Notes to the Financial Statements
1. General Information and Accounting Policies
a. Company Limited by Guarantee
The Irish Museum of Modern Art was set up under the Companies Act 1963, (as replaced by the Companies Act 2014) with a head office at the Royal Hospital Kilmainham, Dublin 8.
The Company, which was incorporated on the 18 April 1985 under the Companies Act 1963, is limited by guarantee and does not have a share capital.
b. Principal Activity
The principal business of the Company is the management and development of The Irish Museum of Modern Art at the Royal Hospital Kilmainham and the promotion of the Royal Hospital Kilmainham and its grounds as a major cultural and artistic centre accessible to the public.
Irish Museum of Modern Art is a Public Benefit Entity.
c. Statement of Compliance
The financial statements of The Irish Museum of Modern Art for the year ended 31 December 2022 have been prepared in compliance with the applicable legislation and in accordance with FRS102, the financial reporting standard applicable in the UK and the Republic of Ireland issued by the Financial Reporting Council in the UK.
d. Basis of Preparation
The financial statements have been prepared under the historical cost convention, except for certain assets and liabilities that are measured at fair values as explained in the accounting policies below. The financial statements are in the form approved by the Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media with the concurrence of the Minister for Public Expenditure and Reform, and have been prepared, where appropriate, in compliance with the requirements of the Companies Act 2014. The following accounting policies have been applied consistently in dealing with the items which are considered material in relation to the Irish Museum of Modern Art’s financial statements.
Going Concern
The Covid-19 pandemic has had a detrimental impact on IMMA’s commercial revenue over the past two years. IMMA has offset the loss of revenue with operational savings and with some additional support from the Department. The Finance, Audit & Risk Committee continues to monitor developments with the Executive and remains focussed on the ongoing risks to the Company’s business model. The Board and Executive, in consultation with the Department, have reviewed the company’s forecasts and projections, and are satisfied that the going concern basis is appropriate for the preparation of these Financial Statements.
Accounting Policies
The basis of accounting and significant accounting policies adopted by the Irish Museum of Modern Art are set out below. They have all been applied consistently throughout the year and for the preceding year.
e. Grants
Oireachtas Grants (Revenue)
Revenue is generally recognised on an accrual basis; one exception to this is in the case of Oireachtas Voted Grants which are recognised on a cash receipts basis.
Oireachtas Grants (Capital)
Grants allocated for the purpose of the acquisition of works of art are treated as being donated capital and are transferred to the Capital Account (Works of Art). Grants allocated for the purchase of tangible fixed assets are amortised over the life of the relevant fixed asset purchased. Capital Grants are recognised on an accruals basis.
Income From Commercial Activities
The income from the Commercial Activities of the Company is accounted for on an accruals basis and reported exclusive of Value Added Tax.
Sponsorship
Sponsorship income is credited to the Statement of Income and Expenditure and Retained Revenue Reserves in the year in which the applicable expenditure is incurred. Where expenditure has been deferred to a future period any income relevant to that expenditure will also be deferred.
Deferred Revenue
Revenue will be deferred where the activity to which the income relates is not scheduled to occur until a future accounting period.
f. Capital Account(Works of Art)
The Capital Account (Works of Art) represents the income allocated for the acquisition of works of art and the value of works donated to the Company under Tax legislation.
g. Property, Plant & Equipment
Property, Plant & Equipment are shown at cost less accumulated depreciation, adjusted for any provision for impairment. Depreciation is charged on the straight-line basis at the annual rate set out below, so as to write off the assets, adjusted for estimated residual value over their expected useful life.
Furniture, Fittings & Equipment 25% per annum
Motor Vehicles 25% per annum
Residual value represents the estimated amount that would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of an age and in the condition expected at the end of its useful life.
If there is objective evidence of impairment to the value of an asset, an impairment loss is recognised in the Statement of Income and Expenditure and Retained Revenue Reserves in the year.
h. Heritage Assets (Works of Art)
All works of art recorded in the Statement of Financial Position are of an artistic nature and are maintained principally for their contribution to knowledge and culture.
The Royal Hospital building and any other locations operated by IMMA are owned and maintained by the State and are not the property of the Company.
Disclosure:
i) The nature and scale of heritage assets held by IMMA.
