2022-04-05-accounts

Registered Charity No. 1134994 (England and Wales)

The Ruddock Foundation for the Arts

Trustees’ report and financial statements for the year ended 5 April 2022

The Ruddock Foundation for the Arts

Contents

	Page Page
Legalandadministrativeinformation Legal and administrative information	1 1
Reportofthetrustees Report of the trustees	2 2
Independentauditors’report Independent auditors’ report	6 6
Statementoffinancialactivities Statement of financial activities	10 10
Balancesheet Balance sheet	11 11
Statementofcashflows Statement of cash flows	12 12
Notestothefinancialstatements Notes to the financial statements	13 13

The Ruddock Foundation for the Arts

Legal and administrative information

Trustees Trustees	SirPaulRuddock Sir Paul Ruddock
	LadyJillShaw-Ruddock Lady Jill Shaw-Ruddock
	MichaelFullerlove Michael Fullerlove
	SophieRuddock Sophie Ruddock
	IsabellaRuddock Isabella Ruddock
Bankers Bankers	BarclaysWealth Barclays Wealth
	1ChurchillPlace 1 Churchill Place
	London London
	E145HP E14 5HP
Solicitors Solicitors	WigginOsborneFullerlove Wiggin Osborne Fullerlove
	95ThePromenade 95 The Promenade
	Cheltenham Cheltenham
	Gloucestershire Gloucestershire
	GL501HH GL50 1HH
Independentauditors Independent auditors	SafferyChampnessLLP Saffery Champness LLP
	71QueenVictoriaStreet 71 Queen Victoria Street
	London London
	ECAV4BE EC4V 4BE
Registered address Registered address	10ColvilleMews 10 Colville Mews
	London London
	W112DA W11 2DA
Charitynumber Charity number	1134994 1134994

Page 1

The Ruddock Foundation for the Arts

Report of the trustees For the year ended 5 April 2022

The trustees are pleased to present their annual report and financial statements for the year ended 5 April 2022.

The financial statements have been prepared in accordance with the accounting policies set out in Note 1 and comply with the Charities Act 2011 and the second edition of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Trust was established by a Trust Deed dated 12 January 2010 and registered with the Charity Commission in England and Wales on 10 March 2010.

Objects of the Foundation

The objects of the Foundation are:

• a. To advance, promote and educate for the benefit of the public generally all branches of the arts with particular, but not exclusive reference to the performing, literary and decorative arts.

• b. To advance the preservation, protection and improvement of pictures, historic records, books, manuscripts, monuments, armour, porcelain, silver and gold objets d’art and other chattels or items of artistic, historic, or national interest.

• c. To establish and maintain a museum and/or art gallery for the display and promotion of the arts with particular, but not exclusive, reference to the decorative and medieval arts for the benefit of the public.

• d. Notwithstanding the above, to support or carry out such other objects or purposes as are exclusively charitable in accordance with the laws of England and Wales.

• Organisation

Trustees meet twice a year to consider grant applications, review investment performance and discuss matters of a strategic and administrative nature.

The power to appoint new trustees is vested in the existing trustees of the Foundation. There is an informal interview and induction process for any new trustee. Continuing training for trustees is undertaken through regular meetings and discussions with individuals and organisations in the areas supported by the Foundation.

Achievements, performance and future plans

The Charity paid grants of £1,665,000. It also committed to unconditional future funding for some organisations which has been accrued in these financial statements.

The focus remains on supporting research, conservation and display in museums as well as supporting the work of non-commercial theatres. The vast majority of the grants are to institutions or charities that are world leaders in their respective fields

During the year the major grants paid were:

Metropolitan Museum, New York: $1.1 million (£810,000): this included grants towards the emergency COVID support fund, curatorial departments and a grant towards the renovation of the Ancient Near Eastern galleries.

Page 2

The Ruddock Foundation for the Arts

Report of the trustees For the year ended 5 April 2022

Courtauld Institute, London: £350,000 of which £100,000 was to support education programmes and £250,000 to support gallery renovations

The Musee du Moyen Age, Paris: 110,000 euros (£92,000) to support the renovation of the Museum

The Bard Graduate Center: $100,000 (£72,800) for emergency student support during COVID

British Museum: £52,000 towards curatorial support

King Edward’s School, Birmingham: £50,000 to support bursaries

Afrikids: £43,300: general support for work combatting poverty in Ghana

Ashmolean Museum, Oxford: £30,000 to support funding for the Museum’s University Teaching programme;

Almeida Theatre, London: £28,850 of which £25,000 was to directly support productions.

