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2024-03-31-accounts

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

Registered number: 01255762 Charity number: 271370

THE HENRY MOORE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

CONTENTS
Page
Reference and Administrative Details of the Foundation, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 17
Independent Auditors' Report on the Financial Statements 18 - 22
Consolidated Statement of Financial Activities 23
Consolidated Balance Sheet 24 - 25
Foundation Balance Sheet 26 - 27
Consolidated Statement of Cash Flows 28
Notes to the Financial Statements 29 - 62

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees

Charles Asprey, (3) (resigned 14 December 2023) Martin Barden, (4) Sir Nigel Carrington, (1) (2) (4) (5) Dr Antonia Boström, (3) (appointed 14 December 2023) Leonard Dunne, (1) William Thomas Edgerley, (1) (2) (5) Antony Griffiths (resigned 14 December 2023) Courtney Martin, (3) (4) Hammad Nasar, (3) Pamela Raynor, (1) (2) (4) (5) Dr Lesley Sherratt, (1) (2) Ella Snell Peter Wienand MVO (resigned 14 December 2023) Helen Featherstone (appointed 7 March 2024) Sarah Hemsley (appointed 7 March 2024) Jennifer Lomax, (3) (appointed 14 December 2023) David Isaac (appointed 24 September 2024) Christopher Townend (appointed 26 June 2024)

Committee Membership: (1) Finance & General Purposes Committee (2) Investments Committee (3) Grants Committee (4) Nominations Committee (5) Remuneration Committee

Company registered number

01255762

Charity registered number

271370

Registered office

Dane Tree House, Perry Green, Much Hadham, Hertfordshire, SG10 6EE

Executive

Director, Godfrey Worsdale OBE Chief Operating Officer, Lesley Wake, Head of Henry Moore Collections & Programmes, Sebastiano Barassi, Head of Henry Moore Institute, Laurence Sillars, Head of Marketing & Communications (1 December 2023, Head of Marketing & Enterprise), Emily Dodgson Head of Enterprise, Clare Tomlinson (resigned 1 December 2023, role restructured)

Website

www.henry-moore.org

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Independent auditors

Peters Elworthy & Moore, Salisbury House, Station Road, Cambridge, CB1 2LA

Banks and Custodians

Lloyds Bank PLC, 23 North Street, Bishop's Stortford, Hertfordshire, CM23 2LN

Royal London Asset Management, 55 Gracechurch Street, London, EC3V 0UF

Royal Bank of Canada (Channel Islands) Limited, PO Box 194, 19-21 Broad Street, St Heller, Jersey, JE1 8PB

Nationwide Building Society, Nationwide House, Pipers Way, Swindon, SN38 1NW

Solicitors

HCR Hewitsons LLP, 50-60 Station Road, Cambridge, CB1 2JH

CMS Cameron McKenna LLP, Mitre House, 160 Aldersgate Street, London, EC1A 4DD

Investment adviser

Stanhope Consulting, a division of Stanhope Capital LLP, 35 Portman Square, London, W1H 6LR

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees of the Foundation (who are also directors of the Foundation for the purposes of the Companies Act) present their annual report together with the audited financial statements of The Henry Moore Foundation (Foundation and Group) for the year ended 31 March 2024. The Trustees confirm that the Annual Report and Financial Statements of the Foundation and Group comply with the current statutory requirements, the requirements of the Foundation's governing document, the provisions of the Statement of Recommended Practice (SORP), applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition October 2019) effective January 2019.

AIMS, OBJECTIVES AND ACTIVITIES

Aims and Objectives

Henry Moore established his Foundation to advance the education of the public and encourage their appreciation of the fine arts, and in particular the works of Henry Moore.

The Foundation seeks to deliver this through the following core ambitions:

The aims are achieved through activities initiated, undertaken and supported by the Foundation: at Henry Moore Studios & Gardens, Perry Green, Moore’s former home in Hertfordshire; the Henry Moore Institute in Leeds; across the UK, and internationally through touring exhibitions and loans; through the grants programmes; and through the innovative Yorkshire Sculpture International partnership project and other partnerships. These programmes and activities include collections and archives management, temporary exhibitions and displays; research and publications; education and workshops, and the awarding of grant aid to other appropriate enterprises.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

GROUP STRATEGIC REPORT

Strategic Overview of the Year

The year 2023/24 saw many challenges on the global and economic stage, which inevitably became consequential in the arena where the Henry Moore Foundation seeks to make an impact. We continued to see through our partnership working, and particularly through our grants giving programmes, that the sector was increasingly challenged by the context in which we work. Like many organisations, the Foundation’s venue in Hertfordshire; Henry Moore Studios & Gardens, is yet to see a return to the visitor numbers it enjoyed before the Covid-19 Pandemic, which has had an impact on the organisation’s expected financial position.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The Foundation continued to exploit the advantages offered by a hybrid model of an office and home working for eligible staff and the deployment of new technological systems to enable the organisation to be more efficient and to reduce its environmental impact. The Foundation increasingly benefitted from virtual communications technologies - its two venues are almost 200 miles apart – to enable a more unified approach to management and operations.

During the year, Trustees reviewed the Foundation’s ambitions in respect of our charitable objectives to ensure that the Foundation was best able to impact effectively. Trustees established an agenda where the Executive team was challenged to review a number of areas of activity and ambition. These areas included a review of the Foundation’s assets and how they should best be deployed in the interests of our charitable objectives; how we should engage and interact with our audiences and potential audiences; how we should offer support for artists; how much can we commit to supporting the wider sector; how can the Foundation generate further resources; and how might we better exploit our intellectual property through licensing.

This year also saw the commencement of two significant capital projects, one at each of the Foundation’s venues. In Perry Green, Hertfordshire, the exhibition gallery, known as Sheep Field Barn, progressed to the design phase having received planning consent to redevelop into a centre of learning and engagement focussed around Henry Moore’s life and work. The new development will include a changing exhibition of art works and archival materials that will properly illustrate the life of Moore, many of his working practices and his artistic development, which will complement the experiences of his studios and home that are currently open for visitors. Crucially, the development will also create two new learning and engagement spaces, where school, college, community and other participants can take part in more practical experiences and where we can offer drop-in sessions for families and other visitors. The project is due for completion in 2025, when the workshop facilities will open, with the gallery exhibition opening in 2026.

In Leeds, the Henry Moore Institute was temporarily closed for refurbishment in late 2023, shortly after it had celebrated its thirtieth birthday. The building, designed by Dixon Jones in the 1990s, has served the Foundation and the sculpture studies community very well over the past decades, but during this period, we turned our attention to future study and scholarship in this field and to create a space that was welcoming for all comers. On consideration, we decided to meet this challenge in two ways; firstly by re-doubling our efforts to support sculpture scholars and sculptors in their research work; and secondly, to work more broadly in the learning and education space to ensure that future generations of scholars continue to find their way to this area of study. On that basis, the Foundation engaged architects, Group Ginger, to help us re-imagine the interior spaces in such a way that our offer can become a broader and more welcoming one, whilst ensuring that the academic rigour of our work in this field is developed and enhanced. The project is due for completion in June 2024.

The national and international touring programmes of the Foundation’s exceptional collections of work by Henry Moore continued to be a central aspect of the Foundations work. Not only does this create new audiences for the artist, but it encourages and facilitates new research into his practices and the contexts in which he operated. During the period under consideration, several exhibition projects were developed and delivered including shows in the UK, Holland and North America.

At both our venues the Research teams continued to undertake and support the study of both Henry Moore and sculpture more broadly through conferences, lectures and events. This was built on proactively through the use of online programming, and our online activities continue to be an increasingly important aspect of our work, enabling us to reach ever-wider audiences.

Through the development of our website, we were able to create a new section of the site for the Institute’s Archive of Sculptors’ Papers, giving insight into these fascinating collections that bring to light the lives of sculptors from the nineteenth century to the present day. We launched a new section called Learning, Thinking, Making that brings together all the outreach & engagement activities taking place at Studios & Gardens, the Institute, and online. We set up a new section for Touring Exhibitions and Loans, which acts as a hub for potential partners interested in working with us to curate new exhibitions or take existing ones on loan. And we made a new section of our site to promote the projects we fund through our Grants programme, providing

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

detailed outcomes of recent projects. This section has been made possible following the switch to Flexi-Grant grants management system in 2022, which has streamlined the process of receiving and sharing reporting documentation from the partners we fund.

We also conducted a wide-ranging audit of our online catalogue of Henry Moore works, so that we could better understand how visitors interact with this part of the website and ascertain any points of difficulty they have with our collections system. We then used our findings as the basis for submitting an application to Bloomberg Philanthropies’ Digital Accelerator Program, which, if successful, would allow us to completely revamp our online catalogue.

The importance of partnership working remained centre stage, particularly in Yorkshire, where the Henry Moore Institute and the Yorkshire Sculpture International partnership continued to broaden access to sculpture through a number of ground breaking initiatives. Also in Leeds, much progress was made in partnership with Leeds City Council, with whom the Foundation worked on a feasibility study to consider the long-term future of the Henry Moore Institute and the adjacent City Art Gallery. Both buildings are faced with access problems, and neither are fully equipped to provide a 21st century offer to the public. The City and the Foundation will continue to consider the long-term options.

The Foundation is increasingly involved in discussions with younger and developing artists’ foundations, where the experiences of the Henry Moore Foundation may be of use to other organisations, but also where we might learn from organisations coming into being in a different context to the one that saw the Henry Moore Foundation develop. These interactions are a particular focus in the activities of the World Art Foundations group, which the Henry Moore Foundation has become an active member.

The grants programme maintained its support for developments in sculpture and visual arts institutions and organisations whose projects are aligned with the Foundation’s charitable objectives. During the period under consideration, Trustees began to consider if the allocation to the Grants budget should be reviewed, and also how we directly assist artists.

