## ## ||||||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, '| ||||||||&1+.arc
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|