Ch•rlty R•gl•trallgD Ilp, 111gT3 Company R•gl•tr•tlon No. 06OS1439 IEnglind and W•l••l THe DAVID ROBERT8 ART FOUNOATION LIMITED IA COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARÉ CAPITAL ANNUAL REPORT AND FINANCIAL STATeMENTS FQR ThE YEAR ENDED 31 MARCH 2021 THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) LEGALAND ADMINISTRATIVE INFOR￿TIoN Trustso8 C A Quayl8 IRe$ignod 14 May 20201 I S•rpytyl8 P Moiay-Buirows A Harnlbton (Appolnled 1 May 20201 Charity numb•r 1119738 Company numb•r 06051439 R6ghtsMd oHI¢• 2nd Fkor 5-6 Clipslone Slr8èt London W1W8B8 UHY Hackèr Young IE•iii Litnltod PO aox 501 The Nexus Bulldlno 8rgadway Lel¢hworih G•r¢J•n Clly Hei18 SG6 9BL B•nk•r• B•r¢loyi e•nk PLC EQ Pall M811 Londan SW1A 1aA SoNcllor• Mlch8el Slmklns LLP Lynton Hou8e 7-12 T•vlilock Squar• London WC1H9LT THE DAVID ROBERTSART FOUNDATION LIMITED IA COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) CONTENTS Pag• Trustees. r•port stolvrnenl of tru8leeJ' re8pon8lblllllos IndèpvrKl8nl 4udlto¢• rnporl Slalgm•ni ol fin•ncial •¢fvili89 13 Balance ihe8t 14- 15 Sialom•hl of coih flow# 18 Nolos tts th8 finan¢ial Jl•tement4 17.31 THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITALI TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 MARCH 2021 Our objectives and activities Our vi810ri The Davicl Roberts Arl Foui)dalion Limiled Ilhe Fuundalionl 15 a charitable oig8nisalion Iregislralion nLiinbei 111q7381 dedir.•led lo siipporling conlènipofary 8rl atid ailisls Iliroiigli A piiJgfBITlmn ol exhibition5, ctsmn)iss￿n$, artwork atqui&illon% al￿ cnlloboralknD8 wilh nalional ail inBiliilions. Our ml$$lon Thiougli lis a¢livilifts the Found81ion oncour8988 coll&boralive projecls an(1 aim8 to acl as a plalluirti lor artlslic dialopiie and exchai)ge. The Founduliori'% mi%51on Is lo wxplDrw dirfeifinl ways lo suppoil th8 piodiiLliori and reception ol conlonipoiary Ic rl by Invilinu arlisls diid curalurs 10 Éxporiiii(iThl wilh ngw Idc¢75 for iesoaich, exhlblllons and Iho piesonlaiitsn of Cunttr￿1pUr￿fY arl &cro&s il¥ many forin5. -109elhei wilh 9rou hibilion3 find Iivo arl porloimancos. the fo11ndal￿n prèsents 8n acllve yrogiamine ol di8riJ11510ns ind Our hl•tory The Foui)dAl1011 bepn operalinn sinco 2008. pre881illiig Pxhlbillons indudink 8DIo 8xliibiliiJns by artis19 InGludli)g Chailes Avery120171. FiL¥lia 8anner120161, Nin&J Floier120141, 8onoil M81fe120131, Lyd18 Gillor(I 120121, K¥ren Cyllor120111, 08car Tiiazon1200918nd Ja$tsi) DDdye120081. In addllion, group gxhibiilons Includo Slr8ains of Waiin Inip6rmdnvnctt12n161, Albirt tho kid is ghosllng 120151, The Viol81 c*[￿b 01 DRAF120151. Geooiaphies of Lonlamliiallon120141, Oiphaus Twice120131, Ab&lracl Cabinel120131. A ￿lOuSe ol Leaves FI￿1,.￿8¢￿nd ond I hird Movemtrnly fpllryJiie l?Q12-1Jl, and Mor& Pilck$ 111411 Kicks120101. The Curolor8' Serle$, slartod In 2009. h88 pre80nled Iwelvp exhibllion# by iiideptrydenl Guralor5 (individuals aiid duo81' Cyleiid Sininnds IUKI, RaimLinda¥ MalasriuNk8s ILilhiiaiii81, Mlhiiea Mircaii IRDniaiiial, Maiiiieu Copoland IUKI. Slmone Menègoi & Chris Sliarp Ilialy and US), Pablo Leon de la Barrs Imexlcol. Vlvlai) Zlherl IAusliuliol & Natasha Glnwalm IlndlAI. Lhiigiinè Ly&n• IkiancalCain&roonl. Vlklof Wang IUK, China), HEJn Noorg11 & Lynlon Tmlbol IUKI. as well EJ% Iwn hy org5bni$alion8. Arcwdia Mi59a (Londoiil and Kiinqllialle I'he Sl(Idy Seiles, 918ried In 2012. lidJ LOt?IniiN¥ioii#d leMIs lo ￿cCOmPanY displays ol works by a raiwe ol arti%1¥ Iiir.luding Chad¢5 Avery, PILima Bhabha. Roseiiiarie Trockel, Floi)a 8aiiner. Philip Gu%l()n, Andreas Slomingki, Ida Applèbfoog, Elfil Adnun, Slerlino Riiby, Ylo L4aiiada, Micliael Simpsoii, Boyle Faii)Ily, Marlin Boyc8, briice Mcle811, Carol Bove and Victor M&bn The Foijiidalion ¢nnllnue5 to comm1381on Igxls lor Ihe 81udy Svrie* by giiost wriler3 and ciiralors lo inv85ligale aiiwoik8 In the Ddvid Robeils CJullo¢ljon. The Foundalkn also presents a dyn8inK piogremiiie of peili)rinanees, dlw.us8wJns Ind olher Ilve events Tliè decoiinls lixve. been proparod iii accordance with the acctsLinling policies s81 oul in i)01* 110 the. aPL(IiJnls and comply wilh the goveriiing douimeni. the Companies Aol 2006 and Iho Slalomèni of Récommèndèd Pradice,'Ac¢oiinling and Reporting by Lhanlles" Issu&d In Janu8ry 2015. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) TRUSTEES. REPORT ICONTINUED)IINCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 MARCH 2021 Our QbJectlv•s The obi8CtNe$ of the Fwndation 8re'. lo advance Ihe educalitsn ol the genero1 publlc in work8 of ort and art181i¢ emC&l￿nc@ through lh8 promotion ol the aris., lo encourag& exchanga and acl a$ a pr¢gre4slve plBlform lor artistic dlak7gu•, to explor8 81TUCtuie8 of producllon ol art works by Invlling arllsts lo explore dllforanl lormat$ lor lo Incrèase the vi8lblllly 8nd rfjceptlDn of one of the l•rgo$l colle¢llon6 ol conlemporary 4r1 In Ihe UK Ihrou&h loan$, oxhlblllons and publicalSon8. and lo educate the ￿llerS1 public as 8 Whole by colaboraling *ilh art in$lilulionB on 4 nBliun8118vel. Tho Foundallon'8 goal Is to provlde dlver88 London and UK 8udl&nees wllh a dir¢el and inllmale 8xporion¢e of cofileiHpDraiy vlsual pracllcgs ond lo con80111818 11$ r•pLrt&lion as a dynamlc and accessible platlolm for conn8Gllng 8m?tging and 8slablish8d 8rlisls. wrilels and cultural preduc6rs with a brood wblk. The Foundallon operates from 111 Greal Tllchlleld Street, London WIW 6RY. rle FoiinclAiion hllows low Ihe cnt)e*piion and rèill$•llon ol on ambi14ou$ programtno ol Dxh5bilion8, live ev•nls and research, Thoso rango Irom major exhibillons and Inléin&lional 108n8. lo Ilva peflomigncoq, lllm $¢reenings, lylka jnd WOFk•hop8. Th• gon•r•l publiG ar• mHd8 welcom8 to 811 aclivllie6, whlch are flee Ihroughoul Ihf y88f. Thg Foundallon'B programme alms al belng nuid, lknxSble ond Polenllawy experlmenl•l. A key rol8 18 J4y•d by the cglLqborHllons that are currently beino d￿8k1p&d wllh art In8161utbn8, an ￿n￿erSIt186 oThJ eteolive r>ryonlsalh)n$ withln London ènd nalion•lly. The Iruilet$ have p•ld due iogaid lo guldanu iasu8d by the Chaiily Commljglon in decidlng whal acllvllle8 Ihe Foundalion should undeitake. Our a¢hlevement• and perfomiance Over Iliv fiiiFJiiclul ye&r 2020-2021, tho foundalioi) plvole(I lo onlino and dltjilal piour8inm88 a8 8 ie$ull ol Ilie poslponcd. rh8 lociis beca1￿e de.velopii)(I Ilie Fouiidaiioii's digital pr8seiice aiid audiei)ces, reacliiiig a organ1881101). As an oig3nlsAlitsii wllhoul 8 pliy8iLal gjlleiy space lty wolcuine aud￿nc•S. the FoLindalion'8 Olult•l proyrwmrng Ovor the 2020-2021 linancial year and ¢Lirlng Ihe nalioiial lockduwn8 which prevenlerl IN ptsrjon pioiecls, the Raberis collÈciiot). podcasts aiid uiili11e Idlks bplwbjdn o1li¥ls, curaiors aiid wrilors. as w811 as comnlssionlng lexls Irorn a ranoE ol ¢iiliL4ral praclioneis about woiks in Ihe collp.elion. Total aiidiences 8cros$ 011 ¢liAnne14 r*a¢li¥d 4,401. Thib bie•k5 down d5 Podcasts.. 