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 preSe￿allOn 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
othe￿iSe 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 V￿rk 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 prO￿dureS 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 SO￿leaS 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 Se￿ICe5.
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 ac￿Ssible 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 be￿een 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