REGISTERED COMPANY NUMBER: 02413547 (England and Wales)

REGISTERED CHARITY NUMBER: 802109

Report of the Trustees and

Financial Statements for the Year Ended 31 July 2025

for

THE SAMUEL COURTAULD TRUST

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

10

Report of the Independent Auditors

11

to

13

Statement of Financial Activities

14

Balance Sheet

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

18

to

27

TRUSTEES

L J C Barton

Lord Browne of Madingley

Professor R J H Emery

H Legge KC (resigned 1.11.25)

C B Booth-Clibborn

A Hochhauser KC (Chairman)

S Osman

I De

M N H Hoffman

Professor R P Blakesley

Ms C Caines

Mr S T Pryke

Dr S Rainbird (appointed 1.11.25)

COMPANY SECRETARY

Ms S J Howe

REGISTERED OFFICE

Courtauld Institute of Art

Somerset House

Strand

London

WC2R 0RN

REGISTERED COMPANY NUMBER

02413547 (England and Wales)

REGISTERED CHARITY NUMBER

802109

SENIOR STATUTORY AUDITOR

James Holland-Leader FCA

AUDITORS

Knox Cropper LLP

Chartered Accountants and Statutory Auditors

65 Leadenhall Street

London

EC3A 2AD

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the Trust are:

a) to advance, in conjunction with the Courtauld Institute of Art and the University of London or otherwise, public education and interest in the history of art and archaeology, criticism of art and archaeology and conservation of works of art;

b) to provide for the perpetual preservation and exhibition to the public of the works of art vested in the charity.

The Trust has stewardship of a number of significant collections. All the works of art vested in the Trust have been acquired over a number of years. They have not been valued in these financial statements and the directors feel unable to value the collections due to their unique nature.

The strategies employed to assist the Trust to meet its objectives included the following:

a) The collections are made available to the Courtauld Institute of Art for display in the Courtauld Gallery at Somerset House. This arrangement is regulated by a Memorandum of Understanding with the Institute. The collections have been administered as normal during the year.

b) Temporary loans from the collections to other museums and galleries, both national and overseas, for public exhibition have continued to be made subject to Trustees' direct approval or to endorsement of action taken by the Chairman under lending policies agreed by Trustees and in appropriate cases subject to the restrictions in the amended scheme relating to the Seilern bequest. Loans made in each period are listed in the Minutes of meetings of the Trustees.

c) The Trustees constantly review their stewardship of the collections of works of art and are bound in their performance by the terms of the bequests made to the Trust.

d) The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities. The Trustees consider how planned activities will contribute to the aims that have been set.

e) In particular the Trustees aim to stimulate public awareness of works of art, and of learning about such works, their history, their social relevance and the forces that influenced them both by displaying their own permanent collections and by loans to exhibitions of the highest scholastic standards, both in the Courtauld's own gallery and in other museums and galleries in this country and abroad.

f) The Trustees consider that the terms have been adhered to during the year under review.

Significant activities

Overview

By many measures, 2024-25 may be regarded as the most successful year in the Gallery's history. Driven by consecutive sell-out exhibitions, over 400,000 tickets were sold, admissions revenue more than doubled and membership reached record levels.

Among the highlights was Monet and London. Views of the Thames, which reunited, from international collections, an extraordinary group of paintings exhibited by Monet in 1904 as his seminal Thames Series. The success of the exhibition brought The Courtauld and the collection to the attention of new audiences nationally and internationally.

We were delighted to welcome the twenty-five superlative works from the Oskar Reinhart Collection for the exhibition Goya to Impressionism. This was the first time that such a remarkable group of masterpieces had ever left Switzerland. Oskar Reinhart and Samuel Courtauld knew each other and collected in the same decades, and the works selected for the exhibition offered many thought-provoking points of connection with the collection of the Samuel Courtauld Trust.

