2021-03-31-accounts - Museum Of Modern Art Limited

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			Contents
				Page
Trustees'	Annual	Report		1 —19
Directors'	Responsibilities			20
independent Auditors' Report				21-23
Group Statement		of Financial	Activities	24-25
Balance	Sheet for	the Group	and Company	26
Group Statement		of Cash Flows		27
Notes to	the Accounts			28-45

Reference	and administrative	and administrative
Chairman			Dominic Loehnis
Treasurer			Heidi Baravalle
Council of Management		and
Directors	ofthe Company		Heidi Baravalle
			Micaela Boas (appointed 30th				September 2020)
			Patrick Holmes
			Sebastian James
			Dominic Loehnis
			Beatrice Lupton (appointed			30	September 2020)
			Elizabeth McCarthy		(appointed		30September	2020)
			Anthony Perring	(Chair of		Finance & Property		Committee)
			Tania Rotherwick
			Anna Yang
Director ofthe Gallery			Paul Hobson
Registered	Office		30 Pembroke Street
			Oxford
			OX1 1BP
Advisers
Bankers			Barclays Bank pic
			PO Box333
			Oxford
			OX1 3HS
Auditors			Wenn Townsend
			30St Giles'
			Oxford
			OX1 3LE
Solicitors			HMG Law
			126 High Street
			Oxford
			OX14DG

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					Group	Group	Company	Company	Company
				Notes	2021 f	2020	2021 E		2020
Fixed assets
Intangible assets				9	14,444		14,444
Tangible assets				10	1,081,967	1,109,571	1,081,967		1,109,571
Investments				11	-	-	100		100
					1,096,411	1,109,571	1,096,511		1,109,671
Current assets
Stocks				12	80,059	78,951	80,059		78,951
Debtors				13	262,292	223,869	262,292		223,869
Investments				14	434,605	247,325	434,605		247,325
Cash at bank	and	in hand			50,287	30,847	48,940		29,446
					827,243	580,992	825,896		579,591
Current liabilities
Creditors due	within one year			15	(97,147)	(156,530)	(97,147)		(156,530)
Net current assets					730,096	424,462	728,749		423,061
Total assets	less	current	liabilities		1,826,507	1,534,033	1,825,260		1,532,732
Provisions				16	(526,098)	(538,672)	(526,098)		(538,672)
Total assets	less	liabilities			1,300,409	995,361	1,299,162		994,060
Represented	by:
Unrestricted funds				19a)	664,712	420,987	663,465		419,686
Pension reserve				19a)	(526,098)	(538,672)	(526,098)		(538,672)
Restricted funds				19b)	1,161,795	1,113,046	1,161,795		1,113,046
Total charity	funds				1,300,409	995,361	1,299,162	-	994,060

		Note	2021		2020
Net cash flow from operating activities		22		252,953		(64,920)
Cash flows from investing activities:
Interest and dividends			1,188		1,678
Purchase offixed assets
(including capital project costs)			(47,421)		(9,678)
Proceeds from / (purchase of) investments			(187,280)		51,643
Net cash flow from investing activities				(233,513)		43,643
Change in cash and cash equivalents	in the	year		19,440		(21,277)
Cash and cash equivalents brought forward				30,847		52,124
Cash and cash equivalents carried forward				50,287		30,847

					Restricted	Unrestrictedf	2021	2020f
Arts Council	England	- Core grant				879,497	879,497	863,607
Oxford City	Council					70,000	70,000	70,000
Arts Council	England	- CVAN	Project Manager		29,269		29,269	28,740
Arts Council	England —Culture		Recovery	Fund	91,000		91,000
Oxford City	Council —Business		Recovery	Grants		22,285	22,285
Arts Council	England —Strategic Touring			Grants				2,000
Arts Council	England —CVAN		Dialogues	Project				8,300
Corporate Giving						39,500	39,500	27,500
Trusts and Foundations					154,957	10,000	164,957	36,473
Individual Giving Schemes and			Gift Aid			180,058	180,058	178,958
Other Individual Giving		Donations			1,500	4,130	5,630	11,726
Donated for	Exhibitions	and Publications			7,000		7,000	26,000
International	Trips							70,900
					283,726	1,205,470	1,489,196	1,324,204

