Charity Registration Number.. 1161516 Lempriere Pringle 2015 Trustees, Report and Financial Statements For the Year Ended 31 March 2024
Lempriere Pringle 2015 CONTENTS Page Trustees, Report Independent Auditors, Report Consolidated Statement of Financial Activities Balance Sheet 10 Consolidated Cash Flow Statement Notes to the Financial Statements 12-24
Lempriere Pringle 2015 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and audited financial statements of the Trust for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recijnmended Practice {SORP} "Accounting and Reporting by Chartties" {FRS 102) in preparing the annual report and financial statements of the Trust. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Trust's governing document, the Charities Act 2011 and Accounting and Reporting by the Financial Reporting Standard applicable in the UK and Republic of Ireland. OBJECTIVES AND ACTIVITIES The Objective of the Charitable Incorporated Organisation as stated in its constitution is.. to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time. This objective is fulfilled by making grants in accordan with the organisation's grant making policy. Grant Making Policy The organisation is proactive in identifying projects, ministries, charities and individuals whose work relates to the organisation's objectives, but who generally are pursuing their causes without resorting to funding via professional fundraisers. Public Benefit A major proportion of the organization's resources is allocated to various sister trusts based in Bishop Auckland, with the underlying aim of stimulating regeneration in Bishop Auckland and surrounding areas. Grants have also been made to a range of other charitable projects and initiatives in other areas.
Lempriere Pringle 2015 TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE Once again, most of the money which came into LP2015 during the year went to The Auckland Project and Eleven Arches. Other funds went to other works which LP2015 has supported for a number of years. Grant summary Year ende 31 March 202 Year end 31 March 202 ishop Auckland based Trusts he Auckland Project (fom7erfy Auckland Castle Trust) 7,500,00 4.500,000 Eleven Arches Trust 10,000,00 10,000,000 urbaran Trust 1,149,77 3,000,000 Other Grants rchbishop of Canterbury Discretionary Trust 100,00 100,000 rt Fund (Ruffer Curatorial Bursary) 75,00 75,000 ounty Durham Community Foundation 500,000 500,000 First Fruit 210,000 75,000 SHED (previously Seedbed Christian Communities Trust) 3,500,00 3,500,000 eneral Grants of less than £5,000 4,02 33,000 Stockton Project 113,098 152,100 Prince's Trust 85,450 ear Valley Women's Project 55,000 DCF Hardship Fund 250,000 apan Christian Link 12,00 otsl Grants and Donations 23,163,901 22,325,550
Lempriere Pringle 2015 TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Full details of the organisation's financial position can be found in the accompanying financial ststements attached to this report. The Statement of Financial Activities shows total incoming resources of £24,890,859 {2023 - £30, 390,184), total resources expended of £23,190,917 (2023 £22,583,171) resulting in a surplus of £1,699,942 (2023 £7,807,013} before a loss on investments of £682.940 (2023 - £1,696,930). Investments Policy The objectives of the Investment Funds are to enhance incoming resources of the organisation through increasing investment income, and through appreciation in value of the investments held. by careful management of the portfolio. A proportion of the Fund may be invested in securities to counteract the impact of fLrture infiation. No consideration of a social, environmental or ethical nature is taken into account in choosing investments. Reserves policy LP2015 has not established a long-term endowment fund. Its focus is on meeting the development costs associated with the Auckland Castle projects and contributing to other charitable projects within the scope of its aims and objectives. At 31 March 2024 the closing fund balan was £30,624,053 (2023 - £29,607,051) all of which relates to unrestricted funds. PLANS FOR THE FUTURE Lempriere Pringle 2015's main source of future income will continue to be from its profit share in Ruffer LLP making it less reliant on donations from individuals. The current grant-making strategy will be maintained with the majority of funds going to the Bishop Auckland projects together with ongoing support for existing funded charities.
