| Trustees' Annual Report for the period | Trustees' Annual Report for the period | Trustees' Annual Report for the period | Trustees' Annual Report for the period | Trustees' Annual Report for the period | Trustees' Annual Report for the period | Trustees' Annual Report for the period | Trustees' Annual Report for the period |
|---|---|---|---|---|---|---|---|
| From | Period start date | To | Period end date | ||||
| 01 | 01 2023 | 01 2023 | 31 | 12 | 2023 |
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 ~~oe~~ Names of the charity trustees who manage the charity Dates acted if not for Name of person (or body) entitled to appoint trustee (if Trustee name Office (if any) whole year any) 1 Lord Marland of Odstock Chair to 30/12/2023 Retired with the thanks of the Trustees 2 Francesco di Valmarana Chair from 31/12/2023 Solomon R Guggenheim Foundation, New York 3 Alick Campbell of Lochnell Trustee Solomon R Guggenheim Foundation, New York 4 Melissa Ulfane Trustee Solomon R Guggenheim Foundation, New York 5 Jacqueline Russell Trustee Solomon R Guggenheim Foundation, New York 6 Gaurav Burman Trustee Solomon R Guggenheim Foundation, New York ~~eee~~ 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 Gloucestershire, GL10 1DT ~~T~~
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 2023, it sponsored 17 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 2023: £81,438 |
|---|---|---|
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 ~~ee~~
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.
~~a~~ Section F Other optional information
Details of any further information
It is with sadness and a profound sense of gratitude that the Trustees greeted the news that Lord Marland of Odstock was to retire as chairman. He served on the trust since its inception and was an Advisory Board member for more than twenty years. His sound advice and leadership at times of turmoil, not least the recent CoVID pandemic, has left the museum he loves stronger and facing the future with certainty and confidence.
Section G Declaration ~~a~~
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the
charity’s trustees
Signature
----- Start of picture text -----
|||||
|---|---|---|---|
|Full name|Francesco di Valmarana|
|Position|Oo|Chair of Trustees|
|Date|10|[th]|June 2024|
|oe|
----- End of picture text -----
4
Guggenheim United Kingdom Charitable Trust Charity No (if any) 1086402 Annual accounts for the period CC17a Period start date To 01/01/2023 Period end date 31/12/2023
Guggenheim United Kingdom Charitable Trust
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 ~~===~~ |
76,935 | - | - ~~==~~ |
76,935 ~~==~~ |
37,681 ~~==~~ |
| Activities for generating funds ~~===~~ |
~~===~~ | S02 ~~===~~ |
- | - | - ~~==~~ |
- ~~==~~ |
~~==~~ |
| Interest from cash deposits ~~===~~ |
~~===~~ | S03 ~~===~~ |
898 | - | - ~~==~~ |
898 ~~==~~ |
63 ~~==~~ |
| Incoming resources from charitable activities ~~===~~ |
~~===~~ | S04 ~~===~~ |
- | - | - ~~==~~ |
- ~~==~~ |
~~==~~ |
| Other incoming resources ~~===~~ |
~~===~~ | S05 ~~===~~ |
3,605 |
- | - ~~==~~ |
3,605 ~~==~~ |
3,470 ~~==~~ |
| Total incoming resources ~~===~~ |
S06 ~~===~~ |
81,438 | - | - ~~==~~ |
81,438 ~~==~~ |
41,214 ~~==~~ |
|
| 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 |
51,259 |
- |
- |
51,259 |
6,957 |
| Bank charges ~~=~~ |
~~=~~ | S09 |
1,501 |
- |
- |
1,501 |
1,351 |
| Charitable activities ~~=~~ |
~~=~~ | S10 |
- |
- |
- |
- |
- |
| Governance costs ~~=~~ |
~~=~~ | S11 |
- |
- |
- |
- |
- |
| Other resources expended ~~=~~ |
~~=~~ | S12 |
- |
- |
- |
- |
|
| Total resources expended |
S13 |
52,761 |
- |
- |
52,761 |
8,308 |
|
| Net incoming/(outgoing) resources before transfers |
S14 |
28,678 |
- |
- |
28,678 |
32,906 |
|
| Gross transfers between funds |
S15 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
|
| Net incoming/(outgoing) resources before other recognisedgains/(losses) |
S16 ~~=~~ |
28,678 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
