2023-08-31-accounts - Royal Academy Trust

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Emeritus and Honorary Trustees (continued)	Emeritus and Honorary Trustees (continued)	Emeritus and Honorary Trustees (continued)	Emeritus and Honorary Trustees (continued)
Susan Ho
Lady Lever
Sir Sydney Lipworth KC
The Rt Hon The Lord Luce,	GCVO DL
Philip Marsden
Sir Keith Mills GBE DL
Ludovic de Montille
John Raisman CBE
Sir Simon Robertson
Lord Rose ofMonewden
Sir Evelyn de Rothschild (deceased 8			November	2022)
Maryam Diener nee Sachs
Richard Sharp
David Stileman
Robert Suss (appointed 26September			2023)
Peter Williams
Executive Committee
Lady Myners (Chair) (retired		11December 2023)
Batia Ofer (Chair) (appointed		11December 2023)
Robert Suss (Deputy Chair)	(retired 26September 2023)
Sally Tennant OBE(appointed		21 March 2023; appointed				Deputy Chair 11December 2023)
Prof Peter StJohn (Adam Caruso and			Peter StJohn		RA)
Axel Ruger
Rebecca Salter PRA
Pesh Framjee
Lady Heywood (retired 21	March 2023)
The Hon William yerburgh
Investment Sub-committee		membership in the financial				year and at the date ofsigning:
Sally Tennant OBE (Chair) (appointed			21March	2023)
Alice Ryder (acting Chair from 7September 2022 to 21March 2023)
Adam Bennett (retired 17	May 2023)
Heinrich Merz (appointed	26September 2023)
Stephen Nelson
Alice Ryder
Robert Suss (retired 26September 2023)
Nigel Thomas
Andrew Threadgold
The Hon William yerburgh	(appointed		9 November		2022)

				Unrestricted	Restricted	Endowment	Total	Total
				funds	funds	funds	funds	funds
			Note	2023	2023	2023	202$	2022
				E	E	E	E
								aee oote 4fol
Income and endowments		from:						oomparatiaea
Donations and legacies			5	407,424	85,748		49$,172	1,170,681
Investments			6	242,261	142,157	604,263	988,681	899,685
Total Income				649,685	227,905	604,263	13814532,070,366
Expenditure on:
Raising funds			8	(120,815)		(3,774)	(124,589)	(146,649)
Charitable activities
Annual donation to the Royal Academy			7	(682,564)	(1,047,255)		(1,729,819)	(1,038,913)
Other donations tothe Royal Academy			7	(2,000,000)			(2,000,000)	(16,976)
Total charitable activities				(2,682,564)	(1,047,255)		(3,729,819)	(1,055,889)
Total expenditure				(2,803,379)	(1,047,255)	(3,774)	(3,854,408)	(1,202,538)
Net (losses) on investments			11	(251,502)	(8,937)	(289,988)	(550,427)	(67,163)
Net income / (expenditure)				(2,405,196)	(828,287)	310,501	(2,922,982)	800,665
Transfers between	funds		15,16		690,624	(690,624)
Total funds brought	forward			18,319,712	13,623,331	21,174,885	53,117,928	52,317,263
Total funds carried	forward			15,914,516	13,485,668	20,794,762	50,194,946	53,117,928

				Note	2023f	2022 E
Fixed assets
Investments					50,029,525	52,870,235
Current assets
Debtors				12	95,198	39,126
Cash at bank	and in		hand		207,254	274,013
Total current	assets				302,452	313,139
Liabilities
Creditors - amounts			falling due within one year	13	(137,031)	(65,446)
Net current	assets				165,421	247,693
Net assets					50,194,946	53,117,928
The funds ofthe charity:
Endowment	funds			15	20,794,762	21,174,885
Restricted funds				16	13,485,668	13,623,331
Unrestricted	funds:
Designated				17	6,234,418	6,388,890
Other					9,680,098	11,930,822
Total unrestricted		funds			15,914,516	18,319,712
Total charity	funds				50,194,946	53,117,928

					2023	2022
				Note	f	f
Net cash used in operating activities				14	(3,309,350)	(467,044)
Cash flow from investing	activities
Dividends and interest from investments				6	988,681	899,685
Fund manager fees				8	(36,373)	(58,494)
Payments to acquire fixed	asset investments			11	(11,957,658)	(17,866,442)
Proceeds from investment	disposals			11	14,974,522	16,793,585
Net movement in cash held in the investment			portfolio	11	(726,581)	888,033
Net cash provided by investing activities					3,242,591	656,367
Net (decrease) / increase	in cash and cash equivalents				(66,759)	189,323
Cash and cash equivalents	at the beginning	ofthe year			274,013	84,690
Cash and cash equivalents	at the end ofthe year				207,254	274,013