1,832 Onliiip 1olk%.' 1,473 Filin scieeniiigs.'1,096 THE DAVID ROBERTS ART FOUNDATION LIMITED IA COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) TRUSTEES. REPORT ICONTINUEDIIINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AIARCH 2021 Rebrand 2017 ha& l)iuuglil slgiiifiLdiil Llidnue lo tho orgdnlsalloii wllli <1 nÈw focus on nJlion¥l purti1￿(shIpS, and collaboialive pitsgramming in London ond ocross the UK. The FoLlI)dalion's work with Ih(i Oavld Rob8rts Collection Ihioiillh bans, gxhlbilions aiiil resèaich Is also Impoilani wllhln this and ti* organlsaiion81 mlsslon eaii be 8lrtsnulh*n¢d by glving inGrva5ed vlyibilily ID Ihtl Ajllecllon through Ihe cuialorial progiammo. webslle rè-deslon and more locu8sed I11g11al eonlènl. In oddilion. a major pbrt of lh8 rebrand coiisid8ralloi) 15 a nam& chang8 lo r8fl8tl Indra s8ipylyl8.,Robftrls' long8landiiig Iiivolv8ineni iii Ilie Foundalk)n Jnd colleElion, moving away Irom having tho naine ¥olely ropiesenl David Roborts, Artwork •torayo r¢.locatlon The slor#ge fJLllllivg lor Iho 04vid Robort$ Colloclion pio8onled challenge8 for th6 Foundation In lerin& ol maDaglng. iesea¥chlng, malnialnlng and u$iiig Ilie colleclltsn fDr IIS PIOgr¥mmp Rctiwl￿S. Tho oMi?Ilng Incililio wfir• splil acr08¥ several dlffoienl lo¢ailon6 around the UK, and Ihe maiii lacSlliy In Loi)don was ovefcrowded. A new woiahousè 18elllly li) S81i8bury WAS puiohas8d by Ihè Fout)dallon and WA& 18.lillad lo niok¥ Il lil fnr Ili pufpusvy vl ar￿ork ilorBgi alDng51do providlng 18cilillES lor a warehouse slaif 18am. All 8rtworkB were 5￿CCeSS1UIlY re-located by Oclob8r 2020 aiid a Iwo eiiiph)yegs reLiuiiÈd lo ruli the w?rBhousft- one lull-lirne Onf parl-llmg, An gudil ol Ihe co119cllon w88 dong a8 p811 ol lh9 ie-lacgllon project whlcli provide¥ 1118 Foundallon wilh morp a¢curHiw Inlormalion Jbuul tho colloclion lo aisi51 wllh research and programmlno Our •tr*togy •nd flrturn pl•n• Our lulurfr 8lialegy wlll b8 to de¥dop 8 ngw vi8ioii and n)ission Ih8t buikls on thè Foundaiioii'$ r¥puldliori ali cole aims while bringlng rBnewed clarlly 8nd Tgy lo 118 piirpo5e. Ths closure ol Ihe found8lion's phy81cal, permanenl u8lleiy 9P8ce cHn en8ble more Ilthmibilily workiiig an *piiiou¢li Ihal 1.1 re8pi)nsive lo ddf•ront ilej and conlfrx18. Tho iiew brgnd slral8gy will aiin lo coinmuiilcale Ili& Fo(Indalion's work Iti a mor accassible way for audiences ond wlll highlight t1￿ iniporlgriLe ol collahorolion wilh nation81 p8rtnor8, Wo will 8evk lo flnd Dow W￿yB lo bring IhB Davld RDbpi15 CDllecllon lo broadei audiences across tlie UK by wldénlng lh8 Fouiidalloii'8 UK n8lwork ol musgiJm$ and ad or9Ani$aiion5. Th@ GulleGIion 15 an undeiu5Bd slrenglh of the work ol the FoLindalion With th8 alm ol re8lisino ils full potential and possibility wil dÈvelop ¢ollaboralivo oxhihil￿n￿, more proaGllve Iwndlnp and work wllh exlernal curators to research Ihe collecllon THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) TRUSTEES. REPORT ICONTINUEDIIINCLUDINO DIRECTOR8, REPORT) FOR fHE YEAR ENDED 31 IAARCH 2021 We wii nnd allernalive way8 to 8UPPOrt and pr858nl petlowmanco work wrthin LDThJon aswell as partneilng wllh orggnis8tk)ns outside London whe t*n ts8￿11¢ from Ihe Foundaiion's eyptrtise In commSiiloning ond producing Ilve work, In dDing 50 w8 wi# bulld on Iha Foundallon'8 repuluallon lor o¥enls thai blui Iho boundari06 bo￿￿en dlllorenl art lorrns, Ir¢m ¥lsug18rt, dance mujic, poetry and Ihealie ￿￿rkIng wllh Ihese cro550VEIS 9lve5 an opportunlty lo bulkl mor8 div8fBe audlences. As part ol the FDundallon's commilmonl t¢ providing opportunit￿8 loi arli8t8, we wl¥ dewh)p o progr8mm6 01 bg$poke artlBlic r88id&nrAe5 in SGDlland. The oi98nlsalion will hoFI Te8id8n¢ieg 10 3upport ngtionJl find inleination81 artists worklng auoss diifer&nl ari larm$. Engaging Wlih the wider Seoiiilh ¢ultur81 field wlll be ciucial lo lh• succoss ol Ih15 progrBmrne in en8blln9 residenl grtlsts lo unL1ertake re9eai¢h, sludio vls115, dialogue$ wllh other bcal 81lisls and also pro8¢nl •udIenc&fo￿S1Od oulcome6. To ihat •fid. w• WIM st•k lo devolop p8rtn8rship8 wllh 8 wide variety of cullurol oroon19815ong acros8 Scolland. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) TRUSTEES. REPORT ICONTINUED)(INCLUOING DIREGTORS, REPORTI FOR THE YEAR ENDED 31 MARCH 2021 Our ThFJ m8iorlty ol cur Irswme In th8 y8ai r88Lthed Irom Ihe 8ql8 ol Dur invoitment propety, Unlt B, Tho Sunbe8m cèn1￿, from whieh Ihe Invasimenl ineame 4f£e8.28g le￿1¥e￿ In 2021>21 our iTrGom• from Donplions and Gronl$ was É35,992, compored wlth E25.429 In the prèYlou$ flnanclal year. A 81gnlffcBnl proportlon Dllh18 Incomè wi6 dèrlwd from Govèininènl COVID grant6. Tot•1 expendiiur¢ lor 202￿21 w•J E697,659 compared lo £482,22418$1 year. The lol•l annual adminl&irallve oxpens? £317,(￿8 ¢omp•r¢d lo £iei.a99 In Ihe prior y8•r. WSlh othèr adinln C0915 oIE43,954 E135.461 In the pdoi yèar. R•4•rv•• pollcy Oui unwilrkled lor 'lro#'l lundi arts Ihv nel curronl •$iolJ ol our urtre$tilel￿ fundi, whlch ar• Iho8e lund8 Ihgt are Ireely avallable for us lo ypend on charllabla acllvhtles. W8 Iic4d Ihèse lunds lo,. pro¥ld8 working c8pilal lo financ8 our day.to-d8y opor&lions-. provld8 8 88faguAfd agaln81 tho risk ol downlurn kn 8upporl ol our aclhi*l&s,' and prolect oui $olven¢y In th¢ ¢v*ni of •ny eurtollmtsni ol our Ineome-generaiiThg act1￿lIes. The gener81 policy in rglallon lo Ihe TnAlni8nanc• ol uni•slrlcled lund¥ is lo keep q b41on¢e In OM￿*1 ol £1Q,OQO In lrte bank occounl$ 81 oll Ilmej If forec881& $ugge#i Ihèl Ihls ￿v￿1 IB Ilkèly to b• breached, Ihe liu81806 wlll meel to con8ld&r haw b881 lo radr855 the financial po8ilknn. Al 31 Maieh 2021 our unr8slrfclod funds wère £8.114,251 P•ym•nt poll¢y The company's ouirènl policy eoncernlno th8 pgymenl ol Iiade cr0dllor8 is lo follow the CBI'8 Pronipl Payer8 Cgdg l¢vplgJ ala av8llabh Irorn Ihv C81. Cenlre PDinl, 103 New Omfvrd Slr•el. London, WCIA 1DUI. Tho ￿mPany'8 curmni policy ¢oncerDinll the p•yinent ol Iradè er¢dilor$ 18 10. settle the lerin¥ ol pByment wllh 5uppllÉ¥r5 when agieèlno the terms ol eaoh tfilD8actiDn.' enjure Ihal 8uppk'er3 8t8 madg Swaro ol the leims ol paym•nl by Incluiion ol tho rtrlovant term$ in conirgetg., and pay In 8ccoidance wllh the company's oonlr8Ctu81 Bnd olher18g81 obll9allon8. THE DAVID ROBERTS ART FOUNDATION LIMITED IA COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) TRUSTEES. REPORT ICONTINUEDIIINCLUDING DIRECTOR8. REPQRTI FOR THE YEAR ENDED 31 AIARCH 2021 Our ￿¥k• and ync•rt•lntl•• Effeelive risk managemonl ￿ crlllc* to onsuring our succe58 in meeting our vislon an(J ad)ieving oui goal8 on behall ol our benellclBrles. Every empky8e should btr •bl& 10 idonlify key organizallonal rl8kB ond •scalgte and communicate Iheso appropriately. This ensures Fe5pDnsibilily •nd ar.ewnlobllily for risks 16 dl8lrlbuled 8¢ross. and embedded in the opala1￿>Tha ofTh& Fovndallon. Our rlsk management 91r•legy whieh ¢ompriee8 an annual review DI the princip81 rlsks and