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||**Page**|
|---|---|
|Report to the Trustees|**1 −4**|
|Independent Examiners report|**5**|
|Statement of financial activities|**6**|
|Balance sheet|**7**|
|Notes to the accounts|**8 −11**|





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## 

|Bankers:|National Westminster Bank plc|
|---|---|
||836 Osmaston Road|
||Allenton|
||Derby|
||Derbyshire|
||DE24 9ZT|
|Solicitors:|Withers LLP|
||20 Old Bailey|
||London|
||EC43 7AN|
|Accountants:|PKF Smith Cooper Limited|
||7 Compton Street|
||Ashbourne|
||Derbyshire|
||DE6 1BX|





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|Reserves:|The trustees do not consider that there is a need for a reserves policy as they make|
|---|---|
||donations to charitable purposes as and when the funds are available.|
|Investments:|The objective is to achieve an overall return of twice that obtainable on cash deposits,|
||with the income element not less than the return obtainable on cash deposits.|
|Risk Management:|The trustees monitor the performance of the investment managers. They also meet|
||annually to approve the budget for future income and expenditure.|
||The committee meets regularly and is responsible for monitoring actual income and|
||expenditure against agreed budgets.|



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## 

|||**2022**||**2021**|
|---|---|---|---|---|
|**Income**|||||
|Garden entrance fees and catalogue sales||25,462||14,387|
|Donations||9,408||656,412|
|Contribution from melbourne maintenance fund||||32,000|
|||34,870||702,799|
|**Direct charitable expenditure**|||||
|Purchases|7,069||4,253||
|Wages and salaries|1,500||123,424||
|Subcontract labour & equipment hire|||9,217||
|Repairs to plant and machinery|12,744||11,409||
|Electricity, rates and water|2,704||5,935||
|Motor expenses|2,831||3,499||
||26,848||157,737||
|||(26,848)||(157,737)|
|**Gross surplus**|23.01%|8,022|77.56%|545,062|
|**Management and administration expenses**|||||
|Wages and salaries|||3,000||
|Postage, stationery and advertising|18,372||7,126||
|Professional fees|999||6,745||
|Accountancy|550||||
|Bank charges|313||117||
|||•(20,234)||(16,988)|
|**Operating (deficit)/surplus**||(12,212)||528,074|
|**Other income**|||||
|Realised gains/(losses) on investment assets|93,471||2,173||
|Unrealised gains/(losses) on investment assets|(81,679)||55,227||
|Gain/(losses) on currency transactions|||(494)||
|Listed investment interest and dividends|3,661||1,720||
|||15,453||58,626|
|**Net movement in funds**|9.29%|3,241|83.48%|586,700|
|Total funds brought forward||94,734||(491,966)|
|**Total funds carried forward**||97,975||94,734|





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## 

||||**2022**|||**2021**||
|---|---|---|---|---|---|---|---|
||**Notes**|||||||
|**Fixed assets**||||||||
|Investments|**2**|||343,071|||322,863|
|**Current assets**||||||||
|Other debtors||62,246|||58,536|||
|Cash at bank and in hand||11,577|||12,016|||
|||73,823|||70,552|||
|**Current liabilities**||||||||
|Trade creditors||24,850|||24,300|||
|Other creditors||294,069|||274,381|||
|||318,919|||298,681|||
|**Net current liabilities**||||(245,096)|||(228,129)|
|**Net assets**||||97,975|||94,734|
|**Unrestricted funds**||||97,975|||94,734|





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## 

## 

|||**Investments Held At**|**Investments Held At**|**Investments Held At**||||||**Investments Held At**|**Investments Held At**|**Investments Held At**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**6**|**April 2021**|||**Movement In Period**|||||**5 April 2022**||
|**2**|**Fixed asset investments**|**Holding**|**Book**|**Market**|**Date**|**Holding**|**Cost/**|**Gain/(Loss)**|**MV**|**Holding**|**Book**|**Market**|
||||**Value**|**Valuation**|||**(Proceeds)**|**on Disposal**|**Adjustment**||**Value**|**Valuation**|
||0.125% Treasury Stock 2068|3,100|9,376|9,980|06/05/21|500|1,633||||||
||||||22/02/22|(3,600)|(12,787)|1,779|(604)||||
||0.125% Treasury Stock 2062||||08/06/21|500|1,648||||||
||||||05/10/21|450|1,541||||||
||||||02/02/22|(950)|(3,225)|36|||||
||0.125% Treasury Stock 2065||||23/06/21|500|1,485||||||
||||||02/02/22|(500)|(1,575)|90|||||
||0.125% Treasury Stock 2026||||03/08/21|1,830|2,499||||||
||||||03/08/21|870|1,195||||||
||||||01/02/22|(2,700)|(3,788)|94|||||
||0.125% Treasury Stock 2024||||03/08/21|1,830|2,500||||||
||||||05/08/21|870|1,192||||||
||||||02/02/22|(2,700)|(3,828)|136|||||
||CF Ruffer Absolute Return||||||||||||
||Fund|93,883|134,323|185,138|17/11/21|869|1,775||||||
||||||02/02/22|(94,752)|(192,499)|56,401|(50,815)||||
||CF Ruffer Baker Steel Gold||||||||||||
||Fund|1,744|1,985|4,414|02/02/22|(1,744)|(4,393)|2,408|(2,429)||||