				Unrestricted	Restricted	Endowment	Total
				funds	funds	funds	funds
				2022	2022	2022	2022
				E	f	E	E
	Income and endowments		from:
	Donations and legacies			94,033	701,648	375,000	1,170,681
	Investments			285,982	208,455	405,248	899,685
	Total income			380,015	910,103	780,248	2,070,366
	Expenditure on:
	Raising funds			(154,939)		8,290	(146,649)
	Charitable activities
	Annual donation tothe		Royal Academy	(695,694)	(343,219)		(1,038,913)
	Other donations to the		Royal Academy		(16,976)		(16,976)
	Total charitable activities			(695,694)	(360,195)		(1,055,889)
	Total expenditure			(850,633)	(360,195)	8,290	(1,202,538)
	Net gains / (losses)	on investments		844,913	(548)	(911,528)	(67,163)
	Net income / (expenditure)			374,295	549,360	(122,990)	800,665
	Transfers between	funds			1,010,418	(1,010,418)
	Total funds brought	forward		17,945,417	12,063,553	22,308,293	52,317,263
	Total funds carried	forward		18,319,712	13,623,331	21,174,885	53,117,928
5	Income from donations		and legacies
			Unrestricted	Restricted	Endowment
			funds	funds	funds	Total	Total
			2023	2023	2023	2023	2022
			E	6	E		E
	General		340,055	85,748		425,803	1,123,361
	Revenue projects:
	Schools		67,369			67,369	45,672
	Library and collections						1,648
	Total revenue projects		67,369			67,369	47,320
	Total		407,424	85,748		493,172	1,170,681

	Unrestricted	Restricted	Endowment
	funds	funds	funds	Total	Total
	2023	2023	2023	2023	2022
	E	E	E	E	E
Listed investments	237,184	139,564	595,617	972,365	899,286
Bank interest	5,077	2,593	8,646	16,316	399
Tote I	242,261	142,157	604,263	988,6$1	899,685

						Unrestricted	Restricted	Endowment
						funds	funds	funds	Total	Total
						2023	2023	2023	2023	2022
						E	E	E	E	E
	Annual donation tothe				Royal
	Academy					682,564	1,047,255		1,729,$19	1,038,913
	Royal Academy			revenue	projects:
	Cataloguing		project							16,976
	General					2,000,000			2,000,000
	Total revenue			projects		2,000,000			2,000,000	16,976
	Total					2,682,564	1,047,255		3,729,819	1,055,889
8	Analysis	ofexpenditure			on raising	funds
						Unrestricted	Restricted	Endowment
						funds	funds	funds	Total	Total
						2023	2023	2023	2023	2022
						E	E	E	E	E
	Fund managerfees					32,599		3,774	36,373	58,494
	Staff costs					66,107			66,107	66,045
	Auditors'	remuneration				19,019			19,019	16,665
	Bank charges					95			95	97
	Exchange	rate		losses		213			213	3,239
	Miscellaneous					2,782			2,782	2,109
	Total					120,815		3,774	124,589	146,649

		2023	2022
		E	E
Salaries and wages		55,070	55,229
Social security costs		5,509	5,397
Employers	pension contribution	5,528	5,419
Tota I		66,107	66,045

Investments
Movement in market value ofinvestments										2023	2022
										6	E
Market value brought forward										52,700,345	51,694,651
Additions to investments		at cost								11,957,658	17,866,442
Proceeds on disposal										(14,974,522)	(16,793,585)
Net losses on investments										(550,427)	(67,163)
Market value ofinvestments				at 31August						49,133,054	52,700,345
Market value ofinvestments				by type						2023	2022
										E	E
Bonds										3,257,462	3,557,296
Property										1,461,124	2,139,565
Global equities										18,784,906	25,102,068
UK equities										9,752,246	10,027,727
Hedged equities										1,498,142	501,655
Absolute return										3,417,024	3,862,601
Alternative investments										1,018,932	2,319,696
Liquid assets										9,943,218	5,189,737
TOtal market Value Of inVeStmentS							[Historic cost ofinvestments	337,321,732(2022:		49,133,054	52,700,345
							E40,372,331)I
Cash holdings										$96,471	169,890
Total										50,029,525	52,870,235
Investments under management					were:
Partners Capital	LLP									29,001,919	31,922,766
Sarasin &Partners LLP										16,42$,118	15,662,367
Evenlode Investment Management						Limited				4,599,488	5,285,102
Total										50,029,525	52,870,235
All investments	are carried		at	their	fair value.
Significant investment		holdings as				a	%oftotal investment		porffolio based	on market value	at 31August
were:
										2023	2022
Sarasin Endowments Fund										12.09%	20.43%
Sarasin Liquidity	Fund									10.21%	0.00%
Sarasin Climate	Active Endowments					Fund				9.26%	8.96%
Evenlode Global	Income	Fund								9.19%	10.00%
Partners Capital	Phoenix	Fund		ii Ltd						7.95%	5.90%
Partners Capital	The Master		Portfolio				(C) Ltd			6.46%	11.29%
Partners Capital	Harrier	Fund		(C) Ltd						4.51%	3.74%
Vanguard ESG Developed World										4.22%	0.00%
Partners Capital	Greyhawk		Fund, LP							3.80%	4.70%
Partners Capital	Condor	Fund		XII						3.28%	3.13%
Partners Capital	Condor	Fund		X						3.22%	3.76%
Total										74.19%	71.91%

