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|---|---|---|---|
|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|
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|||||||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|
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|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|
##
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|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.||||
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|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|
##
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|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|
##
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##
||||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|