2021-02-28-accounts - The Rothschild Foundation

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			Page
Legal and Administrative		Information
The Trustees'	Report		2-12
Independent	Auditors'	Report tothe Trustees'	13-17
Consolidated	Statement	of Financial Activities	18
Balance Sheets			19
Consolidated	Cashflow	Statement	20-21
Notes tothe	Financial Statements		22-58

				Note	Fund 2021	Capital Funds 2021	Total	Total
							2021	2020
					6'000	E'000	E'000	E'000
Donations and legacies					280	7,717	7,997	8,594
Income from investments					11,321		11,321	11,826
Income from Waddesdon		Manor			2,619		2,619	3,715
Income from Foundation donations	activities and				14,220	7,717	21,937	24,135
Income ofTrading subsidiaries					15,748		15,748	22,202
Total Income					29,968	7,717	37,685	46,337
Expenditure on raising funds					1,505	1,487	2,992	2,141
Expenditure on foundation		activities			10,215		10,215	7,478
Expenditure on Waddesdon			Manor		5,764		5,764	8,715
					17,484	1,487	18,971	18,334
Expenditure oftrading subsidiaries					16,211		16,211	20,099
Total Expenditure					33,695	1,487	35,182	38,433
Taxation				30	(35)		(35)	(60)
Net (expenditure)/income losses		before gains and			(3,692)	6,230	2,538	7,964
Net Gains on Investments						73,157	73,157	2,926
Net (expenditure)/income				22	(3,692)	79,387	75,695	10,890
Transfer between funds				22
Net movement in funds				22	(3,692)	79,387	75,695	10,890
Reconciliation of Funds
Balances brought forward		1	March 2020		3,600	684,886	688,486	677,596
Balances carried forward		at	28 February 2021	21	(92)	764,273	764,181	688.486

			Note	Group		Foundation
				2021	2020	2021	2020
				E'000	E'000	E'000	E'000
Fixed assets
Investments			12	673,538	589,687	673,538	589,687
Investment properties			13	37,611	34,564	37,611	34,564
Investment in subsidiary		undertaking	14			8,278	6,712
Heritage assets			15	34,828	34,745	34,828	34,745
Tangible fixed assets			16	13,788	12,752	12,963	11,700
Goodwill on Consolidation				17
				759,782	671,748	767,218	677,408
Current assets
Stock and work in progress			17	11,043	11,823	43	47
Debtors			18	11,211	10,425	10,744	12,506
Cash at bank and in hand				8,435	20,629	3,692	16,526
				30,689	42,877	14,479	29,079
Current liabilities
Creditors; amounts falling
due within one year			19	(18,500)	(21,553)	(10,690)	(15,242)
Net Current Assets				12,189	21,324	3,789	13,837
Total assets less current		liabilities		771,971	693,072	771,007	691,245
Creditors: amounts falling
due after more than	one year		20	(7,577)	(4,316)	(6,617)	(3,130)
Net assets				764,394	688,756	764,390	688,115
Funds
Linrestricted capital fund				513,708	493,008	516,748	491,015
Restricted capital fund				6,976	6,922	6,976	6,922
Unrestricted Income Fund				(92)	3,600	(2,923)	5,222
Unrestricted revaluation		reserve		239,822	182,515	239,822	182,515
Restricted revaluation	reserve			3,767	2,441	3,767	2,441
Funds attributable to	the	charity		764,181	688,486	764,390	688,115
Non-controlling interest				213	270
Total funds			21	764,394	688,756