28,678 ~~=~~ |
32,906 ~~=~~ |
|
| Other recognised gains/(losses) |
~~=~~ | ~~=~~ | ~~=~~ | ~~=~~ | ~~=~~ | ~~=~~ | |
| Gains and losses on currency |
S17 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
|
| Gains and losses on investment asset(see note 10) |
S18 ~~=~~ |
56,096 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
56,096 ~~=~~ |
68,795 - ~~=~~ |
|
| Net movement infunds |
S19 ~~=~~ |
84,773 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
84,773 ~~=~~ |
35,889 - ~~=~~ |
|
| Total funds brought forward |
S20 ~~=~~ |
687,359 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
687,359 ~~=~~ |
723,248 ~~=~~ |
|
| Totalfunds carriedforward |
S21 ~~=~~ |
772,132 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
772,132 ~~=~~ |
687,359 ~~=~~ |
1
Section B Balance sheet Unrestrlcted funds Restrlcted intome funds Endowment funds Total thls year Total l•$t year Fixed assets Tanglble assets FOI F02 F03 F04 FOS (Note 9) Investments (Note 10) TOtalfed assets 708,515 708,515 708,515 708,515 652,419 652,419 Current assets Stock and work in progress Debtors (Note 11) (Short term) investrnents Cash at bank and in hand Total current assets 63.618 63.618 63,618 63.618 34.940 34.940 Creditors: amounts falling due within one year (Note 12) Bio Net current assets/(Ilabllltles) Bll 63,618 63,618 34,940 Total assets less current Ilabllltles B12 772,132 772,132 687,359 Creditors: amounts falling due after one year (Note 12) Provisions for liabilities and charges B13 B14 Net assets B15 772,132 772,132 687,359 Funds of the Charity Unrestricted funds 616 772,132 772,132 687,359 817 Restrlcted Income funds (Note 13) Endowment funds {Note 13} B18 B19 Totalfunds B20 772,132 772,132 687,359 Signed by one trustee on behalf of all the trustees Signature Print Name Date of approval Francesco di Valmarana 1010612024
Section C Notes to the accounts Note l Basis of preparation This sertion should be completed by oll chorities. 1.1 Basis of aceountinE These accounts have been prepared on the basis of historic cost {except that investments are shown at market value) in accordance with: Accounting and Reporting by Charities-statement of Recommended Prae(ice (SORP 251. and with Accounting standards and with the Charities Act 1993. 1.2 Change in basis of aecounting There has been no change to the accounting policie5 {valuation rules and methods of accounting) since lastyear. 1.1 Changes to previous accounts No changes have been made to accounts for previous years.
Note 2 Accounting policies This stondord ftst oloctounting pore$ hos been oppd by the chority,. INCOMING RESOURCES Recognitbon of incoming re%)ufces These are included in the Ststement of Financial P£tivities ISOFAI when". the charity becomes entitled to the resources" the trustees are virtual ly certa in they will receive the resources,. and the monetary value can be measured with sufficient rel iabi l ity. IornIng re50urce5 With related where incoming resources have related expenditure las with fundraising or contract incornel the expenditure incoming resources and related expenditure are reported gross in the SOFA Grants and donations Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Tax redaims on dorbrtions and Incoming resources from tsx recla ims are included in the SOFA èt the same time as the gift to which they relate_ Contrartual iwpme and performance related grant5 This is only included in the SOFA once the related Eoods or services have been delivered. Gifts in kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually real ised. Gift5 in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable_ Dorbated servKe5 and faclities These are only included in incoming resources (with an equiva lent amount in resources expended) where the benefit to the charity is reasonably quantifiable. measurable and material. The value placed on these resource5 is the estimated value to the charity of the Service or faci l ity received. vOnteer help