## ## ## |||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|