					2021		2021		2020		2020
				Note	E'000		E'000		E'000		E'000
Net cash (outflow) from
operating activities (Note			25)	25			(12,640)				(7,097)
Cash flows from Investing
activities:
Dividends, interest and rents from investments					11,128					11,898
Proceeds from sale of investments					32,278					16,885
Proceeds from Sale of Fixed						49
assets
Purchase offixed assets					(269)					(404)
Purchase ofinvestment	property				(667)					(277)
Proceeds from Sale ofInvestment
Property
Purchase ofheritage assets						(83)				(52)
Purchase ofinvestments					(29,863)				(13,942)
Net Cash provided by
Investing activities							12,573				14,108
Financing activities
Loans advanced										(20)
Paid up share capital						21
Proceeds of new Bank Loans
Repayment ofBank Loans					(2,500)
Net Cash (oufflow) from Flnandng activities							(2,479)					OD)
Change in cash and cash
equivalents in the reporting							(2,546)				6,991
period
Cash and cash equivalents beginning ofthe reporting		atthe period					33,509				27,755
Change in cash and cash
equivalents due to exchange rate							(750)				(1,237)
movements
Cash and cash equivalents end ofthe reporting period			atthe				30,213				33,509
Analysis ofcash and cash
equivalents
											Net
							Net balance			Cash	balances	as
							as at 1March		(Decrease)/Increase		at 28
								2020	In the	period	February
											2021
							E'000			E'000	E'000
Cash at bank and in hand							20,629		(12,194)		8,435
Investment cash							12,880			8,898	21,778
Total cash and cash equivalents							33,509

Analysis ofchanges debt	Analysis ofchanges debt	in net	At 1 March 2020	Cash flows	Fair value movements	Foreign Exchange movements	Other nort- cash changes		At 28 February 2021
			6'000	6'000	6'000	6'000	6'000		6'000
Cash			20,629	(12,194)					8,435
Cash Equivalents			12,880	9,648		(750)			21,778
			33,509	(2,546)		(750)		-	30,213
I oans receivable	falling due		20						20
within one year
Loans receivable	falling due
after more than	one	year
Loans payable falling within one year		due	(7,865)	2,500					(5,365)
Loans payable falling after more than one		due year	(2,500)						(2,500)
			23,164	(46)		(750)			22,368

ofeach asset o	ver its expected useful	life as follows:
Long leasehold	improvements	over the remaining	term ofthe lease
Short leasehold	improvements	over the term ofthe lease
Furniture, fixtures and equipment		over three to ten	years

	Capital fund	Income fund	2021	Capital fund	Income fund	2020
	f'000	f'000	f'000	f'000	f'000	f'000
Donation ofShares & other Investments	7,092		7,092	8,526		8,526
Donation ofCash	625		625
Heritage Assets
Investment properties
Other income		280	280	32	29	61
	7,717	280	7,997	8,565	29	8,594

	Foundation	Subsidiary	Group Adjustment	2021	Foundation	Subsidiary	Group Adjustment	2020
	f'000	f'000	f'000	f'000	f'000	f'000	f'000	f'000
Equity investment	9,923			9,923	10,098			10,098
Property investments	951			951	1,132		(86)	1,046
Interest received	567	1	(121)	447	914	2	(234)	682
	11,441	1	(121)	11,321	12,144	2	(320)	11,826

		Grants Made	Grants Made	Direct	Support		Grants Made	Direct	Support
				Costs	Costs	2021		Costs	Costs	2020
			E'000	E'000	E'000	E'000	E'000	E'000	E'000	E'000
Grant making
Arts &Humanities			5,697			5,697	5,034			5,034
Education	&Social Welfare		2,292			2,292	807			807
Energy &Environment			509			509	428			428
Costs ofGrant Making					274	274			322	322
Grant ofservices to illuminated River			22			22	58			58
Charitable Events				30
			8,520	30	274	8,824	6,327		322	6,649
Foundation	management				1,391	1,391			829	829
Expenditure activities as	on Foundation per SOFA		8,520	30	1,665	10,215	6,327		1,151	7,478
Expenditure Manor (see	on Waddesdon note 7)			730	5,034	5,764		1,968	6,747	8,715
			8,520	760	6,699	15,979	6,327	1,968	7,898	16,193
The funding	ofthe Manor is	represented	in each	year as	follows:
						2021				2020
income						(2,619)				(3,715)
Expenditure						5,764				8,715
Taxation (Note 30)						(35)				(60)
Totalfunding						3,110				4,940

