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2023-03-31-accounts

Page
Trustees'
Report		 1-5
Independent Auditors' Report
Consolidated Statement of Financial Activities
Balance Sheet 10
Consolidated Cash Flow Statement
Notes to the Financial Statements 12-24

Grant summary
,iar~nde, '
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r2'0.		 4farch7202
Bishop Auckland based Trusts
he Auckland
Project		 (formerly Auckland Castle Trust) 4,500,000 5,000,000
Eleven Arches Trust 10,000,000 1,000,000
urbaran
Trust		 3,000,000 515,992
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 75,000 500,000
SHED (previously
Seedbed		 Christian Communities Trust) 3,500,000 3,500,000
General Grants of less than E5,000 33,000 8,000
Stockton Project 152,100 50,000
Prince's Trust 85,450 85,450
ear Valley Women's Project 55,000 50,000
CDCF Hardship
Fund		 250,000
otal Grants and Donations 22,325,550 11,384,442

Trustees J G Ruffer
J M Ruffer
H C O' Rourke
A G RWindham
N M Fraser
E Booker
ASC Chartres (Resigned 5 March 2023)
Secretary J E Henderson
Charity registered number 1161516
Principal office 58 Kingsway
Bishop Auckland
DL147JS
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 2023 2022
Income from:
Donations 4 3,098,869 3,000,000 6,098,869 4,622,357
Other trading
activities		 12 19,879,503 19,879,503 13,814,980
investment
income		 5 4,411,812 4,411,812 3,967,930
Other income
Total income 27,390,184 3,000,000 30,390,184 22,405,267
Expenditure
on:
Charitable
activities		 6 22,581,372 22,581,372 11,356,816
Other trading
activities		 12 1,799 1,799 2,550
Total expenditure 22,583,171 22,583,171 11,359,366
Net income before transfers and investment 4,807,013 3,000,000 7,807,013 11,045,901
gains and losses
Transfers
between		 funds 15 3,000,000 (3,000,000)
Net loss on investments 12 (1,696,930) (1,696,930) (4,284,547)
Net movement
in funds		 6,110,083 6,110,083 6,761,354
Reconciliation
offunds
Fund balances
brought		 forward 23,496,968 23,496,968 16,735,614
Fund balances carried forward 29,607,051 29,607,051 23,496,968

Group Charity
2023 2022 2023 2022
Note E F F
Fixed assets
Investments 5,229,101 5,126,031 5,654,201 5,126,131
Current assets
Debtors 13 19,879,503 13,822,685 7,706
Cash at bank and in hand 4,740,588 4,573,138 4,736,062 4,568,542
24,620,091 18,395,823 4,736,062 4,576,248
Liabilities:
Creditors: amounts falling due within
one year 14 (242,141) ( 24,886 ) (660,346) ( 17,841 )
Net current assets 24,377,950 18,370,937 4,075,716 4,558,407
Net assets 29,607,051 23,496,968 9,729,917 9,684,538
The funds ofthe charity:
Unrestricted funds 29,607,051 23,496,968 9,729,917 9,684,538
Restricted funds
15 29,607,051 23,496,968 9,729,917 9,684,538

Note 2023 2022
E
Net cash provided by operating activities 18 555,638 5,678,810
Cash flows from investing activities
Investment income received 4,411,812 3,967,928
Payments
to acquire fixed asset investments
Receipts on sale offixed asset investments		 (4,800,000) ( 7,377,200 )
Net cash provided byinvesting
activities		 ( 388,188 ) ( 3,409,272 )
Change
in cash and cash		 equivalents
for		 the year 167,450 2,269,538
Cash and cash equivalents at the beginning ofthe
reporting
year		 4,573,138 2,303,600
Cash and cash equivalents at the end ofthe
reporting year 4,740,588 4,573,138
Cash and cash equivalents consist of:
Cash at bank and in hand 4,740,588 4,573,138

The summa ry
f		 inan cial
p		 erformance ofthe Trust alone is:
2023 2022
E
Income 10,510,681 8,590,287
Charitable donation from subsidiary company 13,813,000 12,463,839
24,323,681 21,054,126
Expenditure
on
Net investment		 charitable
losses		 activities ( 22,581,372 )
( 1,696,930 )		 ( 14,734,016 )
( 3,907,347 )
Net movement in funds 45,379 2,412,763

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

4. Donations
2023 2022
E F
J G Ruffer (note 17) 3,871,415 2,407,208
N M Fraser (note 17) 1,000,000
C Bacon 1,000,000
Gift Aid 1,217,854 601,802
Other 9,600 613,347
5. Investment income
2023 2022
E f
Dividends (net) 4,411,812 3,967,930
Grant funded Support Total Total
activity costs 2023 2022
F
Funded from wide range funds 22,325,550 255,822 22,581,372 11,356,816
22,325,550 255,822 22,581,372 11,356,816
7. Allocation ofsupport costs
Basis of allocation 2023 2022
F
Legal and professional costs Invoiced 238,416
Other Invoiced 8,275
Governance costs (note 8) Invoiced 9,131 8,005
255,822 8,005

