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|||Page|
|---|---|---|
|Trustees'
Annual
Report||1-19|
|Independent
Examiner's|Report|20|
|Statement
of Financial|Activities|21|
|Balance Sheet||22|
|Notes to the Financial Statements||23 - 30|
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|||||Unrestricted|Expendable|||
|---|---|---|---|---|---|---|---|
|||||General|Endowment|Total|Total|
|||||Funds|Funds|2023|2022|
||||Page|8|8|P|2|
|Income and endowments|from:|||||||
|Donations
(note 2)|||25|20,438||20,438|507,500|
|Investment
income (note 3)|||25|28,686||28,686|24,640|
|Charitable
activity (note 4)|||25|3,892||3,892||
|Other income (note 5)|||25|11,432||11,432|8,508|
|Total income and endowments||||64,448||64,448|540,648|
|Expenditure
on:||||||||
|Charitable
activities (note 6)|||26|302,908|14,644|317,552|295,116|
|Cost of generating
funds (note||7)|27|15,426||15,426|17,651|
|Total expenditure||||318,334|14,644|332,978|312,767|
|Net gain/(loss)
on investments||(note 8)|27|6,700||6,700|(158,147)|
|Net (expenditure)/income||||(247,186)|(14,644)|(261,830)|69,734|
|Transfers
between funds||||(14,644)|14,644|||
|Net movement
in funds||||(261,830)||(261,830)|69,734|
|Reconciliation
offunds:||||||||
|Resources brought
forward|at 1 July 2022|||1,769,806|10,185,014|11,954,820|11,885,086|
|Resources carried forward|at|30June 2023|22|P 1,507,976|2 10,185,014|2 11,692,990 2 11,954,820||
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|||||||2023|2023|2022||
|---|---|---|---|---|---|---|---|---|---|
||||||Page|P.||2||
|Fixed Assets:||||||||||
|Heritage
Artwork Assets||(note 14)|||30||10,353,751|1|0,340,520|
|Investments
(note|7)||||27||1,551,268||1,709,568|
||||||||11,905,019|12,050,088||
|Current Assets:||||||||||
|Debtors (note 8)|||||27|5,612||3,601||
|Cash at Bank||||||13,898||176,872||
|||||||19,510||180,473||
|Liabilities:||||||||||
|Creditors
—amounts||falling|due|within||||||
|one year (note 9)|||||27|(231,539)||(275,741)||
|||||||(231,539)||(275,741)||
|Net current assets|||||||(212,029)||(95,268)|
|Total assets less current||liabilities|||||11,692,990|11,954,820||
|Total net assets||||||2|11,692,990|||
|||||||||11,954,820||
|The funds of the|foundation:|||||||||
|Unrestricted
funds|||||||1,507,976||1,769,806|
|Expendable
Endowment||Funds|||||10,185,014|10,185,014||
|Total foundation|funds||||21|2|11,692,990|211,954,820||
|Approved
by the Trustees and signed on||||||||||
|their behalf by:||||||||||
||||||||27/04/2024|||
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||The current
ongoing
conflicts|The current
ongoing
conflicts|in Ukraine|in Ukraine|and|the|Middle|East and the resulting
cost inflating|East and the resulting
cost inflating|East and the resulting
cost inflating|East and the resulting
cost inflating|factors|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||have affected the|global economy.||Having||considered||the contingency|plans
in place and|||having|
||reviewed
updated|cashf low forecasts, the Trustees consider the adoption|||||||of|the going concern basis|||
||in preparing
these|financial statements|||continues||to be|appropriate.|||||
|||||||||Page||2023||2022|
|2.|VOLUNTARY
INCOME|||||||||2||2|
||Voluntary
donations|||||||||16,350||406,000|
||Gift Aid Tax Relief|||||||||4,088||101,500|
|||||||||21||20,438|2|507,500|
|3.|INCOME FROM|INVESTMENTS|||||||||||
||UK quoted securities income|||||||||26,016||24,034|
||Bank interest|||||||||2,670||606|
|||||||||21||28,686|2|24,640|
|4.|INCOME FROM|CHARITABLE ACTIVITIES|||||||||||
||Revisiting
Modern
British Art- Book sales|||||||||3,892|||
|||||||||21|2|3,892|||
|5.|OTHER INCOME||||||||||||
||Other Income|||||||||11,432||8,508|
|||||||||21|2|11,432|2|8,508|
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|||||Page||2023||2022|
