| Page | ||||
|---|---|---|---|---|
| Reference and Administrative | Details ofthe Foundation, | its Trustees and Advisers | 1-2 | |
| Trustees' Report |
3-15 | |||
| Independent | Auditors' Report |
on the Financial Statements | 16-19 | |
| Consolidated | Statement of Financial Activities | 20 | ||
| Consolidated | Balance Sheet | 21-22 | ||
| Foundation | Balance Sheet | 23-24 | ||
| Consolidated | Statement ofCash Flows | |||
| Notes to the | Financial Statements | 26-66 |
| Restricted | Unrestricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| Note | 2022 8 |
2022 F |
2022 | 2021f | |
| INCOME FROM: | |||||
| Donations and legacies |
154,554 | 6,908 | 161,462 | 143,500 | |
| Charitable activities |
458,533 | 458,533 | 387,651 | ||
| Other trading activities |
219,944 | 219,944 | 74,934 | ||
| Investments | 2,229,647 | 2,229,647 | 2,247,190 | ||
| Other income | 103,509 | 103,509 | 362,758 | ||
| TOTAL INCOME | 154,554 | 3,018,541 | 3,173,095 | 3,216,033 | |
| EXPENDITURE ON: | |||||
| Raising funds | 439,767 | 439,767 | 201,701 | ||
| Charitable activities |
199,862 | 4,634,417 | 4,834,279 | 4,842,348 | |
| TOTAL EXPENDITURE | 199,862 | 5,074,184 | 5,274,046 | 5,044,049 | |
| NET EXPENDITURE BEFORE NET GAINS ON INVESTMENTS |
(45,308) | (2,055,643) | (2,100,951) | (1,828,016) | |
| Net gains on investments | 17 | 5,827,508 | 5,827,508 | 15,695,294 | |
| NET MOVEMENT IN FUNDS |
(45,308) | 3,771,865 | 3,726,557 | 13,867,278 | |
| RECONCILIATION OF FUNDS: |
|||||
| Total funds brought forward |
116,081 | 122,124,606 | 122,240,687 | 108,373,409 | |
| Net movement in funds |
(45,308) | 3,771,865 | 3,726,557 | 13,867,278 | |
| 21 | 70,773 | 125,896,471 | 125,967,244 | 122,240,687 | |
| TOTAL FUNDS CARRIED FORWARD |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | 6 | |||||
| FIXEDASSETS | ||||||
| Tangible assets | 15 | 14,385,614 | 15,011,512 | |||
| Heritage assets | 16 | 1,542,917 | 1,542,917 | |||
| Investments | 17 | 99,201,475 | 93,421,586 | |||
| Investment property |
17 | 2,760,000 | 2,760,000 | |||
| 117,890,006 | 112,736,015 | |||||
| CURRENT ASSETS | ||||||
| Stocks | 18 | 51,994 | 51,595 | |||
| Debtors | 19 | 343,041 | 249,256 | |||
| Cash at bank and | in hand | 24 | 8,629,171 | 10,056,461 | ||
| 9,024,206 | 10,357,312 | |||||
| Creditors: amounts | falling due within one | |||||
| year | 20 | (946,968) | (852,640) | |||
| NET CURRENT ASSETS | 8,077,238 | 9,504,672 | ||||
| TOTAL NET ASSETS | 125,967,244 | 122,240,687 | ||||
| CHARITY FUNDS | ||||||
| Restricted funds | 21 | 70,773 | 116,081 | |||
| Unrestricted funds: |
||||||
| Designated funds |
21 | 123,747,401 | 118,506,588 | |||
| General funds | 21 | 2,149,070 | 3,618,018 | |||
| Total unrestricted | funds | 21 | 125,896,471 | 122,124,606 | ||
| TOTAL FUNDS | 125,967,244 | 122,240,687 |
| FOUNDATION | BALANCE SHEET | ||||
|---|---|---|---|---|---|
| AS AT 31 | MARCH 2022 | ||||
| 2022 | 2021 | ||||
| Note | 6 | ||||
| FIXEDASSETS | |||||
| Tangible assets | 15 | 14,385,614 | 15,011,512 | ||
| Heritage assets | 16 | 1,542,917 | 1,542,917 | ||
| Investments | 17 | 99,208,061 | 93,428,172 | ||
| Investment property |
17 | 2,760,000 | 2,760,000 | ||
| 117,896,592 | 112,742,601 | ||||
| CURRENT ASSETS | |||||
| Debtors | 19 | 683,508 | 459,662 | ||
