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2021-09-30-accounts

LEEDS ART FUND CIO

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED

30th SEPTEMBER 2021

LEEDS ART FUND CIO

CONTENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 2021

President

The Earl of Halifax

Trustees

Dr Mark Westgarth (Chairman) Robert Wivell (Treasurer) Dr David Hopes (Secretary) 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 2021

The Trustees present their annual report together with the financial statements of Leeds Art Fund CIO (the Charity) for the year ended 30th September 2021. 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 2020/2021, despite the ongoing impact of the Covid pandemic, the Charity has continued to promote the work of Leeds Museums and Art Galleries, making contributions towards the acquisition of artworks, and organising events to enhance enjoyment of art. The pandemic has limited the number of public art museum exhibitions in the UK and internationally, and consequently we have loaned LAF owned artworks to fewer exhibitions this year, but we still loaned a small number of LAF owned artworks to UK museums in order to promote the appreciation of art. Despite the pandemic we continued to make grants for the acquisition and conservation of artworks for the collections of Leeds City Museums and Galleries and supported the joint acquisition of an artwork between Leeds City Museums and Stanley & Audrey Burton Gallery at the University of Leeds University. We continued to produce the Leeds Art Fund newsletter with two issues a year. Our general membership remains stable, despite the impact of the pandemic, at c.320. The trustees continue to work on 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 2021

ACHIEVEMENTS AND PERFORMANCE

Review of activities

The Charity's financial activities have continued to be impacted by the Covid pandemic over the past 12 months, but the LAF Trustees and Board have remained active in support to Leeds Museums and Galleries and in promoting the LAF. We have, in collaboration with a 'Just Giving' initiative, raised funds to support a project to remember John Roles, former Hon Secretary, who passed away in November 2020. We achieved our funding target of £20,000 for the Ben Read appeal for the conservation of George Frampton's figure of 'industry' - the sculpture was reinstalled onto the Victoria Memorial on Woodhouse Moor, Leeds on 6th December 2021.

We have made a number of significant contributions and commitments of funding towards the acquisition of artworks for Leeds Museums and Galleries, including support for contemporary artworks by Barbara Walker and Melvin Moti. We continued 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 supported the acquisition of the Bownas archive, a major textile and wallpaper design archive, and funded the restoration of a painting by Jacob Kramer in Leeds Museums' collections. The most important acquisitions were made using the Hurst Bequest, which the LAF continues to manage - the Townley Commode, an exquisite 18th century piece commissioned by Charles Townley in the 1770s; and a silver ladle, dated 1900, designed by Charles R. Ashbee.

We were fortunate to be the beneficiaries of a bequest from Alistair Simpson (£39,650).

For the benefit of members, we have continued with our online lecture series via Zoom. This was a response to the constraints arising from the Covid pandemic but we also use these online talks as a way of engaging with our membership. We have also resumed our visits for members. We published two Leeds Art Fund Newsletters and further editions of the digital "Out and About" newsletter.

Investment policy and performance

Our investment policy is to invest for the medium term, looking for the optimum balance between income and capital growth. There was a recovery in share prices worldwide after the sharp fall in early 2020. The Hurst and Edith Lill bequests are invested in the COIF Accumulation Investment Fund and they grew by 16.2% in the year. The portfolio managed by Redmayne Bentley grew by 16.6% and the LAF's new investment in the COIF Income Investment Fund grew by 4.9% in a part year.

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 2021

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. CCLA continues to be used to invest and manage funds relating to the Hurst and Edith Lill bequests of £1.87 million at the year-end date. This investment is mainly focused on capital maintenance and growth rather than generating income. In addition, certain general funds were invested with the CCLA for the first time during the year and these amounted to approximately £156,000 at the yearend date. These funds generate regular income as well as capital growth.

