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|||||Page|
|---|---|---|---|---|
|Reference and Administrative||Details ofthe Foundation,|its Trustees and Advisers|1 - 2|
|Trustees'
Report||||3-18|
|Independent|Auditors'
Report|on the Financial Statements||19-23|
|Consolidated|Statement of Financial Activities|||24|
|Consolidated|Balance Sheet|||25-26|
|Foundation|Balance Sheet|||27-28|
|Consolidated|Statement ofCash Flows||||
|Notes to the|Financial Statements|||30 - 61|
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||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2021|2021|2021|2020|
|||Note||6|6||
|INCOME FROM:|||||||
|Donations
and legacies|||143,500||143,500|269,166|
|Charitable
activities||3||387,651|387,651|792,037|
|Other trading
activities||4||74,934|74,934|242,772|
|Investments||5||2,247,190|2,247,190|2,750,028|
|Other income||7||362,758|362,758|138,896|
|TOTAL INCOME|||143,500|3,072,533|3,216,033|4,192,899|
|EXPENDITURE ON:|||||||
|Raising funds||||201,701|201,701|318,989|
|Charitable
activities|||123,973|4,718,375|4,842,348|5,654,567|
|TOTAL EXPENDITURE|||123,973|4,920,076|5,044,049|5,973,556|
|NET INCOME/(EXPENDITURE)|||||||
|BEFORE NET GAINS/(LOSSES)
INVESTMENTS|ON||19,527|(1,847,543)|(1,828,016)|(1,760,657)|
|Net gains/(losses)
on investments||18||15,695,294|15,695,294|(9,581,404)|
|NET INCOME/(EXPENDITURE)|||||||
|BEFORE TAXATION|||19,527|13,847,751|13,867,278|(11,362,061)|
|Taxation||15||||565|
||||19,527|13,847,751|13,867,278|(11,361,476)|
|NET MOVEMENT
IN FUNDS|||||||
|RECONCILIATION
OF FUNDS:|||||||
|Total funds brought
forward|||96,554|108,276,855|108,373,409|119,734,885|
|Net movement
in funds|||19,527|13,847,751|13,867,278|(11,361,476)|
||||116,081|122,124,606|122,240,687|108,373,409|
|TOTAL FUNDS CARRIED FORWARD|||||||
##
|||CONSOLIDATED|BALANCE SHEET|||
|---|---|---|---|---|---|
|||AS AT 31|MARCH 2021|||
||||2021||2020|
|||Note|E||8|
|FIXEDASSETS||||||
|Tangible assets||16|15,011,512||15,709,527|
|Heritage assets||17|1,542,917||1,542,917|
|Investments||18|93,421,586||82,279,667|
|Investment
property||18|2,760,000||2,601,000|
||||112,736,015||102,133,111|
|CURRENT ASSETS||||||
|Stocks||19|51,595|42,544||
|Debtors||20|249,256|282,085||
|Cash at bank and|in hand|25|10,056,461|6,715,490||
||||10,357,312|7,040,119||
|Creditors: amounts|falling due within one|||||
|year||21|(852,640)|(799,821)||
|NET CURRENT ASSETS|||9,504,672||6,240,298|
|TOTAL NET ASSETS|||122,240,687||108,373,409|
|CHARITY FUNDS||||||
|Restricted
funds||22|116,081||96,554|
|Unrestricted
funds:||||||
|Designated
funds||22|118,506,588|103,197,838||
|General funds||22|3,618,018|5,079,017||
|Total unrestricted|funds|22|122,124,606||108,276,855|
|TOTAL FUNDS|||122,240,687||108,373,409|
##
|||FOUNDATION|BALANCE SHEET|||
|---|---|---|---|---|---|
|||AS AT 31|MARCH 2021|||
||||2021||2020|
|||Note|E|||
|FIXEDASSETS||||||
|Tangible assets||16|15,011,512||15,709,527|
|Heritage assets||17|1,542,917||1,542,917|
|Investments||18|93,428,172||82,286,253|
|Investment
property||18|2,760,000||2,601,000|
||||112,742,601||102,139,697|
