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2021-07-31-accounts

Page
Report ofthe Trustees 1 to 11
Report ofthe Independent
Auditors		 12 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 27
Detailed Statement ofFinancial Activities 28 to 29

2021 2020
Unrestricted Restricted Total Total
Notes funds
f.		 funds
f		 funds
f		 fundsf
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 413,203
Other trading
activities		 (15,000)
Investment
income		 74,814 74,814 110,094
Total 74,814 74,814 508,297
EXPENDITURE ON
Raising funds 6 17,794 17,794 18,523
Charitable
activities
Charitable
activities		 759,351 759,351 450,212
Total 777,145 777,145 478,735
Net gains/(losses)
on		 investments 811425 811,425 ~277 184I
NET INCOME/(EXPENDITURE) 109,094 109,094 (181,522)
RECONCILIATION
OF FUNDS
Total funds brought forward 4,659,163 10,732 4,669,895 4,851,517
TOTAL FUNDS CARRIED FORWARD 4768257 , 18722 4,,778989 4,669,895
2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
FIXEDASSETS Notes E 6 8 6
Investments 14 4,742,253 4,742,253 4,674,942
CURRENT ASSETS
Cash at bank 103,537 10,732 114,359 335,345
CREDITORS
Amounts
falling due within		 one year 15 (77,533) (77,833) (340,392)
NET CURRENT ASSETS 26,004 10,732 36,736 ~5,0477
TOTAL ASSETS LESSCURRENT
LIABILITIES 4,758,257 10,732 4,778,989 4,669,895
NET ASSETS 4,768,257 10,732 4,770,089 4,609,895
FUNDS 16
Unrestricted
funds
Restricted
funds		 4,758,257
10,732		 4,659,163
10,732
TOTAL FUNDS 4,778,989 4,669,895
2021 2020
Notes 6
Cash flows from operating activities
Cash generated
from operations		 1 ~),039,904) 122 969
Net cash (used in)/provided by operating activities j1 039004) 122,969
Cash flows from investing activities
Purchase offixed asset investments
Sale offixed asset investments
Interest received		 (1,102,302)
1,848,418
1,584		 (1,944,594)
1,611,966
2,059
Dividends
received		 73,230 108,035
Net cash provided
by/(used		 in) investing activities 818,928 ~222,0)4)
Change
in cash and cash		 equivalents
in the reporting
period
Cash and cash equivalents		 at the (220,978) (99,545)
beginning
ofthe reporting		 period 335,345 434,890
Cash and cash equivalents at the end
ofthe reporting
period		 114,369 335,345

RECONCILIATION
OF NET INCOME/(EXPE
ACTIVITIES		 NDITURE)
TO NET CA		 SH FLOW FROM OPERATING
2021
8		 2020
f
Net income/(expenditure)
for the reporting
Statement of Financial Activities)
Adjustments
for:		 period (as per the 109,094 (181,622)
(Gain)/losses
on investments
Interest received
Dividends
received
(Decrease)/increase
in creditors		 (811,425)
(1,584)
(73,230)
~262,2009		 211,184
(2,059)
(108,035)
203,501
Net cash (used in)/provided
by operations		 ~4.000,0042 122,960

At 1.8.20 Cash flow At31.7.21
8 8 8
Net cash
Cash at bank 335,345 L220,976) 114,369
335,345 ~220 976) 114,369
Total ~335345 ~220976) 114,369

3. DONATIONS
AND LEGACIES		 DONATIONS
AND LEGACIES		 DONATIONS
AND LEGACIES		 DONATIONS
AND LEGACIES
2021 2020
E E
Donations 413,203
4. OTHER TRADING ACTIVITIES
2021
f		 2020
Rights and reproduction licence fee
5. INVESTMENT INCOME
2021 2020
E E
Investment
Investment		 income
managers		 interest 73,230
~1584		 108,035
2,059
74,814 110,094
6. RAISING FUNDS
Investment management costs
2021 2020
E
Portfolio management ~17 794 18,523
7. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
(see note costs (see
9) note 10) Totals
E E F
Charitable activities 720,000 39,351 ~759 351
8. DIRECT COSTS OF CHARITABLE ACTIVITIES COSTS OF CHARITABLE ACTIVITIES COSTS OF CHARITABLE ACTIVITIES
2021 2020
8 8
Purchase ofworks of art 47,218
Transport and oversight costs 70,290
117,508
9. GRANTS PAYABLE
2021 2020
8 8
Charitable activities 720,000 285,000
2021
Courtauld Institute of Art - Annual Grant 70,000
Courtauld Institute of Art - Special Grant 650,000
DDD, DDD
10. SUPPORT COSTS
Governance
costs
Charitable activities ~39 351
11. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2021 2020
E f
Auditors' remuneration 4,360 4,200

