2021-12-31-accounts

Page	1	Legal and Administrative Information	Legal and Administrative Information
	2 —5	Report ofthe Trustees
		Report ofthe Accountants
		Statement ofFinancial Activities
		Balance Sheet
	9 —13	Notes to the Financial Statements
	14	Detailed Income and Expenditure	Account

					Unrestricted	Unrestricted
					Funds
					2021	2020
				Notes
Income and	Endowments
Other trading	activities				12,405	13,784
Donations and		Legacies			14,908	661
Income from	Investments				19,203	10,293
Total incoming		and endowments			46,516	24,738
Expenditure	on	raising funds
Expenditure	on charitable		activities		(130,664)	(147,856)
Other expenditure
Net gains(loss)		on investments			158,204	181,466
Net Income/(expenditure)					74,056	58,348
Net Movement		in Funds			74,056	58,348
Total funds	at	1December	2020		1,596,905	1,538,557
Total funds	at	31December	2021		1,670,961	1,596,905

		NOTES	2021	2020
FIXEDASSETS
Investments			1,477,507	1,465,543
CURRENT ASSETS
Debtors		10	1,915	1,695
Cash at Bank and in Hand		11	193,099	136,311
			195,014	138,006
Creditors: amounts	falling due within one year	12	(1,560)	(6,644)
NET CUIMENT ASSETS			193,454	131,362
TOTAL ASSETSLESSCURRENT LIABILITIES			1,670,961	1,596,905
Creditors: amounts	falling due after more than one year
			1,670,961	1,596,905
Unrestricted funds
General			1,670,961	1,596,905

						2021	2020
Income from investments listed		on arecognised stock			exchange or
held in Common	investment	funds,	open	ended	investment
companies, Unit trusts or other		collective investment			schemes	19,186	9,980
Interest on cash held as part ofthe investment				portfolio		17	313
Other interest
						19,203	10,293
XPENDITURE ON CHARITABLE ACTIVITIES
						2021	2020
Salaries and associated Pension Contributions						35,435	39,986
Research Fellowships						34,913	54,698
Trustees expenses							732
Ruffer Investment	Management	Fees				15,425	13,535
Accountancy Fees						1,416	1,400
Office expenses						5,958	6,427
Office Rental						1,950
Publishing						9,317	7,078
Grants payable						26,250	24,000
						130,664	147,856

6.2 Accountancy	fees
Fees for examination	ofthe accounts		were	as	follows:
							2021	2020
								f.
Independent examiner*s fees for reporting				on	the	accounts	1,416	1,400
Other fees (for example: advice,		consultancy,			accountancy
services) paid to the	independent	examiner		or	auditor		None	None
PAID EMPLOYEES
7.1 Staff Costs
							2021	2020
Gross wages, salaries	and benefits in		kind				33,829	38,195
Employer's National	Insurance	costs
Pension costs							1,606	1,791
							35,435	39,986
7.2 Average number offull-time			equivalent			employees
							2021	2020
Full-time equivalent	number of	employees					1.0	1.0
Working in:
~ Charitable activities							0.8	0.8
~ Governance							0.2	0.2

	2021	2020
Market value at 1 December 2020	1,306,569	1,324,098
Acquisitions at cost	564,276	459,658
Disposal proceeds	(557,095)	(658,653)
Net gain/(loss) on revaluation	158,204	181,466
Market Value at 31December 2021	1,471,954	1,306,569
Cash awaiting investment	5,553	158,974
Total value at 31December 2021	1,477,507	1,465,543

			2021	2020
	UK Investments —Fixed Interest
	—Equities etc		257,949	227,923
	-Index linked		291,462	113,755
	- Credit &Illiquid Strategies Funds		99,136	144,886
	Overseas Investments —Fixed Interest
	-Index linked		236,332	282,919
	—Equities etc		587,075	537,086
	- Credit &Illiquid Strategies Funds
			1,471,954	1,306,569
	(Note: Overseas Equities includes Global Funds )
	Investments at 31December 2021 which are over 5%ofportfolio by value are:
	British Government 1.25%Treasury Index-Linked	(22/03/2068)	129,562	103,678
	Ruffer SICAV Fixed Income Z GBP Cap		236,332	282,919
	Ruffer Multi Strategies Fund Limited			94,481
	LFRuffer Gold CAcc		77,556	70,533
10	DEBTORS
			2021	2020
	Other debtors		1,315	1,695
	Prepayments and accrued income		600
			1,915	1,695
11	CASH AT BANK AND IN HAND
			2021	2020
	Short term deposits		184,865	94,848
	Cash at bank and on hand		8,234	41,463
			193,099	136,311
12	CREDITORS: amounts falling due within one year
			2021	2020
	Trade creditors
	Other creditors and accruals		1,560	6,644
			1,560	6,644

2020					2021
		INCOME
	517	Donations and legacies			14,752
	144	Gift Aided donations			156
661		Tax Recovered on Gift Aid				14,908
		OTHER INCOME
	313	Deposit Account Interest			17
	9,980	Ruffer Investment Income			19,186
24,077	13,784	Sales ofPublications	etc		12,405	31,608
24,738						46,516
		ADMINISTRATIVE	COSTS
	39,986	Salaries			35,435
	24,000	Grants			26,250
	54,698	Research Fellowships			34,913
	732	Trustees Expenses
	13,535	Ruffer Investment Management		Fees	15,425
	7,078	Printing, Publications	and Books etc		9,317
	1,400	Accountancy Fees			1,416
		Office Rent			1,950
147,856	6,427	Administrative Expenses			5,958	130,664
(123,118)		OPERATING (DEFICIT)				(84,148)