Company number.. 07846779 (England and Wales) Charity number.. 1146437 The Zurbaran Trust (A Company Limited by Guarantee) Report and Financial Statements For the Year Ended 31 March 2024
The Zurbaran Trust (A Company Limited by Guarantee) coKrENTS Page Trustees Report Independent Auditors. Report Statement of Financial Activities 10 Balance Sheet statement of Cash Flow 12 Notes to the Financial Statements 13-25
The zuaran Trust (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also directors of the charity for the purpose of company law) present their annual accounts and audited financial StatentS of The Zurbaran Trust (the Trust) for the year ended 31 March 2024. OBJECTIVES AND ACTIVITIES Policies and objectives The Trust was set up to benefit the public and in particular the people of North East England and.. To advance art. culture and heritage by acquiring and holding in perpetuity the thirteen paintings of 'Jacob and his sons" (the Paintings, the Zurbaran Collection or the Zurbaransl to be housed at Auckland Castle,. To advance education., To relieve poverty and suffering, in particular by providing financial or other assistance to organisations and individuals; and For such other purposes as are exclusively charitable under the laws of England and Wales. This requires the following= That pictures are kept in good condition, and are attractively and appropriately displayed That further acquisitions be identified, valued and acquired at competitive prices. That identification of assets be primarily centred around the contextualisation of the Zurbaran Collection-, That the curatorial aspects of the Auckland Castle (the Castle) be advised by the Trust. That the loan of heritage assets be approved by the Trust- and That scholarship, publicity and liaisons with other learned societies, museums and galleries, be under the responsibility of the Trust. Public Benefit The Twstees have due regard to the guidance published by the Charity Commission on public benefit. The Trust's activities encompass a number of charitable purposes which are referred to in the Charities Act 2011, in particular the advancement of the arts, culture and heritage.
The Zutharan Trust {A Company Limited by Guarantee) TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE Auckland Castle and the galleries were open through 2023124. The newly opened Spanish Gallery has attracted many enthusiastic visitors. The opening of the Faith Gallery completed in October 2023. The trust has continued to acquire new works. including paintings by Bogianni. Salgado and Viterbo. The Mining Art Gallery has benefitted from donations and acquisitions. Several significant works have also been on loan to The Spanish Gallery on a rotating basis. Negotiations continue to acquire a tapestry with significant links to the Henrician Reformation. FINANCIAL REVIEW Financial Summary Full details of the Trust's financial position can be found in the accompanying financial statements attached to this report. ReseNes Policy The level of endowment and designated funds maintained should equal the value of the heritage assets held_ Due to the nature of other expenditure and the relationship with The Auckland Project and Lempriere Pringle 2015 other reserves are usually held at a low level. Principal Funding The principal funding was as set out in the financial statements attached. Plans for the Future In the year ending 31 March 2025, the Trust will continue providing appropriate art works for the The Spanish Gallery and Faith Museum. The long-temi ambition is to see Bishop Auckland as a major European study centre for Spanish Peninsular art.
The Zurbaran Trust (A Cc¥npany Limited by Guarantee) TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Charity number. Company number: Registered office.. 1146437 07846779 58, Kingsway, Bishop Auckland, Co Durham, DL14 7JF Advisors Auditors Bankers CLA Evelyn Partners Limited Barclays Bank PIC 17 Queens Lane, Newcastle upon Tyne, NE1 1 RN 6 Market Place, Durham, DH13ND Directors and Trustees The Directors of the Trust are the Trustees for the purpose of charity law. The Trustees and officers *rving during the year and since the year end were as follows: Trustees: Mr J G RLrffer MrASWMould Mrs J M Ruffer Dr L R C Stainton Don Jose Luis Colomer Mr B G E Finucane Company secretary.. Mrs Jane Henderson STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming documents The Trust was registered as a company limited by guarantee and was t up by a Mernorandum of Association on 14 November 2011. The Trust is constituted under its Memorandum of Association and is a registered charity (number 11464371. The Articles of Association have been approved by the Charity Commission. The principal objects of the Trust as stated in the Articles of Association are to advance art, culture and heritage by: Acquiring and holding the thirteen paintings of 'Jacob and his sons. (the paintings) to be housed at Auckland Castle- Providing and facilitating the preservation of and exhibition of the paintings., and Other objects are.. Advancing education- Relieving poverty and suffering in particular by providing financial or other assistance (including the making of grants) to individuals and organisations.
