Charity registratlon number
1117270
RuFFor
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2024

THE RUFFORD FOUNDATION
CONTENTS
Page
REPORT OF THE TRUSTEES
INDEPENDENT AUDITOR'S REPORT
STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure)
15-16
BALANCE SHEET
17
STATEMENT OF CASH FLOWS
18
NOTES TO THE FINANCIAL STATEMENTS
19-61

THE RUFFORD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024
The Trustees are pleased to submit their report together with the audited financial staternents for The
Rufford Foundation (also referred to as Yhe Charity" or °TrusV or "Foundation. or 'Rufford°) for the year
ended 5 April 2024.
The financial statements comply with the Charities Act 2011, and where relevant. Ihe Charities Act 2022,
the Charity's trust deed dated 15 November 2006 as revised in 2013 and Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Iieland - SORP
{FRS 102) (issued in October 2019).
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE CHARITY, ITS TRUSTEES AND ADVISERS
Settler=
J H Laing
Trustees:
The Trustees serving during the year and sin
the year end were as follows..
E S Brunwin
H B Edwards
J H Laing (Chairman)
R K Reilly (Vice Chairman) (retired 13 December
2023)
I Smalles
T Kenny
Chief Executlve Officer: Stuart Paterson
Website:
NM.rufford.org
Charity registratlon number:
1117270
Princlpal address:
6th Floor
250 Tottenham Court Road
London
W1T7QZ
Bankers:
Clydesdale Bank PIC
30 St Vincent Place
Glasgow
G12HL
Auditor:
Rawlinson & Hunter Audit LLP
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ
Investment advisers:
Evelyn Partners Investment Management
Services Limited
45 Gresham Street
London
EC2V 7BG
Investment custodians:
SG Kleinwort Hambros Bank
{Channel Islands) Limited
St Julian's Avenue
st Peter Port
Guernsey
GY13AE
Solicitors:
Harbottle and Lewis LLP
7 Savoy Court
London WC2R OEX

THE RUFFORD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (continued)
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is an unincorporated charity estsblished by deed of trust dated 15 November 2006 (the'Trust
Deed").
Appointment of Trustees
The power to appoint Trustees is vested in the Chairman of the Trust, J H Laing.
Trustee induction and trainlng
New Trustees undergo an orientation day to brief them on their legal obligations under Charity Law, the
decision-making processes, the business plan and recent performance of the Charity. During the induction
day, they meet key employees and other Trustees.
Trustees, the Chief Executive Officer ("CEO") and the Grants Manager are encouraged to attend
appropriate external training events where Ihese will facilitate the undertaking of their role.
Organisatlon
In this reporting year, the Foundation was administered by fNe full-time members of staff, the CEO (Stuart
Paterson), Grants Manager (Simon Mickleburgh), Grants OffI￿r (Mariam Weston) and Administrators
(Jane Raymond and Lisa Rogers).
The CEO reports to the Chairman. J H Laing, on a regular basis.
The Trustees formally meet a minimum of twice a year but individual Trustees also maintsin regular contact
with the Charily staff.
Related parties
None of the Trustees receive remuneration or other benefit from their work with the Charity. The Charty
receNed computer services at a favourable price from Simplicat, in which the Trustee H B Edwards is
beneficially interested. Any work undertaken by Simplicat for the Charity is approved by the other Trustees
prior to its commencement and any invoice being paid. The Charty received digitsl design services from
Olivia Smailes, daughter of Trustee lain Smailes. Any work undertaken by Olivia Smalles for the Charity
is approved by the other Trustees prioi to its commencement and any invoice being paid.
Transactions with related parties are disclosed in Note 15 lo the financial statements.

THE RUFFORD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 (continued)
Pay policy for senior stsff
The Trustees consider they. together with the CEO, comprise the key management personnel of the
Charity who are in charge of directing and controlling, running and operating the Charity on a day-to4lay
basis.
All Trustees give their time freely and no Trustee received remuneration in the year. Details of Trustees,
expenses and related party transactions are disclosed in the notes to the financial slatements. The pay of
the staff is reviewed annually and normally increased in accordance with inflation data as at the end of
September each year.
Governance and risk management
The Trustees have a risk management strategy, including a regularly updated Risk Assessment which is
formally approved annually by the Trustees and which comprises:
a regular review of the risks the Charity may face.,
the establishment of systems and procedures to mitigate those risks identified in the plan,. and
the implementation of procedures designed to minimise any potential impact on the
Charity should those risks materialise.
Particular attention has focused on risks in respect of assets and income, grant-making processes, people
and technology. A key element in the management of financial risk is its regular review by the Trust*s.
The Trustees have given consideration to the main risks to which the Charity is exposed and are satisfied
that systems and procedures are in place to manage these risks.
In addition, the Trustees have taken due consideration of Good Govemance - A Code for the Voluntary
and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are:
Organisational purpose.
Leadership.
Integrity.,
Decision-making, risk and control.
Board effectiveness"
Equality, diversity and inclusion; and
Openness and accessibility.
The Trustees recognise that good governance plays an essential part in securing the future of the Charity
and confirm that the said main principles of the Code are followed by them in leading, directing and
managing the Charty.
Grant-making policy
The four main areas of giving are The Rufford Small Grants Programme, Organisational Grants, Learning
Events and Conferences, and General Grants.
The Rufford Small Grants Programme
The RLfftord Small Grants Programme provides funding to early career conservationists, mostly in
emerging markets or developing economies. Typically, the grants focus on supporting Msc or PhD
students or those who have graduated within the past three years. We also consider other applicants if
the project fits our main objectives. Funding is a staged process. In line with our strategy, and following
consultalion with our grantees, conser4ation professionals, other donors and reviewers of Rufford Small
Grant applications, we have revised and streamlined our online application process.