The year concluded with Abstract Erotic: Louise Bourgeois, Eva Hesse, Alice Adams. This project saw exhibition galleries transformed by a dramatic presentation of works by these three pioneering sculptors.

The primary exhibition programme was complemented by a rich array of projects in our other spaces, including Henri Michaux: The Mescaline Drawing in the Drawings Gallery; Medieval Multiplied in the Project Space; an inspiring collaboration with Sky Arts' flagship programme Landscape Artist of the Year; and a stunning presentation of masterpieces from the Barber Institute of Fine Arts in Birmingham, generously lent while it undergoes renovation.

Delivered alongside the programme of exhibitions, the stewardship of the collection of the Samuel Courtauld Trust is the Gallery's primary responsibility. An important dimension of this is the loans programme, which helps ensure the collection is generously shared and widely enjoyed. Numerous works were lent to a wide range of exhibitions and displays in this country and abroad. It was especially pleasing to see the magnificent large Charlemont Cabinet find a new permanent home in the British Galleries at the V&A.

Complementing the loans programme, digital cataloguing and dissemination of the collection continues to be an area of focus. This year, an important change saw the Gallery enable open access use of images in the collection so as to encourage wide use of the collection.

Elsewhere, an investment in the Gallery's environmental control plant will help safeguard the collection for the future. The aim to proactively develop the collection itself has also gathered pace. Notable gifts and purchases included a fine watercolour by Paul Cézanne once owned by Wayne Thiebaud; drawings by Paula Rego, Leon Kossoff, Hew Locke, Alice Adams; an important group of prints presented through the Cultural Gifts Scheme, and an exceptionally rare pair of painted wardrobe doors by the Omega Workshops.

Exhibitions and displays

Denise Coates Exhibition Galleries

Monet and London: Views of the Thames

27 September 2024 - 19 January 2025

Goya to Impressionism: Masterpieces from the Oskar Reinhart Collection

14 February - 26 May 2025

Abstract Erotic: Louise Bourgois, Eva Hesse, Alice Adams

20 June - 14 September 2025

Gilbert and Ildiko Butler Drawings Gallery

Drawn to Blue: Artists' use of blue paper

4 October 2024 - 26 January 2025

Henri Michaux: The Mescaline Drawings

12 February - 4 June 2025

Louise Bourgeois: Drawings from the 1960s

20 June - 17 September 2025

Project Space

Medieval Multiplied: A Gothic Ivory and its Reproductions

19 October 2024 - 16 February 2025

With Graphic Intent

1 March - 17 June 2025

Post-War Abstraction: Works from The Courtauld

2 July - 12 August 2025

Katja and Nicolai Tangen 20th Century Gallery

The Barber in London: Highlights from a Remarkable Collection

23 May 2025 - 28 June 2026

Research, cataloguing and care of the collection

Acquisitions

Helen Allingham, Fetching Water from the well

Gift of the Spooner Trust

Valuation: £2,000

Thomas Rackett, Sherborne castle

Gift of the Spooner Trust

Valuation: £300

Henry Thomas Alken, After Thomas Rackett, Sherborne castle

Gift of the Spooner Trust

Valuation: £160

Paul Coldwell, Ruins III

Gift of the artist

Valuation: £500

Chris Steele-Perkins, Girls dancing in a youth club, Wolverhampton

Gift of Jim Grover

Valuation: £1,875

Vanessa Bell, Study of Duncan Grant for 'Evening in the Country'

Gift of Minta Collins

Valuation: £12,000

Omega Workshop, Pair of painted doors

Gift of the Fairchild family

Valuation: £80,000

Alice Adams, Blue Plunge

Purchase

Valuation: ($20,000)

Paul Nash, Design for Samuel Courtauld's Bookplate

Purchase

Valuation: £1,300

Hew Locke, Fife Player

Purchase

Valuation: £35,000

Group of Studio Prints:

Lucian Freud, After Chardin (small)

Lucian Freud, After Chardin (large)

Lucian Freud, Garden in Winter

Lucian Freud, The Painter's Garden (4 prints)