The Zurbaran Trust (A Company Limited by Guarantee) TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Appointment of Trustees The management of the Trust is the responsibility of the Trustees. New trustees are selected by existing Trustees and are appointed Members of the Trust. Induction and Training of Trustees Each of the Trustees is experienced in the nature of trustee responsibilities and brings a distinctive set of relevant skills and experience to the board,. therefore, no specific training is given to the Trustees. Organisational Structure The Trust in its current fomiation has responsibility in ownership of fine art. The Board of Trustees is responsible for the preservab.on and maintenance of assets, and for handling the grants received from Lempriere Pringle 2015 and gifts or loans from Jonathan Ruffer. Jane Henderson, Company Secretary, is responsible for the administration. There are no employees, with support being provided by The Auckland Project. The Trustees will continue to review the organisational structure as the Trust's activities develop. Risk assessment The Trust, along with The Auckland Project, has installed a collections management system which will be maintained as new acquisitions are made. Reports on risk assessment are made to the Trustees at their formal meetings as they arise. The holding of the pictures is deemed low risk. The Trustees continue to acquaint themselves with the conditions in which the Paintings are housed, with the help of the Curatorial Team at The Auckland Project. Related parties Lempriere Pringle 2015 (LP2015) was registered with the Charity Commission on 1 May 2015. The Trust and LP2015 have a close working relationship. The Trust has re5Ved significant financial support from LP2015. Mr Jonathan Ruffer and Mrs Jane Ruffer are Trustees of both the Trust and LP2015. The Trust also has a close working relationship with The Auckland Project. Certain costs relating to the Trust (such as Insuran and security costs) are borne by The Auckland Project, and other transactions of the Trust are administered by The Auckland Project and reimbursed from time to time. Mr Jonathan Ruffer and Mr Brendan Finucane are Trustees of The Auckland Project. A Collections Management Agreement (CMA) beeen the Trust and The Auckland Project has been in place since June 2015. Under the CMA, the Trust will own the paintings and other artefacts and The Auckland Project manages them and will display them to visitors. Auditors In accordance with the Companies Act 2006, a resolution proposing the re-appointment of CLA Evelyn Partners Limited as auditors for the year ending 31 March 2025 will be put to the members.
The Zurbaran Trust (A Company Limited by Guarantee) TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 statement of Trustees responsibilities The Trustees (who are also directors of the Trust for the purpose of company law) are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare the financial statements for each financial year, which give a true and fair view of the state of affairs of the Trust and the incoming resources and application of resources, including the net income or expenditure, of the Trust for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP {FRS 102)., make judgments and estimates that are reasonable and prudent" state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on a going concern basis unless it is inappropriate to assume that the Trust will continue in operation. The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the Trust's auditors are unaware and the Trustees have taken all the steps that we ought to have taken in order to make themselves aware of any relevant audit infonnation and to establish Ihat the auditor is aware of that infonnation. Approved by the Trustees on signed on their behalf, by MrJG Chair uffer
The Zurbaran Trust (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ZURBARAN TRUST FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of The Zurbaran Trust (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024, and of its incoming resources and application of resOurs, including its income and expenditure, for the year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordan with the requirements of the Companies Act 2006 Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other infomation. The other information comprises the information included in the Trustees Report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fom of assurance conclusion thereon.
The Zurbaran Trust (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ZURBARAN TRUST (Continued) FOR THE YEAR ENDED 31 MARCH 2024 In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwrse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misststement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infonmation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit. the infomiation given in the Trustees Report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees Report has been prepared in accordance with applicable legal requirements Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. or the Trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees Report and from the requirement to prepare a strategic report. Responsibillties of Trustees As explained more fully in the Trustees, responsibilities statement t out on page 5, the Trustees {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cea operations, or have no realistic alternative but to do so.