Lempriere Pringle 2015 TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trustees J G Ruffer J M Ruffer H C Ruffer A G R Windham N M Fraser E Booker E Blackford (Appointed 17 July 2023) F Hill (Appointed 21 February 2024) Secretsry J E Henderson Charity registered number 1161516 Principal office 58 Kingsway Bishop Auckland DL14 7JS Independent Auditor CLA Evelyn Partners Limited 17 Queens Lane Newcastle upon Tyne NE1 1RN Banker6 BarGlays Bank PIC 6 Market Place Durham County Durham DH13NO Investment Manager Ruffer LLP 80 Victoria Street London SW1E 5JL STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The Charitable Incorporated Organisation was incorporated on 1 May 2015 and is registered with the Charity Commission under number 1161516. Organisational structure The Board of trustees meets regularly to forma51y administer the Organisation and is in frequent communication. The day to day administration is carried out by Mr J G Ruffer and the Secretary Mrs J E Henderson.
Lempriere Pringle 2015 TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Risk assessment The trustees examined where there may be rtsks which the Organisation could face. and have taken appropriate action to mitigate those risks. ConflFcts of Interest Policy A register of trustees, interests is maintained and trustees are invited to declare any confiicts at the beginning of each meeting. Jonathan and Jane Rufferfs wide involvement in other trusts based in Bishop Auckland, which receive substantial funding from Lempriere Pringle 2015, result in them being technically conflicted and so their daughter, Harriet Ruffer, is also conflicted. However, no personal benefit arises. The conflicts of interest policy was substantially revised and updated in July 2023. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Irustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and regulations and United FQngdom Accounting standards (United Kingdom Generally 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 Trust and of the incoming resources and application of resources of the Trust for that year. 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 SORP 2015 {FRS 102)., make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements-, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees on ... J G Ruffer Trustee
Lempriere Pringle 2015 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LEMPRIERE PRINGLE 2015 Opinion We have audited the financial statements of Lempriere Pringle 2015 (the 'parent charity,) and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including 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 ACpted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the group's and parent charity's affairs as at 31 March 2024, and of the group's incoming resources and application of reSoUrs. including its income and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {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 group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaints.es relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity's ability to continue as a going concern for a period of at least twelve months from when the financia5 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 reporL other information The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infonnation coniained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. 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 misslated. 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 statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomation, we are required to report that fad. We have nothing to report in this regard.
Lempriere Pringle 2015 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LEMPRIERE PRINGLE 2015 (Continued) Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion- the infomiation given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept., or the parent charity's financial statements are not in agreement with the accounting records and returns- 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 statement set out on page 5, the trustees are responsible for the preparation of the 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 group and parent charity's ability 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 group or the parent charity or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to irbfluence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance 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. We obtained a detailed understanding of the legal and regulatory framework applicable to both the charity itself and the industry in which it operates. We idents-fied areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the trustees and other management. The most significant were identified as UK GAAP (FRS 102) and relevant tax legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included.. Confiming with the trustees and management whether they have any knowledge or suspicion of fraud. Obtaining an understanding of the internal controls established to mitigate risks related to fraud and non- compliance with laws and regulations.
Lempriere Pringle 2015 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LEMPRIERE PRINGLE 2015 (Continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepre*ntation. A further description of our responsibilities is available on the FRC'S website at= htl s.'Ilwww.frc.or . uklauditorslaudit- a8surancelauditor-s-re8 onsibililies-for-the-audil-of-the-fildescri tion-of-the-auditor % E2 % 80 % 99s-res onsibililies-for. 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 other 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 we have formed. Craig Henderson (Senior Statutory Auditor) For and on behalf of CLA Evelyn Partners Limited ) Ocbknd statutory Auditors 17 Queens Lane Newcastle upon Tyne NE1 1RN
Lempriere Pringle 2015 CoS0L1DATED STATEMENT OF FINANCIAL ACTIVITIES Fok THE YEAR ENDED 31 MARCH 2024 Note Unrestricted Funds Restricted Funds 2024 2023 Income from: Donations Other trading activities Investment income Other income 5,000,000 18,650,000 920,274 320,585 5,000.000 18,650,000 920,274 320,585 6,098,869 19,879,503 4,411,812 12 Total income 24,890,859 24,890,859 30,390,184 Expenditure on: Charitable activities Other trading activities 23,187,318 3,599 23,187,318 3,599 22,581,372 1,799 12 Total expenditure 23,190,917 23,190,917 22,583,171 Net income before transfers and investment gains and losses 1,699,942 1,699,942 7,807,013 Transfers between funds Net loss on investments 15 12 (682,940) (682,940) 11,696,930) Net movement in funds 1,017.002 1,017,002 6,110,083 Reconciliation of funds Fund balances brought foward 29,607,051 29,607,051 23,496,968 Fund balances carried forward 30,624,053 30,624,053 29,607,051 All incoming resources and resources expended derive from continuing activities. All gains and losses recognised in the year are included in the Statement of Financial Activities.
