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2020-09-30-accounts

LEEDS ART FUND CIO

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED

30th SEPTEMBER 2020

LEEDS ART FUND CIO

CONTENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Fund information Page 1
Trustee report Page 2
Independent examiners report Page 5
Statement of financial activities Page 6
Balance sheet Page 7
Statement of cash flows Page 8
Notes to the financial statements Page 9

LEEDS ART FUND CIO

FUND INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2020

President

The Earl of Halifax

Trustees

Dr Mark Westgarth (Chairman) Robert Wivell (Treasurer) Anne Braithwaite Gerard Coughlan Andrew Goodchild Corinne Miller Elizabeth Nash Susan Page Olivia Stross Professor Ann Sumner Dr Rebecca Wade

Charity Registered Number

1171891

Principal Office

Temple Newsam House Leeds LS15 0AE

Website

www.leedsartfund.org

Independent examiner

Malcolm Jones & Co Limited West Hill House Allerton Hill Chapel Allerton Leeds LS7 3QB

Bankers

Barclays Bank plc National Westminster Bank plc

Investment managers

Redmayne Bentley CCLA

Page 1

LEEDS ART FUND CIO

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020

The Trustees present their annual report together with the financial statements of Leeds Art Fund CIO (the Charity) for the year ended 30th September 2020. The Trustees confirm that the annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is governed by a constitution dated 3 March 2017.

The principal object of the Charity is to provide promotion of arts in Leeds and surrounding areas. There have been no changes in the objectives since the last annual report of the unincorporated Charity .

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity Commission Scheme. The trustees meet quarterly and agree the broad strategy and areas of activity for the Charity including consideration of grant making, investment, reserves and risk management policies and performance.

All trustees give of their time freely and no trustee remuneration was paid during the year.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

Policies and objectives

Aims, objectives and activities are reviewed annually to ensure they remain focused on our principal objectives. The trustees have referred to the Charity Commission’s general guidance on public benefit when undertaking this review process.

Activities for achieving objectives

In 2019/20 the Charity continued to promote the work of Leeds Museums and Art Galleries, making contributions towards the acquisition of artworks, and organising online events to enhance enjoyment of art and promote the LAF. We continued to support the loan of LAF owned artworks to public art galleries and exhibitions, both in the UK and in France and Germany, in order to promote the appreciation of art. We made grants to the acquisition of artworks for the collections of Leeds City Museums and Galleries and provided funding also to The Stanley & Audrey Burton Gallery at University of Leeds and The Chippendale Society. We continued to produce the Leeds Art Fund newsletter with two issues a year and developed a new more regular online 'Out & About with the LAF' digital newsletter. Our general membership has stabilised, despite the impact of the pandemic, and remains at c.320. The trustees continue to develop strategies to increase membership. The Patrons and 1912 Club membership schemes offer significant financial support to the Charity.

Page 2

LEEDS ART FUND CIO

REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

ACHIEVEMENTS AND PERFORMANCE

Review of activities

The Charity's financial activities have been impacted by the Covid pandemic, with many museums closed and staff furloughed over the past 12 months. It has been a very difficult time for everyone, but the LAF Trustees and Board have continued to actively support Leeds Museums and Galleries and to promote the LAF. Sadly, our Hon Secretary, John Roles, passed away in November 2020 and we have raised funds to support a project to remember John. We achieved our target of £20K for the Ben Read appeal for the conservation of George Frampton's "Victoria Memorial" on Woodhouse Moor and the conservation to the statue is underway and this project will be concluded later in 2021. Despite the pandemic, we still managed to make a number of significant contributions towards the acquisition of artworks for Leeds Museums and Galleries and other regional galleries and societies. We contributed to the acquisition of some exceptionally rare drawings by Thomas Chippendale for The Chippendale Society, whose collections are on display at Temple Newsam. We committed to support the acquisition of artworks by Sara Barker and Andy Holden for Leeds City Art Gallery, as well as committing support to the 'Artists' Pledge' to help diversify the contemporary art collections at the City Art Gallery through the acquisition of prints by BAME artists, through the Barbara Roberts Bequest. We also helped to support the acquisition of a group of medals for Lotherton Hall and committed support towards the acquisition of the Sheila Bownas design archive for Leeds Museums & Galleries.

For the benefit of members, we developed a popular online lecture series via Zoom in order to continue engaging with our membership. We published two Leeds Art Fund Newsletters and 12 editions of the new digital 'Out & About' newsletter.

