Rffjl¥tered numb•r: 08861248 Charlty numbgr: 1180372 THE FOUNDATION FOUNDATION (A company Ilmlted by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
THE FOUNDATION FOUNOATION IA company Ilmited by guarantse) CONTENTS Page R•for•nc• and admlDlstratlv• detalli of tho Company. Its Trust••B and advls•r8 Tru•t•o•' roport Ind•wnd•nt audltor•' rnport on th• flnanclal 8tst•ments 10-13 Stat•m•nt of flnanclal actl¥lll•8 14 B•lanG• •ht 15 stst•m•nt of c••h flt)W• 16 Nots• to th• fFn•nclal •tst•m•nt• 17-26
THE FOUNDATION FOUNDATION IA company limited by guarnnteo) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2D23 Tru8tse• Sir Antony Gorrnley Vicken Parsons Marco Compagnoni Richard Calvocoiessi Laura Stevenson Company r•gl8tsrad numb•r 08861248 Charlty regl•t•rnd numbgr 1180372 R•gl¥t•r•d office Antony Gormley Sludlo 15-23 Vale Royal London N7 9AP Chlef exocutlv• offlc•r Allce O'Rellty Ind•p•nd•nt •udltof• MHA Maidstone Unlted Kingdixn B•nk•r• HSBC Private 84nk 8 Cork Street Mayfair London W1S3LJ Brown Advisory Investment Management 10 Brulon Street Mayfair London W1J 6PX SolScltorn Wèil Gotghal & M8ngè$ (London) LLP 110 Fetter Lane Holbom London EC4A 1AY Page 1
THE FOUNDATION FOUNDATION IA company IlmSted by guarant8•1 TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2023 The TrL>Stees present their annual report together wth the audited financlal Statements of the ¢omp3ny for the year 1st February 2022 - 31st January 2023. The Trustees confirm that the Annual Report and financlal ststements of the company comply wth the Curn1 statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts In accordance with the Flnanclal Reporung Stsndard appIlty1e In the UK and Republic of Ireland IFRS 1021. Alm•. ObJectlv•¥ •nd Actlvltl•• The Foundation Foundalbon was gslablished for the advancement of art for the pub15c benefit by advanclng education In the arts in partlcular but not exdu8ively through.. prO510n of grants and professional development lo art Students at college and universty and to arlists have recently graduated from college or universlty. The Provision of arts educ81ion and workshop facilities iUding 8tudio 8pa¢e lo art Studènts at college and university and lo arbsls have recently graduated from college or unlver$ity. After the death of Antony Gormley. the curation of the Studios, archlves, and works of art by Antony Gormley and Vicken Parsons Ibul not includlng works of art by Vicken Parsons during her IKalimel for thè purposes of display, us•, and research. In shaping the objecttve8 and planning the Foundatson's activ't8, Tru$tee$ havtr ccfi8idered the Charfty Comrnisslon's guidance on public benefit. The Foundation continued to draw on donali¢ns made in 201812019 (and Income derlved from them) lo cover Ils running costs durlng the reportlng period. Ils activitie8 are offered wlhoui charge lo bw*ficiaries. The Foundallon is registered as a charty Iregislralion number 1180372) and15 not liable lo UK laxalion a¥ tt has no taxable aclivlties. In the exeTclse of their powerg, the Trustees have paid due regard lo the published guidance from the Charity Commission on the operation of the Public Benefrt requirement under the Charfles Ac12011. The following notes record ihe chlef elements in the Foundation's programme durlng the year with partlcular reference lo thè accompanying fInanal slalements. Page 2
THE FOUNDATION FOUNDATION {A company limited by guarnnteel TRUSTEES. REPORT {CONTINUEOI FOR THE YEAR ENDED 31 JANUARY 2023 Alms. Objeetive¥ •nd Activltio¥ Icontlnuedl R•vl•w of Actlvltl During th15 reporting period the charty welcomed fifteen artts15 to the resldency programme at High House. providing them wth studio space, lime. and beautiful surroundings in which lo develop thelr work. The chartty'8 new granlmaking programme, the Emerging Artist5 Exhibition Fund, has algo gene from strength to strength, helping to fund origlnal new artwork from talented ernerging artists acros5 the U.K. The Foundation Feundallon onee more hosted graduates of N0ch Univerydty of the Arts, Flne Art BA progr8mme al High House Studios in the gummer of 2022. Each 2022 graduate received a £500 bursary to cover livlng expenses and materia15 during their Stay. Selected by Bt8ff at Nolwch University of the Arts, the young artists Spent a month cf Ihelr PDSt-yraduallon $ummer away from the demands of their everyday liv9$ 10 develop their pracb'ce al this crucial moment in their careers. At the end of the month, Antony Gormley and cken Parsons joined members of the NUA faculty lo discuss the artist¥. progres3 and the next gleps in Ihelr development. Gormley and Par50ns offered advice and guidance drawn Irom their own rich experSence of making and exhlblts'ng Ihoir own work over the pg¥140 y84rs. The thirteen other resldenty that the ehadty welcomed across the year were supported with travel grants of £100 and weekly 8ub8islence gran18 for food and maleri818 of £50 each. The board have been pleased and insplred by the work created as part of Ihejse residencies. Artists have responded to the remarkable landscapè around High House as well as using the ts'me and space of the residency lo prepare work lor exhibition or push their praCCe forward. We have seen painting. sculpture, ceramlcs, fllm and cellage emerge from the energetic, concentrated, 4nd immensely fruillul w*ek8 that arti818 have Spent wth us durlng the year. Wllh the hope of offerSng the residency opportunity to a circle of artists this year the Trustees have created a new website lo Showcase the unique character of the High House residency and the work ol past residen13. By listing our previous residents, linking to their own websites, and displaylng their work online we hope to be at the centre of a growng community of High House alumni. The feedback we have received from artlst Tesldents over the year has been enormously posllive.. '1 believe that l achleved much more than 16el out lo. Norfolk is an incredible place, rlch in wrilten history, ecology, community and material. I had no idea just how Giucial thi9 place would become to my praclice. I came to this residency lo make work for a show, but unexpectedly, l also found a deep