Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697804287903.pdf (Ireland)
IMMA Financial Statements 2021 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) TABLE OF CONTENTS PAGE Directors and Other Information 3 Directors’ Report 4 - 6 Statement on Internal Control 7 - 8 Report of the Comptroller and Auditor General 9 - 10 Statement of Income and Expenditure and Retained Revenue Reserves 11 Statement of Comprehensive Income 12 Statement of Financial Position 13 Statement of Cash Flows 14 Notes to the Financial Statements 15 - 32 2 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) DIRECTORS AND OTHER INFORMATION Directors: Mary Apied Emma Goltz Gerard Byrne David Harvey (Chairman) John Cunningham * Denis Hickie Jane Dillon Byrne Eva Kenny Dermod Dwyer Margot Lyons * The following member’s term expired and did not seek re-election to the Board: Denis Hickie 30 January 2021 Members assigned to the Finance, Audit & Risk Committee: Mary Apied Emma Goltz Margot Lyons (Chair) Members assigned to the Collections and Acquisitions Committee: Mary Apied John Cunningham (Chair) Jane Dillon Byrne Emma Goltz IMMA Director Annie Fletcher Company Number Charity Number 106739 20012793 Secretary: Bankers: Auditors: Fintan McDonald Bank of Ireland, James Street, Dublin 8 The Comptroller and Auditor General, 3A Mayor Street Upper, Dublin 1 Registered Office: Royal Hospital, Military Road, Kilmainham, Dublin 8 Solicitors: Ivor Fitzpatrick & Company, 44-45 St. Stephen’s Green, Dublin 2 3 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) DIRECTORS’ REPORT The Directors present their annual report together with the audited financial statements for the year ended 31 December 2021.
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.

STATEMENT OF DIRECTORS’ RESPONSIBILITITES FOR THE YEAR ENDED 31 DECEMBER 2021.

Irish company law requires the directors to prepare financial statements for each financial year.
Under that law the directors have elected to prepare the financial statements in accordance with FRS102.

By law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the profit or loss of the company for the financial year and otherwise comply with The Companies Act 2014.
In preparing these financial statements, the directors are required to: select suitable accounting policies for the company financial statements and apply them consistently; - - make judgements and accounting estimates that are reasonable and prudent; - state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards, and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for ensuring that the company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and the profit or loss of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and the directors’ report includes all disclosures under Companies Act 2014, and enable the financial statements to be audited.
They are also responsible for safeguarding the assets of the Company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
ACCOUNTING RECORDS The measures taken by the directors to ensure compliance with the requirements of Sections 281 to 285 of the Companies Act 2014, regarding adequate accounting records are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function.
The accounting records of the company are maintained at the Royal Hospital Kilmainham, Dublin 8.

The Board is responsible for safeguarding the assets of the Company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS Details of the results for the year and financial position at the year-end are set out on Pages 10 – 31. REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS The financial position at year end was satisfactory.
However future levels of activity depend on the Oireachtas Grant allocated to the museum.

The Board considers that the financial statements of IMMA present a true and fair view of the financial performance and the financial position of IMMA at 31 December 2021.

4 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) PRINCIPAL RISKS AND UNCERTAINTIES The Board has responsibility for, and is aware of the risks associated with the operational activities of the Company.
They are confident that adequate systems of internal control provide reasonable assurance against such risks and aim to ensure compliance with laws and policies, ensure efficient and effective use of the Company's resources, safeguard the Company's assets, and maintain the integrity of financial information.

Particular attention is being given to the new risk environment associated with the Covid-19 outbreak.
Risks and controls continue to be evaluated by the Executive and are elevated to the Board as required.

Financial information is subject to detailed and regular review at director level allowing for continuous monitoring of the Company's operations and financial status.

The directors continuously monitor and plan for the financial sustainability of the organisation in an ever-changing funding environment.
In addition to the application of internal procedures the Company is subject to statutory external audit.

The Company has developed procedures and practices throughout the organisation to ensure compliance with reporting rules and regulations.

The Company will continue to improve these systems to ensure it maintains the highest standards of transparency and accountability.
EVENTS AFTER THE REPORTING DATE The Board of IMMA have considered the impact on the organisation of events subsequent to the reporting date, in particular the risks associated with the Covid-19 pandemic.

Details of the events that occurred after the reporting date are considered in Note 22.

The impact of these events on the going concern basis of the Financial Statements can be found in Note 1.d.