Through marketing and communications, the Foundation was again, successful in engaging with and developing an understanding of its audiences through social media and online visitor surveys, which will enhance the audience development strategy in future years. The positive advancements in digital communications and online activities made during the pandemic have been carried forward and become mainstays of daily operations and activities.

In shaping the objectives and planning the Foundation’s activities, Trustees have considered the Charity Commission’s guidance on public benefit, and are clear in their direction that wider public benefit should be increasingly recognised as the driver for all the Foundation’s work. Access to the programme continued to be important and activities offered by the Foundation were available to members of the public and students. Entry to Henry Moore Studios & Gardens at Perry Green is by paid admission, with a range of concessionary tickets. Educational visits by schools, offered free of charge, have continued to be at capacity. Entry to the Henry Moore Institute in Leeds City Centre, including the library and pre-booked visits to the archive of sculptors’ papers, is free of charge.

Key financial performance indicators

Trustees have set targets for the performance of the investment portfolio and engage Stanhope Consulting to advise on the delivery of the investment strategy. Performance of the strategy is monitored quarterly by Trustees and the signed agreement with Stanhope Consulting sets out procedures to address actions where these may be required between committee meetings.

Status

The Foundation is registered as a charity (registration number 271370) and is not liable to UK taxation as it has

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

no taxable activities. In the exercise of their powers, the Trustees have paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011.

For a full account of the Foundation's activities, readers are referred to the Foundation website (www.henry moore.org). The following notes record the chief elements in the Foundation's programme during the year with particular reference to the accompanying financial statements.

REVIEW OF ACTIVITIES

Aim: To deepen and broaden the understanding and appreciation of the work of Henry Moore for both new and established audiences, nationally and internationally, through a programme of exhibitions and loans from the Foundation’s collections

The Henry Moore Collections & Programmes department is responsible for the creation of a programme of exhibitions and displays at Henry Moore Studios & Gardens, in the UK and globally; and for devising learning activities and a broad range of materials about Henry Moore to inspire and inform diverse audiences, both nationally and internationally.

Although there wasn’t an exhibition at Henry Moore Studios & Gardens due to the closure of the Sheep Field Barn for redevelopment, the touring programme continued to bring Henry Moore’s work to audiences all around the world.

Henry Moore: Form and Material was at Beelden aan Zee, The Hague, 7 April – 22 October 2023. Curated by Sebastiano Barassi and Joost Bergman and featuring over 100 artworks and studio materials from the HMF collection, the exhibition explored how Moore’s choice of material affected the shape, size and subject of his sculpture.

The second showing of Drawing in the Dark , an exhibition bringing together for the first time all of Moore’s wartime coalmining drawings, was at the DANUM Gallery, Doncaster, 9 May – 26 August 2023. It included one sketchbook, 25 drawings, two lithographs, three sculptures and items from the archive on loan from HMF, and was accompanied by a substantial new book written by Chris Owen and published by Lund Humphries.

Georgia O’Keeffe / Henry Moore was at San Diego Museum of Art 12 May – 27 August 2023, the Albuquerque Museum, 30 September – 31 December 2023, and the Musée des Beaux Arts, Montreal, 5 February – 9 June 2024. Curated by Anita Feldman, the exhibition comprised over 130 works on loan from HMF, including sculpture, drawings, graphics and studio materials.

Individual loans from the Foundation’s collection were displayed in other exhibitions and institutions. One sculpture was installed in the grounds of Worcester College, Oxford; one drawing was loaned to the Fundación Juan March, Madrid, for The America Principle: Amerindian Presence in Modern Culture , 6 October 2023 – 10 March 2024; three Shelter drawings were at Gagosian Gallery, New York, for Seeing is Believing: Lee Miller and Friends , 11 November – 23 December 2023; two sculptures were at Compton Verney Art Gallery and Park for Landscape and Imagination , 19 March – 16 June 2024.

Aim: To lead the world in Moore scholarship and act as guardians of his home and collections

Development of the Henry Moore Archive and care of the collections and Moore’s home are core to the Foundation’s work. The Archive team continued to add items to the bibliography database, catalogue and digitise correspondence, images and exhibition posters, as well as rehouse delicate materials and handle a large number of research and licensing enquiries. The Archive's public programme included the popular open-day sessions and film screenings.

Henry Moore continues to be part of primary, secondary, HE and FE studies. As in previous years, school visits

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

were fully subscribed, with over 2,200 children visiting. The Engagement Curator at HMS&G continued to pilot activities and build networks in preparation for the opening of the new learning spaces in the Sheep Field Barn, in consultation with schools, colleges and universities. Engagement events included Conversation to Creation , a co-production project with the University Centre Colchester; a research day for first-year New York University Liberal Studies students; Listening/Mapping by Felix Taylor, a soundscape commission for the Bloomberg Connects app; Sensory/Sculpting with Leap Then Look, for families with children aged 5+; Talking/Walking with Athene Club, aimed at 16-34 audiences; Growing/Wellbeing with Herbal Hackney, for ages 16+; Drawing/Embodying with Laxmi Hussain, for ages 16+; Collecting/Choreography with Eva Louisa Jonas, for families age 5+. A new Activity Sketchbook and a series of drop-in workshops for families were launched in April 2023.

During the year we hosted a Visiting Research Fellow and an artist in residence in partnership with Yale School of Art and Yale Center for British Art. A new Oral Histories project was launched. Our staff contributed to research events including talks and lectures at Musée des Beaux Arts, Montreal, The Courtauld, London, DANUM Doncaster and Università Cattolica in Milan.

Conservation work continued across all collections. The rehousing of lithographic plates was completed in June 2023. The inventory and rehousing of unframed drawings was completed in July 2023. Repatination was carried out on Large Two Forms while on long-loan to the Yorkshire Sculpture Park.

Henry Moore Works in Public , the online resource detailing Moore artworks located in public sites and collections around the world, was revamped. Work continued on the publication and expansion of the complete catalogue of works by Henry Moore on eMuseum, the online public access version of The Museum System available through the Foundation’s website.

The activities of the Review Panel and Research Service also continued. The Panel met twice, in May and September 2023, assessing 19 submissions for inclusion in the Henry Moore catalogue raisonné. During the year, 117 research enquiries were processed and approximately 110 email enquiries answered.

Aim: Maintain pre-eminence in the field of sculpture studies through the creation of a meaningful and balanced programme of exhibitions, displays, publications, events and research opportunities

The Foundation fulfilled its remit as a centre for the study of sculpture at the Henry Moore Institute. A scholarly programme of exhibitions and events was delivered, alongside working with higher and further education institutions. Our Engagement Programme saw expansive work with young people and communities in Leeds and beyond to ensure sculpture remains accessible to all, while promoting careers in the arts and especially sculpture. The Research Library grew and the collections developed. Research was facilitated on the Leeds Museums and Galleries sculpture collections, which encompass sculpture, works on paper and the Archive of Sculptors’ Papers based at the Henry Moore Institute. New audiences were fostered, particularly through the ongoing diversity of our exhibitions and research programmes, along with a strong digital output online and through social media.

Exhibitions in the period included The Weight of Words , an international group presentation focusing on the relationships between sculpture and poetry, and Egon Altdorf , a solo presentation of one of the three prizewinners in the German competition for the Monument to the Unknown Political Prisoner . Alongside strong visitor numbers, our online programming continued to grow with exhibition films, in-conversations, conferences and talks securing engagement nationally and internationally, not least through the growth of our YouTube channel.

Working with the Leeds Museums and Galleries sculpture collections, the Institute team continued to facilitate the acquisition of sculptures, works on paper and individual archive collections, through donation, purchase and other endeavours. Acquisitions during the period have included work by Karla Black, Ronald Moody and Dominique White. The team also supported the loan of individual works and archival material to museums in the UK and Europe. Researchers at all levels were actively encouraged to work with the collections, not least through the Institute’s programme of visiting research fellowships.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The expansive research programme continued online but saw a return to on-site and blended events. It continued to offer conferences, symposia, lectures and panel discussions throughout the year. The Institute continued its participation in the Leeds Visual Art Network, Culture Consortium Leeds, Art UK’s The Sculpture Project and National Life Stories: Artists’ Lives, and with Yorkshire Sculpture International partners.

The Institute closed for refurbishment from 26 November 2023 to mid- July 2024.

The Foundation appreciates the financial commitment of Leeds City Council, and the partnership through which we manage the City’s sculpture collection and its archive of sculptors’ papers.

Aim: To nurture and develop partnerships to increase the reach and resources of the Foundation

The Foundation primarily delivers this aim through its work in the city of Leeds where it continues its longstanding partnership with Leeds Art Gallery and Leeds City Council. As a part of this relationship, the Henry Moore Institute provides in-depth curatorial work for the city’s sculpture collections, which it continues to develop and research. In recent years, this partnership has been enhanced by the development of the Yorkshire Sculpture International (YSI) partnership, which has brought the Foundation into a more formal partnership with the Yorkshire Sculpture Park and the Hepworth Wakefield, as well as Leeds Art Gallery.

The YSI partnership instantly became the UK’s largest event celebrating sculpture and has continued in this period with a significant network of support and development for emerging sculptors in Yorkshire. The Foundation remains the lead partner with responsibility for overseeing the management of the project and is the accountable body financially. The project is supported with financial and in-kind resources from all four partners, and is overseen by a steering group consisting of senior representatives from each partner. Following an initial major Arts Council England’s (ACE) award, ACE has continued to support YSI with bridge funding towards the next major iteration, which will take place in 2026.

Furthermore, the Foundation continues to develop partnerships with the Contemporary Art Society, Art UK, Artist Rooms (Tate & National Galleries of Scotland), the Kenneth Armitage Foundation and the Art 360 Foundation. The Institute is a lead partner in an initiative with the Dali Foundation (Figueres), Reina Sofia (Madrid) and others to establish internationally recognised guidelines for best practice in sculpture collections management and research. The Foundation also continues to develop university partnerships in the UK and overseas, and has become an increasingly active participant in the World Art Foundations group.