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 25 May 2022 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 2021 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

  4. 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: 25 May 2022

Page 5

LEEDS ART FUND CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

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
30.9.21
Funds
Funds
Funds
Total Funds
£
£
£
£
48,423
-
2,875
51,298
734
-
-
734
12,733
-
-
12,733
7,588
-
-
7,588
69,478
-
2,875
72,353
2,029
-
-
2,029
19,992
3,500
217,780
241,272
22,021
3,500
217,780
243,301
47,457
(3,500)
(214,905)
(170,948)
32,853
20,421
240,489
293,763
80,310
16,921
25,584
122,815
-
-
-
-
80,310
16,921
25,584
122,815
128,064
222,389
1,598,898
1,949,351
208,374
239,310
1,624,482
2,072,166		 30.9.20
Total Funds
£
3,438
1,643
13,179
8,357
26,617
573
13,296
13,869
12,748
76,197
88,945
-
88,945
1,860,406
1,949,351

The notes form part of these financial statements

Page 6

LEEDS ART FUND CIO

BALANCE SHEET AS AT 30 SEPTEMBER 2021

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
2,206,819
2,209,427
4,715
1,621
56,449
62,785
200,046
(137,261)
208,374
239,310
1,624,482
2,072,166
2,072,166
30.9.21		 £
£
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

The notes form part of these financial statements

Approved by the trustees on 25 May 2022 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 2021

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
Net cash provided by operating activities
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the end of the year		 30.9.21
£
122,815
(293,763)
(7,588)
(2,121)
188,119
5,990
3,028
(149,000)
95,104
93,865
7,462
(44,878)
(37,416)
56,449		 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

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 2021

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 2021

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 2021

Unrestricted
Designated
Restricted
30.9.21
Funds
Funds
Funds Total Funds
£
£
£
£
2 INCOME FROM DONATIONS, LEGACIES AND TRANSFERS
Wallpaper book - donation
-
-
-
-
Thomas, Lord Darcy & the Tudor House of TN
-
-
-
-
AK Simpson legacy
39,650
-
-
39,650
Gift aid recoverable (incl. correction prior year)
8,544
-
375
8,919
Ben Read Appeal
-
-
2,500
2,500
General donations
229
-
-
229
3 INCOME FROM CHARITABLE ACTIVITIES
Events
454
-
-
454
Publications
280
-
-
280
Event expenditure is shown in note 7. The overall event loss for the year is £1,013 (2020 - £442 profit).
4 INCOME FROM OTHER TRADING ACTIVITIES
Members subscriptions
4,225
-
-
4,225
1912 subscriptions
2,508
2,508
Patrons subscriptions
6,000
-
-
6,000
5 INCOME FROM INVESTMENTS
Dividends and interest on portfolio
7,280
-
-
7,280
Interest on deposits
308
-
-
308
6 EXPENDITURE ON RAISING FUNDS
Investment management fee
2,029
-
-
2,029
734
-
-
734
48,423
2,875
51,298
-
7,588
-
-
7,588
12,733
-
-
12,733
2,029
-
-
2,029		 30.9.20
Total Funds
£
2,000
1,114
-
(4,256)
3,000
1,580
1,435
208
4,171
3,008
6,000
7,419
938
573
1,643
3,438
8,357
13,179
573

Page 11

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

7 EXPENDITURE ON CHARITABLE ACTIVITIES
Contributions to purchases:
Chippendale Society - for drawings
Lady Gascoigne's dress medals
BAME project for artists
Townley Commode
Copeland Spode plates and dishes
Vanishing Point by Barbara Walker
Ashbee ladle
Andy Holden artwork
Sheila Bownas designs, gouache on paper
Grants:
"On the Corner" publication
Sculpture and Northern Identity project
The Eightfold Dot (2013) by Melvin Moti
Events and other expenses:
Events
Zoom events - talks
Newsletter costs
Governance and support costs:
(see note 8)
TOTAL CHARITABLE COSTS		 Unrestricted
Designated
Restricted
30.9.21
Funds
Funds
Funds Total Funds
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
196,500
196,500
300
-
-
300
4,850
-
-
4,850
-
-
22,000
22,000
5,000
-
-
5,000
-
3,500
-
3,500
-
-
-
-
1,000
-
-
1,000
2,500
-
-
2,500
117
-
-
117
1,350
-
-
1,350
1,117
-
-
1,117
10,150
3,500
218,500
232,150
3,500
-
-
3,500
2,584
-
-
2,584
3,758
-
(720)
3,038
19,992
3,500
217,780
241,272		 30.9.20
Total Funds
£
5,000
486
1,000
-
-
-
-
-
-
500
-
-
993
-
1,616
6,486
13,296
500
2,609
3,701