relationship with the land itself, and became ever more inspired and aclwated to continue my pr8cfjce in more experimental ways.. Jull• Bennett 'The studlos are Incredlble spaces perfecuy designed for artists, better than any Studio I've ever had including those at BA and MA. Working on the ground5 8 Ile bil each morning was ¥ really healthy routine Setter and helped me feel situated and settled in quickly. Everyone wag really friendly but respectful of privacy. Il's so Tare lo find that 5UPPOrtive enwronment that allow5 you time and space that is no-strings-attached.. S8mu•l Hann8r This year the Trustees have watched their Emerging Arts'sts Exhibition Fund'5 impact wth a growing sense of satisfaction. The fund is open to applications from museums and galleries hosting exhlbitions from artists enjoying their first solo show at a public gallery in the UK. The awards made in 2021 supported Shows across the country in 2022, as far north a5 Gateshead's Baltic and a5 far south as TO%eT in Eaglbourne. Rits Evans, Nikila Gale, Alice Theobold, Moi Tran, Jala Wahid and Angharad VVilliam5 all used the £10,000 production grants to rnake important new work for these milestone exhibitions in their careery. Thiy work, of ambition and excellence, has been seen by thousands of members of the public and al a time when museums and galleries have been struggling wlh budgets stretched by energy costs, the charty has been pleased to award grants syith purely arbsti¢ aims. Artists have commented on the opportun"e$ that the grants have given them.. lo experiment with new materials, learn new methods, and use the significant opportunity that the exhibitions have represented lo Page 3
THE FOUNDATION FOUNDATION IA company limit•d by guarante•l TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JANUARY 2023 Alm•. Objectives and A¢tivltleJ Icontinuedl show work at the Ilmit of their ambltlon to the public. fellow art18ts, potential cdlaborat¢xs, and Imwtant curators. As a resuti of the obvious success of the programme the Trustees awarded another six grants. lotalling £53,500, in the autumn of 2022. Seeking lo maximise the impact of available lund5 the Trustees have also decided lo open the programme to another elght inslrtutions in 2023, taking the number of museums and galleries invited to apply lo fvnty. We look forward wrth anticipation to the exhibitsons to come in 2023. In these ways the charity continued lo fulfil ils aims through ils aclivilies.. nurturing tslented artists when they graduate. offering studio space lo arti$15 seeking lo develop th&Sr work, and encouraging emerging arn'st3' ambitions as they plan their fir81 major presentation al one of the U.K.'s leading 'producing housè. museums and gaSleri&g. A$ the charty'5 acllvilies continue, the Foundation assess tho succes5 of the residency programme by archIn9 imageg of work created at High House Studios and collecting feedback from re$id&nl8 as well as NUA faculty staff on the pregramme. The charity seeks lo maintain contact wth all residents and intends lo follow their cartsers With interest In the future. The Foundalon Foundation collects feedback from the Emerging Artlg15 Exhibition Fund recipient in6lilulions and artists to undersiand the pr¢gramme's effect and hopes to build a longer-lem picture of the grants, Impact as the programme ¢tinueS. Images and materia15 wll also be collected lo record the supported artrrks and Ihelr èxhibition. The comments, thoughts and suggesllons of all benefi¢iaries wll be used by the Trustees lo dwelop the charSty's so that rt always responds to the needs ol those it seek$ to as8181. The Trustees are Satisfied wllh the progre8g made by the charity In 8chieving its actlvltles dudng and subsequent lo the reporting period. Ex•cutlvo Offic•r The Foundation 58 grateful for the assSstance of Alice O'Rellly. Alice is alBO Executive Assistant to Antony Gormlèy. and her time provided lo the Charity is ramunerated under those separate arrangements. Consequently there 18 no payroll cost to the Charity- 201 hours w?re provided by Allce during the year. Grant Making Pollcy The Foundation Foundation makes grants avallable to art15ts 81 important Stages of Ihelr career8. The overall IntenOn is to uge the monies of the Foundation to promote Innovation, ambrtion, collaboration, education, and Ihg extension of an ever-wdening field of practs'ce in sculpture, paintlng, perfomiance and lime based medla. The Trustee5 wsh to use their expertise in the field and the expert15e of others lo identify indlvidu81s and areas of practs'ce that would benefrt from support. This will always be d¢)ne in line wth the objects of the charity to advance education in the arts. Whilst final responsibility for grant-maklng lies wrih the board of Trustees, dec18ions to offer grants to particular recipients are made by de$ignaled persons and board members. and wlh the p8rticlp81ion of staff from NorvJich University of the Arts lin the case ol the residencies for BA Fine Art gra¢Juate51. Page 4
THE FOUNDATION FOUNDATION IA company Ilmlt•d by guaRnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JANUARY 2023 Aims, Objactiv•s and Aetiviti•s Icontinu•d) Flnanclol Analysls At year end the Foundation holds total funds of £7,063.532 of which.. £6.830,408 is held in investments £233,124 is in nel current asse15 The lolal incomlng resources for the year tre £96.120 12022 - £84,205). Total resourceg expended wre £92.910 12022 £147.4211. At 31 January 2023, the charity held fund balances of £7.063,532 12022 £7,141,202) of whlch unre51ricted funds was £7,063,532 12022 £7,141,202). There weffj no reslriclèd or designated fvnd$ in eithér 2022 or 2023. The Trustees have decided to treat their investments lor operational purposes as an expendable endowment in order to fvnd the current and future aclivkles of The Foundallon Foundation. Inv•slm•nts Thls year has undoubtedly been a challenging one for the charlty's investm•nl portfolio. Volatility in financial markets due lo concems over the global economlc outlook, the impact of the war in Ukraint. anxlety about potential 8upply Shocks and inflationary pressureG all contributed to a very diffi'culi start