The Zurbaran Trust (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ZURBARAN TRUST (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Auditor's responsibilities for the audlt of the financial statements We have been appointed auditor under the companies Act 2006 and we report in accordance with this Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements fran our sector expertence and through discussion with the directors and other management. The most significant were identified as the Charities Act 2011, Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included= confimiing with the trustees and management whether they have any knowledge or suspicion of fraud; obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations., confinnation received from the banks to verify the balance as on the last day of the accounting year,. and reviewing minutes of meetings of those Gharged with governance. Our audit did not identify any key audit matters relating to the detection of irregulartties including fraud. However, despite the audit being planned and conducted in accordance with ISAS (UK) there remains an unavoidable risk that material misstatements in the financial statemerrts may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report.
The Zurbaran Trust {A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ZURBARAN TRUST (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Use of this report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Craig Henderson {Senior Statutory Auditor) for and on behalf of CLA Evelyn Partners Limited statutory Auditor 17 Queens Lane Newcastle upon Tyne NE1 1RN
The Zurbaran Trust (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Endowment Funds Funds Funds Total 2024 Total 2023 Note Incoming resources Donations other income 109,895 2,105,909 268,695 3,613 2,215,804 3,230,850 272,308 271,276 Total income, 378,590 2,109,522 2,488,112 3,502,126 Resources expended Charitable activities 290,847 290,847 307,120 Total resources expended 290,847 290,847 307,120 Net Income 87,743 2,109,522 2,197,265 3,195,006 Transfers between funds 15 1.757,294 (1,757,294) Net movement in funds for the year 1,845,037 352,228 2,197.265 3,195,006 Reconciliation of funds Fund balances brought foTward 20,058,515 112,779 9,050,541 29,221,835 26,026,829 Fund balances carried forward 21,903,552 465,007 9.050,541 31.419.100 29,221,835 There are no recognised gains and losses other than those passing through the Statement of Financial Activities. 10
The Zurbaran Trust (A Company Limited by Guarantee) BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Note Fixed assets Heritage assets Investments 30,960,289 29,153,504 12 Current assets Debtors Cash at bank and in hand 13 45,827 421,967 26,264 47, 988 467,794 74,252 Creditors: amounts falling due within one year 14 (8,983) (5,921) Net current assets 458,811 68,331 Net assets 31,419,100 29,221,8a5 Funds Unrestricted funds Designated funds Restricted funds Endowment funds 378,590 21,524,962 465,007 9,050,541 56,952 20,001,563 112,779 9,050,541 Total charity funds 15 31,419,100 29,221,835 The financial statements were approved by the trustees on . Z<-... 2024 and signed on their behalf, by MrJGRu Chair Company number.. 07846779 The notes on pages 13 to 25 fomi part of these financial statements. 11
The Zurbaran Trust (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS AS AT31 MARCH 2024 Notes 2024 2023 Net cash flow from operating activities Net cash provided by operating activities 18 2,070,359 202,595 Cash flow from investing activities Purchase of fixed assets (1,696,380) (380,300) Net cash used in operating activities (1,696,380) (380,300) Change in cash and cash equivalents in the reporting period 373,979 (177.705) Cash and cash equivalents at the beginning of the year 47,988 225,693 Cash and cash equivalents at the end of the year 421,967 47,988 Cash and cash equivalents consist of: Cash at bank and in hand 421,967 47,988 12
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Basis of preparation of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued in October 2019, the Financial Reporting Standard applicable in Ihe United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The Zurbaran Trust meets the definition of a public benefit under FRS 102. The financial statements are prepared under the historical cost convention or transaction value unless otherwise stated in the relevant accounting policy note{s). The financial statements are prepared in Sterling which is the functional currency of the charity and rounded to the nearest £. The principal accounting policies are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Fund accounting General funds are unrestricted funds which are available for the use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for any other purpose. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated funds is set out in the notes to the financial statements. Restricted funds are funds that can only be used for a particular purpose specified by the donor. The Endowment fund is a form of restricted fund and represents those assets which must be retained for the benefit of the Trust. Income recognition All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any perfomance conditions have bn met, the amount can be measured reliably and it is probable that the income will be received. 13
