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||**Page**|
|---|---|
|Chair’s introduction|3|
|Trustees’ report|5|
|Statement of corporate governance|21|
|Statement of internal control|25|
|Independent auditor’s report|27|
|Consolidated statement of financial activities|30|
|Consolidated and Charity Balance sheets|31|
|Consolidated statement of cash flows|32|
|Notes to the Financial statements|33|
|Reference and administrative information|**63**|
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||||2020|2019|
|---|---|---|---|---|
||Income|Expenditure|Net|Net|
||£000|£000|£'000|_€000_|
|Financial investments|1,060|(21)|1,039|1,201|
|Trading (excluding memberships)|1,008|(1,973)|(965)|(380)|
|West Dean Estate|2,325|(1,409)|916|705|
|Fundraising (including memberships)|||||
|
228|||||
|Governance||(69)|(69)|(82)|
|Net operating income available for education|5,402|(3,693)|1,709|1,691|
|Education|2,420|(6,811)|(4,391)|(2,086)|
|Total operating deficit as per Consolidated
statement of financial activities|7,822|(10,504)|(2,682)|(395)|
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|||**Unrestricted**|**Restricted**|||
|---|---|---|---|---|---|
|||**Fund**|**Fund**|Total 2020|**Total** **2019**|
||**Notes**|**£**|**£**|**£**|**£**|
|**Income** **from:**||||||
|Donations, legacies and grants|**3**|504,311|276,548|780,859|425,686|
|Income from charitable activities||2,419,766||2,419,766|5.163,786|
|Income from trading activities|5|I »007,857||1,007,857|**1**,856,279|
|Investment income||||||
|-Properties|6|2,324,795||2,324,795|2,295,406|
|• Financial investments|6|1,000,843|59306|**1,060,149**|ІД24.020|
|Other income||228,174||228,174||
|**Total** **income**||**7,48S,746**|**335,854**|**7,821,600**|**10,965,177**|
|**Expenditure** **on**||||||
|Raising funds||||||
|• Fundraising cost
-Trading costs
-Property investment management
-Financial investment management||||
||
|Charitable activities
8
6,707,795||||||
|**Total** **resources** **expended**||10,331 >588|172,045|10,503,633|11,360,335|
|Net gain / (loss) on investments|13|61,622,025|(316,883)|61,305,142|577,346|
|Loss on disposal of subsidiary|||||(2,281)|
|**Net** **incoming** **/** **(outgoing)** **resources** **before** **transfers**||58776,183|(153,074)|58,623,109|179,907|
|Transfers between funds|**27,28**|39,655|(39,655)|||
|**Net** **income** **/** **(expenditure)** **for** **the** **year**||**58,815,838**|**(192,729)**|**58,623,109**|**179,907**|
|**Other** **recognised** **gains** **and** **losses**||||||
|Actuarial (loss)/gain on defined benefit pension schemes|26|(11,000)||(11,000)|112,000|
|Net gain on revaluation of tangible fixed assets|||||103,693|
|**Net** **movement** **in** **funds**||**58,804,838**|**(192,729)**|**58,612,109**|**39S600**|
|Fund balances at||||||
|I October||80,421,980|1,968,569|82,390,549|81,994,949|
|**Fund** **balances** **at**||||||
|**30** **September**||139,226,818|1,775,840|141,002,658|82390,549|
##
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|||**Group**|**Group**|**Charity**|**Charity**|
|---|---|---|---|---|---|
|||**2020**|**2019**|**2020**|**2019**|
||**Notes**|**£**|**£**|**£**|**£**|
|**Fixed** **assets**||||||
|Intangible assets|14|3,969|61.979|3.969|61,979|
|ngible assets
**Ta**|15|31,145,067|28,756,720|31,133,619|**28,742,366**|
|vestments|**16**|95,108,649|27,665,416|95,108,649|**27,665,416**|
|estments
Financial inv|17|26,488,841
26,467,045
15,034,857
15,034,860||||
|**Current** **assets**||||||
|Stocks|**19**|90,491|259,284|23.111|183,735|
|Debtors|**20**|2,140,856|**1,726,206**|2,209,160|1,867,391|
|Cash at bank and in hand||10,272,254|4,350,308|10,156,298|4,182,658|
|||**12,503,601**|6,335,798|12,388,570|6,233,784|
|**Creditors:** **amounts** **falling** **due** **within** **one** **year**|**21**|(4,525,797)|(4.306.334)|(4,422,866)|**(4.211,762)**|