DIRECTORS The membership of the board is set out on page 2.
DISCLOSURE OF INFORMATION TO AUDITORS In the case of each of the persons who are directors at the date of approval of this report, in accordance with Section 330 of the Companies 2014, there is no relevant audit information of which the Company’s auditor is unaware.

The Directors have taken all the steps necessary as directors in order to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.
AUDITORS The Comptroller and Auditor General is responsible for the audit of the Company in accordance with Section 5 of the Comptroller and Auditor General (Amendment) Act 1993.

SAFETY STATEMENT The Company has prepared a Safety Statement in accordance with the Safety, Health and Welfare at Work Act, 2005, and applies it at all its workplaces.

GOVERNANCE IMMA is a Public Body and a Company Limited by Guarantee registered in the Republic of Ireland.
As such it must observe and comply with the Governing Law of the Republic of Ireland and applicable overarching EU Laws and Regulations, including compliance with the Companies Act 2014.

The Directors of the Board are appointed by the Minister for Tourism, Culture, Arts, Gaeltacht, Sport & Media.

The Board has collective responsibility for promoting the success and long-term sustainability of IMMA.
Its key roles include governing the business of the organisation and supporting IMMA achieve its vision and mission.

The Board provides strategic guidance to the Director and Senior Management and monitors the activities and effectiveness of the organisation.

The work and responsibilities of the Board are set out in IMMA’s Corporate Governance Framework.
Matters that are addressed regularly at Board Meetings include: 5 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) The Museum Director’s report - - Management Accounts and Finance matters - Corporate Governance issues - Principal Risks and Uncertainties The Directors are responsible for preparing the Directors’ Report and the Financial Statements in accordance with Irish law and regulations.
The Board is required to keep, in such format as may be required by the Minister for Tourism, Culture, Arts, Gaeltacht, Sport & Media with the consent of the Minister for Public Expenditure and Reform, all proper and usual accounts of monies received and expended.

The Directors approve the annual budget and, on an annual basis, formally review the company’s performance with reference to this budget.
Disclosures Required by the Code of Practice for the Governance of State Bodies (2016) The following disclosures are required by the Code of Practice: Employee Short-Term Benefits – See Note 10 to the Financial Statements - - Consultancy Costs – Detailed in Note 7 - - - Hospitality Expenditure – Detailed in Note 7 Legal costs – Detailed in Note 7 Travel costs – Domestic travel, international travel and Board Expenses are detailed in Note 7 SUB-COMMITTEES Two Committees established by the Board were operational during the financial year: The Finance, Audit & Risk Committee has been established by the Board as independent and objective to oversee the sustainability of the internal control systems at IMMA, and the risk management arrangements in place.
The three issues on which it is required to report, as detailed in the Code of Practice include: Governance issues; Financial Reporting; and the quality of internal and external audit.

The Collections and Acquisitions Committee has been established by the Board to oversee the Museum’s Collection of Contemporary Art.
The responsibilities of the committee include: To maintain and review the Museum’s collection management policies; to oversee and report on the management of the Museum’s collection; and to approve acquisitions to the Museum’s collection.

The committees have Terms of Reference approved by the Board and present annual reports to the Board.
PERFORMANCE EVALUATION OF THE BOARD A detailed self-evaluation questionnaire based on that contained in the Code of Practice for the Governance of State Bodies was completed by all Board members and by members of the Finance, Audit and Risk Committee during 2021.

The responses were collated and were formally reviewed by the Board in the first quarter of 2022.
STATEMENT OF COMPLIANCE The Board has adopted the Code of Practice for the Governance of State Bodies (2016) and has procedures in place to ensure compliance with the Code.

IMMA was in full compliance with the Code of Practice for 2021.

IMMA is also compliant with the requirements of the Charities Governance Code.
On behalf of the Board Director Director Date: 19th May 2022 6 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) STATEMENT ON INTERNAL CONTROL Responsibility for System of Internal Control On behalf of the Board of Directors of the Irish Museum of Modern Art, I acknowledge our responsibility for ensuring that an effective system of internal control is maintained and operated.
This responsibility takes account of the requirements of the Code of Practice for the Governance of State Bodies (2016).

Purpose of the System of Internal Control A system of internal control cannot eliminate risk, rather it is designed to make assessments of the risk environment and to manage risk at levels it deems appropriate.
The system can only provide reasonable and not absolute assurance that assets are safeguarded, transactions authorised and properly recorded, and that material errors or irregularities are either prevented or would be detected in a timely period.

