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2021-03-31-accounts

		Page
Trustees Report		1-5
Independent Auditors'	Report	6-8
Statement of Financial	Activities
Balance Sheet		10
Statement of Cash Flow
Notes to the Financial	Statements	12-24

			Unrestricted	Restricted	Endowment	Total	Total
			Funds	Funds	Funds	2021	2020
		Note	F	f	F
Incoming resources
Donations			316,431	2,398,139		2,714,570	1,208,924
Other income			268,476	6,750		275,226	275,918
Total income			584,907	2,404,889		2,989,796	1,484,842
Resources expended
Charitable activities			292,015			292,015	287,399
Total resources expended			292,015			292,015	287,399
Net Income/(expenditure)			292,892	2,404,889		2,697,781	1,197,443
Transfers between funds		14	2,136,047	( 2,136,047 )
Net movement in funds forthe year			2,428,939	268,842		2,697,781	1,197,443
Reconciliation offunds
Fund balances brought	forward		13,750,265	16,933	9,050,541	22,817,739	21,620,296
Fund balances carried	forward		16,179,204	285,775	9,050,541	25,515,520	22,817,739

					2021		2020
			Note		f
Fixed assets
Heritage assets					24,923,107		22,696,403
Current assets
Debtors			12	526,115		48,034
Cash at bank and	in	hand		71,401		78,845
				597,516		126,879
Creditors: amounts		falling due
within one year			13	( 5,103 )		(5,543	)
Net current assets					592,413		121,336
Net assets					25,515,520		22,817,739
Funds
Unrestricted funds					398,588		104,403
Designated funds					15,780,616		13,645,862
Restricted funds					285,775		16,933
Endowment funds					9,050,541		9,050,541
Total charity funds			14		25,515,520		22,817,739

						Notes	2021	2020
							E	f.
Net cash flow from operating		activities
Net cash provided by/(used	in) operating		activities			17	2,083,061	1,165,298
Cash flow from investing	activities
Purchase offixed assets							( 2,090,504 )	( 1,115,147 )
Net cash provided by/(used		in) operating		activities			( 2,090,504 )	( 1,115,147 )
Change in cash and cash	equivalents		in	the reporting	period		( 7,444 )	50,151
Cash and cash equivalents	at	the beginning		ofthe year			78,845	28,694
Cash and cash equivalents		at the end	of	the year			71,401	78,845
Cash and cash equivalents		consist of:
Cash at bank and in hand							71,401	78,845

		Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Funds	2020
	Note	E		F
Incoming resources
Donations		132,333	1,076,591		1,208,924
Other income		268,476	7,442		275,918
Total income		400,809	1,084,033		1,484,842
Resources expended
Charitable activities		287,399			287,399
Total resources expended		287,399			287,399
Net Income/(expenditure)		113,410	1,084,033		1,197,443
Transfers between funds	14	1,067,100	( 1,067,100 )
Net movement in funds for the year		1,180,510	16,933		1,197,443
Reconciliation offunds
Fund balances brought forward		12,569,755		9,050,541	21,620,296
Fund balances carried forward		13,750,265	16,933	9,050,541	22,817,739

				2021	2020
	Donations			2,578,370	1,028,924
	Donations	in kind		136,200
	Grants			6,750	180,000
				2,721,320	1,208,924
	Oonations
	Mr J G Ruffer			1,265,725	529,330
	Gift Aid on Mr		J G Ruffer donations	316,43 "I	132,333
	Lempriere	Pringle 2015		996,214	367,261
				2,578,370	1,028,924
	Donations	in kind
	Secretary	of State		98,700
	Other donated		assets	37,500
				136,200
	Grants
	The Art Fund				180,000
	Victoria 8	Albert		6,750
				6,750	180,000
5.	Other income
				2021	2020
				F
	The Auckland		Project	268,476	275,918

Charitable a	ctivities expenditure
		2021	2020
		F	f
Bank charges		519	378
Interest paid		10,119
Legal fees		3,825
Audit fees		3,100	3,100
Consultancy	fees	2,150	2,325
Insurance		850	572
Professional fees		2,976	11,823
Travel costs			338
Hotels			387
Other Costs		268,476	268,476
		292,015	287,399