|Net current assets||7,977,804|2,029,464|7,965,704|2,022,022|
|**Total** **assets** **less** **current** **liabilities**||||||
|**Creditors:** **amounts** **falling** **due** **after** **more** **than** **one**||||||
|**year**|**22**|(8,207,290)|(2,407,845)|(8,207,290)|(2,407,845)|
|**Provisions** **for** **liabilities** **and** **charges**
**Income** **funds**|23|(182,230)
(60,398)
(182,230)
(60,398)||||
|Restricted funds|27|1,775,840|1,968,569|1,775,840|1,968,569|
|Unrestricted funds||||||
|Designated fund
||||||
##
##
||**Notes**||**2020**|||**2019**||
|---|---|---|---|---|---|---|---|
|||**£**||**£**|**£**||**£**|
|**Net** **cash** **(outflow)/** **inflow** **from** **operating**||||||||
|**activities**|**33**|||(2,217,594)|||841,712|
|**Investing** **activities**||||||||
|Purchase of tangible fixed assets||(3,046,215)|||(ЗД78Д01)|||
|Purchase of intangible fixed assets||**(42,874)**|||(61,979)|||
|Proceeds from disposal of tangible fixed assets||2,301|||21,333|||
|Purchase of investment property||(664,647)|||(524,935)|||
|Proceeds from disposal of investments||6,071,658||||||
|**Net** **cash** **inflow/{outflow)** **from** **investing** **activities**||||2,320,223|||(3,743,682)|
|**Financing** **activities**||||||||
|Additional borrowings||**5,907,456**||||||
|Repayment of borrowings||(88Д39)|||(113,511)|||
|**Net** **cash** **generated/{used)** **from** **investing** **activities**||||5,819,317|||(113,511)|
|**Net** **increase/(decrease)** **in** **cash** **equivalents**||||5,921,946|||(3,015,481)|
|Cash and cash equivalents at beginning of year|34|||4,350,308|||7,365,789|
|Cash and cash equivalents at end of year|34|||10,272,254|||4,350,308|
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|3.|Donations, legacies and grants|||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||Funds|Funds|**Total** **2020**|Total 2019|
|||£|£|£|£|
||Donations and gifts|100,248|276,548|376,796|425,686|
||Government grants|404,063||404,063||
|||504,311|276,548|780,859|425,686|
|||Unrestricted|Restricted|||
|||Funds|Funds|Total 2019||
|||£|£|£||
||Donations and gifts|**60,102**|365,584|425,686||
##
##
|||School of|||
|---|---|---|---|---|
||School of Arts|Conservation|**Total** **2020**|Total 2019|
||£|£|£|£|
|Fees receivable|1,696,435|723,331|2,419,766|5,163,786|
|||School of|||
||School of Arts|Conservation|Total 2019||
||£|£|£||
|Fees receivable|3,783,531|1,380,255|5,163,786||
|Income from trading activities|||||
|West Dean Gardens (The Edward James Foundation
West Dean Gardens (West Dean Limited)
Conferences (West Dean Limited)
West Dean Stores (West Dean Limited)|Limited)||||
|Income from trading activities|||1,007,857|1,856,279|
##
##
||Unrestricted|Restricted|||
|---|---|---|---|---|
||Funds|Funds|**Total** **2020**|**Total** **2019**|
||£|£|£|£|
|Properties|||||
|West Dean Estate income|2,324,795||2,324,795|2,295,406|
|Financial investments|||||
|Income from financial investments|980,166|59,306|1,039,472|1,211,000|
|Interest receivable|**6,677**||**6,677**|17,020|
|Net interest on defined benefit pension scheme|14,000||14,000|(4,000)|
||1,000,843|59,306|1,060,149|1,224,020|
||**Unrestricted**|Restricted|**Total**||
||Funds|Funds|**2019**||
||£|£|£||
|Properties|||||
|West Dean Estate income|2,295,406||2,295,406||
|Financial investments|||||
|Income from financial investments|1,140,326|70,674|1,211,000||
|Interest receivable|17,020||17,020||
|Net interest on defined benefit pension scheme|(4,000)||(4,000)||
||1,153,346|70,674|1,224,020||
##
##
|||**School** **of**|||
|---|---|---|---|---|
||**Conservation**
**Total** **2019**
**Total** **2020**
**School** **of** **Arts**||||
|Staff & staff related costs
Visiting tutors & lecturers|||||
|Material & other course costs