The system of internal control, which accords with guidance issued by the Department of Public Expenditure and Reform has been in place in IMMA for the year ended 31 December 2021 and up to the date of approval of the financial statements.
Capacity to Handle Risk IMMA has a Finance, Audit & Risk Committee (FARC) comprising five members at year end with financial and audit expertise.

Four of the five members are also board members.

The FARC met five times in 2021.

IMMA has established an internal audit function which conducts a programme of work agreed with the FARC.

The Internal Auditor is an external consultant with expertise in Risk Management and Business Process.
The programme of work is set by the FARC and the Internal Auditor reports to the Chair of the Committee.

The FARC has developed a risk policy that sets out its risk appetite, the risk management processes in place and details the roles and responsibilities of staff in relation to risk.
The policy has been issued to all staff who are expected to work within IMMA’s risk management policies, to alert management on emerging risks and control weaknesses and assume responsibility for risks and controls within their own area of work.

Risk and Control Environment IMMA has implemented a risk management system which identifies and reports key risks and the management action being taken to address and, to the extent possible, to mitigate those risks.
A risk register is in place that identifies the key risks facing IMMA and these have been identified, evaluated and graded according to their significance.

The register is reviewed and updated by the FARC on a quarterly basis.

The outcome of these assessments is used to plan and allocate resources to ensure risks are managed to an acceptable level.
The Finance, Audit and Risk Committee undertakes an Annual Review of the Risk Environment including an appraisal of reports from the Internal Auditor, Risk Statements from functional units and the Risk Register.

The risk register details the controls and actions needed to mitigate risks and responsibility for operation of controls assigned to specific staff.
I confirm that a control environment containing the following elements is in place: • procedures for all key business processes have been documented; • • financial responsibilities have been assigned at management level with corresponding accountability; there is an appropriate budgeting system with an annual budget that is kept under review by senior management; there are systems aiming at ensuring the security of the information and communication technology systems; and there are systems in place to safeguard the assets of IMMA.
• • 7 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) On-going Monitoring and Review Formal procedures have been established for monitoring control processes and control deficiencies are communicated to those responsible for taking corrective action and to management and the Board, where relevant, in a timely way.
I confirm that the following ongoing monitoring systems are in place: • key risks and related controls have been identified and processes have been put in place to monitor the • • operation of those key controls and report any identified deficiencies; reporting arrangements have been established at all levels where responsibility for financial management has been assigned, and there are regular reviews by senior management of periodic and annual performance and financial reports that indicate performance against budgets/forecasts.
Procurement I confirm that IMMA has procedures in place to ensure compliance with current procurement rules and guidelines and that during 2021 IMMA complied with those procedures.

Annual Review of Controls I confirm that IMMA has procedures to monitor the effectiveness of its risk management and control procedures.
IMMA’s monitoring and review of the effectiveness of the system of internal control is informed by the work of the internal and external auditors, the Finance, Audit and Risk Committee which oversees their work, and the senior management within IMMA responsible for the development and maintenance of the internal control framework.

I confirm that the Board conducted an annual review of the effectiveness of the internal controls for 2021 on 14th March 2022.
Internal Control Issues • Covid-19 – The on-going coronavirus pandemic led to the galleries and grounds of IMMA being closed for the early months of 2021.

The closures had a severe impact on IMMA’s commercial revenue with the cancellation of concerts and loss of retail and café income.

The losses were mitigated by a reduction in operating costs.
The pandemic has the potential to disrupt commercial activities and the Board, together with the Finance, Audit & Risk Committee, continues to monitor developments.
David Harvey Director Date: 19th May 2022 8 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 9 Ard Reachtaire Cuntas agus Ciste Comptroller and Auditor General Report for presentation to the Houses of the Oireachtas Irish Museum of Modern Art Opinion on the financial statements I have audited the financial statements of the Irish Museum of Modern Art for the year ended 31 December 2021 as required under the provisions of section 5 of the Comptroller and Auditor General (Amendment) Act 1993.
The financial statements comprise the statement of income and expenditure and retained revenue reserves, the statement of comprehensive income, the statement of financial position, the statement of cash flows and the related notes, including a summary of significant accounting policies.
In my opinion, the financial statements • give a true and fair view of the assets, liabilities and financial position of the Irish Museum of Modern Art at 31 December 2021 and of its income and expenditure for 2021 • have been properly prepared in accordance with Financial Reporting Standard (FRS) 102 — The Financial Reporting Standard applicable in the UK and the Republic of Ireland, and • have been properly prepared in accordance with the Companies Act 2014.
Basis of opinion I conducted my audit of the financial statements in accordance with the International Standards on Auditing (ISAs) as promulgated by the International Organisation of Supreme Audit Institutions.

