2023-03-31-accounts

Contents	Contents		Page
1.	Museum of Modem Art Limited Trustees'	Annual	4-28
	Report for the year ended 31 March 2023
2.	Directors' Responsibilities		29
3.	Independent Auditors' Report		29 - 31
4.	Group Statement of Financial Activities		32
5.	Balance Sheet for the Group and Company		33
6.	Group Statement ofCash Flows		34
7.	Notes to the Accounts		35 - 53

o e «« OD 0 3 3& geP 0 0 «a O~ g 0	o e «« OD 0 3 3& geP 0 0 «a O~ g 0	8 S. I n 0 CL	g R —8 CI.e 0 0 0 0 «0 oo Dl O.	Z m 30 (D3 (D 2 CL o&	g q D& S Ql	0 ID (O m 0 X ID CL Ql m Ol	QZ m , CWO 'nma3 N4m5x 2' 0 (D 2 n. 0 M o& P (D	QZ m , CWO 'nma3 N4m5x 2' 0 (D 2 n. 0 M o& P (D	QZ m , CWO 'nma3 N4m5x 2' 0 (D 2 n. 0 M o& P (D	QZ m , CWO 'nma3 N4m5x 2' 0 (D 2 n. 0 M o& P (D	m r« O	Qn ' m o& V& m 0 g 0 T& m, mk Z Q: CO X Ql (D O& (o g n	Qn ' m o& V& m 0 g 0 T& m, mk Z Q: CO X Ql (D O& (o g n	Qn ' m o& V& m 0 g 0 T& m, mk Z Q: CO X Ql (D O& (o g n	O u& 0 m3™ eo n, 0 2 O m O. 0 ID m (j& I 003 O. CL ~Q' .3 3' 0 (D m	O u& 0 m3™ eo n, 0 2 O m O. 0 ID m (j& I 003 O. CL ~Q' .3 3' 0 (D m	O u& 0 m3™ eo n, 0 2 O m O. 0 ID m (j& I 003 O. CL ~Q' .3 3' 0 (D m	O u& 0 m3™ eo n, 0 2 O m O. 0 ID m (j& I 003 O. CL ~Q' .3 3' 0 (D m	O u& 0 m3™ eo n, 0 2 O m O. 0 ID m (j& I 003 O. CL ~Q' .3 3' 0 (D m	O u& 0 m3™ eo n, 0 2 O m O. 0 ID m (j& I 003 O. CL ~Q' .3 3' 0 (D m	0 8::-3 (D o& e (op m « 0 n, 0(08e 3 m n g 0 e Q p cL 3	0 8::-3 (D o& e (op m « 0 n, 0(08e 3 m n g 0 e Q p cL 3	0 8::-3 (D o& e (op m « 0 n, 0(08e 3 m n g 0 e Q p cL 3	0 8::-3 (D o& e (op m « 0 n, 0(08e 3 m n g 0 e Q p cL 3
															N
ne«
«3 Z Dl eS+ e me																									Z0 (D	C	Q
	$$ '-5	VlO CD oo		I» O(0 (0				(0 ((& O4		0&			"co "(D 0&	o& O 0& ('											Ion oz US	Z R n.	00'0 0& m3
																									corn
	Ia lo=0 p3 III 5« o(0 L O& CD Ol 0 oo 0 olZ« 0 g Ie O	Co O I» C& (&O	4 C& C& Co Co CD					VlOO		CD O (0	0& CD (0	0& CD VI Ol»		O I									C&	II&	lo % OO CL h&n on D& o. Ion 5s	0 n Ol0 Z CI po m CL 2. 3' R.	«3 v C m 0 C 0—0ll $3 ~8 pV m e«Z 0 Z 4 ~ r (D P I
	Ol'0	C&	I(&
	ID
	e0 O. ID 0									h&O(0 G& VI Co		Co 0& VI (0 (0 O 0&(4													D& n oz D& CL (oe	0 g C	K. «
													O	D&
	0	CoO O Co co						0& O co	Co DO CD	co			co 0& Co 4	(& (O 0& Vl
																										Cl
																										(D
																										N
																									m	(0
										M																e
	ea							Vl	Q	0&
	3							Co	CD
	Z0
	g	C& co Co Co M																							~n& on R IO O. ID
	0 8		co(0 C& D C&(0									0& O	DO 4 co (o (0 DO	DO Vl 4 O co									(0

