Company number.. 07846779 (England and Wales) Charity number.. 1146437 The Zurbaran Tru8t (A Company Limited by Guarantee) Report and Flnanclal Statement8 For the Yoar Ended 31 March 2025
The Zurbaran Trust {A Company Limited by Guarantee) CONTENTS Page Truslees Report Independent Auditors. Report Statement of Financial Activities 10 Balance Sheet 11 Statement of Castt Flow 12 Notes to the Financial Statements 13-25
The Zurbaran Trust (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also directors of the charity for the purpose of company law) present their annual accounts and audited financial statements of The Zurbaran Trust (the Trust) for the year ended 31 March 2025. OBJECTIVES AND ACTIVITIES Pollcles and objectlv08 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 Zurbarans) to be housed at Auckland Castle., To advance education. To relieve povety 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 attractivety and appropriately displayed That further acquisitions be identified. valued and acquired at competitive prices. That identification of assets be primarily cenlred around the contextualisation of the Zurbaran Collection., That the curatori81 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 societtes, museums and galleries, be under the responsibility of the Trust. Publlc Beneflt The Trustees 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 Charilies Act 2011, in particular the advancement of the arts, cullure and heritage.
The Zurbaran Trust (A Company Limited by Guarantee) TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Auckland Cast18 and the galleries were open through 2024125. The trust has continued to acquire new works. induding paintings by Collantes, Master of Villamediana and Jose Maria Cano. 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 Refomiation. FINANCIAL REVIEW Financlal Summary Full details of the Trust's financial position can be found in the accompanying financial statements attached to this r8POrt. Re8enie8 Pollcy 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. Prlnclpal Fundlng The principal funding was as set out in the financial statements attached. Plan8 for the Future In the year ending 31 March 2026, the Trust will continue providing appropriate art works for the The Spanish Gallery and Faith Museum. The long-term ambition is to see Bishop Auckland as a major European study centre for Spanish Peninsular art.
The Zurbaran Trust (A Company Limited by Guarantee) TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Charity number.. Company number.. Registered office.. 1146437 07846779 58, Kingsway, Bishop Auckland, Co Durham, DL14 7JF Advisors Auditors Bankers S&W Audit Barclays Bank PIC 17 Queens Lane, Newcastle upon Tyne, NE1 1 RN 6 Market Place, Durham, DH13ND Dlrector8 and Trusteos The Directors of the Trust are the Trustees for the purpose of charity law. The Trustees and officers sen4ing during the year and since the year end were as follows.. Trustees: Mr J G Ruffer MrASWMould Mrs J M Ruffer Dr L R C Stainton Don J L Colomer Mr B G E Finucane Company secretary.. Mrs J E Henderson STRUCTURE, GOVERNANCE AND MANAGEMENT Govornlng documents The Trust was registered as a company limited by guarantee and was set up by a Memorandum of Association on 14 November 2011. The Trust is constituted under its Memorandum of Association and is a registered charity (number 1146437). The Articles of Association have been approved by the Charity Commission. The principal objects of the Trust as stated in the Articles of Association ar8 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 preSeallOn of and exhibition of the paintings-, and Olher objects are.. Advancing education. Relieving poverty and suffering in particular by providing financial or other assistan (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 2025 Appointment of Trustees The management of the Trust is the responsibility of the Trustees. New Iwstees are selected by existing Trustees and are appointed Members of the Trust. Inductlon and Tralnlng of Truste88 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. Organlsatlonal Structure The Trusl in its current formation has responsibility in ownership of fine art. The Board of Trustees is responsible for the preservation 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. Rl8k ass888ment 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 partle8 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 received significant financial support from LP2015. Mr Jonathan Ruffer is a Trustee 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 insurance 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 Brendan Finucane is a Trustees of The Auckland Project. A Collections Management Agreement (CMA) belween 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. Audltors In accordance with the Companies Act 2006, a resolution proposing the re-appointment of S&W Audit as auditors for the year ending 31 March 2026 will be put to the members.
