| Reference and Administrative Information |
|
|---|---|
| Trustees' Report |
|
| Independent Examiner's Report |
|
| Balance Sheet | |
| Statement of Financial Activities |
10 |
| Statement ofCash Flows | |
| Notes to the Financial Statements | 12 |
| fall amounts in |
EJ | Notes | 2022 | 2021 |
|---|---|---|---|---|
| Fixed assets | ||||
| Investments | 899,007 | 1,162,840 | ||
| Current assets | ||||
| Receivables | 741,667 | |||
| Cash at bank | and in hand | 15,775 | 6,260 | |
| Net current | assets | 757,442 | 6,260 | |
| Liabilities | (2,428,241) | (4,613,209) | ||
| Total net liabilities | (771,792) | (3,444,109) | ||
| Funds | ||||
| Unrestricted | funds | (1,670,799) | (4,606,949) | |
| Endowment | funds | 899,007 | 1,162,840 | |
| Total Charity Funds | (771,792) | (3,444,109) |
| Unrestricted | Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||||
| (oiiamounts | inf) | Notes | 2022 | 2022 | 2022 | 2021 | |
| Income and endowments | |||||||
| from: | |||||||
| Donations/Gift aid |
3,708,333 | 3,708,333 | 2,812,500 | ||||
| Investment | income | 12,614 | 12,614 | 38,679 | |||
| Total | 3,720,947 | 3,720,947 | 2,851,179 | ||||
| Expenditure on: |
|||||||
| Operations | 4 | (12,226) | (12,226) | (9,023) | |||
| Charitable | activities | giving | 4 | (772,571) | (772,571) | (4,506,000) | |
| Total | (784,797) | (784,797) | (4,515,023) | ||||
| Gain(Loss) | on mark | to market | 7 | (263,833) | (263,833) | 555,583 | |
| Net (expenditure)/income | 2,936,150 | (263,833) | 2,672,317 | (1,108,261) | |||
| Total funds | brought | forward | (3,444,109) | (3,444,109) | (2,335,848) | ||
| Total funds carried | forward | 10 | (507,959) | (263,833) | (771,792) | (3,444,109) |
| (oll amounts in El |
2022 | 2021 | |||
|---|---|---|---|---|---|
| Cash flows from operating activities: |
|||||
| Net income (deficit) for the period | 2,672,317 | (1,663,844) | |||
| Adjustments for: |
|||||
| Investment income |
(12,614) | (38,679) | |||
| Losses (gains) on investments | 263,833 | (555,583) | |||
| Net cash provided from (used |
in) operating | activities | 2,923,536 | (2,258,106) | |
| Cash from (used in) investing | activities: | ||||
| Receivables collected (to be collected) | (741,667) | 81,250 | |||
| Dividends received |
12,614 | 38,679 | |||
| Mark to market on investments | (263,833) | 555,583 | |||
| Cash received on tender offer | ofsecurities | 653,504 | |||
| Shares received on share distribution | 191,691 | ||||
| Shares value split | (191,691) | ||||
| Financing activities: | |||||
| Funds (repaid) borrowed, net |
(1,921,135) | 901,141 | |||
| Net cash used in investing and financing |
activities | (2,914,021) | 2,230,157 | ||
| Net increase (decrease) in cash and cash equivalents |
9,515 | (27,949) | |||
| Cash and cash equivalents at the beginning |
ofthe year | 6,260 | 34,209 | ||
| Cash and cash equivalents at |
the end ofthe period | 15,775 | 6,260 | ||
| Cash and cash equivalents are |
made up of | the following: | |||
| Cash at bank and in hand | 15,775 | 6,260 |
| Unrestricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |||
| (a/I amountsin | FJ | 2022 | 2022 | 2022 | 2021 | |
| Dividends | from fixed asset investments | 12,614 | 12,614 | 38,679 |
| a) Operations |
expenses | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||
| Funds | Funds | Funds | Funds | ||
| (all omounts in FJ | 2022 | 2022 | 2022 | 2021 | |
| Audit fees | 8,400 | 8,400 | 7,000 | ||
| Investment portfolio fees |
|||||
| and other expenses | 3,826 | 3,826 | 6,023 | ||
| 12,226 | 12,226 | 13,023 |
| b) Charitable |
b) Charitable |
activities giving | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | |||
| Funds | Funds | Funds | Funds | |||
| (oil omountsin | El | 2022 | 2022 | 2022 | 2021 | |
| Expenditure | on artist residency | |||||
| program | 100,000 | 100,000 | 100,000 | |||
| Donations | paid to | other charities | 672,571 | 672,571 | 4,406,000 | |
| 772,571 | 772,571 | 4,506,000 |
| Included within donations |
Included within donations |
are amounts | paid to institutions | paid to institutions | as follows: | ||