TThe Irish Museum of Modern Art is home to the National Collection of modern and contemporary art, with 4,400 works categorised by the following major headings:
- Graphic Art & Photography – refers to two-dimensional works on a flat surface such as prints, drawings and photography
- Paintings – application of paint onto a solid surface such as canvas, board or linen
- Sculpture – three-dimensional objects
- Installation – three-dimensional works that often are site specific and designed to transform the perception of a space. This often includes audio-visual works that transform a space
- New Media/other – including digital art, computer graphics, computer animation/other types of medium include tapestry, works with multiple media and IMMA’s archive Time-Based Media
The collection is firmly rooted in the present and important new works are added to the collection each year. Our collection of modern art is regularly enhanced by purchase, commission, donation or loan with a particular emphasis on work from the 1940s onwards.
ii) The policy for the acquisition, preservation, management and disposal of heritage assets.
The Irish Museum of Modern Art was set up as a company limited by guarantee and not having a share capital under the Companies Act 1963. We are a National Cultural Institution under the auspices of the Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media.
Acquisition.
IMMA’s Collection is the National Collection of Modern and Contemporary Art and IMMA collects in the present. Its remit is to collect the art of now for the future, to reflect key developments in contemporary visual culture and to keep them in the public domain for future generations.
Donation.
All donations of artworks must be first approved for acquisition by the Director and Head of Collections before they are brought before the Collections and Acquisitions Committee.
Purchase.
All purchases must be first approved for acquisition by the Director and Head of Collections before they are brought before the Collections and Acquisitions Committee. The Director has discretion to purchase works up to a certain value.
Preservation & Management.
IMMA monitors and in most cases actively controls the environment (temperature, humidity, light levels) in order to prolong the life of the assets. IMMA also engages with conservation experts when required. The works of art are publicly exhibited in rotation in IMMA’s public programme. Individual works may be viewed in storage by prior appointment.
Disposal.
IMMA does not dispose of any works of art for financial profit. In exceptional circumstances, if a work of art is impaired beyond redemption (i.e., cannot be conserved), the work of art is removed from the database and deaccessioned.
iii) The accounting policies adopted for heritage assets including details of measurement bases used.
The Museum acquires works of art through a variety of methods;
- Donations under Section 1003 of the Taxes Consolidation Act 1997.
- Donated Works of Art
- Purchased Works of Art.
The Value attributed to the asset at the time of acquisition is as follows:
a) Donations under Section 1003 of the Taxes Consolidation Act 1997.
Certain tax liabilities can be settled by way of donation of an important heritage item to a specified national collection provided certain conditions are met. The market value is assessed at the time of donation.
b) Donated Works of Art.
These are valued by an internal expert at the time of acquisition based on comparative works of art and external market factors.
c) Purchased Works of Art.
These are recorded at the cost of acquisition. The museum does not conduct an annual valuation and as a result, works of art are carried at cost of acquisition.
d) Impairment Review
The value of any work of art is not altered by market fluctuations in value. The museum reviews the condition of all artworks when going on loan or on public display.
iv) All Heritage Assets are included in the Statement of Financial Position.
v) Heritage Assets recorded in the Statement of Financial Position are disclosed in Note 11.
A summary of transactions relating to Heritage Assets showing cost and value of assets acquired in the period in each of the categories outlined is disclosed in Note 11.
i. Inventory
Inventory is stated at the lower of cost and net realisable value. Net realisable value is defined as the estimated selling price less all costs to be incurred in marketing, selling and distribution.
j. Taxation
The Company is exempt from Corporation Tax under Schedule 4, Section 227 of the Taxes Consolidation Act, 1997.
k. Retirement Benefits
The Museum operates a defined benefit pension scheme which is funded annually on a pay as you go basis from monies available to it, including monies provided by The Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.
Pension costs reflect pension benefits earned by employees in the period and are shown net of staff pension contributions which are treated as refundable to the Department in accordance with financing arrangements. An amount corresponding to the pension charge is recognised as income to the extent that it is recoverable and offset by grants received in the year to discharge pension payments.
IMMA also operates the Single Public Services Pension Scheme (“Single Scheme”), which is a defined benefit scheme for pensionable public servants appointed on or after 1 January 2013. Single Scheme members’ contributions are paid over to the Department of Public Expenditure and Reform (DPER) Actuarial gains or losses arising on scheme liabilities are reflected in the Statement of Comprehensive Income and a corresponding adjustment is recognised in the amount recoverable from the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.
