Regi%tered Charity Nuber 529462 TRUSTEFS OF THE COOPER ART GALLERY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 HAItRIS & CO Chartered Ac¢ount3nts Mai'land House 13 Huddersfield Road Barn51ey S702LW
TRUSTEES OFTHE COOPER ART CFALLERY ACCOUNTS YEAR ENDED 30 JUNE 2024 CONTENTS PAGES oiricers & professional advisors Annual report of the Trustee5 2to3 Independent ex£tminer5' report Stalement of financial activitie5 Balanee Sheet Notes to the accounts 7t0 11
TRUSTEEI S OFTHE COOPER ART GALLERY OFFICERS & PROFF.SSIONAL ADVISORS YEI AR ENDFD30.JUNE 2024 THE IIOARD OFTRUSTEES Chairman Mr P B Elmhirst Other members MrJ Bostwick Cllr K Rschardson Mr l Love MrPMilum Cllr C Makinson Cllr T Sliepherd Mr TBrookes CLERK Mr R A E Umbers FCA clo New Court Abbey Road North Shepley Huddersfield HD8 8BJ INDEPENDENT EXAMINERS Harris & Co Marland House 13 Huddersfield Road Barnsley S70 2LW BANKERS Svenska Handelsbanken AB (publ) Groiind Floor, 12 Longbow Closc Pennine Business Park, Bradley Huddersfield HD2 IGQ STOCKBROKERS AFH Wealth Management Bllntsfoi'd Drive Stoke Heath Bromsgrove Worcestershire B60 4JE
TRUSTEES OF THE COOPER ART GALLERY ANNUAL REPORT OFTHE TRUSTKES YEAR ENDED 30 JUNE 2024 The Board of Trustees have pleasure in presenting their report and the financial sratements of the Charity for the year ended 30 Junc 2024. The legal administrdtive infomiation set out on page I foms part of this reporL L*gal stgt115 The Chartty is governed by its Trnsi Deed and is registered with the Chariti¢s Commission (number 529462). Objectives The object of the charity is to maintain and enhance the Cooper Art Collection, make it acce55ible to the general public and to encourage and promote art generally in the Bamsley Meti'opolitan District. OrganishtÉoii The Charity has been administered in the year by the following Tiustees comprising.. Chairman Otlier Members Mr P B Elmhirst Mr J B0stw¢k Cllr K Richardson Mr J Love (deceased 01.02.2024) Mr P Miluitt (resigned I1.01.2024) Cllr C Makinson Cllr T Shcphei'd Mr T Brookes Mr R A E Umbers Clerk to the Trustees No trustee ¢itlier seeks to reelaim any expenses for attending meetings or receives any remuneration. Investment poliey The charity's monies may be invested at the Trustees dis¢Telion and wiilioul limitation. The Trustees employ the Invesment advisors AFH Wealth Management to manage theiT investment portfolios. Reyieiv of transaetions and flnancial positio The Statement of Financial Activities shows net movement in funds of £306,345 {2023 £15,539 loss). There were grants made in the year to 30 June 2024 of £10,911 {2023 - £12,006). Cash reserves were £43,524 at 30 June 2024. Total reserves were £6,074,532 at 30 June 2024. Risk management The trustees have assessed the major risks to whÈch the charity is exposed. in particular those related to the operatsons and finances of the charity. and are &atisfied that Sysleins are ij) place to Inittgate our exposure to the major risks. Reserves poliey The reserves of the charity gre all unrestricted reseryes. It 15 the policy of the charity to maintain a level of rcsei'ves equal or above that required to wind down the charity? plus its general running ¢osts for six colendar month5. Publlc Benefit The charity trustees confirm thai they have cotnplied with theii. duty to have due regard to the guidance OD pb]It benefit published by the Cliarity Cominission in exercising their powers and duties.