Lucian Freud, Head of a Naked Girl

Lucian Freud, After Constable's 'Elm'

Lucian Freud, Pluto aged 12

Lucian Freud, Large Head (Leigh Bowery)

Frank Auerbach, Ruth 2006

Frank Auerbach, Ruth II

Leon Kossoff, Christ Church, Spitalfields, Spring

Leon Kossoff, Christ Church, Spitalfields, Summer

Leon Kossoff, Christ Church, Spitalfields, Autumn

Celia Paul, In the Studio (drawing, print and printing plate)

Dorothea Wight, Steps to a Door (print and 2 printing plates)

Dorothea Wight, Dawn of a New Season

Marc Balakjian, Silence of passing years

Accepted under the Cultural Gifts Scheme by HM Government from the archive of Studio Prints gifted by the Balakjian family and allocated to The Courtauld, 2024

Total Valuation: Approx. £50,000

Léon Tourfaut after Edmond Morin, M. Le Comte de Noë (Cham), for "Le Monde Illustré"

Gift of Donato Esposito

Valuation: £400

Circle of Domenichino, Head of a Youth Turned to the Left

Gift of Alastair John Smith

Valuation: £2,000

Anonymous Flemish, Portrait of a Young Man

Gift of Alastair John Smith

Valuation: £2,000

Anonymous Italian (Lombardy), St Blaise

Gift of Alastair John Smith

Valuation: £2,000

Alice Adams, Untitled

Gift of the artist

Valuation: ($4,000)

Leon Kossoff, Figure with Head in Hand

Gift of the Leon Kossoff Estate

Valuation: £80,000

Cezanne, Villa au bord de l'eau

Gift of the Wayne Thiebaud Foundation

Valuation: £150,000

Pier-Leone Ghezzi, Caricature of the Procurateur General des Carmes in Rome

Bequest of Warren Levin

Valuation: £4,000

Giovani Batista Tiepolo, A Standing Man seen from Behind

Bequest of Warren Levin

Valuation: £3,500

Paula Rego, Study for 'The Policeman's Daughter'

Purchase

Valuation: £36,000

Spoliation Claims

Trustees will continue to consider with care any spoliation claims they might receive. They will take action, including reference to the Spoliation Advisory Panel, as and when necessary. The Courtauld continues to proactively research, record and publish the provenance of works of art in the Trust's collection.

Loans

The Trust lent widely from its collection to exhibitions and displays in museums and galleries nationally and internationally. These loans are listed below.

Loans out from the collection during the period 1 August 2024 to 31 July 2025

1 May 2024 - 30 April 2027

Goldsmith's Hall, London

Long-term loan

Jan Woutersz, Woman weighing gold (P.1947.LF.488)

11 October 2024 - 10 October 2027

Victoria and Albert Museum, London

Long-term loan to Medieval and Renaissance Galleries

Master of Baroncelli Portraits, Saint Catherine of Bologna with three donors (P.1947.LF.249)

8 September 2024 - 19 January 2025

National Gallery of Art, Washington DC

Paris 1874: The Impressionist Moment

Pierre-Auguste Renoir, La Loge (P.1948.SC.338)

25 September 2024 - 16 February 2025

Tate Britain, London

Turner Prize 2024

Claudette Johnson, Blues Dance (D.2024.XX.1)

12 October 2024 - 16 March 2025

Russell-Cotes Art Gallery, Bournemouth

Artists in Purbeck: Spirit of Place

Philip Wilson Steer, Swanage (D.1962.XX.3)

17 October 2024 - 2 February 2025

National Gallery, London

Discover Constable and the Haywain

John Constable, Rowing Boat Moored Beneath a Bank (D.1952.RW.3943)

John Constable, Willy Lott's House East Bergholt (D.1952.RW.1505)

John Constable after Alexander Cozens, Cloud Studies (D.1932.LF.42-48)