				Manor	Group	2021	Manor	Group	2020
					Adjustment			Adjustment
				E'000	f'000	E'000	E'000	E'000	E'000
Income
Admissions revenue				554		554	1,238		1,238
National Trust	visitor revenue			941		941	1,805		1,805
National Trust	contribution			250		250	250		250
Public events and filming				24		24	248		248
Other Visitor related income				227		227	174		174
Revenue				1,996		1,996	3,715		3,715
Otherlncome				623		623
Total income				2,619		2,619	3,715		3,715
Expenditure
Staff costs				3,363		3,363	4,182		4,182
Other operationalcosts				2,136	(126)	2,010	2,620	(143)	2,477
Improvements		to Manor and projects		285		285	1,968		1,96&
Depreciation				106		106	88		88
Expenditure				5,890	(126)	5,764	8,858	(143)	8,715
Taxation (Note		30)		(35)		(35)	(60)		(60)
Net expenditure contribution		before Foundation		(3,236)	126	(3,110)	(5,083)	143	(4,940)
Contributions	from Foundation		reserves	3,236	(126)	3,110	5,083	(143)	4,940

				RWL	WWL	WWL	WEL	GMMC	GMDC	. Adjustment	. Adjustment	2021
				F.'000	f'000		f'000	6'000	f'000	E'000		f'000
Income Statement
Turnover				2,224	11,103		18	4	1,950		(310)	14,989
Cost ofsales				(1,022)	(9,401)				(1,873)		310	(11,986)
Gross profit				1202	1	702	18	4	77			3,003
Administrative Expenses				(2,487)	(1,360)		(159)	(2)	(162)			(4,170)
Other Operating Income				687		63	9					759
Operating profit				(598)		405	(132)	2	(85)			(408)
Interest receivable (In Income Investments SOFA Note 4)		from		1		0
Interest payable						(11)	—	(0)	(111)		122
Profit on ordinary activities before taxation				(597)		394	(132)	2	(196)		122	(407)
Tax on profit on ordinary	activities					(75)						(75)
Profit / (Loss) for the financial		year		(597)		319	(132)	2	(196)		122	(482)
Profit / (Loss) for the financial		year
attributable to:
Owners ofthe parent				(597)		265	(132)	2	(196)		122	(536)
Non-controlling interest						54						54
Profit for the financial year				(597)		319	(132)	2	(196)		122	(482)
Consolidated Comprehensive the financial year		Income for		(597)		319	(132)	2	(196)		122	(482)
				RWL	WWL		WEL	GMMC	GMDC	Group	Adj	2021
				f'000	f'000		f'000	f'000	6'000	f'000		f'000
Cost ofSales				1,022	9,402		-	—	1,873		(310)	11,986
Administrative Expenses				2,487	1,360		159	2	162			4,170
Interest payable and similar charges						11	-	0	111		(122)
Tax on profit on ordinary	activities					75						75
Non-controlling interests											(8)	(8)
Gift aid
Provision for unrealised	Profits										(12)	(12)
Expenditure oftrading subsidiary SOFA			as per	3,509	10,847		159	2	2,146		(452)	16,211