TRUSTEES OF THE COOPER ART GALLERY ANNUAL REPORT OFTHE TRUSTEES YEAR ENDED 30 JUNE 2024 Re5pon51bllities of the Trustees The Charities Act requires ihe trustees to prepare fiJian¢ial statements for each financial year whiLh give a true and fair view of the state uf affairs of the Cliarity at the end of the period and of the incoming and outgoing resources for the period then ended. In preparing those financial statement5, the trustees al'e required to select suitable accounting policies and then apply rhem consistently, Inaking judgeineiits and estimates that are reasonably prudent. The trustees must also prepare the financial gtatements on the going concei'n basis unless it is inappropriate to presum¢ that the charity will continue sts activities. The trustees are responsible for keeping proper accounting records which disc105e with reasonable accuracy at any time the financial positiun of the charily and to enable them io ensu that the financial statements comply with the Charitie5 ALt 2011 and the Charity {Accounts and Reports) Regulation5 2008. The thSleeS are also i'esponsible for safeguarding the assets of the charity and hence for taking Teasonabl¢ steps for the prevention and detection of fraud and othcr irregularities. Signed on behalf of the Board of Trustees Mr P B Elmhirst . Date
TRVSTEI ES OFTHE COOPER ART GALLERY INDEPENDF,NT FXAMINERS, REPORT TO THE TRUSTEES YEAk EINDf4D30 JUNE 2(124 I report on the accounts of the trust for the year ended 30 Jun¢ 2024 which are set out on pages 5 to I l. Respective responsibilities of trustees and examiners The charity's tnistees are responsible for the preparatioii of the accounts. The charity's Irustees consider than an audit is not required for thi5 year under section 144(2) of the Ch81'iÉies Act 2011 (the 2011 Act) and that an independent exainination is needed. It is my responsibiltty to.. examine the accounts under section 145 tsf the 2011 Act follow the procedures laid down in the G¢neral Directions given by the Charity Commission (under Section 14515Kbl of the 2011 Act,. and state whether paiticular matters have come to our attention. BasTS of independent ¢xaThiners' report My examination was carried out in accoixiance with the General Dii'ections given by the Charity Commissioners. An examination includes a review of ihe accounting records kept by the chai'ity and a comparison of the accounts presented wsth those records. It also include5 consideration of any uiiu5ual items or disclosures in the accounts, and seeking explanations from you as trustees ¢on¢ei'ning any such matters. The procedur¢s undeilaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts and the report is liinit¢d io those malters set out in the statement below. Independent examiners, statement In connection with my exainination, no matter has come to my att¢iition-. which gives me reasonable cause to believe that in any Inaterial respect the I'equir¢ments to.. keep accounting records in accordance with section 130 of the 2011 Act: and prepare accounts which accord with the accounting records and to comply with the acc(kuniing requirements of the 2011 Act have not been tnet. or 2 which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounti to be reached. . {Independent Examiner) For and on behalf of Harris & Co. Chartered A¢¢ountsnts Marland House 13 Huddersfi¢ld Road Bamsley S70 2LW
TRUSTF.ES OF THE COOPER ART GALLERY STATEMENT or FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2024 2024 2023 Note IINCOME AND ENDOWMENTS FROM: Donation$ and leg&eles 331,442 i 0,000 Investment intot Rent received Other interest and dividends 27,244 24,870 Total income 362 403 EXPENDITURES ON: Charitable actlvltles Insurance Assistant curator Granis and donations Conservation and tran5POrtation fee5 Gallery Opening Hours 4,898 17,465 10,911 19,061 5,194 15,450 12,006 3,834 57,335 41,484 Governance costs Clerk's fees (2 years 2023) Stockbrokers, fees Repairs Legal aiid professional fees Sundry expenses Printing. poslage and staiionery Bank charges Accountants, fees 6,595 2,868 4,985 10,240 3,099 2,302 2,250 174 353 150 850 364 514 152 950 Total expenditure NET INCOME I (EXPENDITURE) 288 640 24 342) Realised profitl(loss) on disposal of investjnents Unrealised profiLI{loss) on IEvaluation of i]ive5tment5 1.602 (2,460) NET MOVEMENT IN FUNDS 306.345 (15,539) Total funds brought forward 5768 187 783 726 Total funds carried forivaiyl The Statement of financial activities includes all gains and10sses the year. All incoming resources and resoUe5 expended derive from continuing activities. All movemcnts ar¢ in restricted funds.