Support c	osts
Included in	the above direct costs are support costs as follows:
		2021	2020
Professional	fees	2,150	2,325
Governance	costs (note 8)	6,076	7,423
		8,226	9,748

8.	Governance
		2021	2020
			E
	Audit fees	3,100	3,100
	Other	2,976	4,323
		6,076	7,423

	Zurbaran	Other	Total
	Collection	artwork	assets
		E	E
Cost
At 1 April 2020	9,050,541	13,645,862	22,696,403
Additions		2,226,704	2,226,704
At 31 March 2021	9,050,541	15,872,566	24,923,107

Heritage assets	(Continued)
Summary analysis
		Purchased
		additions	Donated	Total
		at cost	assets	assets
Purchased additions
2013purchases		9,079,131		9,079,131
2014 purchases
2015purchases		500,090		500,090
2016purchases		3,267,275		3,267,275
2017purchases		3,134,046		3,134,046
2018purchases	and donations	2,093,060	3,081,119	5,174,179
2019purchases	and donations	337,377	89,158	426,535
2020 purchases		1,115,147		1,115,147
2021 purchases		2,090,504	136,200	2,226,704
				24,923,107

Debtors
		2021	2020
			E
The Auckland	Project	21,263	21,263
VAT refund due		187
Other debtors		422	623
Deposit on acquisition		504,242	26,148
		526,114	48,034

Creditors: amounts falling due within one year
	2021	2020
Trade creditors	1,403	1,680
Accruals	3,700	3,863
	5,103	5,543

14.	Statement offunds	Statement offunds
	Year ended 31March 2021		Brought	Incoming	Resources			Carried
			Forward	resources	Expended	Transfers		Forward
				F			F
	Unrestricted fund		104,403	584,907	( 292,015 )		1,293	398,588
	Designated fund
	Capital fund		13,645,862			2,134,754		15,780,616
	Total unrestricted	funds	13,750,265	584,907	( 292,015 )	2,136,047		16,179,204
	Restricted funds
	Mr J G Ruffer			1,265,725		(	1,094,290 )	171,435
	Lempriere Pringle	2015		996,214			( 996,214 )
	Art and Artefacts fund			136,200			( 37,500 )	98,700
	MAG Contribution	fund	16,933				(1,293 )	15,640
	Victoria &Albert			6,750			(6,750 )
	Endowment fund
	Zurbaran paintings		9,050,541					9,050,541
	Total restricted funds		9,067,474	2,404,889		( 2,136,047 )		9,336,316
			22,817,739	2,989,796	( 292,015 )			25,515,520

Year ended 31March 2020	Year ended 31March 2020	Brought	Incoming	Resources		Carried
		Forward	resources	Expended	Transfers	Forward
					E
Unrestricted fund		39,040	400,809	( 287,399 )	( 48,047 )	104,403
Designated fund
Capital fund		12,530,715			1,115,147	13,645,862
Total unrestricted	funds	12,569,755	400,809	( 287,399 )	1,067,100	13,750,265
Restricted funds
Art and Artefacts fund			1,076,591		( 1,076,591 )
MAG Contribution	fund		7,442		9,491	16,933
Endowment fund
Zurbaran paintings		9,050,541				9,050,541
		21,620,296	1,484,842	( 287,399 )		22,817,739

Year ended 31March 2021	Year ended 31March 2021	Restricted	Unrestricted	Endowment	Total
		Funds	Funds	Funds
			E
Heritage assets		98,700	15,773,866	9,050,541	24,923,107
Current assets		187,075	410,441		597,516
Creditors: amounts	due within one year		( 5,103 )		(5,103 )
		285,785	16,179,204	9,050,541	25,515,520
Year ended 31March 2020		Restricted	Unrestricted	Endowment	Total
		Funds	Funds	Funds
Heritage assets			13,645,862	9,050,541	22,696,403
Current assets		16,933	109,946		126,879
Creditors: amounts	due within one year		(5,543 )		( 5,543 )
		16,933	13,750,265	9,050,541	22,817,739