|CURRENT ASSETS||||||
|Debtors||20|459,662|639,750||
|Cash at bank and|in hand||9,742,600|6,205,730||
||||10,202,262|6,845,480||
|Creditors: amounts|falling due within one|||||
|year||21|(842,442)|(785,702)||
|NET CURRENT ASSETS|||9,359,820||6,059,778|
|TOTAL NET ASSETS|||122,102,421||108,199,475|
|CHARITY FUNDS||||||
|Restricted funds||22|116,081||96,554|
|Unrestricted
funds:||||||
|Designated
funds||22|118,506,588|103,197,838||
|General funds||22|3,479,752|4,905,083||
|Total unrestricted|funds|22|121,986,340||108,102,921|
|TOTAL FUNDS|||122,102,421||108,199,475|
##
##
##
||||2021|2020|
|---|---|---|---|---|
|||Note|6|6|
|CASH FLOWS FROM OPERATING ACTIVITIES|||||
|Net cash used
in operating
activities||24|(3,219,581)|(3,757,074)|
|CASH FLOWS FROM INVESTING ACTIVITIES|||||
|Dividends,
interests and rents from investments|||2,247,190|2,750,028|
|Purchase
oftangible
fixed assets|||(81,013)|(179,573)|
|Net drawdown
from investment
porffolio|||4,394,375|1,366,593|
|NET CASH PROVIDED BYINVESTING ACTIVITIES|||6,560,552|3,937,048|
|CHANGE
IN CASH AND CASH EQUIVALENTS|IN THE YEAR||3,340,971|179,974|
|Cash and cash equivalents
at the beginning
ofthe year|||6,715,490|6,535,516|
|CASH AND CASH EQUIVALENTS AT THE END|OF THE YEAR|25|10,056,461|6,715,490|
|The notes on pages 30to 61 form part ofthese financial statements|||||
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||||Restricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2021|2021|2020|
||||6|5|6|
|Yorkshire Sculpture|International|(YSI)|143,500|143,500|269,166|
|TOTAL 2021|||143,500|143,500|269,166|
|TOTAL 2020|||269,166|269,166||
##
##
|CHARITA|BLE INCOME|||||
|---|---|---|---|---|---|
|||||2021|2020|
|||||F|F|
|Catalogue|sales and publication|Income-|HM Institute|4,843|58,183|
|Exhibition|income|||81,339|320,698|
|Other income||||15,226|39,526|
|Contributions
from Leeds City Council||||162,523|159,806|
|Admissions|income|||123,720|213,824|
|||||387,651|792,037|
##
|||2021|2020|
|---|---|---|---|
|||6||
|PROFIT AND|LOSS ACCOUNT|||
|Retail sales, events and licensing income||70,244|178,194|
|Sales ofworks|ofart from stock|4,590|18,378|
|Cost ofsales||(33,886)|(83,068)|
|||40,948|113,504|
|Other operating|income|100|46,200|
|Administrative|expenses|(76,716)|(148,025)|
|Net profit before tax||(35,668)|11,679|
|Tax|||585|
|Net profit after tax||(35,668)|12,264|
##
##
||FOR THE YEAR ENDED|31 MARCH 2021||
|---|---|---|---|
|||2021|2020|
||||6|
|NET ASSETS||||
|Net profit after tax||(35,668)|12,284|
|Net assets brought|forward|173,934|173,349|
|GiR aid distribution|||(11,679)|
|Net assets carried|forward|138,266|173,934|
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2020|
|||6|||
|Property income||66,271|66,271|67,981|
|Investment|income|2,090,840|2,090,840|2,640,820|
|Bank interest||90,079|90,079|41,227|
|||2,247,190|2,247,190|2,750,028|
|TOTAL 2020||2,750,028|2,750,028||
##
##
##
##
##
||||2021|2020|
|---|---|---|---|---|
|||||5|
|Investment|income||2,090,840|2,640,820|
|Gain on investment||properties|159,000||
|Gain/(loss)|on listed|investments|14,628,208|(9,345,199)|