u￿art￿l￿11￿S that Tha Foundation face&.' tho eslabllshmenl ol policK95, Systems and pm¢edur&g to miligJio tho$e ri•k6 Idenlifled in Ihe annual rèvlow,, gnd Ihe Implementation of Pfocedures de8iqTred lo mlnlmlgè or managè any pdl8nlial irnpacl on the charlty shoiild Ihoso rlsks m8terialise. hav8 assoss8d th8 majoi rigk$ lo which Thè Foundalion li •xpoivé, and are Ba118I•d that BY$leTr￿ are In pl8ce lu mltlgat• •xpoJyr• lo lh• m&jor riJk8. Tha prln¢lpal rlBkB whlch wo Idenllfied and mangged duilng 2020.21 Indude., Financial suslalnablllly As th8 rnAjor linanclAI Il$k lor Th• Found•llon. Th6 Found¥lion15 fortunat• lo hold asi•i& In the lorm of propoty ond Inve8tmenls aDd re￿nUeS ale ganerèied from fLi￿drAiSIno. A elgrnont in the manao8menl ol financl81 rlsk Is 8 iégulAr fevlevj of &v8118blè Ilquld lunds to 8alll* deb15 lis they fall due ind a¢ll¥e n)an#g•monl Df trad• iJebl¢JrJ and uedllors bhlancey lo en8Ufg 6uflicient WOTklno capital by tho organI28tton.' and Non-flnancial i18kg arl8ino from Ilre, health and Golely ol •rtl$ls and audlence. mana9om•nl ol pèrlormlh9 rights and lood hyoI8ne. These rt8ks are managed by engurln9 8ecredltAlion Is up to d81e, h8vlng robust polKi8S and procedure& In pl)co, •nd regular aw8ren858 Iralning tor slaff woiking in th050 0p8rallon81 ar88B. Full vettlThg piocèduiès 9hould akwaya bg follwed lor all stiff and v¢lunl¢*ri Bnd dl$¢ipllnary oclion lollowi wh¢n brnoch•• occur, A iimllgr polky adopled In rel4llon lo Irgud and Coiiiiplk)n. THE DAVID ROBERTS ART FOUNDATION LIMITED IA COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) TRUSTEES. REPORT ICONTINUEDIIINCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 PIIARCH 2021 Our yov•rnanco and managom8nt Th8 Foundalioii 1$ a cliaril¥ble Lompaiy limlled by gu ARrved dijring Ihn yoNr wgro.. Iiidro Serpyiylg Pulriok Eri}￿￿1 Moroy Burrpw$ Anthony Llifford Quayk* IRAslgiied 14 May 202DI AndrAW JEimLIN Hgmilioii IAppoli)led 1 May 20201 Twusloes are ￿ppOInt￿￿ by unanimou& agit#mènl ol 811 IIIH In¢uinbenl Iru¥letts. Tlie b8laii¢'fi Hnd dl¥orJily ol Iiusle99 is kopl iintler ievlow by the 8oara ol liusl¢es. 11 places èihphasls on ensuriny Ilial oui Iru81e85 provid8 a &y*cili(: ml% ol Jkills Ihal h4vo boon Idgnllllod as Imporlanl lo the FuuThdDlion's oblBctivos and aciwilleg, The Board ol Triislea& HdiTiiriiJl¥rs Ihp. Foijndiilion. Tho Elnard moei& on g hall anniial ba818 In older lo Lknbmlty ol membern of th• 8oArd ol Trugti•g 'I'h8 F-,oundation 18 Iliniiéd by guaianle8 and l)0% nu shHre ¢Hpil•l. C. A au8ylo is g In8inber ol Ilie coivipany arid every inember Is liable lo coiilfibulv ¥ ¥uin nul ￿x￿￿￿dir)9 r.10 in thè trvtttil ul Iliv FoiinLSJliDll bvliig wound lip whilo ho or She 15 a nigmbei. C A (Jiiayle has a profe551(>iial rttlaliiin$hSp by virliie nf his employmenl Ejiid Gommon inveslnignls, prii)clpAIIv in the Edinburgh Hou8e C51ales ltrloldinasl Lld. C A Quayle resigned from Edinburgh Hou%B Esliles IHoldingGI Lld uri 17111 Augu¥l 2020. rhe Foundalioii possesses It)dpirnlty It)SLiraiiep. 11101 u)ver$ Ilie BoJrd ol TriAsle05 And Ihè do¢isions ol Ihe Oryanl#atlon81 •tr￿l￿r0 The Bo&id ol Tru51ee¥ delpgaieg Ihe d4y.lu d¥y manugemoiil of lh￿ foijndalioi) 10 OLJr l)ireclor Kale Davies s of l June 2019, Al the 8nd of thè fliiancJJl year, Ihe operolion81 team s(Ippoilino Kale was loui lull-time einployees. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) TRUSTEES. REPORT ICONTINUEDI(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Equallty, dlvgY•bty •nd In¢lu•lon Equality, therBily and inclusSon aro importani to tho Foundhllon. We promolg oqualhy, dlverBty and Ineluglon In r•¢rullmenl prB¢lice8 for our employees. We piomole an organizalional cullule Ind working •nvlrcDrn8nt which18 Inclu8Iv8. ie8peclful and In whlth thè dignlly •nd dfv•i$Sly ol •v•ry indivldual is rnaintalned and valued. Employ••'8 Invofvémfrnt •nd èngaq•mgnt We bolieve employeeB Bhould be ervJaged wllh and invofved In how the Found&tlon Is m4nagod, All employèèi •llèThd regul81 ¢•lch.up m801ings wh8r8 W8 cons￿1 Ih8m on 8liale9y, dlBBerninalè key oiaanlsatkinal Infoimailon and g8ll8rale Ideas about new w8y9 01 workin9. Empk*yee eng•gom•nl wllh our Gharllable m1861on18 Important and w8 monllor employee reienllon •1 •ii Indkalor regarding employee enga9emer41. Publk bon•flt tru$￿¢& h•v• c4r•lully con8ld8rnd lh• Charity Comm18s1on's genero1 guldAnce tsn publ1¢ b¢hefll in i•ttln9 our oblecllv81 and planning our aclmliei. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) TRUSTEES, REPORT ICONTINUEDIIINCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 statement ol tr￿￿&0. re•ponelbllltl88 Thv liusleF5, who are also Ih@ di1￿Cler8 of The navid RobTri15 Ail FoiindAIKbn L.imil8d lor th8 piirpo￿ ol cofiipany LIW, aio I'espon51ble lor preparing the Tru$iee$' Fqeporl aiid th8 Iinancial slaleinenls In aC￿rdatiCa with JppliGabb law and Unilod Kingdom Accoiinling Standards (Uniled Kingdom Generalty AGGepted Accounlliig Pract￿￿1. Conip81Iy LAW rèquir*￿ 1118 Ifu810•% Io PfHP*i¥ linaiicial 8ldl¥rtitsnlb fol oocli fiTiyncl81 yeai which give u Irue and 1811 Vl8w of th8 51ale ol affairs 01 1118 Fouiidalion and ol lh8 incoinin9 iesourcÈg 8nd 8ppli¢alioii ol re$auiLes, including Ihp. income FJIKI expendilLJlfj, ol Ihe bhariltjble company for Ihal ysai. Iii prapdriiiy Ihe5r liDanGial $la1omonls, tho Irus1808 Dro 1oquiff¥l lo. el¢¢i &Ull¢ibl6 accoiinllw policios and then apply Ihem consiBlenlly', obsoivo tho methods and pilncSpl88 In tho Chari1Se% 50RP', maka jiidg8iiienls and estinia18& Ihal ai8 reasonable and piudenl., gWle wh&ll)or applicable UK AcLounling sta1￿8￿d$ have boeii lollow8d. subiecl i¢J any mai6fig1 d8pHiluro8 18closed and oxplainvd In Ihv Ilnclncijl 81alomonls'. and prBp&re thq financial s181gmgnls on the golnu concein b8818 iinle88 It is ln8pproprl8le ID prgsiiriiÈ IK91 Iha Fouiidalion will ¢oiillnuo in opftralion. Tlie Iiu$i¥ets ure respun¥lblo for kuopiiig adequalo ac¢ounlino records Ihgt disclose wilh Toasollgblo accuraoy I:omply wilh the Conipaiiie5 Act 20Ue. They ale a150 iospoI)sible lor safeguarding Ihe 9ssel$ of Ihe Foufid&llon ind hoiiee IDr laking ieasotiBble slep¥ fof Iht> prevenlion and é81?clion of Iraud and other Dlsclo&ur• ol Inloimatlon to audltor Lach of th? direcloig CA)nfiim8d Ilial Iliarè is no 11)ft)ImalK)n ol which thèy Bty awaie wliirli 18 relftvAnl In Ihe #udil, bul ol which the aiidilor Is iinawaro, They have lurlhor confirmed that they h8v• 18keTr appropriate I Sorpy P Mur¥y.8urrow* Tlusleo Dated 30 March 2022 THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DAVID ROBERTS ART FOUNOATION LIMITED Oplnlon W• havè 8udit￿ th8 flnanctsl 8tatgmeTrl$ ol The Davl¢J Roberts Art FouThdatlon Limiled Ithe 'Found81ion'l for the year ended 31 March 2021 whkh Gomprise the 5t81emenl oi financial è¢liville$. the balanco shooi. thy stslom¢nt ol c8sh flow$ ond the nolos lo IhB linanGial slalem8n15, includino si9nilicAnl 8ccounling policies The finonclol r8poiiing Iramèwoik Iiiai has bèèn