2021-03-31-accounts - The Wordsworth Trust

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Contents
	Page Number
Trustees' Annual Report	1
Statement ofresponsibilities ofthe Trustees ofThe Wordsworth Trust in respect ofthe Trustees'	Annual
Report and the financial statements	17
Independent auditor's report to the members ofThe Wordsworth Trust	18
Consolidated statement offinancial activities (incorporating income & expenditure account)	`22`
Consolidated and company balance sheets	`23`
Consolidated statement ofcash flows	24
Notes	`25`

										The	The	Wordsworth Trust
					Regsteredcompany			number 03442086. registeredchanty number I066I84
								Trustees	repon	and consolidated	financial statements
										Forthe yearended31 March 2021
Trustees' annual report(continued)
Our public impact in numbers
		12months to 31Mar2021_						12 months to		31 Mar 2020	'	Variance_
General visits to Wordsworth		Grasmere			3,732					8.270]		-55%]
	Onsite	0ffsite	Digital				Onsite	0ffsite	Digital
Young people in formal education (student-days)						I	I I				I
Secondary,	`55`	`176`		`412`	643		`635`	`3,677`		4,312
primaryandpre-												~
school
Highereducation				`301`	301		`503`			503		-40%
- shortcourses
Highereducation - other				`145`	145	I	`33`			33		339%
Teacher development opportumtes				`5`	·,		`29`	`34`		63		-83%
Total	*`SS`*	*176*		863	1,094		1,200	3,711		4,911		-78%
Participation in	210				210		*118*	*1,164*		1,282		-84%
events and
activities for
families
Participationin
informal learning
activities
Elderly/		`3`		`581`	584		`85`	`829`		914		-36%
vulnerable adults
Youngpeople				`272`	272		`17`	`229`		246		11%'
(excludingfamily
activities)
General		`4`		`1,393`	1,397		`17`	`I 075`		1,092		28%
audiences
Total		7		*2,246*	2.253		*119*	2,133		2,252		0%
Attendances at	38			*1,366*	1,404		*1,498*	*684*		2,182		-36%
talks, poetry
readings and other events (excluding						I	I
family_events)
Interactions via new media
Website (uniqueviews)				183,179						197,366		-7%
Viewsofonline videos				160,912						204.,684		72%
SociaJ media followers(31 March 2021)					48,575					44,667		9%
Total				392,666						446,717		17%
Research visits (research-days)					44]		I			157		-72%l
Publications Newtitles Sales(all tutles)					186	I	I			2 `222`		1± %
Participants in vocational training					3					14		-79%
(sarunginyear)
Volunteers "					17					24		-29%
Includes 142 familymemberson discoverytrailsatWordsworth Grasmere								Thesearethereforealsoincluded inthe figure
of3,732generalvisits.
tAttendance at digital	events is likelyto		be	understated as it		is	the number of log-ins and doesn't take				account of for
example, membersofa	household	sharing	adevice
Includes979viewingsofvideos		aimedatfamiliesand			youngchildren
rPeoplewhodidvolunteerwork onaregularbasisand					orfor	sustained periodsoftime.