|Realised investment||gains/(losses)|908,086|(236,205)|
|Investment|management
fees||(91,100)|(96,130)|
|Total return|forthe|year|17,695,034|(7,036,714)|
##
##
|||||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|funds|
|||||||2021|2021|2020|
|||||||5|6|5|
|Museum|and|gallery|exhibition|tax|relief|89,022|89,022|138,896|
|Government||grants||||273,736|273,736||
|||||||362,758|362,758|138,896|
|TOTAL|2020|||||138,896|138,896||
##
##
##
##
##
||||2021|2020|
|---|---|---|---|---|
||||F|6|
|Subsidiary|other costs||28,731|66,700|
|Subsidiary|staff costs||81,870|156,159|
|Investment|management|fees|91,100|96,130|
||||201,701|318,989|
##
##
|||||Activities|Grant||||
|---|---|---|---|---|---|---|---|---|
|||||undertaken|funding of|Support|||
|||||directly|activities|costs (note|Total|Total|
|||||(note 10)|(note 12)|11)|funds|funds|
|||||2021|2021|2021|2021|2020|
|||||6|6|6|6|6|
|Grants|||||440,103|39,885|479,988|629,117|
|Curatorial|and|exhibitions|||||||
|(Perry Green)||||979,117||434,229|1,413,346|1,370,195|
|Sculpture|studies||(HMI)|784,451||381,077|1,165,528|1,335,183|
|Estate and|visitor||services||||||
|(Perry Green)||||400,458||939,442|1,339,900|1,207,521|
|Marketing||||289,193||30,420|319,613|358,611|
|Yorkshire|Sculpture||||||||
|International||(YSI)||123,973|||123,973|753,940|
|||||2,577,192|440,103|1,825,053|4,842,348|5,654,567|
|TOTAL 2020||||3,308,416|500,000|1,846,151|5,654,567||
##
##
##
##
|||||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||Direct costs||Staff costs|funds|funds|
|||||||||2021|2021|2021|2020|
|||||||||F|||6|
|Curatorial|and exhibitions|||(Perry||Green)||208,525|770,592|979,117|1,111,619|
|Sculpture|studies|(HMI)||||||105,488|678,963|784,451|810,295|
|Estate and visitor||services||(Perry||Green)||25,183|375,275|400,458|308,900|
|Marketing||||||||104,741|184,452|289,193|323,662|
|Yorkshire|Sculpture||International|||(YSI)||35,693|88,280|123,973|753,940|
|||||||||479,630|2,097,562|2,577,192|3,308,416|
|TOTAL 2020|||||||1,309,547||1,998,869|3,308,416||
|In 2021, E123,973|||(2020|- F753,940) of expenditure||||was from|restricted
funds|and F2,453,219 (2020||
|62,554,476) from||unrestricted|||funds|||||||
|SUPPORT AND||GOVERNANCE||||COSTS||||||
|||||||General||||||
|||||||support||Governance||Total|Total|
|||||||costs|Staff costs||costs|funds|funds|
|||||||2021||2021|2021|2021|2020|
|||||||||6|6|E|6|
|Grants||||||8,125||25,845|5,915|39,885|129,117|
|Curatodal|and exhibitions|||||||||||
|(Perry Green)||||||399,727|||34,502|434,229|258,576|
|Sculpture|studies|(HMI)||||352,490|||28,587|381,077|524,888|
|Estate and visitor||services||||||||||
|(Perry Green)||||||922,684|||16,758|939,442|898,621|
|Marketing||||||17,605|||12,815|30,420|34,949|
|||||||1,700,631||25,845|98,577|1,825,053|1,846,151|
|TOTAL 2020||||||1,629,892||114,293|101,966|1,846,151||
##
##
##
##
##
|Allocation|ofgover|nance costs|||
|---|---|---|---|---|
||||2021|2020|
||||E|6|
|Wages and|salaries||30,139|32,136|
|Operational|costs||44,079|50,431|
|Audit fees|||20,346|15,400|
|Trustees expenses||and insurance|4,013|3,999|
||||98,577|101,966|