The Zurbaran Trust (A Company Limited by Guarantee) TRUSTEES. REPORT (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees responslblllties 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- obseNe 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 concem 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 taking 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 Trusys 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 relevanl audit information and to establish that the auditor is aware of that information. Approved by the Trustees on . 2025 and signed on their behalf. by MrJ G Ruffer Chair
The Zurbaran Trust (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THEZURBARAN TRUST FOR THE YEAR ENDED 31 MARCH 2025 Oplnlon We have audited the financial statements of The Zurbaran Trust (the 'charitable company,) for the year ended 31 March 2025 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 signrficant 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 Standaffj applicable in the UK and Republic of Ire18nd (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 2025, and of its incoming resources and application of r&8ources, 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 accordance with the requirements of the Companies Act 2006 Ba818 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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. Conclu8lon8 r•latlng to golng 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 performed, 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. Oth8r Infomiatlon The other information comprises the infomiation induded in the Trustees Report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the trustees. annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent malerial misstatements, we are required to determine
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 2025 whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that Ihere is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the Vrk undertaken in the course of the audit.. the information given in the Trustees, Annual Report. which incorporates the Directors, Report prepared for the purpose of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Directors, Report included within the Trustees, Annual Report has been prepared in accordance with applicable legal requirements. Matter8 on which we are requlred to report by exceptlon In the light of the 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 Directors, Report contained within the Trustees, Annual 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 retums 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 retums; 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., the trustees were not entitled to take advantage of the small companies, exemption from the requirement to prepare a strategic report. Re8pon8ibiliti88 of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 5, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being salisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparalion of financial statements that are free from material misstatement, whether due lo 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 cease operations, or have no realistic alternative but to do so. Auditor's responslbllltles forthe audit of the financial statements 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 auditorfs report that includes our opinion.
The Zurbaran Trust (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THEZURBARAN TRUST (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 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 coukl 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 prOdureS 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 a general understanding of the company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance. and how they identify, evaluate and accountfor litigation claims. We also drewon ourexisting understanding of the company's industry and regulation. We understand that the company complies with the framework through.. Engaging external legal professionals as required and making changes to intemal procedures and controls as necessary. Monitoring of updates made by regulatory bodies. In the context of the audit, we considered those laws and regulations which determine the form and content of the financial slatements, which are central to the company's ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company: The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements. The Charities Act 2011 and the Charities.. Statement of Recommended Practice in respect of the preparation and presentation of the financial statements. We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above.. Making enquires of trustees and management as to where they consider there to be a susceptibility to fraud and 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. Reviewing the minutes of meetings of those charged with governance.
The Zurbaran Trust (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ZURBARAN TRUST (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 The senior statutory partner led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement. including how fraud might occur. The areas identified in this discussion were: Manipulation of the financial statements via fraudulent journal entries and management overriding controls. The incorrect recognition of donations from fraud or error. These areas were communicated to the other members of the engagement team not present at the discussion. The procedures we carried out to gain eviden in the above areas included.. Performed data analytics on the general ledger against client specific criteria Selected a sample of journal entries using client specific risk criteria and agreed to supporting evidence Obtained third paty evidence for a sample of donations to ensure occurrence, accuracy and classification. A further description of our responsibilities is available on the Financial Reporting Council's website at.. vhvw.frc.or .uklauditorsres nsibilities. This description forms part of our auditorfs report. U88 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 lo the charitable company's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the ch8ritable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Craig Hender80n Senior Slatutory Auditor, for and on behalf of Date. 19 (Llknj luic S&W Audlt statutory Auditor Chartered Accountants 