Aim: To support the advancement of sculpture by giving financial support to exhibitions; publications; research and acquisitions

The Foundation’s Memorandum of Association, established by Henry Moore, states that one of the charity’s core objectives is to “make donations to art galleries and museums and collections of all kinds”. In acknowledgement of Henry Moore’s legacy as a great sculptor, Trustees have chosen to focus the Foundation’s Grants programme to support the advancement of sculpture. The grant making policy is to support exhibitions, exhibition catalogues, commissions, conferences, research, fellowships, publications, residencies and the development of collections through acquisitions, conservation, cataloguing and display.

The Foundation receives more requests for funds than it is able to support. All applications are considered by the Grants Committee, which meets quarterly. The committee consists of Trustees, a number of co-optees and is attended by members of the Executive team, all of whom are curators/art historians with a specialist knowledge in sculpture.

In 2023/24, the programme continued to support visual arts institutions and organisations whose projects are aligned with the Foundation’s charitable objectives and grant making policy. The Grants Committee continued to monitor the needs of the sector and offered support where it can have most benefit.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

In the year, Trustees approved a total of 80 grants to the value of £414,000. Through the provision of this financial support, the Foundation continued to deliver its aim to support the advancement of sculpture for the benefit of the public. This sum included the following examples:

Peggy Guggenheim Petersfield to Palazzo at Petersfield Art Gallery £5,000
Olu Ogunnaike at Spike Island £9,000
Elizabeth Frink at Dorset Museum £10,000
Hans Arp at Sculptuur Instituut Museum Beelden aan Zee £5,000
The Mother Artist (Research & Travel), Monash University £2,500
3D Scanning of Concrete Public Sculpture at Glasgow School of Art £8,000
Hilary Heron: A Retrospective at the Irish Museum of Modern Art £6,000

Additionally, the Foundation reserved a further £30,000 in order to continue to support the Henry Moore Foundation/Contemporary Art Society/Cathy Wills partnership to acquire works by Mike Nelson and Dominique White for Leeds Art Gallery.

Aim: To promote and encourage public interest in Henry Moore and the work of the Foundation and build relationships with a range of audiences, nationally and internationally, to grow actual and virtual visitor numbers

The Marketing & Communications department is responsible for promoting and encouraging public interest in sculpture and in the work of Henry Moore in particular. Targeted marketing strategies are devised, planned and implemented across a variety of disciplines and channels to attract audiences to the Foundation’s two sites and research facilities and to raise awareness of the grants programme.

Henry Moore Studios & Gardens attracted 15,780 (2023: 15,650) visitors (paid admissions) during the open season. Admission is free of charge to the Henry Moore Institute, where 37,772 (2023: 61,297) visitors were welcomed (the latest reduced number reflecting the closure for refurbishment). The Foundation’s website saw a decrease in users: 107,020 (2023: 176,755). Social media followers grew by 75% in the year to 125,587 (2023: 71,752) across the organisation’s Facebook, Twitter and Instagram platforms this is reflective of having a Digital Content Producer within the team.

Total media circulation, reach and impressions for the year was estimated at 449,919,115 with a value of £5,895,404. 16% of coverage was print, 17% broadcast and 67% online coverage. Coverage was lower than last financial year because of the closure of Henry Moore institute. Notable projects included the 30th Birthday of Henry Moore Institute, T he Weight of Words exhibition at Henry Moore Institute and the launch of the annual ticket offering free return visits within the year at Henry Moore Studios & Gardens.

Supporters: Volunteers

The Foundation is grateful for the unstinting efforts of its volunteers who are involved in administrative and archival duties (8), as gardeners (10) and in guiding schools and groups around Henry Moore’s Studios and Gardens (22). Volunteer hours provided in this year are estimated at approximately 10,000. If this time is conservatively valued at £16 per hour, the volunteer effort amounts to £160,000 (2023: £150,000).

Volunteers receive an induction and training; they are also required to enter into a formal signed agreement with the Foundation.

Equality, Diversity & Inclusion

The Foundation keeps its strategy on equality, diversity and inclusion (ED&I) under regular review, to ensure that ED&I is embedded into planning and programming. The Foundation is committed to making improvements in all aspects of its work, including the diversity of its people, operations and programmes, particularly in respect of race equality. A Race Equality Action Plan is in place to challenge inequality and address gaps. This is monitored

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

every six months by the Senior Management Team.

Disability awareness training is delivered and/or refreshed each year, particularly for customer-facing employees. Following recent enhancements, disabled access has improved at the Institute, a listed building. Good disabled access exists at Studios & Gardens, with limitations in Hoglands, a sixteenth century listed building. The Foundation was a successful partner in securing an Arts and Humanities Research Council award to support blind and partially blind people to engage with art through a forthcoming project: Beyond the Visual .

The Foundation aims to be trans-aware and seeks to reflect this in programming considerations and descriptive texts and nomenclature.

The Foundation is committed to actively learning and making improvements to welcome everyone to our venues and activities.

Safeguarding

The Foundation has a policy for safeguarding and the protection of children, young people and vulnerable adults. All public facing employees in particular are reminded of safeguarding responsibilities, policy and procedures at annual training days. Contractors working on site are also required to following this policy. Employees are encouraged to speak up and feel comfortable raising concerns to line managers or HR. All employees and volunteer guides are DBS checked.

Due Diligence: Immunity from Seizure

The Henry Moore Foundation received Approved Status from the Department of Culture Media and Sport under Part 6, Section 136 of the Tribunals, Courts and Enforcement Act 2007 (Protection of Cultural Objects on Loan) on 4 September 2008.

The Foundation’s exhibition programme, both at Perry Green and venues worldwide, draws on the collections gifted to it by Henry Moore, which have been augmented subsequently by gifts and acquisitions. In order to fulfil its exhibition programme the Foundation borrows work on a regular basis from institutions and private lenders in the UK and abroad. All lenders are requested to complete a Loan Form in order to satisfy due diligence procedures in accordance with the Foundation’s ethical loans policy. Information on the provenance of the work is requested and the lenders are required to declare that they acquired the works by legitimate means, have legal ownership and are unaware of any third party claims. The Foundation also holds information on its database on all works by Henry Moore and provenance information is frequently updated on this system. The Henry Moore catalogue raisonné also provides a useful resource for curators to confirm the legitimacy of works. Once the Loan Form is completed by the lender it is kept on file in case of a future audit. All paper trails in the form of letters and emails are kept on file relating to provenance and ownership requests. The Curator is responsible for researching the provenance of the works at the beginning of the loans process and the Registrar is responsible for ensuring the Loan Form is satisfactorily completed by the lender.

Training is provided on Immunity from Seizure to relevant members of staff as required. The Foundation’s due diligence policy and procedures continues to be implemented and the ethical loans policy adhered to through its exhibition programme, both when incoming loans are requested for exhibition and through its acquisition policy.

Immunity from Seizure was not requested for any loans to the Foundation in the period 1 April 2023 to 31 March 2024.

Capital Expenditure

In April 2023, planning consent was granted for the redevelopment of the Sheep Field Barn at Studios & Gardens to improve the gallery conditions and to establish it as an interpretation space for visitors and to extend the building to accommodate new learning and engagement facilities for use by students and the public. The

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

professional team is led by architects, DSDHA, working with structural and civil engineers, Webb Yates; mechanical, electrical and plumbing engineers, Harley Haddow; and quantity surveyor, Stockdale LLP. Following a competitive tender process, Rooff Construction Limited was appointed in March 2024 as the main contractor. They took possession of the site on 28 April 2024. A Letter of Intent was signed on 28 March 2024, pending the JCT contract which was signed on 12 July 2024 for the sum of £3,481,817. The substantive design was completed by 31 March 2024 and fees to this date have been capitalised as Assets Under Construction in the financial statements (Note 15). The environmental aims of this project are noted below.

We aim to open the new learning and engagement facilities at the Sheep Field Barn in July 2025. The gallery will be re-opened following the installation of a new interpretive exhibition in April 2026.

The overall capital budget for this project is £4.3 million + VAT, which is being financed from the Foundation’s own resources.

This year also saw the commencement of the interior refurbishment of the Henry Moore Institute, the first major improvements in its 30 year history. The refurbishment is designed to enhance the quality of the visitor experience afforded in our spaces, upgrade our research facilities and introduce a dedicated space for engagement activities to host our work with young people and school groups. The works also include an enhanced retail area in the foyer and updated offices and staff facilities. The professional team was led by Group Ginger Architects, working with quantity surveyor, Michael Eyres Partnership. Following a competitive tender process, Whittaker & Leach were appointed as main contractor under the terms of a JCT contract.

The majority of the refurbishment works are renewals and redecorations, hence considered as revenue costs. However new capital expenditure (e.g. solar panels, double glazing, additional WCs etc.) has been separately identified and capitalised as Assets Under Construction in the financial statements (Note 15).

The overall capital budget for this project is £1.1 million + VAT, which is being financed from the Foundation’s own resources. This capital project was completed on budget and on time for the re-opening on 11 July 2024.

Environmental Impact

The Foundation has taken significant steps to reduce its impact upon the environment this year, aiming to reduce its carbon footprint, specifically through the reduction in the consumption of fossil fuels. Photovoltaic solar panels have been installed on the roof at the Henry Moore Institute; and the reduced proportion of power now drawn from the National Grid is purchased exclusively from “green” sources. Plans approved for the Sheep Field Barn redevelopment in Perry Green include an integrated photovoltaic solar roof, along with ground source heat pumps and enhanced thermal insulation throughout the building. Heat pumps having already replaced old oilfired boilers in the art stores and visitor centre at Henry Moore Studios & Gardens.

The Foundation has further sought to reduce its energy consumption with the introduction of an eco-strategy for the environmental conditions across all art stores and gallery spaces. This new strategy has seen the elimination of “close control” (except where critical for the preservation of artworks); parameters for temperature and relative humidity relaxed to moderate levels; and heating, ventilation and air-conditioning plant switched off when external conditions align with internal target conditions.