|---|---|---|---|---|---|---|---|---|
|6.|CHARITABLE ACTIVITIES|||||2||2|
||Charitable
Activities from endowment||funds||||||
||Storage and transportation|||||14,074||13,368|
||Framing,
restoration
and maintenance|||||570||3,003|
||Total endowment
expenditure|||21||14,644||16,371|
||Charitable
Activities from unrestricted||funds||||||
||Management
and Administration|||||150,303||136,457|
||Exhibition costs|||||108,250||102,414|
||Governance
costs|||||38,773||34,933|
||Office expenses|||||3,698||3,620|
||Insurance|||||1,885||1,321|
||Total unrestricted
charitable|activities||21||302,908||278,745|
||Total Charitable
Activities|||21||317,552|2|295,116|
||Governance costs||||||||
||Accountancy
and administration|fees||||36,213||28,480|
||Independent
examination
fees.|||||1,440|||
||Payroll administration
fees|||||1,120||1,058|
||Audit fees|||||||3,000|
||Legal fees|||||||2,395|
||||||2|38,773|2|34,933|
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|||||Page||2023||2022|
|---|---|---|---|---|---|---|---|---|
|7.|COST OF GENERATING|FUNDS||||2||2|
||Marketing
and advertising|||||10,653||11,992|
||Subscriptions|||||2,851||3,711|
||Fundraising
expenses|||||1,922||1,948|
|||||21||15,426|2|17,651|
|8.|FIXEDASSET INVESTMENTS||||||||
||Net unrealised
investment|gain/(loss)||||7,853||(158,147)|
||Net realised loss on disposal|||||(1,153)|||
||Net gains/(losses)
on investments|||21||2 6,700|P|(158,147)|
||Investments
and cash under||management||||||
||Market value at 1 July 2022|||||1,709,568||1,867,715|
||Additions
at cost||||||||
||Disposals at cost|||||(165,000)|||
||Net unrealised
investment||gain/(loss)|||6,700||(158,147)|
||Market Value at 30June|2023|||6|1,551,268|2|1,709,568|
||Total investments
under|management||22|6|1,551,268|2|1,709,568|
|9.|DEBTORS||||||||
||Prepayments|||||5,612||3,601|
|||||22|2|5,612|2|3,601|
|10.|CREDITORS - amounts|falling due within one year|||||||
||Loan from Christopher
Ingram|||||214,813||250,758|
||Accounts
payable|||||6,232||11,720|
||HM Revenue
&Customs|PAVE||||4,189||2,686|
||Accountancy
fees|||||4,000||4,000|
||Independent
Examiner's fees|||||1,440|||
||Pensions
payable|||||865||757|
||Auditor's fees|||||||5,820|
|||||19|2|231,539|F|275,741|
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||||Balance|Income|Income||||Balance|
|---|---|---|---|---|---|---|---|---|---|
||||brought||and||||carried|
|13.|FUNDS||forward
2|transfers
6||Expenditure||Gains
6|forward
f|
||For the|year ended 30June 2023:||||||||
||General||1,769,806||49,804||(318,334)|6,700|1,507,976|
||Endowment||10,185,014||14,644||(14,644)||10,185,014|
||||211,954,820|F|64,448|2|(332,978)|F
6,700|F 11,692,990|
||For the|year ended 30June 2022:||||||||
||General||1,397,767||826,582||(296,396)|(158,147)|1,769,806|
||Endowment||10,487,319|(285,934)|||(16,371)||10,185,014|
||||211,885,086|F|540,648|2|(312,767)|2 (158,147)|F 11,954,820|
||Analysis of Net Assets between funds|||||||||
|||||||Unrestricted||Expendable||
|||||||General||Endowment|2023|
|||||||||2||
||Heritage|Assets|||||168,737|10,185,014|10,353,751|
||Investments||||||1,551,268||1,551,268|
||Debtors||||||5,612||5,612|
||Cash at|Bank|||||13,898||13,898|
||Current|liabilities|||||(231,539)||(231,539)|
||Total Funds|||||F|1,507,976|F10,185,014|2 11,692,990|
||Analysis of Net Assets between funds|||||||||
|||||||Unrestricted||Expendable||
|||||||General||Endowment|2022|
||||||||2|2||
||Heritage|Assets|||||155,506|10,185,014|10,340,520|
||Investments||||||1,709,568||1,709,568|
||Debtors||||||3,602||3,602|
||Cash at|Bank|||||176,871||176,871|
||Current|liabilities|||||(275,741)||(275,741)|
||Total Funds|||||2|1,769,806|210,185,014|F 11,954,820|
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