2022-03-31-accounts - Museum Of Modern Art Limited

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		Page
Trustees' Annual Report		1 —22
Directors' Responsibilities		23
Independent Auditors' Report		24-26
Group Statement of Financial	Activities	27-28
Balance Sheet for the Group	and Company	29
Group Statement ofCash Flows		30
Notes to the Accounts		31 —49

Reference and administrative	Reference and administrative
Chairman		Dominic Loehnis	(Chair)
Treasurer		Heidi Baravalle
Council of Management	and
Directors ofthe Company		Heidi Baravalle
		Micaela Boas
		Patrick Holmes
		Sebastian James	(resigned	1st September 2022)
		Dominic Loehnis
		Beatrice Lupton
		Elizabeth McCarthy
		Anthony Perring	(Chair of Finance 8 Property		Committee)
		Tania Rotherwick	(resigned	15th December 2021)
		Anna Yang
		Samson Kambalu	(appointed	23rd February	2022)
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
		OX1 4DG

						Restricted	Unrestricted	Total	Restricted	Unrestricted	Total
				Note		Funds	Funds	Funds	Funds	Funds	Funds
						2022	2022	2022	2021	2021	2021
						F				f
Income and endowments			from:
Voluntary Income					2	178,253	1,211,115	1,389,368	283,726	1,205,470	1,489,196
Activities for generating	funds:
—Income from Cafe MOMA			Ltd		3
-Gallery income including			Shop,
Art Sales, Gallery Hire	&	MAO Cafe			4		391,504	391,504		92,698	92,698
Other income					5		20,221	20,221		163,970	163,970
Investment income							441	441		1,188	1,188
Total income and endowments						178,253	1,623,281	1,801,534	283,726	1,463,326	1,747,052
Expenditure on:
Raising funds
- Development and Private Views -Shop, Art Sales, Hires & Cafe					6 6	5,344 9716	174,468 247,365	179,812 257,081	5,580 9,638	163,979 197,924	169,559 207,562
Charitable activities					6	236,116	1,040,776	1,276,892	219,759	845,070	1,064,829
Other
-Cafe MOMA expenses							60	60		54	54
Total expenditure						251,176	1,462,669	1,713,845	234,977	1,207,027	1,442,004
Net income/(expenditure)		for the year				(72,923)	160,612	87,689	48,749	256,299	305,048
Gross transfers between	funds
Net movement in funds						(72,923)	160,612	87,689	48,749	256,299	305,048
Reconciliation offunds:
Total funds brought forward						1,161,795	138,614	1,300,409	1,113,046	(117,685)	995,361
Total funds carried forward						1,088,872	299,226	1,388,098	1,161,795	138,614	1,300,409
Illustrative note only —see		notes for		furtherinformation
Excluding deficit on pension			reserve			1,088,872	716,237	1,805,109	1,161,795	664,712	1,826,507

ith further infor	mation	in note 19:-
				Donated
				artworks		Projects to
			NBV of	and print		be
			unfunded	editions	for	completed		Cafe		Total
		Unrestricted	fixed assets	resale		in	2022/23	MOMA	Pension	unrestricted
Total income		1,596,207		27,074						1,623,281
Total expenditure		(1,463,196)	(26,086)		(238)			(60)	26,911	(1,462,669)
Transfer - pension deficit payments		(82,176)							82,176
Transfer - projects to
be completed in		(38,220)					38,220
2022/23
Transfer - capital
purchases from	free	(11,048)	11,048
reserves
Net movement transfers	after	1,567	(15,038)	26,836			38,220	(60)	109,087	160,612

