|||Page|| |---|---|---|---| |Report ofthe Trustees|1|to|11| |Report ofthe Independent
Auditors|12|to|16| |Statement of Financial Activities||'16|| |Balance Sheet||17|| |Cash Flow Statement|||| |Notes to the Cash Flow Statement||19|| |Notes to the Financial Statements|20|to|30| |Detailed Statement of Financial Activities|||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||||2022|2021| |---|---|---|---|---|---|---|---| |||||Unrestricted|Restricted|Total|Total| |||||funrls|h)nds|funds|funds| ||||Notes|||E|| |INCOINE AND ENDOWMENTS||FROIN|||||| |Investment
income||||73,220|-|73,220|74,614| |EXPENDITURE ON|||||||| |Raising funds||||17,689||17,689|17,794| |Charitable
activities|||||||| |Charitable
activities||||115,887||115,887|759,351| |Total||||133,576||133,576|777,145| |Net gains/(losses)
on|investments|||~67,261)||~67,26&)|811,428| |NET INCOINE/(EXPENDITURE)||||(127,617)||(127,617)|109,094| |RECONCILIATION
OF FUNDS|||||||| |Total funds brought|forward|||4,768,257|10,732|4,778,989|4,669,895| |TOTAL FUNDS CARRIED FORWARD||||4640,640|10,732|4,661,372|4,778.989| |||||2022|202
I| |---|---|---|---|---|---| |||Unrestricterl|kestllcted|Total|Total| |||funds|funds|funds|funds| ||Notes||F|Ii|| |I-"IXEDASSETS|||||| |Investments|12|4,497,498||4,497,498|4,742,263| |CURRENT ASSETS|||||| |Cash at bank||254,712|10,732|265,444|114,369| |CREDITORS|||||| |Amounts
falling due within one year|13|(111,570)||(111,570)|(77,633)| |NET CURRENT ASSETS||143,142|10,732|153,874|36,736| |TOTAL ASSETS LESSCURRENT|||||| |LIABILITIES||4,640,640|'I0,732|4,651,372|4,778,989| |NET ASSETS||4,640,640|10,732|4,651,372|4,778,989| |FUNDS|14||||| |Unrestricted
funds||||4,640,640|4,768,257| |Restricted
funds||||10,732|10,732| |TOTAL FUNDS||||4 851,372|4,778.989| |||||||202
I| |---|---|---|---|---|---|---| ||||Notes|||| |Cash flows from|operating|activities||||| |Cash generated
from operations||||~99939)|~1,039,904)|| |Net cash used
in|operating|activities||~99,639)|~I,|I)39,904)| |Cash flows from|investing|activities||||| |Purchase offixed|asset investments|||('l,172,'I 63)|(1,|'I02,302)| |Sale of fixed asset investments||||1,349,657|1,846,416|| |Interest received||||79||1,584| |Dividends
received||||73,141||73,230| |Net cash provided|by investing
activities|||250,/14||8I8,928| |Change
in cash|and cash|equivalents||||| |in the reporting|period|||151,075|(220,976)|| |Cash and cash equivalents
beginning
ofthe reporting||at the
period||114,369||335,345| |Cash and cash equivalents
ofthe reporting
period||at the end||265,444||114,369| |RECONCILIATION|OF NET (EXPENDITURE)/INCOIIE|OF NET (EXPENDITURE)/INCOIIE|OF NET (EXPENDITURE)/INCOIIE|To NE i J;ASII I-I.OW FRONI|OPERA'I'ING| |---|---|---|---|---|---| |ACTIVITIES|||||| |||||2022|2021| ||||||E| |Net (expenditure)/income||for the reporting|period (as|per the|| |Statement of Financial Activities)||||(127,617)|109,094| |Adjustments
for:|||||| |Losses/(gain)
on investments||||67,261|(811.425)| |Interest received||||(79)|(1,584)| |Dividends
received||||(73,141)|(73,230)| |Increase/(decrease)|in creditors|||33,937|~262,759)| |Net cash used in|operations|||~99639)|J&,D39,904)| ## |ANALYSIS OF CHANGES
IN NET|FUNDS||| |---|---|---|---| ||At 1.8.21|Gash flow|At 31.7.22| ||||K| |Net cash|||| |Cash at bank|114,369|151,075|265,444| ||114,369|151,075|265,444| |Total|114,369|151,075|265,444| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |lU&&i&
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y&,.«:&«t&5&l:l,luly!022||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |3.|||INVESTNIENT