THE RUFFORD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 6 APRIL 2024 (continued)
The Rufford Small Grants Programme Icontinued)
Applications are completed online and are reviewed once thr￿ independent references have been
received. Applications are assessed initially by the Charty's staff and, if deemed suitable for independent
evaluation, they are referred to Fauna & Flora which allocates reviewers as appropriate. The reviewers
have appropriate expertise to make a recommendation. The final decision on all grants lies with the
Trustees of the Chaity.
Grants are awarded on a rolling basis but only one grant is made per applicant per year. Grants are only
continued where the applicant is able to report clear progress that satisfies the Grants Officer, Grants
Manager and CEO.
Successful grantees are encouraged to apply for further support following completion of projects provided
they meet the eligibilty criteria. In this financial year there were five stages of Rufford Small Grants (RSG).
In future, there will be four stages as described below.
1" RSG and 2nd RSG These are aimed at small conservation programmes and pilot projects. Both these
grants are available to individuals and small groups. Having successfully completed a 11t RSG of up to
£7,000, applicants can apply for a 2nd RSG of up to £8,000.
Booster Grants Having suc￿SsfUllY completed a 2nd RSG, applicants can apply for a Booster Grant of up
to £12,000. At this stsge applicants are encouraged to seek funding from addrtional sources.
Com
letion Grants Having successfully completed a Booster Grant, applicants can apply for a Completion
Grant of up to £18,000. At this stage applicants are expected to have significant funding from additional
sources. These grants should provide a final boost to applicants who have already been supported through
previous grants and enable them to then apply for support from other major funders. Once an applicant
has received a Completion Grant they are not eligible for any further funding through The Rufford Small
Grants Programme.
The Charity's aim is to encourage more former grantees to apply for the next level of funding and, whilst
no Completion Grants were awarded this year, 48 Booster Grants were awarded worth £474,928. These
have enabled grantees to conlinue and scale up on their previous projects.
Booster Grant case study: In 2023, Sylviane Volampeno received a Booster for her project entitled 'Stop
the Increase of Lemurs, Threats Induced by Cov1￿19.. This project aims to directly reduce increasing
pressures on lemur species and their forest habitat by reinforcing forest patrolling, improving the local
communities, living conditions. promoting a better health and raising the local communities, awareness
about the importance of the protection of the endemic biodiversty.
2. Organisational Grants
Small. local NGOS often struggle to find core support {such as salaries, Offi￿ costs or help with strategic
planning) to ensure their long-tefm viability. Organisational Grants are designed to provide that support
with grants of up to £25,000 a year for a 3-year period. Applications are by invitation only and focus on
organisations set up by. or linked to, Rufford grantees. In 2023-24, one organisation, Ecoexist Trusl in
Botswana. received an Organisational Grant.
3. Learnlng Events and Conferences
Learning Events are a development of Rufford Conferences that began in 2012. They are tsrgeted at
Rufford grantees and provide training as well as an opportunity to build ne￿OrkS. Learning Events are
organised by a local contacl with support and funding from the Rufford office. Prior to each event, a
questionnaire is circulated asking for suggestions about what kind of training would be beneficial. Suitsble

THE RUFFORD FOUNDATION
REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (contlnued)
trainers are then sourced locally. Learning Events are usually in a local language. The Grants Officer
provides support throughout the process and attends each event. Reports are posted on the Foundation's
website. In 2023-24. Learning Events were held in Brazil- Amazonas (17 grantees), Brazil - Caatinga (19
grantees), Namibia (16 grantees) and Mexico (17 grantees). Topics covered during these Learning Events
included communications, community-based conservation, fundraising, women in conservation, Key
Biodiversity Area assessments. human-wildlife conflict and project design.
In Namibia, the Foundation also co-funded an IUCN Red List Assessment Training Workshop attended by
28 people. During this workshop, 26 Red List assessments were started, focusing on bats in Africa that
had not previously been assessed.
The Charity provides funding for COnferen￿S worldwide, which goes towards event hosting and travel
costs for attendees. Funding helps increase the profile of the Charty and encourages more people to
apply for Rufford Small Grants. In 2023-24, the Charty provided sponsorship for the Society for
Conservation Biology's International Marine Conservation Congress, South Africa, the New Directions in
Conservation Leadership Symposium, UK, and the Birdscaribbean Conference 2024 in the Dominican
Republic. The Charity also had thiee staff at the International Congress for Conservation Biology {ICCB)
in Kigali, Rwanda.
ICCB case study: ICCB is a major biennial event for conservationists. The Foundation is sole funder of the
ICCB app which enables the oiganisers to be more sustsinable. The app was used by over 1,200
attendees from 91 countries. During the event the Charity co-hosled a networking evenl with V¥lhitley Fund
for Nature, Conservation Leadership Programme, WildLabs and WWF Education for Nature attended by
over 100 people. The Charity also co-delivered training workshops on fundraising and project
sustainability-
General Grants
Grants are made, generally to small or medium-sized organisations, for nature conseNation projects,
predominantly in developing countries. Details of these grants are given in Note 20.
As part of the Strategic Review 2023-26, the Trustees agreed to taper down General Grants to
organisations. By financial year 2025-26, the only organisations that the Trustees plan to support through
General Grants will be Fauna & Flora, Whitley Fund for Nature (WFN) and Zoological Society of London
(ZSL). These organisations have strong links to the Foundation's work" Fauna & Flora are the external
reviewers for Rufford Small Grant applications; WFN applicants and winners frequently have had Ruffoid
support" and ZSL is involved in the IUCN Red List, a key element in the Foundation's reviewing process
for Rufford Small Grants.
IPJFN case study: During more than two decades of working together, The Foundation has granted over
£1.3 million to support the work of VVFN. Beyond funding, the Charity also plays an important role in
supporting early-career conservationists who, through Rufford Small Grants. hone the ne￿SSary skills to
apply for larger grants such as the annual INhitley Awards. This year proved to be an exceptional one for
demonstrating the relationship between the Charity and WFN with four of the five Vvhitley Award winners
having previously received Rufford funding.
Grants of £10,000 and below
Grants are made on an annual basis, some being strictly 'one-off . These grants are generally made at
the discretion of the CEO, following a recommendation of the Grants Manager on Ihe basis of the written
information receNed, which includes the latest annual report and accounts. These grants are reviewed
and ratified by the Trustees at their next meeting.