| Cash at bank and | in hand | 8,144,169 | 9,742,600 | ||
| 8,827,677 | 10,202,262 | ||||
| Creditors: amounts | falling due within one | ||||
| year | 20 | (930,959) | (842,442) | ||
| NET CURRENT ASSETS | 7,896,718 | 9,359,820 | |||
| TOTAL NET ASSETS | 125,793,310 | 122,102,421 | |||
| CHARITY FUNDS | |||||
| Restricted funds | 21 | 70,773 | 116,081 | ||
| Unrestricted funds: |
|||||
| Designated funds |
21 | 123,747,401 | 118,506,588 | ||
| General funds | 21 | 1,975,136 | 3,479,752 | ||
| Total unrestdicted | funds | 21 | 125,722,537 | 121,986,340 | |
| TOTAL FUNDS | 125,793,310 | 122,102,421 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net cash used in operating activities |
23 | (3,704,556) | (3,219,581) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Dividends, interests and rents from investments |
2,229,647 | 2,247,190 | ||
| Purchase oftangible fixed assets |
(81,013) | |||
| Net drawdown from investment porffoiio |
47,619 | 4,394,375 | ||
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 2,277,266 | 6,560,552 | ||
| CHANGE IN CASH AND CASH EQUIVALENTS |
IN THE YEAR | (1,427,290) | 3,340,971 | |
| Cash and cash equivalents at the beginning ofthe year |
10,056,461 | 8,715,490 | ||
| CASH AND CASH EQUIVALENTS AT THE END | OF THE YEAR | 24 | 8,629,171 | 10,056,461 |
| Restricted | Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2022 f |
2022 f |
2022f | 2021 5 |
||||
| Donations | 908 | 908 | |||||
| Yorkshire | Sculpture | International | (YSI) | 154,554 | 6,000 | 160,554 | 143,500 |
| TOTAL 2022 | 154,554 | 6,908 | 161,462 | 143,500 | |||
| TOTAL 2021 | 143,500 | 143,500 | |||||
| CHARITABLE INCOME | |||||||
| 2022 | 2021 | ||||||
| E | |||||||
| Catalogue | sales and publication | Income - HM Institute | 11,545 | 4,843 | |||
| Exhibition | income | 34,769 | 81,339 | ||||
| Other income | 13,890 | 15,226 | |||||
| Contributions from Leeds City Council |
138,145 | 162,523 | |||||
| Admissions | income | 245,517 | 123,720 | ||||
| 443,866 | 387,651 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| F | F | ||||
| PROFIT AND | LOSS ACCOUNT | ||||
| Retail sales, venue | &facilities hire and licensing | income | 203,784 | 70,244 | |
| Sales ofworks | ofart from stock | 16,160 | 4,590 | ||
| Cost ofsales | (51,734) | (33,886) | |||
| 168,210 | 40,948 | ||||
| Other operating | income | 100 | |||
| Administrative | expenses | (131,711) | (76,716) | ||
| Net profit before tax | 36,499 | (35,668) | |||
| Tax | |||||
| Net profit after tax | 36,499 | (35,668) | |||
| 2022 | 2021 | ||||
| E | 6 | ||||
| NET ASSETS | |||||
| Net profit after | tax | 36,499 | (35,668) | ||
| Net assets brought | forward | 144,852 | 180,520 | ||
| Gift aid distribution | (831) | ||||
| Net assets carried | forward | 180,520 | 144,852 |
| Unrestricted | Total | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2022 | 2022 | 2021 | |||
| 6 | 6 | ||||
| Property | income | 90,023 | 90,023 | 66,271 | |
| Investment | income | 2,131,841 | 2,131,841 | 2,090,840 | |
| Bank interest | 7,783 | 7,783 | 90,079 | ||
| 2,229,647 | 2,229,647 | 2,247,190 | |||
| TOTAL | 2021 | 2,247,190 | 2,247,190 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| 6 | ||||
| Income from listed investments | 2,131,841 | 2,090,840 | ||