				Group	Group	Company	Company
			Notes	2022	2021	2022	2021
				E	F	E	E
Fixed assets
Intangible assets			9	47,710	14,444	47,710	14,444
Tangible assets			10	1,127,075	1,081,967	1,127,075	1,081,967
Investments			11	-	-	100	100
				1,174,785	1,096,411	1,174,885	1,096,511
Current assets
Stocks			12	111,901	80,059	111,901	80,059
Debtors			13	332,063	262,292	332,063	262,292
Investments			14	296,026	434,605	296,026	434,605
Cash at bank	and	in hand		39,615	50,287	38,328	48,940
				779,605	827,243	778,318	825,896
Current iiabilities
Creditors due	within one year		15	(149,281)	(97,147)	(149,281)	(97,147)
Net current assets				630,324	730,096	629,037	728,749
Total assets	less	current liabilities		1,805,109	1,826,507	1,803,922	1,825,260
Provisions			16	(417,011)	(526,098)	(417,011)	(526,098)
Total assets	less	liabilities		1,388,098	1,300,409	1,386,911	1,299,162
Represented	by:
Unrestricted funds			19a)	716,237	664,712	715,050	663,465
Pension reserve			19a)	(417,011)	(526,098)	(417,011)	(526,098)
Restricted funds			19b)	1,088,872	1,161,795	1,088,872	1,161,795
Total charity	funds			1,388,098	1,300,409	1,386,911	1,299,162

		Note	2022		2021
Net cash flow from operating activities		23		3,350		252,953
Cash flows from investing activities:
Interest and dividends			441		1,188
Purchase offixed assets
(including capital project costs)			(153,042)		(47,421)
Proceeds from / (purchase of) investments			138,579		(187,280)
Net cash flow from investing activities				(14,022)		(233,513)
Change in cash and cash equivalents	in the	year		(10,672)		19,440
Cash and cash equivalents brought forward				50,287		30,847
Cash and cash equivalents carried forward				39,615		50,287

DONATIONS
		Restricted	Unrestricted	2022	2021
		E		E	F
Arts Council England	—Core grant		879,497	879,497	879,497
Oxford City Council			70,000	70,000	70,000
Arts Council England	- CVAN Project Manager	29,269		29,269	29,269
Arts Council England	- Culture Recovery Fund	45,000		45,000	91,000
Oxford City Council	- Business Recovery Grants	8,250	34,750	43,000	22,285
Oxford City Council	—Kickstait Scheme	20,438		20,438
Corporate Giving			27,500	27,500	39,500
Trusts and Foundations		28,500	10,000	38,500	164,957
Individual Giving Schemes and Gift Aid			178,082	178,082	180,058
Other Individual Giving	Donations	16,046	11,286	27,332	5,630
Donated for Exhibitions	and Publications	30,750		30,750	7,000
		178,253	1,211,115	1,389,368	1,489,196

purpose. Subs	equent to this transfer of activities,	equent to this transfer of activities,	Cafe MOMA Li	mited has	been dormant.
The profit and	loss account ofthe Cafe as shown		in the published	accounts	is as follows:
					2022	2021
					K	E
Turnover
Administrative	expenses				(60)	(54)
Profit for year					(60)	(54)
Distribution to	parent	charity
Retained profit/(loss)		for the year			(60)	(54)
Balance sheet
Current assets					1,287	1,347
Net assets					1,287	1,347
Share capital					100	100
Profit and loss	account				1,187	1,247
Shareholders'	funds				1,287	1,347

Current liabilities include	Current liabilities include	an amount	due	to	the parent company,	the parent company,	the parent company,	the parent company,	Museuin	Museuin	of Modern Art Limited ofanil	of Modern Art Limited ofanil
(2021: anil), which	is eliminated on		consolidation			in the Group			accounts.		Since the year	end, Fnil in
relation to 2021/22	was	paid to Museum			of Modern		Art	Limited		(2021: anil in relation		to 2020/21
profits).
GALLERY INCOME											2022f	2021 E
Income
Shop income	Merchandise,		gifts, books								52,891	9,748
	Limited editions										3,907	2,135
	Catalogue sales										1,160	1,693
MAO cafe Income											38,514	242
Venue hire											3,030
Sales and donations	received ofartwork			and commission							93,205	12,250
Exhibition ticket income											58,627
Exhibition tax credits											102,973	60,112
Other income											37,197	6,518
Total other activities											391,504	92,698