Recycling has long been a commitment in the offices of the Foundation, however we have now extended this objective to recycling materials and re-purposing fixtures and fittings in the current capital projects, where steels and timber cladding have been re-used and re-purposed. We are also mindful to reduce embodied carbon wherever possible, avoiding use of cement and using timber rather than steel in new structures as appropriate.

Having moved to electronic accountancy systems and Board and Committee packs several years ago, the Foundation is now working towards a reduction in the use of paper across all departments.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

FUTURE ACTIVITY

In the financial year of 2024/25, the Senior Management Team (SMT) will produce a new Five Year Plan devised to take the Foundation forward to the end of the decade. Following careful engagement with the charity’s Trustees on key strategic issues, the SMT will use the plan to begin to refocus our resources to ensure we are able to deliver effectively. Certain key values will remain important to the plan; to embed equality, diversity and inclusion into everything that we do; and to ensure our ambitions are sustainably resourced – both financially and environmentally through the judicious use of our assets.

We will continue to be ambitious and strategic in our exhibition planning, both incoming shows at the Henry Moore Institute and touring shows developed from the Henry Moore collections held at Perry Green. We will continue to develop our partnering ambitions and continue to work with Yorkshire Sculpture International; and continue to work closely with, and support where possible, other artists’ foundations.

Crucially, we will progress the refurbishment of the Henry Moore Institute to its re-opening on 12 July 2024; and the development of the Sheep Field Barn capital project at Henry Moore Studios & Gardens - and look forward to opening the new learning and engagement facilities in July 2025 and the gallery in April 2026. We will launch these projects in a way that will maximise public benefit in line with the charity’s objectives.

We will also embark on the appointment of a new Chair of the Foundation’s Board of Trustees following the departure of Sir Nigel Carrington, whose term of office will come to an end in December 2024.

We also intend to bring a further refurbishment project forward for consideration in this period. The Foundation recognises that the exceptional group of studios at Perry Green, used by Henry Moore during the second half of the last century, are in need of carefully considered restoration and improvement to ensure their longevity, whilst also ensuring that their authenticity is retained.

FINANCIAL REVIEW

Investments

The aims of the Foundation are long term and historically its income is mainly derived from investments provided from the assets left by its founder. The Foundation therefore invests the funds so as to protect its real value against inflation and to furnish an annual income to fulfil the charitable objectives. To this end the Foundation maintains a diverse portfolio investing with a number of fund managers with different investment styles and asset spread in order to ensure the maximum return with the minimum of risk and/or volatility across the portfolio as a whole. The portfolio of investments is managed akin to an endowment, called a quasi-endowment, where the annual yield is set aside to provide revenue for the Foundation, topped up by the sale of holdings as required. The sum allocated for operating resources continues to be monitored annually. Sufficient investment assets need to be maintained in order to provide income for the annual operating costs of the Foundation. The Foundation aims to maintain a cash pool, or General Reserve, equivalent to running costs of approximately twelve months.

The Trustees take investment advice from Stanhope Consulting, a division of Stanhope Capital LLP and maintains a diversified portfolio of funds so as not to expose the Foundation to undue financial risk. The Foundation asks its investment managers to embrace an active stewardship approach to their investee companies, monitoring, evaluating and engaging with them, with the aim of preserving or adding value to the quasi-endowment. Investment advisers report back regularly to the Investment Committee, which in turn reports to the Board on such engagements.

The Foundation expects its managers to take into account environmental, social and governance (ESG) issues in their decision making and engage actively with the management of the companies held in the funds in the Foundation’s portfolio to improve their ESG practices and policies and to have sustainable business models in terms of their social and environmental impact. In addition, the managers should avoid investments in

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

companies which are in breach of the principles of the United Nations Global Compact and, as far as possible, companies based in countries which do not have an effective rule of law.

The Foundation’s investment objective is to achieve CPI + 4% per annum over the long term. The strategic asset allocation percentage targets are: up to 75% in equities; circa 10% in bonds; and up to 15% in alternatives. The portfolio will only invest in funds and not in individual securities. No more than 25% of the portfolio may be held in any one fund without the prior approval of the Investment Committee.

As at 31 March 2024, the total capital market value of the Foundation’s investment portfolio is £94,833,734 (2023 - £89,884,008) representing an increase in value of 5.5%. The total positive return for the year is £7,542,093 (2023 negative return - £1,994,189). Investment income increased year on year, delivering £2,201,650 (2023 - £1,982,339). Investment consultants’ and custodian fees increased to £107,397 (2023 - £97,251). The Foundation is predominantly invested in pooled funds where the underlying fund managers’ fees are netted off against the fund value.

Financial analysis

At the year end the Foundation holds Total Funds of £127,374,289 (2023 - £119,754,741), of which:

The Total Funds include Restricted funds of £66,609 (2023 - £77,210), this being the balances of the Yorkshire Sculpture International project and a fund for the Bloomberg Connects App.

The year saw an increase in incoming resources to £8,911,737 (2023 - £3,584,016), of which £77,500 (2023 - £77,000) is restricted income relating to Yorkshire Sculpture International. There is an increase in total investment income to £2,781,185 (2023 - £2,242,173). As a result of fewer international exhibitions in the year, income from charitable activities fell by £272,469 to £645,013 (2023 - £917,482) and trading income increased to £746,544 (2023 - £253,811). This year’s income includes the sale of a cultural asset owned by the subsidiary. There was also income in the charity from the sale of cultural assets amounting to £4,316,902. All three artworks sold were duplicate casts of works held in the Foundation’s collection. The Foundation is grateful to receive Museum and Gallery Tax Relief of £157,063 (2023 - £42,919).

Expenditure increased by £822,787 to £6,740,029 (2023 - £5,917,242). This sum includes the write off of The Hoops car park (£989,601 see Note 10) following the disposal of The Hoops Inn public house. At the time of the disposal of this fixed asset, the Foundation negotiated an easement to The Hoops premises to allow visitors to Henry Moore Studios & Gardens use of the car park free of charge in perpetuity; additionally the car park is not to be diminished or developed. This easement is a registered property right noted on the Land Registry listing for The Hoops premises.

The Foundation is grateful to receive a sum of £145,743 (2023 - £145,743) from Leeds City Council as a contribution towards the running costs of the Henry Moore Institute and upkeep of the Council’s sculpture collections and archive of artists’ papers. The Foundation also received restricted grant income totalling £77,500 (2023 - £77,000) on behalf of the Yorkshire Sculpture International partnership from Arts Council England.

Designated Funds and Reserves Policy

The Trustees have reviewed the Foundation’s reserves policy and have resolved to retain as designated funds amounts representing those assets set aside for specific purposes, with the balance as an unrestricted general reserve. The designated funds totalling £124,156,013 (2023 - £115,378,334) comprise the following:

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

endowment fund for operational purposes and which is relied upon to produce a return sufficient to meet at least the projected annual expenditure of the Foundation - the balance in this fund is £98,882,625 (2023 £93,788,129);

After setting aside the HMF Enterprises’ operating reserve of £180,520 (2023 - £180,520), this leaves a balance of £2,977,733 (2023 - £4,125,263) as the Foundation’s General Reserve.

The Trustees aim to maintain a General Reserve at a level and with such liquidity as to enable a minimum of twelve months of unrestricted charitable expenditure to be undertaken at any time. The current net requirement for the 2024/25 operating costs is £4,104,373, the General Reserve is £4,351,553 which adequately meets this requirement. The charity additionally holds reserves of £2,977,733.

Information on Fundraising Practices

The Foundation does not currently rely on fundraising as a major source of income for its own activities, nor does it employ or engage professional fundraisers. As a result the Foundation is not registered with the Fundraising Regulator. However should fundraising activities increase in the future, the Foundation will review this and is committed to avoiding any intrusive fundraising approaches and will never apply undue pressure to donate.

Risk management

Trustees review the major financial and non-financial risks to the Foundation to ensure that steps are taken both to minimise the risk and to provide the Foundation, its staff and visitors with appropriate insurance or physical protection against any unavoidable risks. The risk analysis is undertaken at least annually and key actions resulting from the analysis are included in the five year plan.

One of the principal ongoing risks is to inflation proof and maintain the value of the quasi endowment and to derive a consistent income stream to finance the annual operating costs of the Foundation. This is particularly challenging when political and economic uncertainty in the UK and the wider world results in volatility in the markets. Trustees have sought to minimise this risk by spreading the Foundation's investments over a broad strategic asset base, across a number of funds and across a global range. Trustees also engage an investment adviser to monitor these funds on a regular basis.

The display of artworks in the open air, as Moore desired, presents security risks for the Foundation. Such risks are mitigated by the installation of a three layered security system, plus a team of security personnel to patrol the grounds and monitor equipment.

Cyber fraud is an increasing risk. To mitigate against this risk the Foundation has introduced a higher level of financial control on payments and runs regular cyber awareness training for its employees.

Going Concern

The Foundation has substantial resources to continue in operational existence for the foreseeable future. For this reason the Trustees continue to adopt the going concern basis in preparing the financial statements.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Pensions

The Foundation has a long standing Group Personal Pension Plan with Scottish Widows. Auto enrolment is in place to include all eligible employees. Employees who do not join the existing scheme are auto enrolled with the National Employment Savings Trust (NEST).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The Board of Trustees is appointed by majority agreement of the existing Trustees and meets quarterly to review the Foundation’s activities and strategy. Three sub committees oversee specific areas of the Foundation’s work: Finance, Audit & General Purposes Committee, Investment Committee and Grants Committee; and a further two sub committees, Nominations Committee and Remuneration Committee, meet as required. There are two informal working groups: one to support the development and conservation of the collections and the other to promote the development of audiences and learning. All committees operate within agreed Terms of Reference. Trustees are appointed to the sub committees as shown in the Trustees’ listing. All sub committees generally meet quarterly or as required throughout the year; working groups meet as required, and all report to the Board. Day to day management of the Foundation is undertaken by an executive team of paid officers.