Catering provisions|||||
|Premises costs
Insurance|||||
|Irrecoverable VAT
Depredation|||||
|Other charitable expenditure|||||
|Grant Funding of activities (note 9)
Share of support costs (note 10)|||||
||**3,901,242**|**2,978,598**|**6,879,840**|**7,331,232**|
|**Analysis** **by** **fund**|||||
|Unrestricted funds
Restricted funds|||||
|||**School** **of**|||
||**Conservation**
**Total** **2019**
**School** **of** **Arts**||||
|Staff & staff related costs
Visiting tutors & lecturers|||||
|Material & other course costs
Catering provisions|||||
|Premises costs
Insurance|||||
|Irrecoverable VAT
Depreciation|||||
|Other charitable expenditure|||||
|Grant Funding of activities (note 9)
Share of support costs (note 10)|140,135
716,180||||
||**4,318,732**|**3,012,500**|**7,331,232**||
|**Analysis** **by** **fund**|||||
|Unrestricted funds|4,259,813|2,827,824|7,087,637||
|Restricted funds|58,919|184,676|243,595||
||**4,318,732**|**3,012,500**|**7,331,232**||
##
##
||||||**School** **of**|**School** **of**|||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||**Conservation**
**School** **of** **Arts**
|||||||
||Grants to individuals||||||||||
||||||**School** **of**|||**Total**|||
|||||**School** **of** **Arts**|**Conservation**|||**2019**|||
|||||£||£||£|||
||Grants to individuals||||||||||
||Grants to individuals|include bursaries and scholarships of £ 19,589|||**(20**19: £35,500) funded internally by the Foundation,||||||
||together with bursaries and scholarships of £218,663 (2019: £332,594) paid from the West Dean|||||||Scholarship Fund.|||
|0.|**Support** **costs**||||||||||
|||**Support**|**Governance**|**Total**|**Support**|**Governance**|||**Total**|Basis of|
|||**costs**|**costs**|**2020**|**costs**||**costs**||**2019**|allocation|
|||£|£|£|£||£||£||
|Staff costs||1,012,294|39,182|1,051,476|906,254||35,878|942,132||Staff time and|
|||||||||||student/delegate|
|||||||||||days|
|Depreciation||63,701||63,701|63,235||||63,235|Staff time and|
|||||||||||student/delegate|
|||||||||||da/s|
|Marketing costs||||||||||Staff time and|
|||||||||||student/delegate|
|||||||||||days|
|||||||||||Staff time and|
|||||||||||student/delegate|
|||||||||||days|
|Audit fees|||||||||||
|Current year
Prior year|||19,600
6,500|19,600
6,500|||19,000
16,010||19,000
16,010||
|Legal and professional
Trustee related expenses|||1,540
2,182|1,540
2,182|||4,086
2,059||4,086
2,059||
|||1,319,187|69,004|1,388,191|1,246,638||81,533|1,328,171|||
|Governance costs include payments to the auditors as follows:|||||||||||
|||||**2020**|**2019**||||||
|||||£|£||||||
|Saffery Champness LLP|||||||||||
|Audit (Group)||||19,600|19,000||||||
|Other||||(4,500)|4,500||||||
|Audit (Group) - prior year||||11,000|16,010||||||
##
##
##
##
||2020|2019|
|---|---|---|
||£|£|
|Wages and salaries|4,709,227|4,240,175|
|Social security costs|362,454|327,326|
|Other pension costs|219,465|184,197|
||5,291,146|4,751,698|
|ncluded in the above are the following amounts relating to compensation for|loss of office of 23 employees:||
|-Wages and salaries: £ 186,432 (2019: ¿nil): This includes redundancy payments of £92,687 (2019: £nil),||payments i|
|lieu of notice of £80,351 (2019: ¿nil) and settlement of outstanding annual leave £13,394 (2019: ¿nil);|||
|Social Security costs £13,382 (2019: ¿nil); and|||
|Other Pension costs: £4,597 (2019: ¿nil).|||
|Average number of employees|||
|The average monthly number of employees during the year was:|||
||2020|2019|
||Number|Number|
|Direct education staff|49|47|
|Other staff|180|178|
||229|225|
##
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##
|**2020**|**2019**|
|---|---|
|**Number**
|Number|
|
2
2||
|6|3|
|**2020**|**2019**|
|---|---|
|Number