						RWL	WWL	WEL	GMMC	GMDC	Group		2020
											Adjustment
						E'000	F.'000	E'000	E'000	E'000	E'000		E'000
Income Statement
Turnover (Income from Trading SOFA)		subsidiary			on	6,296	10,688		1	5,829	(612)		22,202
Cost ofsales						(2,052)	(8,835)			(4,259)	612		(14,534)
Gross profit						4,244	1,853		1	1,570			7,668
Other Operating	expenses					(3,795)	(1,623)		(6)	(135)		86	(5,473)
Operating profit						449	230		(5)	1,435		86	2,195
Interest receivable (In Income from				Investments
SOFA Note 4)
Interest payable							(19)			(215)		234
Profit on ordinary activities before				taxation		451	211		(5)	1,220		320	2,197
Tax on profit on	ordinary activities						(44)						(44)
Profit / (Loss)for the financial		year				451	167		(5)	1,220		320	2,153
Profit / (Loss) for the financial		year		attributable
to:
Owners ofthe parent						451	119		(5)	1,220		320	2,105
Non-controlling	interest						48						48
Profit for the financial year						451	167		(5)	1,220		320	2,153
Consolidated Comprehensive financial year		Income for			the	451	167		(5)	1,220		320	2,153
Expenditure of	trading subsidiaries			shown on the SOFA is made up as				follows:
						RWL	WWL	WEL	GMMC	GMDC	Group Adj		2021
						f'000	E'000	E'000	f'000	E'000	E'000		E'000
Cost ofSales						2,052	8,835	-	-	4,259	(612)		14,534
Other Operating	expenses					3,795	1,623	-	6	135		(86)	5,473
Interest payable	and similar charges						19	-	-	215	(234)
Tax on profit on	ordinary activities						44						44
Non-controlling	interests											48	48
Gift aid						404					(404)
Provision for unrealised Profits
Expenditure of	trading subsidiary		as per SOFA			6,251	10,521		6	4,609	(1,288)		20,099

		Staff cos'ls	Other costs	Depreciation/ amortlsatlon	Group Adjustment	2021	Staff costs	Other costs	Depreciation/ amortlsatlon	Group Adjustment
		6'000	E'000	E'000	6'000	E'000	E'000	f.'000	E'000	6'000	f.'000
Management investments	of		1,957			1,957		1,511			1,511
Property management			1,011	24		1,035		599	31		630
Total expenditure on raising funds			2,968	24		2,992		2,110	31		2,141
Grant making (tlute 10)			8,520			8,520		6,328			6,328
Grant making		175	99			274	195	126			321
support expenses
Charitable Events			30			30
Grant making support costs	and	175	8,649			8,824	195	6,454			6,649
Management and admin expenses		1,082	302			1,391	479	350			829
Total expenditure
on foundation
activities excluding		1,257	11,919	31		13,207	674	8,914			9,619
waddesdon
Manor
Waddesdon
Manor		3,363	2,421	106	(126)	5,764	4,183	4,587	88	(143)	8,715
Expenditure
Total expenditure
on foundation
activities including		4,620	14,340	137	(126)	18,971	4,857	13,501	119	(143)	18,334
Waddesdon
Manor
Trading subsidiary expenses		2,445	13,497	268		16,211	3,030	16,771	298		20,099
Total Expenditure		7,065	27,837	405	(126)	35,182	7,887	30,272	417	(143)	38,433

Net income/(expenditure)			2021	2020
isstated after charging/Receiving:			E'000	f'000
Depreciation —Foundation			(137)	(119)
Depreciation - Trading Subsidiary			(268)	(298)
Auditors' remuneration:
Foundation			(21)	(22)
Trading subsidiary			(30)	(28)
Non-Audit Services —corporation		tax compliance	(11)	(11)
Total Auditors remuneration			(62)	(61)
Government Grants received:
Foundation			204
Rothschild Waddesdon Limited			686
Waddesdon Wine Limited			63
Waddesdon Enterprises Limited			9
Total Government Grants			962
10.Grants paid during the year
			2021	2020
			f'000	6'000
Action 4Youth			50
Arts at the Old Fire Station				120
Aspire			125
Botanic Gardens Conservation	International			53
Buckinghamshire Community	Foundation		140
Buckinghamshire Council			180
Buckinghamshire County Museum		Trust	100
Buckinghamshire Disability Services (BUDS)			50
Butrint Foundation			75	50
Creative Industries Federation			50
Empower to Cook				140
European Climate Foundation				100
Forward Trust				150
Grow			100
Guy's and Thomas' Charitable	Trust			150
HorseHeard			50
illuminated River Foundation			4,000	4,013
Lindengate			123
National Criminal Justice Arts	Alliance			50
National Gallery			400
National Paralympic Heritage	Trust			145
Queens Park Arts Centre			50
Resource Productions			100	220
Resume Foundation			60