My responsibilities under those standards are described in the appendix to this report.

I am independent of the company and have fulfilled my other ethical responsibilities in accordance with the standards.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions related to going concern The directors have prepared the financial statements on a going concern basis.
As described in the appendix to this report, I conclude on • the appropriateness of the use by the directors of the going concern basis of accounting and • whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern.

I have nothing to report in that regard.


Opinion on matters prescribed by the Companies Act 2014 Based solely on the work undertaken in the course of the audit, I report that, in my opinion, • the information given in the directors’ report is consistent with the financial statements, and • the directors’ report has been prepared in accordance with the Companies Act 2014.

I have obtained all the information and explanations that I consider necessary for the purposes of my audit.
In my opinion, the company’s accounting records were sufficient to permit the financial statements to be readily and properly audited, and the financial statements are in agreement with the accounting records.

Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) The Companies Act 2014 also requires me to report if, in my opinion, the disclosures of directors’ remuneration and transactions required by sections 305 to 312 of the Act are not made.
I have nothing to report in that regard.

Report on information other than the financial statements, and on other matters The directors have presented certain other information with the financial statements.

This comprises the directors’ report and the statement on internal control.

My responsibilities to report in relation to such information, and on certain other matters upon which I report by exception, are described in the appendix to this report.

I have nothing to report in that regard.
Mary Henry For and on behalf of the Comptroller and Auditor General 24 May 2022 10 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) STATEMENT OF INCOME AND EXPENDITURE AND RETAINED REVENUE RESERVES FOR THE YEAR ENDED 31 DECEMBER 2021 Government Grants OTHER INCOME Commercial activities Sponsorship Other income Arts programme Net deferred pension funding TOTAL INCOME EXPENDITURE Commercial activities Arts programme Administration/curatorial/security Marketing Maintenance Retirement Benefit Costs TOTAL EXPENDITURE Surplus for the year before appropriations Donated and Heritage Funds Works of Art Transfer to Capital Account Surplus for the year after appropriations Balance brought forward at 1 January Balance carried forward at 31 December NOTE 3.
4.

5.

6.

18c.

4.

6.

7.

8.

9.

18a.

2.

17.


2021 € 6,857,853 2020 € (557,004) 365,181 (365,181) 38,908 29,207 102,910 (73,703) 68,115 29,207 The Statement of Cash Flows and notes 1 to 23 form part of these financial statements.
On behalf of the Board Director Director Date: 19th May 2022 11 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) STATEMENT OF COMPREHENSIVE INCOME Surplus for the year after appropriations NOTE 2021 € 38,908 2020 € 102,910 Experience gains/ (losses) on retirement benefit obligations 274,200 (423,278) Changes in assumptions underlying the present value of retirement benefit obligations (1,737,494) (1,506,713) Total actuarial gains/(losses) in the year 18b.
(1,463,294) (1,929,991) Adjustment to Deferred Benefits Funding 1,463,294 1,929,991 Total Comprehensive income for the year 38,908 102,910 The Statement of Cash Flows and notes 1 to 23 form and part of these financial statements.
On behalf of the Board _____________ _____________ Director Director Date: 19th May 2022 12 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021 NOTE 2021 € 2021 € 2020 € 2020 € FIXED ASSETS Heritage Assets Property, plant & equipment CURRENT ASSETS Inventory Receivables Cash and cash equivalents 11.

12.

13.

14.
12.

13.

14.

36,216,876 320,223 36,537,099 35,659,872 409,152 36,069,024 26,286 85,947 1,816,103 1,928,336 32,132 106,497 1,521,580 1,660,209 CURRENT LIABILITIES: amounts falling due within one year Payables 15.

(1,909,844) (1,288,040) NET CURRENT ASSETS 18,492 372,169 TOTAL ASSETS LESS CURRENT LIABILITIES 36,555,591 36,441,193 Deferred Retirement Benefit Funding Asset Retirement Benefit Obligations 18c.

28,438,220 25,321,999 18b.