13. COMPARATIVES
FOR THE STATEMENT OF FINANCIAL		 COMPARATIVES
FOR THE STATEMENT OF FINANCIAL		 COMPARATIVES
FOR THE STATEMENT OF FINANCIAL		 COMPARATIVES
FOR THE STATEMENT OF FINANCIAL		 ACTIVITIES
Unrestricted Restricted Total
funds
f		 funds
f		 fundsf
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 413,203 413,203
Other trading
activities		 (15,000) (15,000)
Investment
income		 110,094 110,094
Total 508,297 508,297
EXPENDITURE ON
Raising funds 18,523 18,523
Charitable
activities
Charitable
activities		 460,212 460,212
Total 478,735 478,735
Net gains/(losses)
on		 investments ~217,784 ~217,784)
NET INCOME/(EXPENDITURE) (181,622) (181,622)
RECONCILIATION
OF FUNDS
Total funds brought forward 4,840,785 10,732 4,851,517
TOTAL FUNDS CARRIED FORWARD 4,659,163 19,732 4,669,895
14. FIXEDASSET INVESTMENTS
Listed
investments
MARKET VALUE
At 1 August 2020 4,674,942
Additions 1,102,302
Disposals
Unrealised
gains/(losses)		 (1,848,418)
811,425
At 31 July 2021 4,742,253
NET BOOK VALUE
At 31 July 2021 4,742,2~3
At 31 July 2020 4,674,942
There were no investment assets outside the UK.

CREDITORS: AMOUNTS CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
E
Courtauld Institute ofArt 70,000 60,000
Accrued expenses 7,633 280,392
77,633 340,392

MOVEMEN T
IN FUNDS
Net Transfers
movement between At
At 1.6.20
2		 in funds
f		 funds 31.7.21
2
Unrestricted funds
General
fund		 4,619,639 109,094 (28,677) 4,700,056
Aquisitions Fund 39,132 20,000 59,132
Maintenance Grant 392 8,677 9,069
4,659,163 109,094 4,768,257
Restricted funds
Lillian Lines Fund 10,732 10,732
TOTAL FUNDS 4,669,090 109094 4,778,989
Net mov ement in funds,
included		 in the above are as follo ws:
Incoming Resources Gains and Movement
resources expended losses in funds
F E E
Unrestricted funds
General fund 74,814 (777,145) 811,425 109,094
TOTAL FUNDS 74,814 ~777,145) 811,425 109,094

Comparativ es
for moveme		 nt
in fun		 ds
Net Transfers
movement between At
At 1.8.19
f		 in funds
f		 funds
f		 31.7.20
f
Unrestricted funds
General
fund		 4,762,723 (152,085) 9,001 4,619,639
Aquisitions
Maintenance		 Fund
Grant		 68,669
9393		 (29,537) ~9,001) 39,132
392
Restricted funds 4,840,785 (181,622) 4,659,163
Lillian Lines Fund 10,732 10,732
TOTAL FUNDS
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources
f		 expended
f		 losses
f		 in funds
f
Unrestricted funds
General
fund		 490,616 (431,517) (211,184) (152,085)
Aquisitions Fund 17,681 /47,218) ~29,537)
508 297 (478,735) ~211 184) ~181,622
TOTAL FUNDS 508,297 ~478,735) ~21'I 184) ~181,622

2021 2020
F E
INCOME AND ENDOWMENTS
Donations
and legacies
Donations 413,203
Other trading
activities
Rights and reproduction licence fee (15,000)
Investment
income
Investment
income		 73,230 106,035
Investment
managers		 interest 1,584 2,059
74,814 110,094
Total incoming
resources		 74,814 508,297
EXPENDITURE
Investment
management		 costs
Portfolio management 17,794 18,523
Charitable
activities
Purchase ofworks ofart 47,216
Transport
and oversight costs		 70,290
Grants to institutions 720,000 285,000
720,000 402,508
Support costs
Governance costs
Auditors'
remuneration		 4,360 4,200
Sundries
Legal fees		 (274)
20,085		 690
15,075
Honorarium 3,300 3,300
Professional
fees		 1,440
Recruitment
Fees		 11,880 32,999
39,351 57,704
Total resources expended 777,145 478,735
Net (expenditure)/income before gains
and losses (702,331) 29,562
Realised recognised gains and losses
Carried forward (702,331) 29,562
2021 2020
9 2
Realised recognised gains and losses
Brought forward (702,331) 29,562
Realised gains/(losses) on fixed asset
investments 129,958 (133,817)
Net expenditure (572,373) ~104,255)

INCOME
Dividends
received gross		 73,230
Interest received:
Investment
managers		 1,584
674,814
But substitute
drawdown		 of investment funds:
3'/0 x4 year average offunds held 138,028
138,028
EXPENDITURE
Support costs 39,351
AVAILABLE FOR GRANT —this year 98,677
AVAILABLE FOR GRANT —brought forward from last year 392
TOTAL AVAILABLE FOR GRANT 99,069
GRANT for 2020/21 70,000
29,069
TRANSFER TO THE ACQUISITIONS FUND 20,000
BALANCE TO CARRY FORWARD
AS DESIGNATED FUNDS 69,069