## 

## 

## 

|||||||||||(Continued)|
|---|---|---|---|---|---|---|---|---|---|---|
|CF Ruffer Equity & General|||||||||||
|Fund Class C|664|1,175|3,560|15/11/21||16|||||
|||||02/02/22|(664)|(3,765)|2,574|(2,385)|||
|CF Ruffer European Fund|1,404|5,506|12,739|15/11/21||108|||||
|||||02/02/22|(1,404)|(12,138)|6,524|(7,233)|||
|CF Ruffer Japanese Fund|3,543|3,703|13,309|05/05/21|(615)|(2,290)|||||
|||||02/02/22|(2,928)|(10,543)|9,130|(9,606)|||
|LF Ruffer Pacific & Emerging|||||||||||
|Markets|1,946|4,304|7,737|||5|||||
|||||26/05/21|(250)|(1,015)|||||
|||||13/08/21||(4,594)|||||
|||||09/11/21||(1,775)|3,075|(3,286)|1,696|147|
|!shares Physical MI|162|3,413|3,932|22/06/21|(162)|(4,023)|610|(519)|||
|Lloyds Banking Group|3,785|2,302|1,619|02/02/22|(3,785)|(2,012)|(290)|683|||
|Ruffer Multi Stratergies Fund|27,078|21,694|25,806|02/08/21|(10,290)|(9,148)|||||
|||||01/02/22|(16,787)|(15,088)|2,542|(4,112)|1||
|Ruffer Protection Stratergies|||||||||||
|International Fund|1,633|7,502|6,943|13/09/21|624|1,050|||||
|||||07/02/22|(2,257)|(7,413)|(1,139)|559|||
|Ruffer SICAV Fixed Income|||||||||||
|Fund|148|21,721|24,392|26/04/21|(19)|(2,500)|||||
|||||07/02/22|(167)|(22,015)|2,794|(2,671)|(37)||





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## 




# 



## 

||**Page**|
|---|---|
|Report to the Trustees|**1 −4**|
|Independent Examiner's report|**5**|
|Statement of financial activities|**6**|
|Balance sheet|**7**|
|Notes to the accounts|**8−11**|





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## 



# 

# 

# 



## 

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## 

## 

## 

## 



## 

|||**2022**||**2021**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|**Income**|||||
|Garden entrance fees and catalogue sales||25,462||14,387|
|Donations||9,408||656,412|
|Contribution from melbourne maintenance fund||||32,000|
|||34,870||702,799|
|**Direct charitable expenditure**|||||
|Purchases|7,069||4,253||
|Wages and salaries|1,500||123,424||
|Subcontract labour & equipment hire|||9,217||
|Repairs to plant and machinery|12,744||11,409||
|Electricity, rates and water|2,704||5,935||
|Motor expenses|2,831||3,499||
||26,848||157,737||
|||(26,848)||(157,737)|
|**Gross surplus**|23.01%|8,022|77.56%|545,062|
|**Management and administration expenses**|||||
|Wages and salaries|||3,000||
|Postage, stationery and advertising|18,372||7,126||
|Professional fees|999||6,745||
|Accountancy|550||||
|Bank charges|313||117||
|||(20,234)||(16,988)|
|**Operating (deficit)/surplus**||(12,212)||528,074|
|**Other income**|||||
|Realised gains/(losses) on investment assets|93,471||2,173||
|Unrealised gains/(losses) on investment assets|(81,679)||55,227||
|Gain/(losses) on currency transactions|−||(494)||
|Listed investment interest and dividends|3,661||1,720||
|||15,453||58,626|
|**Net movement in funds**|9.29%|3,241|83.48%|586,700|
|Total funds brought forward||94,734||(491,966)|
|**Total funds carried forward**||97,975||94,734|





## 

## 

||||**2022**|||**2021**||
|---|---|---|---|---|---|---|---|
||**Notes**|||||||
|**Fixed assets**||||||||
|Investments|**2**|||343,071|||322,863|
|**Current assets**||||||||
|Other debtors||62,246|||58,536|||
|Cash at bank and in hand||11,577|||12,016|||
|||73,823|||70,552|||
|**Current liabilities**||||||||
|Trade creditors||24,850|||24,300|||
|Other creditors||294,069|||274,381|||
|||318,919|||298,681|||
|**Net current liabilities**||||(245,096)|||(228,129)|
|**Net assets**||||97,975|||94,734|
|**Unrestricted funds**||||97,975|||94,734|





## 

## 

## 

## 

## 

## 



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|a)|||||**C**||
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