| Unrealised | gains on investment | properties | 159,000 | |
| Unrealised | gains on listed investments | 3,641,596 | 14,628,208 | |
| Realised gains on listed investments | 2,185,912 | 908,086 | ||
| Investment | management fees |
(106,922) | (91,100) | |
| Total return | for the year | 7,852,427 | 17,695,034 |
| Unrestricted | Total | Total | ||||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | ||||||
| 2022f | 2022f | 2021f | ||||||
| Museum | and | gallery | exhibition | tax | relief | 64,421 | 64,421 | 89,022 |
| Government | grants | 39,088 | 39,088 | 273,736 | ||||
| 103,509 | 103,509 | 362,758 | ||||||
| TOTAL | 2021 | 362,758 | 362,758 |
| RAISING | FUNDS | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| 6 | 6 | |||
| Subsidiary | other costs | 65,170 | 28,731 | |
| Subsidiary | staff costs | 267,675 | 81,870 | |
| Investment | management | fees | 106,922 | 91,100 |
| 439,767 | 201,701 |
| Activities | Grant | Grant | |||||||
|---|---|---|---|---|---|---|---|---|---|
| undertaken | funding | of | Support | ||||||
| directly | activities | costs (note | Total | Total | |||||
| (note 10) | (note | 12) | 11) | funds | funds | ||||
| 2022 | 2022f | 2022 6 |
2022 6 |
2021f | |||||
| Grants | 404,235 | 38,544 | 442,779 | 479,988 | |||||
| Curatorial | and | exhibitions | |||||||
| (Perry Green) | 1,066,844 | 454,955 | 1,521,799 | 1,413,346 | |||||
| Sculpture | studies | (HMI) | 782,190 | 452,610 | 1,234,800 | 1,165,528 | |||
| Estate and | visitor | services | |||||||
| (Perry Green) | 298,636 | 788,533 | 1,087,169 | 1,339,900 | |||||
| Marketing | 318,418 | 29,452 | 347,870 | 319,613 | |||||
| Yorkshire | Sculpture | ||||||||
| International | (YSI) | 199,862 | 199,862 | 123,973 | |||||
| 2,665,950 | 404,235 | 1,764,094 | 4,834,279 | 4,842,348 | |||||
| TOTAL 2021 | 2,577,192 | 440, | 103 | 1,825,053 | 4,842,348 |
| Total | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Direct costs | Staff costs | funds | funds | ||||||
| 2022f | 2022 | 2022f | 2021 E |
||||||
| Curatorial | and exhibitions | (Perry | Green) | 269,419 | 797,425 | 1,066,844 | 979,117 | ||
| Sculpture | studies | (HMI) | 127,297 | 654,893 | 782,190 | 784,451 | |||
| Estate and | visitor | services | (Perry | Green) | 53,677 | 244,959 | 298,636 | 400,458 | |
| Marketing | 126,706 | 191,712 | 318,418 | 289,193 | |||||
| Yorkshire | Sculpture | International | (YSI) | 109,412 | 90,450 | 199,862 | 123,973 | ||
| 686,511 | 1,979,439 | 2,665,950 | 2,577,192 | ||||||
| TOTAL 2021 | 479,630 | 2,097,562 | 2,577,192 |
| General | ||||||
|---|---|---|---|---|---|---|
| support | Governance | Total | Total | |||
| costs | Staff costs | costs | funds | funds | ||
| 2022 | 2022 f |
2022 | 2022 6 |
2021f | ||
| Grants | 577 | 25,513 | 12,454 | 38,544 | 39,885 | |
| Curatodal and exhibitions |
||||||
| (Perry Green) | 382,293 | 72,662 | 454,955 | 434,229 | ||
| Sculpture studies | (HMI) | 392,406 | 60,204 | 452,610 | 381,077 | |
| Estate and visitor | services | |||||
| (Perry Green) | 763,240 | 35,293 | 798,533 | 939,442 | ||
| Marketing | 2,463 | 26,989 | 29,452 | 30,420 | ||
| 1,540,979 | 25,513 | 207,602 | 1,774,094 | 1,825,053 | ||
| TOTAL 2021 | 1,700,631 | 25,845 | 98,577 | 1,825,053 |
| Analysis of |
governance costs |
||
|---|---|---|---|
