## **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_
- The establishment, extension and enhancement of art collections open to the public in The Metropolitan District of The City of Leeds in the county of West Yorkshire or in such other areas as the trustees shall determine.
- The promotion of the appreciation of art by the public.
- The promotion of education and learning in art and allied subjects.
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention.
## **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:
- to keep records in accordance with section 386 of the Companies Act 2006; and
- 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
2. 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**|
|---|---|
- (a) City Art Gallery - funds from various sources to be used on Leeds Art Gallery capital projects.
- (b) Pippa Rakusen - no specific restrictions other than to be spent reflecting the donor's interests which include gardening, music, decorative arts and local history.
- (c) Thomas, Lord Darcy & the Tudor House of TN.
- (d) The executors of Miss Lill expressed a wish that the fund be used for the acquisition of and the restoration of paintings by Leeds Museums & Galleries.
- (e) Henry Ginsburg - agreed with executors to be spent on historic textiles and related conservation.
- (f) Patricia Maisie Hurst - this legacy was initially left to Leeds City Council. The Council and the Executor to the estate agreed to transfer the residuary of the legacy to the Charity. The Charity is bound by the original purpose of the legacy which was to purchase objects of beauty in memory of the deceased and her late husband and otherwise cypres.
- (g) Barbara Roberts - legacy specifically for the purchase of a contemporary print (utilised in 2019/20).
- (h) Ben Read - past chair, sadly deceased, appeal with a view to paying towards the restoration of a statue of Queen Victoria. Any costs to date have been absorbed by the Charity within unrestricted funds.
## 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