Relevant professional qualification(s) or body:
Address: Tithe Barn, Didmarton,
Gloucestershire, GL19 1DT
Section B Disclosure
Only complete if the examiner needs to highlight material problems.
Give here brief details of any There are no material disclosures items that the examiner wishes to disclose .
8