to the year. The board have. however, been pleased that108$es Sustained early in 2022 have steadied and there hag been a return to grovAh in the value of their investments towards year end, with the portfollo perfomlng salsfactorily 8galn81 benchmark fundB throughout 202212023. The investment alms of the charity are long term and Ils Invegtment policy Is th•refore steered toward 9rDh and protection against the threat of Infi81ion. The investments of the Foundatlon are managed by Brown Advi50ry and thé Trustees mainlaln a dlverslfied portfolio so a$ not to expose the Foundation lo undue risk. The Foundatlon'8 Investment pollcy Is reviewed annually to ensure rts contlnued efficacy and relevance. Income from investments Is dl8bursed os part of the Foundation's work andlor reinvested al the discretion of the Trustees. The Trustee5 expect the fund managers wlh whom the Foundadon's assets aro invested to behave %Mth integrity, lo be lully compliant wlh all regulatory requlremenls and lo meet relevant codes of practlce. In addition, investment manager¥ are expected to take account In Ihelr decl3lon-makSng of environmental, socigl and governance issues. Although the chaTltable gbjec15 of the Foundation do not require the automatic avgidance of investment In any particular geography, sector or corporation the Trustees have decided lo adopt an investrnenl poli¢y Ihal prohibits exposure to Ih08e equities, bonds and other 893et classes that might open the Foundation to crilicigm on ethical or environmentsl grounds. They recognise that this policy may impact the gro% potential of their investments - and indeed in 2022123 the Trustees saw their prohibition of any exp05ure lo fossil fuels reduce their investment relums al the beginning of the year- but they have decided that thi5 risk 19 8cceptable to protect the Foundation's reputation and are confident that their positioning on renewable energy sources represents a sensible, long-lerm investment. The Found¥lion'$ long-tem investment objective is to achieve CPI +3% per annum lover rdling three year periodsl- The strategic asset allocatson targets are Currently.. equities 80%. fixed interest assets 20%. Page 5
THE FOUNDATION FOUNDATION IA comparry limitèd by guarant••l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Aims, ObJ•¢tlves and Actlvltlej Icontinuod) Ros•Nes Pollcy The Trustees aim to maintain general funds al a level 8nd such liquidty as lo enable fvlelve to eighteen months of unrestricted charitable expenditure lo be undertaken at any me. Al thr end of the reporting period the charty had £243,187 In available cash. The Trusteeg recognise that they are still developlng Ihelr long lenn5 Flans and IherefL)r• they have decided lo continue lo keep their reserves al a higher level than required by their reserves policy in order to prode for potential feaslbility Studies relating to possible building Nw)rk5 and consultancy fees associated wth invegb"gating new avenues of grant making aGtsvity. The Trustees wll regularly review their $•IveS policy lo ensure li remains appropriate in the ntext of thelr evolving range of acllvbts'es. Rl•k Management The Trustees review the molor financlal and non-financial risks to the Foundallon in order to ensuro that steps have been taken to minimise rigk and lo lake action to mlligale the Smpact of any unavoidable rl$ks. Risk Is reviewed at least annually svith action resulting from this analysis represented In the Foundation's Rlsk Pollcy. One of the principal risks lo the charity'll funds 18 inflallon vthich has the potential lo threaten the value of the Foundatson's investments. Thls Is particularty challenglng when political and economic uncertainty in the wder World may cause volatility in the markets. Trust88s have sought to minimise thls risk by 5preadlng the Foundation's investments over a broad strategic asset base and across global markeb. A key reputational r58k has been identified by the Trustee5 in the types of equitle8 and bonds lo be Invested In by the Foundation. Seeking lo minimise this risk, the Tru51ees have davised a stringent investment plan for their investment marsager (Brown Advisoryl wknich proscrfbes cla5$o$ of investments, for example equities in fossil fuels, tobacco and defence. The Iruglees eonlinue to be conycious of the risk assoclaled with the Emerging Artists Exhlbillon Fund that money glven by the charity to inylitulion5 could be uged for purposes other than those intended. As a result, the board have ensured that ihe term3 and condllions of the grants allow for them to be repaid rf this is found lo be the ca$9. Considering the charllable slalu$ and excellent rEPUtalion8 of the Institutions that the chanty is working with the board also consider thls rlsk to be remote. Infomiatlon on Fundralslng Practlc•• The Foundation does not currently rety on fundr81sing ag a major source of income nor does it employ or engage profesgional fundraisers. The Foundation does not currently receive funding from the public or make application8 lo other trusts and foundations. As a result, tre Foundation is not registered with the Fundraising Regulator, however, should fundraising activities take place in the future the Foundation will review this. The Foundation is committed lo ayding any intrusive fundraising approaches and wll never apply undue pressure to donate. Page 8
