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2023-03-31-accounts

Page
Reference and Administrative Details ofthe Foundation, its Trustees and Advisers 1-2
Trustees' Report 3-15
Independent Auditors'
Report
on the Financial Statements 16-20
Consolidated Statement of Financial Activities 21
Consolidated Balance Sheet 22 - 23
Foundation Balance Sheet 24 - 25
Consolidated Statement ofCash Flows
Notes to the Financial Statements 27-59

Restricted Unrestricted Total Total
funds funds funds funds
Note 2023 2023
6
2023
6
2022f
INCOME FROM:
Donations
and legacies
127,000 631 127,631 161,462
Charitable
activities
883,879 883,879 443,866
Other trading
activities
253,811 253,811 219,944
Investments 2,242,173 2,242,173 2,229,647
Other income 76,522 76,522 103,509
TOTALINCOME 127,000 3,457,016 3,584,016 3,158,428
EXPENDITURE ON:
Raising funds 343,894 343,894 439,767
Charitable
activities
9 120,563 5,452,785 5,573,348 4,819,612
TOTAL EXPENDITURE 120,563 5,796,679 5,917,242 5,259,379
NET INCOME/(EXPENDITURE)
BEFORE NET (LOSSES)/GAINS
ON INVESTMENTS 6,437 (2,339,663) (2,333,226) (2,100,951)
Net (losses)/gains
on investments
(3,879,277) (3,879,277) 5,827,508
NET MOVEMENT
IN FUNDS
6,437 (6,218,940) (6,212,503) 3,726,557
RECONCILIATION
OF FUNDS:
Total funds brought
forward
70,773 125,896,471 125,967,244 122,240,687
Net movement
in funds
6,437 (6,218,940) (6,212,503) 3,726,557
TOTAL FUNDS CARRIED FORWARD 77,210 119,677,531 119,754,741 125,967,244

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023
2023 2022
Note 6 F
FIXEDASSETS
Tangible assets 15 14,125,858 14,385,614
Heritage assets 16 1,542,917 1,542,917
Investments 90,303,662 99,201,475
Investment
property
3,490,000 2,760,000
109,462,437 117,890,006
CURRENT ASSETS
Stocks 18 49,709 51,994
Debtors 19 204,576 343,041
Cash at bank and in hand 10,958,064 8,629,171
11,212,349 9,024,206
Creditors; amounts falling due within one
year 20 (920,045) (946,968)
NET CURRENT ASSETS 10,292,304 8,077,238
TOTAL NET ASSETS 119,754,741 125,967,244
CHARITY FUNDS
Restricted funds 21 77,210 70,773
Unrestdicted
funds:
Designated
funds
21 115,378,334 123,747,401
General funds 21 4,299,197 2,149,070
Total unrestdicted funds 21 119,677,531 125,896,471
TOTAL FUNDS 119,754,741 125,967,244

FOUNDATION BALANCE SHEET
AS AT 31 MARCH 2023
Note 2023f 2022
6
FIXEDASSETS
Tangible assets 15 14,125,858 14,385.614
Heritage assets 16 1,542,917 1,542,917
Investments 90,310,248 99,208,061
Investment
property
3,490,000 2,760,000
109,469,023 117,896,592
CURRENT ASSETS
Debtors 19 528,061 683,508
Cash at bank and in hand 10,484,968 8,144,169
11,013,029 8,827,677
Creditors: amounts
year
falling due within one
20
(901,245) (930,959)
NET CURRENT ASSETS 10,111,784 7,896,718
TOTAL NET ASSETS 119,580,807 125,793,310
CHARITY FUNDS
Restricted funds 21 77,210 70,773
Unrestricted
funds:
Designated
funds
21 115,351,141 123,747,401
General funds 21 4,152,456 1,975,136
Total unrestricted funds 21 119,503,597 125,722,537
TOTAL FUNDS 119,580,807 125,793,310

