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||||||Unrestricted|Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|---|
||||||Funds||Funds|
||||||2023||2022|
|||||Notes|E|||
|Income from:||||||||
|Donations|||||SOS||543|
|Charitable<br>activities|- sales ofpublications||||13,541||18,002|
|Investments||||2|4,904||11,876|
|Total income|||||19,253||30W1|
|Expenditure on:||||||||
|Raising funds -Ruffer investment||management|fees||8,247||15,974|
|Charitable<br>activities||||3|137,665||119,650|
|Total expenditure|||||145,912||135g24|
|Net gains/(losses)|an investments|||5|(109,837)||65,811|
|Net movement<br>in funds|||||(236896)||(39992)|
|Total funds brought|forward||||1,631,569||1,670,961|
|Total funds canied|forward||||1395,07$1SS1,569|||





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|||||Total|Total|
|---|---|---|---|---|---|
||||Notes|2023|2022|
|||||6|6|
|Fixed assets||||||
|Investments|||5|1363369|1,531,659|
|Current assets||||||
|Debtors|||6|3,261|6,189|
|Stock||||560||
|Cash at bank|and in|hand|7|45,935|110,649|
|Total current|assets|||49,756|116,838|
|Creditors: amounts||falling due within one year|8|(17,731)|(22,928)|
|Net current assets||||32,025|93,910|
|Total assets|less current liabilities|||1,395,073|1,631,569|
|Creditors: amounts||falling due after more than one year||||
|Total net assets||||5,993,393|1,631.569|
|Funds ofthe Charity||||||
|Unrestdcted|income funds|||1,395,073|1,631,569|
|Total funds|||9|1,395,073|1,631,569|



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|Expenditure<br>on chari|ta|ble|activities||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||||Total|Total|
||||||||||||||||2023|2022|
||||||||||||||||E|E|
|Salaries|||||||||||||||52,150|33,318|
|Publishing|||||||||||||||12,976|12,922|
|Research Fellowships|||||||||||||||49,298|47,680|
|Grants payable (to individuals)|||||||||||||||3,000|5,000|
|Conference costs|||||||||||||||10,230||
|Marketing<br>costs|||||||||||||||453||
|Administrative<br>costs|||||||||||||||4,061|7,924|
|Office rental|||||||||||||||1,919|2,300|
|Bad debts|||||||||||||||810||
|Accountancy fees (2022:|||Independent|examination|||fee)||||||||1,440|1,458|
|Meeting expenses|||||||||||||||633|954|
|Trustees expenses|||||||||||||||695|894|
|Other governance<br>costs||||||||||||||7,200<br>15.00, 50|||
|Staff Costs and Numbers|||||||||||||||||
|||||||||||||||||2022|
|||||||||||||||||E|
|Salaries|||||||||||||||50,940|32,436|
|Employer's<br>pension contdbution|||||||||||||||1,210|882|
|ly<br>i~|||I|f||h|dp,pppid:|||it).|h|0,|I|A|51.150<br>Pig|SPSIS<br>d igh|
|year was 5.1(2022:5.0).|||||||||||||||||
||||||||||||||||2023|2022|
||||||||||||||||E|E|
|Full-time equivalent|number ofemployees,||||working||in:||||||||||
|-Charitable<br>activities|||||||||||||||0.8|0.8|
|-Governance|||||||||||||||0.2|0.2|
||||||||||||||||1.0|1.0|
|P I<br>P|||0&"*0|"ih"|i|P|I|h|. PI|||fih|h||hid<br>p|lyf|
|those ofthe company||in|an independently||administered|||fund.|The|pension||cost represents||contributions||payable<br>by|
|the company tothe|fund.||||||||||||||||





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|Investments||||||
|---|---|---|---|---|---|
|||||Cash held in||
||||Usted|investment||
||||Investments<br>f|portfolio<br>f|Total<br>f|
|Cost orValuation||||||
|At 1)anuary 2023|||1,443,174|94,485|1,537,659|
|Acquisitions<br>at cost|||1,296,625|(117,655)|1,178,970|
|Disposal proceeds|||(1,243,744)||(1,243,744)|
|Net gain/(loss)<br>on revaluation|(including<br>foreign currency exchange)||(133,040)|23,203|(109,837)|
|At 31December 2023|||1963,015|33|1963,048|
|Net cash released from investments||in the year wasf60,200(2022:f400).||||
|Investments<br>(listed on recognised stock exchanges) at market value comprised:||||2023|2022|
|||||E|f|
|UK investments||Fixed interest|||53,441|
|||Equities etc|||54,333|
|||Index linked|||271,195|
|||Credit &illiquid strategies funds|||150,620|
|Overseas investments||Equities etc||1,363,015|466,581|
|(including<br>global funds)||Indexlinked|||447,004|
|||||1.$53.015|3033|



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|Debtors||||
|---|---|---|---|
|||2023f|2022<br>E|
|Other debtors||496|975|
|Prepayments|and accrued income|2,765|5,214|
|||3361|6,189|
|Cash at bank|and in hand|||
||||2022|
||||f|
|COIFdeposit|fund|30,800|86,406|
|Current accounts||15,135|24,243|
|||M.935|330359|





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