| 2022f | 2021f | ||
| Wages and | salaries | 30,512 | 30,139 |
| Operational | costs | 48,476 | 44,079 |
| Legal &professional fees | 106,922 | ||
| Audit fees | 17,176 | 20,346 | |
| Trustees expenses and insurance | 4,516 | 4,013 | |
| 207,602 | 98,577 |
| following material gra |
nts | to institu | tions during the year: |
||
|---|---|---|---|---|---|
| 2022 | 2021f | ||||
| NAME OF INSTITUTION | |||||
| Studio Voltaire | 10,000 | ||||
| Hepworth Wakefield |
15,000 | 12,000 | |||
| South London Gallery |
50,000 | ||||
| Artists Support Award | 20,000 | ||||
| Compton Verney Art |
Gallery and | Park | 10,600 | ||
| ART UK | 10,000 | ||||
| Philadelphia Museum |
of Art | 10,000 | |||
| David Oluwale Memorial |
Association | 10,000 | |||
| Loughborough University |
12,000 | ||||
| Whitechapel Gallery |
12,000 | ||||
| The Metropolitan Museum |
ofArt | 10,000 | |||
| British Council | 17,000 | ||||
| National I ife Stories |
12,000 | ||||
| Leisure &Culture Dundee |
10,000 | ||||
| Victoria &Albert Museum | 20,000 | ||||
| Hood Museum ofArt |
at Dartmouth | College | 14,000 | ||
| Glasgow Museums | 10,000 | ||||
| Yorkshire Sculpture Park |
10,000 | ||||
| International Curators |
Forum | 10,000 | |||
| Bildmuseet | 10,000 | ||||
| 172,000 | 122,600 | ||||
| Other grants to institutions | 232,235 | 274,503 | |||
| 404,235 | 397,103 |
| 2022 6 |
2021f | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Exhibitions | and New | Projects | 250,235 | 252,703 | ||||||||||||
| Collections | 94,500 | 38,000 | ||||||||||||||
| Conferences, | Publications | and Workshops | 11,000 | 7,000 | ||||||||||||
| Fellowships | 21,000 | 42,000 | ||||||||||||||
| Research | 27,500 | 90,400 | ||||||||||||||
| Other | 10,000 | |||||||||||||||
| 404,235 | 440,103 | |||||||||||||||
| In 2021 and | 2022, all expenditure | was from unrestricted | funds. | |||||||||||||
| AUDITORS' | REMUNERATION | |||||||||||||||
| 2022 | 2021 | |||||||||||||||
| 6 | ||||||||||||||||
| Fees payable | to the | Foundation's | auditor | for the audit ofthe | Foundation's | |||||||||||
| annual accounts |
16,700 | 16,250 | ||||||||||||||
| Fees payable | to the | Foundation's | auditor | in respect | of: | |||||||||||
| Auditor's remuneration |
- Subsidiary | 4,800 | 4,700 | |||||||||||||
| STAFF COSTS, |
TRUSTEE | REMUNERATION | AND | EXPENSES, | AND | THE COST |
OF KEY |
|||||||||
| MANAGEMENT PERSONNEL |
||||||||||||||||
| Staff costs | were as | follows: | ||||||||||||||
| Group | Group | Foundation | Foundation | |||||||||||||
| 2022 6 |
2021 F |
2022 f |
2021 6 |
|||||||||||||
| Wages and | salaries | 1,882,004 | 1,890,593 | 1,882,004 | 1,890,593 | |||||||||||
| Social security costs | 160,903 | 151,606 | 160,903 | 151,606 | ||||||||||||
| Contribution | to defined | contribution | pension | |||||||||||||
| schemes | 201,438 | 193,218 | 201,438 | 193,218 | ||||||||||||
| 2,244,345 | 2,235,417 | 2,244,345 | 2,235,417 |
| Group | Group | |
|---|---|---|
| 2022 | 2021 | |
| No. | No. | |
| Curatorial | 43 | 40 |
| HMI Programme | 38 | 40 |
| Establishment | 11 | 11 |
| Estate | 5 | 5 |
| Marketing | 4 | 4 |
| YSI Project | 3 | 3 |
| 104 | 103 |
| Group | Group |
|---|---|
| 2022 | 2021 |
| No. | No. |
| Long-term | Assets | ||||
|---|---|---|---|---|---|