19 October 2024 - 23 February 2025

MK Gallery, Milton Keynes

Vanessa Bell: A World of Form and Colour

Vanessa Bell, A Conversation (P.1935.RF.24)

Vanessa Bell, Design for a Folding Screen (D.1958.PD.85)

Vanessa Bell, Rug Design (D.1958.PD.86)

Vanessa Bell, Design for Lady Hamilton Rug (D.1958.PD.89)

Vanessa Bell, Rug design (D.1958.PD.7)

30 October 2024 - 26 January 2025

Scuderie del Quirinale, Rome

Guercino and the Ludovisi Age in Rome

Guercino, Aurora (D.1952.RW.1328)

5 November 2024 - 23 February 2025

Petit Palais, Paris

Ribera: Darkness and Light

Jusepe de Ribera, Old Man Tied to a Tree (D.1952.RW.2505)

1 December 2024 - 30 November 2027

Victoria and Albert Museum, London

Long-term loan to Britain Galleries

William Chambers, Medal cabinet (F.1986.XX.1)

William Chambers, Drawings associated with the medal cabinet (D.1986.XX.3,4,6)

15 February 2025 - 18 May 2025

Museum Barberini, Potsdam

Kandinsky's Universe: Geometric Abstraction from Constructivism to Op Art

Ben Nicholson, Painting 1937 (P.1984.AH.286)

6 March - 10 August 2025

Nivaagaard Collection, Denmark

The Bloomsbury Group

Roger Fry, Orchard, Woman Seated in a Garden (P.1958.XX.143)

Vanessa Bell and Roger Fry, Rug Design (D.1958.PD.87)

Roger Fry and Vanessa Bell, Design with Urns of Flowers (D.1958.PD.36)

Duncan Grant, Rug Design (D.1958.PD.61)

Duncan Grant, Rug Design (D.1958.PD.62)

Duncan Grant, Rug Design (D.1958.PD.66)

Winifred Gill, Toy Design - Blue Butterfly (D.1958.PD.40)

Winifred Gill, Toy Design - Ballerina (D.1958.PD.76)

Winifred Gill, Toy Design - Military Man (D.1958.PD.78)

8 March - 22 June 2025

National Gallery, London

Siena: The Rise of Painting 1300 - 1350

Lippo Vanni, Saint Peter as Pope (P.1966.GP.469)

Unknown artist, Vierge Glorieuse and Crucifixion diptych, ivory (O.1966.GP.10)

14 March - 13 August 2025

Sainsbury's Centre for Visual Arts, Norwich

Darwin in Paradise Camp: Yuki Kihara

Paul Gauguin, Manao Tupapau (The Spirits of the Dead Are Watching) (G.1948.SC.182.3)

Paul Gauguin, L'Univers est créé (The Universe is created) (G.1948.SC.182.5)

Paul Gauguin, Nave Nave Fenua (Delightful Land) (G.1948.SC.182.6)

Paul Gauguin, Auti Te Pape (The Women at the River) (G.1948.SC.182.8)

2 May - 26 July 2025

Wrightwood 659, Chicago

The First Homosexuals: The Birth of a New Identity 1869 - 1939

Dora Carrington, Standing Female Nude (P.1978.XX.52)

21 May - 28 September 2025

Towner, Eastbourne

Sussex Modernism

Vanessa Bell, Lillies and Iris (P.1935.RF.25)

14 June - 28 September 2025

Museum Barberini, Potsdam

Camille Pissarro: A Retrospective

Camille Pissarro, Lordship Lane Station (P.1948.SC.317)

28 June - 12 October 2025

Musée Granet, Aix en Provence

Cezanne at Jas de Bouffan

Paul Cezanne, Tall Trees at Jas de Bouffan (P.1948.SC.54)

Public benefit

The Trustees have complied with the duty in s.2 of the Charities Act 2011 in having due regard to public benefit guidance published by the Charity Commission.

Other aspects of the benefit of the Trust to the public are explained throughout this report.