The financial statements reflect, at fair value, the assets and liabilities arising from the Irish Museum of Modern Art’s pension obligations and any related funding, and recognises the costs of providing pension benefits in the accounting periods in which they are earned by employees. Retirement benefit scheme liabilities are measured on an actuarial basis using the projected unit credit method.
l. Critical Accounting Judgements and Estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements.
a) Impairment of Works of Art
The Museum conducts an annual impairment review of its Works of Art. The value of any work of art is not altered by market fluctuations in value. The museum reviews the condition of all artworks when going on loan or on public display. In addition, procedures are in place for a full physical verification of artworks every five years in line with standard museum practice. This verification involves a review of the condition of those works. An impairment loss would be recognised if a work of art is impaired beyond redemption, i.e. cannot be conserved. The work of art would then be removed from the database and deaccessioned. The museum does not conduct an annual valuation and as a result, works of art are carried at cost of acquisition. The value of any work of art is not altered by market fluctuations in value. There was no requirement for an impairment loss at the reporting date.
b) Impairment of Property, Plant and Equipment
Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. There was no recognition of impairment at the reporting date.
c) Depreciation and Residual Values
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings and have concluded that asset lives and residual values are appropriate.
d) Retirement Benefit Obligation
The assumptions underlying the actuarial valuations for which the amounts recognised in the financial statements are determined (including discount rates, rates of increase in future compensation levels, and mortality rates are updated annually based on current economic conditions, and for any relevant changes to the terms and conditions of the pension and post retirement plans.
The assumptions can be affected by:
- The discount rate, changes in the rate of return on high-quality corporate bonds.
- Future compensation levels, future labour market conditions.
2) Surplus for the Year
The surplus is stated after charging:
2022 | 2021 | |
---|---|---|
€ | € | |
Auditors remuneration | 23,500 | 23,500 |
Amortisation of capital grants | (214,556) | (249,535) |
Depreciation | 227,542 | 256,314 |
3) Government Grants Received
Grants Receivable
2022 | 2021 | |
---|---|---|
€ | € | |
Opening balance - Capital Grants | 365,361 | 846,876 |
Department Grants (Revenue) recieved | 8,401,287 | 6,623,120 |
Department Grants (Capital) received | 174,603 | 273,431 |
Capital Artworks | 970,000 | |
Other Government Grants | 4,808 | 40,400 |
| 9,916,059 | 7,783,827 |
Less allocated
2022 | 2021 | |
---|---|---|
€ | € | |
Allocated to Revenue - Department Grants | (7,719,504) | (6,648,365) |
Capital Grand Amortised in line with depreciation | (214,556) | (249,535) |
Grants Allocated to Capital - Works of Art | (480,166) | |
Other Governement Grants | (4,808) | (40,400) |
| (7,938,868) | (7,418,466) |
2022 | 2021 | |
---|---|---|
€ | € | |
Closing Balance | 1,977,191 | 365,361 |
Reported in Statement of Income and Expenditure
2022 | 2021 | |
---|---|---|
€ | € | |
Oireachtas Grants allocated to Revenue | 7,938,868 | 6,938,300 |
Net Retirement Obligations (repayable)/payable | (246) | (80,447) |
Oireachtas Grant in the Statement of Income and Expenditure and Retained Revenue Reserves | 7,938,622 | 6,857,853 |
4) Commercial Activities
Turnover
2022 | 2021 | |
---|---|---|
€ | € | |
Hire of premises & equipment | 7,263 | 2,301 |
Hire of meadows / outdoors | 587,565 | 284,217 |
Franchise income | 24,105 | 21,746 |
Car park income | 33,495 | 8,388 |
Bookshop sales | 208,160 | 132,721 |
| 860,588 | 449,373 |
Cost of Sales
2022 | 2021 | |