		Notes	Notes	Notes	to th	e Acc	ounts —cont	inued
ANALYSIS		OF EXPENDITURE
			Cost of raising		funds		Charitable	Governance	Support	2021	2020
					Shop, Art		Activities	Costs	Costs	Total	Total
			Development		Sales,
			& Private	Gallery		Hire
			Views	8	MAO	Cafh
			F				f	F
Staff costs (Note	7)		119,846		121,337		544,134		130,339	915,656	836,162
Direct costs
Development costs			7,368							7,368	64,527
Private view functions			960							960	17,804
Shop cost ofsales Art sales costs						8,716 3,854				8,716 3,854	35,113 2,635
Gallery hire costs MAO cafe costs						2,174				2,174	1,863 9,660
Programme:
Exhibitions							148,377			148,377	353,963
Education and events							54,314			54,314	68,274
Digital							12,232			12,232	8,562
Grants payable							29,269			29,269	37,040
Covid-19 mitigation		costs					13,150			13,150
Capital project preparations											17,030
			8,328		14,744		257,342			280,414	616,471
Support costs
Finance, HR 8 IT									39,448	39,448	44,831
Premises									131,525	131,525	160,182
Postage, stationery		&sundry							6,973	6,973	6,336
Depreciation									9,855	9,855	8,219
Pension finance charge									49,058	49,058	14,388
Irrecoverable VAT Governance								6,496	2,525	2,525 6,496	4,213 5,989
			128,174		136,081		801,476	6,496	369,723	1,441,950	1,696,791
Support costs			40,670		70,247		258,806		(369,723)
Governance costs			715		1,234		4,547	(6,496)
Total Company
expenditure 2021			169,559		207,562		1,064,829			1,441,950	1,696,791
Cafe MOMA Limited						54				54	567
Total Group
expenditure 2021			169,559		207,616		1,064,379			1,442,004	1,697,358
Total expenditure	2020		252,276		213,127		1,231,955			1,697,358

				2021	2020
Wages and salaries				825,443	751,894
Social security costs				67,079	63,685
Pension contributions	—defined		contribution	23,134	20,583
				915,656	836,162
Defined benefit pension		finance	charge (note 14)	49,058	14,388
				964,714	850,551

			2021	2020
Is stated	after charging:
Auditors'	remuneration	—audit	6,335	6,165
Auditors'	remuneration	—tax	500	500
Rent			70,000	70,000
Depreciation			60,581	91,606

	Website	Total
Cost or valuation:
At 1 April 2020
Additions	14,444	14,444
At 31 March 2021	14,444	14,444
Amortisation:
At 1 April 2020
Additions
At 31 March 2021
Net book value:
At 31 March 2021	14,444	14,444
At 31 March 2020

	Long lease	Refurbishment	Office	Assets
	and building	fixtures and	equipment	under	Group
	improvements	equipmentf	and furnituref	Construction	total
Cost or valuation:
At 1 April 2020	2,201,583	43,894	172,449		2,417,926
Additions			16,068	16,909	32,977
At 31 March 2021	2,201,583	43,894	188,517	16,909	2,450,903
Depreciation:
At 1 April 2020	1,112,719	43,894	151,742		1,308,355
Charge for year	50,728		9,853		60,581
At 31 March 2021	1,163,447	43,894	161,595		1,368,936
Net book value:
At 31 March 2021	1,038,136		26,922	16,909	1,081,967
At 31 March 2020	1,088,864		20,707		1,109,571

Notes to the Accounts —conti	Notes to the Accounts —conti	Notes to the Accounts —conti	nued
FIXEDASSETS INVESTINENTS
			2021	2020
General fund:
100f1 ordinary	shares	in
Cafh MOMA Limited at		cost (note 3)	100	100
Total investments	ofthe INuseum		100	100

STOCK			Group	Company
		2021	2020	2021	2020
Shop merchandise		16,226	15,806	16,226	15,806
Donated	print editions	21,089	21,201	21,089	21,201
Donated	artworks	42,744	40,444	42,744	40,444
Cafe			1,500		1,500
		80,059	78,951	80,059	78,951