| Freehold | leasehold | Other fixed | under | ||
| propertyf | property | assets F |
construction E |
Total 6 |
|
| COST OR VALUATION | |||||
| At 1 April 2021 | 21,768,271 | 1,159,606 | 512,590 | 260,586 | 23,701,053 |
| Transfers between classes |
260,586 | (260,586) | |||
| At 31 March 2022 | 21,768,271 | 1,159,606 | 773,176 | 23,701,053 | |
| DEPRECIATION | |||||
| At 1 April 2021 | 7,146,144 | 1,061,253 | 482,144 | 8,689,541 | |
| Charge for the year | 530,908 | 25,183 | 69,807 | 625,898 | |
| At 31 March 2022 | 7,677,052 | 1,086,436 | 551,951 | 9,315,439 | |
| NET BOOK VALUE | |||||
| At 31 March 2022 | 14,091,219 | 73,170 | 221,225 | 14,385,614 | |
| At 31 March 2021 | 14,622,127 | 98,353 | 30,446 | 260,586 | 15,011,512 |
| Heritage | |||
|---|---|---|---|
| assets | |||
| Carrying | value | at 1 April 2021 | 1,542,917 |
| Carrying | value | at 31 March 2021 | 1,542,917 |
| Market | Market | ||||
|---|---|---|---|---|---|
| Value | Cost | Value | Cost | ||
| 2022 | 2022 | 2021 | 2021 | ||
| 6 | 6 | 6 | |||
| Investment property |
2,760,000 | 388,111 | 2,760,000 | 388,111 | |
| Listed investments | 97,199,015 | 80,808,022 | 93,386,461 | 79,912,081 | |
| Uninvested cash |
2,002,460 | 2,002,460 | 35,125 | 35,125 | |
| Total for group | 101,961,475 | 83,198,593 | 96,181,586 | 80,335,317 | |
| Investment in subsidiary |
undertaking | 6,586 | 6,586 | 6,586 | 6,586 |
| Total for company | 101,968,061 | 83,205,179 | 96,188,172 | 80,341,903 | |
| MOVEMENT IN INVESTMENT PROPERTIES |
|||||
| 2022f | 2021 6 |
||||
| Fair value at 1 April 2021 | 2,760,000 | 2,601,000 | |||
| Net gain((loss) on revaluation | 159,000 | ||||
| Fair value at 31 March 2022 | 2,760,000 | 2,760,000 |
| MOVEME | NT IN LISTED INVESTMENTS |
||
|---|---|---|---|
| 2022 | 2021f | ||
| Fair value | at 1 April 2021 | 93,386,461 | 77,888,673 |
| Additions | 28,003,264 | 6,177,793 | |
| Disposal proceeds | (30,018,218) | (6,216,299) | |
| Gain/(loss) | on disposals | 2,185,912 | 908,086 |
| Gain/(loss) | on revaluation | 3,641,596 | 14,628,208 |
| Fair value | at 31 March 2022 | 97,199,015 | 93,386,461 |
| Group | Group | |
|---|---|---|
| 2022f | 2021f | |
| Finished goods | 51,994 | 51,595 |
| All stock is held within the subsidiary. |
| Group | Group | Foundation | Foundation | ||||
|---|---|---|---|---|---|---|---|
| 2022f | 2021 f. |
2022 f |
2021f | ||||
| Trade debtors | 53,721 | 19,782 | 52,347 | 19,740 | |||
| Amounts owed by group undertakings |
342,300 | 211,516 | |||||
| Other debtors and prepayments | 230,086 | 140,451 | 229,627 | 139,383 | |||
| Museum and gallery |
exhibition | tax rebate | |||||
| debtor | 59,234 | 89,023 | 59,234 | 89,023 | |||
| 343,041 | 249,256 | 683,508 | 459,662 | ||||
| CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||||||
| Group | Group | Foundation | Foundation | ||||
| 2022f | 2021 f |
2022 | 2021f | ||||
| Trade creditors | 157,066 | 164,401 | 147,129 | 162,755 | |||
| Other taxation and social security | 42,813 | 36,800 | 42,813 | 36,800 | |||
| Other creditors | 24,062 | 24,819 | 24,062 | 24,805 | |||
| Accruais and deferred | income | 368,379 | 217,922 | 362,307 | 209,384 | ||
| Grants accrued - institutional | 354,648 | 408,698 | 354,648 | 408,698 | |||
| 946,968 | 852,640 | 930,959 | 842,442 |