FINANCIAL REVIEW

Financial review

Income which in the current year represents donations of £45,500 (2024: £51,500) and investment income, has declined as a result of the downturn in financial markets, whilst expenditure was as forecast. The Trust's investment objective is to maintain the real value of the endowment while distributing up to 3% per year. The investment fund has slightly lagged this target since the completion of the transfer of the Trust's assets to Meridiem in June 2024.

This has resulted in a deficit for the year. Nevertheless, the Trustees were able to provide a maintenance grant of £75,000 to the Courtauld Institute of Art in respect of the financial year ended 31st July 2025.

Investment policy and performance

Under the Memorandum and Articles of Association, the Trust has the power to make any investment which the Trustees see fit. The charity's listed investments are currently managed by Meridiem Investment Managers Limited, who report their performance quarterly. The Trust's investment objective is to maintain the real value of the endowment while distributing up to 3% per year.

At the end of the third quarter 2025 the Trust was invested as follows: Protea Fund-Ventas Core Equity with Fixed Income - 99% and Cash - 1% The value of the portfolio at the end of September 2025 was £4,751,786 (compared to £5,104,270 at the same time in 2024).

At 31st July 2025 the investment portfolio had a value of £4,776,279 and cash of £48,028.

The estimated annual income of the portfolio was £51,081.

Reserves policy

The Trustees have forecast the level of free reserves (that is those funds not tied up in designated and restricted funds) which the Trust requires to sustain its operations on an ongoing basis.

The Trustees consider that the most appropriate level of free reserves is that which would provide the charity with sufficient investment income and accumulated capital to maintain its activities and current grant allocation in the long term.

FUTURE PLANS

There are no plans to change the way the Trust operates and the Trustees will continue to oversee the methods by which they may meet and fully comply with the objects of the Trust. The Trust is working closely with the Courtauld on the stewardship of the collection during the temporary closure of the Courtauld Gallery for the Courtauld's capital project. All suitable steps are being taken to ensure the safety and well-being of the collection during this period. As reported, a high degree of public and scholarly access to the collection is being maintained, including by means of partnerships, loans, tours and study facilities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Trust is a charitable company limited by guarantee, incorporated on 15th August 1989 and registered as a charity on 30th November 1989. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

The Board of Trustees is made up of up to nine elected members together with the Chairman of the governing Board of the Courtauld Institute of Art, which is also permitted to nominate a further two members. The Chairman of the Board of Trustees is elected, by all Trustees, from amongst the elected members.

The recruitment of potential elected members is overseen by the Chairman of the Board of Trustees, who ensures that persons of suitable experience and expertise are approached.

Organisational structure

The Board of Trustees generally meets twice a year to administer the charity. The day to day operations are overseen by the Chairman and Secretary and where appropriate agreement to decisions is sought from all Trustees. In addition, the Investment Committee normally meets twice a year and between meetings the members consult so as to take decisions as required.

Induction and training of new trustees

New trustees meet with the Chairman and tour the Gallery to discuss the work and the workings of the Trust.

New Trustees are informed of their legal obligations under charity law, the Charity Commission guidance on public benefit, the content of the Memorandum of Association, the committee and decision-making processes, and recent financial performance of the Charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Related parties

The Trust has a close relationship with the Courtauld Institute of Art, which is an independent College of the University of London. The Trust, in furtherance of its objectives, donates an annual grant to assist in the operations of the Institute.

Risk management

The assessment and management of risk is a particular and ongoing responsibility. In regard to the financial affairs of the Trust, Trustees continue to have confidence in the arrangements that they have set in hand, through professional managers under the direction and supervision of the Investment Committee and through the work of the Board of Trustees who assess risks and actions required. The care and security of the Trust's collection of paintings and works of art, as has been made clear in previous reports, are for all practical purposes and pursuant to the Memorandum of Understanding between the Trust and the Courtauld Institute of Art in the hands of the Director of the Institute and relevant staff. During the year various actions have been taken to reduce risk, including through the programme of planned preventive maintenance.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Samuel Courtauld Trust for the purposes of company law) are responsible for preparing the Report of the Trustees 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 financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company 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 charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Knox Cropper LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 27 November 2025 and signed on its behalf by:

Ms S J Howe - Secretary

Opinion

We have audited the financial statements of The Samuel Courtauld Trust (the 'charitable company') for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 July 2025 and of its incoming resources and application of resources, 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.

