## ## ||||||Page| |---|---|---|---|---|---| |Trustees'
Report|||||1-5| |Independent|Auditors'|Report|||6-8| |Consolidated|Statement||of Financial|Activities|| |Balance Sheet|||||| |Consolidated|Cash Flow||Statement||| |Notes to the|Financial|Statements|||12-24| ## ## ## ## ## ## ## ## ||||||||e. e| |---|---|---|---|---|---|---|---| |Bishop Auckland based|Trusts||||||| |he Auckland
Project (formerly Auckland||||Castle Trust)||5,000,000|7,250,000| |Eleven Arches Trust||||||1,000,000|1,500,000| |urbaran
Trust||||||515,992|982,880| |Other Grants|||||||| |rchbishop
of Canterbury|Discretionary|||Trust||100,000|100,000| |rt Fund (Ruffer Curatorial||Bursary)||||75,000|75,000| |County
Durham
Community||Foundation||||500,000|500,000| |First Fruit||||||500,000|75,000| |SHED (previously
Seedbed||Christian|Communities||Trust)|3,500,000|3,500,000| |General Grants ofless than||E5,000||||8,000|3,000| |Stockton Project||||||50,000|34,62| |Prince's Trust||||||85,450|51,270| |ear Valley Women's
Project||||||50,000|60,000| |otal Grant and Donations||||||11,384,44|14,131,775| ## ## ## ## ## ## ## ## ## |Trustees|||J G Ruffer||| |---|---|---|---|---|---| ||||J M Ruffer||| ||||H C O' Rourke||| ||||A G RWindham||| ||||N M Fraser||| ||||E Booker||| ||||ASC Chartres|(Appointed|20 April 2021)| |Secretary|||J E Henderson||| |Charity registered||number|1161516||| |Principal office|||58 Kingsway||| ||||Bishop Auckland||| ||||DL'l4 7JS||| |Independent|Auditor||Haines Watts||| ||||17Queens Lane||| ||||Newcastle
upon Tyne||| ||||NE1 1RN||| |Bankers|||Barclays Bank|Pic|| ||||6 Market Place||| ||||Durham||| ||||County
Durham||| ||||DH1 3NO||| |Investment|Manager||Ruffer LLP||| ||||80 Victoria Street||| ||||London||| ||||SW1E5JL||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||Note|Unrestricted|Restricted||| |---|---|---|---|---|---|---|---| |||||Funds|Funds|2022|2021| ||||||||F| |Income from:|||||||| |Donations|||4|1,622,357|3,000,000|4,622,357|1,440,000| |Other trading
activities|||12|13,814,980||13,814,980|12,465,820| |investment
income|||5|3,967,930||3,967,930|3,300,037| |Other income|||||||1,084| |Total income||||19,405,267|3,000,000|22,405,267|17,206,941| |Expenditure
on:|||||||| |Charitable
activities|||6|11,356,816||11,356,816|14,097,888| |Other trading
activities|||12|2,550||2,550|2,080| |Total expenditure||||11,359,366||11,359,366|'14,099,968| |Net income before transfers||and|investment||||| |gains and losses||||8,045,901|3,000,000|11,045,901|3,107,072| |Transfers
between
funds|||15|3,000,000|( 3,000,000 )||| |Net loss on investments|||12|( 4,284,547 )||( 4,284,547 )|( 5,272,889 )| |Net movement
in funds||||6,761,354||6,761,354|( 2,165,817 )| |Reconciliation
offunds|||||||| |Fund balances
brought|forward|||16,735,614||16,735,614|18,901,431| |Fund balances carried|forward|||23,496,968||23,496,968|16,735,614| ## ## |||||Group|Group|Charity|Charity| |---|---|---|---|---|---|---|---| |||||2022|2021|2022|2021| ||||Note|E||f|| |Fixed assets|||||||| |Investments|||12|5,126,031|2,033,378|5,126,131|2,033,478| |Current assets|||||||| |Debtors|||13|13,822,685|12,465,820|7,706|7,706| |Cash at bank|and in|hand||4,573,138|2,303,600|4,568,542|2,295,793| |||||18,395,823|14,769,420|4,576,248|2,303,499| |Liabilities:|||||||| |Creditors: amounts||falling due within|||||| |one year|||14|( 24,886 )|( 67,184 )|( 17,841 )|( 65,202 )| |Net current|assets|||18,370,937|14,702,236|4,558,407|2,238,297| |Net assets||||23,496,968|16,735,614|9,684,538|4,271,775| |The funds ofthe charity:
Unrestricted
funds||||23,496,968|16,735,614|9,684,538|4,271,775| |Restricted funds|||||||| ||||15|23,496,968|16,735,614|9,684,538|4,271,775| ## ## ||||Note|2022|2021| |---|---|---|---|---|---| ||||||F| |Net cash provided by operating activities|||18|5,678,810|( 2,490,914 )| |Cash flows from investing|activities||||| |Interest and dividends||||3,967,928|3,372,411| |Payments
to acquire fixed asset investments||||( 7,377,200 )|( 2,199,724 )| |Receipts on sale offixed asset investments|||||| |Net cash provided by invesfing
activities||||( 3,409,272 )|1,172,687| |Change
in cash and cash|equivalents
for|the year||2,269,538|( 1,318,227 )| |Cash and cash equivalents
reporting
year|at the beginning|ofthe||2,303,600|3,621,826| |Cash and cash equivalents|at the end of|the|||| |reporting
year||||4,573,138|2,303,600| |Cash and cash equivalents|consist of:||||| |Cash at bank and in hand||||4,573,138|2,303,600| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||||2022|2021| |---|---|---|---|---|---|---|---| |Income||||||8,590,287|4,741,221| |Charitable|donation||from|subsidiary|company|12,463,839|10,197,000| |||||||21,054,126|14,938,221| |Expenditure|on|charitable||activities||( 14,734,016 )|( 14,097,889 )| |Net gain/(loss)||on|investments|||(3,907,347 )|( 8,684,524 )| |Net movement||in|funds|||2,412,763|( 7,844,192 )| ## ## |3.