| Group | Group | Foundation | Foundation | ||||
|---|---|---|---|---|---|---|---|
| 2022f | 2021 6 |
2022 f |
2021 | ||||
| Group | Group | Foundation | Foundation | ||||
| 2022 | 2021 f |
2022 f |
2021f | ||||
| DEFERRED INCOME | |||||||
| Deferred | income at 1 April | 6,271 | 3,593 | 2,333 | 3,593 | ||
| Resources deferred | during the year | 235,800 | 6,271 | 235,800 | 2,333 | ||
| Amounts | released | from previous | periods | (6,271) | (3,593) | (2,333) | (3,593) |
| Deferred | income at 31 March | 235,800 | 6,271 | 235,800 | 2,333 |
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| GROUP ANALYSIS OF NET ASSETS BETWE | EN FUNDS -CURRENT YE | AR | |
|---|---|---|---|
| Restricted | Unrestricted | Total | |
| funds | funds | funds | |
| 2022 6 |
2022 f |
2022 6 |
|
| Tangible fixed assets | 14,385,614 | 14,385,614 | |
| Fixed asset investments | 99,201,475 | 99,201,475 | |
| Investment property |
2,760,000 | 2,760,000 | |
| Heritage assets | 1,542,917 | 1,542,917 | |
| Current assets | 70,773 | 8,953,433 | 9,024,206 |
| Creditors due within one year | (946,968) | (946,968) | |
| TOTAL | 70,773 | 125,896,471 | 125,967,244 |
| GROUP ANALYSIS OF NET ASSETS BETWE | EN FUNDS -PRIOR YEAR | ||
|---|---|---|---|
| Restricted | Unrestricted | Total | |
| funds | funds | funds | |
| 2021 | 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) | |
| 116,081 | 122,124,606 | 122,240,687 |
| Restricted | Unrestricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2022 | |
| 6 | |||
| Tangible fixed assets | 14,466,420 | 14,466,420 | |
| Fixed asset investments | 99,208,061 | 99,208,061 | |
| Investment property |
2,760,000 | 2,760,000 | |
| Heditage assets | 1,542,917 | 1,542,917 | |
| Current assets | 70,773 | 8,820,878 | 8,891,651 |
| Creditors due within one year | (1,000,634) | (1,000,634) | |
| TOTAL | 70,773 | 125,797,642 | 125,868,415 |
| Restricted | Unrestricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2021 | |
| 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 |
| Group | Group | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| 6 | |||||||||
| Net incomel(expenditure) |
for the | year | (as | per | Statement | of Financial | |||
| Activities) | 3,726,557 | 13,867,278 | |||||||
| ADJUSTMENTS FOR: | |||||||||
| Depreciation charges |
625,898 | 584,316 | |||||||
| Dividends, interests |
and | rents from | investments | (2,229,647) | (2,247,190) | ||||
| Gains on investments | (5,827,508) | (15,695,294) | |||||||
| Increase in stocks |
(399) | (9,051) | |||||||
| (Increase)/decrease | in debtors | (93,785) | 32,829 | ||||||
| Increase in creditors |
94,328 | 52,819 | |||||||
| Loss on disposal offixed | assets | 194,712 | |||||||
| NET CASH USED IN OPERATING | ACTIVITIES | (3,704,556) | (3,219,581) |
| 24. | ANALYSIS OF CASH AND | CASH EQUIVALENTS | |||
|---|---|---|---|---|---|
| Group | Group | ||||
| 2022f | 2021 | ||||
| Cash In hand | 3,569,990 | 8,010,960 | |||
| Notice deposits (less than 3 months) | 5,059,181 | 2,045,501 | |||
| TOTAL CASH AND CASH | EQUIVALENTS | 8,629,171 | 10,056,461 | ||
| 25. | ANALYSIS OF CHANGES | IN NET DEBT | |||
| At 1 April | At 31 March | ||||
| 2021 | Cash flows | 2022f | |||
| Cash at bank and in hand | 10,056,461 | (1,427,290) | 8,629,171 | ||
| 10,056,461 | (1,427,290) | 8,629,171 |