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2022-03-31-accounts

		Page
Trustees Report		1-5
Independent Auditors'	Report	6-9
Statement of Financial	Activities	10
Balance Sheet
Statement ofCash Flow		12
Notes to the Financial	Statements	13-25

				Unrestricted	Restricted	Endowment	Total	Total
				Funds	Funds	Funds	2022	2021
			Note	F	F	F	F
Incoming resources
Donations			4	1,440,000	78,401		1,518,401	2,714,570
Other income			5	268,476	1,104		269,580	275,226
Total income				1,708,476	79,505		1,787,981	2,989,796
Resources expended
Charitable activities				276,672			276,672	292,015
Total resources expended				276,672			276,672	292,015
Net Income/(expenditure)				1,431,804	79,505		1,511,309	2,697,781
Transfers between funds			14	251,451	( 251,451 )
Net (loss)/gain	on investments		12	( 1,000,000 )		-	( 1,000,000 )
Net movement	in funds for the year			683,255	( 171,946 )		511,309	2,697,781
Reconciliation	offunds
Fund balances	brought	forward		16,179,204	285,775	9,050,541	25,515,520 22,817,739
Fund balances	carried	forward		16,862,459	113,829	9,050,541	26,026,829 25,515,520

					2022		2021
			Note		F
Fixed assets
Heritage assets			11		25,754,854		24,923,107
Investments			12
Current assets
Debtors			13	49,911		526,115
Cash at bank	and in	hand		225,693		71,401
				275,604		597,516
Creditors: amounts		falling due
within one year			14	(3,629 )		(5,103	)
Net current.	assets				271,975		592,413
Net assets					26,026,829		25,515,520
Funds
Unrestricted	funds				158,'146		398,588
Designated funds					16,704,313		15,780,616
Restricted funds					113,829		285,775
Endowment	funds				9,050,541		9,050,541
Total charity	funds				26,026,829		25,515,520

						Notes	2022	2021
Net cash flow from operating		activities
Net cash provided by/(used	in) operating		activities			17	983,339	2,083,061
Cash flow from investing	activities
Purchase offixed assets							( 829,047 )	( 2,090,504 )
Net cash provided by/(used		in) operating		activities			( 829,047 )	( 2,090,504 )
Change in cash and cash	equivalents		in	the reporting	period		154,292	(7,444 )
Cash and cash equivalents	at	the beginning		ofthe year			71,401	78,845
Cash and cash equivalents		at the end	of	the year			225,693	71,401
Cash and cash equivalents		consist of:
Cash at bank and in hand							225,693	71,401

		Unrestricted	Unrestricted	Restricted	Endowment	Total	Total
			Funds	Funds	Funds	2021	2020
		Note	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 for the 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

				2022	2021
				f	f
	Donations			1,515,701	2,578,370
	Donations	in kind		2,700	136,200
	Grants				6,750
				1,518,401	2,721,320
	Donations
	Mr J G Ruffer				1,265,725
	Gift Aid on Mr		J G Ruffer donations		316,431
	Lempriere	Pringle 2015		1,515,701	996,214
				1,515,701	2,578,370
	Donations	in kind
	Secretary	ofState		2,700	98,700
	Other donated		assets		37,500
				2,700	136,200
	Grants
	Victoria 8	Albert			6,750
					6,750
5.	Other income
				2022	2021
				f	f
	The Auckland		Project —Barter arrangement	268,476	268,476
	The Auckland		Project —MAG contribution	1,104

Charitable a	ctivities expenditure
		2022	2021
			f
Bank charges		160	519
Interest paid			10,119
Legal fees			3,825
Audit fees		3,630	3,100
Consultancy	fees		2,150
Insurance		1,124	850
Professional	fees	3,282	2,976
Other Costs		268,476	268,476
		276,672	292,015

Included in t	he abo	ve di	rect costs are support costs as follow	s:
				2022	2021
				f.
Professional	fees				2,150
Governance	costs	(note	8)	6,912	6,076
				7,512	8,226

		2022	2021
			f.
Audit	fees	3,100	3,100
Other		3,812	2,976
		6,912	6,076

	and may	on occasion pay other travelling costs. The total amou	nts paid in the year arefnil (2021:ani	l).
10.	Auditors	remuneration
			2022	2021
	Auditors'	remuneration
	—Audit of	these financial statements	3,700	3,100

	Zurbaran	Other	Total
	Collection	artwork	assets
Cost
At 1 April 2021	9,050,541	15,872,566	24,923,107
Additions		831,747	831,747
At 31 March 2022	9,050,541	16,704,313	25,754,854

Summary analy	sis
		Purchased
		additions	Donated	Total
		at cost	assets	assets
Purchased additions				F
2013purchases		9,079,131		9,079,131
2014purchases
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
2022 purchases		829,047	2,700	831,747
				25,754,854

12. Investments	12. Investments
Cost
Balance at 1 April	2021
Additions		1,000,000
At 31 March 2022		1,000,000
Impairment
Balance at 1 April	2021
Written off during	the year	1,000,000
At 31 March 2022		1,000,000
Carrying Amount
At 31 March 2022
At 31 March 2021

Debtors
		2022	2021
			f
The Auckland	Project	22,366	21,263
VAT refund due		721	187
Other debtors		676	422
Deposit on acquisition		26,148	504,242
		49,911	526,114

Creditors: amounts falling due within one year
	2022	2021
	E	F
Trade creditors		1,403
Accruals	3,629	3,700
	3,629	5,103

15.	Statement	offunds	offunds
	Year ended	31March 2022
				Balance at						Balance at
				1 April			Transfers			Gains/	31 March
				2021	Income	Expenditure		in/out		(losses)	2022
	Unrestricted	funds		398,588	1,708,476	( 276,672 )	( 672,246 )		( 1,000,000)		158,146
	Designated	funds
	Capital fund			15,780,616				923,697		-	16,704,313
	Total unrestricted		funds	16,179,204	1,708,476	(276,672 )		251,451	(1,000,000)		16,862,459
	Restricted funds
	Mr J G Ruffer			171,435	75,701		( 247,136 )
	Art and Artefacts		fund	98,700	2,700						101,400
	MAG Contribution		fund	15,640	1,104			(4,315 )			12,429
				285,775	79,505		(	251,451 )			113,829
	Endowment	fund
	Zurbaran paintings			9,050,541							9,050,541
	Total funds			25,515,520	1,787,981	( 276,672 )			(	1,000,000)	26,026,829

15.Statement offunds		(continued)
Year ended 31March 2021			Brought	Incoming	Resources		Carried
			Forward	resources	Expended	Transfers	Forward
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 8 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 2022	Year ended 31March 2022	Restricted	Unrestricted	Endowment	Total
		Funds	Funds	Funds
		f
Heritage assets		101,400	16,602,913	9,050,541	25,754,854
Current assets		12,429	263,175		275,604
Creditors: amounts	due within one year		(3,629 )		(3,629 )
		113,829	16,862,459	9,050,541	26,026,829
Year ended 31March 2021		Restricted	Unrestricted	Endowment	Total
		Funds	Funds	Funds
		E			F
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

Reconciliation of	the net in	come/(xppnnditure to net cash	flow
			2022	2021
				f.
Net income for the	year		511,309	2,697,781
Decrease/(Increase)	in debtors		476,204	(478,080 )
(Decrease)/increase	in creditors		(1,474 )	(440 )
Donated assets			(2,700 )	( 136,200 )
Net cash flow from	operating	activities	983,339	2,083,061