The value of any voluntsry help received is not included in the accounts but is described in the trustees. annual reporL Investment income This 15 included in the accounts when receivable_ Investment gains and I¢e5 This includes any gain or loss on the sale of investments and any gain or1055 resulting from revalu ing investments to rnarket va lue at the end of the year. EXPENDITURE AND LIABILITIES Liabikty iecognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Include costs of the preparation and examination of statutory accounts. the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. fjrants with performan conditions Where the charity give5 a grant with condition5 for its payment being a specific level of service or output to be provided. such grants are only recoen ised in the SOFA once the recipient of the grant has provided the specified 5erwice or output. Grants pryable without performance conditions Support Costs These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Support costs include central funttions and have been allocated to artivity cost categories on bas15 consistent with the use of resources. eg al locating property costs by floor areas, or per capita. stsff costs by the time spent and other costs by thehf usage. ASSErs TanEible fwed assetsfor use by These are capitalised ifthey can be used for more than one year. and c05t at least £5C4). They are charttv valued at C05t or a reasonable value on receipt. Investments Investrnents quoted on a recognised Stock exchange are valued at market value at the year end. Other investment assets are included at trustees. best estimate of market value. stoc&s and work in progress These are valued at the lOvr 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 | 76,935 | 31,119 | ||
| HMRC Gift Aid | - | 6,458 | |||
| Total | 76,935 | 37,577 | |||
| Investment income | Interest & Dividends | 4,504 | 89 | ||
| Total | 4,504 | 89 | |||
| 81,438 | 37,666 | ||||
| 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 |
1,501 | 1,800 | ||
| - | - | ||||
| Total | 1,501 | 1,800 | |||
| Note : Total management c |
harges as %age of investment capital is 1.17% p.a.-not fully reflected in the costs above |
Notes 5-7 – Not applicable
5
Section C Notes to the accounts (cont)
| Note 8Grantmaking | |||
| 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 | 51,259 | - | |
| See Note 8.3 | - | ||
| Total | 51,259 | - | |
| 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 |
51,259 |
|
| Totalgrants to institutions | 51,259 |
| Note 8Grantmaking | |||
| 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 | 51,259 | - | |
| See Note 8.3 | - | ||
| Total | 51,259 | - | |
| 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 |
51,259 |
|
| Totalgrants to institutions | 51,259 |
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 | 652,419 | |
| Add:additions to investments at cost | ||
| Less:disposals at carrying value | ||
| Add/(deduct):net gain/(loss) on revaluation | 56,096 | |
| Carrying (market) value at end of year | 708,515 | 8.6% |
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) The Trustees reviewed the performance of the investment portfolio and agreed to keep it unchanged; no additions or disinvestments were made and the portfolio gained 8.6% during the year.
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 ~~ee~~ On accounts for the year 31[st] December 2023 Charity no 1086402 ended (if any)
Set out on pages 1-6 ~~Oo~~ 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 2021. 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.
Signed:
Date: 10/06/2024 ~~_~~
Name: Jonathan Norbury ~~OO~~ Relevant professional qualification(s) or body: ~~OC~~ Address: The Tithe Barn, Didmarton, Badminton, Gloucestershire, GL10 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 . ~~Ce~~
8
Guggenheim United Kingdom Charitable Trust Charity No (if any) 1086402 Annual accounts for the period CC17a Period start date To 01/01/2023 Period end date 31/12/2023
