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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|
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||||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|
##
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##
|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)|
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|Analysis ofnet assets between designated|Analysis ofnet assets between designated|Analysis ofnet assets between designated|Analysis ofnet assets between designated|funds||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|
##
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|||||||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|
##