##
|||Grants to|Grants to|Total|Total|
|---|---|---|---|---|---|
|||Institutions|Individuals|funds|funds|
|||2021
6|2021
f|2021|2020|
|Grants|committed|397,103|43,000|440,103|500,000|
|TOTAL|2020|453,500|46,500|500,000||
##
##
##
|following
material
gran|ts to institutions
during the year:|||
|---|---|---|---|
|||2021|2020|
||||5|
|NAME OF INSTITUTION||||
|Special partnership
CAS grant|||30,000|
|Studio Voltaire||10,000|20,000|
|The Box (Plymouth
City Counc5)|||15,000|
|Dorset History Centre|||12,000|
|Birmingham
Museums|Trust||12,000|
|Hepworth
Wakefield||12,000|12,000|
|Institute
Contemporary|Arts||10,000|
|Whitechapel|||10,000|
|National
Museum Wales|||10,000|
|Hepworth
Wakefield|||10,000|
|Black Mountain
College Museum|||10,000|
|Kenneth
Armitage
Foundation|||10,000|
|Friends of Bargello|||10,000|
|South London Gallery||50,000||
|Artists Support Award||20,000||
|Compton Verney Art Gallery and Park||10,600||
|ART UK||10,000||
|Philadelphia
Museum|ofArt|10,000||
|||122,600|171,000|
|OTHER GRANTS TO|INSTITUTIONS|274,503|282,500|
|||397,103|453,500|
##
##
##
|||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|
|||||||||5|5|
|Exhibitions|and New||Projects|||||252,703|237,500|
|Collections||||||||38,000|128,500|
|Conferences,||Publications||and Workshops||||7,000|18,000|
|Fellowships||||||||42,000|42,000|
|Research||||||||90,400|44,000|
|Other||||||||10,000|30,000|
|||||||||440,103|500,000|
|In 2020 and||2021, all|expenditure||was from unrestdicted||funds.|||
|AUDITORS'||REMUNERATION||||||||
|||||||||2021|2020|
|||||||||5|6|
|Fees payable||to the Foundation's|||auditor|for the audit of|the Foundation's|||
|annual accounts||||||||16,250|15,400|
|Fees payable||to the Foundation's|||auditor|in respect of:||||
|Auditor's
remuneration|||-|Subsidiary||||4,700|4,450|
##
|||||Group|Group|Foundation|Foundation|
|---|---|---|---|---|---|---|---|
|||||2021
6|2020|2021f|2020
F|
|Wages and|salaries|||1,890,593|1,959,432|1,890,593|1,932,399|
|Social security costs||||151,606|155,150|151,606|155,150|
|Contribution|to defined|contribution|pension|||||
|schemes||||193,218|186,875|193,218|186,875|
|||||2,235,417|2,301,457|2,235,417|2,274,424|
##
##
##
||Group|Group|
|---|---|---|
||2021|2020|
||No.|No.|
|Curatorial|40|45|
|HMI Programme|40|27|
|Establishment|11|11|
|Estate|5|6|
|Marketing|4|4|
|YSI Project|3|8|
||103|101|
|Group|Group|
|---|---|
|2021|2020|
|No.|No.|
##
##
|||||2021|2020|
|---|---|---|---|---|---|
|||||K|E|
|CORPORATION||TAX||||
|Adjustments|in|respect of previous|periods||(585)|
|TAXATION|ON|NET INCOME/(EXPENDITURE)|||(585)|
##
##
##
|||Long-term||Assets||
|---|---|---|---|---|---|
||Freehold|leasehold|Other fixed|under||
||property|property|assets|construction|Total|
||6|E|E|F|E|
|COST OR VALUATION||||||
|At 1 April 2020|22,005,724|1,159,606|512,590|179,573|23,857,493|
|Additions||||81,013|81,013|
|Disposals|(237,453)||||(237,453)|
|At 31 March 2021|21,768,271|1,159,606|512,590|260,586|23,701,053|
|DEPRECIATION||||||
|At 1 April 2020|6,653,228|1,036,070|458,668||8,147,966|
|Charge for the year|535,657|25,183|23,476||584,316|