Guggenheim United Kingdom Charitable Trust
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 ~~===~~ |
76,935 | - | - ~~==~~ |
76,935 ~~==~~ |
37,681 ~~==~~ |
| Activities for generating funds ~~===~~ |
~~===~~ | S02 ~~===~~ |
- | - | - ~~==~~ |
- ~~==~~ |
~~==~~ |
| Interest from cash deposits ~~===~~ |
~~===~~ | S03 ~~===~~ |
898 | - | - ~~==~~ |
898 ~~==~~ |
63 ~~==~~ |
| Incoming resources from charitable activities ~~===~~ |
~~===~~ | S04 ~~===~~ |
- | - | - ~~==~~ |
- ~~==~~ |
~~==~~ |
| Other incoming resources ~~===~~ |
~~===~~ | S05 ~~===~~ |
3,605 |
- | - ~~==~~ |
3,605 ~~==~~ |
3,470 ~~==~~ |
| Total incoming resources ~~===~~ |
S06 ~~===~~ |
81,438 | - | - ~~==~~ |
81,438 ~~==~~ |
41,214 ~~==~~ |
|
| 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 |
51,259 |
- |
- |
51,259 |
6,957 |
| Bank charges ~~=~~ |
~~=~~ | S09 |
1,501 |
- |
- |
1,501 |
1,351 |
| Charitable activities ~~=~~ |
~~=~~ | S10 |
- |
- |
- |
- |
- |
| Governance costs ~~=~~ |
~~=~~ | S11 |
- |
- |
- |
- |
- |
| Other resources expended ~~=~~ |
~~=~~ | S12 |
- |
- |
- |
- |
|
| Total resources expended |
S13 |
52,761 |
- |
- |
52,761 |
8,308 |
|
| Net incoming/(outgoing) resources before transfers |
S14 |
28,678 |
- |
- |
28,678 |
32,906 |
|
| Gross transfers between funds |
S15 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
|
| Net incoming/(outgoing) resources before other recognisedgains/(losses) |
S16 ~~=~~ |
28,678 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
28,678 ~~=~~ |
32,906 ~~=~~ |
|
| Other recognised gains/(losses) |
~~=~~ | ~~=~~ | ~~=~~ | ~~=~~ | ~~=~~ | ~~=~~ | |
| Gains and losses on currency |
S17 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
- ~~=~~ |
|
| Gains and losses on investment asset(see note 10) |
S18 ~~=~~ |
56,096 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
56,096 ~~=~~ |
68,795 - ~~=~~ |
|
| Net movement infunds |
S19 ~~=~~ |
84,773 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
84,773 ~~=~~ |
35,889 - ~~=~~ |
|
| Total funds brought forward |
S20 ~~=~~ |
687,359 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
687,359 ~~=~~ |
723,248 ~~=~~ |
|
| Totalfunds carriedforward |
S21 ~~=~~ |
772,132 ~~=~~ |
- ~~=~~ |
- ~~=~~ |
772,132 ~~=~~ |
687,359 ~~=~~ |
1
Section B Balance sheet Unrestrlcted funds Restrlcted intome funds Endowment funds Total thls year Total l•$t year Fixed assets Tanglble assets FOI F02 F03 F04 FOS (Note 9) Investments (Note 10) TOtalfed assets 708,515 708,515 708,515 708,515 652,419 652,419 Current assets Stock and work in progress Debtors (Note 11) (Short term) investrnents Cash at bank and in hand Total current assets 63.618 63.618 63,618 63.618 34.940 34.940 Creditors: amounts falling due within one year (Note 12) Bio Net current assets/(Ilabllltles) Bll 63,618 63,618 34,940 Total assets less current Ilabllltles B12 772,132 772,132 687,359 Creditors: amounts falling due after one year (Note 12) Provisions for liabilities and charges B13 B14 Net assets B15 772,132 772,132 687,359 Funds of the Charity Unrestricted funds 616 772,132 772,132 687,359 817 Restrlcted Income funds (Note 13) Endowment funds {Note 13} B18 B19 Totalfunds B20 772,132 772,132 687,359 Signed by one trustee on behalf of all the trustees Signature Print Name Date of approval Francesco di Valmarana 1010612024
Section C Notes to the accounts Note l Basis of preparation This sertion should be completed by oll chorities. 1.1 Basis of aceountinE These accounts have been prepared on the basis of historic cost {except that investments are shown at market value) in accordance with: Accounting and Reporting by Charities-statement of Recommended Prae(ice (SORP 251. and with Accounting standards and with the Charities Act 1993. 1.2 Change in basis of aecounting There has been no change to the accounting policie5 {valuation rules and methods of accounting) since lastyear. 1.1 Changes to previous accounts No changes have been made to accounts for previous years.