Lempriere Pringle 2015 BALANCE SHEET AS A T 31 MARCH 2024 Group Charity 2024 2023 2024 2023 Note Fixed assets Investments 12 20,317,023 5,229,101 20.742,123 5,654,201 Current assets Debtors Cash at bank and in hand 13 18,650,000 19,879,503 1,668,598 4,740,588 1,666,828 4,736,062 20,318,598 24,620,091 1,666,828 4,736,062 Liabilities: Creditors-. amounts falling due within one year 14 (10,011,568) (242,141) (10,429,433) (660,346) Net current assets 10,307,030 24,377,950 (8,762,605) 4,075,716 Net assets 30,624,053 29,607,051 11,979,518 9,729,917 The funds of the charity: Unrestricted funds Restricted funds 30,624,053 29.607,051 11,979,518 9,729,917 15 30,624,053 29,607,051 11,979,518 9,729,917 Approved by the trustees on nd signed on their behalf by: J G Ruffer Trustee The notes on pages 12 to 23 fomi part of these financial statements. 10
Lempriere Pringle 2015 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 Net cash provided by operating activities 18 13,619,146 555,638 Cash flows from investing activities Investment income received Payments to acquire fixed asset investments Receipts on sale of fixed asset investrnents (920,274) (15,770,862) 4,411,812 { 4,800,000) Net cash pmvided by investing activities { 16,691,136) { 388,188) Change in cash and cash equivalents for the year (3,071.990) 167,450 Cash and cash equivalents at the beginning of the reporting year 4,740,588 4,573,138 Cash and cash equivalents at the end of the reporting year 1,668,598 4,740,588 Cash and cash equivalents consist of: Cash at bank and in hand 1,668,598 4,740,588 11
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Basis of accounting Lempriere Pringle 2015 is a CIO registered in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 4 of these financial statements. The nature of the charity's operations and principal activities are detailed on page 1. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has Sin been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The f5nancial statemenls are presented in sterling which is the functional currency of the charity and rounded to the nearest £. 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. 1.2 Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, and in particular note that the vast majority of the Trust's expenditure is at the discretion of the Trustees. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. 1.3 Group financial statements The financial statements consolidate the results of the charity and its wholly owned subsidiary, LPT Trading Limited, on a line by line basis. A separate Statement of Financial Activities and Sncome and Expenditure Account for the charity itself is not presented. 12
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 1.4 Income All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Donations, legacies and other forns of voluntary income are recognised once the Trust has entitlement to the reSoUrs, it is certain that the resources will be received and the monetary value of the income resources can be measured with sufficient reliability. Such income is only deferred when the donor specifies that the grant or donation must only be used in future accounting years. Interest on funds held on deposit is included when receivable and the amounts can be measured reliably by the Trust; this is nomially upon notification of the interest paid or payable into the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is nomially upon notification by our investment advisor of the dividend yield in Ihe investment portfolio. 1.5 Expenditu and irrecoverable VAT Liabilities are recognised as expenditure as soon as there is a legal or constructwe obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All Expenses including support costs and governance costs are allocated to the applicable expenditure headings. For more infomiation on this attribution refer to note 1.6 below. Grants payable are payments made to third parties in the furtheran of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling perf0rrnan conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 1.6 Allocation of support and governance costs Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Support costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objectives of the Trust. 13