Riskcater!o					Miti;ation
Financial	Adequacy ofcash reserves in		the		The Reimagining Wordsworth project will	address the Trusts
	short term followingcompletion of				long-term sustainability and will assist in building cash and
	the Reimagining Wordsworth				reserves
	project and the impact ofthe		Covid		The Reserve investmentfund was transferred to cash to support
	crisis.				cashflow through the project The balance remains in cash as it
					may be required to support the cashflow in 21/22 depending on
					tradiny conditions for the remainder ofthe	'ear.
Environmental	Significant downturn	in	visitor		ReimaginingWordsworth site development
	numbers.				Implementation ofthe project Activity Plan and regular
					updating ofoffer.
					Market research including_review_of competitors' offer and
					revised business plan
					Diversificationofincome streams.
Funding	The lossof support from	a major			Communication with grantgiving bodies.
	fundingagreementon expiry				Monitoringto ensure delivery on existing fundingagreements,
					achievingtargets and outcomes.
					Adequate preparation and resource to ensure detailedand
					imaginative bidsare developed.
					Developmentoffundraisin stater .
Funding	Lossofpublic confidence in fund				Registration with the Fundraising Regulator
	raising activity.				Adherence to established codes ofpractice.
Governance	Failure to follow good governance				Nominatons Committee.
	practuce				Trustee induction and identification oftraining needs
				I	Confltctofinterestpolicy Approved strategy, operating plan and annual budgets.
					Job descriptions.
Health and	Failure to comply with Health &				On-going review of H&S policies
Safety	Safety and safeguarding				Regular reviews ofSafeguardingpolicy and training for all staff.
	obhigations.				Periodic review by Management Committee.
					Insurance.
Operational	Major damage or destruction		of		Intruder and fire alarm systemsimproved aspart of
	Dove Cottage.				Reimagining Wordsworth project
					Improvements to the stability of Dove Cottage includinga
					reduction in risk from water damage, a new heatingsystem and
					roofand eneral repairs to the fabric ofthe buildin
Operational	Theft of, environmental or			I	Collection stored in locationswith BM to BS5454 and
	accidental damage to collection				Government Indemnity Scheme standardsbuiltinto the new
	assets or damage asa resultof				museum.
	repeated use.				Monitoringof statutory regulatons.
					Insurance.
Financial	Poor financial managementand/or				Policies codified in the Financial Control Manual.
	controlor breach of financial		trust		Insurance.
					Pre-employment checks.
					Trustee re rtun, and audit
Personnel	Inability to retain and recruit		key		Review salary and benefit packages.
	staff				Staffappraisal system
					Provide a comfortable workingenvironment	with a positive
					o: nisatonal culture.
Regulatory	Failure to comply with external				Monitor regulations and changestothem.
	regulations.				Stafftraining.
					Collection managementpolices.
					Insurance cover

for *theyear ended* 31 *March*	2021
		Unrestrictedfunds		Endowmentfunds			Total	Total
		Unrestricted	Designated	Development	Other	Restri cted	2020-21	2019-20
		funds	Development	Fund	Endowment	funds
			Fund		Funds
	*Noes*	£000	£00O	£000	£00O	£00O	£00O	£O00
incomeand endowments from
Doanonsandlegaaes	3	934				1,687	2,622	3,827
Chantableacrves
Admissionfeesandsales	4	40					40	100
Othertradingactivities
Bookandgftshopsales	S	27					27	63
lnvestuent	6	74	24	41	31		170	220
Other		$3					S3	46
Total income		1,128	25	41	31	1,687	2,912	4,256
Expenditureon:
Raisingfunds
Fundraisingcosts		127			7		134	147
Bookandgttshop costs		64					64	110
Investment management costs			3	6	3		12	17
Managementcosts ofthe letestate		82					82	99
Gas itabie_ai_re>
Custodianship		191			2	94	287	397
AccessandHearing		372			2	415	789	881
Totalexpenditure	7	836	3	6	14	509	1,368	1,651
		292	22	35	17	1.178	1,544	2,605
Netgainsoninvestments			155	269	133		557	(371)
Netincome		292	177	304	150	1,178	2,101	2,234
Transfersbetweenfunds	8	90	(2$)	(44)	(21)
Net movements infunds		382	152	260	129	1,178	2,101	2.234
Reconciliationoffunds
Toa! funds bfat 1 Apn)2020		8.$52	820	1426	940	5,853	17,591	1$.357
Totalfunds dat31 Manh2021		8,934	972	1.686	1,069	7,031	19,692	17,591