THE FOUNDATION FOUNDATIOM IA company Ilmlted by guarants•l TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 JANUARY 2023 Golng Gon¢8rn The Foundation has substantial resources lo continue in cperational existence for the foreseeable future. For this reason the Trustees continue to adopt the going concern basis in preparing the finandal statements. Strat•glc R•vl•w and Futur• Plans The charity 18 committed lo conknnuing the Emerging Artists Exhibition Fund and 118 relalion8hip %wth NUA In 202314. Towards the end of the reporbng perlod the TruStS decided - and agreed wrth staff al NUA- that in 2023 land future years) the residencies for their students wll tje offered lo graduates of their MA rather than BA programme. The Trustees are keen lo assess whether a resldency al this moment In a young artist's career ha8 more Impact and can be used more fruirfully than after the complellon of an undergraduate degree. Ai already deSCrid. the Emerging Artlst's ExhIlI0n Fund intatIOn list ha$ been expand¢d from twefve to venty In 2023, th the Trustees ready lo disth'bule proportlonalty more fund8 in 2023. The charity's Trustees have conunued to conslder the possih'lily of a capitol project in th8 medium term and also the possibility of addf(ions to the ¢h8rity's programme that complement the support currenuy offered to a'Sts through the Foundolion's re$lden¢ie$ and Emerging Artists Exhibiknon Fund. Wlth the ch8rity now anllcipatlng taking responsibllty for the artlstic estates of Antony Gormley and Wcktn Parsons the TTU$tees conts'nue to carefully evaluate the long lemi vision for the charity, ensuring that all programm&$ can grow into the future. Durfng the reporting perlod the charltyg advlly was funded from the Income of 1.6% of the value (calculated over a defined prior period) of the Foundation's investment portfollo. The chaTlty intendg lo continue lo fund the charity'8 gCtIMty in th18 8U8t8in8ble way- that conllnu88 to allow for long term gTovAh- for the fore•eeable futum. The strategic prlorities of the Foundallon vall 8lw8ys be towards the chartty'8 aim of advancSng art for the public benefit by supporting education In the arts. recognising and fo8terlng the potential of artists and thereby supporb'ng a thriving. creative society in the UK. Page 7
THE FOUNDATION FOUNDATION (A company limlted by guarnnle•l TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JANUARY 2023 Structure. Governancè and Manag•m•nt Conltltutlon The Found81ion1s registered as a ch8rf1able company limited by guarantee and w38 Set up by a Memorandum of Associalion.11 1$ a registere(I charity number 1180372. Organisation The Board of Trustees is appointed by majority 8greement of the Charity's membership and meets regularly lo review and make decisions by majorlty vote on the Foundation's activilles and strategy. DalaY mana9ement of the Foundation is undertaken by Alice O'ReiNy. The Board of Trustees kee under review the sklll¥ required of the Board, When neces8ary the Board will seek new Tru51ee6 in order lo en¥ure tho1 the Board has # relevant and approprfate mix of skills lor the activities and plan5 of the FoundaOn. The InductSon of new Trustees is designed lo give them a proper understanding of all aspects of the work of the Foundallon. On Ihelr appolntmenl new trustees are glv•n a copy of the Memorandum and Articles of Assoclalion, previous Trustee reports and accounts and copie• of all chadty pollcie8. ststem•nt of Tru•ts••' ro•pon•lbllltl•8 The Trustees Iwho are also the direciors of the Foundation Foundallon for the purposes of company lawl are reyponsible for preparlng the Tru¥tee$' report and the financial 51alements in accordance with applicable law and United Kingdom Accountlng Standard8 Iunlled Klngdom Generally Accepted Accounb'ng Practlcel. Comp8ny law requlres the Twslees lo prepare financial 5talement$ for 08ch linancial year. Under companylow the Trustees must not approve the financlal statements unless they are Satisfied that they give a true and fair view of the Stale of affairs of the charflable company and ol the incoming resources and Bpplicalion of resources. Induding the income and expenditure, of the charitable company for that period. In preparlng Ihese financial statements, the Trustees are required lo.. Belect Suitable accounting policle$ and then apply them consislenlly-, observe the methods and principles In the Charities SORP,. make judgements and accounting e8timate5 that are reasonable and prudent,. prepare the financial statements on the going Gon¢ern basis unle5$ (( is inappropriate lo presume that the charitable company wll continue in operation. The Trustees are responsible for keeping adequate accounllng records that aTe sufficient lo show and explain the charitsble compangs transactions and disclose wth reasonable accur8Cy 818ny lime the financial position of the charitable company and enable them to ensure that the financi81 slalemenls comply with the Companie5 Act 2006. They a also responsible for safeguarding the a55?15 of the charitsble company and hence for taking reasonable steps for the prevention and deteCtiC of fraud and other iTregular.es. Legislation in the United Klngdom governing the preparation and dissemination of financlal ststemenls may differ from legislaljon in other jurisdictions. Page 8
THE FOUNDATION FOUNDATION {A company Ilmlted by guarante?) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JANUARY 2D23 Dlbclosure of Inlomiitlon to audltor8 Each of the persons vtho are Trustees at the tim• when this Trustee5' report18 approved h89 confimied that.. o far as that Trustee 18 8ware, there Is no relevant audit Information of whlch the charitable cornpany's auditors are unaware, that Twslee has tsken all the 8teps that ought to havé been taken 88 a Trustee In order to be aware of ny relevant audrt information and lo establish that the charitable company's audllors arè aware of that infomialion. In preparlng the report, the Tru8tee8 have taken advantage ol the small companles exemptions available under the Companies Act 2006. This report wa5 approved by The TnJsté•s, on and signed on their b8half by.. Antony Gomil•y Page 9