Other charities that received grants between £10,000 and £20,000 were: The Hay Literary Festival

Mansfield College, Oxford Mousetrap Theatre projects MV Youth

Grant making policy

Is to focus on three main areas:

• a. Institutions which look after and conserve paintings and works of art b. Research projects with a focus on medieval art c. Theatre and playwriting

The trustees confirm that they are aware of the Charity Commission’s guidance on public benefit and will consider this when agreeing future grants.

Reserves policy

At 5 April 2022, the reserves of the Foundation comprised an unrestricted income fund and an expendable endowment fund. Donations from the Founder are treated as capital and are invested in line with the policy below. As at 5 April 2022, the expendable endowment fund contained £24,638,602 (2021: £26,643,552).

Trustees do not consider it necessary to maintain substantial reserves in the Income Fund. Accordingly, such reserves are reviewed annually and will not normally exceed the annual amount of net resources expended.

Page 3

The Ruddock Foundation for the Arts

Report of the trustees For the year ended 5 April 2022

At 5 April 2022 free reserves, being the unrestricted income fund, were £Nil (2021: £Nil). The trustees are satisfied with the level of free reserves held.

Investment policy

There are no restrictions on the Foundation’s powers to invest. The policy of the trustees is to seek to maximise total return, whilst maintaining the real value of the portfolio and not subjecting it to undue risk. Trustees review investment performance at each meeting, and their policy at least annually.

The investment policy is to aim for returns targeting a long term return of LIBOR+3-5%. The Foundation’s assets are allocated to a range of managers investing in global equities, private equity and real estate.

Financial review

Income

Total income for the year amounted to £584,223 (2021: £1,575,122). Investment income earned this period was £45,140 (2021: £215,313). The Foundation manages its investments on a total return basis so that investment income is simply one component of the total investment return.

The Trustees are aware of their responsibilities under the Charities (Protection and Social Investment) Act 2016 and confirm that the Foundation does not carry out any fundraising activities.

Grants and Donations

The Foundation committed to grants totalling £4,307,715 during the year (2021: £632,865). One grant commitment is for more than one year.

Investment Performance

During the year the Foundation allocated funds to several external asset managers including Marylebone Partners, Theleme Fund Managers, and Bridges, all of whom seek to deliver good absolute returns.

Risk management

The trustees are responsible for establishing and monitoring internal control systems within the Foundation. The major risks which may impact its activities have been reviewed during the period and the trustees are satisfied that the system of internal controls currently in place is adequate, whilst recognising that they are designed to manage rather than eliminate risk. Internal controls are reviewed on an ongoing basis as part of the day-to-day risk management process within the Foundation.

The Foundation is very well capitalised and there are no significant risks that are foreseen.

Impact of Covid-19 on the Foundation

In March 2020 the World Health Organisation declared the Covid-19 virus to be a global pandemic. This has impacted the operations of almost every organisation globally. The Foundation is aware of the impact on its beneficiaries, where museums had to close their doors and welfare charities are facing increasing demands on their resources. The Trustees continued their grant making programme in the 2021/22 financial year and beyond, providing emergency covid related support to several charitable organisations.

Key management personnel remuneration

The trustees consider the board of trustees as comprising the key management personnel of the Foundation in charge of directing and controlling the Foundation and running and operating the Foundation on a day

Page 4

The Ruddock Foundation for the Arts

Independent auditors’ report to the trustees For the year ended 5 April 2022

Opinion

We have audited the financial statements of The Ruddock Foundation for the Arts for the year ended 5 April 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of its incoming resources and application of resources for the year then ended;

• • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• • have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 6

The Ruddock Foundation for the Arts

Independent auditors’ report to the trustees For the year ended 5 April 2022

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

• • the charity has not kept sufficient accounting records; or • the financial statements are not in agreement with the accounting records and returns; or • we have not received all the information and explanations we require for our audit. Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Page 7

The Ruddock Foundation for the Arts

Independent auditors’ report to the trustees For the year ended 5 April 2022

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with trustees and those responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 8