Note 2023f 2022
5
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating
activities
23 (3,832,349) (3,704,556)
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends,
interests
and rents from investments
2,242,173 2,229,647
Net drawdown
from investment
porffolio
3,919,069 47.619
NET CASH PROVIDED BY INVESTING ACTIVITIES 6,161,242 2,277,266
CHANGE
IN CASH AND CASH EQUIVALENTS
IN THE YEAR 2,328,893 (1,427,290)
Cash and cash equivalents
at the beginning
of the year
8,629,171 10,056.461
CASH AND CASH EQUIVALENTS
AT THE END OF THE YEAR
24 10,958,064 8,629,171
The notes on pages 27 to 59 form part ofthese financial statements

Restricted Unrestricted Total Total
funds funds funds funds
2023 2023 2023 2022
6 6
Yorkshire Sculpture International (YSI) 77,000 77,000 160,554
Bloomberg Connects App 50,000 50,000
Donations 631 631 908
TOTAL 2023 127,000 631 127,631 161,462
TOTAL 2022 154,554 6,908 161,462
CHARITABLE INCOME
2023 2022
6 6
Catalogue sales and publication Income - HM Institute 12,278 11,545
Exhibition income 481,625 34,769
Other income 22,686 13,890
Contributions
from Leeds City Council
145,743 138,145
Admissions income 217,647 245,517
Learning
and engagement
3,900
883,879 443,866

2023 2022
6 9
PROFIT AND LOSSACCOUNT
Retail sales, venue &facilities hire and licensing income 221,086 203,784
Sales ofworks ofart from stock 16,160
Cost ofsales (50,234) (51,734)
170,852 168,210
Other operating income
Administrative expenses (139,443) (131,711)
Net profit before tax 31,409 36,499
Tax
Net profit after tax 31,409 36,499
2023 2022
6 F
NET ASSETS
Net profit after tax 64,134 36,499
Net assets brought forward 180,520 144,852
Gift aid distribution (64,134) (831)
Net assets carried forward 180,520 180,520

Unrestricted Total Total
funds funds funds
2023f 2023f 2022f
Property income 74,934 74,934 90,023
Investment
income
1,982,339 1,982,339 2,131,841
Bank interest 184,900 184,900 7,783
2,242,173 2,242,173 2,229,647
TOTAL2022 2,229,647 2,229,647

2023f 2022
F
Income from listed investments 1,982,339 2,131,841
Unrealised
gains on investment
properties 1,099,467
Unrealised
(losses)/gains
on listed investments
(3,900,891) 3,641,596
Realised (losses)/gains
on listed
investments (1,077,853) 2,185,912
Investment
management
fees
(97,251) (106,922)
Total return for the year (1,994,189) 7,852,427

Unrestricted Total Total
funds funds funds
2023 2023 2022
6 6
Museum and gallery exhibition tax relief 42,919 42,919 59,269
Legal claim 5,152
Gift Aid 33,603 33,603
Government grants 39,088
76,522 76,522 103,509
TOTAL 2022 103,509 103,509

2023 2022f
Subsidiary other costs 64,221 65,170
Subsidiary staff costs 182,422 267,675
Investment management fees 97,251 106,922
343,894 439,767

Activities Grant Grant
undertaken funding of Support
directly activities costs (note Total Total
(note 10) (note 12) 11) funds funds
2023 2023 2023 2023 2022
6 6 6 6
Grants 368,061 39,396 407,457 442,779
Curatorial and exhibitions
(Perry Green) 681,727 1,388,997 2,070,724 1,507,132
Sculpture studies (HMI) 895,245 452,111 1,347,356 1,234,800
Estate and visitor services
(Perry Green) 288,578 949,648 1,238,226 1,087,169
Marketing 356,276 32,746 389,022 347,870
Yorkshire Sculpture
International (YSI) 120,563 120,563 199,862
2,342,389 368,061 2,862,898 5,573,348 4,819,612
TOTAL 2022 2,665,950 404,235 1,749,427 4,819,612

