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||||||Unrestricted|unrestricted|
|---|---|---|---|---|---|---|
||||||Funds|Funds|
||||||2022|2021|
|||||Notes|E||
|Income from:|||||||
|Donations|||||543|14,908|
|Charitable<br>activities|—sales ofpublications||||18,002|12,405|
|Investments||||2|11,876|19,203|
|Total income|||||30,421|46416|
|Expenditure<br>on:|||||||
|Raising funds<br>—Ruffer investment||management|fees||15,974|15,425|
|Charitable<br>activities||||3|119,650|115,239|
|Total expenditure|||||135,624|130,664|
|Net gains/(losses)|on investments|||7|65,811|158,204|
|Net movement<br>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|



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



## 

|Expenditure<br>|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|



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## 

|Investments||||||
|---|---|---|---|---|---|
|||||Cash held in||
||||Usted|investment||
||||Investments|portfolio|Total|
||||E|E||
|CostorValuation||||||
|At 1January 2022|||1,471,954|5,553|1,477,507|
|Acquisitions<br>at cost|||1,040,583|90,819|1,131,402|
|Disposal proceeds<br>Net gain/(loss)<br>on revaluation|(including foreign currency exchange)||(1,137,061)<br>67,698|(1,887)|(1,137,061)<br>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<br>(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<br>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|





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||||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<br>11<br>|COIF deposit fund<br>Current accounts<br>Creditors: amounts<br>falling due within one year<br>Other creditors<br>Accruals<br>Analysis ofnet assets by fund|
|---|---|