(28,438,220) - (25,321,999) - TOTAL NET ASSETS 36,555,591 36,441,193 REPRESENTING: Retained Revenue Reserves Capital Account (Works of Art) Deferred Capital Grants 17.

3.

68,115 36,122,115 365,361 36,555,591 29,207 35,565,110 846,876 36,441,193 The Statement of Cash Flows and notes 1 to 23 form part of these financial statements.
On behalf of the Board Director Date: 19th May 2022 Director 13 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 Net Cash flows from Operating Activities Note Surplus for year Depreciation of Fixed Assets Decrease/ (Increase) in inventory Decrease/ (Increase) in receivables Increase/ (Decrease) in payables Increase/(Decrease) in deferred capital grants Bank charges paid Transfer to Capital Account – Works of Art Net Cash Inflow from Operating Activities Cash Flows from Investing Activities Capital Expenditure Net Cash Flows from Investing Activities Cash flows from Financing Activities Bank interest paid 2021 € 38,908 256,314 5,846 20,550 621,804 (481,514) 11,866 480,166 953,940 2020 € 102,910 249,008 4,720 63,940 (10,483) 416,387 11,621 317,818 1,155,921 12.
13.

7.

(647,551) (647,551) (448,509) (448,509) 7.

(11,866) (11,621) Net Cash Flows from Financing Activities (11,866) (11,621) Net Increase/(Decrease) in Cash and Cash Equivalents 294,523 695,791 Cash and Cash Equivalents at 1 January Cash and Cash Equivalents at 31 December 1,521,580 1,816,103 825,789 1,521,580 14 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS 1.
GENERAL INFORMATION AND ACCOUNTING POLICIES a. b. c. d. 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 18th April 1985 under the Companies Act 1963, is limited by guarantee and does not have a share capital.
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.
STATEMENT OF COMPLIANCE The financial statements of The Irish Museum of Modern Art for the year ended 31 December 2021 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.
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 on-going 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 15 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 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.
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.

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 which 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.

f. g. 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.

16 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) Disclosure: i) The nature and scale of heritage assets held by IMMA.
The 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.
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 publically 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.
17 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 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; a) Donations under Section 1003 of the Taxes Consolidation Act 1997. b) Donated Works of Art c) 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 works 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) v) All Heritage Assets are included in the Statement of Financial Position.