---|---|---|
€ | € | |
Bookshop overheads | 116,002 | 83,359 |
Bookshop wages | 124,722 | 113,224 |
Wages & Salaries | 127,456 | 69,597 |
Cleaning | 138 | 0 |
Direct operating expenses | 23,233 | 88,957 |
| 391,551 | 355,137 |
2022 | 2021 | |
---|---|---|
€ | € | |
Surplus | 469,037 | 94,236 |
5) Sponsorship
2022 | 2021 | |
---|---|---|
€ | € | |
Opening Balance | 86,182 | 99,323 |
Receivable during year | 189,043 | 143,868 |
| 275,225 | 243,191 |
Less
2022 | 2021 | |
---|---|---|
€ | € | |
Allocated to Revenue - Sponsorship | (163,725) | (157,009) |
| (3,274) | 0 |
Allocated to Capital | (4,250) | 0 |
Closing Balance | 103,976 | 86,182 |
6) Arts Programme
2022 | 2021 | |
---|---|---|
€ | € | |
Programme Receipts | 120,254 | 96,083 |
Cost of Programme
2022 | 2021 | |
---|---|---|
€ | € | |
Wages & Salaries | 1,009,887 | 1,112,477 |
Depreciation | 139,769 | 142,048 |
Exhibitions:
2022 | 2021 | |
---|---|---|
€ | € | |
Running costs | 1,262,729 | 582,917 |
Travel - Domestic | 1,721 | 0 |
Travel - International | 19,400 | 0 |
Permanent Collection | 393,954 | 642,326 |
Education & community expenses | 98,172 | 64,138 |
Education - Fees | 37,130 | 26,597 |
| 2,962,762 | 2,570,504 |
Net Cost | 2,842,508 | 2,474,421 |
7) Administration / Curatorial / Security
2022 | 2021 | |
---|---|---|
€ | € | |
Wages & Salaries | 3,378,635 | 2,960,873 |
Recruitment charges | 1,220 | 585 |
Consultancy fees - Strategy Development * | 0 | 39,542 |
Tax & Financial Advisory | 15,663 | 16,363 |
HR & Pensions Advisory | 1,242 | 1,242 |
Training | 19,153 | 24,395 |
Postage & telephone | 29,742 | 25,394 |
Subscriptions | 13,455 | 12,721 |
Professional fees | 30,350 | 27,436 |
Legal Fees * | 0 | 32,375 |
Office supplies & stationery | 241,290 | 231,749 |
Sundry | 7,086 | 13,968 |
Staff Hospitality | 0 | 0 |
Coffee Shop / Canteen Expenses | 8,216 | 10,944 |
Board Meetings | 1,081 | 0 |
Director's Expenses - Domestic | 15,162 | 902 |
Director's Expenses - international | 0 | 0 |
Travel / Motor Expenses | 3,771 | 1,395 |
Board - Members expenses - Domestic | 0 | 0 |
Insurance | 39,797 | 34,644 |
Cleaning | 122,437 | 165,286 |
Security | 78,989 | 35,529 |
Depreciation | 87,772 | 114,265 |
Temporary agency staff | 125,348 | 13,098 |
Bank charges | 9,190 | 11,866 |
Health & Safety | 28,471 | 26,179 |
| 4,258,070 | 3,800,751 |
*Consultancy costs include the cost of external advice to management and exclude outsourced ‘business as usual’ functions. Expenditure incurred on legal costs relate to general advice.
There was no client hospitality in the year.
8) Marketing
2022 | 2021 | |
---|---|---|
€ | € | |
Advertising | 96,134 | 64,746 |
Wages | 25,924 | 42,873 |
Public relations | 38,603 | 10,823 |
Other Marketing | 68,923 | 60,659 |
| 229,584 | 179,101 |
9) Maintenance
2022 | 2021 | |
---|---|---|
€ | € | |
Security | 353,584 | 322,116 |
Gas | 163,899 | 174,091 |
Electricity | 347,801 | 187,691 |
Water | 17,471 | 25,356 |
Cleaning | 11,249 | 11,556 |
| 894,004 | 720,810 |
10) Employees and Remuneration
2022 | 2021 | |
---|---|---|
Commercial | 6 | 5 |
Programme | 58 | 62 |
Administration | 35 | 29 |
Employee numbers (WTE) at 31 December | 99 | 96 |
Staff Costs Comprise: | 2022 | 2021 |
---|---|---|
Wages & Salaries: | € | € |
Note 4 Commercial Activities | 127,456 | 69,597 |
Note 4 Commercial Activites-Bookshop | 124,722 | 113,224 |
Note 6 Arts Programme | 1,009,887 | 1,112,476 |
Note 7 Administration / Curatorial / Security | 3,378,635 | 2,960,873 |
Note 8 Marketing | 25,924 | 42,873 |
Total Wages Costs | 4,666,624 | 4,299,043 |
Staff Costs Comprise: | 2022 | 2021 |
---|---|---|
€ | € | |
Wages & Salaries | 4,224,683 | 3,885,453 |
Social Insurance Costs | 441,941 | 413,590 |
Total | 4,666,624 | 4,299,043 |
Short Term Benefits Comprise: | 2022 | 2021 |
---|---|---|
€ | € | |
Basic Pay | 4,611,137 | 4,251,287 |
Overtime | 38,380 | 32,350 |
Allowances | 17,107 | 15,406 |
Total | 4,666,62 | 4,299,043 |
The average number of persons employed by the company in the financial year was 99 (2021 – 96).
