Charity Registration Number.. 1161516 Lemprlere Pringle 2015 Trustees. Report and Flnanclal Statements For the Year Ended 31 March 2025
Lempriere Pringle 2015 CONTENTS Pag8 Trustees, Report Independenl Auditors, Report Consolidated Statement of Financial Activities Balance Sheet 10 Consolidated Cash Flow Statement 11 Notes to the Financial Statements 12-24
Lempriere Pringle 2015 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and audited financial statements of the Trust for the year ended 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charili8s" (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 accordance with the organisation's grant making policy. Grant Maklng Pollcy The organisalion is proactive in identifying grant-making opportunities which relate to the CIO'S objectives and therefore they do not accept unsolicited grant applications. 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. Trustees have also funded other charitable projects whose work furthers the CIO'S charitable Purpose
Lemprlere Pringle 2015 TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Once again, most of the money which came into LP2015 during the year was destined for The Auckland Project and Eleven Arches. Other funds went to other organisations which LP2015 has supported for a number of years. Grant summary Year ended 31 March 202 Year ende 31 March 202 Bishop Auckland based Trusts he Auckland Project (formerty Auckland C8StI8 Twst) 1,025.000 7,500,000 Eleven Arches Trust 25,000 10,000,000 urbaran Trust 1,149,778 other Grants rchbishop of Canterbury Discretionary Trust 100,000 100,00 rt Fund (Ruffer Curatorial Bursary) 100,000 75,000 County Durham Community Foundation 500,000 First Fruit 209.000 210,000 SHED (previously Seedbed Christian Communities Trust) 3,000,00 3,500,000 General Grants of less than £5,000 4,025 stockton Project 73,38 113,098 Japan Christian Link 12,000 12.000 otal Grant8 and Donations 4.544,385 23,163,901
Lemprlere Pringle 2015 TRUSTEES, REPORT (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Full details of the organisation's financial position can be found in the accompanying financial statements attached to this report. The Statement of Financial Activities shows total incoming resources of £17,008,370 (2024 - £24,890,859), total resources expended of £4.614,857 (2024 £23.190,917) resulting in a surplus of £12,393,513 {2024 £1,699,942) before a loss on investments of £1.375,517 {2024- £682,940). Investments Pollcy The CIO'S investment objective is to enhance the incoming resources of the CIO through increasing investment income, and through appreciation in value of the investments held, by careful management of the investment portfolio in order to enhance the total funds available for application. No consideration of a social. environmental or ethical nature is taken into account in choosing investments. Re88rv88 poIIcy LP2015 has not established a long-term endowment fund. Its focus is on meeting the development costs associated with the Bishop Auckland projects and contributing to other charitable projects within the scope of its aims and objectives. At 31 March 2025 the closing fund balance was £41,642,049 <2024 - £30,624,053} all of which relales 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 2025 REFERENCE AND ADMINISTRATIVE DETAILS Tru8tees J G Ruffer J M Ruffer (Resigned 17 May 2025) H C Ruffer A G R Windham N M Fraser E Booker E Blackford F Hill Secretary J E Henderson Charity registered number 1161516 Prlncipal offlce 58 Kingsway Bishop Auckland DL14 7JS Independent Audltor S&WAudit 17 Queens Lane Newcastle upon Tyne NE1 1RN Banker8 Barclays Bank PIC 6 Market Place Durham County Durham DH13NO 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. Organlsational structure The Board of trustees meets regularly to formally 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 Prlngle 2015 TRUSTEES, REPORT (Contlnuedj FOR THE YEAR ENDED 31 MARCH 2025 Rlsk assessment The Irustees examined where there may be risks which the Organisation could face, and have taken appropriate action to mitigate those risks. Confllcts of Interest Pollcy A register of trustees, interests is maintsined and trustees are invited to declare any conflicts at the beginning of each meeting. Jonathan Ruffevs wide involvement in other trusts based in Bishop Auckland, which receive substantial funding from Lempriere Pringle 2015, result in them being technicalty conflicted and so his daughter, Harriet Ruffer, is also conflicted. However. no personal benefrt arises. The conflicts of interest policy was substantially revised and updated in July 2023. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and regulations and United Kingdom 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 stale 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 Charily (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 ' 11 JoJg and signed on their behalf by.. J G Ruffer Trustee
Lemprlere Prlngle 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 2025 which comprise the Consolidated Statement of Financial Aclivities, Ihe Balance Sheet. the Consolidated Cash Flow Ststement and notes to the financial statements, including significant accounting policies. The financial reporting framework thal 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 Accepted 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 2025, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Ba858 for oplnlon We conducted our audit in accordance with Internalional 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. Ye 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. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounling in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast signrficant 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 financial 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 report. Other Informatlon The other information comprises the information included in the trustees. annual report, other than the financial slatements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi 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 misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whelher this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a materÉal misstatement of this other informalion, we are required to report that fact. We have nothing to report in this regard.