Comparative|Statement of|Financial Activities||||| |---|---|---|---|---|---|---| |||Note|Unrestricted|Restricted||| ||||Funds|Funds|2021|2020| ||||f|F|f|| |Income from:||||||| |Donations||4|1,440,000||1,440,000|7,174,478| |Other trading
activities||12|12,465,820||12,465,820|10,200,000| |investment
income||5|3,300,037||3,300,037|4,224,606| |Other income|||1,084||1,084|1,297| |Total income|||17,206,941||17,206,941|21,600,381| |Expenditure
on:||||||| |Charitable
activities||6|14,097,888||14,097,888|20,700,723| |Other trading
activities||12|2,080||2,080|2,930| |Share in associate's|result|12||||3,105,814| |Total expenditure|||14,099,968||14,099,968|23,809,467| |Net income before investment||||||| |gains|||3,107,072||3,107,072|( 2,209,086 )| |Net (loss)/gains
on|investments||( 5,272,889 )||( 5,272,889)|28,067| |Net movement
in funds|||( 2,165,817 )||( 2,165,817 )|( 2,181,019 )| |Reconciliation
offunds||||||| |Fund balances
brought forward|||18,901,431||18,901,431|21,082,450| |Fund balances carried forward|||16,735,614||16,735,614|18,901,431| ## |4.|Donations|||| |---|---|---|---|---| ||||2022|2021| |||||f.| ||J G Ruffer|(note 17)|2,407,208|1,440,000| ||N M Fraser|(note 17)|1,000,000|| ||Other||1,215,149|| |5.|Investment|income||| ||||2022|2021| ||||f|| ||Dividends|(net)|3,967,930|3,300,037| ## ||||||Grant funded|Support|Total|Total| |---|---|---|---|---|---|---|---|---| ||||||activity|costs
f|2022
f|2021| |Funded|from|wide|range|funds|11,348,811|8,005|11,356,816|14,097,888| ||||||11,348,811|8,005|11,356,816|14,097,888| |Allocation|ofsupp|ort c|osts|||| |---|---|---|---|---|---|---| |||||Basis ofallocation|2022|2021| |Consultancy|costs|||Invoiced||7,133| |Other||||Invoiced||4,967| |Governance|costs|(note|8)|Invoiced|8,005|7,908| ||||||8,005|20,008| ## |Analysis ofgove|rnance
costs||| |---|---|---|---| |||2022|2021| ||||F| |Trustee indemnity|insurance|905|1,008| |Audit fee||7,100|6,900| |||8,005|7,908| ## ## ## |All grants are paid to institutions|All grants are paid to institutions|as noted|as noted|below;||2022|2021| |---|---|---|---|---|---|---|---| |Auckland
Castle based trusts|||||||| |Auckland
Castle Project||||||5,000,000|7,250,000| |Eleven Arches||||||1,000,000|1,500,000| |The Zurbaran
Trust||||||515,992|982,880| |Other Grants|||||||| |Archbishop
of Canterbury's
The Art Fund|Discretionary|||fund||100,000
75,000|100,000
75,000| |County Durham
Community
First Fruit|Foundation|||||500,000
500,000|500,000
75,000| |Princes Trust||||||85,450|51,270| |SHED (previously
Seedbed|Christian||Community||Trust)|3,500,000|3,500,000| |Wear Valley Womens
Various grants
in Stockton
Grants of less than F5,000|on Tees|||||50,000
50,000
8,000|60,000
34,625
3,000| |||||||11,384,442|14,131,775| ## ## ## |Auditors
remuneration|||||| |---|---|---|---|---|---| |||||2022|2021| |Fees payable to the charity's
auditors for the audit
ofthe charity's
annual
accounts (chanty - E6,900)||||9,150|8,940| |Non-audit
services||||600|600| |Fixed asset investments|||||| |||Group|Group|Charity|Charity| |||2022|2021|2022|2021| ||||F|F|F| |Fixed asset listed investments||2,126,031|2,033,378|2,126,031|2,033,378| |Other investments||3,000,000||3,000,000|100| |||5,126,031|2,033,378|5,126,031|2,033,478| |Fixed assets listed investments|||||f| |Market value at 1 April 2021|||||2,033,378| |Additions to investments