Balance Sheet *at 31 March 2021*
	Notes		Group		Charitable	company
		31 March	31	March	31 March	31 March
		2021		2020	2021	2020
		£000		£00O	£000	£000
Fixed assets
Tangibleassets	9	8,101		6.650	8,101	6,650
Heritageassets	10	3,713		3,708	3,713	3 708
Investmentproperty	11	4,620		4,620	4,620	4,620
Investments	`12`	3,727		3,183	3,742	3,198
Total fxedassets		20,161		18,161	20,176	18,176
Currentassets
Stocks	13	31		27
Debtors	14	70		418	198	510
Cash atbankand in hand		640		462	624	437
Totalcurrentassets		741		907	822	947
Creditors:Amountsfalling duewithinoneyear	15	(246)		(477)	(242)	(474)
Netcurrent assets		495		430	S80	473
Totalassets lesscurrentliabilities		20,656		18,591	20,756	18.649
Creditors:Amountsfalling dueafter morethan one year	16	(964)		(1,000)	(964)	(1,000)
Total net assets		19,692		17,591	19,792	17,649
The funds of the charity
Undesignatedfunds
Generalfunds	17	1,200		826	1,300	884
Revaluation reserve	17	3,945		3,945	3,945	3.945
		5,145		4,771	5,245	4.829
Designatedfunds
Warren Collection Fund	17	59		59	59	59
CollectionAssetsFund	17	3,713		3,708	3,713	3.708
ReimaginingWordsworth- Delivery	17	17		17	17	17
DesignatedDevelopment Fund	17	972		820	972	820
Total unrestrictedfunds		9,906		9.375	10,006	9,433
Restnctedfunds	17	7,031		5,853	7,031	5.853
Endowmentfunds
Endowment Development Fund	17	1,686		1,423	1,686	1,423
RSWoofMemorial Fund	17	261		250	261	250
Catalyst Endowment Fund	17	808		690	808	690
Totalcharityfunds		19,692		17.591	19,792	17.,649

	2020-21	2019-20
	£O0O	£000
Cashflows from operating activities
Netcash providedby operatingactivities	1,559	2,630
Cash flows from investing activities
Dvdends andinterestallocated toincome	97	124
Rensfrominvestmentproperties	73	96
Purchaseoffxedassets	(1.551)	(3,014)
Acquisition ofhentageassets		(1)
Proceedsfromsalesofinvestments
Proceedsfromsalesofassets
Purchaseofinvestments
Netcash usedininvestingactivities	(1,381)	(2,794)
Cashflows from financing activities
Repaymentsof borrowing
Receiptsofendowment
Cashusedin financingacrvtes
Changein cashandcashequivalentsin theperiod:	178	(164)
Cashandcashequivalentsatstar ofyear		626
Cashandcashequivalentsatend ofyear	640	462
Reconciliation of net income to net cash used inoperating activities
Net income	2,101	2,234
Adjustmentsfor
Deprecation	100	133
(Gains)/Losses on investments	(557)	371
Dividendsand interest	(97)	(124)
Renton investment properes	(73)	(96)
Gifts in kind	(5)	(68)
Receiptsofendowment	1
investmentmanagementcosts	12	17
(Increase)/Decreaseinstocks	(4)	4
Decrease/(Increase) indebtors	348	(156)
(Decrease)/Increaseincreditors	(267)	315
Net cash providedbyoperatingactivities	1.559	2,630

	Unrestricted funds	Unrestricted funds	Endowment funds	Endowment funds		Total
	Unrestricted	`Designated`	Development	`Other`	Restricted	2019-20
	funds	Dev elopment	`Fund`	Endowm ent	*funds*
		`Fund`		`Funds`
	£000	£00O	£000	£000	£000	£00O
Incomeandendowments from.
Donationsand legaies	171	1			3,655	3.827
Cantableactivites
Admission feesand sales	100					100
Othertradingactivities
Book and giftshop sales	63					63
investments	99	29	so	42		220
Other	46					46
Totalinme	479	3n0	5o	42	3,655	4.256
Expenditureon:
Raisingfunds
Fundraisingcosts	134			7	6	147
Book and giftshop costs	110					110
Investmentmanagement costs		4	8	5		17
Managementcostsoftheletestate	99					99
Charitableactivites:
Custodianship	166			2	229	397
Accessand learning	331			2	$48	881
Totalexpenditure	840	4	8	16	783	1,651
	(361)	26	42	26	2.872	2,605
Net losses onvestments		(92)	(159)	(120)		(371)
Net income/(expenditure)	(361)	(66)	(117)	(94)	2872	2.234
Transfersbetweenfunds	112	(30)	(s1)	(31)
Net movementsinfunds	(249)	(96)	(168)	(125)	2,872	2234
Reconciliation of_funds_
Tota) funds brought forward at 1 Apn! 2019	8,801	916	1,594	1,065	2,981	15.,357
Totalfundscarriedforward at31March2020	8,552	820	1,426	940	5,853	17.591