In 2022 €72,276 (2021: €69,886) of Additional Superannuation Contribution (ASC), was deducted and payable to The Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.
In 2022 €144,994 (2021: €141,139) of Employee deductions for the IMMA Superannuation Scheme were deducted and payable to the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media (see Note 15).
In 2022 €554 (2021: €156,066) was received from members of the IMMA Superannuation Scheme as purchase of service. These monies are payable to the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.
In 2022 €62,801 (2021: €67,466) of Employee deductions for the Single Pension Scheme were deducted and payable to the Department for Public Expenditure and Reform.
In 2022 €15,000 (2021: Nil) was received from members of the Single Pension Scheme for the purchase of Referable Amounts. These monies are payable to the Department for Public Expenditure and Reform.
There were no termination payments in 2022 (2021 – Nil).
The salary paid to the IMMA Director was €112,547 in 2022 (2021 – €105,463).
The Director’s pension entitlements do not extend beyond the standard entitlements in the model defined benefit scheme. The Director was not in receipt of any performance related pay award.
Employee Benefits Breakdown
Range of total employee benefits | No of Employees 2022 | No of Employees 2021 |
---|---|---|
€60,000 – €69,999 | 2 | 4 |
70,000 – €79,999 | 3 | 6 |
€80,000 – €89,999 | 3 | 1 |
€90,000 – €99,999 | 0 | 0 |
€100,000 – €109,999 | 1 | 1 |
Compensation paid to key management personnel is disclosed in note 21.
Note: For the purposes of this disclosure, short term employee benefits in relation to services rendered during the reporting period include salary, overtime allowances and other payments made on behalf of the employee, but excludes employer’s PRSI.
11) Heritage Assets (Works of Art)
As outlined in Accounting Policy 1h the Museum recognises all heritage assets when purchased or acquired. Such assets are carried at cost at the date of acquisition with adjustment for impairment where required. The transactions for 2022 and the previous accounting period are set out below.
2022 | 2021 | |
---|---|---|
€ | € | |
Cost at 1 January | 8,562,062 | 8,081,896 |
Acquired during year | __102,766 | __480,166 |
Cost at 31 December | 8,664,828 | 8,562,062 |
The cost of purchased and assisted purchases is the cost at date of acquisition.
The Museum does not conduct an annual valuation.
2022 | 2021 | |
---|---|---|
€ | € | |
Valuation as at 1 January | 12,025,163 | 12,025,163 |
Additions in the year | __________0 | __________0 |
Valuation as at 21 December | 12,025,163 | 12,025,163 |
Under Section 1003, Taxes Consolidation Act 1997 certain tax liabilities can be settled by way of donation of important heritage items to a specified national collection. The market value is assessed at the time of donation by the Revenue Commissioners.
2022 | 2021 | |
---|---|---|
€ | € | |
Valuation as at 1 January | 1,300,000 | 1,300,000 |
Additions in the year | _________0 | _________0 |
Valuation as at 31 Decemeber | 1,300,000 | 1,300,000 |
The Heritage Fund Act, 2001 established the Heritage Fund. Under this fund IMMA received three Artworks by James Coleman to the value of €1,300,000.