appl￿d In their pr&parOllon Is applicgble IBW gnd United Kingdom Accounbny Sloridards, Including FRS 102 Th8 Finaiicinl R&pt>rtinD Sta1￿8rd applicable In Ilia UK &iid Repul)Itc of I￿19nd Iunlled Kiigdoir GenerallyAceepled Accounling Pi•cllc•l. Ill our opinion, thè linanaa1 $lblem•nis-. ive 8 Iiue and fair wew ol the Glale ol th• charilable compolly'8 4ffalr¥ 0$ al 31 M•r¢h 2021 •nd of It8 Incoming re$ourc¢s •iid oprAlcallcin ol f•soufG8J, lor lh8 ye8r Ih8n 8nd8d., have been propedy prepared In accordance wSlh United Klngdom Ge￿r•I￿ A￿epted Accounllng PrAclice". and have b8811 pr8pared In accoi'danca wllh th8 requii¢rnenl¥ DI tha CompanlesAcl 20(￿. Bi•l8 fov oplnlon We conducied our audll In aC¢Or¢Jan￿ wllh Int¢rnolional Standards 01) Auililing IUKI (ISA& IUKII An¢J oppllclbb I￿. Our respon&ibil&l•& und9r those 818nd•idry •r6 further de8Nibed In Ihe Aiidlfors r9spon4ibilitles lor the aiKIII of thg fi11ono81 slAfomei?1s secllon ol our report. Wè are In￿è￿nIy￿nt ol th• Foundolion in aCCOfdon¢e with Ih elliical ie4ulrémanl# tho1 Èlo r•lovanl lo our audlt ol Ihe Iinanclal slalemènls in the UK. inclLidlng thè FRC, Elhl¢al Slundard, And wo hgvè lullill8d 0111 Olhèr 81hical r95pon$ibllllies In ac¢Drd4nco wilh th858 requlTem8nls. Wo b•ll¢v& Ihol the oudil evidence w• h8v8 obigln8d IB 8uffKi8nl 8nd Bppfopii818 lo provido 8 ba$ii for our oplnlon. Conelu•lon• r•l•llng 10 golng concern In audlllng lh8 Iinanclal 81818menls, we have conc&Jded that lh• Iru¥l••J' us• ol Ih? golng ¢onum ba6lJ OI Aecounling In prepaioiion ol Ihg Ilninrl•l slal8men18 Ie appfoprlai•. 8ased on Iho woik wo havtr porlorm811, wg have not Itlèniiiigd any m&lerial uncerlolnlie8 r•l•ling lo eventi or condlllon9 Ihai, IndivldtsAlly or colloclivoly, may ¢g&181gnlflcanl doubt on the Foundslion's 8bility lo continue 88 h oolno conc•in for a poflod ol al ko91 Iwefve months from when the financl81 $1ol*menl? •ro •v1hoil￿fj bi Yajuo. Our regponsiblllli8& gnd Ihe re8ponglblllll81 ol lh¢ Iru$lg01 ¥thth ie8pect lo concem are de8cribed In Ihe re￿vant s8clions of Ihis report. Other Informath)n The plhgr Inloimalion comprises Ih• informatson includèd In Ihe 8nThu81 report olhef Ihan Ihe Ilnoncial $1otemonl$ and our Audilor'u reporl Ihefeon. The Irusteeu are weBpon8lble for the olhei Inlormallon conlalned wSlhln the annu81 reporl. Our oplllion on Ihe financial slalemenlj do•$ not Cover Iho olhor Informallon &nd we tkn not expi8s$ any form of a68ur8nce concluslon Ihereon. Our iesponslbllily is lo rèad thè olher Informalion and. In dolng so, con91d6f whethèr thè Qlh&r infoimallon 18 malvrially InGonslstent with th8 IlnanrA81 $18lementy or our knowl&dg8 Dblain8d in lh8 COLirbè al lh8 8udil, or olhgrw*s0 •ppe•rs to be rn¥l•ilaly m150labd. 11 w• Ideni5fy su¢h malgilal Incon$lslenclo1 or oppaienl mglerial mlssiaièm8Thls, we are requlrèd lo d8t8rmln8 whèthèr Ihl$ giv6s rlsè lo a maleii81 m1881alemenl In Ihe Ilnancial slatemenlj Ihgms8fv98. 11. b88ed on Ihe work we hsve perfDimed, we conclude that there Is a material m1591atemgni of Ihl$ trlh¢f ITiloim•iign, w¢ •Fe required lo repoil Ihal lacl. We have nolhinD lo raporl In Ihls regard. IQ THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) INDEPENDENT AUDITOR'S REPORT ICONTINUEOI TO THE TRUSTEES OF THE DAVID ROBERTS ART FOUNDATION LIMITED Matterg on whleh w• •ra Mqulr•d to r•port by gxcgptlon We havo nothing lo reporl In respecl of Ihe following Mallers th relotitrn lo ¥¥hleh ilie Chirilies IA¢counl? and R8porlsl Regiilalions 2008 requlro us lo report lo you If, tsi our gplnion., the Inlormalk)n given In Ihfj linanGlal stal8men15 15 inGonsisl8111 iii any mai•rlal r8ipo¢i with Ihe Irvsl•vs' iaport., 0¢ suffici8nl Bccounllng r8coids h8V8 nol baen k8pI', oi the finantlal Slalefftenls ale not iii agrertmenl with Ihe a¢Goufjling iec4Jrd5-, or wo havo not rgceived 811 Ihe Inloim8lion and explanalions we require for our audli. Ro8pon•lbllltle• ol truJtooK As e*pldined more lully In the JlJlem•nl ol Iiu3twe$' reBponslbililie$. Ihe Iruslees, who ale blso the di¥e¢loi$ ol the Foundatlon for th& plirpose ol tompany Iw, •ie re$pon$lble for the pr&par8tion ol Ihe f5nanci8181alements ènd for b81ng 8all8figd Ihtsi Ih•y give a true and lair V￿￿. ai)d lor such Internal control as Ihe Iiusitrei deiermlne is n8c8098ry lo anablè tho proparalinn ol financial 8lAlemgnlJ Ih818re free from material niissialemenl. whelhei due lo fraud or Biigr. In pr8p8ring Ihe Ilnanclal 51alernen15. Ilie Iiuslea$ are ro8poiisibl6 for a53esslng the Foiindalion's abilily lo continuo 0$ a going Concom, dlsc1051ng, a$ applic&bk. n)allers iela*ed 10 golI)g coneern nd uslng the going D)nGein basis of accounting unless Ihe Irusleès &ilher Intend ID Iiquldalo the chaillANe CDmp8ny or lo c8aso op¢i•llon5, or huv• no r￿lialIC allernallve bul to do so. AudIto￿l r••ponJlbllltloi for the Audlt ol the flnanclal statèm•nt• We have been 8ppoln10d as audllor undef $ts¢llon 144 of th8 ChBrllleJ Act 2011 and repoil In 8ccord8nce wllh tli• Acl and relev&nl reuuLg110118 mode or having &ffecl Ihereund6r. Our oblectlves are lo oblaln r8a60n8ble 858Lirance about whelher Ihe fln•nGl•l 914l•m•nl$ 98 a whol8 Are 11•8 fiom maloiial mi8JlHltmBnt, whelher du8 lo tiaLid or error, and lo Is8Lie an audiloi's repDiI Ihol Includ81 our opinlon. ReaBon8ble &88ur&nce Is 8 higli level Df 888urinta bLrt 1$ noi a uuaranl•o Ihal &n audit con(AJcl8d In rxordonce wilh ISA& IUKI WIM a￿ayS Utrltscl 8 Trialgilal nii$slalemenl wlieti il I>xi818. Mi$$l#ltmonl8 ￿rI from fraud or error ènd arè COn$ld&red mpierSal if, individually 01 in Ihe aogregale, Ihey could reasonably be •xpe¢led lo inftuencg Ihq gconomlc dedsions ol u8èr& taken on thi bo•is lll I￿$8 Ilnandal slalemenls, Iirooulai111&8, Indudlng liaud, are In8lanc&8 el n¢n-¢ompll•n¢e wllh law$ and regulallonB. We de51gn procedureB In Ilne wllh our responBlbllllles, olilllned above, lo (kl8ci m8leilal mlsslaiem¢nt$ in r¢8pecI of Irregiilarilie8, includlno fraud. The exlenl lo whlch niir procedurvjs aio capable ol del8clino Irregularllies. IndLiding fraud, Is d8lall8d below. Based on oui ijnderslanding ol the ¢horil&ble company 8nd Ih? indu$lry in whlch11 op&rale8, we Idenllliod Ih81 the prlnclpal rlsk ol non-compllanco with and regulaiic•n8 rélalad lo Ih¢ o¢11 by Ihe chorllable comp•ny, wliich w8rg contrary lo applic￿ble laws rpyulallon8, inolivjlng fraud. ￿nd we considered Iha exl¢nl lo which non-compllance mlghl have a maleri81 effecl on Ihe finoticlol $1giemonls. We also consK4er8d those laws and rogulallons Ihal have a dlr8cl Impact on the preparallon ol the financl&l slAlemanls sueh aj Ihe Gompanie5 Act 2Q06. Wè evaluated the m?nogomgnl'B Incenllvej and opportiinllles for fraud(Ilenl manipulallon of Ihe Nnanclal 8IBt•ment¥ linGludiiig the Iisk of uverfide of conlrolsl. 