Note 2 Accounting policies This stondord ftst oloctounting pore$ hos been oppd by the chority,. INCOMING RESOURCES Recognitbon of incoming re%)ufces These are included in the Ststement of Financial P£tivities ISOFAI when". the charity becomes entitled to the resources" the trustees are virtual ly certa in they will receive the resources,. and the monetary value can be measured with sufficient rel iabi l ity. IornIng re50urce5 With related where incoming resources have related expenditure las with fundraising or contract incornel the expenditure incoming resources and related expenditure are reported gross in the SOFA Grants and donations Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Tax redaims on dorbrtions and Incoming resources from tsx recla ims are included in the SOFA èt the same time as the gift to which they relate_ Contrartual iwpme and performance related grant5 This is only included in the SOFA once the related Eoods or services have been delivered. Gifts in kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually real ised. Gift5 in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable_ Dorbated servKe5 and faclities These are only included in incoming resources (with an equiva lent amount in resources expended) where the benefit to the charity is reasonably quantifiable. measurable and material. The value placed on these resource5 is the estimated value to the charity of the Service or faci l ity received. vOnteer help The value of any voluntsry help received is not included in the accounts but is described in the trustees. annual reporL Investment income This 15 included in the accounts when receivable_ Investment gains and I¢e5 This includes any gain or loss on the sale of investments and any gain or1055 resulting from revalu ing investments to rnarket va lue at the end of the year. EXPENDITURE AND LIABILITIES Liabikty iecognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Include costs of the preparation and examination of statutory accounts. the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. fjrants with performan conditions Where the charity give5 a grant with condition5 for its payment being a specific level of service or output to be provided. such grants are only recoen ised in the SOFA once the recipient of the grant has provided the specified 5erwice or output. Grants pryable without performance conditions Support Costs These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Support costs include central funttions and have been allocated to artivity cost categories on bas15 consistent with the use of resources. eg al locating property costs by floor areas, or per capita. stsff costs by the time spent and other costs by thehf usage. ASSErs TanEible fwed assetsfor use by These are capitalised ifthey can be used for more than one year. and c05t at least £5C4). They are charttv valued at C05t or a reasonable value on receipt. Investments Investrnents quoted on a recognised Stock exchange are valued at market value at the year end. Other investment assets are included at trustees. best estimate of market value. stoc&s and work in progress These are valued at the lOvr 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 | 76,935 | 31,119 | ||
| HMRC Gift Aid | - | 6,458 | |||
| Total | 76,935 | 37,577 | |||
| Investment income | Interest & Dividends | 4,504 | 89 | ||
| Total | 4,504 | 89 | |||
| 81,438 | 37,666 | ||||
| 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 |
1,501 | 1,800 | ||
| - | - | ||||
| Total | 1,501 | 1,800 | |||
| Note : Total management c |
harges as %age of investment capital is 1.17% p.a.-not fully reflected in the costs above |
Notes 5-7 – Not applicable
5
Section C Notes to the accounts (cont)
| Note 8Grantmaking | |||
| 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 | 51,259 | - | |
| See Note 8.3 | - | ||
| Total | 51,259 | - | |
| 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 |
51,259 |
|
| Totalgrants to institutions | 51,259 |
| Note 8Grantmaking | |||
| 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 | 51,259 | - | |
| See Note 8.3 | - | ||
| Total | 51,259 | - | |
| 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 |
51,259 |
|
| Totalgrants to institutions | 51,259 |
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 | 652,419 | |
| Add:additions to investments at cost | ||
| Less:disposals at carrying value | ||
| Add/(deduct):net gain/(loss) on revaluation | 56,096 | |
| Carrying (market) value at end of year | 708,515 | 8.6% |
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) The Trustees reviewed the performance of the investment portfolio and agreed to keep it unchanged; no additions or disinvestments were made and the portfolio gained 8.6% during the year.
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 ~~ee~~ On accounts for the year 31[st] December 2023 Charity no 1086402 ended (if any)
Set out on pages 1-6 ~~Oo~~ 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 2021. 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.
Signed:
Date: 10/06/2024 ~~_~~
Name: Jonathan Norbury ~~OO~~ Relevant professional qualification(s) or body: ~~OC~~ Address: The Tithe Barn, Didmarton, Badminton, Gloucestershire, GL10 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 . ~~Ce~~
8