2022 | 2021 | |
---|---|---|
€ | € | |
Valuation as at 1 January | 14,329,651 | 14,252,813 |
Additions | __29,782 | ____76,838 |
Valuation as at 21 December | 14,359,433 | 14,329,651 |
A reliable fair value for the donated works of art has been established by internal experts at the time of acquisition based on one or more of the following:
- Written values originally recorded (where applicable) when the artworks first arrived at IMMA
- Values that have been researched using Artnet, an online valuation service, which records prices fetched at all auctions and sales worldwide of modern and contemporary art
- Advice from galleries, artist’s agents and artists
2022 | 2021 | |
---|---|---|
€ | € | |
Total works of art | 36,349,424 | 36,216,876 |
Five Year Financial Summary of Heritage Asset Transactions
2021 | 2021 | 2020 | 2019 | 2018 | |
---|---|---|---|---|---|
€ | € | € | € | € | |
Purchases: | |||||
Graphic Art / Photography | 30,647 | 74,440 | 54,968 | 62,030 | - |
Painting | 1,869 | 107,657 | 100,862 | - | - |
Sculpture | 4,250 | 14,000 | 1,600 | - | - |
New Media / Other | 16,000 | 155,050 | 100,619 | 36,875 | 43,839 |
Installation | 50,000 | 129,019 | 59,770 | - | 31,299 |
Total | 102,766 | 480,166 | 317,819 | 98,905 | 75,138 |
2022 | 2021 | 2020 | 2019 | 2018 | |
---|---|---|---|---|---|
€ | € | € | € | € | |
Section 1003: | - | - | - | - | - |
Graphic Art / Photography | - | - | - | - | 199,900 |
Painting | - | - | - | - | 787,900 |
Sculpture | - | - | - | - | 350,000 |
New Media / Other | - | - | - | - | 54,000 |
Installation | - | - | - | - | 50,000 |
Total | - | - | - | - | 1,441,800 |
2022 | 2021 | 2020 | 2019 | 2018 | |
---|---|---|---|---|---|
€ | € | € | € | € | |
Heritage Fund | - | - | - | - | - |
Donated Works of Art
2022 | 2021 | 2020 | 2019 | 2018 | |
---|---|---|---|---|---|
€ | € | € | € | € | |
Graphic Art / Photography | 7,118 | 17,030 | 10,165 | 28,912 | 88,500 |
Painting | 15,500 | 11,750 | - | 415,000 | 178,246 |
Sculpture | 2,500 | 15,000 | - | 70,883 | 185,000 |
New Media / Other | 4,664 | 33,058 | 1,153 | - | - |
Installation | - | - | 36,045 | 40,000 | 120,000 |
Total | 29,782 | 76,838 | 47,363 | 554,795 | 571,746 |
2022 | 2021 | 2020 | 2019 | 2018 | |
---|---|---|---|---|---|
€ | € | € | € | € | |
Grand Total | 132,548 | 557,004 | 365,182 | 653,700 | 2,088,684 |
e) Assets held on behalf of third parties
2021 | 2020 | |
---|---|---|
€ | € | |
Valuation | 2,914,828 | 2,914,828 |
Gordon Lambert Trust
2022 | 2021 | |
---|---|---|
€ | € | |
Valuation | 2,914,828 | 2,914,828 |
Madden Arnholz Collection
2022 | 2021 | |
---|---|---|
€ | € | |
Valuation | 750,000 | 750,000 |
Amounts included in Note 11(d) relate to assets held and maintained by IMMA, to which legal title has not yet been bestowed. As such they have been excluded from the statement of Financial Position. The value attributed to the Gordon Lambert Collection was made by the Gordon Lambert Modern Art Charitable Trust when the Collection donated to IMMA in 1992. In 2011 a number of prints from the Madden Arnholz Collection were valued by Caxton Antique Dealers.
12) Fixed Assets – Property, Plant
Motor Vehicles | Furniture, Fittings & Equipment | Total | |
---|---|---|---|
€ | € | € | |
Cost at 1 January 2022 | 0 | 1,335,817 | 1,335,817 |
Additions | 54,735 | 40,000 | 94,735 |
Disposals | (0) | (0) | (0) |
Cost at 31 December 2022 | 54,735 | 1,375,817 | 1,430,552 |
Depreciation
Motor Vehicles | Furniture, Fittings & Equipment | Total | |
---|---|---|---|
€ | € | € | |
Depreciation at 1 January 2022 | 0 | 1,015,594 | 1,015,594 |
Charge for year | 13,684 | 213,857 | 227,541 |
Disposals | (0) | (0) | (0) |
Depreciation at 31 December 2021 | 13,684 | 1,229,451 | 1,243,135 |
Net Book Value
Motor Vehicles | Furniture, Fittings & Equipment | Total | |
---|---|---|---|
€ | € | € | |
At 31 December 2021 | - | 320,223 | 320,223 |
At 31 December 2021 | 41,051 | 146,366 | 187,417 |
13) Inventory
2022 | 2021 | |
---|---|---|
€ | € | |
Finished goods (Editions & Catalogues) | 33,203 | 26,286 |
14) Receivables
2022 | 2021 | |
---|---|---|
€ | € | |
Trade debtors | 5,680 | 14,786 |
Sundry debtors | 1,903 | 0 |
Prepayments and accrued income | 157,410 | 71,161 |
| 164,993 | 85,947 |
15) Payables amounts falling due within one year
Note | 2022 | 2021 | |
---|---|---|---|
€ | € | ||
Trade Creditors | 175,289 | 130,563 | |
Accruals | 1,051,638 | 1,019,167 | |
Deposits for Concerts / Future Events | 204,000 | 127,350 | |
PAYE / PRSI | 105,179 | 105,951 | |
Withholding Tax | 5,941 | 6,968 | |
Superannuation deductions DTCAGSM / DPER scheme * | 332,779 | 433,663 | |
Superannuation deductions payable to DTCAGSM / DPER | 0 | 0 | |
Sponsorship in advance | 5. | 103,976 | 86,182 |
| 1,978,802 | 1,909,844 |
No security has been provided by IMMA in respect of the above creditors.