Investment policy and performance

In early 2020, there was a sharp fall in share prices worldwide. Although there was a recovery in the fourth quarter of 2020, this was after our year end. We are therefore showing a 14.4% loss of value for the year; however the FTSE 100 index fell by 20.8% over the same period. Following discussions with Redmayne Bentley, it was agreed that the portfolio should be invested on the basis of total return rather than for maximum income; the intention is to look for the optimum balance of income and capital growth.

Investments held with the COIF Accumulation Investment Fund managed by CCLA grew by 6.9% to £1,587,406; this growth reflected its policy of investing worldwide and reinvesting the income. After the year end, the low-yield Deposit Funds were transferred into the Investment Fund; some of the Art Fund's surplus cash was also invested in the same way.

RISK ASSESSMENTS

The Trustees have identified the major strategic, business and operational risks which the Fund faces and systems are in place to mitigate any exposure to these risks.

Page 3

LEEDS ART FUND CIO

REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

INVESTMENT POLICY

In order to maintain and enhance the value of its assets the Trustees take advice from the Charity's retained stock broker, currently Redmayne Bentley and invest some of the Fund's reserves in a balanced portfolio of equities (UK and overseas) and bonds which is professionally managed to give appropriate returns for an acceptable level of risk over the long term. The main aim is to maximise the total return on the portfolio by optimising the balance between dividend income and capital growth with the intention of maintaining the real value of the capital. In addition CCLA is now being used to invest and manage funds relating to the Hurst and Edith Lill bequests of almost £1.6 million. This investment is mainly focused on capital maintenance and growth rather than generating income.

RESERVES POLICY

The trustee monitor the reserves of the Charity on a regular basis to ensure adequate funds exist to sustain the Charity for the foreseeable future.

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The Charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Charity as at the balance sheet date and of its incoming resources and application of resources of the Charity for the period. In preparing the financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed.

They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on 3 July 2021 and signed on their behalf by:

............................................................................. Mark Westgarth (Chairman)

............................................................................. Robert Wivell (Treasurer)

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LEEDS ART FUND CIO

I report on the accounts of the Leeds Art Fund CIO for the year ended 30 September 2020 set out on pages 6 to 16.

Respective Responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of The Association of Chartered Certified Accountants.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with the General Directions given by the 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 you as 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.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep records in accordance with section 386 of the Companies Act 2006; and

  3. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act have not been met; or

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Andrew Wilkinson FCA Independent Examiner West Hill House Allerton Hill Chapel Allerton Leeds LS7 3QB

Dated: 3 July 2021

Page 5

LEEDS ART FUND CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2020

Incoming Resources
Income from:
Donations, legacies and transfers
Charitable activities
Other trading activities
Investments
Total income
Resources Expended
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income before investment
gains/(losses)
Net gains on investments
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Notes
2
3
4
5
6
7
10		 Unrestricted
Designated
Restricted
30.9.20
Funds
Funds
Funds
Total Funds
£
£
£
£
(1,857)
1,114
4,181
3,438
1,643
-
-
1,643
13,179
-
-
13,179
8,176
90
91
8,357
21,141
1,204
4,272
26,617
573
-
-
573
12,296
-
1,000
13,296
12,869
-
1,000
13,869
8,272
1,204
3,272
12,748
(26,434)
6,864
95,767
76,197
(18,162)
8,068
99,039
88,945
-
-
-
-
(18,162)
8,068
99,039
88,945
146,226
214,321
1,499,859
1,860,406
128,064
222,389
1,598,898
1,949,351		 30.9.19
Total Funds
£
136,966
14,819
14,788
8,875
175,448
1,051
53,550
54,601
120,847
125,043
245,890
-
245,890
1,614,516
1,860,406

The notes form part of these financial statements

Page 6

LEEDS ART FUND CIO

BALANCE SHEET AS AT 30 SEPTEMBER 2020

Notes
FIXED ASSETS:
Heritage assets
9
Investments
10
CURRENT ASSETS:
Debtors
11
Current asset investments
10
Cash at bank and in hand
12
LIABILITIES:
Creditors due in one year
13
NET CURRENT ASSETS
FUNDS:
Unrestricted funds
15
Designated funds
15
Restricted funds
15
TOTAL FUNDS
NET ASSETS		 £
£
2,608
1,732,691
1,735,299
1,697
130,417
93,865
225,979
11,927
214,052
128,064
222,389
1,598,898
1,949,351
1,949,351
30.9.20		 £
£
2,608
1,670,563
1,673,171
6,433
115,776
78,313
200,522
13,287
187,235
146,226
214,321
1,499,859
1,860,406
1,860,406
30.9.19