**2**|Number|
##
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Wages and salaries (including compensation for loss of office)|641,105|527,342|
|Benefits|10,069|8,455|
|Social security costs|69,635|57,054|
|Other pension costs|43,327|34,764|
||**764,136**|**627,615**|
##
||**2020**|**2019**|
|---|---|---|
||£|£|
|Basic Salary|129,730|**129,083**|
|Performance-related pay (in relation to the year ended 30 September 2019}|5,000||
|Employer’s pension contribution|10,924|10,466|
|Salary sacrifice arrangements|10,924|10,466|
|Company car|**6,376**|S,667|
|Medical insurance|757|**626**|
||**■** **63,711**|**156,308**|
##
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##
||Unrestricted|Restricted|||
|---|---|---|---|---|
||Funds|Funds|Total 2020|Total 2019|
||£|£|£|£|
|Financial investments:|||||
|Revaluation|(3,743,773)|(220,338)|(3,964,111)|577,346|
|Loss on sale|(1,299,874)|(96,545)|(1,396,419)||
|Property investments:|||||
|Gain on revaluation of investment properties (see|||||
|note 16)|66,665,672||66,665,672||
||61,622,025|(316,883)|61,305,142|577,346|
||Unrestricted|Restricted|Total||
||Funds|Funds|2019||
||£|£|£||
|Revaluation of fixed asset investments|577,346||||
|**Intangible** fixed assets|||||
|**Group** **and** **Charity**|||||
|||Product|||
|||design rights|Software|Total|
|||£|£||
|Cost|||||
|At I October 2019
Additions|||||
|Impairment|||||
|At 30 September 2020|||||
|Amortisation and impairment|||||
|At I October 2019 and 30 September 2020||10,000||10,000|
|Carrying Amount|||||
|At 30 September 2020|||||
|At 30 September 2019|||||
##
##
||**Freehold**||**Fixtures,**||||
|---|---|---|---|---|---|---|
||**land** **and**|**Plant** **and**|**fittings** **and**|Motor|||
||**buildings**|**machinery**|**equipment**|**vehicles**|**Chattels**|Total|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Cost**|||||||
|At **I** October 2019|14,254,881|5,786,389|636,899|204,531|12,384,220|33,266,920|
|Additions|2,805,696|I56(059|77,065|7,395||3,046,215|
|Transfer to Property investments|(112,914)|||||(N2,914)|
|Disposals||(763)||||(763)|
|At 30 September 2020|16,947,663|5,941,685|713,964|211,926|12,384,220|36,199,458|
|**Depreciation** **and** **impairment**|||||||
|At I October 2019
Charge for the year
Impairment|||||||
|On disposals|||||||
|At 30 September 2020|||||||
|**Carrying** **Amount**|||||||
|At 30 September 2020|15,360,130|3,198,630|188,094|13,993|12,384,220|31,145,067|
|At 30 September 2019|12,882,343|3,331,336|144,590|14,231|12,384,220|28,756720|
|**Charity**|||||||
||**Freehold**||**Fixtures,**||||
||**land** **and**|**Plant** **and**|**fittings** **and**|**Motor**|||
||**buildings**|**machinery**|**equipment**|**vehicles**|**Chattels**|Total|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Cost**|||||||
|At I October 2019|14,254,881|5,585,758|636,899|204S3I|I2,384,220|33,066,289|
|Additions|2,805,696|155,690|77,065|7,395||3,045,846|
|Transfer to Property investments|(112,914)|||||(112,914)|
|Disposals||(763)||||(763)|
|At 30 September 2020|16,947,663|5,740,685|713,964|211,926|12,384,220|35,998,458|
|**Depreciation** **and** **impairment**|||||||
|At **I** October 2019
Charge for the year|||||||
|Impairment|||||||
|On disposals|||||||
|At 30 September 2020|||||||
|**Carrying** **Amount**|||||||
|At 30 September 2020|15,360,129|3,187,183|188.094|13,993|12,384,220|31,133,619|
|At 30 September 2019|12,882,343|3,316,982|144,590|І4ДЗІ|12,384,220|28,742,366|
##
##
##
##
##
##
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|**Fair** **value**|||
|At **I** October|27,665,416|27,140,481|
|Additions|664,647|524,935|
|Transfer from Freehold land and buildings|112,914||
|Net gains through fair value adjustment|66,665,672||
|At 30 September|95,108,649|27,665,416|
##
##
|**Group**||
|---|---|
||Listed|
||investments|
||£|
|At I October 2019|26,467,045|