Basis for opinion

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 Auditors' 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.

Conclusions relating to going 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns 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 returns; 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; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to 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.

Our responsibilities for the 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 a Report of the Independent Auditors that includes our opinion. 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 could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures 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 an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006.

We understood how the charitable company is complying with those frameworks via communication with those charged with governance, together with the review of the charity's documented policies and procedures. The charitable company is required to comply with both company law and charity law and based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.

The audit team, which is experienced in the audit of charities, considered the charitable company's susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.

Our approach was to check that the income from donations, legacies and grants were properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriately charged. We confirmed the movements and income from investments, including unrealised gains/losses. We also reviewed journal adjustments and unusual transactions for management override and considered the identification and disclosure of related party transactions.

There are inherent limitations in the audit procedures described above and, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery of intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our 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 to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Holland-Leader FCA (Senior Statutory Auditor)

for and on behalf of Knox Cropper LLP

Chartered Accountants and Statutory Auditors

65 Leadenhall Street

London

EC3A 2AD

27 November 2025

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

-

45,500

45,500

51,500

Investment income

4

62,289

6,912

69,201

147,860

Total

62,289

52,412

114,701

199,360

EXPENDITURE ON

Raising funds

5

3,188

-

3,188

10,146

Charitable activities

6

Charitable activities

119,436

33,670

153,106

297,834

Total

122,624

33,670

156,294

307,980

Net gains on investments

30,369

-

30,369

423,701

NET INCOME/(EXPENDITURE)

(29,966

)

18,742

(11,224

)

315,081

RECONCILIATION OF FUNDS

Total funds brought forward

4,794,845

205,589

5,000,434

4,685,353

TOTAL FUNDS CARRIED FORWARD

4,764,879

224,331

4,989,210

5,000,434

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Investments

12

4,798,130

224,331

5,022,461

5,021,971

CURRENT ASSETS

Debtors

13

-

-

-

51,500

Cash at bank

51,889

-

51,889

32,413

51,889

-

51,889

83,913

CREDITORS

Amounts falling due within one year

14

(85,140

)

-

(85,140

)

(105,450

)

NET CURRENT ASSETS

(33,251

)

-

(33,251

)

(21,537

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,764,879

224,331

4,989,210

5,000,434

NET ASSETS

4,764,879

224,331

4,989,210

5,000,434

FUNDS

15

Unrestricted funds

4,764,879

4,794,845

Restricted funds

224,331

205,589

TOTAL FUNDS

4,989,210

5,000,434

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 27 November 2025 and were signed on its behalf by:

Professor R J H Emery - Trustee

A Hochhauser KC - Trustee

Cash flows from operating activities

Cash generated from operations

1

(79,604

)

(314,323

)

Net cash used in operating activities

(79,604

)

(314,323

)

Cash flows from investing activities

Purchase of fixed asset investments

-

(4,734,879

)

Sale of fixed asset investments

75,000

4,882,212

Transfer of cash to investments

(45,121

)

(201,060

)

Interest received

9,599

13,878

Dividends received

59,602

133,982

Net cash provided by investing activities

99,080

94,133

Change in cash and cash equivalents in the reporting period

19,476

(220,190

)

Cash and cash equivalents at the beginning of the reporting period

32,413

252,603

Cash and cash equivalents at the end of the reporting period

51,889

32,413

1.	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£

£

Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities)

(11,224

)

315,081

Adjustments for:

Gain on investments

(30,369

)

(423,701

)