Sir Nigel Carrington, retired Vice Chancellor of University of the Arts London, is Chair of the Board of Trustees. He was appointed to the position for a term of five years at the AGM in November 2014 and re appointed for a further five year term in December 2019. He has advised the Board that he will step down as Chair and Trustee in December 2024. The Foundation is enormously grateful to Sir Nigel Carrington for his leadership of the Board of Trustees and the time that he has dedicated to the Foundation over the last 10 years.

The Nominations Committee (excluding Sir Nigel Carrington), has undertaken a formal recruitment process for the appointment of a new Chair. The Board of Trustees expects to announce the successor to Sir Nigel Carrington in September 2024.

The Board of Trustees keeps under review the skills required of the Board. When necessary the Board seeks new Trustees by public advertisement and exploiting the broad range of contacts of the Trustees and the Executive to ensure the maintenance of the necessary mix of skills. The Trustees’ Skills Audit was last reviewed in July 2023 ahead of the last round of trustee recruitment.

The induction of new Trustees is designed to provide a full understanding of all aspects of the work of the Foundation. It includes meetings with the Director, Chief Operating Officer and Board Members, covering policies and plans, programmes and exhibitions, grant making process, major projects and capital developments and powers and responsibilities of the Trustee Board and the sub committees. The welcome pack includes a copy of the Memorandum and Articles of Association, previous annual reports and accounts, the Annual Review and copies of relevant Charity Commission guidance as well as other relevant material.

The Henry Moore Foundation has a wholly owned trading subsidiary company, HMF Enterprises Limited (Company Number 1262112), and the majority of any profit from its undertakings are paid under Gift Aid to the charity annually. Details of HMF Enterprises Limited and its activities are summarised in Note 4 of these financial statements. Martin Barden, Leonard Dunne and William Edgerley, Trustees of the Henry Moore Foundation, also serve as Directors of the HMF Enterprises Board along with three other Directors.

Pay policy for senior staff

The pay and remuneration of the Foundation’s senior executive officers is considered by the Remuneration Committee and approved by the Board of Trustees. These arrangements are informed by achievements of the individuals in post and benchmarking against similar posts in comparable out of London organisations in the wider cultural, academic and charity spheres. The Foundation undertakes a salary benchmarking exercise

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

approximately every three to four years. Key management personnel are detailed in Note 14.

Data Protection

The Foundation takes the protection of personal data very seriously and is mindful of the General Data Protection Regulations (GDPR). The Foundation’s GDPR and Privacy Policies, processes and systems enable it to comply with the terms of the GDPR. The Chief Operating Officer is responsible for all employee and internal personnel data and the Head of Marketing & Enterprise is responsible for all customer and third party external data. There have been no known losses of personal data held by the Foundation during the year.

AUDITOR

A resolution proposing that PEM (formerly Peters Elworthy & Moore) be re-appointed as auditors of the company will be put to the Annual General Meeting.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of the Henry Moore Foundation for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Foundation and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Sir Nigel Carrington Chair, Board of Trustees

................................................ Pamela Raynor Trustee

Date: 24 September 2024

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HENRY MOORE FOUNDATION

OPINION

We have audited the financial statements of The Henry Moore Foundation (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Foundation Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HENRY MOORE FOUNDATION (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HENRY MOORE FOUNDATION (CONTINUED)

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HENRY MOORE FOUNDATION (CONTINUED)

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures that included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HENRY MOORE FOUNDATION (CONTINUED)

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kelly Bretherick (Senior Statutory Auditor)

for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 26 September 2024

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME FROM:
Donations and grants
2
Charitable activities
3
Other trading activities
4
Investments
5
Other income
7
TOTAL INCOME
EXPENDITURE ON:
Raising funds
8
Charitable activities
9
TOTAL EXPENDITURE
NET (EXPENDITURE)/INCOME
BEFORE NET GAINS/(LOSSES) ON
INVESTMENTS
Net gains/(losses) on investments
6
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Restricted
funds
2024
£
77,500
-
-
-
-
77,500
-
88,101
88,101
(10,601)
-
(10,601)
77,210
(10,601)
66,609		 Unrestricted
funds
2024
£
-
645,013
5,063,446
2,781,185
344,593
8,834,237
495,260
6,156,668
6,651,928
2,182,309
5,447,840
7,630,149
119,677,531
7,630,149
127,307,680		 Total
funds
2024
£
77,500
645,013
5,063,446
2,781,185
344,593
8,911,737
495,260
6,244,769
6,740,029
2,171,708
5,447,840
7,619,548
119,754,741
7,619,548
127,374,289		 As restated
Total
funds
2023
£
127,631
917,482
253,811
2,242,173
42,919
3,584,016
343,894
5,573,348
5,917,242
(2,333,226)
(3,879,277)
(6,212,503)
125,967,244
(6,212,503)
119,754,741

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 29 to 62 form part of these financial statements.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 01255762

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
FIXED ASSETS
Tangible assets
15
Heritage assets
16
Investments
17
Investment property
17
CURRENT ASSETS
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
22
Unrestricted funds:
Designated funds
22
General funds
22
Total unrestricted funds
22
TOTAL FUNDS		 41,856
178,661
14,636,582
14,857,099
(913,191)
124,156,013
3,151,667		 2024
£
13,004,839
1,542,917
95,392,625
3,490,000
113,430,381
13,943,908
127,374,289
66,609
127,307,680
127,374,289		 49,709
204,576
10,958,064
11,212,349
(920,045)
115,378,334
4,299,197		 2023
£
14,125,858
1,542,917
90,303,662
3,490,000
109,462,437
10,292,304
119,754,741
77,210
119,677,531
119,754,741

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 24

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 01255762

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ Sir Nigel Carrington Pamela Raynor Chair, Board of Directors Trustee

Date: 24 September 2024

The notes on pages 29 to 62 form part of these financial statements.

Page 25

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 01255762

FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024

Note
FIXED ASSETS
Tangible assets
15
Heritage assets
16
Investments
17
Investment property
17
CURRENT ASSETS
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
22
Unrestricted funds:
Designated funds
22
General funds
22
Total unrestricted funds
22
TOTAL FUNDS		 350,330
14,324,449
14,674,779
(911,391)
124,156,013
2,977,733		 2024
£
13,004,839
1,542,917
95,399,211
3,490,000
113,436,967
13,763,388
127,200,355
66,609
127,133,746
127,200,355		 528,061
10,484,968
11,013,029
(901,245)
115,351,141
4,152,456		 2023
£
14,125,858
1,542,917
90,310,248
3,490,000
109,469,023
10,111,784
119,580,807
77,210
119,503,597
119,580,807

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 26

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 01255762

FOUNDATION BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ Sir Nigel Carrington Pamela Raynor Chair, Board of Directors Trustee

Date: 24 September 2024

The notes on pages 29 to 62 form part of these financial statements.

Page 27

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
24
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net drawdown from investment portfolio
NET CASH PROVIDED BY INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
25		 2024
£
658,266
2,781,185
235,517
(355,327)
358,877
3,020,252
3,678,518
10,958,064
14,636,582		 2023
£
(3,832,349)
2,242,173
-
-
3,919,069
6,161,242
2,328,893
8,629,171
10,958,064

The notes on pages 29 to 62 form part of these financial statements

Page 28

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019) effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Henry Moore Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Foundation and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Foundation has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The surplus (2023 - deficit) for the year for the Foundation only is £7,619,548 (2023 - £6,212,503).

1.2 COMPANY STATUS

The Foundation is a company limited by guarantee. The members of the Foundation are the Trustees named on page 1. In the event of the Foundation being wound up, the liability in respect of the guarantee is limited to £1 per member of the Foundation.

1.3 GOING CONCERN

The Trustees have prepared forecasts for 2025/26 and considered activities beyond this. The investment portfolio is managed akin to an endowment, whereby annual yield is set aside to provide revenue for the Foundation. This will continue for the foreseeable future and the budget for the short term will be managed to ensure expenditure is within allocated income. The Foundation is holding reserves close to its target to ensure liquidity can be managed should there be any further disturbance to the stock market.

Following their review of the forecasts, the Trustees are confident the Foundation is able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis in preparing the financial statements.

Page 29

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.4 INCOME

Voluntary income includes grants and donations received in addition to gift aid donations for admissions.

Income from other trading activities comprises the income earned by the subsidiary company. Standard deposits received in relation to weddings and events are recognised on receipt whilst the remaining balance is deferred until the wedding or event has been held. Retail and catering sales are recognised immediately and royalty income is recognised in the period it relates. Sales of graphics and art work is recognised when the sale takes place.

Investment income is recognised on a receivable basis.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the bank.

Income from charitable activities includes admissions and sale of publications and catalogues. Income received in relation to exhibitions is recognised at the commencement of the exhibition.

Works of Art income is recognised on a receivable basis.

Restricted grant income is recognised when the Foundation has entitlement to it, the receipt is probable and the amount can be reliably measured. Any unspent balance is carried forward in restricted funds.

Performance related grant income is recognised in the period received but where the related services have not been performed by the period end, the balance is carried forward as deferred income.

1.5 VOLUNTEERS AND DONATED SERVICES AND SERVICES

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the Trustees' annual report.

1.6 EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Contractual arrangements and performance related grants are recognised as goods or services are supplied.

Costs of generating funds are those costs incurred in attracting voluntary income and investment income, and those incurred in trading activities that raise funds.

Charitable activities include expenditure associated with the staging of exhibitions, educational and research programmes and include both the direct costs and support costs relating to these activities.

Support costs include governance costs and central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Termination payments are recognised as soon as there is a legal obligation committing the Foundation to that expenditure.

Governance costs include those incurred in the governance of the Foundation and its assets and are

Page 30

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.6 EXPENDITURE (CONTINUED)

primarily associated with constitutional and statutory requirements.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Foundation.

Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Foundation.

1.7 INVESTMENT MANAGEMENT FEES

Investment fees are taken by fund managers net of income reinvested in the portfolio. Where this can be accurately measured, investment income and management fees are grossed up within the Statement of Financial Activities. If these cannot be reliably measured, investment income is recognised net of the management fee.