3 `Donations and legacies`
	Unrestricted	Designated	Restricted	`2020-21`	2019-20
	funds	Development	funds
		Fund
	`£000`	`£000`	`£000`	`£000`	£000
National LotteryHeritageFund			`1,192`	`1,192`	2,548
Arts Council England _(NPO_Grant)			`329`	`329`	332
Arts Council England (CultureRecoveryFund)	`218`			`218`
Arts Council England (EmergencyFund)	`209`			`209`
Wolfson Foundation	`145`			`145`	300
Coronavirus Job Retention Scheme	`134`			`134`
Norther Cultural Regeneration Fund			`93`	`93`	353
South Lakeland DistnctCouncil	`75`			`75`	15
John R MurayCharitableTrust	`50`			`so`	30
Michael MarksCharitableTrust			`24`	`24`	22
ThelateDoreen Reynolds	`23`			`23`
Sir John Fisher Foundation			`22`	`22`	23
Lancaster University			`20`	`20`	20
ThelateSarah Wilkes	`16`			`16`
Wyfold CharitableTrust	`10`			`10`
CumbnaCounty Council	`10`			`10`	10
Old Possum's PracticalTrust			`5`	`5`
DrWilliam Zachs	4			`4`
PatriciaGroddand Michael Stone	`4`			`4`	8
DeliaTwamley	3			`3`
Clareand John Spedding	l			1
Michael Crump			`1`	1
Professor BruceGraver				`1`
Gillian Newbery	l			1
Professor Heidi Snow	l			l
Nicole and MalcolmThorogood	l			`1`
Thelate May Blenkinsopp					43
WW Spooner CharitableTrust					36
TheEstateof thelate Charles Plouviez					16
Tamsin Abbott					15
Children and theArts					7
The late Dr W H. Kelliher					s
Professor Sir Drummond Bone					2
The late Kisty Creighton					2
CumbriaGardensTrust					2
Anonymous
Dr Ceciliaand NicholasPowell
Friends	`8`			8	12
Patrons	11			11	15
Gift Aidandothers (£2.000 orbelow)	`9`	l	l	11	8
	`934`	1	1,687	`2,622`	3.827

			The Wordsworth Trust
		Kegsteredcompany number0344206, registeredchanty number 1066184
		Trustees report andconsolidated financial statements
		Fortheyear	ended 31 March 2021
Notes	(continued)
4	Income from charitable activities
		2020-21	2019-20
		£000	£00O
	Admission fees	32	42
	Shortcourseprogramme	8	58
	Publications		1
	Lesssales tosubsidiary		(1)
			100

	A summary ofthe trading result of Dove Cottage Promotions Limited is shown	A summary ofthe trading result of Dove Cottage Promotions Limited is shown	below.	Audited
	financial statements fortheyearended 31 March 2021 arefiled with the Registrar		ofCompanies. A
	Gift Aid donation ofthetaxableprofitof£Nil (ZOl 9-20: £Nil) was madetoTheWordsworthTrust.
		2020-21		2019-20
		£000		£000
	Turnover	27		`63`
	Costofsales	(7)		(29)
	Gross profit	20		`34`
	Administrativeexpenses	(61)		(86)
	Operatingloss	(+1)		(52)
	Tax
	Lossonordinaryactivities after taxation	(41)		(52)
	Gift aid payment
	Retained loss for the yearafterpaymentofgiftaid	(+1)		(52)
	The aggregate oftheassets, liabilities and funds was:
		31 March 2021	31 March 2020
		£000		£00O
	Assets	51		57
	Liabilities	(136)		(101)
	Funds	(85}		(44)
6	Investment income
	Group	2020-21	2019-20
		£00O		£00O
	Drvidendsreceivable	97		124
	Rentsreceivable	`73`		96
		170		220

Analysis ofexpenditure
*Group*
		Directcosts	Supportcosts	2020-21	2019-20
		`£000`	£000	`£000`	£00O
Fundraisingcosts		`94`	40	134	147
Bookand giftshopcosts	Costofsales	7		`7`	`29`
	Other	`57`		`57`	81
Investmentmanagementcosts		`12`		`12`	17
Managementoftheletestate		`68`	14	`82`	99
		`238`	`54`	`292`	373
Costofchantable activities
Custodianship
Historicbuildings		`26`	`6`	`32`	54
Collection		`217`	`38`	`255`	343
		`243`	44	`287`	397
Accessand learning
Visitoroperatons		`398`	`212`	`610`	678
Exhibitionsand publications		`33`	14	`47`	58
Education		`76`	27	`103`	117
Contemporary literature		`27`	`2`	`29`	28
		`$34`	`255`	`789`	881
Totalcostofchantableactvities		777	`299`	`1.076`	1,278
Totalexpenditure		`1.015`	353	`1,368`	1,651

