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2023-03-31-accounts

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

				Unrestricted	Restricted	Endowment	Total	Total
				Funds	Funds	Funds	2023	2022
			Note		F		F
Incoming resources
Donations			4	3,060,850	170,000		3,230,850	1,518,401
Other income			5	268,476	2,800		271,276	269,580
Total income				3,329,326	172,800		3,502,126	1,787,981
Resources expended
Charitable activities				307,120			307,120	276,672
Total resources expended				307,120			307,120	276,672
Net Income/(expenditure)				3,022,206	172,800		3,195,006	1,511,309
Transfers between funds			15	173,850	( 173,850 )
Net (loss)/gain	on investments		12				-(	1,000,000 )
Net movement	in funds for the year			3,196,056	( 1,050 )		3,195,006	511,309
Reconciliation	offunds
Fund balances	brought	forward		16,862,459	113,829	9,050,541	26,026,829	25,515,520
Fund balances	carried	forward		20,058,515	112,779	9,050,541	29,221,835	26,026,829

					2023		2022
			Note		E		f
Fixed assets
Heritage assets			11		29,153,504		25,754,854
Investments			12
Current assets
Debtors				26,264		49,911
Cash at bank and in		hand		47,988		225,693
				74,252		275,604
Creditors;	amounts	falling due
within one	year		14	( 5,921 )		(3,629	)
Net current	assets				68,331		271,975
Net assets					29,221,835		26,026,829
Funds
Unrestricted	funds				56,952		158,146
Designated	funds				20,001,563		16,704,313
Restricted funds					112,779		113,829
Endowment	funds				9,050,541		9,050,541
Total charity	funds		15		29,221,835		26,026,829

						Notes	2023	2022
							f	f.
Net cash flow from operating		activities
Net cash provided by operating activities						18	202,595	983,339
Cash flow from investing	activities
Purchase of fixed assets							( 380,300 )	( 829,047 )
Net cash used in operating	activities						( 380,300 )	( 829,047 )
Change in cash and cash	equivalents		in	the reporting	period		( 177,705 )	154,292
Cash and cash equivalents	at	the beginning		ofthe year			225,693	71,401
Cash and cash equivalents		at the end	of	the year			47,988	225,693
Cash and cash equivalents		consist of:
Cash at bank and in hand							47,988	225,693

				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			15	251,451	( 251,451 )
Net (loss)/gain	on investments		12	( 1,000,000 )			( 1,000,000 )
Net movement	in funds forthe 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

4.	Donations
					2023	2022
	Donations				212,500	1,515,701
	Donations	in kind			3,018,350	2,700
	Grants
					3,230,850	1,518,401
	Donations
	Mr J G Ruffer				170,000
	Gift Aid on	Mr	J G Ruffer	donations	42,000
	Lempriere	Pringle 2015				1,515,701
	Donations	in kind
	Secretary	ofState				2,700
	Other donated		assets		18,350
	LP15 Donation		physical	donations	3,000,000
					3,230,850	1,518,401
5.	Other income
					2023	2022
					f	f
	The Auckland		Project —Barter arrangement		268,476	268,476
	The Auckland		Project —MAG contribution		2,800	1,104
					271,276	269,580

Charitable a	ctivities expenditure
		2023	2022
		f
Bank charges		289	160
Audit fees		5,640	3,630
Insurance		1,659	1,124
Professional	fees	5,485	3,282
The Auckland	Project- Barter arrangement	268,476	268,476
Other		26,148
		307,120	276,672
Support costs
Included in the above direct costs are support costs as follows:
		2023	2022
		E	E
Professional	fees
Governance	costs (note 8)	11,125	6,912
		11,125	6,912

		2023	2022
Audit	fees	5,640	3,100
Other		5,485	3,812
		11,125	6,912

11.	Heritage assets	(Continued)
	Summary analysis
			Purchased
			additions	Donated	Total
			at cost	assets	assets
	Purchased additions		F
	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
	2018 purchases	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	and donations	2,090,504	136,200	2,226,704
	2022 purchases	and donations	829,047	2,700	831,747
	2023 purchases	and donations	380,300	3,018,350	3,398,650
					29,153,504

Cost
Balance at 1 April 2022 and 31 March 2023	1,000,000
Impairment
Balance at 1 April 2022 and 31 March 2023	( 1,000,000 )
Carrying Amount
At 31 March 2023
At 31 March 2022

Debtors
			2023	2022
			f
The Auckland		Project	25,166	22,366
VAT refund	due		90	721
Other debtors			1,008	676
Deposit on	acquisition			26,148
			26,264	49,911

Creditors: amounts falling due within one year
	2023	2022
	F	E
Trade creditors	540
Accruals	5,381	3,629
	5,921	3,629

		Balance at					Balance at
		1 April			Transfers	Gains/	31 March
		2022	Income	Expenditure	in/out	(losses)	2023
Unrestricted funds		158,146	3,329,326	( 307,120 )	( 3,123,400 )		56,952
Designated funds
Capital fund		16,704,313			3,297,250	-	20,001,563
Total unrestricted	funds	16,862,459	310,976	( 307,120 )	173,850	-	20,058,515
Restricted funds
Mr J G Ruffer			170,000		( 170,000 )
Art and Artefacts fund		101,400					101,400
MAG Contribution	fund	12,429	2,800		( 3,850 )		11,379
		113,829	172,800		( 173,850 )		112,779
Endowment fund
Zurbaran paintings		9,050,541					9,050,541
Total funds		26,026,829	3,502,126	( 307,120 )		-	29,221,835

			Balance at						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

Year ended 31March 2023	Year ended 31March 2023	Restricted	Unrestricted	Endowment	Total
		Funds	Funds	Funds
		F	F	f	E
Heritage assets		101,400	20,001,563	9,050,541	29,142,125
Other Assets
Current Assets		11,379	62,873		74,252
Creditors: amounts	due within one year		(5,921 )		(5,921 )
		112,779	20,058,515	9,050,541	29,221,835
Year ended 31March 2022		Restricted	Unrestricted	Endowment	Total
		Funds	Funds	Funds
		F			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

Reconcili	ation oft	he net in	come/(expenditure) to net cas	h flow
				2023	2022
					E
Net income for the year				3,195,006	511,309
Decrease	in debtors			23,647	476,204
Increase/(Decrease)		in creditors		2,292	(1,474 )
Donated	assets			( 3,018,350 )	( 2,700 )
Net cash	flow from	operating	activities	202,595	983,339