				Group	Group	Company
			Notes	2023	2022	2023	2022
				F	6
Fixed assets
Intangible assets			9	62,073	47,710	62,073	47,710
Tangible assets			10	1,058,981	1,127,075	1,058,981	1,127,075
Investments						100	100
				1,121,054	1,174,785	1,121,154	1,174,885
Current assets
Stocks			12	192,710	111,901	192,710	111,901
Debtors			14	367,085	332,063	367,085	332,063
Investments			15	301,696	296,026	301,696	296,026
Cash at bank and	in hand			40,970	39,615	39,743	38,328
				902,461	779,605	901,234	778,318
Current liabilities
Creditors due within one year			15	(215,492)	(149,281)	(215,492)	(149,281)
Net current assets				686,969	630,324	685,742	629,037
Total assets less	current	liabilities		1,808,023	1,805,109	1,806,896	1,803,922
Provisions			16	(629,283)	(417,011)	(629,283)	(417,011)
Total assets less	liabilities			1,178,740	1,388,098	1,177,613	1,386,911
Represented by:
Unrestricted funds Pension reserve Other designated	funds		19a) 19a) 19a)	506,413 (629,283) 181,210	479,314 (417,011) 236,923	505,286 (629,283) 181,210	478,127 (417,011) 236,923
Restricted funds			19b)	1,120,400	1,088,872	1,120,400	1,088,872
Total charity funds				1,178,740	1,388,098	1,177,613	1,386,911

			Note	2023	2022
Net cash flow from operating activities			23	33,053	3,350
Cash flows from investing	activities:
Interest and dividends				1,121	441
Purchase offixed assets
(including capital project	costs)			(27,149)	(153,042)
Proceeds from I(purchase of) investments				(5,670)	138,579
Net cash flow from investing activities				(31,698)	(14,022)
Change In cash and cash	equivalents	in the	year	1,355	(10,672)
Cash and cash equivalents	brought forward			39,615	50,287
Cash and cash equivalents	carried forward			40,970	39,615

DONATIONS
			Restricted F	Unrestricted f	2023 E	2022 f
Capital project donations			100,000		100,000
Arts Council England	-	Core grant		879,492	879,492	879,497
Oxford City Council				50,000	50,000	70,000
Arts Council England	-	CVAN Project Manager	29,274		29,274	29,269
Arts Council England	-	Culture Recovery Fund				45,000
Oxford City Council	-	Business Recovery Grants				43,000
Oxford City Council	-	Kickstart Scheme	3,663		3,663	20,438
Corporate Giving				33,500	33,500	27,500
Trusts and Foundations			7,242	24,785	32,027	38,500
Individual Giving Schemes and Giff Aid			175,000	213,021	388,021	178,082
Other Individual Giving		Donations		73,571	73,571	27,332
Donated for Exhibitions		and Publications	25,000		25,000	30,750
International Trips				55,450	55,450
			340,179	1,329,819	1,669,998	1,389,368

purpose. Subs	equent to this transfer of activities,	equent to this transfer of activities,	Cafih MOMA Li	mited has	been dormant.
The profit and	loss account ofthe Cafi) as shown		in the published	accounts	is as follows:
					2023f	2022 8
Turnover
Administrative	expenses				(60)	(60)
Profit for year					(60)	(60)
Distribution to	parent	charity
Retained profit/(loss)		for the year			(60)	(60)
Balance sheet
Current assets					1,227	1,287
Net assets					1,227	1,287
Share capital Profit and loss	account				100 1,127	100 1,187
Shareholders'	funds				1,227	1,287

Current liabilities include an amount (2022:fnil), which is eliminated on	Current liabilities include an amount (2022:fnil), which is eliminated on	Current liabilities include an amount (2022:fnil), which is eliminated on	due to the parent company, consolidation in the Group	due to the parent company, consolidation in the Group	due to the parent company, consolidation in the Group	Museum accounts.	of Modern Since the	Art Limited year end,	ofFnil Enil in
relation to 2022/23 was		paid to Museum		of Modern	Art Limited (2022:Fnil		in relation to 2021/22		profits).
GALLERY INCOME							2023 K		2022f
Income
Shop income		Merchandise,	gifts, books				80,780		52,891
		Limited editions					574		3,907
		Catalogue sales					4,612		1,160
MAO cafifi income							87,652		38,514
Venue hire							10,167		3,030
Sales and donations	received of artwork			and commission			172,963		93,205
Exhibition ticket income							58,980		58,627
Exhibition tax credits							186,706	102,973
Other income							53,907		37,197
Total other activities							656,341	391,504