1.8 GOVERNMENT GRANTS

Government grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

1.9 IRRECOVERABLE VAT

All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

1.10 PENSIONS

The Foundation operates two defined contribution pension schemes. The assets of both schemes are held in separate trustee-administered funds.

1.11 TANGIBLE FIXED ASSETS AND DEPRECIATION

All assets costing more than £3,000 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Consolidated Statement of Financial Activities.

Page 31

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.11 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED)

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful life.

The estimated useful lives are as follows:

1.12 HERITAGE ASSETS

The Foundation’s works of art comprise assets of artistic and historical importance held to advance the Foundation’s core objectives and, through public access, contribute to the nation’s culture and education.

The Foundation owns certain assets that are not considered to form part of the core heritage assets and these are held for sale.

Prior to the financial year 2007/08, reliable cost information was not available and conventional valuation approaches lack sufficient reliability, with the cost of providing such information unaffordable and unmanageable, and deemed to outweigh the benefits to the users. Accordingly these assets are not capitalised in the balance sheet.

Works of art in excess of the capitalisation threshold of £3,000 acquired since 1 April 2008 have been capitalised at acquisition value, and treated as non depreciable heritage assets in the balance sheet. A description of the collections and their management in the year are given in Note 16.

At each reporting date the Foundation assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 32

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.13 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.14 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investment property is carried at fair value determined annually by the Trustees. In 2023, the fair value was assessed by management; in 2022 the fair value was based on a professional valuation. Fair values are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities.

1.15 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.16 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 33

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.17 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities within interest payable and similar charges.

1.18 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 34

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.19 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

In the application of the Group's accounting policies, the Trustees may be required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Valuation of properties - Following management's instruction, in 2023 properties held for investment by the Foundation were appraised by Mullucks Wells, an estate agent. Management accepted the valuation reported and, in accordance with the accounting policy, revalued the properties held by the Trust accordingly. The valuations in 2024 have been assessed by management against property price indices for the local area and have determined the current valuations remain appropriate.

Valuation of quoted investment s - Annually the Trustees are provided with a portfolio valuation of its quoted investments by the Foundation's investment advisers which the Trustees deem to represent the fair value of the holding at the year end.

Useful lives of property, plant and equipment – Property, plant and equipment represent a significant proportion of the Charity's total assets. Therefore the estimated useful lives can have a significant impact on the depreciation charged and the Charity's reported performance. Useful lives are determined at the time the asset is acquired and reviewed regularly for appropriateness. The lives are based on historical experiences with similar assets, professional advice and anticipation of future events.

Page 35

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. INCOME FROM DONATIONS AND GRANTS

Yorkshire Sculpture International (YSI)
Bloomberg Connects App
Donations
TOTAL 2024
TOTAL 2023 AS RESTATED		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
77,500
-
-
-
-
-
77,500
-
127,000
631		 Total
funds
2024
£
77,500
-
-
77,500
127,631		 Total
funds
2023
£
77,000
50,000
631
127,631

3. CHARITABLE INCOME

Catalogue sales and publication Income - HM Institute
Exhibition income
Other income
Contributions from Leeds City Council
Admissions income
Learning and engagement		 2024
£
43,295
201,762
18,384
145,743
235,829
-
645,013		 As restated
2023
£
12,278
481,625
22,686
145,743
251,250
3,900
917,482

In 2023 and 2024, all charitable income was unrestricted.

4. TRADING INCOME

HMF Enterprises (see below)
Sale of cultural assets		 2024
£
746,544
4,316,902
5,063,446		 2023
£
253,811
-
253,811

Page 36

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

TRADING INCOME - HMF ENTERPRISES LIMITED

The Henry Moore Foundation owns 100% of the ordinary share capital of HMF Enterprises Limited, a provider of retail, event and catering services to The Henry Moore Foundation. A summary of the results of HMF Enterprises Limited is set out below.

Audited financial statements will be filed with the Registrar of Companies.

PROFIT AND LOSS ACCOUNT
Retail sales, venue & facilities hire and licensing income
Sale of cultural assets
Cost of sales
Administrative expenses
Net profit before tax
Tax
Net profit after tax
NET ASSETS
Net profit after tax
Net assets brought forward
Gift aid distribution
Net assets carried forward		 2024
£
238,977
507,567
(53,360)
693,184
(137,533)
555,651
-
555,651
2024
£
555,651
173,934
(555,651)
173,934		 2023
£
253,811
-
(50,234)
203,577
(139,443)
64,134
-
64,134
2023
£
64,134
173,934
(64,134)
173,934

Page 37

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT INCOME

Unrestricted
funds
2024
£
Property income
102,979
Investment income
2,201,650
Bank interest
476,556
2,781,185
TOTAL 2023
2,242,173		 Total
funds
2024
£
102,979
2,201,650
476,556
2,781,185
2,242,173		 Total
funds
2023
£
74,934
1,982,339
184,900
2,242,173

6. INVESTMENT RETURNS

Investments are managed on a total return basis and the total return for the year is set out below.

Investment management fees include fees paid to the investment managers and investment advisors. Other fees are charged directly to the investment funds.

Income from listed investments
Unrealised gains on investment properties
Unrealised (losses)/gains on listed investments
Realised (losses)/gains on listed investments
Investment management fees
Total return for the year		 2024
£
2,201,650
-
5,586,224
(138,384)
(107,397)
7,542,093		 2023
£
1,982,339
1,099,467
(3,900,891)
(1,077,853)
(97,251)
(1,994,189)

Page 38

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. OTHER INCOMING RESOURCES

Museum and gallery exhibition tax relief
Sale of fixed assets
TOTAL 2023 AS RESTATED
RAISING FUNDS
Subsidiary other costs
Subsidiary staff costs
Investment management fees		 Unrestricted
funds
2024
£
157,063
187,530
344,593
42,919		 Total
funds
2024
£
157,063
187,530
344,593
42,919
2024
£
69,695
318,168
107,397
495,260		 As restated
Total
funds
2023
£
42,919
-
42,919
2023
£
64,221
182,422
97,251
343,894

8. RAISING FUNDS

In 2023 and 2024, all expenditure on raising funds was unrestricted.

Page 39

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Grants
Curatorial and exhibitions
(Perry Green)
Sculpture studies (HMI)
Estate and visitor services
(Perry Green)
Marketing
Yorkshire Sculpture
International (YSI)
Other restricted funds
TOTAL 2023		 Activities
undertaken
directly
(note 10)
2024
£
-
940,174
1,253,474
1,304,749
367,177
68,479
19,622
3,953,675
2,342,389		 Grant
funding of
activities
(note 12)
2024
£
424,416
-
-
-
-
-
-
424,416
368,061		 Support
costs (note
11)
2024
£
43,531
493,371
403,270
886,058
40,448
-
-
1,866,678
2,862,898		 Total
funds
2024
£
467,947
1,433,545
1,656,744
2,190,807
407,625
68,479
19,622
6,244,769
5,573,348		 Total
funds
2023
£
407,457
2,070,724
1,347,356
1,238,226
389,022
120,563
-
5,573,348

Page 40

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. DIRECT COSTS

Curatorial and exhibitions (Perry Green)
Sculpture studies (HMI)
Estate and visitor services (Perry Green)
Marketing
Yorkshire Sculpture International (YSI)
Other restricted funds
TOTAL 2023		 Direct costs
2024
£
51,126
560,535
1,196,086
147,306
24,796
19,622
1,999,471
714,960		 Staff costs
2024
£
889,048
692,939
108,663
219,871
43,683
-
1,954,204
1,627,429		 Total
funds
2024
£
940,174
1,253,474
1,304,749
367,177
68,479
19,622
3,953,675
2,342,389		 Total
funds
2023
£
681,727
895,245
288,578
356,276
120,563
-
2,342,389

In 2024, £88,101 (2023 - £120,563) of expenditure was from restricted funds and £3,840,272 (2023 - £2,221,826) from unrestricted funds.

Included within estate and visitor services is the disposal of a fixed asset amounting to £989,601.

11. SUPPORT AND GOVERNANCE COSTS

Grants
Curatorial and exhibitions
(Perry Green)
Sculpture studies (HMI)
Estate and visitor services
(Perry Green)
Marketing
TOTAL 2023		 General
support
costs
2024
£
3,341
408,619
333,047
844,893
8,969
1,598,869
2,636,277		 Staff costs
2024
£
25,661
-
-
-
-
25,661
25,252		 Governance
costs
2024
£
14,529
84,752
70,223
41,165
31,479
242,148
201,369		 Total
funds
2024
£
43,531
493,371
403,270
886,058
40,448
1,866,678
2,862,898		 Total
funds
2023
£
39,396
1,388,997
452,111
949,648
32,746
2,862,898

Page 41

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

In 2023 and 2024, all expenditure was from unrestricted funds.

Analysis of governance costs

Wages and salaries
Operational costs
Legal & professional fees
Audit fees
Trustees expenses and insurance		 2024
£
33,257
51,845
116,036
28,200
12,810
242,148		 2023
£
31,490
41,832
97,252
26,278
4,517
201,369

Allocated in proportion to other costs.