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. j.
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.
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.
18 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 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 works 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 works 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.
19 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) The assumptions can be affected by: i) ii) 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: Auditors remuneration Amortisation of capital grants Depreciation 23,500 (249,535) 256,314 23,500 (214,152) 249,008 2021 € 2020 € 3) GOVERNMENT GRANTS RECEIVED Grants Receivable Opening balance – Capital Grants Department Grants (Revenue) received Department Grants (Capital) received Other Government Grants 2021 € 846,876 6,623,120 273,431 __40,400 7,783,827 2020 € 430,489 6,078,048 923,112 __70,000 7,501,649 Less allocated Allocated to Revenue – Department Grants Capital Grant Amortised in line with depreciation Grants Allocated to Capital – Works of Art Other Government Grants (6,648,365) (249,535) (480,166) (40,400) (7,418,466) (6,078,048) (214,152) (317,818) (44,755) (6,654,773) Closing Balance 365,361 846,876 Reported in Statement of Income and Expenditure Oireachtas Grants allocated to Revenue 6,938,300 6,336,955 Net Retirement Obligations (repayable)/payable (80,447) (62,350) Oireachtas Grant in the Statement of Income and Expenditure and Retained Revenue Reserves 6,857,853 6,274,605 20 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 4) COMMERCIAL ACTIVITIES Turnover Hire of premises & equipment Hire of meadows/outdoors Franchise income Car park income Bookshop sales Cost of Sales Bookshop overheads Bookshop wages Wages & Salaries Cleaning Direct operating expenses Depreciation Surplus 5) SPONSORSHIP Opening Balance Receivable during year Less 2021 € 2,301 284,217 21,746 8,388 132,721 449,373 83,359 113,224 69,597 0 88,957 _ 0 355,137 94,236 2021 € 99,323 143,868 243,191 2020 € 8,740 194,562 12,527 48,318 133,795 397,942 64,082 98,416 56,205 131 124,529 _ 0 343,363 54,579 2020 € 15,452 220,760 236,212 Allocated to Revenue –Sponsorship Allocated to Capital Closing Balance (157,009) _____0 86,182 _____0 99,323 (136,889) 21 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 2021 € 96,083 2020 € 136,751 1,112,477 142,048 992,308 120,593 6) ARTS PROGRAMME Programme
 Receipts Cost of Programme Wages & Salaries Depreciation Exhibitions: - Running costs Travel – Domestic Travel – International Permanent Collection Education & community expenses Education – Fees Net Cost 7) ADMINISTRATION/CURATORIAL/SECURITY Wages & Salaries Recruitment charges Consultancy fees - Strategy Development * Tax & Financial Advisory HR & Pensions Advisory Training Postage & telephone Subscriptions Professional fees Legal Fees * Office supplies & stationery Sundry Staff Hospitality Coffee Shop/Canteen Expenses Board Meetings Director’s Expenses - Domestic Director’s Expenses - international Travel/Motor expenses Board - Members expenses - Domestic Insurance Cleaning Security Depreciation Temporary agency staff Bank charges Health & safety 22 582,917 0 0 642,326 64,138 __26,597 2,570,504 2,474,421 2021 € __26,094 2,028,282 1,891,531 2020 € 2,850,809 1,201 114,444 10,573 12,087 25,798 25,488 10,059 27,391 6,300 210,090 7,012 0 2,576 822 2,919 0 2,692 0 34,062 142,439 41,330 128,415 32,607 11,621 17,256 3,717,990 2019 € 2,886,172 3,649 22,561 16,274 3,025 85,199 30,383 10,442 28,992 9,478 153,753 15,992 0 14,302 5,886 1,537 2,114 5,123 893 24,529 143,570 49,208 120,794 80,598 13,109 35,883 3,763,466 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) *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 Advertising Wages Public relations Other Marketing 9) MAINTENANCE Security Gas Electricity Water Cleaning 2021 € 64,746 42,873 10,823 60,659 179,101 2020 € 52,691 45,786 18,259 27,825 144,561 2019 € 25,394 42,728 24,457 70,757 163,336 2021 € 322,116 174,091 187,691 25,356 11,556 720,810 2020 € 321,314 153,177 189,043 22,279 13,817 699,630 2019 € 299,177 137,810 177,756 22,393 11,813 648,949 10) EMPLOYEES AND REMUNERATION WTE’s 96 (2020- 91) analysed as follows:- 2021 2020 Commercial Programme Administration Employee numbers (WTE) at 31 December 2021 were 96 (2020: 91) Staff costs comprise: Wages & Salaries Note 4 Commercial Activities Note 4 Commercial Activities-Bookshop Note 6 Arts Programme Note 7 Administration/Curatorial/Security Note 8 Marketing Total Wages Costs 23 5 62 29 4 58 29 2021 € 69,597 113,224 1,112,476 2,960,873 42,873 4,299,043 2020 € 56,205 98,416 992,308 2,850,809 45,786 4,043,524 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) Staff Costs Comprise: Wages & Salaries Social Insurance Costs Total Short Term Benefits Comprise: Basic Pay Overtime Allowances Total 2021 € 3,885,453 413,590 4,299,043 2020 € 3,660,464 383,060 4,043,524 2021 € 4,251,287 32,350 15,406 4,299,043 2020 € 3,999,779 22,701 21,044 4,043,524 The average number of persons employed by the company in the financial year was 98 (2020 - 116).
In 2021 €69,886 (2020: €67,869) of Additional Superannuation Contribution (ASC), was deducted and payable to The Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.

In 2021 €141,139 (2020: €136,534) 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 2021 €156,066 (2020: €Nil) 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 2021 €67,466 (2020: €49,860) of Employee deductions for the Single Pension Scheme were deducted and payable to the Department for Public Expenditure and Reform.

There were no termination payments in 2021 (2020 –Nil).

The salary paid to the IMMA Director was €105,463 in 2021 (2020 - €104,255).
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.

The Director had use of a company car to June 2021 when it was disposed of and not replaced.

The car was not used solely by the Director.

No Benefit-in-Kind accrued.


EMPLOYEE BENEFITS BREAKDOWN Range of benefits total employee €60,000 - €69,999 €70,000 - €79,999 €80,000 - €89,999 €90,000 - €99,999 €100,000 - €109,999 No of Employees 2021 4 6 1 0 1 No of Employees 2020 5 5 1 0 1 24 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 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 exclude 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 2021 and the previous accounting period are set out below.

a) Purchased and Assisted Purchases Cost at 1 January Acquired during year Cost at 31 December 2021 € 8,081,896 __480,166 8,562,062 2020 € 7,764,077 __317,819 8,081,896 The cost of purchased and assisted purchases is the cost at date of acquisition.