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Donated services and facilities Donated services and facilities are received on an ad hoc basis from The Aud(land Project. These services are considered immaterial to the function of the charity and no provision has been made in the financial statements for these Servi$. Donated assets are recognised in the Statement of Financial Activities when a reliable valuation can be obtained. Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Grants and donations payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. All irrecoverable VAT is included within the Statement of Financial Activities. Support costs Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Heritage assets Heritage assets are recognised on the balance sheet at cost when purchased or if donated, their valuation. Assets are subsequently held at cost less accumulated impaimient losses. All heritage assets are deemed to have indeteminate lives and a high residual value, hence the Trustees do not consider it appropriate to charge depreciation. Acquisitions only arise if it is believed that they will further the charity's objectives. Once acquired they will be preseNed by the charty in order to keep their historical, artistic, scientific, technological, geophysical or environmental qualities to such a high level as to contribute to knowledge and Culture. A register of all assets held by the charity is available and the assets themselves are accessible to the public. Heritage assets are to be held for the foreseeable future. Expenditure incurred to preserve or prevent deterioration of the paintings is recognised in the Statement of Financial Activities when it is incurred. 14
Thé Zurbaran Trust {A Company Limited by Guarantee) NOTES TO THE FINANCIAL sTATEMETrS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Debtors Trade and other debtors are recognised at the settlement account due after any trade discount offered. Prepayments are valued at the amounts prepaid net of any trade discounts. 1.10 Cash at bank and in hand Cash at bank and in hand includes cash and short tenn highly liquid investments. 1.11 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement after allowing for any trade discounts due. 1.12 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effecttve interest method. 1.13 Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 1.14 Judgements and key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty al the reporting date that have a significant risk of causing a material adjustment to the Carrying amounts of assets and liabilities within the next financial year include- Depreciation is not charged on heritage assets and an assessment of impaimient is made on an annual basis. The Trustees believe that the residual value of the assets is greater than the cost, and also an indeteminate useful life therefore no depreciation charged is deemed appropriate. 15
The Zurbaran Trust (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Legal status The Zurbaran Trust is a company limited by guarantee, registered in England and Wales, (No 07846779) and not having a share capital. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Comparative Ststement of Financial Activities Unrestricted Restricted Endowment Funds Funds Funds Total 2023 Total 2022 Note Incoming resources Donations other income 3,060,850 268,476 170,000 2,800 3,230,850 1.518.401 271,276 269,580 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 Incomel(expenditure) 3,022,206 172,800 3,195,006 1,511,309 Transfers beeen funds Net (loss)Igain on investments 15 12 173.850 (173,850) -(1,000,000 } Net movement in funds for the year 3,196,056 (1,050) 3,195,006 511,309 Reconciliation of funds Fund balanS 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 16
Thé Zurbaran Trust (A Company Limited by Guarant> NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Donations 2024 2023 Donations Donations in kind 2,105,949 109,855 212,500 3,018,350 2.215,804 3.230,850 Donations Mr J G RLrffer Gift Aid Lemprtere Pringle 2015 Tapestry Donations Other 674,210 134,665 950,000 347,035 39 170,000 42,000 Donations in kind Other donated assets 109,855 18,350 3,000,000 LP15 Donation physical donations 2,215,804 3,230,850 Other income 2024 2023 The Auckland Project- Barter arrangement The Auckland Project - MAG contribution Other 268,476 3,613 219 268,476 2,800 272,308 271,276 17