12. ANALYSIS OF GRANTS

Grants committed
TOTAL 2023		 Grants to
Institutions
2024
£
424,416
368,061		 Total
funds
2024
£
424,416
368,061		 Total
funds
2023
£
368,061

The Group has made the following material grants to institutions during the year:

Page 42

Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. ANALYSIS OF GRANTS (CONTINUED)

NAME OF INSTITUTION
The Hepworth Wakefield
Compton Verney Art Gallery and Park
Stockport Council
Leeds Museums and Galleries
The British Council, London
Bold Tendencies
Dorset Museum
Victoria & Albert Museum
Southbank Centre
Grundy Art Gallery
Fruitmarket Gallery
The Kenneth Armitage Foundation
Sainsbury Centre for Visual Arts
Carnegie Museum of Art
Other grants to institutions
Below is an analysis of grants by nature:
Exhibitions and New Projects
Collections
Conferences, Publications and Workshops
Research
Other		 2024
£
15,000
13,000
10,000
10,000
20,000
10,000
10,000
-
-
-
-
-
-
-
88,000
336,416
424,416
2024
£
360,816
31,000
12,500
20,100
-
424,416		 2023
£
-
-
-
-
-
-
-
12,000
10,000
10,000
10,000
10,000
15,000
14,000
81,000
287,061
368,061
2023
£
255,561
58,000
10,000
33,000
11,500
368,061

In 2023 and 2024, all expenditure was from unrestricted funds.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. AUDITORS' REMUNERATION

2024 2023
£ £
Fees payable to the Foundation's auditor for the audit of the Foundation's
annual accounts 21,900 20,300
Fees payable to the Foundation's auditor in respect of:
Auditor's remuneration - Subsidiary 6,275 5,800

STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY 14. MANAGEMENT PERSONNEL

Staff costs were as follows:

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
2,461,380
166,935
217,889
2,846,204		 Group
2023
£
2,001,521
177,395
201,327
2,380,243		 Foundation
2024
£
2,461,380
166,935
217,889
2,846,204		 Foundation
2023
£
2,001,521
177,395
201,327
2,380,243

During the reporting period, termination payments totalling £43,492 were paid in connection with a restructuring of the Foundation's operations.

The average number of persons employed by the Foundation during the year was as follows:

Curatorial
HMI Programme
Establishment
Estate
Marketing
YSI Project		 Group
2024
No.
39
35
11
6
4
2
97		 Group
2023
No.
45
38
11
7
4
2
107

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Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL (CONTINUED)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 1 1
In the band £70,001 - £80,000 1 1
In the band £90,001 - £100,000 - 1
In the band £100,001 - £110,000 1 -
In the band £140,001 - £150,000 1 1

The key management personnel of the Foundation comprise the Trustees, Director, Chief Operating Officer, Head of Henry Moore Collections & Programmes, Head of the Henry Moore Institute, Head of Enterprise and Head of Marketing & Communications. The total employment benefits including employer's national insurance and pension contributions of key management personnel were £598,401 (2023 - £578,463). None of the Trustees received any remuneration or benefits during the year.

During the year, 8 Trustees either received reimbursement of expenses or had expenses paid direct by the Foundation amounting to £1,080 (2023 - 3 Trustees - £216).

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Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. TANGIBLE FIXED ASSETS

GROUP AND FOUNDATION

COST
At 1 April 2023
Additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Freehold
property
£
22,089,203
-
(1,204,742)
20,884,461
8,162,863
369,064
(215,141)
8,316,786
12,567,675
13,926,340		 Long-term
leasehold
property
£
1,159,606
-
(1,159,606)
-
1,111,619
-
(1,111,619)
-
-
47,987		 Other fixed
assets
Assets
under
construction
£
£
773,177
-
-
355,327
-
-
773,177
355,327
621,646
-
69,694
-
-
-
691,340
-
81,837
355,327
151,531
-		 Total
£
24,021,986
355,327
(2,364,348)
22,012,965
9,896,128
438,758
(1,326,760)
9,008,126
13,004,839
14,125,858

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Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. HERITAGE ASSETS

GROUP AND FOUNDATION

Assets recognised at cost

Heritage
assets
£
Carrying value at 31 March 2024 1,542,917

HERITAGE ASSET MANAGEMENT POLICY

The Henry Moore Foundation holds a major collection of the artist's sculpture, drawings, graphics and textiles, as well as a vast photography and letter archive, and library relating to Moore's life and work. National and International standards in the care of its collection are followed with every endeavour to protect and safeguard the collection in its care for future generations. The Foundation acts in accordance with the Museums Association Code of Ethics, ensuring appropriate standards of care and security for all items, DCMS Due Diligence guidelines, ICOM Code of Ethics for museum and BSI PAS197:2009: Code of Practice for Cultural Collections Management in balancing the care of its collection with access and education.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. FIXED ASSET INVESTMENTS

Market
Value		 Cost Market
Value		 Cost
2024 2024 2023 2023
£ £ £ £
Investment property 3,490,000 388,111 3,490,000 388,111
Listed investments 94,833,734 88,971,047 89,884,008 88,207,233
Uninvested cash 558,891 558,891 419,654 419,654
Total for group 98,882,625 89,918,049 93,793,662 89,014,998
Investment in subsidiary undertaking - 6,586 - 6,586
Total for company 98,882,625 89,924,635 93,793,662 89,021,584
MOVEMENT IN INVESTMENT PROPERTIES
Fair value at 1 April 2023
Net gain/(loss) on revaluation
Transfers
Fair value at 31 March 2024		 2024
£
3,490,000
-
-
3,490,000		 2023
£
2,760,000
1,099,467
(369,467)
3,490,000

Investment properties comprise private residential properties. When valuing these properties, the Trustees have regard to rental yields, recent selling prices of similar properties and the specific condition and circumstances of each property. In determining these values, the Trustees assessed the valuation against property price indexes for the local area. In 2023 a professional valuation from Mullucks Wells, a local estate agent was obtained .

The Trustees are not aware of any restrictions on the Foundation's ability to realise investment property in the future.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MOVEMENT IN LISTED INVESTMENTS

Fair value at 1 April 2023
Additions
Disposal proceeds
Gain/(loss) on disposals
Gain/(loss) on revaluation
Fair value at 31 March 2024		 2024
£
89,884,008
11,155,711
(11,653,825)
(138,384)
5,586,224
94,833,734		 2023
£
97,199,015
32,678,271
(35,014,534)
(1,077,853)
(3,900,891)
89,884,008

VALUATION

All listed investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of financial instruments to the ongoing financial sustainability of the Foundation is considered in the financial review and investment policy and performance sections of the Trustees' Annual Report.

The objectives of the funds held by The Henry Moore Foundation are to provide long term growth by investing in a portfolio of other authorised funds, worldwide equities, fixed interest stocks, cash and money market instruments.

The investment managers will take a fundamental and value driven approach to the portfolio allocation, dependant on the relevant attractions of the world equity, fixed interest and currency markets. The fund will take an aggressive view of the stock market weightings in the portfolio, when compared to a neutral world market capitalisation.

The fund has little exposure to credit or cash flow risk. There are no borrowings or unlisted securities of a material nature and so there is little exposure to liquidity risk. The main risks it faces from its financial instruments are market price, foreign currency and interest rate risk. The policies are reviewed for managing these risks in order to follow and achieve the investment objective.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

INVESTMENT RISK MANAGEMENT POLICY

The Trustees of the Henry Moore Foundation have adopted an investment policy whose purpose is to generate, in a risk-aware manner, both growth in capital and income to enable the Foundation to fulfil its charitable objects. The significance of the portfolio to the longer-term financial sustainability of the Foundation is considered in the Financial Review, Investment Policy and Performance sections of the Trustees’ Annual Report.

The Trustees’ investment objective is to achieve a return of RPI+4% p.a. over the long term. To that end they have chosen to adopt a multi-asset strategy via a portfolio of funds which comprises a suitable mix of cash, fixed interest, UK and international equity, property as well of those seeking absolute returns. The funds are managed by specialist managers in their respective fields. Stanhope Consulting, a division of Stanhope Capital LLP, is responsible for advising the Foundation’s Finance Committee on strategy, manager selection and tactical asset allocation. The Committee approves any recommendations before they are implemented by Stanhope Consulting and executed by RBC, Jersey, the custodian/administrator.

By maintaining a diversified portfolio and by receiving specialist advice, the Trustees anticipate that the longer-term financial objects of the Foundation will be fulfilled. At the same time, the consistent generation of income on an annual basis should assist the Trustees in meeting the Foundation’s shorter-term commitments and should reduce the reliance on the realisation of capital gains to fund liabilities. Risks – credit, interest rate, cash flow, currency and counter-party – are kept under continuous review so as not to endanger the longer-term financial viability of the Foundation. In addition, The Foundation’s policy is to retain twelve months’ operating funds as cash alongside its investment portfolio.

All investments are carried at their fair value. Funds are valued either on a single- priced or bid basis. Asset sales and purchases are recognised at the transaction value on the trade date. There are no borrowings and exposure to unlisted securities and derivatives within selected funds are thought not to be of a material nature.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. STOCKS

Finished goods
All stock is held within the subsidiary.		 Group
2024
£
41,856		 Group
2023
£
49,709

19. DEBTORS

Trade debtors
Amounts owed by group undertakings
Other debtors and prepayments
Museum and gallery exhibition tax rebate
debtor		 Group
2024
£
19,148
-
159,513
-
178,661		 Group
2023
£
29,725
-
131,932
42,919
204,576		 Foundation
2024
£
17,944
172,873
159,513
-
350,330		 Foundation
2023
£
26,083
327,265
131,794
42,919
528,061

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Grants accrued - institutional		 Group
2024
£
185,739
40,323
27,763
270,366
389,000
913,191		 Group
2023
£
170,303
42,242
25,775
327,452
354,273
920,045		 Foundation
2024
£
183,953
40,309
27,763
270,366
389,000
911,391		 Foundation
2023
£
164,916
42,175
25,775
314,106
354,273
901,245

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Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

DEFERRED INCOME
Deferred income at 1 April
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 March		 Group
2024
£
181,596
1,500
(181,596)
1,500		 Group
2023
£
235,800
181,596
(235,800)
181,596		 Foundation
2024
£
174,250
1,500
(174,250)
1,500		 Foundation
2023
£
235,800
174,250
(235,800)
174,250

Deferred income represents exhibition income and events deposits received in advance.

21. PRIOR YEAR RECLASSIFICATIONS

Gift aid income

In the prior year, gift aid income from HMRC was disclosed as other income rather than charitable income This has been reclassified, increasing charitable income by £33,603, with a matching decrease in other income.