THE RUFFORD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (continued)
General Grants (contlnued)
Grants of over £10,000 and up to £30,000
The procedure is as above, although a visit may be made or a meeting arranged in order to obtain
additional details. All these grants are approved by at least one Trustee on the basis of a recommendation
made by the CEO and Grants Manager. These grants are reviewed and ratified by the Trustees at their
next meeting.
Grants of over £30,000
INhere a grant of over £30.000 is contemplaled, if practical, the CEO, Grants Manager or a Trustee visit
the organisation concerned prior to making a recommendation to the Trustees. Alternatively. an
organisation may be invited to a Trustees, Meeting to make their proposal in person. Vthere appropriate,
applications are also referred, for advice, to experts v¥ith whom the Charity has close links. None of these
grants are made without the approval of J H Laing and a majorty of the remaining Trustees.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The objects of the Charity are lo use Ihe income to:
Promote for the benefit of the public predominantly in countries other than those denoted by the
Intemational Monetsry Fund as 'Advanced Economies,, the conservalion and protection of fauna
and flora and the conservation, protection and improvement of the natural environment.
Advance the education of the public in the conservation and protection of fauna and flora and the
conservation, protection and improvement of Ihe natural environment including research into the
same and Ihe dissemination of the useful resums of such research.
The Trustees confirm that they have referred to the guidan￿ contained in the Charity Commission's
general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future
activities and setting the granl-making policy for the year.
The Charity carries out these objects by providing grants to finance the related projects.
FINANCIAL REVIEW
Reserves policy
The resenies at the year end comprised the capital fund of £119,140,787 (2023 - £116,906,256) and
income fund of £1,197,424 {2023- £759,206).
The TrUSt￿S have used the annual net income for grant-making and related support and governance
costs. The Trustees intend to use up the entire annual net income for future years, although they do have
power to accumulate income and capitalise it as an accretion to Ihe Trust during the period of 21 years
from the date of the Trust Deed {15 November 2006).
The Trustees have in the past determined that the capital fund is held in order that the Charty is able to
generate income fr)r its future charitable expenditure and that the capital funds of the Charty will not
generally be applied for its objectives and activities. However. the Trust Deed revised in 2013 allows up
to 2 % of the capital fund per annum to be used for its objectives and activities.

THE RUFFORD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 (continued)
Fundraising
The Trustees have referred to the Code of Fundraising Practice ('the Code.) which was developed by the
fundraising community through the work of the Institute of Fundraising and Public Fundraising Association,
and the Guidance on Charities and Fundraising issued by the Charity Commission ("CC20°). They confirm
thatthe new Code and CC20 have no impact on the Charity as it does not engage in any public fundraising
activities.
Investment powers
The Trustees. investment powers are unrestricted.
Invesknent policy
The Trustees. investment policy shall, unless the Trustees resolve otherwise for good reason, be to
msJint?in the real capital value of the Charity, whilst at the same time achieving and maintaining a
reasonable level of income for distribution in accordance with the objects of the Charity.
The Trustees aim to have a portFolio of investments ranging from units in "The Diversified Property Fund
for Charities" (00/0 - 200/0 of the total asset value), to fixed interest securities- non-index linked (200/0 - 45 %
of the total asset value), fixed interest - index linked (Ook - 20 % of the total asset value). equities {350/0 -
65 % of total asset value) and cash (0 - 5 % of total asset value). Advice will be sought by the Truslees from
Evelyn Partners Investment Management servI￿s Limited. if the asset allocation falls outside of these
parameters.
The Trustees have agreed in principle for a long-term period of investment.
No direct investment may be made in any company that derives the majority of its income from airlines,
alcohol, oil and gas exploration or production, mining, armaments, gambling or tobacco-related activities.
Investment performance
Markets rallied strongly at the end of 2023 in anticipation of a significant reduction in global interest rates
in 2024. In the event, inflationary pressures have proven more resilient than hoped for and expectations
for interest rate cuts have been pared back accordingly. Indeed, the UK and the US have only recently
started the rate reduction process. Equity markets have continued to rise, however, as the global economy
has performed somewhat better than expected. with consumers benefrting from rising real incomes while
food and energy inflation has eased. Gains in the US stock market have been driven by investor
enthusiasm for exposure to the potential benefits of artificial intelligence and it is noticeable that, while the
S&P 500 index rose by 14 % in the first half of 2024, almost 60 % of the gain came from five technology
companies with one - Nvidia- accounting for 310/0 of the markel rise. Fixed income investments have been
more subdued. reflecting the failure of the hoped for interest cuts to materialise. Looking ahead, the global
economic outlook remains reasonably positive although geopolitical COn￿rnS remain, notably in relation
to the ongoing conflicts in Ukraine and Gaza. while the forthcoming US presidential election is a further
source of uncertainty.
The portfolio continues to meet its "Investmenl objective. of °Aiming to provide a mixture of income and
capital growth..
The overall composition of the portfolio continues to be considered appropriate in light of the Trustees. aim
.to maintain the real capital value of the Trust Fund, whilst at the same time achieving and maintaining
a reasonable level of income for distribution...
The portfolio remained invested in equities, corporate bonds and property (via units in the Diversrfied
Propety Fund for Charities). The investments remained within the asset allocation bands agreed with

THE RUFFORD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 (contlnued)
Investment performance (continued)
the Trustees and detailed annually in the Charitvs "Policy Statement for the investrnent of the Trust Fund"
Over the financial year, the Charity's investments provided a positive total return of 5.02 % . During the
same period, the ICE BofA UK Gilts All Stocks Index fell by 2.19 % , while the MSCI United Kingdom Net
total return index increased by 7.310/0, both on a totsl return basis.
Overall, the Trustees were satisfied with the portFolio's performance.
HOW OUR OBJECTIVES AND ACTIVITIES DELIVERED PUBLIC BENEFIT: A REVIEW OF
ACHIEVEMENTS AND PERFORMANCE
The Trustees are pleased that the achievements and performance of the Charity, as set out below,
demonstrate the continuing delivery of public benefit.
The results for the year are set out on pages 15 and 16.
This year a total of 319 (2023 - 337) grants were awarded. This reflects our strategy to reduce the number
of General Grants funded.
2023-24
Total
2022-23
Totsl
Type
Rufford Small Grants Programme
1$t Rufford Small Grants
2nd Rufford Small Grants
1st Booster Grants
2 Booster Grants
Completion Grants
Conference and Learning Event Grants
Organisational Grants
Number
Number
175 1,005,200
60
354,623
34
335.026
14
139,902
186
68
26
1,074,242
401,699
259,958
108,984
29,832
37,363
99.263
25,000
SUB-TOTAL
General Grants
293 £1,959,014
26
£831,500
298
39
£1,912,078
£961,287
TOTAL
319 £2,790,514
337
£2.873,365
A complete breakdown of grants made during the year including the name, country, title of the project
funded and amount is shown on pages 33 to 61.
FUTURE PLANS
The Foundation will continue to deliver its strategy which revolves around delivering the following strategic
outcomes.
Outcome 1
Grantees are conserving nature in emerging economy countries.
Having launched our new Rufford Srnall Grants funding streams, we shall monrtor the uptake in
applications and the implementation of our new online application form. Through outreach and
communications, we shall encourage grantees to consider applying for next-stage grants.
In 2024, four students from the MPhil in Conservation Leadership at the University of Cambridge
completed a short consultancy entitled 'Understanding and Measuring The Conservation Impact of Small