ANALYSIS	ANALYSIS	OF EXPENDITURE	OF EXPENDITURE	OF EXPENDITURE
			Cost of raising		funds		Charitable	Governance	Support	2022	2021
					Shop, Art		Activities	Costs	Costs	Total	Total
			Development		Sales,
			&Private	Gallery		Hire
			Views	&	MAO	Cafe
								E
Staff costs (Note	7)		108,292		118,672		534,241		178,051	939,256	915,656
Direct costs
Development costs			9,483							9,483	7,368
Private view functions			16,969							16,969	960
Shop cost ofsales					31,814					31,814	8,716
Art sales costs						6,392				6,392	3,854
Gallery hire costs						232				232
MAO cafe costs					18,029					18,029	2,174
Programme:
Exhibitions							320,794			320,794	148,377
Education and events							56,318			56,318	54,314
Digital							17,512			17,512	12,232
Grants payable							33,589			33,589	29,269
Covid-19 mitigation		costs					31,737			31,737	13,150
Capital project preparations
			26,452		56,467		459,950			542,869	280,414
Support costs
Finance, HR & IT									68,719	68,719	39,448
Premises									156,332	156,332	131,525
Postage, stationery		& sundry							9,013	9,013	6,973
Depreciation									16,286	16,286	9,855
Pension finance charge									(26,911)	(26,911)	49,058
Irrecoverable VAT									1,020	1,020	2,525
Governance								7,201		7,201	6,496
			134,744		175,139		994,191	7,201	402,510	1,713,785	1,441,950
Support costs			44,276		80,502		277,732		(402,510)
Governance costs			792			1,440	4,969	(7,201)
Total Company
expenditure 2022			179,812		257,081		1,276,892			1,713,785	1,441,950
Cafe MOMA Limited						60				60	54
Total Group
expenditure 2022			179,812		257,141		1,276,892			1,713,845	1,442,004
Total expenditure	2021		169,559		207,616		1,064,829			1,442,004

AND T	HE COST OF	K	EY MAN	AGEMENT PERSONNEL
					2022	2021
					E
Wages	and salaries				859,054	825,443
Socia!security costs					54,625	67,079
Pension	contributions	—defined		contribution	25,577	23,134
					939,256	915,656
Defined	benefit pension		finance	charge (note 18)	(26,911)	49,058
					912,345	964,714

The average monthly number ofemployees in	the group during the year was made up as	follows:
	No.	No.
Charitable	17	17
Raising funds	7	7
Support	5	4
	29	28

				2022	2021
				F	F
Is stated	after charging:
Auditor's	remuneration	- audit		6,375	6,335
Auditor's	remuneration	- accountancy	services	18,410
Auditor's	remuneration	- tax		800	500
Rent				70,000	70,000
Depreciation				74,668	60,581

	Website	Total
Cost or valuation:
At 1 April 2021	14,444	14,444
Additions	35,966	35,966
At 31 March 2022	50,410	50,410
Amortisation:
At 1 April 2021
Additions	2,700	2,700
At 31 March 2022	2,700	2,700
Net book value:
At 31 March 2022	47,710	47,710
At 31 March 2021	14,444	14,444

	Long lease	Refurbishment	Office	Assets
	and building	fixtures and	equipment	under	Group
	improvements	equipment	and furniture E	Construction	totalf
Cost or valuation:
At 1 April 2021	2,201,583	43,894	188,517	16,909	2,450,903
Additions			16,341	100,735	117,076
Transfers	117,644			(117,644)
At 31 March 2022	2,319,227	43,894	204,858		2,567,979
Depreciation:
At 1 April 2021	1,163,447	43,894	161,595		1,368,936
Charge for year	58,382		13,586		71,968
At 31 March 2022	1,221,829	43,894	175,181		1,440,904
Net book value:
At 31 March 2022	1,097,398		29,677		1,127,075
At 31 March 2021	1,038,136		26,922	16,909	1,081,967

