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##
|||||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|
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|||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|
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##
|||||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|
##
##
##
##
##