Total Total
Direct costs Staff costs funds funds
2023
6
2023
6
2023
8
2022f
Curatorial and exhibitions (Perry Green) 219,928 461,799 681,727 1,066,844
Sculpture studies (HMI) 217,546 677,699 895,245 782,190
Estate and visitor services (Perry Green) 49,608 238,970 288,578 298,636
Marketing 158,045 198,231 356,276 318,418
Yorkshire Sculpture International (YSI) 69,833 50,730 120,563 199,862
714,960 1,627,429 2,342,389 2,665,950
TOTAL 2022 686,511 1,979,439 2,665,950

General
support Governance Total Total
costs Staff costs costs funds funds
2023
6
2023
6
2023
f
2023 2022
F
Grants 2,062 25,252 12,082 39,396 38,544
Curatorial and exhibitions
(Perry Green) 1,318,518 70,479 1,388,997 454,955
Sculpture studies (HMI) 393,714 58,397 452,111 452,610
Estate and visitor services
(Perry Green) 915,415 34,233 949,648 798,533
Marketing 6,568 26,178 32,746 29,452
2,636,277 25,252 201,369 2,862,898 1,774,094
TOTAL 2022 1,540,979 25,513 207,602 1,774,094

Analysis of govern ance
costs
2023f 2022
Wages and salaries 31,490 30,512
Operational costs 41,832 48,476
Legal &professional fees 97,252 106,922
Audit fees 26,278 17,176
Trustees expenses and insurance 4,517 4,516
201,369 207,602

Grants to Total Total
lllstl'tutlofla funds funds
2023 2023 2022
6 6 6
Grants committed 368,061 368,061 404,235
TOTAL 2022 404,235 404,235

2023
6
2022f
NAME OF INSTITUTION
Hepworth
Wakefield
15,000
David Oluwale
Memorial Association
10,000
Loughborough
University
12,000
Whitechapel
Gallery
12,000
The Metropolitan
Museum
of Art 10,000
Bdtish Council 17,000
National
Life Stories
12,000
Leisure &Culture Dundee 10,000
Victoria &Albert Museum 12,000 20,000
Hood Museum
of Art at Dartmouth
College 14,000
Glasgow Museums 10,000
Yorkshire Sculpture
Park
10,000
International
Curators
Forum
10,000
Bildmuseet 10,000
Southbank
Centre
10,000
Grundy
Art Gallery
10,000
Fruitmarket
Gallery
10,000
The Kenneth
Armitage
Foundation
10,000
Sainsbury
Centre for Visual
Arts 15,000
Carnegie
Museum
of Art
14,000
81,000 172,000
Other grants to institutions 287,061 232,235
368,061 404,235

2023 2022
6 E
Exhibitions and New Projects 255,561 250,235
Collections 58,000 94,500
Conferences, Publications and Workshops 10,000 11,000
Fellowships 21,000
Research 33,000 27,500
Other 11,500
368,061 404,235

2023 2022
E
Fees payable to the Foundation's auditor for the audit ofthe Foundation's
annual accounts 20,300 16,700
Fees payable to the Foundation's auditor in respect of:
Auditor's remuneration - Subsidiary 5,800 4,800

Group Group Foundation Foundation
2023
E
2022
F
2023
E
2022f
Wages and salaries 2,001,521 1,882,004 2,001,521 1,882,004
Social security costs 177,395 160,903 177,395 160,903
Contribution to defined contribution pension
schemes 201,327 201,438 201,327 201,438
2,380,243 2,244,345 2,380,243 2,244,345

Group Group
2023 2022
No. No.
Curatorial 45 43
HMI Programme 38 38
Establishment 11 11
Estate 7 5
Marketing 4 4
YSI Project 2 3
107 104
Group Group
2023 2022
No. No.