The Ruddock Foundation for the Arts

Independent auditors’ report to the trustees For the year ended 5 April 2022

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery Champness LLP 71 Queen Victoria Street Chartered Accountants London Statutory Auditors EC4V 4BE

Date: 17 October 2022

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 9

The Ruddock Foundation for the Arts

Statement of financial activities For the year ended 5 April 2022

Notes Incomeandendowments from: Donations 2 Investments 3 Totalincome Expenditureon: Raisingfunds 4 Charitableactivities -Grants 5 -Grantrelatedsupportcosts 4 Totalexpenditure Gain/(loss)oninvestments Netincome/(expenditure) Transfersbetweenfunds Other(losses)/ gains Netmovementinfunds Balancesbrought forward at6 April2021 Balancescarriedforward at5 April2022 11 Unrestricted income funds £ - 45,140 45,140 - 4,307,714 8,812 4,316,526 - (4,271,386) 4,271,386 - - - - Unrestricted income funds Notes £ Income and endowments from: Donations 2 - Investments 3 45,140 Total income 45,140 Expenditure on: Raising funds 4 - Charitable activities - Grants 5 4,307,714 - Grant related support costs 4 8,812 Total expenditure 4,316,526 Gain/(loss) on investments - Net income /(expenditure) (4,271,386) Transfers between funds 4,271,386 Other (losses) / gains - Net movement in funds - Balances brought forward at 6 April 2021 - Balances carried forward at 5 April 2022 11 -	Expendable endowment funds £ 539,083 - 539,083 1,634 - - 1,634 1,616,124 2,153,573 (4,271,386) 112,863 (2,004,950) 26,643,552 24,638,602 Expendable endowment funds £ 539,083 - 539,083 1,634 - - 1,634 1,616,124 2,153,573 (4,271,386) 112,863 (2,004,950) 26,643,552 24,638,602	Total funds 2022 £ 539,083 45,140 584,223 1,634 4,307,714 8,812 4,318,160 1,616,124 (2,117,813) - 112,863 (2,004,950) 26,643,552 24,638,602 Total funds 2022 £ 539,083 45,140 584,223 1,634 4,307,714 8,812 4,318,160 1,616,124 (2,117,813) - 112,863 (2,004,950) 26,643,552 24,638,602	Total funds 2021 £ 1,359,809 215,313 Total funds 2021 £ 1,359,809 215,313
			1,575,122 1,575,122
			1,364 632,865 9,924 1,364 632,865 9,924
			644,153 644,153
			7,369,624 7,369,624
			8,300,593 8,300,593
			- (111,334) - (111,334)
			8,189,259 18,454,293 8,189,259 18,454,293
			26,643,552 26,643,552

The Statement of Financial Activities includes all gains and losses recognised in the period.

All income and expenditure derives from continuing activities.

The notes on pages 13 to 20 form part of these financial statements.

Page 10

		2022	2021
	Notes
Fixedassets
Investments		23,847,555	22,175,571
Programmerelatedinvestments			10,000
		23,847,555	22,185,571
Currentassets
Debtors			272,500
Cashatbank		3,490,795	4,257,603
		3,490,795	4,530,103
Currentliabilities
Creditors:amountsfallingdue withinoneyear		(868,548)	(72,122)
Netcurrentassets		2,622,247	4,457,981
Totalassetslesscurrentliabilities		26,469,802	26,643,552
Creditors:amountsfallingdueafter
morethanoneyear	10	(1,831,200)
Netassets		24,638,602	26,643,552
Funds
Unrestrictedincomefund	11
Expendableendowmentfund	11	14,145,108	16,829,698
Revaluationreserve	11	10,493,494	9,813,854
		24,638,602	26,643,552