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 1.7 Investments Investments are initially recognised at their transaction value excluding transaction cost. Subsequently they are measured at fair value through the statement of financial activities if the shares are publicly traded or their fair value can be measured reliably. Other investments, including subsidiaries and associates, are measured at cost less impaimenL The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. 1.8 Realised gains and losses All gains and losses are tsken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 1.9 Debtors Other debtors are recognised at the settlement amount due. 1.10 Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.11 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement after allowing for any trade discounts due. 1.12 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.13 Funds Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objectives. Unrestricted funds include designated funds which the trustees, at their discretion. have created for a specific purpose. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. There is a single restricted fund relating to the restrictions imposed by the Charity Commission following the transfer of the reserves from Lempriere Pringle Trust (please see Note 15). 14
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 1.14 Judgements and key sources of estimation uncertainty In the application of the Trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant accounting estimates which are considered to materially impact the financial statements. Financial perforniance of the Trust only The Consolidated Statement of Financial Activities includes the results of the Trust's wholly owned subsidiary, LPT Trading Limited. The summary financial perf0mlan of the Trust alone is.. 2024 2023 Income Charitable donation from subsidiary company 6,240,859 19,879,000 10,510,681 13,813,000 26,119,859 (23,187,318) (682,940) 24,323,6681 (22,581,372) (1,696,930) Expenditure on charitable activities Net inveslment losses Net movement in funds 2,249,601 45,379 15
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Comparative Statement of Financial Activities Note Unrestricted Funds Restricted Funds 2023 2022 Income from". Donations other trading activities Investment income Other income 3,098,869 19,879,503 4,411,812 3,000,000 6,098.869 19,879,503 4,411,812 4,622,357 13,814,980 3,967,930 12 Total income 27,390,184 3,000,000 30,390, 184 22,405,267 Expenditure on: Charitable activities Other trading activities 22,581,372 1.799 22,581,372 1,799 11,356,816 2,550 12 Total expenditure 22,583,171 22,583,171 11,359,366 Net income before transfers and investment gains and losses 4.807,013 3,000,000 7,807,013 11,045.901 Transfers between funds Net loss on investments 15 12 3,000,000 {1,696,930) {3,000,000) (1,696,930) (4,284,547) Net movement in funds 6,110,083 6,110,083 6,761,354 Reconciliation of funds Fund balances brought fOard 23,496,968 23,496,968 16,735,614 Fund balances carried forward 29,607,051 29,607,051 23,496,968 16
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Donations 2024 2023 J G Ruffer (note 17) C Bacon Gift Aid other 4,000,000 3,871,415 1,000,000 1,217,854 9,600 1,000,000 Investment income 2024 2023 Dividends (net) 920,274 4,411,812 Analysis of charitable activities The Trust undertakes its charitable activities through grant making and awards grants to a number of institutions in furtherance of its charitable activities. Grant funded activity Support costs Total 2024 Total 2023 Funded from wide range funds 23,163,901 23,417 23,187,318 22.581,372 23,163,901 23,417 23,187,318 22,581,372 Allocation of support costs Basis of allocation 2024 2023 Legal and professional costs Other Governance costs (note 8) Invoiced Invoiced Invoiced 10,412 306 12,699 238.416 8,275 9,131 23,417 255,822 Analysis of governance costs 2024 2023 Trustee indemnity insurance Audit fee 1,131 11,568 1,131 8,000 12,699 9,131 17
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Analysis of grants and donations All grants are paid to institutions as noted below- 2024 2023 Auckland Castle based trusts The Auckland Project Eleven Arches The Zurbaran Trust 7,500,000 10,000,000 1,149,778 4,500,00 10,000,000 515,992 Other Grants Archbishop of Canterbury's Discretionary fund The Art Fund County Durham Community Foundation First Fruit Princes Trust SHED (previously Seedbed Christian Communrty Trust) Wear Valley Women's Various grants in Stockton on Tees CDCF Hardship Fund Japan Christian Link Grants of less than £5,000 100,000 75,000 500,000 210,000 100,000 75,000 500,000 75,000 85,450 3,500,000 55,000 152,100 250,000 3,500,000 113,098 12,000 4,025 33,000 Total Grants 23,163,901 19,325,550 Donations Artwork donated to the Zurbaran Trust 3,000,000 Total Grants and Donations 23,163,901 22,325,550 18