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 2021

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
30.9.21
Funds
Funds
Funds Total Funds
£
£
£
£
921
-
-
921
387
-
-
387
-
-
-
-
717
-
-
717
1,620
-
(720)
900
113
-
-
113
3,758
-
(720)
3,038		 30.9.20
Total Funds
£
1,010
387
128
542
1,560
74
3,701

9 HERITAGE ASSETS

COST AND NET BOOK VALUE
Movements in the year
At 30 September 2021
At 1 October 2020		 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 Brangwyn 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 2021

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		 30.9.21
£
180,278
1,621
2,026,541
-
-
2,206,819
1,621
2,208,440
2,208,440		 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

Movements in investment portfolios are as follows:

Opening valuation
Investments purchased
Investments sold
Change in market value
Closing valuation		 Redmayne
Bentley
CCLA
Total
£
£
£
145,285
1,587,406
1,732,691
57,609
199,474
257,083
(48,238)
(28,480)
(76,718)
25,622
268,141
293,763
180,278
2,026,541
2,206,819

All are listed on a recognised Stock Exchange.

Total CCLA investments represent 97.8% of the CIO's total net assets. Excluding an encashment made in October 2021 to settle the Townley commode commitment, the true figure is 88.3%. Total Redmayne Bentley investments represent 8.7% of the CIO's total net assets.

Movements in other investments are as follows:

Opening valuation
Investments purchased
Investments sold
Interest received
Investment management fees settled
Other
Closing valuation		 Redmayne
Bentley
CCLA
Skipton
£
£
£
13,816
50,473
66,128
(57,609)
-
-
48,238
(50,474)
(66,624)
-
1
496
(3,028)
-
-
204
-
-
1,621
-
-

Page 14

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

11 DEBTORS
Gift aid receivable
Prepaid IT costs
Interest receivable on Skipton bond
Investment management fee paid in advance
Dividends receivable on CCLA investments (general)
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
Patron subscriptions in advance
Audit and other accountancy fees
Townley Commode commitment
Other miscellaneous accruals		 30.9.21
£
2,555
75
-
999
1,086
30.9.21
£
1,261
52,312
2,876
30.9.21
£
1,000
1,620
196,500
926
4,715
56,449
200,046		 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

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds
Designated Funds
Restricted Funds		 Specific
Other net
Investments
assets
£
£
-
208,374
151,703
87,607
1,718,605
(94,123)
1,870,308
201,858		 Total
£
208,374
239,310
1,624,482
2,072,166

Page 15

LEEDS ART FUND CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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)
Ben Read Appeal
(g)
TOTAL FUNDS
Unrestricted funds
Total restricted funds
Total designated funds		 At
At
1.10.20
Income
Expenditure
Other
30.9.21
£
£
£
£
£
34,223
-
-
-
34,223
55,769
-
(3,500)
-
52,269
1,114
-
-
-
1,114
131,283
-
-
20,421
151,704
85,450
-
-
-
85,450
1,499,396
-
(217,780)
240,489
1,522,105
14,052
2,875
-
-
16,927
1,949,351
72,353
(243,301)
293,763
2,072,166
(3,500)
20,421
239,310
(22,021)
32,853
208,374
128,064
69,478
1,624,482
222,389
-
1,598,898
2,875
(217,780)
240,489

16 RELATED PARTIES

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

Out of pockets expenses totalling £156 were reimbursed to certain trustees during the year.

Page 16