Lempriere Pringle 2015 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LEMPRIERE PRINGLE 2015 (Contlnuedj Matters on which 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 information 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 infomiation and explanations require for our audit. Responslbilities of tru8tees 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 neSSary 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 lo liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. Auditor re8pon8lbllltle8 for the audlt of the financlal 8tatement8 Our objectives are to obtain reasonable assurance at>out whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs 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 influence 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 general understanding of the group's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify. evaluate and account for litigation claims. We also drew on our existing understanding of the company's industry and regulation. We understand that the group complies with the framework through: Engaging external legal professionals as reqUId and making changes to internal prOdureS and controls 8S necessary. Monitoring of updates made by regulatory bodies.
Lemprlere Prlngle 2015 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LEMPRIERE PRINGLE 2015 (Continued) In the context of the audit, we considered those lay and regulations which detemiine the form and content of the financial statements, which are central to the group's abilily to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identifd the following laws and regulations as being of significance in the context of the group.. The Charilies Act 2011 and the Charities: Statement of Recommended Practice in respect of the preparation and presentation of the financial statements. We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above: Making enquires of trustees as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud. Obtaining an understanding of the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations. Reviewing the minutes of meetings of those charged with governance. The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of Ihe entity's financial statements to material misstatemenl, including how fraud might occur. The key area identified as part of the discussion was the risk of manipulation of the financial statements through manual journal entries. These areas were communicated to the other members of the engagement team not present at the discussion. The procedures we carried out to gain evidence in the above areas induded.. Transactional testing of the amounts recognised in the financial statements to ensure those transactions have been appropriately recorded A further description of our responsibilities is available on the FRC'S website at: 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 malters 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. Cralg Henderson (Senlor Statutory Audltor) For and on behalf of S&W Audlt Slalutory Auditors Chartered Accountants 17 Queens Lane Newcastle upon Tyne NE1 1R q, 51 Qo
Lempriore Pringle 2015 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Note Unrestricted Funds Restricted Funds 2025 2024 Income from: Donations Other Irading activities Investment income Other income 500.965 15,430,000 1.076,205 1.200 500,965 15,430,000 1,076,205 1,200 5,000,000 18,650,000 920,274 320,585 12 Total Income 17,008,370 17,008.370 24,890,859 Expendlture on: Charitable activities Other trading activities 4.612.392 2.465 4,612,392 2,465 23,187,318 3,599 12 Total expendlture 4,614,857 4,614,857 23,190,917 Net Income before transfer8 and Inv88tment galn8 and 108888 12,393,513 12,393.513 1,699,942 Transfers between funds Net loss on investments 15 12 (1,375,517) (1,375,517) (682,940 } Net movement In funds 11,017,996 11,017,996 1,017,002 Reconclllatlon of fund8 Fund balances brought forward 30.624,053 30,624.053 29,607,051 Fund balances Carrled forward 41.642,049 41,642,049 30,624,053 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.