Analysis ofexpenditure(continued)	Analysis ofexpenditure(continued)
Allocation ofsupportcosts
	Fundraising	Management	Charitable
		ofletestate	activities	2020-21	2019-20
	£000	`£000`	`£000`	£000	£000
Management	23	8	`188`	219	189
Finance	10	3	63	76	71
Informationtechnology	s	2	33	40	32
Humanresources			1	1	3
Governance	2	1	14	17	28
	40	14	299	353	323

		`Group`	Chari table	company
	2020-21	2019-20	2020-21	2019-20
	£000	£00O	`£000`	`£000`
Audit fees	20	18	18	16
Depreciation onownedfxedassets	100	133	`100`	133

Thetotal staffcosts forthegroup wereas follows:
	2020-21	2019-20
	£000	£000
Wagesandsalaries	`683`	790
Employers'socialsecuritycosts	58	67
Employers'pensioncontbutons	34	`37`
Grouptotal	775	`894`

				2020-21	2019-20
				£000	£000
On	bank	loansand	overdrafts	`17`	24

Transfers into unrestncted fundsduringtheyearcomprised:
	2020-21
	£00o
investmentincome transferred fromhe Designated Development Fund	25
investmentincome transferredfrom the EndowmentDevelopment Fund	41
Investmentincome transfered from the Catalyst Endowment Fund	21
Investmentincome transferredfrom the Designated DevelopmentFund- correctionfromeartieryear	3
Totaltransfers	90

	investment	Unapplied	Total
	fund	total return
	£000	£00O	£000
Opening value of the Endowment Development Fund
Gift component	1,261		1,261
Unappliedtotalreturn		162	162
Total	1261	162	1,423
Movements during the year
Investment return. dividends and interest		41	41
Investment retum: realised and unrealised gains/(losses]		269	269
Transfer		2	2
Investment managementcharges		(8)	(8)
Total		304	304
Unapplied total return allocatedto mncome		(41)	(41)
Net movement during the year		263	263
Closing value at 31 March 2021
Gift component	1.261		1.261
Unapplied total return		425	425
Total	1.261	425	1,686
	investment	Unapplied	Total
	fund	total return
	£000	£000	£000
Opening value of the Designated Development Fund
Gift component	712		712
Unapplied total return		108	108
Total	712	108	820
Movements during the year
Investment return: dividends and interest		24	24
Investment return: realised and unrealised gains		155	155
Transfer		1	1
Investmentmanagement charges		(4)	(4)
Donatons received			1
Total		176	177
Unapplied totalreturn allocated to income		(25)	(25)
Net movement during the year	1	151	152
Closing value at 31 March 2021
Gift component	713		713
Unapplied totalreturn		259	259
Total	713	259	972

Tangible fixed assets
*Group*	[erwood Centre	Other freehold property	Assets under construction	Fixture s, fittings, equipment and motor vehicdes	Total
	£00O	£000	£00o	£000	£000
Cost
At1 Apnl2020	3.442	1,610	3,592	346	8,990
Additions			1,529	22	1.551
Disposals
At31 March 2021	3,442	1,610	5,121	368	10,541
*Depreciation*
At I April 2020	1,714	324		302	2.340
Chargefortheyear	50	31		19	100
Disposals
At31 March2021	1,764	355		321	2440
*Netbook value*
At 31 March 2021	1,678	1,255	5,121	47	8,101
At31 March 2020	1.728	1.286	3,592	44	6,650

Tangible fixed assets	(continued)
*Charitab le Company*	ferwood	Other Freebold	Assets under	Fixtures,	Total
	Centre	property	construction	fittings
				equipment
				and motor
				vehicles
	£00O	£000	£000	£000	£000
*Cost*
At 1 Apnl 2020	3.442	1,610	3,592	319	8,963
Additions			1,529	22	1.551
Disposals
At 31 Marh 2021	3,442	1,610	5,121	341	10.514
*Depreciation*
At 1 Apr 2020	1.714	324		275	2,313
Chargeforyear	`so`	31		19	100
Disposals
At31 March 2021	1,764	355		294	2,413
*Net book*value
At31 March2021	1,678	1.255	5,121	`47`	8,101
At31 March 2020	1.728	1,286	3.592	44	6.650