at|cost||||| |Disposals at carrying
value|||||| |Revaluation
ofinvestments|to market value||||92,653| |Market value at 31 March 2022|||||2,126,031| |Historicalcost|||||380,197| ## ## ## ## ## ## ## ## ## ## ||Investment
in|Investment|in|Total| |---|---|---|---|---| ||associate
f|subsidiary
f||| |Cost||||| |Balance at 1 April 2021|8,577,363||100|8,577,463| |Additions|7,377,200|||7,377,200| |At 31 March 2022|15,954,563||100|15,954,663| |Impairment||||| |Balance at 1 April 2021|8,577,363|||8,577,363| |Written
off during the year|4,377,200|||4,377,200| |At 31 March 2022|12,954,563|||12,954,563| |Carrying
Amount||||| |At 31 March 2022|3,000,000||100|3,000,100| |At 31 March 2021|||100|100| ||||||||2022f|2021| |---|---|---|---|---|---|---|---|---| |Valuation|gains|I(losses)|on|listed|investments||92,653|( 115,786 )| |lmpairments||||||(|4,377,200 )|( 5,157,103 )| |||||||(|4,284,547 )|( 5,272,889 )| ## ## |13.|Debtors:|am|ounts
|receivab|le within one year||||| |---|---|---|---|---|---|---|---|---|---| |||||||Group|Group|Charity|Charity| |||||||2022
f|2021
f|2022f|2021f| ||Prepayments||and accrued income|||13,822,685|12,465,820||| ||Amounts|due|from subsidiary||undertaking|||7,706|7,706| |||||||13,822,685|12,465,820|7,706|7,706| |14.|Creditors: amounts|||falling|due within one year||||| |||||||Group|Group|Charity|Charity| |||||||2022|2021|2022|2021| |||||||f||f|f| ||Accruals|- grants payable|||||55,938||55,938| ||Accruals|- other||||24,866|9,264|17,841|9,264| |||||||24,866|65,202|17,841|65,202| ## ## |For the
ea|r ended 3|1March 2022||||||| |---|---|---|---|---|---|---|---|---| |||Balance at||||||Balance at| |||1 April|||Gain/loss|||31 March| |||2021
f|Incomef|Expenditure|on investment|f|Transfers
f|2022f| |Unrestricted|fund|||||||| |-Wide range||16,735,614|19,405,267|( 11,736,566 )|( 3,907,347|)|3,000,000|23,496,968| |Restricted|fund|||||||| |- Colnaghl|||3,000,000||||( 3,000,000 )|| |||16,735,614|22,405,267|( 14,736,566 )|( 907,347|)||23,496,968| ## ## ## ## |For the|ear|ended 31March 2021||||||| |---|---|---|---|---|---|---|---|---| |||Balance at||||||Balance at| |||1 April||||Gain/loss||31 March| |||2020|Income|Expenditure|on|investment|Transfers|2021| ||||F|E||||| |Unrestricted||fund||||||| |-Wide|range|18,901,431|14,941,221|( 14,099,968 )|( 5,272,889 )|||14,469,795| |||18,901,431|14,941,221|( 14,099,968 )|(5,272,889 )|||14,469,795| ## ## |16.|Analysis|ofnet assets between funds|||| |---|---|---|---|---|---| ||For the|ear ended 31March 2022|Unrestricted|Restricted|Total| ||||Funds|Funds|Funds| |||||E|| ||Investments||5,126,031||5,126,031| ||Current|assets|18,370,936||18,370,936| ||||23,496,967||23,496,967| ||For the|ear ended 31March 2021|Unrestricted|Restricted|Total| ||||Funds|Funds|Funds| ||||||E| ||Investments||2,033,378||2,033,378| ||Current|assets|12,436,417||12,436,417| ||||14,469,795||14,469,795| ## ## ## ## ## |Reconciliation
of net incoming
resources to net ca|sh inflow|| |---|---|---| ||2022|2021| |Net movement
in funds|6,761,354|( 4,431,636 )| |Investment
income|(3,967,930)|(3,300,037 )| |(Gain)/loss
on investments|4,284,547|5,272,889| |(Increase)/decrease
in debtors|(1,356,866)|| |(Decrease) in creditors|(42,295)|( 32,130 )| |Net cash inflow|5,678,810|( 2,490,914 )|