## ## |||||~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|