Oncea decision to disposeof an item has been taken, priority will be given to retaining the item in	Oncea decision to disposeof an item has been taken, priority will be given to retaining the item in	Oncea decision to disposeof an item has been taken, priority will be given to retaining the item in
the public domain, unless it is to be destroyed. It wHI therefore be offered in the first instance, by
exchange,giftorsaledirectlyto otheraccredited museums likelyto beinterested in its acquisiton.
	2020-21	2019-20
	£000	£O0O
Opening value of Heritage Assets
Purchases	2,790	2,789
Donationsatvaluation	655	`587`
Transfer from InvestmentProperty	263	`263`
Total	3,708	`3,639`
Acquisitions during the period
Purchases		1
Donationsatvaluation	5	68
Transfer from Investment Property
Total	5	`69`
Closing value of Heritage Assets
Purchases	2,790	2,790
Donationsatvaluation	660	`655`
Transfer from InvestmentProperty	263	`263`
Total	3,713	`3.708`

				15 monthsto	Yearto 31
		Year to31 March		31 March	December
Five year financial summary of heritage	2021	2020	2019	2018	2016
`asset transactions`	£000	`£000`	£00O	£000	£00
Purchases		l
Donatons	5	68	81	111
Transfer from InvestmentProperes			`263`
Totalacquisitions	5	69	`344`	111
Therehavebeen nodisposalsin thelastfiveyears.
dsworth.orguk					41

Investment property - UK
Group *and charitable* company	31 Marh 2021	31 Marh 2020
	£00O	£O0O
Brought forward	4,620	`4620`
increase on revaluation
Caredforward	4,620	`4,620`

Fixed asset investments
	`Group`	Group	Chari table	Charitable
			company	company
	31 March	31 March	31 Marh	31 Manch
	2021	2020	2021	2020
	£000	£00O	£000	£000
Ordinaryé1 shares in DoveCottagePromotons Limited			15	15
DevelopmentFund investments	2,658	2.243	2,658	2,243
RSWoof MemonalFund investments	261	250	261	250
CatalystEndowmentFundinvestments	808	690	808	690
	3,727	3,183	3,742	3,198
*Group*and charitab le company	Development	RSWoof	Catalyst	Totals
	Fund	Memonal Fund	Endowment
	£000	£00O	£000	£000
Opening market value	2.182	250	657	3,089
Additions	`788`		197	985
Disposals	(736)		(184)	(920)
Net investment (losses)	356	11	128	495
Closing market value	2.590	261	798	3,649
Cashon deposit	67		10	77
Accruedincome	l			1
	2.658	`261`	808	3,727

		Group	Group	Charitable	Chantable
				company	company
		`31 March`	31 March	`31 March`	31 March
		`2021`	2020	`2021`	2020
		`£000`	£000	£000	£000
	Tradedebtors	`10`	15	`10`	13
	Othertaxesand social security	2	1
	Prepayments	`25`	23	`23`	20
	Accrued income	`33`	379	33	379
	Amountsowed bysubsidiary undertaking			132	`98`
		70	418	`198`	510
`15`	Creditors: amounts falling due within one year
		Group	Group	Charitable	Chantable
				Company	company
		`31 March`	31 March	`31` March	31 Manh
		`2021`	2020	`2021`	2020
		`£000`	£000	`£000`	£000
	Tradecreditors	`109`	301	`107`	300
	Othertaxesandsocial security	14	16	`14`	16
	Othercreditors	`9`	6	`9`	6
	Bank loan	`36`		`36`
	Accrualsand deferred income	78	154	`76`	152
		`246`	477	`242`	474

			Group	Group	Charitable	Chantable
					company	company
			`31 March`	31March	`31 March`	31 March
			`2021`	2020	`2021`	2020
			`£000`	£00O	£000	£000
Bankloan	-	duebetween 2and 5 years	`299`	284	`299`	284
	-	due after 5 years	`665`	716	665	716
			`964`	1,000	`964`	1,000