8nEI delermineil thal lh¢ prtncipal rlsks were related to Irans¥ctron¥ wllh ielalbd paillBs and err￿6 In enieilng Iiansaclioiis. Audit procedures perforrned included.. revl8w ol the finoncial sl8l8menl diJc109urei lo undeilylng supportlno docurnenlalion. enquirles ol manag8m8nl, gnd lesllng ol journals Brid evaluating whether Iher8 was f8a$onable explanallon for ar¢y manual Adju$lmenl$. with and regul8tlons 18 Irom thè eveni8 and 1188%llons i*flecled in the fin8ncial 5talemeThls, the less likely we woulLI b•¢oTD8 ￿ware Df il. Also, the nsk ol not d81eGling 8 ma18rial tni881alernenl due lo Irgud i¥ higher than the risk Df not dete¢linq one resullinq from $rror, a$ froud moy involve delibfjrale ronc8almenl by, lor 8xafflplg, foigeiy or ￿tention￿l tnlBf8pr858nl8lion8, or Ihiouah co11L￿)n. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) INDEPENOENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF THE DAVID RO8ERT8 ART FOUNDATION LIMITED A furl￿r do•erlpth)n ol 0￿1 ro$pon8lbllill•$ l¥ ¥vpll&bk• OTr th& Fillancial Reporting Council'8 webFile al.. hiip8.'11 www,Irc.org.uklaudllor8re8ponslblltles, Thls desc41p1i￿ forms pafl ol our 8udilorfs reporl. Shona Mur*d4y FCA ISeDlor Ststutory Audltorl lor and on bohilf ol UHY Hi¢k•r Young IEa•tl Lknlt•d 30 March 2022 Chartorod A¢¢ounl•nt• Statutory Audltor PO Box $01 Tho NgxuB èulldlng Broadw•y LelGhworth Gard8n Clly Hèrt8 SG6 gBL UHY Hackor Younq (Ea811 Llmlted16 elSglble tor appolnlmÉDI 8$ audttor ol Ihe Foundaibn by virlue of elglblllty foi appolnlm•nl 88 iudllor of • ¢omp4ny und•r ol 66cllon 1212 01 Ihe CompanigsA¢l 2QO6. 12- THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Unro•lrlct•d R••lrl¢twl lunth lund• Totsl 2021 Total 2020 Note• Donations Gronl Income Inv86tments Qlh•r Incom¢ 26,782 20,782 9.210 88,289 1,B13.769 25,429 9,210 88,289 1,813.769 ),000 147 Tot•1 InEom• •nd •ndOw￿•nts 1.928,820 9,210 1.938,030 115,578 Ch&rlluble a¢l1vil￿a Cost gf raislng lundi e72,604 1S,845 9,210 681,814 15,845 456,099 6.125 Tot*1 r••our6•1 •xp•nd•d 088,449 9,210 897,6S9 462,224 Ngt Incom•ll•xpendlturo1 lor th• y••rl N•t movbM•nt In fund• 1.240,371 1,240,371 1348.8481 Fund bolonooo ol l Aprtl 2Q20 6.B73.8BO .e73,880 7,2fj0,628 Fund b•l•n¢•• at 31 March ZOZ1 8.114.251 8,114,2fJ1 8,e73,880 The 8ialgmeni of llnonclal ocllvlllas •lso compl508 wllh th• iaquliement8 lor an Income and frxpendkuro Bccounl under the CompanSè%A¢i 20[￿. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) BALANCE SHEET AS A T 31 MARCH 2021 2021 2020 Fl¥•d ••••t• Intan95b￿ a3&018 Tangible 088019 erilage asseis Inveitmenl properti•• Invaslmenls 13 14 1$ 16 17 2S,422 2,549,D15 918.299 2,385,613 918.299 a27,217 25 3,492,73e 4,131,1S4 Curr•nt •••ot• Dobiors Cash 81 bank and In hand 10 96.7W2 5,122.871 44,40a 3,054.116 S.219,803 3,M,519 Cr•dltorn.' •mourrt• l14lng du• wlthl on• ye•r i• 1598,1481 1355.7921 Nel current 4Bselg 4,821,315 2,742,72e Totsl 4*••t* l••• ¢uvr•nt Il•bllltl 8.114,251 e,873.880 Incorn• fund• Unr•ilrict•d fvnd .114,251 6,873.880 8.114,251 6,873,880 14_ THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITALI BALANCE SHEET ICONTINUEDI AS AT31 MARCH 2021 The FoundBllon Ig enlltlel lo Ihe exempllon Irom t*• audit requiremenl eonlwned In sectlon 477 of the Componie$ AEI 20Ch8. for Ihe yo•r 8ndod 31 March 2021, 8llhouph an audit has bg8n cairiad oul undor s•cllon 144 of th8 Chali1185 Act 2011. No rne(nb81 ol Th8 Foundation ha8 depoBiled a nolice. pursu811t lo seclion 476, r8qulrlno 4udll of these aGGounlb undEr Ihe iequiremenls ol the Companle8 Act Thv Irusl8es' responslbilllles for onsuiing IhAt The Foundation keep8 pLcountino records which Corn￿y wllh aécllon 388 ol thè Aci and lor pr#p$rlng geeount$ whl¢h givè • true ond lair w•w ol Ihè slate of •ff¥li8 of The Found&tlon th• •nd ol the linanGI81 year &nd ol 118 InGorning 195Duice8 and appllc81ion ol rosource8, in¢ludin9 Ils Income bnd ¢xp¢ndilur¢, lor the Ilnoficiol ye•r in •¢cordan¢è wllh th¢ r¢qulrém¢ni$ of $¢clion$ 394 nd 395 and whknh Olhew15e comply wllh thé requlrémonts ol Ihe CDmp8nl89 Aci 20Ce relallng lo accounls. so lar li 8pplSc8bl8 lo The Foundailon. The88 ni)•nci41 Jlilo>menls hov6 been pr8poi¢d accoid8nc• wilh the PfoMAion4 appllcabla It ¢(¥n￿nI0* lubjecl lo the sm811 comp&nies regime. Th8 flnanclal 8lalemenls were 8pproved by Ihe Tru5188B on 30 March 2022 1861 Tru•t•• Company Regl•tr4tlgn No. oeo51439 16 THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITALI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 26 C••h 9gnerated Irom oper*lSon¥ 2021 2020 Surplu￿(&•￿11Tr foi lh8 y8ar 1,240,371 1348.6481 Adlu$im?TrlB lor.. Inv8strn8nl Income recogniBed In profil or loss G•ln on di8po881 ol langlblts nxed a88el$ Dgprecialion and impalrrnenl ol tangible fixed a8&els 188,2691 11,813,769) 7.395 190,0001 100 Movements in working c8wtal'. Ilncre8Bellde¢rease In deblori Inor8as8 In credllors IDecrea6el In deleN8d Incomi 152,3891 263,126 120.7eBI 22.742 197.145 Calh ab#orb•d by op•r•tlon$ 14e4,3051 1216,8611 27 L•yal •tatu# of th• t1￿•t The Foundallon lfj a ¢ompany Ilmll8d by gu8ranlao •nd h•1 no Bhjre capllal. The liablllly of each m•mbe( ITh the event ol wlndlng up 1$ limll•d Ig £10. 31 THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS IcopifiNUED) FOR THE YEAR ENDED 31 AIARCH 2021 25 R•l*t•d party tran•acllon• IC•ntlnwdl Durlng the year The Foundjtlon charged £60,000 12020. E94.6861 In re&pecl ol dutie$ und•rt8ken by Ihe employ¢e$ ol Th¢ Foundallon on behpif EdinburBh Fk*u¥e E8IBleF Art Partnership, 8 bu51n888 conn8cl8d by virlLie ol commen ctsnlrol. Durlng the yeai The Foundallon was recharged £nll12020'. £7,SOOI In re$p?cl of dutlei und*iiak¢rt by lh• 8mploye•s ol Edinburgh Houie E8tateB IHolding&l Ltd, a company connected by vlrtue of ctsmmon eonirol, on b8h811 Thts Founthlbn. During the yeaf The FoundAlion re￿ived renlAl8 01 £88,269 12020.. £￿.000) from Edlnburuh House E8tsle5 An P8rtner5hlp, a busin955 connèc18d by vlilué of ¢omman eonirol. Al th8 balance sheet date The Foundalon w8$ owed £86.$55 12020.. £34,823) by Edlnbuffjh Hou1• E•l•ie8Art P4rtngrBhip, 8 buBlnes? connecled by viilue ol common control. Al Ihé bHlanc8 8hè81 dat& Th8 Foundallon was *w48d El,97512020'. £nlll by TrIP￿ Nel IHoldlng81 Lthlled, busines& connecled by viilua of camrnoD ¢ortlrol, Al the b•lonu •h••l d911 Tho F¢utthlSon ow0d tzz.706 12020, £è,1701 lo Edlnburgh Hou88 Eglal•s IHoklln951 Llmllod. a company connecled by common dIrec￿rI, .30. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 21 ft0gtrlot•d lund• Tl* reBtilcted Ivnd6 havo ar5sen as a r•sult ol grants and donations r8C8Ned in r8Bpe¢t of certain specific exhlb1t￿ns ai)d Insiallaiions. The funds 8re re$lrlcled on the basi6 Ihel funds 8r8 lo be expended on rewurc¢¥ In r8L•lion lo Ihe particular oxhibilion or inslallalion. Each fLind 15 88910galod wllhin Th8 Foundalion's liquid 85sels and then eKp8nJed as required In lo Ili¢ rolgvanl exhiblllun or in&lalLwlKIn. 23 Op•ratlng IB••• Gommllrn•nts Al the ieporling end dale the Four¥Jal￿n had ou181anding commitmen18 for lulure minimum Poyrn¢nis urtdw non.can¢•ll•bl• op•ra15nu ￿3$8&. which fall du8 a8 lollow6.' 