*The IMMA Superannuation Scheme was introduced in 2001. Deductions of €144,994 were made from members’ payroll in the year. Superannuation deductions of €332,779, (2021: €433,663) covering the period 2001–2022 are retained by the Irish Museum of Modern Art from employees’ pension payments. These deductions are net of pension payments made to retired members of the IMMA Pension Scheme. Payments of €122,279 were paid in the year (2021: €109,971) and lump sums paid in the year were €96,016 (2021: €Nil). Deductions were greater than payments in 2022.
16) Contingencies
There are no contingent liabilities.
17) Capital Account – Works of Art
DTCAGSM | Assisted Purchases | Donations | Total | |
---|---|---|---|---|
€ | € | € | € | |
1 January 2022 | 7,773,221 | 694,079 | 27,654,815 | 36,122,115 |
Received in year | 98,516 | 4,250 | 29,782 | 132,548 |
31 December 2022 | 7,871,737 | 698,329 | 27,684,597 | 36,254,663 |
DTCAGSM | Assisted Purchases | Donations | Total | |
---|---|---|---|---|
€ | € | € | € | |
1 January 2021 | 7,293,055 | 694,079 | 27,577,977 | 35,565,111 |
Received in year | 480,166 | 0 | 76,838 | 557,004 |
31 December 2021 | 7,773,221 | 694,079 | 27,654,815 | 36,122,115 |
These amounts have been granted to the company for the specific intention of purchasing works of art.
See Note 11 for further information on the donations received in 2022.
18) Retirement Benefit Costs
a) Analysis of total retirement benefit costs charged to the Statement of Income and Expenditure and Retained | 2022 | 2021 |
---|---|---|
€ | € | |
Current Service Cost | 1,785,839 | 1,560,000 |
Interest on Retirement Benefit Scheme Liabilities | 355,479 | 202,898 |
Employee Contributions | (218,541) | (190,417) |
| 1,922,777 | 1,572,481 |
Analysis of amount recognised in statement of Comprehensive Income
2022 | 2021 | |
---|---|---|
€ | € | |
Experience (Gains)/losses on scheme liabilities | 910,837 | (274,200) |
Loss/(Gains) on change of assumptions (financial and demographic) | (11,044,078) | 1,737,494 |
| (10,133,241) | 1,463,294 |
b) Movement in Net Retirement Benefit obligations during the financial year
2022 | 2021 | |
---|---|---|
€ | € | |
Net retirement benefit obligation at 1 January | (28,438,220) | (25,321,999) |
Current service cost | (1,785,839) | (1,560,000) |
Pension Payments | 218,295 | 109,971 |
Interest on Scheme Liabilities | (355,479) | (202,898) |
Actuarial Gains/(losses) recognized in the Statement of Comprehensive Income | 10,133,241 | (1,463,294) |
Net retirement benefit obligations at 31 December | (20,228,002) | (28,438,220) |
The Museum recognises these amounts as an asset corresponding to the unfunded deferred liability for pensions on the basis of the set of assumptions described below and a number of past events. These include the statutory basis for the establishment of the superannuation schemes, and the policy and practice currently in place in relation to funding public service pensions including contributions by employees and the annual estimates process. While there is no formal agreement regarding these specific amounts with the Department of Tourism, Culture, Arts, Gaeltacht, Sport & Media the Museum has no evidence that this funding policy will not continue to meet such sums as they fall due in accordance with current practice. The deferred funding asset for retirement benefits as at 31 December 2022 amounted to €20,228,002 (2021: €28,438,220)
Net deferred funding for retirement benefits recognised in the Statement of Income and Expenditure and Retained Revenue Reserves
2021 | 2021 | |
---|---|---|
€ | € | |
Funding recoverable in respect of current year pension costs | 1,785,839 | 1,560,000 |
Interest on scheme liabilities | 355,479 | 202,898 |
Pension Payments | (218,295) | (109,971) |
| 1,923,023 | 1,652,927 |
d) History of experience gains and losses
2022 | 2021 | |
---|---|---|
€ | € | |
Experience (Gains)/losses on scheme liabilities | 910,837 | (274,200) |
percentage of present value of scheme liabilities | 5% | -1% |
Total (Gains)/losses recognised in the Statement of Comprehensive Income | (10,133,241) | 1,463,294 |
percent of present value of scheme liabilities | −50% | 5% |
e) Description of Scheme
The Museum operates a contributory defined benefit superannuation scheme for its employees which was introduced with effect from 1 October 2001. The scheme being operated for the Museum is identical to the Occupational Superannuation Scheme for Established Civil Servants. It is a defined benefit scheme and is operated on a “pay-as-you-go” basis. The contributions are deducted from salaries. The balance between deductions and payments is included in creditors.