10.Grants paid during th		e	y	ear	(Continued)
							2021	2020
							f'000	f'000
Roche Court Educational	Trust						62
Royal Academy ofArts							75	100
Royal Holloway, University			of London				50
Royal Opera House							50
Smart Works								50
Somerset House							86
Sustain							50
Sustainable Food Trust							90
Tate							75	150
Thames Valley Partnership							60
The Centre for Education		and		youth			51
The Landmark Trust							50
The Pace Centre							50
The Story Museum								57
The Theatre Shed							50
Thomley							50
Trent Park Museum Trust							100
University College Hospitials				NHS Foundation		Trust	50
University of Oxford								100
Waddesdon Manor (National				Trust)			50
Wildlife Trust (Berks, Bucks			and		Oxon)		92
Wycombe and District Citizens Advice							50
Wycombe Homeless Connection							55
Grants under f50,000							1,598	621
Grants Made							8,497	6,269
Grant ofServices to illuminated					River		22	58
Total Grants (see notes 6		and 9)					8,520	6,327

Note 11.Em	ployees
						2021	2020
Average
The average	number of	Permanent	staff employed		in the year was
Manor						102	135
Grants and	admin					17	14
Foundation	Total					119	149
Subsidiaries						62	71
						181	220
The Total number ofSeasonal staff			employed	in the year was
The Foundation						55	102
Subsidiaries						101	210
						156	312
Full time Equivalents
The Full time Equivalent		employees	during the	year	was:	2021	2020
Manor						92	131
Grants and	admin					17	12
Foundation	Total					109	143
Subsidiaries						59	100
						168	243

The number ofGroup employees who have received more than f60,000 in either year was:	remuneration amounting to
	2021	2020
60,000-69,999
70,000-79,999
80,000-89,999
90,000-99,999
100,000-109,999
110,000-119,999
120,000-129,999
130,000-139,999
140,000-149,999
170000-179999
180000-189999
210,000-219,999

						2021	2020
Group &Foundation						E'000	E'000
Market value at 1March						589,687	583,612
Donation ofshares and other investments				received		7,092	8,526
Purchases made in the year						29,863	13,942
Sales proceeds on disposal						(32,278)	(16,791)
Increase/(Decrease) in investment			cash			8,898	(3,766)
Investment gains for the year —realised						9,495	1,204
		- unrealised				60,781	2,960
Market value at 28 February						673,538	589,687
Historical cost at 28 February		(excluding		investment	cash)	418,141	399,921
Analysis ofmarket value	at 28 February					2021	2020
						E'000	E'000
Equities —listed on recognised		exchanges				318,457	287,577
Collective investment funds						306,606	264,441
Private equity investments						29,910	23,718
Cash on deposit awaiting	investment					21,778	12,880
Forward currency contracts						(3,212)	1,071
						673,538	589,687
						Market	Market
						value as at	value as at
						28 February	29February
						2021	2020
						E'000	E'000
RIT Capital Partners pic						315,769	278,774
WHAM Endowment Fund						254,796	198,584
First Arrow Managed Fund						6,057	11,236
Other Investments						96,916	101,093
						673,538	589,687

13.Investment Property	13.Investment Property
		2021	2020
Group and Foundation		f'000	E'000
Open market value at 01March		34,564	34,287
Additions in the year		667	277
Transfer to Tangible	Fixed Assets (Note 16)	(1,254)
Revaluation in year		3,634
Open market value	at 28 February	37,611	34,564
Historical cost at 28	February	23,897	23,230