		Cost ofraising funds	Cost ofraising funds	Charitable	Governance	Support	2023	2022
			Shop, Art	Activities	Costs	Costs	Total	Total
	Development		Sales,
		&Private	Gallery Hire
		Views	& MAO Cafd
		K	F		6
Staff costs (Note	7)	128,652	119,750	619,149		237,758	1,105,309	939,256
Direct costs
Development costs		67,231					67,231	9,483
Private view functions		3,333					3,333	16,969
Shop cost ofsales			42,508				42,508	31,814
Art sales costs			26,595				26,595	6,392
Gallery hire costs			979				979	232
MAO cafd costs			39,736				39,736	18,029
Programme:
Exhibitions				593.237			593,237	320,794
Education and events				45,633			45,633	56,318
Digital				17,648			17,648	17,512
Grants payable				29,274			29,274	33,589
Covid-19 mitigation	costs							31,737
Capital project preparations
		70,564	109,818	685,792			866,174	542,869
Supportcosts
Finance, HR & IT						47,666	47,666	68,719
Premises						183,705	183,705	156,332
Postage, stationery	&sundry					10,517	10,517	9,013
Depreciation						20,538	20,538	16,286
Pension finance charge						294,448	294,448	(26,911)
Irrecoverable VAT						2,788	2,788	1,020
Governance					5,613		5,613	7,201
		199,216	229,568	1,304,941	5,613	797,420	2,536,758	1,713,785
Support costs		87,716	159,484	550,220		(797,420)
Governance cost		617	1,123	3,873	(5,613)
Total Company
expenditure 23		287,549	390,175	1,859,034			2,536,758	1,713,785
Cafe MOMA Limited			60				60	60
Total Group
expenditure 23		287,549	390,235	1,859,034			2,536,818	1,713,845
Total expenditure	2022	179,812	257,141	1,276,892				1,713,845

						2023	2022
						6	6
Wages	and salaries					999,630	859,054
Social security costs						79,050	54,625
Pension	contributions		—defined	contribution		26,629	25,577
						1,105,309	939,256
Defined	benefit pension finance			charge (note 18)		294,448	(26,911)
						1 399757	912345
The average		monthly	number of	employees	in the group during the year was made up as		follows:
						No	No.
Charitable						17	17
Raising	funds					7	7
Support						6	5
						3Q	29

				2023 E	2022f
Is stated	after charging:
Auditor's	remuneration	- audit		7,000	6,375
Auditor's	remuneration	- accountancy	services	20,100	18,410
Auditor's	remuneration	- tax		900	800
Rent				70,000	70,000
Depreciation				80,880	74,668

Intangible assets for the Group and Comp	any
	Websitef	Total F
Cost or valuation:
At 1 April 2022	50,410	50,410
Additions	23,207	23,207
At 31 March 2023	73,617	73,617
Amortisation;
At 1 April 2022	2,700	2,700
Charge for the period	8,844	8,844
At 31 March 2023	11,544	11,544
Net book value:
At 31 March 2022	47,710	47,710
At 31 March 2023	62,073	62,073

	Long lease	Refurbishment	Office	Assets
	and building	fixtures and	equipment	under	Group
	Improvements	equipment	and furniture	Construction	total
		6		E
6
Cost or valuation:
At 1 April 2022	2,319,227	43,894	204,858		2,567,979
Additions			3,942			3,942
Transfers
At 31 March 2023	2,319,227	43,894	208,800
2,571,921
Depreciation:
At 1 April 2022	1,221,829	43,894	175,181		1,440,904
Charge for year	60,342		11,694
72,036
At 31 March 2023	1,282,171	43,894	186,875
1.512,940
Net book value:
At 31 March 2023	1 03705		21 25		1	58981
At 31 March 2022	10 7		29677			1 12707

					2023	2022
					E
	General fund:
	10061 ordinary shares	in
	Cafa MOMA Limited at	cost (note 3)			100	100
	Tote I Investments ofthe Museum				100	100
12	STOCKS			Group	Company
			2023 f	2022 E	2023 F	2022 E
	Shop merchandise		22,710	21,232	22,710	21,232
	Donated print editions		22,456	20,851	22,456	20,851
	Donated artworks		147,544	69,818	147,544	69,818
			192,710	111,901	192,710	111,901

DEBTORS		Group	Company
	2023	2022	2023	2022
	f	6	f	E
Trade debtors	9,630	12,379	9,630	12,379
VAT	10,686	10,868	10,686	10,868
Accrued income	265,938	205,200	265,938	205,200
Prepayments	80,831	103,616	80,831	103,616
	367,085	332,063	367,085	332,063

				Balance	Movement	In	resources
				01 April	Incoming		Outgoing		Transfers	31 March
				2021						2022
				6
Unallocated reserves
General fund				24,301	1,623,281		(1,489,520)		(132194)	25,868
Other unrestricted		reserves
General Fund				259,033						259,033
David Elliott Fund				103,744						103,744
Free reserves				387,078						388,645
Designated funds
Net book value of	unfunded
Rxed assets				70,560					126,956	197,516
Capital works to mitigate
Covid-19/Website	Upgrade			141,994					(141,994)
Donated artworks	&	prints		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
CafS MOMA Limited				1,247				(60)		1,187
Group total				138,614	1,623,281		(1,462,669)			299,226