THE RUFFO RD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (contlnued)
FUTURE PLANS (contlnued)
Grants from a Local to a Global Scale.. Their findings have helped develop intemal knowledge of
monitoring and evaluation, which will serve the Charity in the future.
The Foundation plans to recruit a Monitoring, Evaluation & Leaming Officer who will help measure the
impact of Rufford Small Grants. utilising findings from the aforementioned MPhil students, consultancy
project.
The Trustees, medium-term target (3-5 years) is to undeNirite grants of £3,000,000 per annum with ideally
£2.000,000 per annum funded through The Rufford Small Grants Programme and £1.000.000 through
General Grants. Organisational Grants, Learning Events and other funding opportunities.
Momentum shall be gained in researching and approaching organisations for Organisational Grants in the
next two years, with up to 12 Organisational Grants to be awarded in 2024-2025.
Outcome 2
Grantees will have enhanced conservation capacities to work within the conservation related roles.
Rufford Learning Events will enhance capacrty, create national networks, increase the number of follow
up applications and build trusting relalionships between the Charity and grantees. Our target will be to
fund and participate in at least three learning events each year.
Staff at the Charity shall plan to deliver or attend workshops and networking events at conservation
conferences in the UK and overseas. The Charty shall also consider sponsoring conservation conferences
and m*tings, specifically to enable early-careei conservationists to travel to such events.
Further to the successful delivery of Learning Events and workshops, we are planning fLrture events in
Borneo and Nepal.
Outcome 3
The Charity will collaborate with experts and institutions to achieve the ststed purpose.
The Charity shall continue lo collaborate with conservation donors and capacity building initiatives that can
prove beneficial to RLrfford grantees.
The Charity plans to further enhance its expertise by bringing on board new Trustees with knowledge of
conservation and environmentsl issues.
Outcome 4
The Charity will continue to be an effective and responsible charity.
The Charity will continue to ensure that funding is being used effective￿. Investments shall continue to be
managed in line with the Charity's charitable objects.

THE RUFFORD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 (contlnued)
TRUSTEES. RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Report of the Trustees and the financial ststements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty
Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements
for each financial year which give a true and fair view of the state of affairs of the Charity and of the
incoming resources and application of resources of the Charty for that period. In preparing these financial
statements, the Trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities Statement of Recommended Practice 2019 (FRS
make judgernents and estimates Ihat are reasonable and prudent.
state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements. and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the Charty will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the Charity and enable them to ensure that the financial
statements comply with the Charities Act 2011, and where relevant, the Charities Act 2022, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible
for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The Trustees are responsible for the Maintenan￿ and integrity of Ihe Charity and financial information
included on the Charity's website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
AUDITOR
A resolution will be proposed at the Trustees, Meeting that Rawlinson & Hunter Audit LLP be re-appointed
as auditor to the Charity for the ensuing year.
Approved by the Trustees and signed on their behalf by
J H Laing
Trustee
Date".
10

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF
THE RUFFORD FOUNDATION
Oplnion
We have audited the financial statements of The Rufford Foundation (Ihe Charity") for the year ended 5
April 2024 which comprise the Statement of Financial Activities (including Income and Expenditure), the
Balance Sheet, the Statement of Cash Flows and the related notes, 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, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the Charity's affairs as at 5 April 2024, 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 accordan￿ with the requirements of the Charities Act 2011, and where
relevant, the Charities Act 2022.
Basls for opinlon
We conducted our audit in accordan￿ with International Standards on Audiling (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
Charty in accordan￿ with the ethical requirements that are relevant to our audit of the financial statements
in the UK, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other
ethical responsibilrties in accordance with these requirements. We believe thal the audit eviden￿ we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to golng concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis
of accounting in the preparation of the financial statemenls 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 Charity's ability to continue
as a going concern for a period of at least I￿e1ve 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.

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF
THE RUFFORD FOUNDATION (continued)
Other information
The Trustees are responsible for the other infonnation. The other information comprises the information
included in the Report of the TrUSt￿S and Financial Ststements, other than the financial statements and
our auditorfs report thereon. Our opinion on the financial ststements does not cover the other information
and 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 course of 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 stalements
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.
Matters on whlch we are requlred to report by exceptlon
We have nothing to report in respect of the following Matters in relation to which the Charilies, (Accounts
and Reports) Regulations 2008 require us to report to you rf, in our opinion:
the information given in the Report of the Trustees is inconsistent in any material respect with the
Financial statements; or
sufficient accounting records have not been kept. or
the financial statements are not in agreement with the accounting records., or
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees. Responsibilities Ststement set out on page 10, the Trustees are
responsible for the preparation of 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 Charity's abilty 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 Charty or to cease
operations, or have no realistic alternative but to do so.
12

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF
THE RUFFORD FOUNDATION (continued)
Auditor's responsibilities for the audlt of the financlal statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan
with the Acl and relevant regulations made or having effect thereunder.
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 an auditor's report that includes
our opinion. Reasonable assurance is a high level of assuran￿. bul is not a guarantee that an audit
conducted in accordan￿ with ISAS (UK) will always delect a material misstatement when it exists.
Misstatements can arise from traud 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.
Irregularities, including fraud, are instances of non-complian￿ 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.
Based on our understanding of the Charily and the charitable sector, we identified that the principal risks
of non-compliance with laws and regulations related to breaches of UK regulations. We considered the
extenl to which non-compliance might have a malerial effect on the financial statements. We also
considered those laws and regulations that have a direct impact on the preparation of the financial
statements such as the Charities Act 2011, and where relevant, Charities Act 2022. We evaluated
managemenl's incentives and opportunities for fraudulent manipulation of the financial statements
(including the risk of override of controls), and determined that the principal risks were related to posting
inappropriate journal entries to inflate revenue of the Charity, and management bias in accounting
estimates and judgemental areas of the financial statements, such as revenue recognilion and provisions.
Audit procedures performed by us included:
discussions with the Trustees and key management involved in the risk and compliance functions
including consideration of known or suspected instances of non-compliance with laws and regulation
and fraud.
the analytical review of the detailed Statement of Financial Activities for variances that are either
unexpected or considered not to be in accordance with our understanding of the business during the
year;
obtaining and reviewing for completeness a list of entities and persons considered to be related parties
(as defined by Financial Reporting Standard 102) and reviewing the ledgers of the Charty for
previousty unreported related party transactions;
reviewing Corresponden￿ and agreements between the Charity and its grantees and suppliers, and
discussions with the management in relation to their compliance with lav￿ and regulations,.
challenging assumptions made by management in arriving at accounting estimates and judgements,
in particular in relation to the recognition of revenue and grant provisions.
identifying and testing joumal entries. in particular. any journal entries posted with unusual account
combinations. such as a credit to revenue and a debit to the balance sheet (other than to expected
accounts), which may be indicative of the overstatement or manipulation of revenue" and
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our
testing.
13

INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF
THE RUFFORD FOUNDATION Icontinued)
Auditor's responslbilities for the audit of the financlal statements (continued)
Because of the inherent limitations of an audit and the audit pro￿dureS described above. there is an
unavoidable risk that we will not have detected all irregularities, including some leading to material
misstatements in the financial statements, even though we have properly planned and performed our audit
in accordance with auditing standards. For example, the further removed non-compliance with la￿￿ and
regulats'ons (irregularities) is from the events and transactions reflected in the financial statements, the less
likely the inherently limited procedures required by auditing standards would identify it. In addition, as with
any audit, there remains a higher risk of non-detection of irregularities occurring due to fraud rather than
error, as fraud involves intentional concealment, collusion, forgery, intentional omissions.
misrepresentations. or the override of internal controls. We are not responsible for preventing non-
compliance and cannot te expected to detect non-compliance with all laws and regulations.
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.uklauditorsresponsibilities. This description forms
part of our auditor's report.
Use of our report
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to
the Charity's Trustees those matters we are required to state to them in an auditor's report and for no othef
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the Charity and the Charity's Trustees as a body. for our audit work, for this report, or for the opinions
V￿ have formed.
Rawlinson & Hunter Audit LLP
statutory Auditor
Chartered Accountants
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ
Date..
Rawlinson & Hunt8rAudit LLP is eligible ft>r appoit7tment as auditor of ffte Charity by virtue of its eligibility for appryntment to act
as auditor undersection 7212 of the Companies Act 2006.
14

THE RUFFORD FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
{INCLUDING INCOME AND EXPENDITURE)
FOR THE YEAR ENDED 5 APRIL 2024
UNRESTRICTED FUNDS
Capital
Fund
Income
Fund
Total Funds Total Funds
2024
2023
Note
Income from.
Donations and legacies
Investments
Bank interest receivable
Other income
307,552
3.842,685
22,967
24,650
307,552
3,842,685
22,967
24,650
3,606,897
11.468
14,592
Totsl income
4,197,854
4,197,854
3,632,957
Expenditure:
Costs of raising funds:
Investment management costs
329,384
329,384
319,829
Charitable activities
Rufford Small Grants Programme
General Grants
2,423,047
1,007,205
2.423,047
1,007,205
2.315.658
1,133,481
Total expenditure
3,759,636
3,759,636
3,768,968
Net expenditure before
gainsl(losses) on Investments
438,218
438,218
(136,011)
Net gainsl(loss) on Investments:
Realised loss on disposal of
fixed asset investments
Unrealised gainl(loss) on revaluation
of fixed asset investments
(561,143)
(561,143)
{665,351)
2,795,674
2,795,674 (4.026.705)
Net incomel{loss) (carried fomard)
2.234,531
438,218
2,672,749 (4.828,067)
The notes on pages 19 to 61 form part of these financial statements
15

THE RUFFORD FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE)
FOR THE YEAR ENDED 5 APRIL 2024 (continued)
UNRESTRICTED FUNDS
Capitsl
Fund
Income
Fund
Total Funds Total Funds
2024
2023
Note
Net Incomel(10ssI (brought forward)
2,234,531
438.218
2,672.749
(4,828,067)
Transfers between funds
Net movement In funds
2,234,531
438.218
2,672,749
(4,828,067)
Reconciliation of funds:
Total funds brought forward
116,906.256
759,206 117,665,462 122.493,529
Total funds carried fO￿ard
£119.140,787 £1,197.424 £120,338,211 £117,665,462
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 19 to 61 form part of these financial statements
16

THE RUFFORD FOUNDATION
BALANCE SHEET
5 APRIL 2024
Note
2024
2023
Fixed assets:
Tangible fixed assets
Investments
10
462,554
119,086,781
476,725
116,856,128
119,549,335
117,332,853
Current assets:
Debtors
Cash at bank and in hand
12
298,247
771.326
301,499
305,073
1 ,069,573
606,572
Liabllities:
Creditors- amounts falling due
within one year
13
(280,697)
(273,963)
Net current assets
788,876
332,609
Net assets
£120,338,211
£117.665,462
Unrestricted Charity funds
Capital Fund
19
119,140,787
116,906,256
Income Fund
19
1,197,424
759,206
Total Charlty funds
£120,338,211
£117,665,462
Approved by the Trustees and signed on their behalf by
J H Laing
Trustee
Date:
The notes on pages 19 to 61 form part of these financial statements
17

THE RUFFORD FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2024
2024
2023
Note
Net cash outflow f rom operating activities
18
(3,403,257)
(3.763.494}
Cash flow from Investing activities
Payments to acquire tangible fixed assets
Payments to acquire investments
Re￿Ipts from sales of investments
Interest received
Investment income received
10
(3,425)
(9,560,547)
9,649,392
11,468
3,606,897
(26,868,201)
26,736,511
22,967
3.842,685
Net cash inflow from Investing activitles
3,733,962
3,703,785
Net increasel(decrease) in cash and cash
equivalents
330,705
(59,709)
Cash and cash equivalents brought forward
754,678
814,387
Cash and cash equivalents carried forward
£1,085,383
£754,678
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
771,326
314.057
305,073
449,605
Cash and cash equlvalents at 6 April 2024
£1,085,383
£754,678
The notes on pages 19 to 61 form part of these financial statements
18