The Museum does not conduct an annual valuation.


Section 1003 Donations b) Valuation as at 1 January Additions in the year Valuation as at 31 December 2021 € 12,025,163 ________0 12,025,163 2020 € 12,025,163 ________0 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 c) Heritage Fund 2021 € 1,300,000 Valuation as at 1 January Additions in the year _______0 1,300,000 Valuation as at 31 December 2020 € 1,300,000 _______0 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 d) Donated Works of Art Valuation as at 1 January Additions Valuation as at 31 December 2021 € 14,252,813 __76,838 14,329,651 2020 € 14,205,450 __47,363 14,252,813 25 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 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: (i) Written values originally recorded (where applicable) when the artworks first arrived at IMMA (ii) Values which have been researched using Artnet, an online valuation service, which records prices fetched at all auctions and sales worldwide of modern and contemporary art (iii) Advice from galleries, artist’s agents and artists TOTAL WORKS OF ART 2021 € 36,216,876 2020 € 35,659,872 Five Year Financial Summary of Heritage Asset Transactions Purchases: Graphic Art/Photography Painting Sculpture New Media/Other Installation Total Section 1003: Graphic Art/Photography Painting Sculpture New Media/Other Installation Total Heritage Fund Donated Works of Art Graphic Art/Photography Painting Sculpture New Media/Other Installation Total 2021 € 74,440 107,657 14,000 155,050 129,019 480,166 2020 € 54,968 100,862 1,600 100,619 59,770 317,819 2019 € 62,030 - - 36,875 - 98,905 2018 € - - - 43,839 31,299 75,138 2017 € - 6,800 22,000 51,262 20,000 100,062 - - - - - - - - - - - - - - - - - - - - - - - 199,900 787,900 350,000 54,000 50,000 1,441,800 - - - - - - - - - 17,030 11,750 15,000 33,058 - 76,838 10,165 - - 1,153 36,045 47,363 28,912 415,000 70,883 - 40,000 554,795 88,500 178,246 185,000 - 120,000 571,746 575,095 519,571 89,943 56,640 514,873 1,756,122 Grand Total 557,004 365,182 653,700 2,088,684 1,856,184 26 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) e) Assets held on behalf of third parties Gordon Lambert Trust Valuation Madden Arnholz Collection 2021 2,914,828 2020 2,914,828
 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 COST Cost at 1 January 2021 Additions Disposals Cost at 31 December 2021 DEPRECIATION Depreciation at 1 January 2021 Charge for year Disposals Depreciation at 31 December 2021 NET BOOK VALUE At 31 December 2020 Motor Vehicles € 22,555 0 (22,555) 0 22,555 0 (22,555) 0 Furniture, Fittings & Equipment € 1,321,939 167,385 (153,507) 1,335,817 912,787 256,314 (153,507) 1,015,594 Total € 1,344,494 167,385 (176,062) 1,335,817 935,342 256,314 (176,062) 1,015,594 - 409,152 409,152 At 31 December 2021 - 320,223 320,223 27 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 13) INVENTORY Finished goods (Editions & Catalogues) 2021 € 26,286 2020 € 32,132 14) RECEIVABLES Trade debtors Sundry debtors Prepayments and accrued income 15) PAYABLES: amounts falling due within one year Note Trade Creditors Accruals Deposits for Concerts/Future Events PAYE/PRSI Withholding Tax Superannuation deductions DTCAGSM/DPER scheme * Superannuation deductions payable to DTCAGSM/DPER Sponsorship in advance 2021 € 14,786 0 71,161 85,947 2020 € 30,529 257 75,711 106,497 2021 € 130,563 1,019,167 127,350 105,951 6,968 433,663 2020 € 198,386 547,829 89,250 94,393 12,430 246,429 0 0 5.
86,182 1,909,844 99,323 1,288,040 No security has been provided by IMMA in respect of the above creditors.

*The IMMA Superannuation Scheme was introduced in 2001.

Superannuation deductions of €433,663 (2020: €246,429) covering the period 2001-2021 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 of €109,971 (2020: €115,060) and no lump sums were paid in the year (2020: €8,985).
Deductions were greater than payments in 2021.