DEBTORS		Group	Company
	2021	2020	2021	2020
			f.
Trade debtors	25,102	19,631	25,102	19,631
VAT	9,232		9,232
Accrued income	180,707	154,547	180,707	154,547
Prepayments	47,251	49,691	47,251	49,691
	262,292	223,869	262,292	223,869

CUR	RENT	ASSET INVESTMENTS
				Group			Company
			2021		2020 E	2021	2020f
David	Elliott	Fund	104,909		104,820	104,909	104,820
Endowment		Fund deposit account:	262,562		76,067	262,562	76,067
Other	cash held on deposit		67,134		66,438	67,134	66,438
Total	Current	Assets Investments	434,605		247,325	434,605	247,325

ONE Y	EAR
			Group			Company
		2021		2020	2021	2020
				E	E
Trade creditors		16,345		61,459	16,345	61,459
Other taxes and social security		22,982		16,773	22,982	16,773
Accruals		40,413		41,857	40,413	41,857
VAT				2,956		2,956
Pensions creditor				4,628		4,628
Other creditors		539		1,276	539	1,276
Income	in advance	10,930		11,082	10,930	11,082
CVAN		5,938		16,499	5,938	16,499
		97,147		156,530	97,147	156,530

giving f	or 2021/22.
Balance	at the beginning	of	the year	11,082	9,852	11,082	9,852
Amount	released to income		in the year	(8,277)	(9,852)	(8,277)	(9,852)
Arising	in year			8,125	11,082	8,125	11,082
Carried	forward			10,930	11,082	10,930	11,082

						Company
			2021f	2020	2021 f	2020
At 1 April			538,672	606,460	538,672	606,460
Payments	during	the year	(61,632)	(82,176)	(61,632)	(82,176)
Finance	charge		49,058	14,388	49,058	14,388
At 31 March			526,098	538,672	526,098	538,672

			Balance		Movement	in		Balance
			01 April		resources			31 March
			2020 E	Incoming	Outgoing		Transfersf	2021
Unallocated reserves
General funds			56,909	1,463,326	(1,157,915)		(338,019)	24,301
Designated reserves
General Endowment		Fund	259,033					259,033
David Elliott Fund			103,744					103,744
						Free	reserves	387,078
Net book value of	unfunded
fixed assets							70,560	70,560
Capital works to mitigate
Covid-19/Website	Upgrade						141,994	141,994
Donated artworks	and	print
editions for resale							63,833	63,883
General reserves			419,686	1,463,326	(1,157,915)		(61,632)	663,465
Pension Deficit			(538,672)		(49,058)		61,632	(526,098)
Company total			(118,986)	1,463,326	(1,206,973)			137,367
Cafe MOMA Limited			1,301			(54)		1,247
Group total			(117,685)	1,463,326	(1,207,027)			138,614

		Balance		Movement in		Balance
		01 April		resources		31 INarch
		2019	Incoming	Outgoing	Transfers	2020
Unallocated reserves
General funds		48,679	1,426,703	(1,381,516)	(36,957)	56,909
Designated reserves
General Endowment	Fund	259,033				259,033
David Elliott Fund					103,744	103,744
General reserves		307,712	1,426,703	(1,381,516)	66,787	419,686
Pension Deficit		(606,460)		(14,388)	82,176	(538,672)
Company total		(298,748)	1,426,703	(1,395,904)	148,963	(118,986)
Cafe MOMA Limited		15,416	8,750	(567)	(22,298)	1,301
Group total		(283,332)	1,435,453	(1,396,471)	126,665	(117,685)

						Balance	Movement	resources
						01 April	Incoming	Outgoing	Transfers	31 March
						2020		F	f	2021 f
Programme
1)	Arts Council England —Culture Recovery				Fund		91,000	(91,000)
Exhibitions at Modern		Art Oxford
2)	Johanna Unzueta						500	(500)
3)	Mariana Castillo Deball						1,500	(1,500)
4)	Ruth Asawa
	—Terra Foundation						87,716			87,716
	—Henry Moore Foundation						6,800			6,800
Education and Events
5) 6)	Public events for artists from Making Space Safe —refugee			the global majority project		1,500 2,564	500	(50) (3,064)		1,450
7)	Penny Woolcock (Wellcome		Trust)			18,969	10,441	(20,910)		8,500
8)	Creative Learning	Activities				10,000	50,000	(31,956)		28,044
University Partnerships
9)	Oxford Brookes						5,000	(5,000)
Other	restricted funds
10) 11)	CVAN —ACE main grant Freeland Foundation						29,269 1,000	(29,269) (1,000)
Capital
12)	2018 Refurbishment
	Donations from	individual		benefactors		3,434				3,434
13)	Refurbishment and	Building	Development		Fund	1,076,579		(50,728)		1,025,851
						1,113,046	283,726	(234,977)		1,161,795