19	RECONCILIATION OF MOVEMENT IN FUN	RECONCILIATION OF MOVEMENT IN FUN	RECONCILIATION OF MOVEMENT IN FUN	DS (CONTIN	UE	D)
	b) RESTRICTED FUNDS —2023
			Balance	Movement	In	resources
			01 April	Incoming		Outgoing	Transfers	31 March
			2022					2023
			6					F
Exhibitions at Modem Art Oxford
1)	Ruth Asawa		94,516	27,242		(121,758)
2)	Carey Young		5,000			(5,000)
Creative Learning and Events 3) Making Space Safe —refugee			153			(153)
4)	Penny Woolcock (Wellcome Trust)		8,500			(8,500)
5)	Creative Learning	Activities.		150,000		(30,000)		120,000
University Partnershlps
6)	Oxford Brookes			5,000		(5,000)
Other restricted funds
7)	CVAN —ACE main	grant		29,274		(29,274)
8)	Kickstart grants via Oxford City Council.			3,663		(3,663)
9)	Salaries support fund			25,000		(25,000)
Capital
10)	2018 Refurbishment		3,434			(3,434)
11)	Refurbishment and	Building
	Development Fund		977,269			(48,582)	12,283	940,970
12)	Capital fund			100,000		(40,570)		59,430
			1,088,872	340,179		(320,934)	12,283	1,120,400

	b) RESTRICTED FUNDS —2022	b) RESTRICTED FUNDS —2022	b) RESTRICTED FUNDS —2022	b) RESTRICTED FUNDS —2022	b) RESTRICTED FUNDS —2022
				Balance		Movement	in	resources
				01	April	Incoming		Outgoing	Transfers	31 March
					2021f		f	f		2022f
Programme
13)	Arts Council England—
	Culture Recovery Fund					45,000		(45,000)
Exhibitions at Modem		Art Oxford
2021/22
14)	Samson Kambalu					6,800		(6,800)
15)	Anish Kapoor					15,000		(15,000)
16)	Jesse Darling					8,950		(8,950)
2022/23
1)	Ruth Asawa
	—Terra Foundation			87,716						87,716
	—Henry Moore Foundation				6,800					6,800
2)	Carey Young					5,000				5,000
Creative Learning and		Events
17)	Public events for artists				1,450			(1,450)
3)	Making Space Safe	—refugee project				2,363		(2,210)		153
4)	Penny Woolcock (Wellcome				8,500					8,500
5)	Creative Learning	Activities		28,044		32,183		(60,227)
University Partnershlps
6)	Oxford Brookes					5,000		(5,000)
Other restricted funds
7)	CVAN —ACE main grant					29,269		(29,269)
8)	Kickstart grants via Oxford City Council					20,438		(20,438)
18)	Oxford City Council
	Consortium Marketing		Fund			8,250		(8,250)
Capital
10)	2018 Refurbishment				3,434					3,434
11)	Refurbishment and Building
	Development Fund			1,025,851				(48,582)		977,269
				1 161795		178253		251 176		1 088872

ANALYSI	S OF GROUP NET ASSETS	BETWEEN FUNDS
2023		Restricted	Unrestricted	Total
		Funds	Funds	2023
		E	E	E
Intangible	assets		62,073	62,073
Fixed assets		940,970	118,011	1,058,981
Fixed asset investments
Net current assets		179,430	507,539	686,969
Provisions			(629,283)	(629,283)
		1,120,400	58,340	1,178,740
2022		Restricted	Unrestricted	Total
		Funds	Funds	2022
		6	K	F
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
ANALYSIS OF CHARITY NET ASSETS BETWEEN FUNDS
2023		Restricted	Unrestricted	Total
		Funds 6	Funds	2023f
Intangible	assets		62,073	62,073
Fixed assets		940,970	118,011	1,058,981
Fixed asset investments
Net current	assets	179,430	506,312	685,742
Provisions			(629,283)	(629,283)
		1,120,400	57,113	1,177,513
2022		Restricted	Unrestricted	Total
		Funds	Funds	2022
				6
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

						2023f	2022
Net income/(expenditure)		for the	reporting	period
(as per the statement	offinancial		activities)			(209,358)	87,689
Add back depreciation		charge				80,880	74,668
Add finance charge	re	pension deficit				294,448	(26,911)
(Increase) in stocks						(80,809)	(31,842)
(Increase) in debtors						(35,022)	(69,771)
Increase/(decrease)	in	creditors				66,211	52,134
Pension deficit contribution payments						(82,176)	(82,176)
Deduct interest income		induded	in investing		activities	(1,121)	(441)
Net cash provided	by/(used In)		operating		activities	33,053	3,350