Lempriere Pringle 2015 NOtES TO THE FINANCIAL STATEMENTS (Continued) Fok THE YEAR ENDED 31 MARCH 2024 10. Analysis of key management personnel The Trust consider the key management to be the trustees and the company secretary. There are no staff employed by the Trust. No Trustee has received any remuneration from the Trust in the year. During the year, two (2023: nil) trustees were reimbursed expenses of £265.66 (2023". £nil). 11. Auditors remuneration 2024 2023 Fees payable to the charity's auditors for the audil of the charity and subsidiary's annual accounts (charity - £8,160) Non-audit seNices 10,200 600 9,600 600 12. Fixed asset investments Group 2024 Group 2023 Charity 2024 Charity 2023 Fixed asset listed investments Other investments 17.317,023 3,000,000 2,229,101 3.000,000 17,317,023 3,425,100 2,126,031 3,000,100 20,317,023 5,229,101 20,742,123 5,126,131 Fixed assets listed investments Market value at 1 April 2023 Additions to investrnents at cost Disposals at carrying value Revaluation of investments to market value 2,229,101 16,473,449 (702,5871 { 682,940) Market value at 31 March 2024 17,317,023 Historical cost 17,177,063 Equity investments that are traded on a quoted market are held at fair value detemiined by reference to the quoted price for identical assets in an active market at the balance sheet date. Most holdings are not held in quoted companies, and these are held at cost, or the sterling equivalent where cost is in a foreign currency, less impairment on the basis that they repre*nt shares in equities that are not publicly traded, and the fair value cannot othewise be measured reliably. Where such companies have been traded at arm's length the valuation is struck at the last transaction. 19
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 12. Fixed asset investments (Continued) Other investments Group 2024 Group 2023 Charity 2024 Charity 2023 Share in subsidiary - LPT Trading Limited Share in associate - Data Free Limited Share in associate- Colnaghi Holdings Limited 425,100 425,100 3,000.000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3.425,100 3,425,100 Other investments are measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otheISe be measured reliably. Investment in subsidiary The Trust owns 100% of the ordinary share capital of LPT Trading Limited, a company registered in England and Wales. The principal activity of the company is to hold an interest in Ruffer LLP and to pass income arising to its parent, Lempriere Pringle 2015, by way of charitable donation. The audit report for 31 March 2024 was unqualified. A summary of the trading results is below= 2024 2023 Tumover Expenses Taxation 18,650,000 13,599) 19,879,503 (1,799) Profiuloss 18,646,401 19,877,704 Charitable donation (18,650,000) (19,879,503) Total assets 19,645,594 20,877,234 Investment in associate On 31 August 2017 the Trust acquired 46°/o of the ordinary share capital of biNu Pty Limited, a company registered in Australia. There was a rights issue on 6 January 2019 increasing the shareholding to 62 % which resulted in the investrnent being classified as an associate. Two further investments were made during 2019-20 on 18 July 2019 and 19 December 2019 increasing the shareholding to 79.5% at 31 March 2020. In 2020, biNU Pty Limited, was moved to be registered in the UK and was named Datafree Limited. Further share and rights issues have taken place throughout 2021, 2022 and 2023 and as at 31 March 2023, the Trust owns 33% of the share capital. The investment has been impaired to nil to reflect the difficulty in obtaining a meaningful valuation of tech start-up companies, and also to reftect the uncertainty in the company at this stage of its life cycle. Until sufficient profits are generated, the value is very hard to quantify in the absence of an open market for Datafree's shares. 20
Lerhpriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 12. Fixed Asset Investments (Continued) On 20 Dernber 2021, the Trust acquired 18.750 of the ordinary share capital of Colnaghi Holdings Limited, a company registered in the United Kingdom, for £3,000,000. Investment in Investment in associate subsidiary Total Cost Balance at 1 April 2023 Additions 17,754,563 425,100 18,179,663 At 31 March 2024 17,754,563 425,100 18,179,663 Impairment Balance at 1 April 2023 Written off during the year 14,754,563 14,754,563 At 31 March 2024 14,754,563 14,754,563 Carrying Amount At 31 March 2024 3,000,000 425,100 3,425,100 At 31 Mah 2023 3,000,000 425,100 3,425,100 Investment gains and losses The investment gains and losses recognised in the statement of financial activities comprise the following.. 2024 2023 Valuation gains l (losses) on listed investments Impairments (682,940 } 103,070 { 1,800,000) (682,940) (1,696,930) 21
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 13. Debtors: amounts receivable Within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Prepayments and accrued income Amounts due from subsidiary undertaking 18,650,000 19,879,503 18,650,000 19,879,503 14. Creditors: amounts falling due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Accruals Accrued grants payable Amounts due to subsidiary undertakings 11,568 10,000,000 242,141 8,928 10,000,000 420,505 239,841 420,505 10,011,568 242,141 10,429,433, 660,346 15. Statement of Funds For the ear ended 31 March 2024 Balance at l April 2023 Balance at 31 March 2024 Loss Expenditure on investment Income Transfe Unrestricted fund Wide range 29,607,051 24,890,859 (23,190,917) (682,940) 30,624,053 29,607,051 24,890,859 (23,190,917) (682,940) 30,624,053 22
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 15. Statement of Funds (Continued) For the ear ended 31 March 2023 Balance at 1 April 2022 Balance at 31 March 2023 Loss Expenditure on investment Income Transfers 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 Wide range These are funds available for distribution according to the Objects of the organisation as set out in the Articles, namely to advan such charitable purposes (according to the law of England & Wales) as the Trustees see fit from time to time" Neapolitan Nativity During the prior year, the Trust received a donation with the express purpose of using it to acquire the Neapolitan Nativity. This asset was acquired during the prior year and therefore the purpose of the donation was fulfilled and the restriction on its use lifted. 16. Analysis of net assets between funds For the ear ended 31 March 2024 Unrestricted Funds Restricted Funds Total Funds Investments Current assets Current Liabilities 20,317,023 20,318,598 (10,011,568) 20,317,023 20,318,598 (10,011,568) 30,624,053 30,624,053 23
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 16. Analysis of net assets between funds (continued) For the ear ended 31 March 2 Unrestricted Funds Restricted Funds Total Funds Inveslments Current assets Current Liabilities 5,229,101 24,620,091 (242,141) 5,229,101 24,620,091 (242,141) 29,607,051 29,607,051 17. Related Party Transactions Investments are managed by Ruffer LLP, of which J G RLrffer, a trustee, is also a member. No fees have been charged by Ruffer LLP. Income During the year income of £ 4,000,000(2023 - £3,871,415) was received from J G Ruffer" gift aid is due to be claimed on the donations amounting to £1,000,000 (2023 - £1,217,854). Grants paid The following grants have been paid during the year to related parties., £7,500,000 (2023 - £4,500,000) has been paid to The Auckland Project, a charitable company of which J G Ruffer was a trustee during the financial period. £10,000,000 (2023 - £10,000,000) has been granted to Eleven Arches Trust, a charitable company of which J G Ruffer is trustee. This amount was outstanding at the year end. £1,149,778 (2023 - £3,000,000) has been paid to. The Zurbaran Trust, a charitable company of which J G Ruffer and J M Ruffer are trustees. £75,000 (2023 £75,000) has been paid to The Art Fund, a charitable company of which J G Ruffer is a trustee. 18. Reconciliation of net incoming resources to net cash inflow 2024 2023 Net movement in funds Investment income Loss on investments (Increase) in debtors Increase l (decrease) in creditors Non-cash grants 1,017.002 920,274 682,940 1,229,503 9,769,428 6,110,083 { 4,411,812) 1,969,930 (6,056,817) 217,254 3,000,000 Net cash inflow 13,619,146 555,638 24