2021 2020 'Ihln one year B8iween h¥0 and flve yearB In ovei yea18 66,100 264,400 419,000 100 600 9,100 749,500 89,700 14 Clpltsl ¢ommltm•nts 2021 2020 Al 31 March 2021 the Foundalbn hwj CBpit￿ cammltmenlj as follow8.. Coniracled lor bul not provld8d In the flnand41 BIBtom•ni$.' Lea¥8hold Improvements 142,230 28 R•lat•d p•rty tr•nM¢llon• R•mun•riUon ol k•y mwn•o•m•iit p•r•onn No k•y managémènt p•r8onnal havè récéivèd rémunarallon durlng the year 8ndad 31 M•rch 2021 12020.. Tr*n¥•Gtlon• wlth rnlwted partle• Durlng the y¢ar The Foundlllon *nlorod Into lh¢ followlng Ir•n8a¢lk>n$ wllh r•laled phrlkis.. .29. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EhlDED 31 MARCH 2021 20 D•l•rr•d Incom• 2021 2020 other ¢Jeleried incomo 20.769 D¢f•rr•d Incom• l• irKlud•d in lh• Iln4nchl $lat•mvThl¥ ai folknY8'. 2021 2020 Curfenl Ilablllll88 20.789 20,789 D•forrfjtl income ielale8 to Invoke8 lor r811ts18 r8188d In adv8nco. Thls kncome Is rèeounls8d In Ihg p•rlod lo whl¢h lh¢ Incom• relbloo. 21 R•llr•m•nt b•n•llt •¢h•m D•fln•d ¢ontribu¢ir•n •ch•mg• Thè Fourtd8tlon opergle& o deflned eonlr1bL￿I0n penjlon ichom& lar all qu•llfySng èmployee•. Th• •Bs•l• of thè scheme aro htrld sep8ralety from those ol the FoundatlDn In an Independently admlniatered lund. Thg oharge ID pioflt or b88 In ro8P8¢t ol definfrd conlrlbullon 8chome6 was £4.89812020- £4.3501. .2e- THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL 8TATEMENT8 ICONTINUEDI FOR THE YEAR ENDED 31 AIARCH 2021 17 Flx•d a88•t Inv•Atm•nt8 IConllnu•dl Th• investment compilBed $hares in S8R M8nagamenl Limited, the property rnan4gmenl ￿MpanY of the above Invo$tment prop•ty. The $h•r•i were dlipo*ed ol on i•le ol th6 propeily. 11 D•btor• 1021 Z020 Amounts f•lllng du• wlthln on• ygaf.. Piepayments Hnd hccrued Income Amounts dLI8 from felow group underl8klng6 Olh•r debtor$ 15,222 88,S30 13,040 9,303 34.824 276 98,792 44,403 19 Crndltor4: •m¢ynts f•lllng d¥9 wlthln y••r 2021 2020 Not•• Other laxallon and 8odal 88curhy Tr•de ciodilor• Deleired Incom& Accru&l8 dolerred Incom• Olher eredllorg AmouThtB due lo lallow group undertaklngs 628.306 39,282 22,442 298,871 20,769 4,500 40 9.170 4,SOO 3,355 22,705 598,148 365.792 .27. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENT8 (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2021 At 1 April 2020 918,2gg At 1 Aprll Z020 •nd at 31 M•rch 2021 516.299 In •ddlllon lo £918,299 heril•ge •ss•18 The Fo￿ndation has athvoik Ihal ha8 boen donalod over urnbgr ol yaar5. Thes8 PleC85 ol arlwork by 1955 ietwned art1518 hgve £nll valu8, and In Ihe opiniL¥I of thè Iru8teeB, Ihe cosl of oblaining lh• valuallon in nol eomm•n8urat• wlth tho ￿n•fItS to th• uM18 01 tho flnancial slal&menls. 16 Imi••tm•nt prop•rty 2021 At 1 Aprll 2D20 827,217 ie27,21 n Al 31 M•rth 2021 17 Fl¥•d M••t In¥••tm•nt• Other Inv••lm•n Coit or valuillon Al 1 Apill 2020 DispoBalB 23 1251 Al 31 M•r¢h 2021 Carylng amount Al 31 March 2021 At 31 M•r¢h 2020 25 Olhèr ihveilmèht8 ¢ompil8è'. Inv•slnionls In a$soclates .26- THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL NOTES TO THE FINANCIAL STATEMENTS {CONnNUEDI FOR THE YEAR ENDED 31 AIARCH 2021 12 Int•nglbl• fl¥od aM•ts W*b•lt• O•v•lDwn•ni Co•t Al 1 Aprll 202D Addllion8- 80paralèty acqulréd 27,370 At 31 March 2021 27,370 Amortl8atlon and Impalmmnt Al 1 April 2020 Amorlisolion chargéd lor thè yèar 1,948 At 31 March 2021 1,948 C•rrylng •mount Ai 31 Mafth 2021 26,422 At 31 Mawoh 2020 14 Trnglbl• flx•d a•••ts Compwwr •tyilpThrt L•4••hold prop•rty FIXI￿￿1. rothi •qulprn•Trt Co•t Al 1 April 2020 Addillons 20,482 2,384,8fK) 143,012 19,192 25,837 2,424,474 168,849 At 31 Mqrch 2021 20.482 2,527,912 46,029 2.593,323 D•prn¢l•tlon and irnp•lrm•Tht Al 1 Apfll 2020 D8pr8cl8tion chargad In the yg•r 19,ie9 lOQ 19,182 S,347 38,e81 3,447 At 31 M¥rth 2021 19,769 24,S38 44,31 C*rrylny •mount Al 31 March 2021 713 2,52 1,812 20,490 2,549,015 At 31 March 2020 813 2.384.800 2,385.613 -25 THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO TTrIE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 1rf Employees Numbèr of employoèl The *verag0 rnonlhly number ol •mplJyoes durlng th• year was.. 2021 Numbor 2020 Numbèr Admlnl¥iiallon employmènt to•t• 2021 2020 Wag85 and gHL4rl89 othor p6hilon ¢0811 129,8e8 4,898 111,031 4,350 134,7e4 115,381 Durlng the year The Foundatltsn charged £80,00012020.' £94,888) In ro$pecl of work und8rf8k8n by Tho Foundalloii employ088 on behalf Edlnburgh Houso E61810s Arl P8rlnoiship, a bu8lne88 conne¢tgd by ol common ¢ontro1. Thli ch•rg• Is on Iho baBi8 ol & ￿r¢Onta￿e piopoillon ol hour8 woiked. Th•re w•m no •mploy•88 whoBe annual i•mun8r811on wii E60.000 or mor•. 12 Y•xatlon A3 8 chorlly, The Found81ion 18 exempl froir l&x on Income and yins falling wiihin 850$ ol thfj TaMo• Act 1988 gnd s258 DI M)tr Tixillon of Chirplabh GaiThs Acl 1992 to th8 8Ml8nl IhBI Ih8s8 8r8 applied lo IB chailtabl• obhctlvos. No lax ol)awei liave 51) Tli* Fuuiid•lluii. -24- THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR EAIDED 31 MARCH 2021 Support co•ts Support eo•t• Gov•manc• 2021 2020 Pioporiy co8t$ Office con8urnablg1. t•l•phone 0[￿ 8undry Fqep•ir& and mainteTrgnce Compul¢r e¥p?TrB•¥ Accounlancy 1888 L¢g•l ¥nd p￿les•k*naL Daprec￿liOn ank charge8 Profil tsn lorelgn Ixihange Slan coJl$ 169,737 189,737 168.5341 9,298 9,298 59.455 13,OS1 7,659 13.ll91 7,8Sg 7.042 110,089 7,395 109,882 8,13e 6,840 108,378 100 7.042 110,08 7,395 $80 414 33,425 414 33.428 14131 8,134 371,308 7.e22 378.930 232,HO Anolys•d bo￿••n Ch4illabkry aCllvi1188 Coll ol ralBlng funds 371,208 7,822 378,930 230,980 1,480 371,3D8 7,622 378,930 232,440 Support •nd g¢¥•m•n¢• w$lJ •r• alb¢¥1￿ In accordance w41h noto 1.5. Audllor•' rnmun•r4tlon Th• anatysl4 ol audllorfi romun•ralloTr Is 88 followo. 2021 2020 Fees payab￿ to Thè Foundation'6 auditor lor the iudll ol Ihe ¢omp8nys anTrual aGeounlF 8,8so 6,e40 10 Tru•tè6• Nonts DI th• Iru8lees lor ony por8on8 CDnn8clod wllh th•ml any r•rnunir4llon durlng Ihe yMr, -23. THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTE8 TO THE FINANCIAL 8TATEMENT8 ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Other Ineomo UnMtrkt•d R••trf¢t•d lund• 2021 2020 Nel gain on dlspnsal ol tArtolb￿. fixèd &Aa611 Olh•r Irwr 1.813,789 147 1,B13,789 147 Exp•ndltur• •n•ly•l• Ch•ilt•bl• Co•t ol r•l•lno lund¥ Tothl 2020 st&ff cos18 Exhlbllion and Ihfe evenli Prop•rly •¥ponM8 Travel Adwrtiilng and promotion 125,554 141,389 126,$64 141,309 15,845 14.483 12,288 115,381 99,705 4,865 16,845 14,483 12,288 7,575 293,974 15,848 309.519 229,764 Share ol Jupport Cg$18 lioe noto 81 Sh8re ol gov8rn8nce c081$18ee nole 81 371,308 7,622 371,308 7.622 226,140 7,300 872.804 15,1345 688.449 462,2Z4 Anityoh by lund Unre8lflc¢e¢ lunds Ro8lrict8d lunds e72.e04 9,?10 18.B45 688,449 9,210 6151.&14 15,845 97,659 For the yèAr èndèd 31 lthreh 2020 Unrgslricled lund8 Reslricled lund• 453.912 3.fj47 4,865 467,559 462,224 Costs are allocèted on Ihe basi$ delalwj In ￿1? 