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 zu￿aran 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 Stat￿entS 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 re￿5Ved 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) be￿een 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 resOur￿s, 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 b￿n 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 sTATEMETr￿S (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 be￿een 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 balan￿S 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 servI￿S
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 pUrCha￿S 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 Vite￿0
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 r￿1Ved 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 Se￿iceS 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