2021-03-31-accounts

				~Pa e
Report ofihe	Trustees			f-7
Independent	Auditor's report			8-11
Consolidated	Statement	of Financial	Activities	12
Consolidated	and Chadty	Balance Sheet		13
Consolidated	Statement	ofCash Flow		14
Notes to the	Consolidated	Accounts		15-24

~d	~				Incorporated in England	Incorporated in England	&Wales on 30June 1997
					Company number 3394958
Re istered	Charit		Number:		1066272
Board ofTrustees:					Andrew W M Fane (Chairman)
					John R C Arkwnght
					Richard Broyd
					Jeffrey P Haworth
					Mark A Jackson-Stops		*
					Robert C Morley
					Annabel Westman Simon Creedy Smith Julie Brunskill '*'	"
					David Adshead " Elizabeth de Burgh Sidley '
					Mark Herrod (Appointed		7July 2021) *
Secretary:					Mark A Jackson-Stops
Re istered	Office		and Princi	al Office:	Stowe House
					Stowe
					Buckingham
					MK185EH
~td d	td	dtt			Saffery Champness	LLP
					71 Queen Victoria Street
					London EC4V 4BE
Bankers:					Barclays Commercial	Bank
					Oxford Team
					PO Box858, Wytham	Court
					11West Way
					Oxford OX2 OXP
Chief Executive		Officer:			N S Morris
Finance Officer:					M Greeves

				Unrestricted	Restricted	31-Mar	31-Mar
			Notes	Funds	Funds	2021	2020
				E	E	E	E
Incoming resources
Incoming resources from generated		funds
Donations and legacies				2,427	723,053	725,480	184,377
Income fmm Charitable	sctivites
Grants for restoration					125,000	125,000	140,136
Ofher trading activities
Income oftrading subsidiary				11,491		11,491	194,233
Rent receivable				155,162		155,162	155,162
Furlough and CRF Income					123,260	123,260
Misc Income				5,103		5,103	200
Income from Investments	-interest	receivable		160		160	2,781
Total income and endowments				174,343	971,313	1,145,656	676,889
Expenditure
Expenditure on raising funds
Cost of trading subsidiary				22,095	82,101	104,196	117,303
Fundraising					7,020	7,020	28,262
				22,095	89,121	111,2'I 6	145,565
Expenditure on Charitable	activities			138,839	390,943	529,782	597,391
Other expenditure -taxation				(2,332)		(2,332)	14,482
Total expendfture				158,602	480,064	638,666	757,438
Net incomei (expenditure)				15,741	491,249	506,990	(80,549)
Net movement in funds				15,741	491,249	506,990	(80,549)
Reconciliation offunds
Total funds brought forward				2,216,457	19,549,680	21,766,137	21,846,686
Total funds carried forward				2,232,198	20,040,929	22,273,127	21,766,137

		Note	Group		Charity	Charity
			202'I 8	2020	2021 8	2020 f
Fixed assets
Heritage assets			21,645, 'I 04	20,840,545	21,645,104	20,840,545
Investments					2	2
			21,645,104	20;840,545	21,645,106	20,840,547
Current Assets
Stock			8,837	9,098
Debtors and prepayments			13,595	45,331	24,143	43,273
Cash at bank and	in hand		877,886	1,003,136	770,671	910,737
			900,318	1,057,565	794,814	954,010
Current Liabilities
Amounts falling due within one year		10	272,295	131,973	225,896	97,463
Net current assets			628,023	925,592	568,918	856,547
Total assets less current liabilities			22,273,127	21,766,137	22,214,024	21,697,094
The funds ofthe chaNity
Unrestrirted fund:	Designated	'I1	1,706,029	1,533,956	1,706,029	1,533,956
Unrestricted tund:	General		467,066	613,458	467,066	613,458
Funds retained within non-charitable		subsidiary	59,103	69,043
Total unrestricted	fu~ds		2,232.198	2,216,457	2,173,095	2,147,414
Restricted funds			20,040,929	19,549,680	20,040,929	19,549,680
Total Funds			22,273,127	21,766,137	22,214,024	21,697,094

				klotes	2021	2020
					F
Cash flows from operating	activities;
Net cash provided for operating activities				17	1,045,916	205,262
Cash flows from investing	activities:
Deposit interest received					160	2,781
Payments to restore heritage	assets				(1,171,326)	(332,433)
hiet cash provided used in	investing	activities			(1,171,166)	(329,652)
Change in cash and cash equivalents		in the
the reporting period					(125,250)	(124,390)
Cash and cash equivalents	at the beginning		of
the reporting period					'I,003,136	1,127,526
Cash and cash equivalents	at the	end of the
reporting period					877,886	1,003,136