1.S. -22- THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITALI NOTES TO THE FINANCIAL STATEMeNT8 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 A¢¢ourtting pDllcle• Ictsntlnuodl 1.15 Rotlremvnt b•n•flt8 Paymenls ID d81ined conlrlbullon rollrem6nl benonl $chgm•b gre charged a8 an eMpen¥g gs Ihoy lall due. 1.16 Forolgn ?x¢hang• TrBnuaclion¥ In forelgn currencies arg t[an8￿l￿d inlo 8l&rflng at the 8xchanp8 ral8 rullng al Ihe dale of thè Iran8actk)n. Crltlcal ac¢ountlno ¢•tlMat•s and ludgameTht& In the applic8lion ol The Founclalion'g accounting poli¢leJ. th• Irulleos ar• rfjquirod lo mako ludqemenlG, sllm•le$ Ind a88umpllon$ &boul lh8 carrying amounl of a55815 and liabih'tt86 that 8r8 not reBdily opparenl Iiom Dlher sourees. Th¢ ¢$llmg1g¥ and 88g0¢ialed 0$8utnpllon$ ail b&s8d historical experience and olh•i factori that are considered lo be relevant. Aclu81 results may differ Irom Ihe8e esllmales. The 88llmal88 and undarlylng Agsumpiione ore reVIv￿ad OD •n ongolng b•81ty. Rovlllons to pcBowtlng ¢$IIM•t*¥ •r8 r•co9nis•d ITh the pgrlod In which the e&limg19 ig revised where the rev1810n off8cl3 only Ihai p•rK)d, oi in the per￿)d of Ihè reth910n and lulura poriod$ whor• the r•vlilon aHecls bolh cuiionl and lulure UnM•trtet•d RMtrf¢hd fund• ndi Total 2021 Total 2020 Donation8 26,782 26,782 2Jf.429 Or•n¢ Incom• 2021 2020 Giani income 9,210 UnrMtrlct•d Unr••lrl¢t•d lund• Z021 2020 R8nlal incom8 8B,289 .frJo 21 THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO TPIE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2021 ACCOUn￿n9 poll¢le• 1.11 lfflp•lnnont of 11¥8d a•oets Al each reporting end dÈie, The FoundalK*n ievlgws Ihe carryln9 amounts of 116 tanglble and Inlanoible asso1$ 10 d8lermlnè whelhor Ih&rg Is ai)y Indlcallon thai those assets have suffered an impalimèni losg. If ny such indicalion oxi$ls. the rocovaiable amouvt ol the assol Is eslimaled in oidew lo deiertllill8 the xtenl of the irnpalrmenl Iosg lil any). 1.12 C*¥h ca•h gqulvalont¥ Cash and cash equivalents Include cash In h¥nd. 1,13 Fin•n¢lal in•trument• The FouN4alion hgs 91o¢led lo apply Ihe prO￿Oi0n$ ol Se￿n 11 '84￿C Financial In8lrumeThls' and Seclion 1Z 'Other Flnontihl Instruments Issues, ol FRS 102 10 0101 li• finondal in$liurn¢nl$. Flnanclal Insliumtntk arè rae.ogn166d ifi Th6 FoundaiiL)n'& bo18nce &hKI when Thf FDuDdalion bgGom•e party lo tho conlr4GliiAI provi81on? of Ihe In8lrtimènl. Flnancl&l 8•Jg18 8nd MBbilllles ai8 offset, with tho no18mounl8 pre8enled in the fin*ncS818ts18meii18. wh811 Ihere Is • lagolly ¢nlor¢trable righl lo off the recoonised amounts 8nd there is inlenlion to 8ettle on Basic finaiiclal assols, whlch Includ• debloro and eaih •nd b•nk b•l•n¢•s, pi¢ InlliBlly m04?urgd 41 Iraiisa¢iioii prlce Iiicluclliig Iraiisaclbii costs and are suL)8eqLiei)Ily carrkd al amoillsed cost u51iig the effèct1￿ inlereil method unloss Ihe iirangern¢nl ¢on$lilul•s a Iln•nclng Ir¥nsa¢llon, wh¥io tho li¥n6gcliDn Is m•a5uied al th8 prosenl value el the fuluiè recélpis diicouiiled 818 m8rk81 i&it of Iniarèsl. FlrtaficL91 oBset> ¢laJgllied 08 recèivable wllhln on• y•ar or8 not gmortis¥d, 8•81¢ Iln•n¢l•l ll4blllth8 8aslc Ilnanclal Ilabillllo&, Indudinll credllors and b8nk loans are InillBIty recognlsad al IrBn8acllon pr*8 unless the arr8ngemenl con61I1uie8 8 finoneing Iraniaciion. whale Iho> dtsbl lTh%irumeni is m*A%umd al Ihft as poyabl¢ wilhlft on¢ y¢or or¢ nol amoiliJed. Oebt inslrumonls wie subsoqu8nily G&iilgd al atnortlS8d cost. U51ng the eN8c1fv8 Inl4r851 ialè method. Trade credllors are obllg2lions lo pay for goods or servkès 11181 have been ocqulred in Ilie ordln8iy course ol op8r•lions Irom BuppII?f8, Arnounls payable are cla68llied as curienl IlabilSlles 11 payment 15 due wllhln one year or le31. 11 nol, they art presented a¥ non.¢urronl Iiabililles Trad8 cr•dllor¥ ale recognl8ed Snlllalty at tr4nsacliun priG8 and sub$&qiienlly measurod al amoilitsed c051 usi119 the eH8clive Inloiesl tlltrlhod O•r•coqnlllon ollln•nolal Ilabllllles Fln8ncl81 Ilab111118S 8re d8recDgnis8d wh8n The Foundalion'1 ￿ntraCtual oblp•lion$ •xplre or •re diichaiged or c&ncell8d. 1.14 Ernployee benefl¢¥ The co41 ol any holid•y tynllllomenl It recognised in Ihe perSod In whkh Ihe employee'¥ seTvlcee aro recofved. Teiminalion beiieth'ls are recogniyèd im￿dIatelY a$ an •xp•nse when Tha Foundation is domonslrabty comtnillgd lo torminal8 Ihg 9mpIDyTngnl of gn grnpk¥y99 01 lo provi(J8 181rninalion b8n8fi18. 20- THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Accounllng pollch• Iconllnuodl 1.7 f•nglblB 1Sxed atsbets Tangible fixed assets t￿ iniliBlly m8asurBd al Go$t and 5ubs•qu8nlty measLiied al c051 or V&lual￿n. n81 of d&preci81ion and any Impalm)enl lossas. Tangibl? fixed J$JelJ are Bloled al GOS1 le85 depreciallon. 08pr8clation is prDvidad ai ral88 calcu￿1@￿ lo write oft the cost ￿$S e$iimAled re$ldu¥l ¥•lu¢ of ¢J¥¢h a65el ov8r11s &xpecl8d useful Ilfo, 88 folow8' Compul8r equlpment Laasehold propetly Flxlur88. Th'llin98 & 8guipmenl 33% $lrBlghl lin¢ No d8preclallon 25% $lr¥Sghl Ilne Frè8hokJ land and buildings 8re nc)I rlepré¢iated. Th¢ Iru$le¢$ hovo wnaldered Ihi$ &nd 1116 Iheli opinion Ihal no d•pi•Giallon Is nece85ary lo give & true and lalr ¥18w as the residual valuè ol Ihè land 8nd buldlngs 15 i0l&lively hlgh compgred to Ihe ¢Hrrylng amount and Iher8loro any depreclallon woukl be imma16rial lo Iha 8ccounlB. The or loss ￿rI￿ng on the disposal ol an asg9118 delermlned as Ihe difference beNveen Ihe Sale proce8d8 and Ihe cgrrylng vilu8 of tho a•sel, ond 18 iecognlsed in nel inGDm•llexpendlluiel lor the yeai 1.8 Inv•stm•nl piop•rtl¢8 Inveslmonl propeily, wh¢ch is property held 10 earn rentals Bndlor lor capital appreclgllon. 1$ Inillawy measured 81 cost and Sub$¢q￿n11Y meo$ured uslnq Ihe laii value model and 5laled al ili lali value as Ihg ieporting end dale. Th8 Surplus or d81icil on revaluatlon IB recoonl&ed In nel IncomelleMpendllur&l foi Ihe yaar. 1.9 H•rltsg• ••••t• Tho F.'c(Indpllon's artWQFks are classified as heiilage assei&. The Inveslmenl$ In h•ii1og0 o&¥el$ Bre m#( dlreclly In puiiull ol Ihe oroanlsallDn$ charllable objeels. The8e InvesliYTrenls ar8 included at the 8mwnl n¥e61od1088 811y Imp8irmoni. No prolee61on81 vgluytlon8 ar• eblaln8d aj Ih•y would not benefit The FoundBIth and Incur unn8ees8ary co811 Ihal do not lurther The FouThdallon's oblecllves. The Foundallon also havo heritag6 J$gel& Ihal have been doniled 10 The Foundollon over o nvmbfjr of y•or8. Th88e pl•coJ Ble le55 renowned pieces of artwork Y4hlch do not, In Ihe opinion ol lh8 trus18e8, havè significant v81w. Iii ficl, Ihe Irusla•5 ¢on¥ider Ihé valuulion of the piece& conc8rnfrd &pproxitnal8ly lo b8 £n¥ and Ihal Ihe cost ol obtaining a valuallon is not eommen¥ufgle with the beneflls lo Ihe uo&r5 01 tho n4ndo1 $talern•nl8, 1.10 Flx•d 4•19t In¥••tment8 Flxèd 0$8el invesimenls aro Inlllalty m•aiuied al c081 and subsoquenily measured ai cosi IèB5 any aeciirnul818d Irnp81rmenl 103888 Th8 Inveslmants &re #sstsssad for Imp4lrm•nl 81 e8¢h ieportlng dalu End any Impalrrnenl 10¥8es or r8VOf8a18 01 Impalrmenl 10gSOS afe rec09n1s￿ immadi&181y in n¢1 In¢omel lexpendilurg) for th¥ yoar. An 898ociJle 1$ 8n enlily. b•lng nollher a JiibBklS•ry nor ¥ lolnl venluie, In which The Foundatlon holds a long-18Trn interest ai)d where ThB FoLindalion has signific8111 inlliiènce. Th8 Foundation wn$id•r6 that has 91gnlli¢anl inlluoncg whore il h45 th8 power lo ￿￿1£1p￿te in th£ lin8no81 and opeialing decisiong ol th& assDciale. 