The notes form part of these financial statements

Approved by the trustees on 3 July 2021 and signed on their behalf by:

............................................................................. Mark Westgarth (Chairman)

............................................................................. Robert Wivell (Treasurer)

Page 7

LEEDS ART FUND CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2020

Cash used in operating activities:
Net movement in funds
Adjustments for:
Gains on investments
Dividends and interest from investments
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors
Cash flows from investing activities:
Dividends and interest from investments
Investment management fee settled from fund investments
Purchase of investments
Sale of investments
Cash and cash equivalents at the beginning of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the end of the year
Net cash provided by operating activities
Net cash used in investing activities		 30.9.20
£
88,945
(76,197)
(8,357)
4,556
(1,360)
7,392
573
-
-
78,313
7,587
7,965
15,552
93,865		 30.9.19
£
245,890
(125,043)
(8,875)
(5,709)
(5,264)
7,813
1,051
(125,000)
25,000
68,450
100,999
(91,136)
9,863
78,313

The notes form part of these financial statements

Page 8

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

1 ACCOUNTING POLICIES

The principle accounting policies adopted are as follows:

Basis of Preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2015) – (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Preparation of the accounts on a going concern basis

The accounts have been prepared on the assumption that the Charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the Charity's ability to continue as a going concern.

Incoming Resources

Incoming resources comprises all incoming resources becoming available to the Charity during the year and includes income from all sources regardless of its source or of the purpose to which it is applied. Where applicable income is recognised where all conditions for receipt have been met and there is reasonable assurance of receipt.

Grants and donations are only included in the SoFA when the general income recognition criteria are met. In the case of performance related grants, income must only be recognised to the extent that the Charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met.

Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the Charity or have been met.

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Membership subscriptions received in the nature of a gift are recognised in donations and legacies. Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.

Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

All income is reported gross with no setting off of costs or expenses.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 9

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

1 ACCOUNTING POLICIES (CONTINUED)

Resources Expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to specific activities or categories. Costs of charitable activities comprise all expenditure directly relating to the objects of the Charity including costs incurred in supporting charitable activities and projects.

Governance costs comprise costs incurred in connection with the administration of the Charity and compliance with constitutional and statutory requirements.

Where appropriate costs are apportioned between charitable activities and governance expenditure by the trustees on a reasonable and consistent basis.

Expenditure is stated gross of non-recoverable VAT where applicable.

Fund Accounting

Funds held by the Charity are either:

(a) Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

(b) Unrestricted designated funds – these are funds which, whilst unrestricted, have been allocated to certain projects.

(c) Restricted funds – these are funds that can only be used for particular restricted purposes specified by donors of the funds.

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end.

The Charity has investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment purposes rather than to meet short term cash commitments as they fall due. Such investments are treated as current asset investments.

Heritage assets

The Charity accounts for the objects in its collection as non-operational heritage assets. A heritage asset is defined as "a tangible or intangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture."

The Charity includes donated or purchased heritage assets acquired since 1 April 2001 on the balance sheet at cost or valuation at the time of acquisition. Valuations are performed during the year of acquisition by experts for donated assets. The cost or valuation is not subject to revaluation because such information can not be obtained at a cost commensurate with the benefit to users of the financial statements. Capitalised heritage assets are not depreciated because they are deemed to have indefinite lives, but are subject to impairment reviews where damage or deterioration is reported. The Charity has not capitalised heritage assets acquired prior to 1 April 2001. This is because comprehensive valuation, as illustrated below, would not provide a meaningful figure for users of the financial statements and the cost of doing so is not commensurate with the benefits to users of the financial statements.

Attempting to value heritage assets acquired historically raises a number of conceptual concerns. Valuation of heritage assets is complicated by the nature of many such assets. They are rarely sold and often have a value enhanced above the intrinsic through their association with a person, event or collection, there are a very limited number of buyers, no homogeneous population of assets on the market, and imperfect information about the items for sale. In contrast with many commercial assets, therefore, there is seldom an active market to provide indicative values of similar objects. This makes materially accurate valuations impossible to achieve for many heritage assets. Whilst the art collection has a valuation for insurance purposes this is not considered appropriate for accounting purposes.