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
5 APRIL 2024
ACCOUNTING POLICIES
General information
The Rufford Foundation { the Charity. or "Trusf} is a registered charity (charity number 1117270) whose
principal object is to use the income of the Charity to:
Promote for the benefit of the public predominantly in countries other than those denoted by the
International Monetary Fund as 'Advanced Economies,, the conservation and protection of fauna
and flora and the conservation, protection and improvement of the natural environment.
Advance the education of the public in the conservation and protection of fauna and flora and the
conservation, protection and improvement of the natural environment including research into the
same and the dissemination of the useful resulls of such research.
Basis of preparatlon and assessment of going concern
The financial statements have been prepared in accordance with Accounting and Reporting by Charities:
statement of Recommended Practice applicable lo charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in Odober 2019,
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), Ihe
Charities Act 2011 and where relevant, the Charities Act 2022, and UK Generally Accepted Accounting
Practice.
The financial statements are prepared on a going concern basis under the historical cost convention,
modified to include certain iterns at fair value.
The Charity constitutes a public benefit entity as defined by FRS 102.
The ongoing geopolitical conflicts and events and the increases in previous year in interest rates and
inflation have created significant operational and financial pressures on some businesses. Having
considered the contingency plans in place and reviewed updated cashflow forecasts, the Trustees
consider that. given the substantial net assel base of the Charity and its ability lo manage its grant making
within the resources available to it, there are no material uncertainties about the Charity's ability to continue
as a going concern. The Trustees therefore consider the adoption of the going concern basis in preparing
these financial statements continues to be appropriate.
The financial statements are prepared in Sterling which is the functional currency of the Charity.
The significant accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all years presented unless otherwise stated.
Income
All income is recognised once the Charity has entitlement to the funds and it is probable that the funds will
be re￿iVed within the Charity or on behalf of the Charity and Ihe monetary value of the income can be
measured with sufficient reliability.
19

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
5 APRIL 2024 (contlnued)
ACCOUNTING POLICIES (continued)
Donations
Donations re￿iVed for the general purposes of the Charity are credited to unrestricted income funds.
Donations for purposes restricled by the wishes of the donor are credited to restricted income funds.
Investment Income
Investment income represents dividends and interest receivable from investments.
Expenditure
All exDenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive
obligation to make payments to third parties, it is probable that the settlement will be required and the
amount of the obligation can be measured ieliably.
The cost of raising funds consists of investment management and custodian fees.
Charitable activities include grants payable to third parties in fvrtherance of the charitable objectives
of the Charity and include both the direct costs and support costs relating to these activities.
Irrecoverable VAT is charged as an expense against the activity for which the expenditure was incurred.
Grants payable to third parties are within Ihe Charity's objectives. Where unconditional grants are offered,
this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation
that the recipient will receive the grants. Where granls are conditional relating to performance then the
grant is only accrued when the recipient is notified of the grant and any unfulfilled conditions attaching to
the grant are outside of the control of the Charity.
Support costs allocatlon
Support costs are those functions that assist the work of the Charity but do not directly represent charitable
activities. Support costs include back office costs, finance. personnel, payroll and governance costs which
support the Charity's programmes and activities. These costs have been allocated between cost of
supporting the charitable activities and governan￿ costs. The bases on which support costs have been
allocated are set out in Note 6.
Governan￿ costs include those incurred in the governan￿ of the Charity and its assets and are primarily
associated with constitutional and statutory requirements.
ststus of funds - capltsl and income
Unrestricted funds are those funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Charty and which have not been designated for other
purposes.
20

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
5 APRIL 2024 ¢contlnued}
ACCOUNTING POLICIES (continued)
Status of funds - capital and income {continued)
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors
or which have been raised by the Charity for particular purposes. There are no restricted funds.
The Trustees have complete discretion for the use of the income funds in pursuance of the Charity's
objectives. In accordance with the terms of the Trust Deed, up to 20/0 of the capital fund per annum can be
used to meet the Charity's objectives and activilies.
Tangible flxed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. The leasehold property is stated
at its deemed cost at 5 April 2014 in accordance with FRS 102. Provision for depreciation of tangible
assets is made on the straight line basis at rates calculated to write off the cost of the assets less their
estimated residual values, over their expected working lives, which are considered to be:
over 50 years
over 4 years
Leasehold property
Office equipment
Investments
Investments are recognised initially at fair value which is normally the transaction price including
transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains I
(losses) on investments, in the Statement of Financial Activities if the shares are publicly traded or their
fair value can otherwise be measured reliably.
The fair value of listed investments is delermined by reference to the quoted price being the Stock
Exchange mid-price. The fair value of unlisted investments is determined by reference to the quoted price
for identical assets in an active market.
Current asset investments are short term highly liquid investments and are held at fairvalue. These include
cash on deposit and cash equivalents with a maturity of less than one year.
Realised and unrealised galns and losses
Realised gains and losses are recognised on disposal of investments. Unrealised gains and losses are
recognised on the market value of investments at the balance sheet date.
Debtors and creditors receivable I payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded
at transaction price. Any losses arising from impairment are recognised in Expenditure. within the
statement of Financial Activities.
21

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
6 APRIL 2024 (contlnued)
ACCOUNTING POLICIES (contlnued)
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on
notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more
than three months from the date of acquisition and that are readily convertible to known amount of cash
with insignfficant risk of change in value.
In the Slatement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are
repayable on demand and form an inte9ral part of the Charity's cash management.
Flnancial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are recognised initially at transaction cost and subsequently at
amortised cost.
Employee benefits
When employees have rendered seniice to the Charity, short-term employee benefrts to which the
employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for
that service.
The Charity contributes to personal pension plans in respecl of all employees. The expenditure charged
in the financial statements represents contributions payable in respect of these schemes during the year.
Forelgn currencles
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the
balance sheet date. Transactions denominated in foreign currencies are converted at Ihe rate of exchange
ruling at the date of the transaction. All translation differences are taken to the Statement of Financial
Activities as they arise.
Operatlng lease
Rentals under operating leases are charged to the Statement of Financial Activities as they are incurred.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight
line basis over the period of Ihe lease.
Judgements and key sources of estimation uncertainty
In preparing these financial statements. the Trustees have to make judgements on how to apply the
Charity's accounting policies and make estimates about the future. The critical judgement that have been
made at arriving at the amounts recognised in the financial statements and the key areas of estimation
Un￿rtaInty that have a significant risk of causing a material adjuslment to the carrying value of assets and
liabilities in the next financial year, are discussed below:
22