|On disposals|(42,741)||||(42,741)|
|At 31 March 2021|7,146,144|1,061,253|482,144||8,689,541|
|NET BOOK VALUE||||||
|At 31 March 2021|14,622,127|98,353|30,446|260,586|15,011,512|
|At 31 March 2020|15,352,496|123,536|53,922|179,573|15,709,527|
##
##
##
##
##
|Carrying|value|at 1 Apdl 2020|1,542,917|
|---|---|---|---|
|Carrying|value|at 31 March 2021|1,542,917|
##
##
||2021|2020|2019|2018|2017|
|---|---|---|---|---|---|
||E|E|E||F|
|Works ofart acquired|||12,500|||
|Proceeds|||||5,438|
##
##
##
##
|FIXEDASSE|T INVESTM|ENTS|||||
|---|---|---|---|---|---|---|
||||Market||Market||
||||Value|Cost|Value|Cost|
||||2021|2021|2020|2020|
|||||||E|
|Investment
property|||2,760,000|388,111|2,601,000|388,111|
|Listed investments|||93,386,461|79,912,081|77,888,673|81,379,441|
|Uninvested
cash|||35,125|35,125|4,390,994|4,390,994|
|Total for group|||96,181,586|80,335,317|84,880.667|86,158,546|
|Investment
in|subsidiary|undertaking|6,586|6,586|6,586|6,586|
|Total for company|||96,188,172|80,341,903|84,887,253|86,165,132|
|MOVEMENT|IN INVESTMENT PROPERTIES||||||
||||||2021|2020|
||||||6||
|Fair value at|1 April 2020||||2,601,000|2,601,000|
|Net gain/(loss)|on revaluation||||159,000||
|Fair value at|31 March 2021||||2,760,000|2,601,000|
##
##
|MOVEMENT
IN LISTED INVESTMENTS|MOVEMENT
IN LISTED INVESTMENTS|||
|---|---|---|---|
|||2021|2020|
|||6|6|
|Fair value|at 1 April 2020|77,888,673|91,861,548|
|Additions||6,177,793|15,056,221|
|Disposal proceeds||(6,216,299)|(19,447,692)|
|Gain/(loss)|on disposals|908,086|(236,205)|
|Gain/(loss)|on revaluation|14,628,208|(9,345,199)|
|Fair value|at 31 March 2021|93,386,461|77,888,673|
##
##
##
##
##
##
|||||Group|Group|
|---|---|---|---|---|---|
|||||2021|2020|
|||||5|5|
|Finished|goods|||51,595|42,544|
|All stock|is held within the subsidiary.|||||
|DEBTORS||||||
|||Group|Group|Foundation|Foundation|
|||2021f|2020|2021
6|2020
6|
|Trade debtors||19,782|33,394|19,740|28,599|
|Amounts|owed by group undertakings|||211,516|382,001|
|Other debtors and prepayments||140,451|132,880|139,383|113,339|
|Museum|and gallery exhibition tax rebate|||||
|debtor||89,023|115,811|89,023|115,811|
|||249,256|282,085|459,662|639,750|
##
##
|||Group|Group|Foundation|Foundation|
|---|---|---|---|---|---|
|||2021|2020|2021|2020|
|||6|6|5|6|
|Trade creditors||164,401|276,809|162,755|267,290|
|Other taxation and social security||36,800|40,636|36,800|40,636|
|Other creditors||24,819|24,105|24,805|23,955|
|Accruals and deferred|income|217,922|91,181|209,384|86,731|
|Grants accrued - institutional||408,698|367,090|408,698|367,090|
|||852,640|799,821|842,442|785,702|
##
##
##
##
##
|||||||Group|Group|Foundation|Foundation|
|---|---|---|---|---|---|---|---|---|---|
|||||||2021f|2020
f|2021
f|2020
5|
|Deferred|income represents||exhibition||income and events deposits||received|in advance.||
|||||||Group|Group|Foundation|Foundation|
|||||||2021|2020|2021|2020|
|||||||F|6|6||
|DEFERRED INCOME||||||||||
|Deferred|income at 1 April|||||3,593|66,337|3,593|61,716|
|Resources deferred||during|the year|||6,271|3,593|2333|3,593|