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Investment Fund
Capital Reserve Fund
Heritage Asset Fund
General reserve
Other Designated Funds
Capital Development Projects
GENERAL FUNDS
Charity Reserves
HMF Enterprises Limited		 Balance at 1
April 2023
£
93,788,129
14,131,391
1,542,917
4,351,553
1,077,847
486,497
115,378,334
4,125,263
173,934
4,299,197		 Income
£
-
-
-
-
5,006,731
214,831
5,221,562
2,866,131
746,544
3,612,675		 Expenditure
£
-
-
-
-
(134,135)
(648,347)
(782,482)
(5,678,553)
(190,893)
(5,869,446)		 Transfers
in/(out)
£
(353,344)
(1,126,552)
-
-
(4,357,742)
4,728,397
(1,109,241)
1,664,892
(555,651)
1,109,241		 Gains/
(Losses)
£
5,447,840
-
-
-
-
-
5,447,840
-
-
-		 Balance at
31 March
2024
£
98,882,625
13,004,839
1,542,917
4,351,553
1,592,701
4,781,378
124,156,013
2,977,733
173,934
3,151,667

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Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - CURRENT YEAR (continued)


TOTAL UNRESTRICTED FUNDS
RESTRICTED FUNDS
Yorkshire Sculpture International
Leeds Headrow Project
Bloomberg Connects App
TOTAL OF FUNDS		 Balance at 1
April 2023
£
119,677,531
12,707
16,968
47,535
77,210
119,754,741		 Income
£
8,834,237
77,500
-
-
77,500
8,911,737		 Expenditure
£
(6,651,928)
(68,479)
(16,968)
(2,654)
(88,101)
(6,740,029)		 Transfers
in/out
£
-
-
-
-
-
-		 Gains/
(Losses)
£
5,447,840
-
-
-
-
5,447,840		 Balance at
31 March
2024
£
127,307,680
21,728
-
44,881
66,609
127,374,289

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF FUNDS (CONTINUED)

The Foundation only funds are the same as those set out above excluding the HMF Enterprises Limited fund.

DESIGNATED FUNDS

Investment fund

The Foundation's main source of income is from its investments. The designated fund represents investments set aside to protect future income streams. The Trustees allocate annually a percentage of the average value of the investments to provide revenue. The transfer represents the net movement in investments in the period.

Capital reserve fund

The Foundation's fixed assets are its core assets used for operational purposes. A separate fund has been established to protect these assets where not represented by other funds. The transfer represents the net movement of additions and depreciation during the year.

Heritage asset fund

The Foundation's works of art are core to its charitable objectives. A separate fund has been established to protect these assets where not represented by other funds.

General reserve

A seperate fund has been established to ringfence cash available for investment at the Foundation's discretion, however the cash is there to be immediately available should expenditure exceed the agreed draw down. It enables the Foundation to manage liquidity in its portfolio.

Other designated funds

These represent sums set aside for various projects and expenditure.

Capital development projects

This represents ongoing capital projects.

RESTRICTED FUNDS

Yorkshire Sculpture International

This represents grants received for a specific project which is being undertaken in association with two other organisations. The Henry Moore Foundation

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THE HENRY MOORE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF FUNDS (CONTINUED)

administers the funding and expenditure for the whole project.

Leeds Headrow Project

The represents grants received for a vision and masterplan study which is being undertaken in association with two other bodies (Leeds Museums & Galleries and Leeds Libraries) for Leeds Headrow, where Leeds Art Gallery, Leeds Central Library and the Henry Moore Institute are located adjacent to each other. The Henry Moore Foundation will also contribute to this project and will administer the funding and expenditure.

Bloomberg Connects App

The Bloomberg Connects App was launched in 2019 by Bloomberg Philanthropies. The Henry Moore Foundation joined the app in December 2022, becoming one of the over 200 respected museums, galleries, gardens and cultural participants. This collaboration was made possible by a generous £50,000 grant from Bloomberg Philanthropies, enabling the creation and development of tailored content exclusively for the app which serves as a complimentary digital guide showcasing audio and video content from the Henry Moore Archive enriching both in-person visits and online exploration.

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Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

DESIGNATED FUNDS
Investment Fund
Capital Reserve Fund
Heritage Asset Fund
General reserve
Capital Development Projects
GENERAL FUNDS
Charity Reserves
HMF Enterprises Limited		 Balance at
1 April 2022
£
101,961,475
14,385,614
1,542,917
4,351,553
1,505,842
123,747,401
1,975,136
173,934
2,149,070		 Income
£
-
-
-
-
113,147
113,147
3,090,058
253,811
3,343,869		 Expenditure
£
-
-
-
-
(538,845)
(538,845)
(5,068,157)
(189,677)
(5,257,834)		 Transfers
in/out
£
(4,294,069)
(254,223)
-
-
484,200
(4,064,092)
4,128,226
(64,134)
4,064,092		 Gains/
(Losses)
£
(3,879,277)
-
-
-
-
(3,879,277)
-
-
-		 Balance at
31 March
2023
£
93,788,129
14,131,391
1,542,917
4,351,553
1,564,344
115,378,334
4,125,263
173,934
4,299,197

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Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR (CONTINUED)

TOTAL UNRESTRICTED FUNDS
RESTRICTED FUNDS
Yorkshire Sculpture International
Leeds Headrow Project
Bloomberg Connects App
TOTAL OF FUNDS		 Balance at
1 April 2022
£
125,896,471
40,773
30,000
-
70,773
125,967,244		 Income
£
3,457,016
77,000
-
50,000
127,000
3,584,016		 Expenditure
£
(5,796,679)
(105,066)
(13,032)
(2,465)
(120,563)
(5,917,242)		 Transfers
in/out
£
-
-
-
-
-
-		 Gains/
(Losses)
£
(3,879,277)
-
-
-
-
(3,879,277)		 Balance at
31 March
2023
£
119,677,531
12,707
16,968
47,535
77,210
119,754,741

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Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Restricted Unrestricted
Total
funds funds
funds
2024 2024
2024
£ £
£
Tangible fixed assets - 13,004,839
13,004,839
Fixed asset investments - 95,392,625
95,392,625
Investment property - 3,490,000
3,490,000
Heritage assets - 1,542,917
1,542,917
Current assets 66,609 14,790,490
14,857,099
Creditors due within one year - (913,191)
(913,191)
TOTAL 66,609 127,307,680
127,374,289
GROUP ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Restricted Unrestricted
Total
funds funds
funds
2023 2023
2023
£ £
£
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

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOUNDATION ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Fixed asset investments
Investment property
Heritage assets
Current assets
Creditors due within one year
TOTAL		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
13,004,838
-
95,399,211
-
3,490,000
-
1,542,917
66,609
14,608,170
-
(911,391)
66,609
127,133,745		 Total
funds
2024
£
13,004,838
95,399,211
3,490,000
1,542,917
14,674,779
(911,391)
127,200,354

FOUNDATION ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Fixed asset investments
Investment property
Heritage assets
Current assets
Creditors due within one year
TOTAL		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
14,125,858
-
90,310,248
-
3,490,000
-
1,542,917
77,210
10,935,819
-
(901,245)
77,210
119,503,597		 Total
funds
2023
£
14,125,858
90,310,248
3,490,000
1,542,917
11,013,029
(901,245)
119,580,807

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THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

24. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the period (as per Statement of Financial
Activities)
ADJUSTMENTS FOR:
Depreciation charges
Dividends, interests and rents from investments
Gains/(loss) on investments
Decrease in stocks
Decrease in debtors
Decrease in creditors
Net loss on disposal of fixed assets
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
25.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Notice deposits (less than 3 months)
TOTAL CASH AND CASH EQUIVALENTS
26.
ANALYSIS OF CHANGES IN NET DEBT
At 1 April
2023
£
Cash at bank and in hand
10,958,064
10,958,064		 Group
2024
£
7,619,548
438,758
(2,781,185)
(5,447,840)
7,853
25,915
(6,854)
802,071
658,266
Group
2024
£
10,363,008
4,273,574
14,636,582
Cash flows
£
3,678,518
3,678,518		 Group
2023
£
(6,212,503)
629,223
(2,242,173)
3,879,277
2,285
138,465
(26,923)
-
(3,832,349)
Group
2023
£
6,829,373
4,128,691
10,958,064
At 31 March
2024
£
14,636,582
14,636,582

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Docusign Envelope ID: 15A37AEE-5472-4368-B5F6-2329AA7BA74D

THE HENRY MOORE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

27. CAPITAL COMMITMENTS

Group Group Foundation Foundation
2024 2023 2024 2023
£ £ £ £
CONTRACTED FOR BUT NOT PROVIDED
IN THESE FINANCIAL STATEMENTS
Construction of property 3,700,414 - 3,700,414 -

The capital committment for Perry Green, Sheepfield Barn amounted to £3,385,000. This is based on a signed letter of intent as at the 31 March 2024 as the contract had yet to be signed at the year end.

The capital committment for HMI is £315,414. This is based on a signed contract less valuation statemtns of work completed. Within this amount is £73,397 for other capital projects committed to outside the main contract.

28. PENSION COMMITMENTS

The pension cost charge represents contributions payable by the Foundation to the schemes and amounted to £217,889 (2023 - £201,327).

Contributions totalling £27,636 (2023 - £25,037) were payable to the schemes at the balance sheet date and are included in creditors.

29. RELATED PARTY TRANSACTIONS

During the year, the Foundation received a deed of covenant distribution from its subsidiary, HMF Enterprises Ltd of £555,651 (2023 - £64,134). A recharge totalling £123,013 (2023 - £125,456) was made to the subsidiary for costs paid by the Foundation. During the year, the subsidiary collected visitor admission income on behalf of the Foundation, net of other income due back to the subsidiary, of £216,152 (2023 - £216,056).

As at 31 March 2024, a debtor of £172,873 (2023 - £327,265) remained outstanding.

30. CONTROLLING PARTY

There is no controlling party. The charitable company is controlled by the Trustees, who are listed on page 1, as a body.

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