L8mpriere Pringle 2015 BALANCE SHEET ASAT31 MARCH 2025 Group Charity 2025 2024 2025 2024 Note Fixed assets Investments 12 3.000,000 20,317,023 3,425,100 20,742,123 Current assets Debtors Cash at bank and in hand 13 15,474.902 18,650,000 26,197.278 1,668,598 69,471 26.193,064 1,666,828 41.672,180 20,318,598 26.262,535 1,666,828 Llabilltle8: Creditors: amounts falling due within one year 14 (3.030,131) (10.011.568) (3,447.656) (10,429,433) Net current assets 38,642.049 10,307.030 22,814,879 {8,762,65) Net a88ets 41.642,049 30,624.053 26.239,979 11,979,518 The funds of the charlty: Unrestricted funds Restricted funds 41,642.049 30,624,053 26,239,979 11,979,518 15 41.642,049 30.624.053 26.239,979 11,979,518 Approved by the trustees on and signed on their behalf by.. J G Ruffer Trustee The notes on pages 12 to 23 form part of these financial statements. 10
Lempriera Pringle 2015 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 Note 2025 2024 Net cash pmvided by operating activities 18 9,663,379 13.619.146 Cash flow8 from investlng activitie8 Investment income received Payments to acquire fixed asset investments Receipls on sale of fixed asset investments (1.076,205) (920.274) (15,770,862) 15,941.506 Net cash provlded by Investlng actlvltles 14.865,301 (16,691,136) Change In cash and cash equlvalent8 for tho year 24,528,680 {3,071,9901 Cash and cash equivalents at the beginning of the reporting year 4,740,588 4.740,588 Cash and cash equlvalent8 at the and of the reportlng year 26,197,278 1.668,598 Cash and ca8h equlvalents consist of: Cash at bank and in hand 26,197,278 1.668,598 11
Lempriere Prlngle 2015 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies 1.1 Basis of accounllng 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 'lrue 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 accordance 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 financial statements 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 othewise slated. 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 flnan¢lal 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 Income and Expenditure Account for the charity itself is not presented. 12
Lempriere Prlngle 2015 NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 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 forms of voluntary income are recognised once the Trust has entitlement to the resources, 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 the investment portfolio. 1.5 Expenditure and Irrecoverable VAT Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committlng the charity to the expendilure, 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 accwals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. For more information on this attribution refer to note 1.6 below. Grants payable are payments made to third parties in the furtherance 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 performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condilion 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 Allocatlon of support and governance c08ts 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 regulalion 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 2025 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 reliabFy. Other investments, including subsidiaries and associates, are measured at cost less impairment. 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 Reallsed gains and 108888 All gains and losses are taken 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. q.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 Creditor8 and prov181on8 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 Flnanclal 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 whh 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 deSnated 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 (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 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 to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only thal 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. Flnanclal performance of the Trust only The Consolidated Statement of Financial Activities indudes the results of the Trust's wholly owned subsidiary, LPT Trading Limited. The summary financial performance of the Trust alone is: 2025 2024 Income Charitable donation from subsidkgry company 1,578,370 18,670,000 6,240,859 19.879,000 20,248,370 (4,612,392) (1,375,517) 26,119,859 (23,187,318) (682,940) Expenditure on charitable activities Net investment losses Net movement In funds 14,260.461 2,249.601 15