|Valuation changes|(3,964,111)|
|Disposal|(7,468,077)|
|At 30 September 2020|15,034,857|
|**Carrying** **Amount**||
|At 30 September 2020|15,034,857|
|At 30 September 2019|26,467,045|
##
||**Listed**|
|---|---|
||**investments**|
|**Historic** **Cost**|**£**|
|**At** **30** September **2020**|**13,784,133**|
|**At** **30** September **2019**|**17,546,567**|
##
||**Listed**|**Share**|**s** **in**||
|---|---|---|---|---|
||**investments**|**subsidi**
**¡ary**||**Total**|
||**£**||**£**|**£**|
|At I October **20**19|**26,467,045**|**21,796**||**26,488,841**|
|Valuation changes|**(3.964,111)**|**(21,793)**||**(3,985,904)**|
|Disposal|**(7,468,077)**|||**(7,468,077)**|
|At **30** September **2020**|**15,034,857**||**3**|**15,034,860**|
|**Carrying** **Amount**|||||
|At **30** September **2020**|**15,034,857**||**3**|**15,034,860**|
|**At** **30** September **2019**|**26,467,045**|**21,796**||**26,488,841**|
|**Historic** **Cost**|||||
|At **30** September **2020**|**13,784,133**||**3**|**13,784,136**|
|**At** **30** September **2019**|**17,546,567**||**3**|**17,546,570**|
|**Refer** **to** **note** **32** **for** details **of** **shareholdings** in subsidiaries.|||||
##
||**Group**|**Group**|**Charity**|**Charity**|
|---|---|---|---|---|
||**2020**|**2019**|**2020**|**2019**|
||**£**|**£**|**£**|**£**|
|**Carrying** **amount** **of** **financial** **assets**|||||
|Debt instruments measured at amortised cost|**1,446,135**|**1,184,757**|**1,514,858**|**1,326,496**|
|Equity instruments measured at amortised cost|||**3**|**21,796**|
|Instruments measured at fair value through income|||||
|and expenditure|**15,034,857**|**26,467,045**|**15,034,857**|**26,467,045**|
|**Carrying** **amount** **of** **financial** **liabilities**|**9,303,568**|**4,023,033**|**9,245,163**|**3,968,286**|
##
##
##
##
||**Group**|**Group**|**Charity**|**Charity**|
|---|---|---|---|---|
||**2020**|**2019**|**2020**|**2019**|
||£|£|£|£|
|Raw materials and consumables|36,987|85,258|23,091|72,219|
|Finished goods and goods for resale|53,504|174,026|20|111,516|
||90,491|259,284|23,111|183,735|
|**Debtors**|||||
||**Group**|**Group**|**Charity**|**Charity**|
||**2020**|**2019**|**2020**|**2019**|
||£|£|£|£|
|Trade debtors|1,419,529|1,128,261|1,424,918|1,087,661|
|Amounts due from subsidiary undertakings|||63,333|182,339|
|Other debtors
Prepayments and accrued income|||26,606
694,303|56,496
540,895|
##
##
|||**Group**|**Group**|**Charity**|Charity|
|---|---|---|---|---|---|
|||**2020**|**2019**|**2020**|**2019**|
||**Notes**|£|£|£|£|
|Loans and overdraft|24|144,148|124,276|144,148|124,276|
|Trade creditors||448,235|1,169,449|417,555|1,132,227|
|Other taxation and social security||99,308|121,479|99,308|121,479|
|Other creditors||420,290|242,110|420,118|241,889|
|Accruals||503,895|321,463|476,170|303,938|
|Deferred income|25|2,909,921|2,327,557|2,865,567|2,287,953|
|||4,525,797|4,306,334|4,422,866|4,211,762|
##
|||**2020**|**2019**|
|---|---|---|---|
|||£|£|
|Bank loans (note|24)|8,207,290|2,407,845|
##
##
|2020|2019|
|---|---|
|£|£|
##
##
||||2020|2019|
|---|---|---|---|---|
||||£|£|
|Bank Loans|||8,351,438|2,532,121|
|Payable within one year
Payable within two to five years|||||
|Payable after five years|||||
|Details of the bank loans and|amounts outstanding|at the reporting date are:|||
|Security (Land Registry|||2020|2019|
|Title number)|Interest rate|Repayable date|£|£|
|WSX265408|3.28% - 3.62%|March 2036|2,443,982|2,532,121|
|WSX265296 (part of)|2.29%|August 2030|5,907,456||
##
##
##
##
||**2020**|**2019**|
|---|---|---|
||£|£|
|Arising from grants|136,865|173,099|
|Arising from course and diploma fees received in advance|2,728,702|2,114,854|
|Arising from conference and event deposits|44,354|39,604|
||2,909,921|2,327,557|
|**Movement** **in** **deferred** **income**|||
