## |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
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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| ## ## ## ##