|Amounts|released|from previous||periods||(3,593)|(66,337)|(3,593)|(61,716)|
|Deferred|income at 31 Nlarch|||||6,271|3,593|2333|3,593|
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##
##
##
##
##
|GROUP ANALYSIS OF NET ASSETS BETW|EEN FUNDS -CURRENT YE|AR||
|---|---|---|---|
||Restricted|Unrestricted|Total|
||funds|funds|funds|
||2021
f|2021|2021
6|
|Tangible fixed assets||15,011,512|15,011,512|
|Fixed asset investments||93,421,586|93,421,586|
|Investment
property||2,760,000|2,760,000|
|Heritage assets||1,542,917|1,542,917|
|Current assets|116,081|10,241,231|10,357,312|
|Creditors due within one year||(852,640)|(852,640)|
|TOTAL|116,081|122,124,606|122,240,687|
|GROUP ANALYSIS OF NET ASSETS BETWEEN FUNDS -PRIOR YEAR||||
||Restricted|Unrestricted|Total|
||funds|funds|funds|
||2020|2020|2020|
||f.|6|6|
|Tangible fixed assets||15,709,527|15,709,527|
|Fixed asset investments||82,279,667|82,279,667|
|Investment
property||2.601,000|2,601,000|
|Heritage assets||1,542,917|1,542,917|
|Current assets|96,554|6,943,565|7,040,119|
|Creditors due within one year||(799,821)|(799,821)|
||96,554|108,276,855|108,373,409|
##
##
##
##
||Restricted|Unrestricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2021|2021|2021|
|||E|F|
|Tangible fixed assets||15,011,512|15,011,512|
|Fixed asset investments||93,428,172|93,428,172|
|Investment
property||2,760,000|2,760,000|
|Heritage assets||1,542,917|1,542,917|
|Current assets|116,081|10,086,181|10,202,262|
|Creditors due within one year||(842,442)|(842,442)|
|TOTAL|116,081|121,986,340|122,102,421|
##
||Restricted|Unrestricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2020|2020|2020|
|||6|F|
|Tangible fixed assets||15,709,527|15,709,527|
|Fixed asset investments||82,286,253|82,286,253|
|Investment
property||2,601,000|2,601,000|
|Heritage assets||1,542,917|1,542,917|
|Current assets|96,554|6,748,926|6,845,480|
|Creditors due within one year||(785,702)|(785,702)|
|TOTAL|96,554|108,102,921|108,199,475|
##
##
##
|||||||Group|Group|
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|||||||F|F|
|Net
income/(expenditure)
Activities)|for the|year|(as per|Statement|of Financial|13,867,278|(11,361,476)|
|ADJUSTMENTS FOR:||||||||
|Depreciation
charges||||||584,316|587,924|
|Dividends,
interests
and|rents from|investments||||(2,247,190)|(2,750,028)|
|(Gains)/losses
on investments||||||(15,695,294)|9,581,404|
|(Increase)/decrease
in stocks||||||(9,051)|19,109|
|Decrease
in debtors||||||32,829|180,202|
|Increase/(decrease)
in creditors||||||52,819|(14,209)|
|Loss on disposal offixed|assets|||||194,712||
|NET CASH USED IN OPERATING||ACTIVITIES||||(3,219,581)|(3,757,074)|
##
||Group|Group|
|---|---|---|
||2021|2020|
||6|F|
|Cash in hand|8,010,960|4,678,566|
|Notice deposits (less than 3months)|2,045,501|2,035,924|
|TOTAL CASH AND CASH EQUIVALENTS|10,056,461|6,715,490|
##
##
##
##
||||Group|Group|Foundation|Foundation|
|---|---|---|---|---|---|---|
||||2021
6|2020
6|2021
f|2020
6|
|CONTRACTED
FOR||I8UT NOT PROVIDED|||||
|IN THESE|FINANCIAL|STATEMENTS|||||
|Acquisition|oftangible|fixed assets|18,800|101,813|18,800|101,813|
##
##
##