|Deferred income at I October|2,327,557|2,706,471|
|Released to statement of financial activities in the year|(2,327,557)|(2,706,471)|
|New deferred income in the year|2,909,921|2,327,557|
|Deferred income at 30 September|2,909,921|2,327,557|
##
||**2020**|**2019**|
|---|---|---|
||£|£|
|Arising from grants|136,865|173,099|
|Arising from course and diploma fees received in advance|2,728,702|2,114,854|
||2,865,567|2,287,953|
|**Movement** **in** **deferred** **income**|||
|Deferred income at I October|2,287,953|2,706,471|
|Released to statement of financial activities in the year|(2,287,953)|(2,706,471)|
|New deferred income in the year|2,865,567|2,287,953|
|Deferred income at 30 September|2,865,567|2,287,953|
##
##
##
##
##
##
##
##
##
##
||**2020**|**2019**|
|---|---|---|
||£|£|
|Liabilities at I October|17,927,000|17,301,000|
|Benefits paid and expenses|(746,000)|(736,000)|
|Expenses|53,000||
|Actuarial gains|(95,000)|888,000|
|Interest cost|316,000|474,000|
|**At** **30** **September**|17,455,000|17,927,000|
|The defined benefit obligations arise from plans which are wholly or partly funded.|||
|Movements in the feir value of plan assets:|||
||**2020**|**2019**|
||£|£|
|Fair value of assets at I October|17,927,000|17,114,000|
|Interest income|330,000|470,000|
|Return on plan assets (excluding amounts included in net interest)|932,000|1,730,000|
|Benefits paid and expenses|(746,000)|(736,000)|
|Contributions by the employer|50,000|79,000|
|Surplus not recognised|(1,038,000)|(730,000)|
|**At** **30** **September**|17,455,000|17,927,000|
|Amounts recognised in the Consolidated statement of financial activities:|||
||**2020**|**2019**|
||£|£|
|Net interest in defined benefit liability|(14,000)|4,000|
|Expenses|53,000||
|Total costs|39,000|4,000|
|Amounts taken to other comprehensive income:|||
||**2020**|**2019**|
||£|£|
|Actual return on scheme assets|932,000|1,730,000|
|Experience gains and losses|62,000|789,000|
|Actuarial changes related to obligations|(1,005,000)|(2,407,000)|
|**Total** costs|(11,000)|112,000|
##
##
##
||||
|---|---|---|
|UK Equity instruments
Overseas Equity instruments
Bonds and Gilts
LDI
Cash and other|||
||19,223,000|18,657,000|
##
||**2020**|**2019**|
|---|---|---|
||**_%_**|**_%_**|
|Discount rate|1.7|1.8|
|Expected rate of increase of pensions in payment|1.7 to 2.2|1.7 to 2.2|
|Expected rate of salary increases|3.1|3.2|
|Inflation (RPI : CPI)|3.1: 2.2|3.2: 2.2|
|Revaluation of deferred pensions|3.1|3.2|
|Commutation of pension for cash at retirement (% of Post A Day)|80.0|80.0|
##
||**2020**|**2019**|
|---|---|---|
||**Years**|**Years**|
|Retiring today|||
|Males|22.7|22.7|
|Females|24.5|24.4|
|Retiring in 20 years|||
|Males|24.4|24.4|
|Females|26.0|26.0|
##
##
##
##
||||Movement|in funds|||
|---|---|---|---|---|---|---|
|||||||Balance at|
||Balance at||||Revaluations|**30**|
||**I** October|Incoming|Resources||gains and|September|
||**2019**|resources|expended|Transfers|losses|**2020**|
||£|£|£|£|£|£|
|West Dean Scholarship|||||||
|Fund|1,724,036|233,466|(172,045)||(316,882)|1,468,575|
|Other|244,533|102,387||(39,655)||307,265|
||1,968,569|335,853|(172,045)|(39,655)|(316,882)|1,775,840|
|||||||Balance at|
||Balance at||||Revaluations|30|
||I October|Incoming|Resources||gains and|September|
||**2018**|resources|expended|Transfers|losses|**2019**|
||£|£|£|£|£|£|
|West Dean Scholarship|||||||
|Fund|1,678,089|248,676|(243,595)||40,866|1,724,036|
|Other|132,608|187,582||(75,657)||244,533|
||1,810,697|436,257|(243,595)|(75,657)|40,866|1,968,569|
##
##
##
##
||||**Movement** **in** **funds**|**Movement** **in** **funds**|||
|---|---|---|---|---|---|---|
|||||||**Balance** **at**|
||**Balance** **at**|||||**30**|
||**I** **October**|**Incoming**|**Resourc**|**Gains/**||**September**|