Reconciliation ofmovement infunds	Reconciliation ofmovement infunds
Group	Funds at 1		Income	Expenditure	Transfers	Funds at 31
	April	2020			/investment	March 2021
					gains
		£000	£000	£000	£000	£000
Unrestricted funds
Generalfunds		826	1.123	(836)	`87`	1.200
Revaluation reserve		3,945				3,945
Warren Colleton Fund		59				59
CollectionAssetsFund		3,708	5			3,713
ReimaginingWordsworth - development
ReimaginingWordsworth -delivery		17				17
Designated DevelopmentFund		820	25	(3)	130	972
Resnctedfunds
Incomefunds		32	402	(396)		38
Acquisition funds		2				2
ReimaginingWordsworth - development
RemagningWordsworth - capital		3,602		(4)	1,534	$,132
ReimagningWordsworth - delivery		459	1.285	(58)	(1,534)	152
Capitalfunds		1,758		(51)		1,707
Endowmentfunds
Endowment DevelopmentFund		1,423	41	(6)	228	1,686
RSWoof Memonal Fund		250	10	(10)	11	261
CatalystEndowmentFund		690	21	(4)	101	808
	17,591		2912	(1,368)	557	19,692

	Unrestri	cted funds		Endowment funds	Endowment funds
*Group*	Unrestri cted	Designated		Development	Other	Restricted	Total
	funds	Development		Fund	endowment	funds	funds
		Fund			funds
	£000	£000		£000	£O0O	£000	£000
Fund balances at 31 March 2021 represented by.
Fedassets	9,597		972	1,686	1,069	6,837	20,161
Currentassets	547					194	741
Currentliabilities	(246)						(246)
Creditors fallingdueafterone_year_	(964)						(964)
	8,934		972	1.686	1,069	7.031	19,692
Fund balances at 31 March 2020 represented by.
Fedassets	9,620		820	1.423	940	5,358	18,161
Currentassets	412					495	907
Current liabilities	(477)						(477)
Creditorsfallingdueafteroneyear	(1,000)						(1,000)
	8.555		820	1.423	940	5,853	17,591

	Unrestricted Funds	Unrestricted Funds	Endowment	Funds
*Charitable company*	Unrestricted	Designated	Development	Other		Restricted	Total
	funds	Development	Fund	endowment		funds	funds
		Fund		funds
	£000	£000	£000		£000	£000	£000
Fund balances at 31 March 2021 represented by
Fedassets	9,612	972	1.686	1.069		6,837	20,176
Current assets	628					194	822
Current liabilities	242)						(242)
Creditors falling dueafteroneyear	(964)						(964)
	9,034	972	1.686	1.069		7,031	19,792
Fund balances at 31 March 2020 represented by
Fixedassets	9.635	820	1.423		940	5,358	18,176
Current assets	452					495	947
Current liabilities	(474)						(474)
Creditors fallingdueafterone_year_	(1.000)						(1.000)
	8,613	820	1423		940	5.853	17,649

Capital commitments at the end ofthe financialyear follows:	for which no provision has been	madearea
	31 March	31 March
	2021	2020
	£000	£00O
AAuthorsed butnotcommitted
Againstwhichordershave been placed	545	1 282

			2020-21	2019-20
Unrestricted			1,287	2,363
Restricted			600	2.,600
ln kind
Total donations			1,887	4.963
Financialinstruments
	Group	Group	Charitable	Chantable
			company	company
	31 March	31 March	31 March	31 March
	2021	2020	2021	2020
	£000	£00O	£000	£000
Financial assetsatamortised cost	43	394	175	489
Fmnancial liabilitiesatamortised cost	1.196	1.460	1192

23 Consolida	ted an	alysis of c	hanges i	n net debt
				Group			Charitablecompany
	Note	1 April 2020	Cash flow	Other non cash movement	31 March 2021	1 April 2020	Cashflow	Other non cash movements	31 Marh 2021
		`£00O`	£000	`£000`	`£000`	`£000`	£000	`£000`	`£000`
Cashatbankand in		462	178		640	437	187		624
hand
Bank loan	15			(36)	(36)			(36)	(36)
Debtduewithinone				(36)	(36)			(36)	(36)
year
Bank loans	16	(1.000)		36	(964)	(1,000)		36	(964)
Debtdueaftermore		(1.000)			(964)	(1,000)			(964)
than oneyear
Total net debt		(538}	178		(360)	(563}	187		(376)