The Ruddock Foundation for the Arts

Statement of cash flows For the year ended 5 April 2022

Notes Cashflowsfromoperatingactivities: Netcashprovidedby/(usedin)operating 12 activities Cashflowsfrominvestingactivities: Dividends,interestsandrentsfrominvestments Proceedsfromsaleofinvestments Distributionfromprivateequity Concessionaryloanmadeinyear Purchaseofinvestments Netcashprovidedbyinvestingactivities Cashflowsfromfinancingactivities: Cashendowmentreceipt Netcashprovidedbyfinancingactivities Changeincashandcashequivalentsintheyear Cashandcashequivalentsat6 April2020 Cashandcashequivalentsat5 April2021 13 Notes Cash flows from operating activities: Net cash provided by/(used in) operating activities 12 Cash flows from investing activities: Dividends, interests and rents from investments Proceeds from sale of investments Distribution from private equity Concessionary loan made in year Purchase of investments Net cash provided by investing activities Cash flows from financing activities: Cash endowment receipt Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 6 April 2020 Cash and cash equivalents at 5 April 2021 13	2022 (1,136,047) 45,140 467,822 87,710 (770,515) (169,843) 539,083 539,083 (766,807) 4,257,603 3,490,796 2022 £ (1,136,047) 45,140 467,822 87,710 - (770,515) (169,843) 539,083 539,083 (766,807) 4,257,603 3,490,796	2021 (725,182) 674 587,086 189,238 (570,943) 2021 £ (725,182) 674 587,086 189,238 - (570,943)
		206,055 1,087,309 206,055 1,087,309
		1,087,309 1,087,309
		568,182 568,182
		3,689,421 3,689,421
		4,257,603 4,257,603

The notes on pages 13 to 20 form part of these financial statements.

Page 12

The Ruddock Foundation for the Arts

Notes to the financial statements For the year ended 5 April 2022

1. Accounting policies

• 1.1 Basis of accounting

The financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102. The functional currency for these financial statements is £.

• 1.2 Going concern

The trustees have considered the financial position of the Foundation and consider it a going concern. The accounts have been prepared on this basis.

1.3 Income

Investment income is stated on an accruals basis. Donations are accounted for in the period in which the Foundation is entitled to receipt and include any associated gift aid. Gifts in kind are recognised on receipt at the value the Foundation would have paid for the goods or services on the open market.

• 1.4 Expenditure

Expenditure is included on an accruals basis.

Costs of raising funds comprise those costs directly attributable to managing the investments or endowment fund assets.

Grants awarded and donations payable are charged in full against income when the offer is conveyed to the beneficiary, except in those cases where the offer is conditional and therefore recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as an expense.

• 1.5 Support and governance costs

Support and governance costs are allocated to the charitable activity as incurred.

• 1.6 Governance costs

Governance costs comprise all costs involving the public accountability of the Foundation and cost related with statutory requirements.

• 1.7 Funds

Unrestricted funds - The Income Fund represents the balance of income from all sources after deduction of donations and other necessary expenditure.

The Expendable Endowment Fund represents all the donations of the Founder and can be invested to provide an income from which to make future payments or spent at the trustees’ discretion.

Page 13

The Ruddock Foundation for the Arts

Notes to the financial statements (continued) For the year ended 5 April 2022

1.8 Taxation The Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.

1.9 Investments Quoted investments

Investments are stated at mid-market value at the balance sheet date. Realised and unrealised gains and losses on investments are accounted for in the Statement of Financial Activities.

Unquoted investments

Unquoted investments are valued at the trustees’ best estimate of fair value. The principal unquoted valuations are calculated as follows:

Property fund investments held through funds are managed by private equity and property groups. No readily identifiable market price is available for these unquoted investments. These funds are included at the most recent valuations from the respective investment manager. In a limited number of cases where information is not available at 5 April, the most recent valuations from the managers are adjusted for cash flows and any foreign exchange movement between the most recent valuation and the balance sheet date.

Derivative financial instruments are used for the Foundation’s risk management as part of the investment portfolio management and investment return strategy. The Foundation’s use of derivative financial instruments includes currency forwards. The fair value of contract positions is recognised in the balance sheet and gains/losses on the contracts are recognised in the SOFA.

1.10 Programme related investments

Programme-related investments are initially recognised and measured at the amount paid to the beneficiary. Programme related investments relate to a concessionary loan made to further the charitable objects of the Foundation. The carrying amount is adjusted in subsequent years to reflect repayments and accrued interest and if necessary to adjust for any impairment. Any impairment is treated as a cost of charitable activities.

1.11 Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of transaction. Assets or liabilities in foreign currencies at the balance sheet date are translated into Sterling at that date. All exchange differences are recorded in the Statement of Financial Activities.