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 2025 Unrestrlcted Restricted Endowment Funds Funds Funds Total Total 2024 2025 Note Incomlng resources Donations 162.226 139.924 754,564 4,488 916,790 2,215.804 144,412 272,308 Other income Total income 302,150 759,052 1,061,202 2,488,112 Re8ourc08 expended Charitable activities 190,787 190,787 290,847 Total r•sources oxpend8d 190,787 190,787 290,847 Net Income 111.363 759,052 870.415 2,197,265 Transfers bebween funds 16 240.327 (240.327) Net movement In fund8 for tho y•ar 351,690 518.725 870,415 2.197,265 Reconc51iatlon of funds Fund balances brought forward 21,903,552 465,007 9.050,541 31,419,100 29,221,835 Fund balance8 carrfed forward 22,255,242 983,732 9,050,541 32.289,515 31,419,100 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 A T 31 MARCH 2025 2025 2024 Note Fixed assets Heritage assets Investments 11 31,261.376 30,960,289 12 Current a88ets Debtors Cash at bank and in hand 13 54.777 994,607 45,827 421,967 1,049,384 467,794 Credltor8: amounts falling due wlthln one year 14 (21.249) (8,983) Net current asset8 1.028,135 458,811 Net asset8 32,289,511 31,419,100 Fund8 Unrestricted funds Designated funds Restricted funds Endowment funds 44,404 22,210,838 983,732 9,050.541 46,451 21,857,101 465,007 9,050,541 Total charily funds 16 32.289,515 31,419,100 The financial statements were approved by the trustees on 2025 and signed on their behalf, Mr J G Ruffer Chair Company number." 07846779 The notes on pages 13 to 25 form part of these financial statements. 11
The Zurbaran Trust (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS AS A T31 MARCH 2025 Notes 2025 2024 Net cash flow from operating actlvltles Net cash provided by operating activities 18 829,164 2,070,359 Cash flow from Investlng activities Purchase of fixed assets (256,524) (1,696,380) Net cash used In Investing actlvltle8 (256,524) (1,696,380) Change In cash and cash equlvalents In the reporting perfod 572,640 (373,979) Cash and c8sh equivalents at the beginning of the year 421.967 47,988 Cash and cash equlvalents at the end of the year 994,607 421,967 Cash and cash equlvalents con818t of: Cash at bank and in hand 994,607 421,967 12
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Basls 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 Iheir 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 the 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 oth8rwise 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. Golng concern The financial statements have been prepared on a going concern basis as the Trustees believ8 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 tevel of reserves for the charity to be able to continue as a going concern. Fund accountlng 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 whbch 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 recognitlon All incoming resources are included in the Statement of Financial Actiwties when the charity is legally entitled to the income after any performance conditions have been 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 2025 Donated SOleaS and facilitie8 Donated setvices and facilities are received on an ad hoc basis from The Auckland Project. These services are considered immaterial to the function of the charity and no provision has b8en made in the financial statements for these SeICe5. Donated assets are recognised in the Statement of Financial Activities when a reliable valuation can be obtained. Expendlture recognltlon 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 Ststement of Financial Activities. Support cost8 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 charily. Herltage a888ts 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 impainnent losses. All heritage assets are deemed to have indeterminate 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 preserved by the charity 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 acSsible 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
The Zurbaran Trust {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 D8btor8 Trade and other debtors are recognised at the setllement 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 term highty liquid investments. Credltor8 and provi8ion8 Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in Ihe transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomally recognised at their settlement after allowing for any trade discounts due. 1.12 Flnanclal in8trument8 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 effective 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 Judgement8 and kay sources of estimatlon uncertalnty The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities wilhin the next financial year include.. Depreciation is nol charged on heritage assets and an assessment of impainnent is made on an annual basis. The Trustees believe that the residual value of the assets is greater than the cost, and also an indeterminate useful lrfe 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 2025 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. Comparatlve Statement of Flnancial Actlvltle8 Unro8tricted Restricted Endowment Funds Fund8 Funds Total 2024 Total 2023 Noto Incoming re8ource8 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 Re8ource8 expended Charitable activities 290,847 290,847 307,120 Total resource8 exponded 290,847 290,847 307,120 Net Income 87,743 2.109,522 2,197,265 3,195,006 Transfers beeen funds 15 1,757,294 (1.757,294) Net movement In fund8 for the year 1.845,037 352,228 2,197.265 3,195,006 Reconcillation of fund8 Fund balances brought forward 20.058,515 112.779 9,050,541 29,221,835 26,026,829 Fund balance6 carried forward 21,903.552 465,007 9,050,541 31.419,100 29.221,835 16
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEIYIENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 Donations 2025 871,223 44,567 1,000 2024 2,105,949 109.855 Donations Donations in kind Grants 916,790 2,215,804 Donations Mr J G Ruffer Mrs J Ruffer Gift Aid Lempriere Pringle 2015 Tapestry Donations Other 55.000 19,750 58,535 674,210 134,665 950,000 347,035 39 621,279 117,659 Donations in kind Other donated assets 44,567 109,855 916,790 2,215,804 Other Income 2025 2024 The Auckland Project- Barter arrangement The Auckland Project - MAG contribution Other 134,375 4,488 5,549 268,476 3,613 219 144,412 272,308 17
