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|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|
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|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)|
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|||||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)|
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|(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|
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||||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|
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|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|
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|(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|
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|(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||
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||||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)|
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|||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|
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||||||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)|
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