2022-08-31-accounts - Royal Academy Trust

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				Unrestricted	Restricted	Endowment	Total	Total
				funds	funds	funds	funds	funds
			Note	2022	2022	2022	2022	2021
				6	E	6	E	E
								see note 4for
Income and endowments		from:						eomperetives
Donations and legacies			5	94,033	701,648	375,000	1,170,681	338,804
Investments			6	285,982	208,455	405,248	899,685	612,228
Total income				380015	910103	780248	2r070r366	951032
Expenditure on:
Raising funds			8	(154,939)		8,290	(146,649)	(289,758)
Charitable activities
Annual donation to the		Royal Academy	7	(695,694)	(343,219)		(1,038,913)	(952,670)
Other donations to the		Royal Academy	7		(16,976)		(16,976)	(2,016,828)
Total charitable activities				(695,694)	(360,195)		(1,055,889)	(2,969,498)
Total expenditure				(850,633)	(360,195)	8,290	(1,202,538)	(3,259,256)
Net gains / (losses)	on investments		11	844,913	(548)	(911,528)	(67,163)	7,959,224
Net income / (expenditure)				374,295	549,360	(122,990)	800,665	5,651,000
Transfers between	funds		15,16		1,010,418	(1,010,418)
Total funds brought	forward			17,945,417	12,063,553	22,308,293	52,317,263	46,666,263
Total funds carried	forward			18,319,712	13,623,331	21,174,885	53,117,928	52,317,263

				Note	2022	2021
					f	f
Fixed assets
Investments					52,870,235	52,752,574
Current assets
Debtors				12	39,126	28,553
Cash at bank	and in		hand		274,013	84,690
Total current	assets				313,139	113,243
Liabilities
Creditors - amounts			falling due within one year	13	(65,446)	(548,554)
Net current assets		/	(liabilities)		247,693	(435,311)
Net assets					53,117,928	52,317,263
The funds ofthe charity:
Endowment	funds			15	21,174,$$5	22,308,293
Restricted funds				16	13,623,331	12,063,553
Unrestricted	funds:
Designated				17	6,388,890	6,154,765
Other					11,930,822	11,790,652
Total unrestricted		funds			18,319,712	17,945,417
Total charity	funds				53,117,928	52,317,263

						2022	2021
					Note	6	5
Net cash used	in from operating activities				14	(467,044)	(2,461,735)
Cash flow from	investing	activities
Dividends and	interest from investments				6	899,685	612,228
Fund manager	fees				8	(58,494)	(205,148)
Payments to acquire fixed		asset investments			11	(17,866,442)	(5,581,760)
Proceeds from	investment	disposals			11	16,793,585	6,043,862
Net movement	in cash held in the investment			portfolio	11	888,033	1,078,305
Net cash provided by investing activities						656,367	1,947,487
Net increase /(decrease)		in cash and cash equivalents				189,323	(514,248)
Cash and cash	equivalents	at the beginning	ofthe year			84,690	598,938
Cash and cash	equivalents	at the end ofthe year				274,013	84,690

			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	funds
			2021	2021	2021	2021
			E	E	E	E
Income and endowments		from:
Donations			323,476	15,328		338,804
Investments			145,657	87,843	378,728	612,228
Total income			469,133	103,171	378,728	951,032
Expenditure on:
Raising funds			(284,812)		(4,946)	(289,758)
Charitable activities
Annual donation to the		Royal Academy	(177,329)	(775,341)		(952,670)
Other donations to the		Royal Academy	(1,677,797)	(339,031)		(2,016,828)
Total charitable activities			(1,855,126)	(1,114,372)		(2,969,498)
Total expenditure			(2,139,938)	(1,114,372)	(4,946)	(3,259,256)
Net gains on investments			3,038,963	1,879,774	3,040,487	7,959,224
Net income			1,368,158	868,573	3,414,269	5,651,000
Transfers between	funds			657,339	(657,339)
Total funds brought	forward		16,577,259	10,537,641	19,551,363	46,666,263
Total funds carried	forward		17,945,417	12,063,553	22,308,293	52,317,263

Income from donations and leg	acies
	Unrestricted	Restricted	Endowment
	funds	funds	funds	Total	Total
	2022	2022	2022	2022	2021
	E	E	E	E	E
General	48,361	700,000	375,000	1,123,361	287,798
Revenue projects:
Schools	45,672			45,672	35,678
Library and collections		1,648		1,64$	15,328
Total revenue projects	45,672	1,648		47,320	51,006
Total	94,033	701,648	375,000	1,170,681	338,804

Incom	e from investments
		Unrestricted	Restricted	Endowment
		funds	funds	funds	Total	Total
		2022	2022	2022	2022	2021
		E	E	E	E	E
Listed	investments	285,583	208,455	405,248	899,286	612,028
Bank	interest	399			399	200
Total		285,982	208,455	405,248899,685		612,228

7	Analysis ofe	xpenditure	on	chadta	ble activities (co	ntinued)
					Unrestricted	Restricted	Endowment
					funds	funds	funds	Total	Total
					2022	2022	2022	2022	2021
					E	E	E	E	E
	Annual donation to the		Royal
	Academy				695,694	343,219		1,038,913	952,670
	Royal Academy revenue		projects:
	Cataloguing	project				16,976		16,976	16,828
	Total revenue	projects				16,976		16,976	16,828
	Royal Academy capital		projects:
	Burlington	Project - Phase		I					2,000,000
	Total capital	projects							2,000,000
	Total				695,694	360,195		1,055,889	2,969,498
8	Analysis ofexpenditure		on	raising	funds
					Unrestricted	Restricted	Endowment
					funds	funds	funds	Total	Total
					2022	2022	2022	2022	2021
					E	E	E	E	E
	Fund manager fees / (rebate)				66,784		(8,290)	58,494	205,148
	Staff costs				66,045			66,045	64,479
	Auditors' remuneration				16,665			16,665	16,557
	Bank charges				97			97	85
	Exchange rate losses				3,239			3,239	242
	Miscellaneous				2,109			2,109	3,248
	Total				154,939		(8,290)	146,649	289,758