|---|---|---|---|---|---|---|---|
| Total | Total | ||||||
| (oilamounts in E) |
2022 | 2021 | |||||
| Museum of Modern | Art | New York | 427,933 | 4,188,000 | |||
| Memorial-Sloan Kettering |
Cancer Center | New York | 82,695 | 123,000 | |||
| Tate Modern Art Gallery |
London | 118,000 | 50,000 | ||||
| Artists Space | New York | 20,674 | 3,500 | ||||
| Barbican Centre | London | 10,000 | |||||
| Friends of Maxxi | London | 8,269 | |||||
| Somerset House | London | 5,000 | |||||
| King Baudouin Foundation |
Berlin | 3,500 | |||||
| HRH Prince Charles | Royal | Drawing School | London | 15,000 | |||
| Delfina Foundation | for Art | London | 9,000 | ||||
| New York Consolidated | New York | 7,000 | |||||
| Drawing Center | New York | 7,000 | |||||
| 672,571 | 4,406,000 |
| (all omounts in EJ | 2022 | 2021 |
|---|---|---|
| Listed investments: | ||
| Opening balance |
1,162,840 | 1,260,761 |
| Acquisition ofsecurities |
1,071,831 | |
| Disposal of securities | (1,260,761) | |
| Unrealized gain (loss) during year |
(263,833) | 91,009 |
| At 31December | 899,007 | 1,162,840 |
| (all amounts in E( |
2022 | 2021 |
|---|---|---|
| Current accounts | 15,775 | 6,260 |
| At 31December | 15,775 | 6,260 |
| RECEIVABLES | ||
| (all amounts In EJ |
2022 | 2021 |
| HMRC Gift Aid Receivable | 741,667 | |
| At 31December | 741,667 |
| Brought | Incoming | Resources | Gains/ | Carried | |||
|---|---|---|---|---|---|---|---|
| 2022 - (oil | amounts in E) | Forward | Resources | Expended | (Losses) | Forward | |
| Unrestricted | funds — | (4,606,949) | 3,720,947 | ( 784,797) | (1,670,799) | ||
| general | fund | ||||||
| Endowment | funds | 1,162,840 | (191,691) | 191,691 | ( 263,833) | 899,007 | |
| (3,444,109) | 3,529,256 | ( 593,106) | ( 263,833) | ( 771,792) | |||
| Brought | Incoming | Resources | Gains/ | Carried | |||
| 2021 —(all | omounts in EI | Forward | Resources | Expended | (Losses) | Forward | |
| Unrestricted | funds — | (3,596,609) | 2,851,179 | (4,515,023) | 653,504 | (4,606,949) | |
| general | fund | ||||||
| Endowment | funds | 1,260,761 | (97,921) | 1,162,840 | |||
| (2,335,848) | 2,851,179 | (4,515,023) | 555,583 | (3,444, 109) |
| Unrestricted | Endowment | Total | ||
|---|---|---|---|---|
| 2022 - (oil amounts | in E) | Funds | Funds | Funds |
| Investments | 899,007 | 899,007 | ||
| Cash | 15,775 | 15,775 | ||
| Receivables | 741,667 | 741,667 | ||
| 757,442 | 757,442 | |||
| Deposit with offset right | 2,307,692 | 2,307,692 | ||
| Loans Payable | (4,735,933) | (4,735,933) | ||
| (2,428,241) | (2,428,241) | |||
| (1,670,799) | 899,007 | (771,792) |
| Unrestricted | Endowment | Total | |
|---|---|---|---|
| 2022 -(all amounts in' | Funds | Funds | Funds |
| Investments | 1,162,840 | 1,162,840 | |
| Cash | 6,260 | 6,260 | |
| Receivables | |||
| 6,260 | 6,260 | ||
| Deposit with offset right | 2,307,692 | 2,307,692 | |
| Loans Payable | (6,920,901) | (6,920,901) | |
| (4,613,209) | (4,613,209) | ||
| (4,606,949) | 1,162,840 | (3,444,109) | |
| (oil amounts in E) | 2022 | 2021 | |
| Deposit on property: | |||
| Opening balance |
2,307,692 | 2,307,692 | |
| Purchases | |||
| At 31December | 2,307,692 | 2,307,692 | |
| Cost | 2,307,692 | 2,307,692 |
| Unrestricted | Endowment | Total | |||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | |||||
| (all amounts in F) |
2021 | 2021 | 2021 | ||||
| Income and | endowments | from: | |||||
| Donations | received | 2,812,500 | 2,812,500 | ||||
| Investment | income | 38,679 | 38,679 | ||||
| Total | 2,851,179 | 2,851,179 | |||||
| Expenditure | on: | ||||||
| Operations | (9,023) | (9,023) | |||||
| Charitable | activities | giving | (4,506,000) | (4,506,000) | |||
| Total | (4,515,023) | (4,515,023) | |||||
| Realization | on tender offer | 653,504 | (653,504) | ||||
| Net gains / | (loss) on | investments | 555,583 | 555,583 | |||
| Net income | / (expenditures) | 1,010,340 | (97,921) | (1,108,261) | |||
| Total funds | brought | forward | (3,596,609) | 1,260,761 | (2,335,848) | ||
| Total funds | carried | forward | (4,606,949) | 1,162,840 | (3,444,109) |