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|||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|
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|||||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||
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||||||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|
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##
|||||||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|
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|||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|
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|||||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||
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|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|
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||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|
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|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|
##
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|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|
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|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|
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|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|