2022-12-31-accounts

					Unrestricted	unrestricted
					Funds	Funds
					2022	2021
				Notes	E
Income from:
Donations					543	14,908
Charitable activities	—sales ofpublications				18,002	12,405
Investments				2	11,876	19,203
Total income					30,421	46416
Expenditure on:
Raising funds —Ruffer investment		management	fees		15,974	15,425
Charitable activities				3	119,650	115,239
Total expenditure					135,624	130,664
Net gains/(losses)	on investments			7	65,811	158,204
Net movement in funds					(39,392)	74,056
Total funds brought	forward				1,670,961	1,596,905
Total funds carried	forward				1,651459	1,670,961

					Total	Total
				Notes	2022	2021
					6	E
Fixed assets
Investments				7	1,537,659	1,477,507
Current assets
Debtors					6,189	1,915
Cash at bank	and	in	hand		110,649	193,099
Total current	assets				116,838	195,014
Creditors: amounts			falling due within one year	10	(22,928)	(1,560)
Net current	assets				93,910	193,454
Total assets	less	current liabilities			1,631,569	1,670,961
Creditors: amounts			falling due after more than one year
Total net assets					1,631,569	1,670,961
Funds ofthe	Charity
Unrestricted	income		funds		1,631,569	1,670,961
Totalfunds				11	~1669 69	1616961

		2022	2021
		E	E
Dividends	and interest from investments	10,735	19,186
Deposit account interest		1,141	17
		11476	19,203

Expenditure	on ch	aritable activities
				Total	Total
			Note	2022	2021
				E	E
Salaries				33,318	35,435
Publishing				12,922	9,317
Research Fellowships				47,680	51,163
Grants payable (to		individuals)		5,000	10,000
Administrative	costs			7,924	5,958
Office rental				2,300	1,950
independent	examiner's fee			1,458	1,416
Meeting expenses				954
Trustees expenses				894
Othergovernance		costs		7,200
				119,650	115439

			2022	2021
			E
Salaries			32,436	33,829
Employer's	pension	contribution	882	1,606
			33318	35,435

				2022	2021
				E	E
Full-time equivalent		number ofemployees,	working in:
-Charitable	activities			0.8	0.8
-Governance				0.2	0.2
				1.0	1.0

Investments
				Cash held in
			Usted	investment
			Investments	portfolio	Total
			E	E
CostorValuation
At 1January 2022			1,471,954	5,553	1,477,507
Acquisitions at cost			1,040,583	90,819	1,131,402
Disposal proceeds Net gain/(loss) on revaluation	(including foreign currency exchange)		(1,137,061) 67,698	(1,887)	(1,137,061) 65,811
At 31December 2022			1,443,174	94,485	1437,659
Net cash released from investments		in the year was f400(2021:f150,000).
Investments (listed on recognised	stock	exchanges} at market value comprised:
				2022	2021
				E	E
DKinvestments		Fixed interest		53,441
		Equities etc		54,333	257,949
		Index linked		271,195	291,462
		Credit &illiquid strategies funds		150,620	99,136
Overseas investments		Fixed interest
(including global funds)		Equities etc		466,581	236,332
		Index linked		447,004	587,075
		Credit lk illiquid strategies funds
				1,443,174	1,471,954

Debtors
		2022	2021
		F.	F.
Other debtors		975	1,315
Prepayments	and accrued income	5,214	600
		6,189	1,915

			2022	2021
			f	6
COIF deposit fund			86,406	184,865
Current accounts			24,243	8,234
			110,649	193,099
Creditors: amounts	falling due within one year
			2022	2021
			6	6
Other creditors			21,482
Accruals			1,446	1,560
			22rl28	1,560
Analysis ofnet assets by		fund
			Unrestricted	Unrestdcted
			2022	2021
			Total	Total
			6	6
Fixed asset investments			1,537,659	1,477,507
Cash at bank and in	hand	—COIF deposit fund	86,406	184,865
Other net current assets			7,504	8,589
			1,631,569	1,670,961

10 11	COIF deposit fund Current accounts Creditors: amounts falling due within one year Other creditors Accruals Analysis ofnet assets by fund