TRU.8TEES OFTHE COOPER ART GALLF.RY BALANCE SHF.ET 30 JUNE 2024 2024 2023 Note INVESTMEINTS Freehold property Works of art Investm¢ntS 385,0 5,411,113 242 892 385,000 5,091,233 197 223 6,039,005 5,673,456 CURRENT ASSETS Debtoi's Cash at bank 2,033 2,406 101460 103 866 CURRETr4T LIABILITIES Creditors.. Amounts falling due within one year 10030) NET CURRENT ASSETS NET ASSKTS FUNDKD BY Unrestricted funds Approved by th¢ Board of Thistees on ............ Signed on behalf of the Board by Tn]5tee
TRUSTEES OF THE COOPER ART CALLERY NOTES TO THF. ACCOUNTS YEAR ENDED 30 JUNE 2024 GENERAL INFORMATION Trustees of the Cooper Art Gallery 15 an unincorporated charity registered in England and Wales. The address of the principle office is Cooper Gallery, Church Street, Bamsley, S70 2AH. STATEMENT OF COMPLIANCE These financial statements have been prepared ¢ompliance with FRS 102, The financial Reporting Standard applicable in the UK and the Republic of IiEland, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicaL71e in the UK and the Republi¢ ofireland IFRS 102) (Charities SORP I FRS 102) and the Charities Act 2011. ACCOUNTING POLICIES Basig of preparation The financial statements have been prepared on a going concern basi8 under the liistorical cost convention as mudified by the revaluation of ceilain financial assets rnea5ured at fair value through income and expenditUlE. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The 5ignificani accounting policie5 consistently applied in the preparation of these fiTLancial statements are set out beltsw.. The foundation constitutes a public benefit enlity 85 defined by FRS 102. Goiiig eoiieern Thei'e are no mate¥ial uncertainties about the cliarsty'5 ability to continue. Ineoming resource5 Investment incorne is aCCoted for in the p¢riod in which the charity is entitled to receipt. Resources expeijded Expenditure is included on an acciuals basÈs, exclusive of VAT. Grants payable are ¢harged in the period when the offer is conveyed to the recipient. Governance comprise5 Costs for the Junning of the charity itself as an organisation. Realised und unr¢81tsed gaKn5 and losses on investment assets Realsed gains relate to the moveit)ent in th¢ fail. Yalue of an investment at the Start of the period from the 58le proceeds received. Unrealised gains relate to the movement in the fair value of the charity's investment portfolio fi'om the previous to the tUent balance sheet date. Legaeles Legacy gifts are recognised on a cas¢ by ¢ase basss following the gianting of probate when the adinsni5tTatorlexecutor for the estare has communicated in writing both the amount and settlement date. In the event tlial ihe gift is in the form of an asset other than cash or a financial assct traded on a recognised stock exchange. recognition is subject to thc value of the gift being reliable measurable with a degree of reasonable accuixLy and the tstle to the asset has been trdnsferred to the charity.
TRUSTEES OF THE COOPCI R ART GALLERY NOTES TO THE ACCOUNTS (continu¢d) YEAR ENDED 30 JUNE 2024 Statement of eash flows The charity has taken advantage of the exemption pi'L)vided in FRS 102 Settion IA and Update Bulletin l of the Charities SORP (FRS 102) not to produce a statement of cash fluws. Investments Investments are stated are fail. value. Vreeliold property and works of art The charity's works of art are included at the latest valuation mad¢ fot insurance purposes. The chai'ity's freehold propety is included at the latest value of the freehold int¢r¢5t made by an independently appoiiited valu¢r. INVESTMENTS 2024 2023 Freehold Property Valuatioll brought forward 385 000 Valuation urried forward 85 Works of Art Valuatioii brought foN*ard Additions 5,091,233 319879 5,079,045 Valuatioii carried forward Works of Art Aeqlllred by Trustees 2024 MacMill8n Portrait Archie PaintÉng Bankrupt by Jane Walker Coming to Lccds by Oliver Adam¢zyk O'sullivan Rock Pool 3 by John Kerr Pipeworks by En'ol Sweetland Erosion I by 15abell Edwards Timeless by Charlotte Torrington CGS Balakjian Collection (donated by National Gallery) 3,000 100 174 251 522 232 200 300 315 100 An independent valuation of the charity's fitehold property was undertaken by STnith5 Chartered Surveyors dated 6 Septembei. 2020. The Chai'ity lias applied ihe transitional arrangeinents of FRS 102 and used the existing carJyitJg amount of its freehold property at its transition date as the deeined cost. The chaTity had theii. individual works of art independently valued by Bonhalns on 22 June 2022 for insurance purpose5 excep( for the CGS Balakjian Collection which was independently valued by Bonhams on 14 NoveTnbei' 2024 for insurance pui'poses.