Analysis ofgove rnance
costs
2023 2022
E
Trustee indemnity insurance 1,131 905
Audit fee 8,000 7,100
9,131 8,005

All grants are paid to institutions All grants are paid to institutions All grants are paid to institutions as noted as noted below;
2023 2022
Auckland
Castle based trusts
Auckland
Castle		 Project 4,500,000 5,000,000
Eleven Arches 10,000,000 1,000,000
The Zurbaran
Trust		 515,992
Other Grants
Archbishop
of Canterbury's		 Discretionary fund 100,000 100,000
The Art Fund 75,000 75,000
County
Durham		 Community Foundation 500,000 500,000
First Fruit 75,000 500,000
Princes Trust 85,450 85,450
SHED (previously Seedbed Christian Community Trust) 3,500,000 3,500,000
Wear Valley Womens 55,000 50,000
Various grants
in		 Stockton on Tees 152,100 50,000
CDCF Hardship Fund 250,000
Grants of less than E5,000 33,000 8,000
Total Grants 19,325,550 11,384,442
Donations
Artwork donated to the Zurbaran Trust 3,000,000
Total Donations 3,000,000

11. Auditors
remuneration
2023 2022
E
Fees payable to the charity's auditors for the audit
ofthe charity and subsidiary's annual accounts (charity - E7,100) 9,600 9,150
Non-audit
services		 600 600
12. Fixed asset investments
Group Group Charity Charity
2023 2022 2023 2022
E E
Fixed asset listed investments 2,229,101 2,126,031 2,229, 101 2,126,031
Other investments 3,000,000 3,000,000 3,425, 100 3,000,100
5,229,101 5,126,031 5,654,201 5,126,131
Fixed assets listed investments
Market value at 1 April 2022 2,126,031
Additions
to investments
at		 cost
Disposals at carrying
value
Revaluation
ofinvestments		 to market value 103,070
Market value at 31 March 2023 2,229,101
Historical cost 380,197

Investment
in		 Investment in Total
associate subsidiary
F E
Cost
Balance at 1 April 2022 15,954,563 100 15,954,563
Additions 1,800,000 425,000 2,225,000
At 31 March 2023 17,754,563 425, 100 18,179,663
Impairment
Balance at 1 April 2022 12,954,563 12,954,563
Written off during the year 1,800,000 1,800,000
At 31 March 2023 14,754,563 14,754,563
Carrying
Amount
At 31 March 2023 3,000,000 425,100 3,425,100
At 31 March 2022 3,000,000 100 3,000,100

2023 2022
Valuation gains /(losses) on listed investments 103,070 92,653
lmpairments (1,800,000) ( 4,377,200 )
(1,696,930) ( 4,284,547 )

13. Debtors : a m ounts
 receivab le within one year
Group Group Charity Charity
2023 2022 2023 2022
F F
Prepayments and accrued income 19,879,503 13,822,685
Amounts due from subsidiary undertaking 7,706
19,879,503 13,822,685 7,706
14. Creditors: amounts falling due within one year
Group Group Charity Charity
2023 2022 2023 2022
F F
Accruals 242,141 24,866 239,841 17,841
Amounts owed to subsidiary undertakings 420,505
242, 141 24,866 660,346 17,841
15. Statement ofFunds
For the ear ended 31March 2023
Balance at Balance at
1 April Loss 31 March
2022 Income Expenditure on investment Transfers 2023
F
Unrestricted fund
Wide range 23,496,968 30,390,184 ( 22,583,171 ) ( 1,696,930 ) 29,607,051
Restricted fund
- Neapolitan Nativity 3,000,000 ( 3,000,000 )
23,496,968 30,390,184 ( 22,583,171 ) ( 1,696,930) 29,607,051

For the
ear ended		 the
ear ended		 31March 2022
Balance at Balance at
1 April Gain/loss 31 March
2021 Income Expenditure on investment Transfers 2022
E F E E' F
Unrestricted fund
-Wide range 16,735,614 19,405,267 ( 11,736,566 ) ( 3,907,347 ) 3,000,000 23,496,968
Restricted fund
- Colnaghi 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 2023 Unrestricted Restricted Total
Funds Funds Funds
E f.
Investments 5,229,101 5,229,101
Current assets 24,620,091 24,620,091
Current Liabilities ( 242,141 ) ( 242,141 )
29,607,051 29,607,051

For the ear ended 31March 2022 Unrestricted Restricted Total
Funds Funds Funds
Investments 5,126,031 5,126,031
Current assets 18,370,936 18,370,936
23,496,967 23,496,967

Reconcili ation
ofne		 t incoming
resources to net ca		 sh inflow
2023 2022
Net movement
in funds		 6,110,083 6,761,354
Investment income ( 4,411,812 ) ( 3,967,930 )
Loss on investments 1,696,930 4,284,547
(Increase) in debtors (6,056,817) ( 1,356,866 )
Increase I (decrease) in creditors 217,254 ( 42,295 )
Non-cash grants 3,000,000
Net cash inflow 555,638 5,678,810