Lemprlere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 3. Confirmation Statement of Financial Activities Note Unr8strlcted 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 Expendlture on: Charitable activities Other trading activities 23,187,318 3.599 23,187.318 3,599 22,581,372 1,799 12 Total expendlture 23,190,917 23.190,917 22,583,171 Nel Income before tran8fer8 and Investment galn8 and 1088e8 1.699,942 1.699,942 7.807,013 Transfers between funds Net loss on inveslments 15 12 (682,940) (682,940) (1,696,930) Net movement In funds 1.017,002 1,017.002 6,110,083 Raconclliatlon of fund8 Fund balances brought forward 29,607,051 29,607,051 23,496,968 Fund balance8 carried forward 30.624,053 30,624,053 29,607,051 16
Lempriere Pringle 2015
NOTES TO THE FINAN CIAL STATEMENTS (Continued) FORTHEYEARENDED31MARCH2025
4. Donations
| 4. | Donations | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| J G Ruffer (note 17) | 400,000 | 4,000,000 | |
| C Bacon | |||
| Gift Aid | 100,965 | 1,000,000 | |
| Other | |||
| 5. | Investment income | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Dividends (net) | 92,635 | 920,274 | |
| Interest received | 983,570 | 874,669 | |
| 1,076,205 | 920,274 |
6. 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 | Support | Total | Total | |
|---|---|---|---|---|
| activity | costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Funded from wide range funds | 4,544,385 | 68,007 | 4,612,392 | 23,187,318 |
| 4,544,385 | 68,007 | 4,612,392 | 23,187,318 | |
| et | — | <= | Sean | |
| Allocation of support costs | ||||
| Basis of allocation | Basis of allocation | 2025 | 2024 | |
| £ | £ | |||
| Legal and professional costs | Invoiced | 41,395 | 10,412 | |
| Other | Invoiced | 16,786 | 306 | |
| Governance costs (note 8) | Invoiced | Invoiced | 9,826 | 12,699 |
| 68,007 | 23,417 |
7. Allocation of support costs
8. Analysis of governance costs
| Analysis of governance costs | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Trustee indemnity insurance | 1,326 | 1,131 |
| Audit fee | 8,500 | 11,568 |
| 9,826 | 12,699 |
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Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Contlnuedj FOR THE YEAR ENDED 31 MARCH 2025 Analysis of grants and donatlons All grants are paid to institutions as noted below- 2025 2024 Auckland Castle based trusts The Auckland Project Eleven Arches The Zurbaran Trust 1,025,000 25,000 7,500,000 10,000,000 1.149,778 Other Grants Archbishop of Canterbury's Discretionary fund The Art Fund County Durham Community Foundation First Fruit Princes Trust SHED (previously Seedbed Christian Community Trust) Wear Valley Women's Various grants in Stockton on Tees CDCF Hardship Fund Japan Christian Link Grants of less than £5.000 100,000 100,000 100,000 75,000 500,000 210,000 209,000 3,000,000 3,500,000 73.385 113,098 12,000 12,000 4,025 Total Grants 4,544,385 23,163,901 Donatlon8 Artwork donated to the Zurbaran Trust Total Grants and Donatlon8 4.544.385 23,163,901 18
Lemprlere Prlngle 2015 NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2025 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, three (2024.. two) trustees were reimbursed expenses of £506.12 {2024.' £265.66). 11. Audltors remuneratlon 2025 2024 Fees payable to the charily's auditors for the audit of the charity and subsidiary's annual accounts (charity - £8.500) Non-audit services 10.200 600 10.200 600 12. Flxed a88et Inve8tment8 Group 2025 Group 2024 Charlty 2025 Charlty 2024 Fixed asset listed investments Other investments 17,317.023 3.000.000 17,317,023 3,425,100 3,000,000 3,425,100 3.000.000 20.317.023 3,425,100 20,742,123 Fixed a88ets Ilsted Inv88tments Market value at 1 April 2024 Addilions to investments at cost Disposals at carrying value Revaluation of investments to market value 17,317,023 (15,941,506) (1,375,517) Market value al 31 March 2025 Historical cost Equity investments that are traded on a quoted market are held at fair value determined 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 represent shares in equities that are not publicly traded, and the fair value cannot otheThvise be measured reliably. Where such companies have been traded at arm's length the valuation is struck at the last transaction. 19