	Sumrnarised Statement	Sumrnarised Statement	Sumrnarised Statement	ofFinancial Position ofSHEL	ofFinancial Position ofSHEL	ofFinancial Position ofSHEL	ofFinancial Position ofSHEL	at	31 llllarch	2021		2021		2020
												E		5
	Current assets Creditors: Amounts Net assets	falling		due within one		year					121,648 ~62,543) 59,105		113,614 ~444, 56~ 69,045
	Share capital											2		2
	Reserves											59,103		69,043
												59,105		69,045
4)	Staff costs
	No employees were	paid		in excess of860,000 per annum.
	Tots!Staff Costs were:											2021		2020
	Salaries											143,613		149,753
	Social security costs											11,672		12,247
	Pension costs											10,416		10,313
												165,701		172,313
	The provision for short		term compensated			absences at 31 March 2021				was	59,243 (2020:E9,103)		and	the total
	paid to key management			personnel	was 525,772		(2020:624,694).
	Staff are auto-enrolled		in	the Stowe School Standard Life Group Personal							Pension Scheme. This		scheme is a
	defined c'ontribution	scheme.
	Ave. Heedcount											8		9.3
	FTE											5,6		5.1
	not including officials	who		provide services		on a voluntary		basis,
	The trustees have	not	been remunerated			during the year.			Expenses	and subsistence		to the value		of 5236
	(2020:E630)has been		reimbursed		to 1 (2020:3)		trustee.
5)	Charitable activities
												2021		2020
	Charitable expenditure		comprises:
	Depreciation ofcompleted			phases	of the restoration							366,767		398,009
	Support costs											152,815		188,402
	Governance costs											10,200		10,980
												529,782		597,391
	Support costs includes:
	Salaries —permanent	staff										109,210		110,015
	Other project costs											4,049		18,430
	Maintenance costs											26,734		38,912
	Administration costs											12,822		21,045
												152,815		188,402
6)	Net income/(expenditure)			for the	year is stated		after charging;
												2021		2020
												E		5
	Depreciation											366,767		398,009
	Auditor Remuneration	-	all audit services									10,200		10,980

Heritage assets
		Restoration	Restoration	Restoration	Restoration
		Phase 1	Phase 2	Phase 3	Phase 8	TOTAL
Cost		6	8		8
As at 1 April 2020		6,238,663	7,149,760	11,710,682		25,099,105
Reclassification				(241,329)	241,329
Restoration work done	in the year			(21,741)	1,193,067	1,171,326
Disposal
As at 31 March 2021		6,238,663	7,149,760	11,447,612	1,434,396	26,270,431
Depreciation
As at 1 April 2020		1,455,309	1,391,808	1,411,443		4,258,560
Charge for the year		83,181	95,331	188,255		366,767
~isposal
As at 31 March 2021		1,538,490	1,487, 139	1,599,698		4,625,327
Net Book Value
As at 31 March 2021		4,7D0,173	5,662,621	9,847,914	1,434,396	21,645,104
As at 31 IVlarch 2020		4,783,354	5,757,952	10,299,239		20,840,545

Herit	age	a	ssets a	cquired during each ofthe last 5 account	ing periods are as follows:
					Heritage Assets
Year	to	31	March	2017	131,730
Year	to	31	March	2018	108,196
Year	to	31	March	2019	514,050
Year	to	31	March	2020	332,433
Year	to	31	March	2021	1,171,326

Fixed asset investm	ents
							2021	2D20
							Unlisted	Unlisted
							F	E
Net book values:
As at 31 March 2021
As at 31 March 2020
As at the balance sheet date the Company				held the following	investments	in subsidiary	undertakings:
					Nature of		Country of
Subsidiary			~aldine		business
Stowe House Enterprises		I td	100%ordinary 61 shares Fund raising				England & Wales
					for Stowe House
Debtors
					2021		2D20
					Group 6	Charityf	Group 8	Charity
Due from Group company						6,036		7,595
Trade debtors					1,037	1,000	8,062
Prepayments and Accrued		Income			10,226	17,107	4,843	789
Grants receivable							16,000	16,000
VAT recoverable							5,602	8,065
Taxation recoverable					2,332		10,824	10,824
					13,595	24,143	45,331	43,273
Creditors: Amounts	falling due within one year
					2021		202D
					Group	Charity	Group	Charity
						6		6
Accrued expenditure					33,635	9,219	59,143	50,579
Deferred income					38,791	38,791	787
Other creditors				183,774		162,749	4'l,299	33,645
Corporation Tax and	VAT	payable			6,852	9,077	14,482
Building work retention							7,159	7,'I 59
Provision for unpaid	holiday pay				9,243	6,061	9,1D3	6,080
				272,295		225,896	131973	97,463