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
5 APRIL 2024 (continued)
ACCOUNTING POLICIES (continued)
Judgements and key sources of estimation uncertalnty (continued)
Pmperty fund investments valuation
The Trustees use the property fund valuation prepared by the property fund itself. The Diversified Property
Fund for Charities. The valuation of the property fund investment is expected to be largely in line with the
performance of the cornmercial property market in the UK.
DONATIONS AND LEGACIES
2024
2023
Legacy income
307.552
£307.552
INCOME FROM INVESTMENTS
2024
2023
Investment assets withln the United Kingdom:
Quoted dividends - UK equities
Unquoted dividends- UK equities
Interest - UK fixed interest securities
2,344,811
1,099,253
125,545
2,292,167
1,092,782
34,536
Investment assets outside the United Klngdom:
Dividends - Overseas equities
273,076
187,534
£3.842,685
£3,606,897
INVESTMENT MANAGEMENT COSTS
Investment management costs are costs of managing the investment portfolio payable to the
investment manager and the investment custodians for the year ended 5 April 2024.
CHARITABLE ACTIVITIES
Analysis of charltable activlties
The Charity undertakes its charitable activities through grant-making to a number of charitable
organisations in furtherance of its charitable activities.
Grants
payable
(Note 20)
Total support
costs
(Note 6)
Type of Grant
Total
2024
2024
2024
All for nature conservation:
Rufford Small Grants Programme
General Grants
1,959,014
831,500
464,033
175,705
2.423,047
1,007,205
£2,790,514
£639,738
£3,430,252
23

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMEKrs
5 APRIL 2024 (continued)
CHARITABLE ACTIVITIES (continued)
Total
support
costs
(Note 6)
Grants
payable
Type of Grant
Total
2023
2023
2023
All for nature conservation:
Rufford Small Grants Programme
General Grants
1,912,078
961.287
394,924
180,850
2,315.658
1,133,481
£2,873,365
£575,774
£3,449,139
ANALYSIS OF SUPPORT COSTS
The Charity allocates its governance and support costs as shown in the table below.
Cost type
Total
Support
costs
(Note 6)
Basis of
allocation
2024
2024
Governance (Note 7)
Wages and salaries (Note 9}
Premises costs
Office expenses
Computing and website development
consultancy
Other consultancy
Depreciation (Note 10)
Bank fees
Subscriptions
Travel expenses
104,367
354,595
97,658
13,968
Staff time
Staff time
staff time
Staff time
10,891
5,250
13,462
4.602
967
33,978
Staff time
Invoice
Stsff time
Invoice
Invoice
Invoice
£639,738
24

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
5 APRIL 2024 (continued)
ANALYSIS OF SUPPORT COSTS (continued)
Cost type
Total Support
costs
(Note 5)
Basis of
allocation
2023
2023
Governance (Note 7)
Wages and salaries {Note 9)
Premises costs
Office expenses
Computing and website development consullancy
other consultancy
Depreciation
Bank fees
Subscriptions
Travel expenses
81,083
337,811
94,879
12,377
8,763
8,724
13,340
4,117
1,948
12,732
Staff time
Staff time
Staff time
Staff time
Staff time
Invoice
Staff time
Invoice
Invoice
Invoice
£575,774
GOVERNANCE COSTS
2024
2023
Wages and salaries (Note 9)
Premises costs
offi￿ expenses
Insurance
Trustees meeting expenses
Audit
Accountancy
Legal and professional fees
Computing and website development consultancy
Depreciation (Note 10>
8,003
5,140
736
7,262
710
40,906
14,715
25,613
573
709
8,782
4,994
652
6,241
194
36,300
13,823
8,344
920
833
£104,367
£81,083
25

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
6 APRIL 2024 (continued)
NET MOVEMEKf IN FUNDS
2024
2023
This is stated after charging:
Operating leases - land and buildings
Depreciation
Auditor's remuneration - audit
Auditorfs remuneration - non audit fees
£72,540
£14,171
£40.906
£14,715
£72,540
£14,173
£36,300
£13,823
The increase in capital funds totalling £2,234,531 (2023- decrease of £4, 692, 056), arose due to an
unrealised gain on revaluation of fixed asset investments of £2,795,674 (2023 - unrealised loss
£4.026, 705) and a realised loss on disposals of fixed asset investments of £561,143 (2023- realised
loss £665, 351).
STAFF COSTS
2024
2023
Staff costs as disclosed in Notes 6 and 7 were as follows-
Wages and salaries
Social security costs
Pensions and other staff costs
282.341
29,114
51,143
284,076
34,185
28,332
£362,598
£346.593
2024
2023
The average monthly number of employees was 5 (2023 - 5).
Number
Number
Number of employees earning between £60,000 - £70,000
Number of employees earning between £70,001- £80,000
Number of employees earning between £80,001- £90,000
The Trustees received no remuneration for their serlices during the year (2023 - £Nil). See Note 15
for other Trustees related transaclions.
The key management personnel of the Charity comprise the Trustees and the CEO (2023 also
included the Tmst Dir8Ctor b8fore his retirement in June 2022). The total employee compensation
(gross salaries, pension contributions and private medical premiums) received by the key
management personnel of the Trust were £93,391 (2023 - £138.078).
26

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
S APRIL 2024 (continued)
10. TANGIBLE FIXED ASSET
Leasehold
property
Office
equipment
Total
Cost
At 5 April 2023
Additions
Disposals
575,000
75,144
650.144
At 5 April 2024
575,000
75,144
650,144
Depreclatlon
At 5 April 2023
Charge for the year
103,500
11,500
69,919
2,671
173,419
14.171
At 5 April 2024
115,000
72,590
187.590
Net book value
At 5 April 2024
£460,000
£2,554
£462,554
At 5 April 2023
£471.500
£5,225
£476.725
The leasehold property held at 5 April 2024 was valued at £575,000 on 1 April 2014 by Martin Heath
Associates, Chartered Surveyor on a vacant possession basis. The Trustees have elected to use
the valuation of £575,000 al 1 April 2014 as the deemed cost in accordance with the transition rules
of FRS 102. The leasehold property is used for charitable purposes. The proceeds of any future sale
of the leasehold property will be used for charitable purposes. The other assets are used for the
management and administration of the Charity.
11. FIXED ASSEf INVESTMENTS
2024
2023
Investments comprise:
United Kingdom
Overseas
70,892,265
48.194,516
89.660,172
27,195,956
Totsl Investments
£119,086,781 £116,856,128
Unrealised gainl(loss) on investments in the year:
United Kingdom
Overseas
222,487
2,573,187
(4,508,617)
481,912
Total unreallsed gainllloss) on investments in the year
£2,795,674 £(4,026,705)
27