Page 10

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Unrestricted
Designated
Restricted
30.9.20
Funds
Funds
Funds Total Funds
£
£
£
£
2 INCOME FROM DONATIONS, LEGACIES AND TRANSFERS
Wallpaper book - donation
2,000
-
-
2,000
Thomas, Lord Darcy & the Tudor House of TN
-
1,114
-
1,114
Edith Lill legacy
-
-
-
-
Gift aid recoverable incl. correction
(5,437)
-
1,181
(4,256)
Ben Read Appeal
-
-
3,000
3,000
General donations
1,580
-
-
1,580
3 INCOME FROM CHARITABLE ACTIVITIES
Events
1,435
-
-
1,435
Publications
208
-
-
208
Event expenditure is shown in note 7. The overall event profit for the year is £442 (2019 - £1,804).
4 INCOME FROM OTHER TRADING ACTIVITIES
Members subscriptions
7,179
-
-
7,179
Patrons subscriptions
6,000
-
-
6,000
5 INCOME FROM INVESTMENTS
Dividends and interest on portfolio
7,419
-
-
7,419
Interest on deposits
757
90
91
938
6 EXPENDITURE ON RAISING FUNDS
Investment management fee
573
-
-
573
1,643
-
-
1,643
(1,857)
4,181
3,438
1,114
8,176
90
91
8,357
13,179
-
-
13,179
573
-
-
573		 30.9.19
Total Funds
£
-
-
125,000
5,689
5,940
337
11,596
3,223
8,788
6,000
7,813
1,062
1,051
14,819
136,966
8,875
14,788
1,051

Page 11

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

7 EXPENDITURE ON CHARITABLE ACTIVITIES
Contributions to purchases:
Chippendale Society - for drawings
Lady Gascoigne's dress medals
BAME project for artists
McGuire - Feather and mixed media sculpture
Videau Ewer and basin at Temple Newsam
Sadie Clayton - copper boddie and outfit
Wedderburn/Kidd - Pan Music stand
Jacob Kramer portrait of Malachi Whittaker
Emma Smith - Ann Roper miniature
Grants:
"On the Corner" publication
Uni of Leeds - Eric Gill conservation
Uni of Leeds - Antique Dealers display
Events and other expenses:
Wallpaper book publising and related costs
Events
Victorian Chatelaine miscellaneous costs
Newsletter costs
Governance and support costs:
(see note 8)
TOTAL CHARITABLE COSTS		 Unrestricted
Designated
Restricted
30.9.20
Funds
Funds
Funds Total Funds
£
£
£
£
5,000
-
-
5,000
486
-
-
486
-
-
1,000
1,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
500
-
-
500
-
-
-
-
-
-
-
-
-
-
-
-
993
-
-
993
-
-
-
-
1,616
-
-
1,616
5,486
-
1,000
6,486
500
-
-
500
2,609
-
-
2,609
3,701
-
-
3,701
12,296
-
1,000
13,296		 30.9.19
Total Funds
£
-
-
-
3,000
25,000
800
5,000
1,000
1,170
-
1,000
500
447
9,792
25
1,831
35,970
53,550
1,500
12,095
3,985

Event income is shown in note 3.

Page 12

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

8
GOVERNANCE AND SUPPORT COSTS
Computer costs incl. website
BAFM Membership and insurance
Travelling
Printing, postage and stationery
Other accountancy fees
Miscellaneous		 Unrestricted
Designated
Restricted
30.9.20
Funds
Funds
Funds Total Funds
£
£
£
£
1,010
-
-
1,010
387
-
-
387
128
-
-
128
542
-
-
542
1,560
-
-
1,560
74
-
-
74
3,701
-
-
3,701		 30.9.19
Total Funds
£
922
362
344
624
1,680
53
3,985

9 HERITAGE ASSETS

COST AND NET BOOK VALUE
Movements in the year
At 30 September 2020
At 1 October 2019		 Art
collection
£
-
2,608
2,608

The accounting policy for Heritage Assets is shown on page 10. As described in this policy, and as referred to below, the assets shown on the balance sheet of the Charity are a very small proportion of the total collection.

The art collection comprises approximately 140 individual pieces most of which were acquired many years ago. In more recent years the Charity has purchased very few pieces outright but has made contributions towards acquisitions. The only asset capitalised above is a Sir Frank Brangwen design acquired in June 2016 included at its original cost. The pieces are stored, displayed or loaned in conjunction with Leeds Museums and Galleries (LMG) and a formal loan agreement exists between the two parties. Responsibility for the day to day control and management of the assets rests with LMG and this covers all aspects including loans, security, preservation and insurance. LMG maintains a list of all assets and undertakes the same care and precautions of these assets as for the objects held within its own permanent collections. LMG itself is an accredited museum service and its policies and procedures are subject to external scrutiny to ensure the professional guidelines are met.