THE FOUNDATION FOUNDATION IA company limited by guarantèol INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FOUNDATION FOUNDATION Oplnlon We have audited the f5nanclal statements of The FoundaliDn Foundation (the 'charitable company'l for the year ended 31 January 2023 vthich comprise the Statement of financial activitie5, the Balance sheet, the Statement of cagh flows 8nd the related notes, including a summary of significant accounting policies. The financial reporting framework that h88 been applied in their preparation is applicable law and United Klngdom Ac¢ountlng standards, including Financial Reporting Standard 102 The Financial Fleporting Stsndgrd oppll¢able in the UK and Republic ol Ireland, (United Kingdcm Generally Accepted Accounting PraCce). In our opinion the financial slatemenls.. give a true and falr view of the slate ot the charllable compan18 affalrs as at 31 January 2023 and of its Incoming resources and application ol resources, IncludSng income and expendrture for the year then endetj,. have been property prepared In accordance wkh Unlted Klngdom Generally Accepted kcountsng Pradce., and have been prepared In accordance wlh the requirements of the Companies Act 2006. Balls for oplnlon We conducted our audit in accordance with Inlemalion81 Standards on Auditsng IUKI IISAS IUK}l and applicable law, Our responsibilitles under those standardg gre further described in the AudSlory' re3ponslbS1itle3 for the audit of the financial statements section of our report. We are independent of the ¢harlt8ble company In accordance with the ethical requirements th81 are relevant lo our audit of the financlal statements in the United Kingdom, includlng the Financlal Reporting C¢uncil'5 Ethical Standard, and we have fulfilled our oth&r ethical re$pon$ibililies In accordance Mth Ihe8e requiremenlg. We belleve that the audit ewdence we have obtained 13 sufficient and appropriate to provi¢Je a basis for our oplnion. Con¢lu8lon8 relotSng to golng conc•in In auditing the financial 8lalements. we have concluded that the Trustees, use of the going concem basis of accounting in the preparallon of the financial statements18 8pproprkqte. Based on the Work we have performed, we have not identified any material uncertainties relating ID evenl8 or cMdilions that, individually or collectively, may cast significant doubt on the charitable cornpanls ability to continue as 8 going concern for a period ol at least he1ve months from when the fln8ncial slalements are aulhvrised for issue. Our responsibille3 and the re$ponsibllKles of the Trustee5 with respect to golng concern are desulbed in the relevant sedon5 of this report. Page 10
THE FOUNDATION FOUNDATION A c¢)mpany limited by guarante?) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE FOUNDATION FQUMOATION CONTINUED} Oth•r Inforniation The other information comprises the informalion Included in the Annual report other Ihan the financl81 statemènts and our Auditors, report Ihereon. The Twslees are responsible for the other informats'on contained within the Annual report. Our opinion on the financial statements does not cover the other informotion and. except to the extent otheN4ise explic1Y stoled in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other inlomiation and, In doing so. consider whether the olher Inlormation is materially inconsistent vthh the financial stalemenl$ or our knowledge obtained in the course of the audit, or otherwse appears to be malerialty misstated. If we identify such material inconsistencies or apparent material mi5Stalem8nts, we are required to determine whether this gives rige lo a material miystatemenl In the financial statements themselves. If. based on the Work we have performed, we conclude that there 18 a material mi8ytalement of this other inform8Uon, we ale required to repc*rt that fact. We have nothing to report in this regard. Oplnlon on oth•r matt•r• pr•Bcrlb•d by th• Companles Act 2006 In our opinion, based on the work undertaken in the coursè of the audll,, the Informallon glven In the Trustees, report for the finanGlal year for whlch the financial statements Ar8 prepared Is consistent with the financlal 5talement8. the Tru$teeg' report ha8 been prepared in accordance th applicable leg81 requirements. Matt•Ys on whlch w• arn rnqulred to report by •xc•ptlon In the light of our kno¥%ledge and understanding of the Charitable compary and its environment obtalned in the course of the audit, we have not identified materlal mis51atemenls in the Trustees, repo We have nothing to report in respect of the followng matters in relatlon to vthich Companies Act 2006 requires us lo report lo you If, Sn our opinion.. adequate accounting records have not befjn kgpt, or returns adequate for our audit have not been received from branches not visited by us,. or the ffnancial ststemenls are not in agreement vAth the accounting records and returns.. or certain dlselosures of Twslees, remuneratlon specrfied by law are not made," or we have nct recelved all the Infom)8tion and explanabons we require for our audll,. or the Trustees were not enlilled to prepare the financial statements in accordance wlh the ¥mall companie5 regime and take advantage of Ihe Small wmpanies, exernpts'on8 in preparing the Tru5tees' report and from the requirement lo prepare a Strategic report. Page 11
THE FOUNDATION FOUNOATtON (A company Ilmlted by guarantè• INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FOUNDATION FOUNDATION ICONTINUEDI R•sponglbllltlo¥ of trust•g8 A8 explained more fulty In the Trustees. responsibilities statement, the Trustees (who are also the directors of the charftsble company for the purposes of company lawl are responsible for the preparation of the financial stalernents and for being sab"sfled that they give a true and fair view, and for such internal control as the Trustees determine 1$ necessary to enable the preparation of financi81 statements that are free from malerlal misstalemenl, vthelher due lo fraud or error. In preparin9 the financial Slalemenls, thè Trustee5 are responsible for a$ses8ing the charitable company's abllity to continue as a going concern, di$¢losSng, a5 applicable, matters related lo going concern and using the going concem basis of accounting unless the Trustees either intend lo liquidate the charitable company or lo cease operations, or have no realSytic altematwe but to do 80. Audltor•' rnspon•lbllStl•• ft*r the audlt of th• fln•ncl•l •tat•m•nt8 Our objectlves are to obtaln reasonable assurance about vthelher the flnancièl ststemenls as a whole are fre• from material misstslemenl, %theiher due to fraud or error, and lo 158ue an Audilor8' report that Includes our opinion. Reasonable as8urance 15 a high level of assurance, bul is not a guaranl•e that an audit con¢Ju¢ted in accordance with ISA$ IUKI wll 8lways delect a mateTial misstatement en it exists. Misstatements can ad88 from fraud or error and are considered material If, indlvldually or In the aggregate. they could reasonably be