Analysis ofstaff costs	(continued)	(continued)						2022f	2021 f
Salaries and wages								55,229	53,600
Social security costs								5,397	5,679
Employers pension contribution								5,419	5,200
Total								66,045	64,479
Salary costs represent	the cost of staff employed				by the	Royal Academy		and recharged to the Charity. The
average number ofpermanent		staff engaged		by the Charity			in 2022 was 1	(2021:1).
Investments
Movement in market	value ofinvestments							2022	2021
								E	f
Market value brought	forward							51,694,651	44,197,529
Additions to investments at cost								17,866,442	5,581,760
Proceeds on disposal								(16,793,585)	(6,043,862)
Net (losses) / gain on	investments							(67,163)	7,959,224
Market value ofinvestments		at 31August						52,700,345	51,694,651
Market value ofinvestments		by type						2022f	2021f
Bonds								3,557,296	7,364,095
Property								2,139,565	2,718,307
Global equities								25,102,068	27,723,498
UK equities								10,027,727	7,681,375
Hedged equities								501,655	547,972
Absolute return								3,862,601	3,746,749
Alternative investments								2,319,696	1,244,507
Liquid assets								5,189,737	594,264
Commodities									73,884
Total market value of	investments		IHistoric cost of		investments	440,372,381f2021.		52,700,345	51,694,651
			434,838,048II
Cash holdings								169,890	1,057,923
Total								52,870,235	52,752,574
Investments under management			were:
Partners Capital LLP								31,922,766	33,698,234
Sarasin &Partners LLP								15,662,367	13,773,641
Evenlode Investment	Management		Limited					5,285,102	5,280,699
Total								52,870,235	52,752,574
All investments are carried at their fair value.

11	Investments (continued)	Investments (continued)
	Significant investment holdings as a		%oftotal investment			porffogo
	based on market value at31August		were:			2022	2021
	Sarasin Endowments Fund					20.43%	22.23%
	Partners Capital The Master Portfolio		(C) Ltd			11.29%	11.67%
	Evenlode Global Income Fund					10.00%	10.01%
	Sarasin Climate Active Endowments		Fund			8.96%	3.88%
	Partners Capital Phoenix Fund II Ltd					5.90%	5.06%
	Partners Capital Greyhawk Fund, LP					4.70%	6.81%
	Partners Capital Falcon Fund (C) Ltd					3.86%	7.29%
	Partners Capital Harrier Fund (C) Ltd					3.74%	4.08%
	Vanguard UK Inflation Linked Gilt Index Fund					3.34%	1.48%
	Partners Capital Condor Fund XII					3.13%	2.27%
	Total					75.35%	74.78%
12	Debtors					2022	2021
						f	f
	Amounts due from R.A. Enterprises	Limited				39,126	28,553
	Total					39,126	28,553
	Amounts owed by related undertakings			are unsecured,	interest free, have no fixed date of		repayment and
	are repayable on demand.
13	Creditors - amounts falling due within			one year		2022 f	2021 E
	Amounts due to the Royal Academy					39,195	435,941
	Accruals					26,251	112,613
	Total					65,446	548,554
14	Notes tothe statement ofcash flows					2022	2021
						E	f
	Net income					800,665	5,651,000
	Adjustments for:
	- Losses / (gains) on investments					67,163	(7,959,224)
	- Dividends and interest from investments					(899,685)	(612,228)
	-Fund manager fees					58,494	205,148
	-(Increase) / decrease in debtors					(10,573)	157,331
	-(Decrease) / increase in creditors					(483,108)	96,238
	Cash flow used in operating activities					(467,044)	(2,461,735)

Analysis ofnet assets between designated	Analysis ofnet assets between designated	Analysis ofnet assets between designated	Analysis ofnet assets between designated		Net current	Total net
				Investments	assets	assets
				E	E	E
General				1,915,7$2		1,915,782
Sir Roger de	Grey Memorial	Fund		161,806		161,806
Casson Award				396,626		396,626
Eranda Professor				177,872		177,872
Cheneviere	Travel Award			197,710		197,710
Schools Portfolio Fund				178,252		17$,252
Patricia Turner Award				407,965		407,965
The Pauline	Sitwell Bursary	Fund		484,134		484,134
Maintenance	Fund			2,423,071	45,672	2,468,743
Total				6,343,218	45,672	6,388,$90
Analysis ofnet assets between			funds
					Net current	Total net
				Investments	assets	assets
				E	E	E
Endowment	funds			21,149,752	25,133	21,174,885
Restricted funds				13,621,683	1,64$	13,623,331
Unrestricted	funds:
Designated				6,343,218	45,672	6,388,890
Other				11,755,582	175,240	11,930,822
Total				52,870,235	247,693	53,117,928

						2022	2021
						E	E
Financial	assets measured	at	amortised	cost		39,126	28,553
Financial	liabilities measured		at amortised cost			65,446	548,554
Financial	assets measured	at	fair value	through	the SOFA	52,870,235	52,752,574