TRUSTF.CI8 OF THE coopr.R ART GALLERY NOTES TO THE ACCOUNTS (continued) YEAR ENDED 30 JUNE 2024 Market Li5t¢d Investments No. C05t at MVa( 30.6.24 30.6.24 Cost at Mvat 30.6.23 30.6.23 Lionhur5t Sust Fut Corp BD6 8.764 11,233 12,233 Ballie Gifford Inv GB Positive Change B Acc 3.182 9,561 10,192 CT UK Responsible Gbl Eqty 2 1,084 4,682 4,901 CT (UK) ICVC V CTRed Equity 2 Acc 1.295 8,000 9,843 Ed¢ntr¢e Inv Mgmt Resp & Sust IIK Eqty B Inc 3.296 7,410 7,247 Edentree Inv Mgmt Responsible & Sust Short 15.410 14,852 14,732 Goldman S8ch5 fund GS GBL Envr Imp EQ 705 9,966 9,693 Goldman S8ch5 Amfs F.merging Mkts Eqty Esg 10.371 10,269 10,014 l.lende¥son Inv¢st Janus Hend UK Resp Inc I 4,475 6,490 7,330 JP Morgan Fullds Global BD Opps Sust C GBP 130 12,514 12,214 Reghan Funds IJK Lid Regnan Gbl F.q lrnp Sols F 11.677 12,595 11,783 Liontrust Fund Par Sust Future Gbl Gth 2 Acc 3.337 8,440 9,724 Lionlrust Fund Par UK Eihical 2 Net Acc Nav 1,586 5,173 4,790 Neubeiger Ber Inv Ctrlobal Sustainable F.qty 786 8,415 9,868 Premier Portfolio Miton Ethical C Acc 1,121 4,843 4,832 Rlum Limited RL Susiainable Wrld Tst C Acc Royal London Sust Leaders Trust Vanguard Inv S¢F Esgdev Wld All Cap Eqty Idx Vanguai'd Invs STS Emg fvll(i All Cap Vontobel und Twentyfour Sust Wellington Mgt Fds Glbl Impact River & Mercantile Suss Opps Fll Global I shares UK Gilts 0-5 years I shares USD Tips Dists Gilt GPB Di Vanguard US Gov't Bd Idx GDP Blackrock Orf shs l L Gill Id Legal & General All siks Gilt lsd Trust 9,095 9,464 9,125 9,411 4,811 4,666 7,2S4 7,025 9,946 9,344 9,767 9,432 13.401 11,647 9,000 9.332 12.146 11,604 11,899 11,841 9,157 9,453 5,407 4,689 9,359 9,465 5,140 4.666 11,251 11,750 4,432 4,605 8,957 9,831 7,673 7,094 11,829 11,700 12,474 11,599 9,018 9,345 9,259 9,260 3.274 10,298 12,266 29 9,469 12,436 86 9.607 10,021 61 16,378 17,135 1,004 9,978 9,775 11,525 13,066 14,944 1.005 95 4,159 3,916 4.906 9,666 4,871 4,872 9,806 4,837 22 DEBTORS 2024 2023 Prepayments and acced income VAT 2,033 2,406 BANK BALANCES 2024 2023 Cash at Bank AFH Wealth Deposit 37.731 62,952
TRUSTEES OF THE COOPF.R ART GALLERY No'fks TO I'HE ACCOUNTS (continued) YEAR ENDED 30 JUNE 2024 CREDITORS: AMOUNTS YALLING DUE WITHIN ONE YEAR 2024 2023 VAT Acci'ua15 and deferred income 2,348 1,012 10 DOIYATIONS AND LEGACIES 2024 2023 Shaw Lands Tnisi National Lottery F.state of Audrey Norfolk National Gallery (Conservation) (Cash) (l.egacy) (CGS Balakjian Collection} 1,000 10,000 15,342 315 100 GRANTS AND DONATIONS 2024 2023 Artsmark School Arts Packs Lit & Soul Exhibition 1,500 6.006 10,911 io 10. STAFV COSTS AND TRUSTEES, REMUNERATION There were no employees of the charity during the year. Trustees r1Ved no remuneration and were not reimbursed for any of their expenses in the year. UNRESTRICTED FUNDS 2024 2023 Balance brought forward 5.768,187 5,783,726 Net moveinent in funds for the year 15539) Balance ca]Yied (otTh¥ard 10-
TRUSTE¢ ES OF THF. COOPER ART GALLERY NOTEI S TO THF. ACCOUNTS (continllcd) YEIAR ENDED 30,IUNE 2024 12. RELATED PARTIES There were no related party transactions during th¢ year.