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities expenditure 2024 2023 Bank charges Legal fees Audit fees 68 7,769 4,150 1,809 8,433 268,476 142 289 5,640 1,659 5,485 268,476 26,148 Insurance Professional fees The Auckland Project- Barter arrangement Other 290,847 307,120 Support costs Included in the above direct costs are support costs as follows.. 2024 2023 Governance costs (note 8) 12,583 11,125 12,583 11.125 Governance 2024 2023 Audit fees 4,150 8,433 5,640 5,485 Other 12,583 11,125 18
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Analysis of twstee remuneration and expenses and the cost of key management personnel No Trustees (or any other persons connected with them) received any remuneration during the period (2023.. £nil). The Trust pays the travelling expenses and accommodation costs for Trustees to attend general trustee meetings and may on occasion pay other travelling costs. The total amounts paid in the year are £nil {2023.' £nil). 10. Auditors remuneration 2024 2023 Auditors, remuneration - Audit of these financial statements Non-audit servIS 4,150 450 5,640 11. Heritage assets Heritage assets are defined as tangible property with historical, artistic, scientific, technological, geographical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture. The Trustees consider its assets held fall within this definition. These assets are included in the charity's balance sheet at cost or valuation. There is no set acquisition policy. However, any purchases would have to be in accordance with the principal objects of the charity set out within the Trustees Report. Zurbaran Collection other artwork Total assets 78 Cost 78 At 1 April 2023 Additions 9,050,541 20,102,963 29,153,504 1,806,785 1,806,785 At 31 March 2024 9,050,541 21,909.748 30,960,289 Heritage assets held are the Zurbaran Collection, valuable paintings and other historic items. The Zurbaran Collection comprises e1ve paintings by Francisco de Zurbaran and one by Arthur Pond. As part of the agreement with the Church Commissioners an overage clause was included in the contract which allows for further payment to the Church Commissioners in the event of a sale of the paintings in excess of £15m. As security for the overage the Trust entered a Chattel Mortgage in favour of the Church Commissioners which represents a fixed charge over the paintings. The Trustees have considered the values included within the accounts and do not consider there to be any issues with assets being impaired. 19
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 11. Heritage assets (Continued) Summary analysis Purchased additions at cost Donated assets Total assets Purchased additions 2013 purchases 2014 purchases 2015 purchases 2016 purchases 2017 purchases 2018 purchases and donations 2019 purchases and donations 2020 purchases 2021 purchases and donations 2022 purchases and donations 2023 purchases and donations 2024 purchases and donations 9,079,131 9.079.131 500,090 3,267,275 3,134,046 2,093,060 337,377 1,115,147 2,090,504 829,047 380,300 1,696,930 500,090 3,267,275 3,134,046 5,174,179 426,535 1,115,147 2,226,704 831,747 3,398,650 1,806.785 3,081,119 89,158 136,200 2,700 3,018,350 109,855 30,960,289 In the year ended 31 March 2024 the following items were acquired.. Mr Jonathan Ruffer kindly donated funds to allow the purchase of various pieces, significant purchases include. Orazio Bogianni - Portrait of a Woman; £127,919 Antonio de Pereda Salgado, Saint Jerome: £75,000 Artwork pUrChaS through the MAG restricted funds include", Untitled oil painting (Jack Harrison)-, £1,711 All the Weight of the World I Propping up bar: £1,500 Lempriere Pringle 2015 kindly donated funds to allow the acquisition of: Bartolomeo Cavarozzi Viterbo - Rome Holy Family with St John the Baptist, Oil on Canvas", £950,000 20
The Zurbaran Trust (A Ccthpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 12. Investments Cost Balance at 1 April 2023 and 31 March 2024 1,000,000 Impairment Balance at 1 April 2023 and 31 March 2024 (1,000.000) Carrying Amount At 31 March 2024 At 31 March 2023 During the prior year the charity was gifted shares in Datafree Limited, a company incorporated in the United Kingdom, by Lempriere Pringle 2015. These had a cost to Lempriere Pringle 2015 of £1,000,000 and therefore were recognised in these financial statements as a donation for this value with the corresponding entry to investments. The investment was impaired to £nil to reflect the difficulty in obtaining a meaningful valuation of tech start-up companies, and also to reflect the uncertainty in the company at this stage of its life cycle. Until sufficient profits are generated, the value is very hard to quantify in the absence of an open market for Datafree's shares. As at 31 March 2024, the value of nil is deemed to remain appropriate. 13. Debtors 2024 2023 The Auckland Project VAT refund due Other debtors 28,779 16,848 200 25,166 90 1,008 45,827 26,264 21