Any new acquisitions, or contributions towards purchase, are considered by the Trustees on a case be case basis in conjunction with LMG and any other relevant parties.

Given the objects of the Charity, disposal of assets is unlikely and this has never taken place.

Page 13

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

10 INVESTMENTS

Redmayne Bentley stocks and shares portfolio
Redmayne Bentley deposit account
CCLA - COIF Charities Investment Funds
CCLA - COIF Charities Deposit Funds
Skipton bond
Fixed assets
Current assets		 30.9.20
£
145,285
13,816
1,587,406
50,473
66,128
1,732,691
130,417
1,863,108
1,863,108		 30.9.19
£
185,788
292
1,484,775
50,269
65,215
1,670,563
115,776
1,786,339
1,786,339

Movements in investment portfolios are as follows:

Redmayne

Opening valuation
Investments purchased
Investments sold
Change in market value
Closing valuation		 Bentley
CCLA
Total
£
£
£
185,788
1,484,775
1,670,563
22,669
-
22,669
(36,738)
-
(36,738)
(26,434)
102,631
76,197
145,285
1,587,406
1,732,691

All are listed on a recognised Stock Exchange.

Total CCLA investments represent 81.4% of the CIO's total net assets. Total Redmayne Bentley investments represent 7.45% of the CIO's total net assets.

Movements in other investments are as follows:

Opening valuation
Investments purchased
Investments sold
Interest capitalised and rolled into new bond
Interest received
Investment management fee settled
Other
Closing valuation		 Redmayne
Bentley
CCLA
Skipton
£
£
£
292
50,269
65,215
(22,669)
-
-
36,738
-
-
-
-
913
-
204
-
(573)
-
-
28
-
-
13,816
50,473
66,128

Page 14

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

11 DEBTORS

Events costs paid in advance
Gift aid receivable
Prepaid IT costs
Interest receivable on Skipton bond
Interest receivable on CCLA deposits
12 CASH AT BANK AND IN HAND
Barclays Bank plc
National Westminster Bank plc 1
National Westminster Bank plc 2
13 CREDITORS DUE IN ONE YEAR
Income received for future events
Patron subscriptions in advance
Audit and other accountancy fees
Other miscellaneous accruals		 30.9.20
£
-
1,433
75
189
-
30.9.20
£
7,483
81,599
4,783
30.9.20
£
-
1,000
10,440
487
1,697
93,865
11,927		 30.9.19
£
50
5,689
325
345
24
30.9.19
£
7,304
64,115
6,894
30.9.19
£
3,096
1,000
8,880
311
6,433
78,313
13,287

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds
Designated Funds
Restricted Funds		 Specific
Other net
Investments
assets
£
£
-
128,064
131,283
91,106
1,506,596
92,302
1,637,879
311,472		 Total
£
128,064
222,389
1,598,898
1,949,351

Page 15

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

15 FUNDS

Designated funds
City Art Gallery
(a)
Pippa Rakusen bequest
(b)
Thomas, Lord Darcy & the Tudor House of TN
(c)
Edith Lill legacy
(d)
Restricted funds
Dr Henry Ginsburg bequest re.
Temple Newsam fabrics
(e)
Patricia Maisie Hurst
(f)
Barbara Roberts Contemporary Print
(g)
Ben Read Appeal
(h)
TOTAL FUNDS
Unrestricted funds
Total restricted funds
Total designated funds		 At
At
1.10.19
Income
Expenditure
Other
30.9.20
£
£
£
£
£
34,223
-
-
-
34,223
55,769
-
-
-
55,769
-
1,114
-
-
1,114
124,329
90
-
6,864
131,283
85,450
-
-
-
85,450
1,403,538
91
-
95,767
1,499,396
1,000
-
(1,000)
-
-
9,871
4,181
-
-
14,052
1,860,406
26,617
(13,869)
76,197
1,949,351
-
6,864
222,389
(12,869)
(26,434)
128,064
146,226
21,141
1,598,898
214,321
1,204
1,499,859
4,272
(1,000)
95,767

16 RELATED PARTIES

The trustees of the CIO are considered to be related parties.

Out of pockets expenses totalling £68 were reimbursed to certain trustees during the year.

Page 16