			2022	2021
			E
General fund:
100F1 ordinary	shares	in
Cafe MOMA Limited at		cost (note 3)	100	100
Total investments	ofthe Museum		100	100

STOCKS			Group	Company
		2022	2021	2022	2021
		f.	F	E	E
Shop merchandise		21,232	16,226	21,232	16,226
Donated	print editions	20,851	21,089	20,851	21,089
Donated	artworks	69,818	42,744	69,818	42,744
Cafe
		111,901	80,059	111,901	80,059

DEBTORS		Group	Company	Company
	2022	2021	2022	2021
	E	f.		F
Trade debtors	12,379	25,102	12,379	25,102
VAT	10,868	9,232	10,868	9,232
Accrued income	205,200	180,707	205,200	180,707
P repayments	103,616	47,251	103,616	47,251
	332,063	262,292	332,063	262,292

CURRENT	ASSET INVESTMENTS
			Group			Company
		2022		2021	2022	2021
				f'.
David Elliott	Fund (Note 19)			104,909		104,909
Endowment	Fund deposit account:	228,496		262,562	228,496	262,562
Other cash held on deposit		67,530		67,134	67,530	67,134
Total Current Assets Investments		296,026		434,605	296,026	434,605

CREDITORS: A ONE YEAR	MOUNTS	FALLING D	UE WITHIN
				Group				Company
			2022		2021		2022		2021
					E		E		E
Trade creditors			71,973		16,345		71,973		16,345
Other taxes and	social security		18,947		22,982		18,947		22,982
Pensions and other salary		deductions	4,985				4,985
Accruals			34,994		40,413		34,994		40,413
Other creditors			2,156		539		2,156		539
Income in advance			16,226		10,930		16,226		10,930
CVAN					5,938				5,938
			149,281		97,147		149,281		97,147
Income in advance
Deferred income	comprises income		received in advance		for venue	hire	bookings	and	individual
giving for 2022/23.
Balance at the beginning		ofthe year	10,930		11,082		10,930		11,082
Amount released	to income in the year		(8,125)		(8,277)		(8,125)		(8,277)
Amount deferred	in the year		13,421		8,125		13,421		8,125
Carried forward			16,226		10,930		16,226		10,930
LONG TERM PENSION PROVISIONS
				Group				Company
			2022 f		2021		2022 f		2021 f
At 1 April			526,098	538,672			526,098		538,672
Payments during	the year		(82,176)	(61,632)			(82,176)		(61,632)
Finance (credit)/charge			(26,911)		49,058		(26,911)		49,058
At 31 March			417,011	526,098			417,011		526,098

			Balance		Movement	in		Balance
			01 April		resources			31 March
			2021 f.	Incoming E	Outgoing f		Transfers	2022
Unallocated reserves
General funds			24,301	1,623,281	(1,489,520)		(132,194)	25,868
Designated reserves
General Fund			259,033					259,033
David Elliott Fund			103,744					103,744
Free reserves			387,078					388,645
Net book value of	unfunded
fixed assets			70,560				126,956	197,516
Capital works to mitigate
Covid-19/Website	Upgrade		141,994				(141,994)
Donated artworks	and print
editions for resale			63,833				26,836	90,669
Projects to be completed		in
2022/23							38,220	38,220
General reserves			663,465	1,623,281	(1,489,520)		(82,176)	715,050
Pension Deficit			(526,098)		26,911		82,176	(417,011)
Company total			137,367	1,623,281	(1,462,609)			298,039
Cafe MOMA Limited			1,247			(60)		1,187
Group total			138,614	1,623,281	(1,462,669)			299,226