1.12 Financial instruments

The Foundation has financial assets and financial liabilities of a kind that qualify as basic and non basic. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Derivative financial instruments held by the Foundation are not basic financial instruments and are accounted for in accordance with the policy in 1.9.

Page 14

The Ruddock Foundation for the Arts

Notes to the financial statements (continued) For the year ended 5 April 2022

1.13 Key estimates and judgements In application of the Foundation’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors considered to be relevant. Actual results may differ from these estimates.

2. Donations and gifts

2. 2.	Donationsandgifts Donations and gifts
		2022 2022	2021 2021
		£ £	£ £
	Donations Donations	539,083 539,083	1,359,809 1,359,809
		539,083 539,083	1,359,809 1,359,809
	Donationsincludecashof£539,083fromtrustsinwhichtrusteesarethesettlor(2021: Donations include cash of £539,083 from trusts in which trustees are the settlor (2021:		£1,087,329in £1,087,329 in
	cashfromtrustees). cash from trustees).
3. 3.	Investmentincome Investment income
		2022 2022	2021 2021
		£ £	£ £
	Dividendincome Dividend income	45,140 45,140	214,639 214,639
	Interest Interest	- -	674 674
		45,140 45,140	215,313 215,313
4, 4.	Allocationofoverheadcosts Allocation of overhead costs
		2022 2022	2021 2021
		£ £	£ £
	Raisingfunds Raising funds
	Bankcharges Bank charges	1,634 1,634	- -
	Investmentmanagementfees Investment management fees	-	1,364 1,364
		1,634 1,634	1,364 1,364
	Grantrelatedsupportcosts Grant related support costs
	Auditfees Audit fees	3,960 3,960	3,960 3,960
	Accountancyandtaxadvice Accountancy and tax advice	4,620 4,620	4,188 4,188
	Accountancyunder-accrualfrompreviousyear Accountancy under-accrual from previous year	- -	1,620 1,620
	Sundrycosts Sundry costs	- -	156 156
		8,580 8,580	9,924 9,924

The Foundation has no employees (2021: none).

Page 15

The Ruddock Foundation for the Arts Notes to the financial statements (continued) For the year ended 5 April 2022

5.

During the period no payments were made to any Trustee for their services nor were any expenses reimbursed to them (2021: none).

Analysisofgrantspayable Analysis of grants payable
	2022 2022	2021 2021
	£ £	£ £
TheFoundationmadegrantsacrossthefollowingareasof The Foundation made grants across the following areas of
focus: focus:
Researchandcuratorialsupport Research and curatorial support	726,169 726,169	374,152 374,152
Museumacquisitions Museum acquisitions	7,259 7,259	3,904 3,904
Museumandgalleryprojects Museum and gallery projects	3,320,344 3,320,344	92,805 92,805
Culturalexhibitions Cultural exhibitions	- -	90,000 90,000
Otherareas Other areas	253,942 253,942	72,004 72,004
Totalgrantscommittedintheyear Total grants committed in the year	4,307,714 4,307,714	632,865 632,865
Thegrantspayablenotedabovedoesnotincludeanydonations The grants payable noted above does not include any donations	madetoindividuals(2021:£Nil), made to individuals (2021: £Nil),
allgrantshavebeenmadetoinstitutions. all grants have been made to institutions.
Formoredetailedinformationaboutrecipientsofsignificantgrantsduringtheyearpleaserefer For more detailed information about recipients of significant grants during the year please refer
tothetrustees’report. to the trustees’ report.
Investments Investments
	2022 2022	2021 2021
	£ £	£ £
Marketvalueat6 April2021 Market value at 6 April 2021	22,175,571 22,175,571	14,796,422 14,796,422
Additionsatcost Additions at cost	770,506 770,506	1,186,018 1,186,018
Disposalsatmarketvaluebroughtforwardorcost Disposals at market value brought forward or cost	(467,822) (467,822)	(988,364) (988,364)
Distributionfromprivateequity Distribution from private equity	(87,710) (87,710)	(189,238) (189,238)
Unrealisedgains/(losses)onrevaluationat5 April Unrealised gains/ (losses) on revaluation at 5 April	1,457,010 1,457,010	7,382,856 7,382,856
(Decrease)/Increaseincashheldbyinvestmentmanager (Decrease)/ Increase in cash held by investment manager	- -	(12,123) (12,123)
Marketvalueat5 April2022 Market value at 5 April 2022	23,847,555 23,847,555	22,175,571 22,175,571
Historicalcostat5 April2022 Historical cost at 5 April 2022	13,354,061 13,354,061	12,361,717 12,361,717

