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 AC￿pted 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 reSoUr￿s. 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
Co￿S0L1DATED 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 reSoUr￿s, 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 fO￿ard
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 othe￿ISe 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 De￿rnber 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 Ma￿h 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