Long-term
Freehold leasehold Other fixed
property
f
property
6
assets
6
Total
6
COST OR VALUATION
At 1 April 2022 21,768,271 1,159,606 773,176 23,701,053
Transfers
between classes
320,932 320,932
At 31 March 2023 22,089,203 1,159,606 773,176 24,021,985
DEPRECIATION
At 1 April 2022 7,677,052 1,086,436 551,951 9,315,439
Charge for the year 534,346 25,183 69,694 629,223
Transfers
between classes
(48,535) (48,535)
At 31 March 2023 8,162,863 1,111,619 621,645 9,896,127
NET BOOK VALUE
At 31 March 2023 13,926,340 47,987 151,531 14,125,858
At 31 March 2022 14,091,219 73,170 221,225 14,385,614

Heritage
assets
Carrying value at 1 April 2022 1,542,917
Carrying value at 31 March 2021 1,542,917

Market Market
Value Cost Value Cost
2023 2023 2022 2022
f 6
Investment
property
3,490,000 388,111 2,760,000 388,111
Listed investments 89,884,008 88,207,233 97,199,015 80,808,022
Uninvested
cash
419,654 419,654 2,002,460 2,002,460
Total for group 93,793,662 89,014,998 101,961,475 83,198,593
Investment
in subsidiary
undertaking 6,586 6,586 6,586 6,586
Total for company 93,800,248 89,021,584 101,968,061 83,205,179
MOVEMENT
IN INVESTMENT PROPERTIES
2023
6
2022f
Fair value at 1 April 2022 2,760,000 2,760,000
Net gain/(loss)
on revaluation
1,099,467
Fair value at 31 March 2023 3,859,467 2,760,000

Group Group
2023f 2022f
Finished goods 49,709 51,994
All stock is held within the subsidiary.

Group Group Foundation Foundation
2023f 2022
f
2023
f
2022f
Trade debtors 29,725 53,721 26,083 52,347
Amounts owed by group undertakings 327,265 342,300
Other debtors and prepayments 131,932 230,086 131,794 229,627
Museum and gallery exhibition tax rebate
debtor 42,919 59,234 42,919 59,234
204,576 343,041 528,061 683,508

Group Group Foundation Foundation
2023f 2022 2023f 2022f
Trade creditors 170,303 157,066 164,916 147,129
Other taxation and social security 42,242 42,813 42,175 42,813
Other creditors 25,775 24,062 25,775 24,062
Accruals and deferred income 327,452 368,379 314,106 362,307
Grants accrued - institutional 354,273 354,648 354,273 354,648
920,045 946,968 901,245 930,959

Group Group Foundation Foundation
2023
6
2022
f
2023
5
2022f
DEFERRED INCOME
Deferred income at 1 April 235,800 6,271 235,800 2,333
Resources deferred
during
the year 181,596 235,800 174,250 235,800
Amounts released
from previous
periods (235,800) (6,271) (235,800) (2,333)
Deferred income at 31 March 181,596 235,800 174,250 235,800
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GROUP ANALYSIS OF NET ASSETSBETWE EN FUNDS - CURRENT YE AR
Restricted Unrestricted Total
funds funds funds
2023 2023 2023
8 8 5
Tangible fixed assets 14,125,858 14,125,858
Fixed asset investments 90,303,662 90,303,662
Investment
property
3,490,000 3,490,000
Heritage assets 1,542,917 1,542,917
Current assets 77,210 11,135,139 11,212,349
Creditors due within one year (920,045) (920,045)
TOTAL 77,210 119,677,531 119,754,741

GROUP ANALYSIS OF NET ASSETS BETWE EN FUNDS - PRIOR YEAR
Restricted Unrestricted Total
funds funds funds
2022 2022 2022f
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)
70,773 125,896,471 125,967,244

Restricted Unrestricted Total
funds funds funds
2023
8
2023
f
2023
6
Tangible fixed assets 14,131,391 14,131,391
Fixed asset investments 90,310,248 90,310,248
Investment
property
3,490,000 3,490,000
Heritage assets 1,542,917 1,542,917
Current assets 77,210 10,979,367 11,056,577
Creditors due within one year (906,856) (906,856)
TOTAL 77,210 119,547,067 119,624,277

Restricted Unrestricted Total
funds funds funds
2022 2022f 2022
8
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