6. Investments

The investment portfolio includes material holdings in Theleme Fund Limited of £6,888,066 (2021: £5,646,667), Lansdowne Developed Markets of £4,417,174 (2021: £4,852,199), Bridges Property Alternatives of £2,045,525 (2021: £1,585,885) and the Marylebone Lane Fund of £10,496,798 (2021: £10,090,818). No other individual holdings are considered material in the context of the market value of the portfolio.

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The Ruddock Foundation for the Arts

Notes to the financial statements (continued) For the year ended 5 April 2022

Investmentsatmarketvalue: 2022 £ UKotherinvestments 6,462,699 Overseasotherinvestments 17,384,856 Cash - Totalinvestmentsatmarketvalue 23,847,555 AttheyearendtheFoundationhada commitmentof£1,119,208forfurtherfundingof PropertyAlternativesinvestmentfunds(2021:£1,336,700). Programmerelatedinvestments 2022 £ Concessionaryloans - Totalinvestmentsatfairvalue - Investments at market value: 2022 £ UK other investments 6,462,699 Overseas other investments 17,384,856 Cash - Total investments at market value 23,847,555 At the year end the Foundation had a commitment of £1,119,208 for further funding of Property Alternatives investment funds (2021: £1,336,700). Programme related investments 2022 £ Concessionary loans - Total investments at fair value -	2021 £ 6,438,085 15,737,486 - 2021 £ 6,438,085 15,737,486 -
	22,175,571 22,175,571
	theBridges 2021 £ 10,000 the Bridges 2021 £ 10,000
	10,000 10,000

7. Programme related investments

During 2020 the Foundation made a loan of £10,000 to the National Funding Scheme. The interest rate of 0% was below the prevailing market rate, it therefore meets the definition of a concessionary loan. In the 2022 financial year this loan was converted to a grant.

8. Debtors

Giftaidreceivable Creditors- amountsfallingdue withinoneyear Grantspayable Accruals Gift aid receivable 9. Creditors - amounts falling due within one year Grants payable Accruals	2022 £ - - 2022 £ 860,400 8,148 868,548 2022 £ - - 2022 £ 860,400 8,148 868,548	2021 £ 272,500 2021 £ 272,500
		272,500 272,500
		2021 £ 63,974 8,148 2021 £ 63,974 8,148
		72,122 72,122

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The Ruddock Foundation for the Arts

Notes to the financial statements (continued) For the year ended 5 April 2022

10. Creditors - amounts falling due after more than one year

Grants payable

2022 2022	2021 2021
£ £	£ £
1,831,200 1,831,200	- -

Grants payable constitute 3 instalments of a grant that is expected to be paid annually.

11. Analysis of net assets between funds

	Unrestricted Unrestricted	Expendable Expendable	Totalat Total at
	income income	endowment endowment	5April 5 April
	fund fund	fund fund	2022 2022
	£ £	£ £	£ ££
Investments Investments	- -	23,847,555 23,847,555	23,847,555 23,847,555
Currentassets Current assets	868,548 868,548	2,622,248 2,622,248	3,490,796 3,490,796
Currentliabilities Current liabilities	(868,548) (868,548)	- -	(868,548) (868,548)
Longtermliabilities Long term liabilities		(1,831,200) (1,831,200)	(1,831,200) (1,831,200)
Netassets Net assets	- -	24,638,603 24,638,603	24,638,603 24,638,603
xpendableendowmentfundincludestherevaluationreserveof xpendable endowment fund includes the revaluation reserve of			£10,493,494 £10,493,494
	Unrestricted Unrestricted	Expendable Expendable	Totalat Total at
	income income	endowment endowment	5April 5 April
	fund fund	fund fund	2021 2021
	£ £	£ £	£ £
Investments Investments	10,000 10,000	22,175,571 22,175,571	22,185,571 22,185,571
Currentassets Current assets	62,122 62,122	4,467,981 4,467,981	4,530,103 4,530,103
Currentliabilities Current liabilities	(72,122) (72,122)	- -	(72,122) (72,122)
Netassets Net assets	- -	26,643,552 26,643,552	26,643,552 26,643,552

Expendable endowment fund includes the revaluation reserve of £10,493,494

Expendable endowment fund includes the revaluation reserve of £9,813,854.

