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. Y￿e 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 ne￿SSary 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 reqUI￿d and making changes to internal prO￿dureS 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 identif￿d 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 wh￿h 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 deS￿nated 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|



**17** 



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