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 Charitable actlvlties exp8ndlture 2025 2024 Bank charges Legal fees Audit fees Insurance Professional fees The Auckland Project- Barter arrangement Other 68 7,769 4,150 1,809 8,433 268,476 142 17.108 4,700 1,441 32,954 134,575 190,787 290,847 Support C08ts Included in the above direct costs are support costs as follows: 2025 2024 Governance costs (note 8) 16.884 12,583 16,884 12,583 Governance 2025 2024 Audit fees Other 4,700 12,184 4,150 8.433 16,884 12,583 18
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 Analysis of trustee remuneration and expense8 and the cost of key management porsonnèl No Trustees (or any other persons connected with them) received any remuneration during the period (2024.. £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 (2024= £nil). 10. Auditors remuneratlon 2025 2024 Auditors. remuneration Audit of these financial statements Non-audit services 4,250 450 4,150 450 1 l. Herltage a888t8 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 princip81 objects of the charity set out within the Trustees Report. Zurbaran Other artwork Total a88et8 Collectlon Cost At 1 April 2024 Additions 9,050.541 21,909,748 30.960,289 301,090 301,090 At 31 March 2025 9,050.541 22,210,838 31,261,379 Heritage assets held are the Zurbaran Collection. valuable paintings and other historic items. The Zurbaran Collection comprises e1ve paintings by Francisco de ZUrba 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 (Contlnuedj FOR THE YEAR ENDED 31 MARCH 2025 11. Herltage assets (Continued) Summary analysis Purchased additions at cost Donated assets Total asset8 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 2025 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 1,696,930 256,523 500,090 3,267,275 3.134,046 5,174,179 426,535 1,115,147 2.226,704 831,747 3,398,650 1,806,785 301,090 3,081.119 89,158 136,200 2,700 3,018,350 109,855 44,567 31,261,379 In the year ended 31 March 2025 the following items were acquired: Mr Jonathan Ruffer kindly donated funds to allow the purchase of various pieces, significant purchases include" Francisco Collantes, San Juan Bautista: £120,759 Master of Villamediana: £45,500 Arlwork purchases through the MAG restricted funds include: Miners Strike - Vane Tempest Colliery: £500 20
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 12. Investments Cost Balance at 1 April 2024 and 31 March 2025 1,000,000 Impalmient Balance at 1 April 2024 and 31 March 2025 { 1,000,000) Carrying Amount At 31 March 2025 At 31 March 2024 During 2023 the charity was grfted shares in Datafree Limited, a company incorporated in the Uniled 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 wrth the corresponding entry to investments. The investment was impaired to £nil to reflect the difficulty in obtsining a meaningful valuation of tech slart-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 2025. the value of nil is deemed to remain appropriate. 13. Debtors 2025 2024 The Auckland Project VAT refund due Other debtors 33,266 2,823 18,688 28,779 16,848 200 54,777 45,827 21
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 14. Credltor8: amounts falling due wlthln one year 2025 15,459 5,790 2024 2,802 6.181 Trade creditors Accruals 21,249 8,983 16. Statement of fund8 Year ended 31 M8 h 2025 Balance at Balance at Gain81 31 March (1088e8) 2025 Tran8fer8 Inlout 2024 Income Expendlturn Unr88trlcted funds De8lgnated funds Capital fund 46.451 302,150 (190,787) {113,410) 44,404 21.857.101 353,737 22,210,838 Total unrestrlcted fund8 21.903.552 302,150 (190,787) 240,327 22,255,242 Restrlcted fund8 Mr J G Ruffer Mrs J Ruffer- Gift aid Art and Artefacts fund MAG Contribution fund Tapestry 55.000 19,750 58.535 (55,000) (19.750) (63,677) (101,400) (500) 5.142 101.400 11.430 347.035 4,488 621,279 15,418 968,314 465,007 759.052 (240.327) 983,732 Endowment fund Zurbaran paintings 9,050,541 9,050,541 Total funds 31,419.100 1.061,202 (190,787) 32,289,515 22
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 15. statement of funds (continued) Year ended 31 March 2024 Balance at 1 April 2023 Balanc8 at Galnsl 31 March (losses) 2024 Tran8fors inlout Income Expendlture Unrestricted fund8 Designated funds Capita5 fund 56,952 378,590 (290,847) (98,244) 46,451 20.001,563 1,855,538 21,857,101 Total unrestrlcted fund8 20.058,515 378,590 (290,847) 1.757.294 21,903,552 Restricted fund8 Mr J G Ruffer Gift aid Art and Artefacts fund MAG Contribution fund Tapestry Lempriere Pringle 2015 674.210 134,665 (674.210) (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 fund8 29,221,835 2,488.112 (290,847) 31,419,100 Deslgnated fund The trustees have designated an amount equal to the other heritage assets as shown in note 11. Restrlcted funds The Mr J G Ruffer fund relates to funds received for specific pieces of artwork, once acquired the restriction lifts and Ihe 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 Contribulion fund relates to amounts received from The Auckland Project for sales made in connection to Ihe 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 Zurbarfan 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 2025 15. Statement of funds (contlnued) The Tapestry fund relates to donations received 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. Analys18 of net assets betweon fund8 Year ended 31 March 2025 Restricted Unrestrlcted Endowment Fund8 Funds Total Fund8 Heritage assets Other Assets Current Assets Creditors.. amounts due within one year 22,210,838 9,050,541 31,261,379 984.231 65,154 (21.249) 1,049,385 (21,249) r ende 31 March 2024 Re8trlcted Funds Unre8trlcted Endowment Fund8 Fund8 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) 24
The Zurbaran Trust (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 17. Related party transactions During the year. donations of £55,000 (2024: £674.210) were received from Mr J G Ruffer, a Trustee of The Zurbaran Trust. During the year, donations of £19,750 (2024.. nil) were received from Mrs J M Ruffer, a Trustee of The Zurbaran Trust. 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 services 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 £33,266 (2024.. £28,779) included in the accounts, due from The Auckland Project. 18. Reconclllatlon of the net Incomel(expendlturn) to net cash flow 2025 2024 Nel income for the year (Decrease) l increas8 in debtors Increase in creditors Donated assets 870,415 2,197,265 (8,950) { 19,5621 12.266 3,061 (44,567) (110,405) Net cash flow from operating activities 829.164 2,070,359 25