Interest received

(9,599

)

(13,878

)

Dividends received

(59,602

)

(133,982

)

Decrease/(increase) in debtors

51,500

(16,734

)

Decrease in creditors

(20,310

)

(41,109

)

Net cash used in operations

(79,604

)

(314,323

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank

32,413

19,476

51,889

32,413

19,476

51,889

Total

32,413

19,476

51,889

1.	GENERAL INFORMATION

The Samuel Courtauld Trust is a charitable company incorporated in England and Wales under the Companies Act 2006. A description of the nature of The Samuel Courtauld Trust's operations and its principal activity is disclosed in the Report of the Trustees.

The registered office of The Samuel Courtauld Trust is: The Courtauld Institute of Art, Somerset House, Strand, London, WC2R 0RN.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

The application of accounting standards and policies requires the Trustees to make estimates and assumptions about future events that directly affect the charity's reported financial condition and operating performance. The accounting estimates and assumptions discussed are those that the Trustees consider to be most critical to the financial statements. An accounting estimate is considered critical if both (a) the nature of estimates or assumptions is material due to the level of subjectivity and judgement involved, and (b) the impact within a reasonable range of outcomes of the estimates and assumptions is material to the charity's financial condition or operating performance.

The Trustees have considered the risk of estimation uncertainty causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, and consider there to be no significant accounting estimates and assumptions. As detailed in the policy on Heritage Assets, the works of art under the Trust's stewardship are not valued in the financial statements as the Trustees feel unable to do so due to their unique nature. Any valuation of the works of art is considered to be too vague to include meaningfully in any set of financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Investments

Investments are a form of basic financial investment and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Heritage assets

The works of art under the Trust's stewardship are not valued in the financial statements as the trustees feel unable to do so due to their unique nature. They consider that substantial costs, disproportionate to the benefit to readers and users of these accounts, could be paid to obtain a valuation and that any internal valuation by members of the curatorial staff could be so significantly different, from any amount that might be obtained were the assets sold, that it would be rendered meaningless.

The Trustees would not expect any valuation of the heritage assets to total less than £1 billion. However, as stated above, this figure is considered to be too vague to include meaningfully in any set of financial statements.

The heritage assets of the Trust are not able to be sold without the specific approval of the Charity Commission.

The works held by the Trustees pursuant to the Will of Count Seilern were conditionally exempted from tax on his death. Undertakings were given to the Treasury that:-

(a) the objects will be kept permanently in the United Kingdom and will not leave it temporarily except for a purpose and a period approved by the Treasury; and

(b) reasonable steps will be taken for

(i) the preservation of the objects; and

(ii) securing reasonable access to the public on terms to be agreed with the Treasury.

On the breach of these undertakings or the sale of any of the works of art in question, inheritance tax would be charged on the value at the time of the breach, or the net proceeds of sale (as appropriate) at 40%.

Trustees confirm that a report was made in October 2021 and September 2022 to the Capital Taxes Office advising of loans made to museums abroad over the past year and giving details of loans planned for the coming year.

Acquisitions

The Trust receives donations of works of art, which are noted annually in the Report of the Trustees. It also considers purchasing items which enhance the Collection.

All acquisitions, whether donated or purchased are excluded from the Balance Sheet as, in the view of the trustees, capitalisation of a very small proportion of the entire Collection would not assist the reader of these accounts.

Conservation, management and record keeping

As noted in the Report of the Trustees of these accounts, the conservation, management and record keeping of the Collection is subject to the Memorandum of Understanding between the Trust and the Courtauld Institute of Art.

The costs of these matters are borne by the Courtauld Institute of Art, which employs experts in their fields to carry out all of the necessary work.

Access to the Collection

A significant proportion of the Collection is usually displayed at Somerset House in London and is open to the public on almost every day of the year.In the current year the Collection has been loaned whilst Somerset House is being refurbished. Loans of paintings to other galleries for specific exhibitions are made each year.