||**2019**|**resources**|**expend«**|**(losses)**|**Transfers**|**2020**|
||_t_|**£**|**£**|**£**|**£**|**£**|
|General unrestricted funds|(2,782,053)|7,485,746|(10,331,588)|(11,000)|5,691,536|52,641|
|Pension reserve (note 26)|||||||
||(2,782,053)|7,485,746|(10,331,588)|(11,000)|5,691,536|52,641|
|**Designated** **funds**|||||||
|Freehold property (charitable use)|12,830,647||||2,323,819|15,154,466|
|Chattels (charitable use)|12,364,220|||||IZ364.220|
|Investment properties|27,665,416|||66,665,672|777,561|95,108,649|
|Quoted investments|22,766.052|||(4,609,296)|(5,115,895)|13,040.861|
|West Dean Scholarship Fund|2,132,636|||(434.352)|(535.985)|1,162,299|
|Vision 2027|5,445,062||||(3,101,380)|2,343,682|
||83,204,033|||61,622,024|(5,651,880)|139,174,177|
|**Total**|**80,421,980**|**7,485,746**|**(10,331,588)**|**61,611,024**|**39,656**|**139,226,818**|
||||**Movement** **in** **funds**||||
|||||||**Balance** **at**|
||**Balance** **at**|||||**30**|
||**I** **October**|**Incoming**|**Resources**|**Gains/**||**September**|
||**2018**||**expended**|**(losses)**|**Transfers**|**2019**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|(2,196,065)
(187,000)
10,528,919
General unrestricted funds
Pension
**Designated** **funds**|||||||
|Freehold property (charitable use)|10,014,970||||2,815,677|12,830,647|
|Chattels (charitable use)|12,260,524|||103,696||12,364,220|
|Investment properties|27,140,481||||524,935|27,665,416|
|Quoted investments|22,281,564|||484,488||22,766,052|
|West Dean Scholarship Fund|2,080,644|||51,992||2,132,636|
|Vision 2027|8,789,134||||(3,344,072)|5,445,062|
||82,567,317|||640.176|(3,460)|83,204,033|
|**Total**|**80,184,252**|**10,528,919**|**(11,116,740)**|**749,892**|**75,657**|**80,421,980**|
##
##
##
##
##
##
##
##
##
##
||**2020**|**2020**|**2020**|
|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|
||**funds**|**funds**|**funds**|
||£|£|£|
|Fund balances at 30 September 2020 are represented by:||||
|Intangible assets|3,969||3,969|
|Tangible assets|31,145,067||31,145,067|
|Investment properties|95,108,649||95,108,649|
|Investments|14,203,161|831,696|15,034,857|
|Net current assets|7,977,804||7,977,804|
|Creditors > I year|(8,207,290)||(8,207,290)|
|Provisions for liabilities|(60,398)||(60,398)|
||140,170,962|831,696|141,002,658|
||**2019**|**2019**|**2019**|
||**Unrestricted**|**Restricted**|**Total**|
||**funds**|**funds**|**funds**|
||£|£|£|
|Fund balances at 30 September 2019 are represented by:||||
|Intangible fixed assets|61,979||61,979|
|Tangible assets|28,736,720|20,000|28,756,720|
|Investment properties|27,665,416||27,665,416|
|Investments|24,898,688|1,568,357|26,467,045|
|Net current assets|1,649,252|380,212|2,029,464|
|Creditors > I year|(2,407,845)||(2,407,845)|
|Provisions for liabilities|(182,230)||(182,230)|
||80,421,980|1,968,569|82,390,549|
##
||**2020**|**2019**|
|---|---|---|
||£|£|
|Acquisition of property, plant and equipment||360,018|
|Acquisition of software||25,270|
|Replacement of roof on main house|62,417|2,803,811|
||62,417|3,189,099|
##
##
##
||Group|Group|**Charity**|Charity|
|---|---|---|---|---|
||**2020**|**2019**|**2020**|**2019**|
||£|£|£|£|
|Not later than one year|5,426|10,444|5,426|10,444|
|Later than one year and not later than five years|2,394|7,821|2,394|7,821|
||7,820|18,265|7,820|18,265|
||**2020**|**2019**|
|---|---|---|
||£|£|
|Income/Gains|1,064,075|1,497,815|
|Expenditure|(912,323)|(1,501,243)|
|Net income|||
|Total funds brought forward|||
|Total funds carried forward|173,545|21,793|
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Paid to The Edward James Foundation Limited|50,000|275,000|
|Owed by The Edward James Foundation Limited|(63,333)|(182,339)|
##
##
##
||**2020**|**2019**|
|---|---|---|
||£|£|
|Net income for the year|58,623,109|179,907|