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 14. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals 2,802 6,181 540 5,381 8,983 5,921 15. Statement of funds Year ended 31 March 2024 Balance at 1 April 2023 Balance at Gainsl 31 March (losses) 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Capital fund 56,952 378,590 (290,847) (98,244) 46,451 20,001,563 1,855,538 21,857.101 Total unrestricted funds 20,058,515 378,590 1290,847) 1,757,294 21,903,552 Restricted funds Mr J G Ruffer Gift aid Art and Artefacts fund MAG Contribution fund Tapestry Lempriere Pringle 2015 674,210 134,665 1674,210) { 129,523) 5,142 101,400 11,430 347,035 101,400 11,379 3,612 347,035 950,000 (3,561) (950,000) 112.779 2,109,522 { 1,757,294) 465,007 Endowment fund Zurbaran paintings 9,050,541 9,050,541 Total funds 29,221,835 2,488,112 (290,847) 31,419,100 22
Thd Zurbaran Trust (A C(Ynpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 15. statement of funds (continued) Year ended 31 MarGh 2023 Balance at 1 April 2022 Balance at Gainsl 31 March (losses) 2023 Transfers inlout Income Expenditure Unrestricted funds Designated funds Capital fund 158,146 3,329,326 (307,120) (3,123,400) 56,952 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 Art and Artefacts fund MAG Contribution fund 170,000 (170,000) 101,400 12,429 101,400 11,379 2,800 { 3,850) 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 Designated fund The trustees have designated an amount equal to the other heritage assets as shown in note 11. Restricted funds The Mr J G Ruffer fund relates to funds received for specific pieces of artwork, once acquired the restriction lifts and the funds capital asset is transferred into the designated fund. The gift aid fund relates to the gift aid claimed on these donations which were to be used towards the specific asset purchases. The Art and Artefacts fund relates to gifted assets which contain restrictions on their use in order for the Trust to continue to keep displaying the pieces. The MAG Contribution fund relates to amounts received from The Auckland Project for sales made in connection to the Mining Art Gallery. these funds are to be reinvested within the Mining Art Gallery collection. Endowment fund The fund was set up as an amount equal to the value of the Zurbaran Collection purchased together with the associated legal costs. 23
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 15. Statement of funds (continued) The donation received from Lempriere Pringle was specifically for the purchase of 'Bartolomeo Cavarozzi Vite0 1587- 1625 Rome Holy Family with St. John the Baptist, Oil on Canvas" This was purchased in September 2023 and the restriction on funds lifted at that point in time. The Tapestry fund relates to donations r1Ved for the procurement of the Henry Vlll Burning of the Books tapestry. The donations together with additional funding will allow the tapestry to be imported from Spain. The donations are specifically for the repatriation of the tapestry. 16. Analysis of net assets between funds Year ended 31 March 2024 Restricted Funds Unrestricted Endowment Funds Funds Total Heritage assets Other Assets Current Assets Creditors. amounts due within one year 101,400 21,808,348 9,050,541 30,960,289 363,607 104,187 (8,983) 467,794 { 8,983) 465,007 21,903,552 9,050,541 31,419,100 Year ended 31 March 2023 Restricted Funds Unrestricted Endowment Funds Funds Total Heritage assets Other Assets Current Assets Creditors.. amounts due within one year 101,400 20,001,563 9,050,541 29,142,125 11,379 62,873 { 5,921) 74,252 { 5,921) 112,779 20,058,515 9,050,541 29,221,835
Thd Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 17. Related party transactions During the year, donations of £808,875 including gift aid (2023: £212,500 induding gift aid) were received from Mr J G Ruffer. a Trustee of The Zurbaran Trusl. Grants of £950,000 {2023: £nil) were received from Lempriere Pringle 2015, a charity which Mr J G Ruffer is also a trustee. Assels were donated by Lempriere Pringle 2015 during the yearwith a value of £nil (2023.. £3,000,000). Certain costs relating to The Trust (such as insurance and governance costs) are paid by The Auckland Project and are recharged to The Zurbaran Trust. During the year, heritage assets and SeiceS were paid for by The Auckland Project under a loan agreement on the Trust's behalf. At the year end, there was a debtor of £28,779 (2023: £25,166) included in the accounts, due from The Auckland Project. 18. Reconciliation of the net incomel(expenditure) to net cash flow 2024 2023 Net income for the year (Decrease) l increase in debtors Increase in creditors Donated assets 2,197,265 3,195,006 (19,562) 23,647 3,061 2,2è2 (110,405) { 3,018,350 } Net cash flow from operating activities 2,070,359 202,595 25