expected to influence the economic decislons of users tsken on the basis of these finanrAal statements. Irregularities, Sncluding fraud, are in$tance5 of non-compliance with laws and regulallons. We deslgn procedures in Ilne with our responsibilitses, outllned above. lo detect malerlal mlsstatements in respect of Irregul8rllies, inclLJding fraud. The extent to whlch our procedures arè capabl• of detetling irregulaTitieB, Including fraud is detailed below.. Enquiry of management antj those charyed wlh govemance around actual and potential lrtigalion and claim8', Performing audit work over the risk of management override of controls, including evaluating the business rationale of significant Iransacllons outside the nomial course of business., RevIen9 minutes of meetings of those charged wlh governance.. and Reviewng financial statement disc108ures and testing to supporting documentsllon lo assess complian th applicable law8 and regulations. Because of the inherent limitations of an audit, there is a risk that we wll not delecl all Irregularities, including those leading to a material mi5slatement in the financial statements or n-¢mplIanCe wlh regulation. This risk increases the more that compliance wth a law or regulation Is moVed from the events and transath'ons reflected in the financtal statements, as we wll be less likely to become aware of ingtsn¢es of non-compliance. The risk is also greater regarding irregularfties occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, colbJsion, omission or misrepresenlalion. A further descripfjon of our responsibilities for the audit of the finanaal statements is located on the Financjal Reporting Council's webshe al.. vJww.frc. kl Thi5 description forms part of our Auditors, report. Page 12
THE FOUNDATION FOUNDATION (A company limltfrd by guarants•l INDEPENDENT AUDITORS. REPORT TO THE hlEMBERS OF THE FOUNDATION FOUNDATION ICONTINUEOI Uso of our report Th18 report is made solely to the charitable mpanI& members. a8 a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work hay been undertaken $0 that might slate to the charitable company's members those mallers we are required lo slate to them in an Auditors, report and for no other purpose. To the fvllesl extent perniitted by law, we do not accept or assume responsib'lity to anyone other thon the charrtable company and bts members. as a body, for our audit work, for this report. or for the oplnions we have formed. D•vld Boo••y BAIPlonsl BFP ACA13enlor statutory auditor) for and on behalf ol MHA Slalulory Audltor M8id$lone United Klngdom Date.. 17 October 2023 MHA Is the tradlng nam• of M8clntym Hud80n LLP, a Ilmited Ilabillty partnership in England and Walés IOC3123131 Page 13
THE FOUNDATION FOUNDATION IA company Ilmlted by guardnts•) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JANUARY 2023 Unrgslri¢tsd funds 2023 Total funds 2023 Total funds 2022 Note Income from.. Donation3 and legacles Investments 8,610 09,510 6,610 19,610 5, 148 79,057 Total In¢om• 96.120 96.120 84,205 Exp•ndlturn on: Raising funds Charitable 9¢bO9 6S.874 37,036 65.874 37,03fj 56,927 90.494 Totsl oxpendlturo 92,910 92,910 147,421 Not Incomo1{exp•ndltur•) beforn n•t {1088•8llg•ln¥ on Inv••trn•nt• Nel {losse8llgoin8 on Investment8 3,210 3,210 f63,216) 180,8801 180,8801 517,356 N•t movem•nt In fund• 177,6701 {77,6701 454,140 RecolI1•tIOn of fund8: Total fund8 brought forvrard Net movement in funds 7.141.202 177,6701 7,141.202 {77.6701 6,687,062 454, 140 Total funds urrled forward 7,063,532 7,063,532 7, 141,202 The Statement of financial activities includes aN gain¥ and losses recognlsed in the year. The note8 on pages 17 to 26 fom part of these financlal statements. Page 14
THE FOUNDATION FOUNDATION IA company IlmSt•d by guarante•l REGISTERED NUMBER: 08861248 BALAMCE SHEET AS AT 31 JANUARY 2023 2023 2022 Nots Flx•d •¥sgt• Investments 12 6,830.408 7,057,691 .830,408 7,057,691 Cunvnt aM•ts Investments Cash at bank and In hand 1S7.584 85,603 99, 771 20,904 243,187 120,675 Credllor8'. amoun15 falling due vAthin one year 14 110,0631 (37,164J N•t curr•nt a•8•ts 233.124 83,511 Total n•t a•uts 7,063.532 7, 141,202 Ch•flty fund• UntrIcted funds 7,063.532 7, 141,202 Total fundi 7.063.$32 7, 141,202 The Trustees acknO¢d90 their iesponslbililie8 for complying th the requlremen18 of the Act vAth respect to aecounling records and preparation of financial statements. The financial statements have be?n prepored in accordance vhth the prov15ion5 applicable to ent•8 sublect to the small companie$ reglme. The financial statements were approvod and aulh0ri5ed for issue by the Trustees and 8igned C their behalf by.. Vl¢ken Parsons The notes on pages 17 10 26 fom part of these financlal statements. Page15
THE FOUNDATION FOUNDATION {A company limited by guarnnteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2023 2023 2022 C48h flo from OP•Tatlng 4ctlvltle8 Net cash used in operating activlties 1113,4011 (120,804) Cash flowl from Inv•8tlng actlvltl•s Diwdends, Intere8ts and rents from investment8 Proceeds from 8ale ol Inve81ments Purchase of Investments 89.510 79,030 1.222.391 1.432, 118 (1.076.988) (1, 708,760) N•t c*#h provld•d bylluud Inl Inve•tlng 4ctlvltl•• 235,913 {197.6121 Chango In cuh and ca•h •qulv•lonts In the y•ar Cash and cash equivalents 81 the beglnnlng ol the year 122.512 1318,4161 439.091 120,676 C••h Ind c••h •qulvalont• •t tho end of tho yoar 243,187 120,675 The notes on pages 17 10 26 fom Part of these financial 8talements Page 16