12. Related party transactions

Donations connected to Trustees are set out in note 2 to these financial statements. There were no other related party transactions during the year (2021: none).

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The Ruddock Foundation for the Arts

Notes to the financial statements (continued) For the year ended 5 April 2022

13. Reconciliation of net income to net cash flow from operating activities

14. Netincome/(expenditure)for theyear Adjustmentsfor: (Gains)/lossesoninvestments Realisedforeignexchangegain Dividends,interestandrentsfrominvestments Loanconvertedtoa grant (Increase)/decreaseindebtors Increase/(decrease)increditors Endowmentsreceived Netcash(usedin)/providedbyoperatingactivities Analysisofcashandcashequivalents At 6 April 2021 £ Cashinhand 4,257,603 Cashheldbyinvestmentmanager - Totalcashandcashequivalents 4,257,603 Net income/(expenditure) for the year Adjustments for: (Gains)/losses on investments Realised foreign exchange gain Dividends, interest and rents from investments Loan converted to a grant (Increase)/decrease in debtors Increase/(decrease) in creditors Endowments received Net cash (used in)/provided by operating activities 14. Analysis of cash and cash equivalents At 6 April 2021 £ Cash in hand 4,257,603 Cash held by investment manager - Total cash and cash equivalents 4,257,603	2022 £ (2,004,950) (1,457,000) - (45,140) 10,000 272,500 2,627,626 (539,083) (1,136,047) Netcash movement £ (766,807) - (766,807) 2022 £ (2,004,950) (1,457,000) - (45,140) 10,000 272,500 2,627,626 (539,083) (1,136,047) Net cash movement £ (766,807) - (766,807)		2021 £ 8,189,259 (7,381,747) 11,855 (215,313) - (272,500) 30,573 (1,087,309) (725,182) At5 April 2022 £ 3,490,796 - 2021 £ 8,189,259 (7,381,747) 11,855 (215,313) - (272,500) 30,573 (1,087,309) (725,182) At 5 April 2022 £ 3,490,796 -
			3,490,796 3,490,796

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The Ruddock Foundation for the Arts

Notes to the financial statements (continued) For the year ended 5 April 2022

15. 2021 SOFA comparatives

Incomeandendowments from: Donations Investments Totalincome Expenditureon: Charitableactivities -Grants -Grantrelatedsupportcosts Raisingfunds Totalexpenditure Gain/(Loss)oninvestments Netincome/(expenditure) beforetransfers Transfersbetweenfunds Othergains/(losses) Netmovementinfunds Balancesbrought forward at6 April2020 Balancescarriedforward at5 April2021 Income and endowments from: Donations Investments Total income Expenditure on: Charitable activities - Grants - Grant related support costs Raising funds Total expenditure Gain/(Loss) on investments Net income/ (expenditure) before transfers Transfers between funds Other gains/(losses) Net movement in funds Balances brought forward at 6 April 2020 Balances carried forward at 5 April 2021	Unrestricted Funds £ - 215,313 215,313 632,865 9,924 - 642,789 - (427,476) 538,810 (111,334) - - - Unrestricted Funds £ - 215,313 215,313 632,865 9,924 - 642,789 - (427,476) 538,810 (111,334) - - -	Endowment Funds £ 1,359,809 - 1,359,809 - - 1,364 1,364 7,369,624 8,728,069 (538,810) - 8,189,259 18,454,293 26,643,552 Endowment Funds £ 1,359,809 - 1,359,809 - - 1,364 1,364 7,369,624 8,728,069 (538,810) - 8,189,259 18,454,293 26,643,552	2021 Total £ 1,359,809 215,313 2021 Total £ 1,359,809 215,313
			1,575,122 1,575,122
			632,865 9,924 1,364 632,865 9,924 1,364
			644,153 644,153
			7,369,624 7,369,624
			8,300,593 8,300,593
			- (111,334) - (111,334)
			8,189,259 18,454,293 8,189,259 18,454,293
			26,643,552 26,643,552

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