L8mprlere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Contlnuedj FOR THE YEAR ENDED 31 MARCH 2025 12. Fixed asset investments (Contlnued) Oth8r investments Group 2025 Group 2024 Charlty 2025 Charity 2024 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 Ihat are not publicly traded and the fair value cannol olherwise be measured reliably. Inv8Stment In 8ub8ldlary The Trust owns 1000/0 of the ordinary share capital of LPT Trading Limited. a company registered in Engl8nd 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 2025 was unqualified. A summary of the trading resuEts is below: 2025 2024 Turnover Expenses Taxation 15,430,000 (2,465) 18,650,000 (3.599) Profitlloss 15,427,535 18,646,401 Charitable donation (18,650,000) {19,879,503) Net assets 16,402,170 19.645,594 Investment In associate On 31 August 2017 the Trust acquired 46% of the ordinary share capital of biNu Pty Limited, a company registered in Auslralia. There was a rights issue on 6 January 2019 increasing the shareholding to 62% which resulted in the investment 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 2025, the Trust owns 33% of the share capital. The investment has been impaired to nil to refiect the difficulty in obtaining a meaningful valuation of tech start-up companies, and also to reflect 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 absen of an open market for Datafree's shares. 20
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continuedj FOR THE YEAR ENDED 31 MARCH 2025 12. Flxed Asset Investments (Continued) On 20 December 2021, the Trust acquired 18.75% 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 8ubsldlary Total Cost Balance at 1 April 2024 Additions 17,754,563 425,100 18,179,663 At 31 March 2025 17.754,563 425,100 18,179,663 Impalrmant Balance at 1 April 2024 Written off during the year 14.754,563 14,754,563 At 31 March 2025 14,754,563 14,754,563 Carrylng Amount At 31 March 2025 3.000,000 425,100 3,425,100 At 31 March 2024 3,000,000 425,100 3,425,100 Investment gains and 108se8 The investment gains and losses recognised in the statement of financial activities comprise the following: 2025 2024 Valuation gains l {losses) on listed investments Impairments (1.375,517) (682,940) (1,375,517) { 682,940} 21
Lemprlere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 13. Debtors: amounts receivable within one year Group 2025 Group 2024 Charity 2025 Charity 2024 Prepayments and accrued income 15.474,902 18,650,000 69,471 15,474,902 18.650,000 69,471 14. Creditorn: amounts falllng due wlthln one year Group 2025 Group 2024 Charity 2025 Charity 2024 Accruals Accrued grants payable Amounts due to subsidiary undertakings 30,131 11,568 27,151 8,928 3,000.000 10,000,000 3,000,000 10,000,000 420.505 420,505 3,030,131 10,011,568 3,447,656 10.429,433 16. statement of Fund8 or the 88r ended 1 March 2025 Balance at 1 Aprll 2024 Balance at 31 March 2025 L088 Expenditure on 5nvestment Income Tran8fer8 Unrestricted fund Wide range 30,624,053 17.008,370 4.614.857 1.375,517 41,642,049 30.624,053 17.008.370 4,614,857 1.375,517 41,642,049 22
Lempriere Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Condnuedj FOR THE YEAR ENDED 31 MARCH 2025 15. statement of Funds (Contlnuedj Forthe ear ended 31 March 2024 Balance at 1 April 2023 Balance at 31 March 2024 Los8 Expendlture on Investment Income Transfers 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 Wide range These are funds available for distribution according to the Objects of the organisation as set out in the Articles, namely "to advance such charitable purposes (according to the law of England & Wales) as the Trustees see fit from lime 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 reslriction on its use lifted. 16. Analy818 of net a888t8 between fund8 For the ear ended 31 March 2025 Unrestrlcted Funds Re8trlcted Funds Total Fund8 Investments Current assets Current Liabilities 3,000,000 41.672.180 (3,030,131) 3,000,000 41,672,180 { 3,030,131) 41,642,049 41,642,049 23
Lempriero Pringle 2015 NOTES TO THE FINANCIAL STATEMENTS (Contlnuedj FOR THE YEAR ENDED 31 MARCH 2025 16. Analysis of net assets betweèn funds (continued) For the e8r ended 31 March 2025 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 17. Related Party Transaction8 The Trust's Investment portfolio was managed by Ruffer LLP, of which J G Ruffer, a trustee, is also 8 member. No fees have been charged by Ruffer LLP. All of the investments held by Ruffer LLP were disposed of during the year. Income During the year income of £400,000 (2024 - £4,000,000) was received from J G Ruffer: gift aid is due to be claimed on the donations amounting to £100.965 {2024- £1.000,000). Grants pald The following grants have been paid during the year to related parties. £1,025,000 (2024 - £7,500,000) has been paid to The Auckland Project, a charitable company of which J G Ruffer and H C Ruffer were trustees during the financial period. £25,000 (2024 - £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. £0 {2024 - £1,149.778) has been paid to The Zurbaran Trus( a charitable company of which J G Ruffer and J M Ruffer are trustees. 18. Reconciliation of not incoming resource8 to not cash inflow 2025 2024 Net movement in funds Investment income Loss on investments Ilncrease) in debtors Increase l (decrease) in creditors 11,017,996 1,076,205 1,375,517 3.175.098 (6.981,437) 1,017,002 920,274 682,940 1.229,502 9.769,428 Net cash inflow 9,663,379 13,619,146 24