INCOINE|||||||||| |||||||||||2022||2021| |||||||||||f.||| ||||Investment|income||||||73,141||73,230| ||||Investment|managers|interest||||||79|1,584| |||||||||||73,220||74,814| |4.|||RAISING FUNDS|||||||||| |||Investment||management||costs||||||| |||||||||||2022||202'I| |||||||||||E||F| |||Portfolio management||||||||17,689||17,794| |5.||CHARITABLE ACTIVITIES COSTS||||||||||| |||||||||Grant||||| |||||||||funding|of|||| |||||||||activities||Support||| |||||||||(see note||costs|(see|| |||||||||6)||note|7)|Totals| |||||||||E||E||F| |||Charitable||activities||||75,000||40,887||118887| |6.||GRANTS PAYABLE||||||||||| |||||||||||2022||2021| |||||||||||||E| |||Charitable||activities||||||75000||720,000| |||||||||||2022||2021| |||||||||||E||E| |||Courtauld||Institute of|Art - Annual||Grant|||75,000||70,000| |||Courtauld||Institute of|Art - Special||Grant|||||650,000| |||||||||||75,000||720,000| |7.||SUPPORT||COSTS||||||||| |||||||||||||Governance| |||||||||||||costs| |||||||||||||F| |||Charitable||activities||||||||~40 887| ## ## ## ## ## ## ## ||||Unrestricted|Restricted|Total| |---|---|---|---|---|---| ||||funds|funds|funds| ||||E|E|F| |INCOME AND ENDOWMENTS||FROM|||| |Investment
income|||74,814||74,814| |EXPENDITURE ON|||||| |Raising funds|||17,794||17,794| |Charitable
activities|||||| |Charitable
activities|||759,351||759,351| |Total|||777,145||777,145| |Net gains on investments|||811,425||811,425| |NET INCOME|||109,094||I09,094| |RECONCILIATION|OF FUNDS||||| |Total funds brought forward|||4,659,163|10,732|4,669,895| |TOTAL FUNDS CARRIED FORWARD|||4,755,257|10,732|4,778,989| ## ## ## ## ||Listed| |---|---| ||investments| ||f| |MARKET VALUE|| |At 1 August 2021|4,742,253| |Additions|1,172,163| |Disposals
Unrealised
gains/(losses)|(1,349,657)
~67261)| |At 31 July 2022|4,497496| |NET BOOK VALUE|| |At 31 July 2022|4,497,498| |At 31 July 2021|4742,253| |At31"July 2022, the split ofthe investments
was a|s follows:| |---|---| ||Listed| ||investments
f| |Equities|2,894,564| |Bonds|292,476| |Multi Assets|80,648| |Alternatives|1 229,810| ||4497498| ## |CREDIT|ORS: AM|OU|NTS
FALLING DUE WITHIN|ONE YEAR|| |---|---|---|---|---|---| |||||2022
f|2021
f| |Courtauld|Institute|of|Art|75,000|70,000| |Accrued|expenses|||36,570|7,633| |||||111570|77,633| ## |NIOVEINEN|T
IN FUNDS||||| |---|---|---|---|---|---| ||||Nel|Transfers|| ||||&1lovernent|between|At| |||At '1.8.21|in funds|funds|3 1.7.22| |||E|E||| |Unrestricted|funds||||| |General
fund||4,700,056|t127,617)|(31,251)|4,541,188| |Aquisitions|Fund|59,132||25,000|84,132| |Maintenance|Grant|9,069||6,251|15,320| |||4,768,257|(127,617)||4,640,640| |Restricted|funds||||| |Lillian Lines|Fund|10,732|||10&732| |TOTAL FUNDS||4,778,989|~187,817&||4,651,372| ## |Net moveme|n|t
in funds,
Includ|ed
in the a|bove are as follo|ws:||| |---|---|---|---|---|---|---|---| |||||Incoming|Resources|Gains and|Movement| |||||resources|expended|losses|in funds| |||||E||F|F| |Unrestricted||funds|||||| |General
fund||||73,220|(133,576)|(67,261)|(127,617)| |TOTAL FUNDS||||73,220|~133576)|~67 261)|)&27,6&7)| |Comparatives||for movement|in funds||||| ||||||Net|Transfers|| ||||||movement|between|At| |||||At 1.8.20|in funds|funds|31.7.21| |||||||E|| |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||||4,669,895|109,094||4,778,989| |Compara|tive|net movement
in fu|nds,
included
in the above|are as follows:||| |---|---|---|---|---|---|---| ||||Incoming|Resources|Gains and|Movement| ||||resources|expended|losses|in funds| ||||F|F|F|F| |Unrestricted||funds||||| |General|fund||74,814|(777, 'I 45)|811,425|109,094| |TOTAL|FUNDS||74,814|~777,145)|811,425|109,094| ## ## ##