a) UNRESTRICTE	D FUNDS	—2021
		Balance		Movement	in		Balance
		01 April		resources			31 March
		2020	Incoming	Outgoing		Transfers	2021
		E			F
Unallocated reserves
General funds		56,909	1,463,326	(1,157,915)		(338,019)	24,301
Designated reserves
General Fund		259,033					259,033
David Elliott Fund		103,744					103,744
Free reserves							387,078
Nel 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	63,833
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
Cafh NOMA Limited		1,301			(54)		1,247
Group total		(117,685)	1,463,326	(1,207,027)			138,614

	b) RESTRICTED FUNDS —2022	b) RESTRICTED FUNDS —2022	b) RESTRICTED FUNDS —2022
					Balance	Movement in	resources
					01 April	Incoming	Outgoing	Transfers		31 March
					2021					2022
					E	E			E	f
Programme
1)	Arts Council England —Culture Recovery			Fund		45,000	(45,000)
Exhibitions at Modern		Art Oxford
2021/22
2)	Samson Kambalu					6,800	(6,800)
3)	Anish Kapoor					15,000	(15,000)
4)	Jesse Darling					8,950	(8,950)
2022/23
5)	Ruth Asawa
	—Terra Foundation				87,716					87,716
	—Henry Moore Foundation				6,800					6,800
6)	Carey Young					5,000				5,000
Creative Learning and			Events
7)	Public events for artists from the global majority				1,450		(1,450)
8)	Making Space Safe —refugee project					2,363	(2,210)			153
9)	Penny Woolcock (Wellcome Trust)				8,500					8,500
10)	Creative Learning		Activities		28,044	32,183	(60,227)
University Partnerships
11)	Oxford Brookes					5,000	(5,000)
Other	restricted funds
12)	CVAN —ACE main		grant			29,269	(29,269)
13)	Kickstart grants via Oxford City Council					20,438	(20,438)
14)	Oxford City Council Consortium Marketing			Fund		8,250	(8,250)
Capital
15)	2018Refurbishment				3,434					3,434
16)	Refurbishment and		Building Development	Fund	1,025,851		(48,582)			977,269
					1,161,795	178,253	(251,176)			1,088,872

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

ANALYSIS		OF GROUP NET ASSETS B	ETWEEN FUNDS
2022			Restricted	Unrestricted	Total
			Funds	Funds	2022
					E
Intangible	assets			47,710	47,710
Fixed assets			977,269	149,806	1,127,075
Fixed asset		investments
Net current		assets	111,603	518,721	630,324
Provisions				(417,011)	(417,011)
			1,088,872	299,226	1,388,098
2021			Restricted	Unrestricted	Total
			Funds	Funds	2021
			E	E	E
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

ANALYSIS OF CHARITY NET ASSETS	BETWEEN FUNDS
2022	Restricted	Unrestricted	Total
	Funds	Funds	2022
			E
Intangible assets		47,710	47,710
Fixed assets	977,269	149,806	1,127,075
Fixed asset investments		100	100
Net current assets	111,603	517,434	629,037
Provisions		(417,011)	(417,011)
	1,088,872	298,039	1,386,911
2021	Restricted	Unrestricted	Total
	Funds	Funds	2021
		F	f.
Intangible assets		14,444	14,444
Fixed assets	1,025,851	56,116	1,081,967
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

						2022	2021
						K	E
Net income/(expenditure)		for the	reporting	period
(as per the statement	offinancial		activities)			87,689	305,048
Add back depreciation		charge				74,668	60,581
Add finance charge	re	pension deficit				(26,911)	49,058
(Increase) in stocks						(31,842)	(1,108)
(Increase) in debtors						(69,771)	(38,423)
Increase/(decrease)	in	creditors				52,134	(59,383)
Pension deficit contribution payments						(82,176)	(61,632)
Deduct interest income		included	in investing		activities	(441)	(1,188)
Net cash provided	by/(used in)		operating		activities	3,350	252,953