|Adjustments for|||
|Loss on disposal of investments
Revaluation of investments|||
|Write off of intangible assets
Depredation and impairment of tangible fixed assets
Surplus on disposal of tangible fixed assets
Movement on defined pension scheme recognised in the Statement of financial activities|||
|Movements in working capital:|||
|Decrease in stocks
(lncrease)/decrease in debtors|||
|(Decrease)/increase in creditors
Decrease in provisions|||
|**Cash** **(used** **by)** / **generated** **from** **operations**|||
##
||||**2020**|**2019**|
|---|---|---|---|---|
||||£|£|
||Cash in hand||10,272,254|4,350,308|
||Total cash and cash equivalents||**10,272,254**|**4,350,308**|
|35.|**Analysis** **of** **changes** **in** **net** **debt**||||
|||||**Balance** **at**|
|||**Balance** **at** **1**||**30**|
|||**October**||**September**|
|||**2019**|**Cash** **flows**|**2020**|
|||£|£|£|
||Cash|4,350,308|5,921,946|10,272,254|
||Loans falling due within one year|(124,276)|(19,872)|(144Д48)|
||Loans falling due after more than one year|(2,407,845)|(5,799,445)|(8,207,290)|
||**Total**|**1,818,187**|**102,629**|**1,920,816**|
##
##
||**Unrestricted**|**Restricted**||
|---|---|---|---|
||**Fund**|**Fund**|**Total** **2019**|
||£|£|£|
|**Income** **from:**||||
|Donations, legacies and grants
Income from charitable activities||||
|Income from trading activities||||
|Investment income||||
|-Properties
-Financial investment||||
|**Total** **income**||||
|**Expenditure** **on**||||
|Raising funds||||
|-Fundraising cost
-Trading costs||||
|-Property investment management
-Financial investment management||||
|Charitable activities||||
|**Total** **resources** **expended**|11,116,740|243,595|11,360,335|
|Net gain on investments|536,480|40,866|577,346|
|Loss on disposal of subsidiary|P,281)||P,281}|
|**Net** **(outgoing)** **/** **incoming** **resources** **before** **transfers**|(53,622)|233,529|179,907|
|Transfers between funds|75,657|(75,657)||
|**Net** **incoming**
**resources**|**22,035**|**157,872**|**179,907**|
|**Other** **recognised** gains **and** **losses**||||
|Actuarial gain on defined benefit pension schemes|112,000||112,000|
|Net gain on revaluation of tangible fixed assets|103,693||103,693|
|**Net** **movement** **in** **funds**||||
|Fund balances at
||||
|30 September|80,421,980|1,968,569|82,390,549|
##
##
##
##
##
##
##
##
|**Legal**|Stone King LLP|
|---|---|
||13 Queen Square, Bath, Somerset, BAI 2HJ|
||Withers LLP|
||16 Old Bailey, London, EC4M 7EG|
||Shakespeare Martineau LLP|
||Bridgeway House, Bridgeway, Stratford upon Avon CV37 6YX|
|**Bankers**|National Westminster Bank|
||5 East Street, Chichester, West Sussex, PO 19 IHH|
||Santander UK pic|
||2 Triton Square, Regent’s Place, London, NWI 3AN|
|**Auditors**|Saffery Champness LLP|
||71 Queen Victoria Street, London, EC4V 4BE|
|**Insurance** **brokers**|Willis Towers Watson|
||The Anchorage, 34 Bridge Street, Reading, RG I 2LU|
|**investment**|CCLA Investment Management Limited|
|**managers/advisers**|85 Queen Victoria Street, London EC4V 4ET|
||M&G Securities Limited|
||Charities Investment Managers, Laurence Pountney Hill, London, EC4R OHH|
||Mayfair Capital Investment Limited|
||2 Cavendish Square, London, WIG OPU|
||Mercer Limited|
||I Tower Place West, Tower Place, London, EC3R 5BU|
|Estate **managers**|Savills|
||Exchange House, Petworth, West Sussex, GU28 OBF|
||Tod Anstee Limited|
||The Old Coach House, 14 West Pallant, Chichester, West Sussex, **PO** 19 I **ТВ**|
|**Pensions** **administrators**|Mercer (formerly JLT Employees Benefits)|
||Tower Place, London, EC3R 5BU|
||Scottish Widows Pic|
||15 Dalkeith Road, Edinburgh, EH 16 5BU|
||National Employment Savings Trust Corporation (“NEST”)|
||Riverside House, Southwark Bridge Road, London, SEI 9HA|