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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)||
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|||||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|
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|||||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|
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|||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|
##
|11|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)|
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|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|
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|Analysis of|net assets between|net assets between|designated|funds||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|
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||||||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|
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