		FOR THE	YEAR END	ED 31ST	IMARCH 2021
11)	Total funds		~Di	td	General	Restricted	Total
			Unrestricted		Unrestricted	Funds
				Fund	Fund
				5
	As at 1 April 2020		1,533,956		682,501	19549680	21,766,137
	Incoming resources				174,343	971,313	1,145,656
	Resaurces expended	and taxation			(158,602)	(480,064)	(638,668)
	Transfers		172,073		(172,073)
	As at 31 Nlarch 2021		1,706,029		526,169	20,040,929	22,273,127
	As at 1 April 2019		1,454,447		752,08'I	19,640,158	2'f,846,686
	Incoming resources				360,384	316,505	676,889
	Resources expended	and taxation			(350,455)	(406,983)	(757,438)
	Transfers		79,509		(79,509)
	As at 31 IMarch 2020		1,533,956		682,501	19,549,680	21,766,137
	Represented by:				Unrestricted	Restricted	Total
					Funds	Funds
					F
	Tangible fixed assets				1,706,029	19,939,075	21,645,104
	Current assets				627,410	272,908	900,318
	Current liabilities				(101,241)	(171,054)	(272,295)
	Total net assets - 2021				2,232,198	20,040,929	22,273,127
	Tangible fixed assets				1,533,956	19,306,589	20,840,545
	Current assets				770,541	287,024	1,057,565
	Current liabilities				(88,040)	(43,933)	(131,973)
	Total net assets - 2020				2,216,457	19,549,680	21,766,137

	Western Suite phase payable as follows:-	s of the restorat	ion programme and the Marine	Venus statue. Comm	itments are
				2021	2020
				E	8
	In less than one year			401,925	93,331
	In one to two years			36,964	79,159
				438,889	172,490
	Movement during the	year. -
	Capital commitments	at 1 April 2020		172,490
	Commitments fulfilled	in year		(1,'I 85,759)
	blew commitments			1,452,158
	Capital comrnitmenls	at 31 March 2021		438,889
13)	Operating Leases
	Commifments relating to operating		leases: Equipment	2021	2020
					5
	Less than 1 year			555	2,079
	Between 2 and 5years				555
	Greater than 5 years
				555	2,634
	During the year E2,079(2020:62,083)		was spent on operating leases

Reconciliation of net	inc	ome/(expe	nditure)	to net cash flow
					2021	2020
						8
Net movement in funds		for the year:
Net income/(expenditure)		for the	reporting	period	506,990	(80,549)
Adjustment for:
Deduct interest received					(160)	(2,781)
Depreciation charges					366,767	398,009
Decrease in stock					261	2,140
Decrease in debtors					31,736	1,673
Increase/(Decrease)	in	credi'lors			140,322	(113,230)
Net cash provided for		operating	activities		1,045,918	205,262

Analy	sis of	Changes in Net Debt
			f
Cash	at bank	1 April 2020	1,003,136
Cash	outflow		(125,250)
Cash	at bank	31 iMarch 2021	877 888

20) Consolidated Statem	ent ofFin	ancial Activities includ	ing income and expenditur	e account	- prior year
			Unrestricted	Restricted	31-Mar
			Fund	Funds	2020
			f	f	f
Incoming resources
Incoming resources from generated		funds
Donations and legacies			8,008	176,369	184,377
Income fram Charitable	activites
Grants for restoration				140,136	140,136
Other trading activities
Income of trading subsidiary			194,233		194,233
Rent receivable			155,162		155,162
Misc Income			200		200
Income fram Investments	—Interest	receivable	2,781		2,781
Total income and endowments			360,384	316,505	676,889
Resources expended
Expenditure on raising funds
Cost of trading subsidiary			117,303		117,303
Fundraising				28,262	28,262
			117,303	28,262	145,565
Expenditure on Charitable	activities		218,670	378,721	597,391
Other Expenditure -taxation			14,482		14,482
			350,455	406,983	757,438
Total resources expended			350,455	406,983	757,438
Net income/(expenditure)			9,929	(90,478)	(80,549)
Net movement in funds			9,929	(90,478)	-80,548
Reconciliation offunds
Total funds brought forward			2,206,528	19,640,158	21,846,686
Total funds carried forward			2,216,457	19,549,680	21,766,137