12	Debtors				2023	2022
					6	E
	Amounts due from R.A. Enterprises		Limited		95,198	39,126
	Total				95,198	39,126
	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	2023 f	2022 E
	Amounts due tothe Royal	Academy			96,752	39,195
	Accruals				40,279	26,251
	Total				137,031	65,446
14	Notes tothe statement of	cash flows			2023	2022
					6	f
	Net (expenditure) / income				(2,922,982)	800,665
	Adjustments for:
	- Losses on investments				550,427	67,163
	- Dividends and interest from investments				(988,681)	(899,685)
	- Fund manager fees				36,373	58,494
	-(Increase) in debtors				(56,072)	(10,573)
	-Increase / (decrease) in creditors				71,585	(483,108)
	Cash flow used in operating	activities			(3,309,350)	(467,044)

Armando Garza Sade Sr.	Armando Garza Sade Sr.	Memorial fund
A donation of f375,000		was received	from	Brenda Garza	in April 2022 to support		an annual symposium in
memory of Armando	Garza Sade Sr.		which	will focus on an artist,		or artists, that	have been	significantly
underrepresented within		art history. The fund		is held as a permanent endowment and			is being accounted for on
a total return basis, with the investment			return	being used to fund the symposium.
Analysis ofrestricted funds
					Income and		Unapplied
					fund		totalreturn
				Balance at	growth in	Utilised in	from/(to)	Balance at
				2022 6	year 6	year endowments f 6		2023f
Heinz Architecture fund			16.a	4,602,076	(7,502)	(92,500)		4,502,074
Salaman-Seelig art fund			16.b	86,584	(132)	(7,000)		79,452
The Ivor Rey scholarship	fund		15.a	24,725	(17)	(14,532)	14,532	24,708
Paul Mellon endowment		fund	15.b	701,914	(920)	(149,000)	(5,056)	546,938
Anonymous donor fund			15.c	696,700		(696,700)	620,000	620,000
McAulay Scholarship fund			15.d	50,000		(50,000)	50,000	50,000
Armando Garza Sada Sr.Memorial fund			15.e				11,148	11,148
Cataloguing project			16.c	1,648		(1,648)
Greenham fund			16.d	224,935	(363)	(6,510)		218,062
The Starr Fellowship			16.e	1,359,228	(2,214)	(28,685)		1,328,329
Weiss fund			16.f	23,226	(37)	(680)		22,509
Burlington Project - Phase ill The Thorogood Smith Scholarship			16.g 16.h	5,128,903 571,754	145,644 84,761			5,274,547 656,515
James Paradise Annual	Giving Fund		16.i	151,638	(252)			151,386
Total				13,623,331	218,968	(1,047,255)	690,624	13,485,668

Analysis of	net assets between	net assets between	designated		Net current	Total net
				Investments 6	assetsf	assets 6
General				1,844,942		1,844,942
Sir Roger de	Grey Memorial	Fund		158,014		158,014
Casson Award				390,975		390,975
Eranda Professor				172,414		172,414
Cheneviere	Travel Award			191,651		191,651
Schools Portfolio Fund				172,784		172,784
Patricia Turner Award				395,456		395,456
The Pauline	Sitwell Bursary	Fund		469,292		469,292
Maintenance	Fund			2,332,396	106,494	2,438,890
Total				6,127,924	106,494	6,234,418
Analysis ofnet assets between			funds
					Net current	Total net
				Investments	assets	esse'ts
				E	6	E
Endowment	funds			20,769,629	25,133	20,794,762
Restricted funds				13,485,668		13,485,668
Unrestricted	funds:
Designated				6,127,924	106,494	6,234,418
Other				9,646,304	33,794	9,680,098
Total				50,029,525	165,421	50,194,946

					2023	2022
					E	E
Financial	assets measured	at	amortised cost		95,198	39,126
Financial	liabilities measured		at amortised cost		137,031	65,446
Financial	assets measured	at	fair value through	the SOFA	50,029,525	52,870,235