## 

|**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**<br>**people**<br>**in**<br>**formal**<br>**education**<br>(student-days)||||||I|I<br>I||||I||
|Secondary,|_`55`_|_`176`_||_`412`_|643||_`635`_|_`3,677`_||4,312|||
|primaryandpre-||||||||||||~|
|school|||||||||||||
|Highereducation||||_`301`_|301||_`503`_|||503||-40%|
|- shortcourses|||||||||||||
|Highereducation<br>- other||||_`145`_|145|I|_`33`_|||33||339%|
|Teacher<br>development<br>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**<br>**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**<br>Newtitles<br>Sales(all tutles)|||||186|I|I|||2<br>`222`||1±<br>%|
|**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<br>conditions for the remainder ofthe|'ear.|
|Environmental|Significant<br>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<br>.||
|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<br>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<br>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<br>rtun,<br>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:<br>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||**Endowment**funds|||**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||$3|||||S3|46|
|Total **income**||1,128|25|**41**|31|**1,687**|2,912|4,256|
|**Expenditure**on:|||||||||
|Raisingfunds|||||||||
|Fundraisingcosts||127|||7||**134**|147|
|Bookandgttshop costs||**64**|||||**64**|110|
|Investment management costs|||3|6|3||12|17|
|Managementcosts ofthe letestate||82|||||82|99|
|Gas itabie_ai_re>|||||||||
|Custodianship||191|||2|**94**|287|397|
|AccessandHearing||372|||2|**415**|789|881|
|Totalexpenditure|_7_|836|3|6|**14**|509|1,368|1,651|
|||292|22|35|17|1.178|1,544|2,605|
|Netgainsoninvestments|||155|269|133||557|(371)|
|Netincome||292|177|304|150|1,178|2,101|2,234|
|Transfersbetweenfunds|_8_|90|(2$)|**(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**<br>**_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** in**operating 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 movements**in**funds**|(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<br>**`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|





|7|**Analysis ofexpenditure**||||||
|---|---|---|---|---|---|---|
||**_Group_**||||||
||||**Directcosts**|**Support**costs|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|





|7|**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**|





|9|**Tangible fixed assets**||||||
|---|---|---|---|---|---|---|
||**_Group_**|**[erwood**<br>**Centre**|**Other freehold**<br>**property**|**Assets under**<br>**construction**|**Fixture s, fittings,**<br>**equipment and**<br>**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|





## 

|9|**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|






|17|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 <br>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**<br>**Consolida**|**ted an**|**alysis of c**|**hanges i**|**n net debt**||||||
|---|---|---|---|---|---|---|---|---|---|
|||||**Group**|||**Charitablecompany**|||
||**Note**|**1 April**<br>2020|Cash flow|**Other non**<br>**cash**<br>**movement**|**31 March**<br>2021|**1 April**<br>2020|Cashflow|**Other non**<br>cash<br>**movements**|31 **Marh**<br>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)|