| Pages | ||||
|---|---|---|---|---|
| Legal and Administrative | Information | |||
| Report ofthe | Trustees | 2-5 | ||
| Independent | Examiner's | Report | ||
| Statement of | Financial | Activities for the year ended | ended 30September 2021 | |
| Statement of | Financial | Activities for the 11months | ended 30September 2020 | |
| Balance Sheet | ||||
| Notes forming | part ofthe Financial Statements | 10 - 15 |
S.K.Winckless, M.B. |
S.K.Winckless, M.B. |
E | ||
|---|---|---|---|---|
| SECRETARY: | D.G. M. Grist | |||
| REGISTERED | CHARITY NO: | 299597 | ||
| PRINCIPAL OFFICE: | Regatta Headquarters | |||
| Henley-on-Thames | ||||
| Oxfordshire | ||||
| RG9 2LY | ||||
| INDEPENDENT | EXAMINER: | BDO LLP | ||
| Bridgewater | House | |||
| Counterslip | ||||
| Bristol | ||||
| BS16BX | ||||
| LEGAL ADVISORS: | Farrer &Co | LLP | ||
| 66 Lincoln's | Inn Fields | |||
| London | ||||
| WC2A 3LH | ||||
| BANKERS: | National Westminster |
pic | ||
| 18Market Place | ||||
| Henley-on-Thames | ||||
| Oxfordshire | ||||
| RG9 2AP | ||||
| INVESTMENT | MANAGERS: | Ruffer LLP | ||
| 80Victoria Street | ||||
| London | ||||
| SW1E5JL |
| Unrestricted | Oesignated | Total Funds | Total Funds | |||||
|---|---|---|---|---|---|---|---|---|
| Income Fund | Capital Fund | 2021 | 2020 | |||||
| Note | 6 | |||||||
| Income from | ||||||||
| Donations | 1,602 | 1,602 | 2,995 | |||||
| Investment income |
60,646 | 60,646 | 30,183 | |||||
| Bequest | 564 | 564 | 107,000 | |||||
| Total Income | 62,812 | 62,812 | 140,178 | |||||
| Expenditure on |
||||||||
| Raising funds: | ||||||||
| Investment Management |
Costs | 83,773 | 83,773 | 69,944 | ||||
| Charitable Activities |
9 | 193,980 | 193,980 | 113,979 | ||||
| Total Expenditure | 277,753 | 277,753 | 183,923 | |||||
| Net expenditure before |
(214,941) | (214,941) | (43,745) | |||||
| Revaluations and Investment |
Asset Disposals | |||||||
| Gains on Investment | assets | 10 | 1,091,647 | 1,091,647 | 742,234 | |||
| Net (expenditure)/income | (214,941) | 1,091,647 | 876,706 | 698,489 | ||||
| Net Movements in |
Funds | (214,941) | 1,091,647 | 876,706 | 698,489 | |||
| Reconciliation ofFunds |
||||||||
| Total Funds brought | forward | 421,908 | 7,724,732 | 8,146,640 | 7,448,151 | |||
| Total Funds carried forward | 13 | 206,967 | 8,816,379 | 9,023,346 | 8,146,640 |
| Unrestricted | Designated | Total Funds | Total Funds | ||||
|---|---|---|---|---|---|---|---|
| Note | Income Fund E |
Capital Fund f |
2020 | 2019 K |
|||
| Income from | |||||||
| Donations | 2,995 | 2,995 | 5,500 | ||||
| Investment Income |
30,183 | 30,183 | 57,056 | ||||
| Bequest | 107,000 | 107,000 | |||||
| Total Income | 140,178 | 140,178 | 62,556 | ||||
| Expenditure on |
|||||||
| Raising funds: | |||||||
| Investment Management |
Costs | 69,944 | 69,944 | 65,833 | |||
| Charitable Aclivilies |
9 | 113,979 | 113,979 | 213,890 | |||
| Total Expenditure | 183,923 | 183,923 | 279,723 | ||||
| Net expenditure before |
(43,745) | (43,745) | (217,167) | ||||
| Revaluations and Investment |
Asset Disposals | ||||||
| Gains on Investment assets |
742,234 | 742,234 | 220,274 | ||||
| Net (expenditure)/income | (43,745) | 742,234 | 698,489 | 3,107 | |||
| Transfers between funds |
13 | ||||||
| Net Movements in Funds |
(43,745) | 742,234 | 698,489 | 3,107 | |||
| Reconciliation ofFunds |
|||||||
| Total Funds brought forward |
465,653 | 6,982,498 | 7,448,151 | 7,445,044 | |||
| 'Total Funds carried forward | 13 | 421,908 | 7,724,732 | 8,146,640 | 7,448,151 |
| 7 | Donations | ||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| 6 | 6 | ||||
| Donations | 1,602 | 2,995 | |||
| 8 | Investment Income |
||||
| 2021 | 2020 | ||||
| 6 | 6 | ||||
| Derived From: | |||||
| Investments listed on |
a recognised | Stock Exchange | 60,609 | 27,482 | |
| Bank | 37 | 2,701 | |||
| 60,646 | 30,183 | ||||
| 9 | Charitable Activities |
||||
| 2021 | 2020 | ||||
| 6 | 6 | ||||