THE FOUNDATION FOUNDATION {A company Ilmlted by guarant¢•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 G•noral Inform•tlon The Foundatlon Foundation Is 8 charilat4e company limited by guarantee and incorporated In the Unite¢J Klngdom. The aim5 of the chaTf(y are for the publ benefit, the advancement of art and the advancement 01 education in the art5, in particular bul not eKdu8ively by.. A. the provision of grants and professional development to Btudenlg at college and universty and lo artists have Tecenlly graduated from college or univeTSily,' B. the provision of arts education and workshop facilits'es including studio space lo art Students al college and univorsity and lo artists who have recenuy graduated from rollege or university., C. after the death of Antony Gomley the curation of the studios, archives and works of art by Antony Gormley and Vlcken Parsong Ibul not including work8 of art by Vicken Par8ons during her lrfetime) for the purposes of di8play, use, and research. The charitable company's functs'onal and presentational Currency 18 GBP, presented rounded to the nearest £1. Accountlng poll¢l•• 2.1 8a818 of prnparatlon of Ilnancl•l •t•t•m•nts The financial gtalemenls have been prepared in occordance wlh the Charities SORP IFRS 1021 A¢¢ounling and Reporkn'ng by Charities., Statement of Recommended Practice appllcable to charitles prep8dng their 8ccounlg in accordgnce wth the Financial Reporting Standard applicable In the UK and Republlc of Ireland IFRS 1021 {effective 1 January 20191, the Finanaal Reporting Standard opplicable in the UK and Republic of Ireland IFRS 1021 and the Companies Aci 2006. The Foundallon Foundation meets the definitson of a public benefit entlty under FRS 102. Assets and Ilabiltilès are Inillally recognised at historical cost or transaction value unle58 olhethse ststed in the relevant accounting policy. 2.2 Golng concem The financlal slalements have be?n prepared on a going concern basis. The Trustees hav• considered relevant information, inGluding the annual budget. forecast future cash flows and the Impact of subsequent events in making their assessment. B88ed on these 88sessmenls and hawng regard to the resources avallable to the enlily, the Trustees have concluded that there is no material uncertainty and that they can continue lo adopt the going concem ba315 in preparfng the annual report and accounts. 2.3 Incom• AJI income is recognised once the Company has entiuement to the income, it 15 probable that the income wll be received and the amount of income re¢eivable can be measured reliably. Investment income is recognised in the period lo which tt relates. Don81ed professional services and facllrtles are recognised on receipt on the basis of the value of the gift to the Company lch is the arnount it would have been willing to pay lo obtain services or tscilitses of equivalent economic benefit on the open market,. a corresponding amount is then recognised In expenditure in the period of receipt. Page 17
THE FOUNDATION FOUNDATION (A company limited by guaianteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Ac¢ountlng pollcles Iconunuedl 2.4 EXnditre Expenditure is recognised oncE there Is a legal or constructive obligats'on lo transfer economic benefrt lo a third party. it is probable that a transfèr of economic benef((s will be required in settlement and the amount of the obligatson can be measured rellably. Expenditure is classified by activity. The costs of each acllvity are made up of the totsl of direct costs and Bhared costs, including support Costs Invofved in undertaking each 8ctsvty. Direct costs attn"bulable lo a single activity are allocated direcUy lo that aGvIty. Shared Costs 1¢h contribute lo more than one activity and support costs leh are not attributable lo a single aclivlty are apportioned betsveen those act5vities on a basls consistent wth the u8e of resources. Expendlture on ralglng fiJnd8 include$ all expenditure incurred by the Company to ralse fvnds for Its charitable purposes and Includes costs of all fundraising actlvltie8 events and non-charftable trading. Expenditure on charitable 8cb"vitie$1s incurred on directly undertaking the activlties whlch further the Company'y oty'ective8, 88 11 as any agsoclated support cost5. Grants payable are charged in the year ¥th•n the offer is made except In those cases ere the offer is condltlonal, such grants being recognised as expenditure %then the conditions attaching are lulfilled. Grants offered subject lo conditions %thich have not been met al the year end are noted as commilmenl, bul not accrued as expenditure. The Company has taken the exempts'on under $ubseclion111 ol the Charities Act 2011 not lo disclose the identities of recipients of grants made out of the funds of the charity. or the amounts of any Indiwdual grants $0 made, if the d15c105ure would fall to be made at a time en the settlor or any 8pouse or civil partner of the sewor was Still alive. All expenditure is Incluslve of irrecoverable VAT. 2.6 Invg3tmonl8 Fixed as5el investments are a fom of financial instrument and are inib'ally recognised at Ihelr transacllon cost and subsequently me8$ured al fair value 81 the Balance sheet date, unless the value cannot be measured reliably in 1¢h case11 Is measured at cost less impairment. Investment gain$ and Ios8es, whether Tealised OT unrealised. are combined and presented as 'Gain8llLosse$l on inve$tmenls' in the Slalement of financlal aGtivhies. 2.6 Cash at bank and In hand Cash 81 bank and in hand indudes cash and short-lemi hlghly liquld Investments with a short maturlty of three months or les$ from the dale of acquisltion or opening of the dep0511 or similar account. Page 18
THE FOUNDATION FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Accountlng pollclos Icontlnu•d) 2.7 Liabilities ond pFovislons Liabillb'es ar8 recognised when there is an ObligaOn at the Balance sheet dale as a resuit of a past event, il is probable that a transfer of economic benefit wll be required in settlement, and the amount of the Settlement c8n be e8timaled ieliabty. Liablllues gr8 fecognI8e(l al the amount that the Company anlicipales 11 wll pay to $ettie the debt or the amount It has received as advanced paymen18 for the goods or serMce¥ il must provlde. Provisions are measured 81 the best estimate of the amounts required to settle the oblSgation. Wttere the effect of the lime value of money 15 material, the provislon 1$ based on the present value of those amoun15, discounted al the Pre-tax discount rale that reflects the risks specific to the liability. Th unwnding cf the dilcounl recogni8ed in the S181ement of financlal actitIeS 85 4 finance cost. 2.8 Flnan¢l•l Instrumonts The Company only has financial assets and financial Ilabllili&s ol a kind that qualrfy as b4slc financial Instruments. Sasic financial instrument5 are InIallY recognised 81 transaction value and subsequently measured al their sethement value th the exception of bank loans vA)ich aw 8ubsequenUy measured at amortl$ed cost uslng the effective Intere81 method. 2.9 Fund gccountlng General funds are unrestricted funds vthich are available for uge at the di8crellon of the Trustees in furtherance of the general objeclivey of the Company and whlch have not betn de$lgn8led for other purposes. Invejtment income, galn8 8nd1088es are allocated lo the appropriate fijnd. Incomo from don•tlons and1og•cl•• Unrn5trlctsd funds 2023 Total fund¥ 2023 Total fvnds 2022 Donated adminlslr8tor Ilme 6.610 6,610 5. 148 Total 2022 5,148 5,148 Page 19