19 THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 ICon¢lnuedl 1,5 Rg&ourcg8 8xp8nd8d Wherever applir.able all co8t5. includinu 51&ff co818, 818 alliibuled diigclly lo co$is of thé program, building and oateway funds, these being Ihe niain activiiie$ of Ihv rh&rily, After allrlbuling costs wlieievei possible, 011 wn-diiecl ¢081s aro reviewed and splii betsve9￿ yuppoil ¢0818 and gov¥rnanriO cosl$. Support costs are then allocated tha basis ofiimo speiii tsn e¥¢h ¥ii¥lly. Gov8iiianc8 coslg Bplll (Jii a e8se hy tyase on tho basls ol overall iesources used In runnlng the PlQgram fund, biiild5ng fund and 98tew&y fund. l.labilllloB 810 recognlsed on ali accrua15 bas15 In Ihe period ID whitrh Ihey relale. F¥pendllure15 reGognised on an a¢¢iuals ba51$ as a liability IB Sni'.urfOd. EMpendiliir8 Includ88 aiiy VAT which cannot b8 fully roc￿￿•r8d, and 1$ reported as part ol the expendiluie io whieh11 ieknies InclLidas both costs Ihal cali bts allor￿le4 dirftclly to euch acllvilieg and Ihog9 costs ol aTh Indirect nature neC•s8￿ry 10 support Ilwm. Charitable 8xpendltLire C¢￿￿p(la&S cts#ls ai&oci8led with allr¥cling voluntary Inconie, in the delhfjry ot t¥clivili•s and $trrYicos lor ils beneliGlall88. 11 includ8s bolli costs Ih31 can b8 8lloca18d dlreclly It) Sueh actlvitles and those costs ol an Indliocl nalure neGo3iHry lo %upport lh8 Govornanc8 cosls IndwJ* Ihtssv ¢081$ psJo¢lalwd wilh moellng Ihg con$lllulloDal and 8talutory reqiilrem8nis ol The Foundaiion and Includes Ihe 8udll feos and co8lJ linked lo 8lrolegl¢ rnangggmgnl of The Found4lion. 1,6 IDtsnglblo Ilx•d 41•8ts other than goodwlll Inlangible a&&el$ 2¢qiilrJd $trpartyiely from a bus1118s5 aio recugnlsed 81 CDs1 and are subsOqLienlly measured al co51 less attumulaled ?morlls¥llon and gr.c'umulot•d ImpAlrm•nl10s961. Intangibl¥ assets acquirpd Dri combinalioD5 aro recognls8d separately Irom goodwill al Ihè aGqul6ilion date whBie li is piob&ble Ihal tho axpaciod fulure èconofflic bgntlils Ihal are olldbiiluble lo the J&set will flow lo lh8 enlily and tho lair value of th& asset can be Inèasufèd rellably.. the Intangible asset 8ilses Iioni conlracluBI oi other lftg81 righl8,' wnd tho Inlonolblo asset 18 8epafable from tli& enllly. Amortls8llon Is recogni￿￿ $0 #s lo writ• off the CD81 or v&lLl8tlon ol 88$e18 loss Ihèir resldiial valiies ov8r Iheir useful Ilves on the followiiig bases. Websll8 D8V81apmonl 20% 5traighl Ilne 18 THE DAVIO ROBERTS ART FOUNDATION LIMITED IA COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 A¢¢ountlng pollcl•• Compiny Inform•tlon The 08vid Robeil$ Arl Foundaliot) Limited Is a piivaie ¢ompony Ilmilod by guarani$¢ In¢orporal¢d k) Engband and WaleB, The reqlstered C*fflce Is 2nd Floor. S4 Cllpstone Slroel. London, WIW68b. 1.1 A¢¢ounllng convgn¢lon The accounts havè bè6n prapared In accordance with Ihe Found•llon'G Artldes olAssocl81ion amended In May 2010. the Comp8nl&s Act 2006 and Accounling and Reporlino by Chaii11è6, Slalemenl ol R8coinmended Pfaciire opplieobltr lo char511é9 preparlrtg Ih¢lf occounl$ In ?¢cordgn¢g with Iho Finan¢io1 R&porting Standard appllcablo In Ihe UK Republic ol Ireland IFFIS 1U21" las arnended for accounllng p8rltsd8 cornmenGino froffl 1 Janu•iy 20161, Th¢ Foundation 1$ • Public 8inelii Enlily 83 d?11￿￿ by FPS 102. Th¢ flnanrial ¥tatemenl8 have departed Irom the Charllles (Accounts and Reports) Requ￿1￿￿5 2008 only to Ihe extsni iaquSr*d lo piovldo a Iruv and lolr vlew, This departur& ha$ Involvod lollowlng the Slalem¢nl of Recomm8nd•d PraolSc• loi ch&rlli8s applylTvJ FRS 102 ralhei Ih8n lh8 v8rslr*n ol Ihe Slalemenl ol R•cornmen(led Practlce whlch l& r8lerrgd ¢0 sn the Rou￿1￿110￿￿ but hJN ¥lnu bjgn wllhdi•wn. The ?¢counl• 810 prepared 818illng, whkh 18 Ihe luncilDThpI currency of The Foundation, Monolary amoLin15 in Ih88e finaiici818181emenlg Bre rounded lo lh& neare91 f, The fin8n¢ial s18lemÈnl8 hava boen pr8PAi8d Iindar tha hiÈloilcBI cost Convent￿￿, modilied ID includ8 the rovoltsilion of Iroohokl pro￿rti¢l gnd t) InclLxl• Inv&$lmenl properties ènd certgln fiThanei•l In51iumenls al lair vslue. Th8 prlnclpBI accountlng polKiès adoplad arg 691 oul below. 1.2 Golnp con¢•rn The flngnclal gl•lemenl$ hove boln pr•pgfgd on 9 goinp con¢•m bo81¥, Sln¢e Iho per￿d end, trAdlng conditK)ng hBve been adve18ely affectèd by Ilia coronaviius oulbièak and the subsequenl lockdawn In UK. The Trustees hJve ¢onsldviETrd Ilie pogilion ol Ihe chgrliy in light ol its abdily lo conliiiiie lo operalg Ilirouoh the laekdown ptsr￿d And Ihe linan¢lal rgsourc88 •vo1Igble lo 11 oiid Ihes8 la¢loi$, iogoiher wlth. 11 necessary. the avallable gupport lor ch8rltlè8 provld&d by Ihè government In the lorm ol delayed paymeThts. gr)nl$ •nd loan Support. lead the TIu51ee5 lo beli•ve Ihal Ih• charlly can continue lo carry on115 Dperatlng Beiivilieg suecè¥ifully lor lh8 lor8Aeeable fuluio. 1.3 Chirltable funds Unreslrlcled funds 8ie avallable lor u98 al Ihè disciellon ol trugtéès in furthèrathce ol IhÈlr charitable obl•ctlv¢s unbss the funds have been doBionalod IDI olher pvrpow¥, Th*r¢ aro no do8￿n￿led funds held. Re8lrKled fund8 8r0 8ublect 10 8P8cllic condillons by donoiB lo how they rnay be used, The purpoBe ol r¢$lrlclgd lund$ Jrv ¢orefulty mLiThllored lo •nsurtr that thuy e?rm#rked •) r?Jlrl¢led unlll feknojed for Ihg puipose of their don81ion lo The Foundolion 1.4 Incomlny r••oyr¢ Donallons are recorded whon ieceipled. 11 don81ions 8r& made with rèsirictions on Ihen thi$ income Is approprlalply earmatk8d ie5triGled nol 5Pellt unl855 in accordanGe with the lerrns ol the donaloTh. Property incotn8 Is r8cDrtled on an accru81s ba$ls. Giant Income Is iecognised whèn performance condlllonl hav8 ￿ert m¥1 lo obtain rlghl lo Ilie Income. Othèr incomè l# rèfy)gnL8ed ors an 8ccruo15 basis. 17- THE DAVID ROBERTS ART FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL STATEMENT OF CASH FLOW8 FOR THE YEAR ENDED 31 W4RCH 2021 2021 2020 Not•• CB•h Ilow• from o￿latIng A¢tlvltie C&8h absorbed by operations 28 1464,3061 IZl8,6611 Inv••llny •¢1￿111** Purchase ol Inlanglble ao8el8 Pure+)a66 01 ￿ngIble lixed 838ati Proceed8 OTh tllspo8al ol Inv88tmonl iop¢rt¥ Proc88d8 on dl8pD8sI of a8soGia188 Invèiim8ni1fi¢om• Iocelwd 127,3701 1188,8491 1289,3821 2,840,98e 25 88,289 gQ.000 N•1 ¢J•h g•nor•tsd fromllui•d In) Inv••tlny •etlvlllo8 2,533,061 1199,3821 14•t •i•h u••d In finAn¢lng iallvl¢lo• N•t In¢r•a•glld•BMa••l In ¢••h •nd ¢i•h •4ulvAl•nt• 2.088,756 1416,0431 C8sh ¢e$h iqujvalonts 01 tyey5nnlng ol year 3.054,115 3,470,168 C••h •nd •qulvAhnts at •nd of y•ar 5.122,871 3,054,113 16-