The Single Public Service Pension Scheme (Single Scheme) is the defined benefit pension scheme for pensionable public servants appointed on or after 1 January 2013 in accordance with the Public Service Pension (Single Scheme and Other Provisions) Act 2012. The scheme provides for a pension and retirement lump sum based on career-average pensionable remuneration, and spouse’s and children’s pensions. The minimum pension age is 66 years (rising in line with State pension age changes). It includes an actuarially reduced early retirement facility from age 55. Pensions in payment increase in line with the consumer price index.
The valuation of the defined benefit scheme for the purposes of FRS 102 disclosures has been carried out by an independent actuary in order to assess the liabilities at 31 December 2022. The financial assumptions used to calculate the retirement liabilities and components of the defined benefit cost for were as follows:
2022 | 2021 | |
---|---|---|
% | % | |
Discount Rate | 3.55 | 1.25 |
Salary Increases | 3.50 | 3.20 |
Pension Increases | 3.50 | 3.20 |
Inflation Increases | 2.50 | 2.20 |
The mortality basis adopted allows for improvements in life expectancy over time so that life expectancy at retirement will depend on the year in which the member attains retirement age (age 65). The table below shows the life expectancy for members currently aged 45 and aged 65.
Life Expectancy | Years |
---|---|
Life Expectancy for Male ages 65 | 21.7 years |
Life Expectancy for Femail ages 65 | 24.3 years |
Life Expectancy for Male aged 45 now (from 65) | 23.3 years |
Life Expectancy for female ages 45 now (from 65) | 25.8 years |
19) Board Members’ Interests
The Board has adopted procedures in accordance with guidelines issued by the Department of Public Expenditure and Reform in relation to the disclosure of interests by Board Members and these procedures have been adhered to in the year. There were no transactions in the year in relation to the Board’s activities in which the Board Members had any beneficial interest.
20) Board Members' Emoluments
Board Member | Board Fees | Vouched Expenses | Meetings Attended |
---|---|---|---|
David Harvey (Chair) | - | - | 5/5 |
Mary Apied | - | - | 4/5 |
Gerard Byrne | - | - | 4/5 |
John Cunningham | - | - | 5/5 |
Jane Dillon Byrne | - | - | 0/2 |
Dermod Dwyer | - | - | 5/5 |
Emma Goltz | - | - | 4/5 |
Margot Lyons | - | - | 5/5 |
Eva Kenny | - | - | 4/5 |
The Chair of the Board is entitled to a fee under, “fees payable to members of the boards of non-commercial Public Service Bodies.” However, the Chair waived the fee from 2010 to 2022 inclusive. Directors of the Board are not entitled to any fees.
21) Related Party Disclosures
Key management personnel in the Irish Museum of Modern Art consist of the Director and members of the Board of Directors. Total compensation paid to key management personnel includes Board member’s fees and expenses, and Director remuneration. Total Director remuneration in 2022 amounted to €112,547 (2021: €105,463). Director expenses in 2022 were €15,162 (2021: €902). Total Board members’ fees in 2022 were €nil (2021: €nil). Total Board members’ expenses in 2022 were €nil (2021: €nil).
22) Events after the Reporting Date
The early months of 2022 have seen a return to normal operation of the museum after the restriction related to the Covid-19 pandemic. A full programme of exhibitions and engagement is in train. The external environment contains a degree of uncertainty due to inflationary pressures and the Board continues to monitor the situation.
23) Approval of Financial Statements
The Financial Statements were approved by the Board on 30th May 2023