THE FOUNDATION FOUNDATION A company Ilmlted by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JANUARY 2023 Investment Incomg Unrnstricted funds 2023 Total fund* 2023 Total funds 2022 Dividend8 accumulated other inlere8t received 89.510 89,510 79,030 27 89,510 89,610 79,057 Total 2022 T9.057 79.057 InYMtm•nt m•n•g•m•nt colts Unrn•trfctsd funds 2023 Total fund• 2023 Tot81 runds 2022 Investment management fee8 55.874 55.874 56.927 Total 2022 56,92T 56.927 An•ly•i¥ of grants Grnnts to Indlviduals 2023 Total fund$ 2023 Tofal funds 2022 Grant maklng 19,780 19,780 61,000 Total 2022 67.000 61,000 P¥ge 20
THE FOUNDATION FOUNDATION (A cornpany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Analysls of •xp•ndltur• on charltable actlvltl Summary by fund typ• Unr•strl¢tad funds 2023 Total 2023 Total 2022 Charit8ble aclivllies 37,036 37.036 90,494 Tolo12022 90,494 90,494 An•ly•l$ of •xp•ndltur• by •ctlvltl•B Grnnt fundlng of *ctlvltl•• 2023 Support costs 2023 Totsl fund• 2023 Total funds 2022 ChBrflae act5e$ 19.780 17.256 37,038 90,494 Tol812022 61,000 29.494 90,494 Page 21
THE FOUNDATION FOUNDATION (A company Ilmited by guarant••l NOTES TO THE FINANCIAL STATEIAIENTS FOR THE YEAR ENDED 31 JANUARY 2023 Analy8lB of 8xp•ndlture by actlvltl•s Icontinu•d) An•lysi• of support costs T¢Jtal lund• 2023 Total funds 2022 Actlvities 2023 Audit fees Accountancy feej Professional fees Bank charges Trustee expenses Insurance Listed Investment foreign exchange rate lo¥s Donated adminiglrator Ilme- charge 4,894 3,060 4,894 3,060 384 32 11311 475 1,909 6.833 3, 157 3.268 15.775 36 32 {1311 475 1,267 678 225 5, 148 1,909 8,833 17,256 17.256 29,494 Total 2022 29,494 29,494 Audltorn. r•munoratlon 2023 2022 Fees payab to the Company's audltor for the audit of the Compan1¥ annual accounts 4,894 3,157 Fees payable lo the Compan$ auditor In respect of.. AJI non-audrt seryices not included 8bove 3.060 3,268 10. Staff costs During the year the charitable company employed No Staff {2022'. Nill. As a result, no employees recdved any remuneiation in either year. 11. Trnsl¢os' remun•ralion and •xp•ns•s During Ihe year, no Trustee8 rècelved any remuneratbon or other benefrts (2022- £NILJ. Page 22
THE FOUNDATION FOUNDATION (A company IlmSted by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 11. Tru•ts•' remunoratlon and 8xpen8•8 Icontlnued During the year ended 31 January 2023, expensèg lotalling £-131 were reimbursed or paid directly to Tfustees (2022 - £1,267). This is made up of an £18 payment in respect of meetlng expenses and rever8al of a 2021 accrual for £150. relating lo a fine that was later rescinded. At the year end, £2,167 {2022- £1.2551 was due lo Antony Gonnley and is shown 8$ Other loan8 in Note 14. There were no other transactions related PaeS during the current of prior year. 12. Flxed a¥Bet InveBtments Llst•d InveBtment¥ Co•t or vilutlon At 1 February 2022 Additions 7,057,691 1.075,980 11,188.1881 {115,0831 0i5posa15 Revaluallcnj At 31 January 2023 .830,408 Not book valu• At 31 January 2023 6.830.408 At 31 J8nu8ry 2022 7,057,691 13. Curr•nt •53•t Inv•¥tm•nt• 2023 2022 Inve5tments- Cash deposits IS7,584 99.771 Page 23
THE FOUNDATION FOUNDATION (A company Ilmited by guaMnt••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 14. Cr•dltors: Amounts falllng duè wlthln ong ar 2023 2022 Oiher loans Trade credrtorn Other creditors Accru013 and deferred Income 2.167 372 1,255 12,000 3, 750 20.159 7,524 10.063 37,164 15. Statement of fvnd8 stst•m•nt of funds . curr•nt y•ar Balancè at I Fobruary 2022 Bal•nce It G*ln#l 31 January ILo81•1) 2023 Incixn• Exp•ndltur• Unr•8trlct•d lun(h Gener81 Funds- all fund8 7,141,202 96.120 192,910) {80.8801 7,063,532 St•t•m•nt of fund• . prlor y•ar Balanc8 81 l FebnJ8ry 2021 8alance at Goinw 31 January (Lossesj 2022 Income Expenditure Unreslrlcted fund Gen?ral Funds- all funds 6,687.062 84.205 (147,421) 517,356 7,141,202 Page 24
THE FOUNDATION FOUNDATION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 16. An•ly•l# of net assets b•lM•n fvnd• Anal18 of not 8$•ts b•tw••n fund•- currnnt year Unrestrlct•d funds 2D23 Tot•1 funds 2023 Flxed a89et Investments Current assets Credttars due thIn one year 6,830.408 243.187 {10,063) 6.830.408 243.187 110,0631 Totsl 7.063.532 7,063,532 AnalyBl• ol not a••vts bfrtwwn fund8- prfor y••r Unr8strlcl8d runds 2022 Total runds 2022 Fixed 888el invejtmenls Current assets Creditor8 due thIn one year 7.057.691 120.675 (37,1641 7,057,691 120,675 (37, 164) T¢)tsl 7. 141.202 7, 141,202 17. Roconclllatlon of net Illovornont In fund• to nrt cash Ilow from oporating aCtlvltl•s 2023 2022 Nel incomelexpendKure for the year {88 per Stalernenl of Financlal Actiwliesl 177,6701 454, 140 Adjustments for: Gainsl(Iossesl on investments Dividends. interests and rents from investrnents Decrease in debtors Increaselldecreasel In creditor8 80,08D {89,510 (517,356) (79,030) 4, 759 76.683 127,101) Net cash used in opprntlng aGtivili 1113,401) (120,804) Page 25
THE FOUNDATION FOUNDATION (A company Ilmltsd by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 18. Anaty•ls ol cash and cash oqulvalents 2023 2022 Cash in hand 243,187 120,675 Total c••h and c••h oqulvil•nts 243.187 120,6T5 19. Analy•l• of chang•i In n•t d•bt Ch•ng•# In m•rk•t v•luo •nd At1 •xchang• F•bruary rat• 2022 C••h flow• mov•mont• At31 J•nu•ry 2023 Cash at bank and in hand Debt due 1 year Liquid investments 20.904 11.2551 99,771 84,699 19121 69,722 85,603 12,1671 167,684 {1,909) 119,420 123,509 {1,9091 241.020 Page 26