| Grants payable | |||||
| London Youth Rowing | 100,000 | ||||
| Rowing Foundation |
51,500 | 40,000 | |||
| Warrington Youth Rowing |
17,317 | 46,814 | |||
| National Junior Indoor Rowing Championships |
10,000 | 10,000 | |||
| Oarsome Chance | 7,000 | 7,554 | |||
| Runcorn Rowing Club |
1,500 | ||||
| Regatta for the Disabled | 500 | ||||
| Stratford-upon-Avon | Boat Club | 10,000 | |||
| Henley Rowing Club | 6,800 | ||||
| Bdtish Rowing Scholarships | (20,531) | ||||
| 187,817 | 100,637 | ||||
| Governance Costs |
|||||
| Legal fees &professional | 640 | 7,200 | |||
| Auditor's fees in respect of: | |||||
| Independent examination |
4,487 | 4,326 | |||
| 5,127 | 11,526 | ||||
| Other costs | |||||
| Promotion | 1,020 | 1,780 | |||
| Sundry expenses | 16 | 36 | |||
| 1,036 | 1,816 | ||||
| Total Charitable Activities |
193,980 | 113,979 |
| Fixed Asset | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| 6 | 6 | ||||
| All the investments are |
listed on a recognised | Stock Exchange | |||
| Market value as at 1 October (2020: 1 November) | 6,849,077 | 6,549,972 | |||
| Additions to investments |
at cost | 3,642,805 | 3,504,902 | ||
| Disposal proceeds | (3,422,476) | (3,948,031) | |||
| Net investments gains |
1,091,647 | 742,234 | |||
| Market value as at 30September | 8,161,053 | 6,849,077 | |||
| Historical cost as at 30 | September | 7,444,075 | 6,673,479 | ||
| At 30September listed |
investments | comprised | the following: | ||
| Index Linked / Fixed |
2,786,311 | 2,545,255 | |||
| Equities | 3,075,288 | 2,202,385 | |||
| Global | 911,968 | 370,067 | |||
| Other | 1,400,223 | 1,728,986 | |||
| Forward foreign exchange |
(12,737) | 2,384 | |||
| 8,161,053 | 6,849,077 |
| 2021 5 |
2020f | ||
|---|---|---|---|
| Ruffer SICAV Fixed Income Z GBP Cap | 1,335,988 | 1,789,950 | |
| UK (Govt Of) 0.125% | I/L 22/11/2065 | 672,189 | 393,277 |
| LF Ruffer Absolute Return C Inc |
533,157 | 75,149 | |
| LF Ruffer Japanese C | Acc | 473,479 | 420,702 |
| LF Ruffer Gold C Acc | 565,420 | ||
| Ruffer Multi Strategies | Fund Limited | 412,111 | |
| Ruffer llliquid Multi Strategies Fund 2015 |
393,904 | ||
| UK (Govt Of) 0.125% | I/L 22/11/2056 | 362,029 |
| 11 | Creditors: Amounts falling due within one year |
||
|---|---|---|---|
| 2021f | 2020 F |
||
| Creditors and Accruals | 25,587 | 37,473 | |
| Reconciliation ofgrants payable: |
|||
| 2021f | 2020f | ||
| Grants payable at the start ofthe year | 14,689 | 35,220 | |
| New grant commitments charged to the SOFA in period (note 9) |
187,817 | 100,637 | |
| Grants paid during the period | (202,506) | (121,168) | |
| Amount of grants payable at the end ofthe year |
14,689 |
| 2021 | ||||
|---|---|---|---|---|
| Unrestricted | Designated | |||
| Income Fund | Capital Fund | Total | ||
| f | f | f | ||
| Balance | bfwd | 421,908 | 7,724,732 | 8,146,640 |
| Incoming | resources | 62,812 | 62,812 | |
| Outgoing | resources | (277,753) | (277,753) | |
| Gain on | investments | 1,091,647 | 1,091,647 | |
| Transfers | ||||
| Balance | cfwd | 206,967 | 8,816,379 | 9,023,346 |
| 2020 | ||||
| Unrestricted | Designated | |||
| Income Fund | Capital Fund | Total | ||
| f | f | |||
| Balance | bfwd | 465,653 | 6,982,498 | 7,448,151 |
| Incoming | resources | 140,178 | 140,178 | |
| Outgoing | resources | (183,923) | (183,923) | |
| Gain on | investments | 742,234 | 742,234 | |
| Transfers | ||||
| Balance | cfwd | 421,908 | 7,724,732 | 8,146,640 |
| 2021 | Unrestricted | ||
|---|---|---|---|
| Income | Designated | ||
| Fund | Capital Fund | Total | |
| 6 | 6 | ||
| Fixed asset investments | 8,816,379 | 8,816,379 | |
| Net current assets | 206,967 | 206,967 | |
| 206,967 | 8,816,379 | 9,023,346 | |
| 2020 | Unrestricted | ||
| Income | Designated | ||
| Fund | Capital Fund | Total | |
| 6 | 6 | ||
| Fixed asset investments | 7,724,732 | 7,724,732 | |
| Net current assets | 421,908 | 421,908 | |
| 421,908 | 7,724,732 | 8,146,640 |