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
S APRIL 2024 (continued)
11. FIXED ASSEf INVESTMENTS (continued)
Investment assets within the United lQngdom
Cash
held by
custodian
Unquoted
Securities
Quoted
Securltles
Total
2024
2024
2024
2024
Costlmarket value
At 6 April 2023
Additions
Disposals
Unrealised investment
{loss)Igain
19.539,417
69.671,149
449.606 89,660,172
8,442,810 29,479,942 37.922,752
(27,297,654) (29,615,491) (56.913,145)
282,485
222,487
(59,998)
At 5 April 2024
19,479,419
51,098,790
314.057 70,892,266
Investment assets within the United lQngdom
Cash
held by
custodian
Unquoted
Securities
Quotsd
Securities
Total
2023
2023
2023
2023
Cosvmarket value
At 6 April 2022
Additions
Disposals
Unrealised investment
loss
22,093,626
74,379,753
112,051 96,585,430
7,560,547 12.663,508 20,224,055
(10.314,743> {12,325,953) (22.640,696)
(2,554,209) (1 .954.408)
(4.508.617)
At 5 April 2023
£19,539,417 £69,671,149
£449,606 £89,660,172
Investment assets outside the United Kingdom
2024
2023
Quoted securities
Totsl
Totsl
Cosumarket value
At 6 April 2023
Additions
Unrealised investment gain
27,195,956 24.714.044
18.425.373
2.000,000
2.573.187
481,912
At 5 April 2024
£48,194,516 £27,195,956
28

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
6 APRIL 2024 (continued)
11. FIXED ASSET INVESTMENTS (contlnued}
The following investments represent material investments (more than 5 % of the totsl investment
portfolio) of the Charity..
Market
Percentsge
Value
of totsl
2024
2024
UK Investments
The Diveisified Propety Fund for Charities (unquoted securities)
UK (Gov ofj 3.250/0 Bonds 3110112033 GBP
Vontabel Management S.A Twentyfour Absolute Rtn
£19,479,419
£8,670,318
£6,921,745
7.280
Overseas Investments
Fundsmith Sustainable
Guard Global Equity l Gbp Inc.
Tb Evenlode Global Inc. F Gbp Inc.
Brown Advisory Funds Global Leaders Sl GBP Inc
£8,681,734
£8,506,759
£7,904,012
£6,115,465
7.14Yo
Market
Value
Percentsge
of totsl
2023
2023
UK Investments
The Diversified Property Fund for Charities (unquoted securities)
Vontabel Management S.A Twentyfour Absolute Rtn
I Shares FTSE 100
M&G Securities Limited UK Inflation Linked Corp Bond I Inc
£19,539.417
£6,759.197
£6,578,757
£6,020,874
5.780
29

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
6 APRIL 2024 (contlnued)
11. FIXED ASSET INVESTMENTS (continued)
Market
Value
Percentage
of total
2023
2023
Overseas Investments
Fundsmith Sustainable
Tb Evenlode Global Inc. F Gbp Inc.
Guard Global Equity l GBP INC
£7,932,990
£7,780.934
£8,050,056
6.890/0
12. DEBTORS
2024
2023
Prepayments and accrued income
298,247
301.499
£298,247
£301,499
13. CREDITORS - amounts falling due within one year
2024
2023
Taxation and social securty
Other creditors
Accruals and deferred income
9,489
8,956
57,162
207.845
271,208
£280,697
£273,963
14. COMMITMENTS UNDER OPERATING LEASE
At 5 April 2024, the Charity was committed to making the following future aggregate minimum lease
payments under a non-cancellable operating lease for land and buildings..
2024
2023
Within 1 year
Between 2 and 5 years
After 5 years
72,540
248,659
72,540
290,160
36,300
£321,199
£399,000
30

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
S APRIL 2024 (continued)
15. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS
No Trustee received any remuneration but re￿iVed reimbursement of expenses totalling £546
(2023.. £40). Transactions with key management personnel are disclosed in Note 9.
During the year, the Charity received computer services at a price favourable lo the Charity of £9.249
(2023 - £6,043) from Simplicat ("Simplicat"}, an entity in which Trustee H B Edwards is beneficially
interested. The amount is inclusive of VAT where applicable. Olivia Smalles (daughter of Trustee,
lain Smailes) completed digital design work for The Rufford Foundation in July 2023 for which she
received £1,261 (2023 - £265). Any work undertaken by Simplicat or Olivia for the Charity is
approved by the other Trustees prior to any amount being paid.
16. ULTIMATE CONTROLLING PARTY
The ultimate controlling parties are Ihe Trustees.
17. FINANCIAL INSTRUMENTS
The carrying amounts of the Charity's financial instruments are as follows..
2024
2023
FinanGial assets..
Measured at fair value through SOFA:
Fixed asset listed investments (Note 11)
Fixed asset unlisted investments (Note 11)
Cash at investment managers {Note 11)
Cash at bank
£99,293,306
£19,479,419
£314,057
£771,326
£96,867,105
£19,539,417
£449,606
£305,073
Measured at amortised cost:
Other debtors and accrued income (Note 12)
£276,849
£274,135
Financial liabilities..
Measured at amortised cost:
Other creditors (Note 13)
Accruals (Note 13)
£(57,162)
£(39,864}
£(101,183)
The income, expenses, net gains and net losses attributable to the Charity's financial instruments
are summarised as follows.
2024
2023
Income and expense..
Financial assets measured at fair value through SOFA:
Net gainsl(losses) (including changes in fair value)
£2,234.531
£(4,692,056)
31

THE RUFFORD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
5 APRIL 2024 (continued)
18. RECONCILIATION OF NEf MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2024
2023
Net movement in funds
2,672.749
(4,828,067}
Dividends received
Interest receivable
Depreciation and impairment of tangible fixed assets
(Note 10)
(Gains)Ilosses on investment revaluations (unrealised)
Losses on disposal of fixed asset investments (realised)
Decieasel(increase) in debtors
Increasel(decrease) in creditors
(3,842,685)
(22,967)
(3,606,897)
(11,468)
14,171
(2,795,654)
561,143
3.252
6,734
14,173
4,026,705
665,351
(7,327)
(15,964)
Net cash ouffiow from operating activities
£(3,403,257)
£{3,763,494)
19. FUND RECONCILIATION
Fund
balances
brought
forward
Fund
balances
carrled
fonprard
Transfer
b8twe•n
funds
Unrestricted
funds
Total
income
Total
expenditure
Gains on
investments
Capital funds
116,906,256
2,234,531
119,140,787
Income funds
759,206 4,197,854
(3.759,636)
1,197,424
Total funds
£117,665,462 £4,197,854 £(3.759,636}
£2,234,531
£120,338,211
Fund descrlptlons
Capital funds are funds donated by the Settlor that are invested in listed and unlisted investments
and includes accumulated gains and losses from the investments.
Income funds are accumulated funds from ad-hoc donations. dividends. fixed interest and other
income re￿1vable net of grants payable, support costs, investment management costs and olher
expenditure.
32

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