							Balance	Movement	in resources
							01 April	Incoming	Outgoing	Transfers	31 March
							2019				2020
							E		f.	f
Programme
Exhibitions at Modern		Art Oxford
1)	Claudette Johnson							5,000	(5,000)
2)	Kiki Smith							3,000	(3,000)
3)	Johanna Unzueta							8,573	(8,573)
4)	Ruth Asawa (2020-21)							1,600	(1,600)
Publications
5)	Cinthia Marcelle						4,000	1,000	(5,000)
6)	Claudette Johnson						6,500	7,000	(13,500)
Education and Events
7)	Arts Council England - Strategic Touring					Grant
8)	and related income (Lubaina Making Space Safe —refugee				Himid) project		2,075 1,798	1,129 3,500	(1,704) (2,734)		1,500 2,564
9)	Arts Council England - Strategic Touring					Grant
	(Akram Zaatari)						1,467	2,000	(3,467)
10)	Penny Woolcock (Wellcome			Trust)			37,337		(18,368)		18,969
11)	Creative Learning	Activities					3,286	31,300	(24,586)		10,000
University Partnerships
12)	Oxford Brookes							5,000	(5,000)
Other	restricted funds
13)	CVAN —ACE main		grant					28,740	(28,740)
14)	CVAN —ACE project grant —Dialogues							8,300	(8,300)
15)	International trips							70,900	(70,900)
16)	Peer to Peer Chairs		Forum				22,921			(22,921)
17)	David Elliott Fund						290			(290)
Capital
18)	2018 Refurbishment
	Donations from		individual		benefactors		20,464		(17,030)		3,434
19)	Refurbishment and		Building	Development		Fund	1,159,964		(83,385)		1,076,579
							1,260,102	177,042	(300,887)	(23,211)	1,113,046

2021		Endowment	Restricted	Unrestricted	Total
		Funds	Fundsf	Funds	2021 F
Tangible	fixed assets		1,025,851	70,560	1,096,411
Fixed asset investments
Net current assets			135,944	594,152	730,096
Provisions				(526,098)	(526,098)
			1,161,795	138,614	1,300,409
2020		Endowment	Restricted	Unrestricted	Total
		Funds	Funds	Funds	2020
		F
Tangible fixed assets			1,076,579	32,992	1,109,571
Fixed asset investments
Net current assets			36,467	387,995	424,462
Provisions				(538,672)	(538,672)
			1,113,046	(117,685)	995,361

2021	Endowment	Restricted	Unrestricted	Total
	Funds	Funds	Funds	2021
		F
Tangible fixed assets		1,025,851	70,560	1,096,411
Fixed asset investments
Net current assets		135,944	594,152	730,096
Provisions			(526,098)	(526,098)
		1,161,795	138,614	1,300,409
2020	Endowment	Restricted	Unrestricted	Total
	Funds	Funds	Funds	2020
Tangible fixed assets		1,076,579	32,992	1,109,571
Fixed asset investments
Net current assets		36,467	387,995	424,462
Provisions			(538,672)	(538,672)
		1,113,046	(117,685)	995,361

				2021	2020f
Net income for the reporting period Add back depreciation charge				305,048 60,581	(84,863) 91,606
Add finance charge re	pension deficit			49,058	14,388
(Increase)/decrease in (Increase) in debtors	stocks			(1,108) (38,423)	(33,542) 59,163
Increase/(decrease) in creditors Pension deficit contribution payments Deduct interest income included in investing			activities	(59,383) (61,632) (1,188)	(27,818) (82,176) (1,678)
Net cash provided by	operating	activities		252,953	(64,920)