16) CONTINGENCIES There are no contingent liabilities.
28 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 17) CAPITAL ACCOUNT – WORKS OF ART DTCAGSM Assisted Donations Total Purchases € € € € 2021 1 January 2021 Received in year 31 December 2021 2020 1 January 2020 Received in year 31 December 2020 7,293,055 480,166 7,773,221 694,079 ______0 694,079 27,577,976 76,838 27,654,814 35,565,110 _ 557,004 36,122,115 6,975,237 _317,818 7,293,055 694,079 ______0 694,079 27,530,613 ___47,363 27,577,976 35,199,929 __365,181 35,565,510 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 2021.
18) RETIREMENT BENEFIT COSTS Analysis of total retirement benefit costs charged to the Statement of Income and Expenditure and Retained Revenue Reserves a) Current Service Cost Interest on Retirement Benefit Scheme Liabilities Employee Contributions 2021 € 2020 € 1,370,018 1,560,000 202,898 (190,417) 1,572,481 306,194 (186,394) 1,489,818 Analysis of amount recognised in statement of Comprehensive Income Experience (Gains)/losses on scheme liabilities Loss/(Gains) on change of assumptions (financial and demographic) 2021 € 2020 € (274,200) 423,278 1,737,494 1,463,294 1,506,713 1,929,991 29 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) b) Movement in Net Retirement Benefit obligations during the financial year Net retirement benefit obligation at 1 January Current service cost Pension Payments Interest on Scheme Liabilities Actuarial Gains/(losses) recognized in the Statement of Comprehensive Income 2021 2020 € € (25,321,999) (1,560,000) 109,971 (202,898) (21,839,840) (1,370,018) 124,044 (306,194) (1,463,294) (1,929,991) Net retirement benefit obligations at 31 December (28,438,220) (25,321,999) c) Deferred Funding for Retirement Benefits 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 2021 amounted to €28,438,220 (2020: €25,321,999) Net deferred funding for retirement benefits recognised in the Statement of Income and Expenditure and Retained Revenue Reserves 2021 € 2020 € Funding recoverable in respect of current year pension costs 1,560,000 1,370,018 Interest on scheme liabilities 306,194 (124,044) Pension Payments 1,552,168 202,898 (109,971) 1,652,927 d) History of experience gains and losses 2021 € 2020 € Experience (Gains)/losses on scheme liabilities percentage of present value of scheme liabilities Total (Gains)/losses recognised in the Statement of Comprehensive Income percentage of present value of scheme liabilities (274,200) -1% 423,278 2% 1,463,294 5% 1,929,991 8% 30 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 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 2021.
The financial assumptions used to calculate the retirement liabilities and components of the defined benefit cost for were as follows: Valuation Method Discount Rate Salary Increases Pension Increases Inflation Increases 2021 % 1.25 3.20 3.20 2.20 2020 % 0.80 2.50 2.50 1.50 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 for Male aged 65 Life Expectancy for Female aged 65 Life Expectancy for Male aged 45 now (from 65) Life Expectancy for female aged 45 now (from 65) 21.6 years 24.2 years 23.2 years 25.7 years 31 Irish Museum of Modern Art/Áras Nua-Ealaíne na hÉireann (A Company Limited by Guarantee) 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 David Harvey (Chair) Mary Apied Gerard Byrne John Cunningham Jane Dillon Byrne Dermod Dwyer Emma Goltz Denis Hickie Margot Lyons Eva Kenny Board Fees - - - - - - - - - - Vouched Expenses - - - - - - - - - - Meetings Attended 6/6 6/6 4/6 6/6 0/6 6/6 6/6 1/6 5/6 4/6 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 2021 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 2021 amounted to €105,463 (2020: €104,255).

Director expenses in 2021 were €902 (2020: €1,737).
Total Board member’s fees in 2021 were €nil (2020: €nil).

Total Board member’s expenses in 2021 were €nil (2020: €nil).

Events after the Reporting Date 22) The early months of 2022 have seen a gradual lifting of Covid restrictions.

All galleries are open and most aspects of the Museum programme have resumed.

IMMA remains hopeful that commercial outdoor events will be allowed to continue.
There remains a degree of uncertainty about the trajectory of the pandemic and developments are continually monitored by the Board.

APPROVAL OF FINANCIAL STATEMENTS 23) The Financial Statements were approved by the Board on 12th April 2022 32