Investment in subsidiary
undertakings, at cost
	WWL	RWL	GMDC	WEL	2021	WWL	RWL	GMDC	2020
	f'000	f'000	f'000	f'000	f'000	f'000	f'000	E'000	f'000
At 1March 2020	1,123	1,000	4,655	-	6,778	1,056	1,000	4,655	6,712
Investment in the year				1,500	1,500
At 2a February 2021	1,123	1,000	4,655	1,500	8,278	1,056	1,000	4,655	6,712
15.Heritage assets
Group and Foundation
Summary ofheritage	asset transactions
		2021		2020		2019	2018		2017
		f'000		f'000		f'000	f'000		f'000
At 1March		34,745		34,686		34,635	34,552		30,905
Donations received				7			16		3,503
Additions in the year		83		52		51	67		144
At 28 February		34,828		34,745		34,686	34,635		34,552

Group
			Freehold, Land and Buildings		Long Leasehold Improvements	Vehicle, Furniture, Fixtures & Equipment	Total
Cost				f'000	f'000	f'000	E'000
At 1March 2020			11,092		885	5,653	17,630
Additions						269	269
Transfer from Investment	Properties	(Note 13)		1,254			1,254
Disposals						(2,132)	(2,132)
At 28 February 2021			12,346		885	3,792	17,023
Depreciation
At 1March 2020				365	118	4,395	4,878
Charge in year				2	23	378	404
Disposals						(2,048)	(2,048)
At 28 February 2021				368	141	2,725	3,234
Net book value at 28 February 2021			11,979		744	1,066	13,788
Net book value as at 29	February 2020		10,727		767	1,258	12,752
Foundation
			Freehold, Land and Buildings		Long Leasehold Improvements	Vehicle, Furniture, Fixtures & Equipment	Total
				f'000	f'000	f'000	f'000
Cost
At 1March 2020			10,714		885	1,449	13,048
Additions						154	154
Transfer from Investment	Properties			1,254			1,254
Disposals						(44)	(44)
At 28 February 2021			11,968		885	1,558	14,412
Depreciation
At1March 2020					118	1,230	1,348
Charge in year					23	112	135
Disposals						(35)	(35)
At 28 February 2021					141	1,307	1,448
Net book value at 28 February 2021			11,968		744	252	12,964
Net book value at 29 February 2020			10,714		767	219	11,700

17.Stock and work in	17.Stock and work in	progress			2021	2020
					f'000	E'000
Group
Trading stock held	by Subsidiaries				2,288	2,531
Work in Progress	ln Golden Mede		Development	Company
Opening Balance					9,292	12,973
Additions					1,349	2,175
adjusted for properties		completed	and exchanged		(1,886)	(5,856)
Work in progress	Total				8,755	9,292
					11,043	11,823
Foundation
Stock ofGuidebooks						47

18.Debtors
								2021	2020
Group								6'000	E'000
Trade debtors								2,435	1,324
Other debtors								544	1,357
Value added tax	recoverable							529	151
Prepayments and accrued income								4,808	4,870
Debtors relating	to operational			activities				8,316	7,702
Unpaid share capital									21
Unpaid Dividend	Income							2,797	2,569
Loans								20	20
Loa n Interest								78	113
								11,211	10,425
Included within debtors		is an amount off912k(2020:f997k) in
respect ofamounts due		after more than one year.
								2021	2020
Foundation								E'000	f'000
Trade Debtors								325	485
Owed from Group Undertakings								281
Other debtors								373	237
Deferred Gift aid receivable			from Rothschild		Waddesdon		Limited	62	62
Value added tax	recoverable							453	139
Prepayments and accrued income								989	1,016
Debtors relating	to operational			activities				2,484	1,939
Unpaid Dividend	Income							2,797	2,569
Loan Due from Golden Mede Development					Company	Limited		5,365	7,865
Other Loans								20	20
Loan Interest								78	113
								10,744	12,506

19.Creditors - Amo	unts falling	due within one year
			2021	2020
			E'000	E'000
Group
Trade creditors			4,129	2,547
Other creditors			869	906
Other taxes and social security			211	127
Accruals			2,961	2,301
Deferred Income			2,413	2,956
Corporation Tax			75	44
Creditors relating to Operating		activities	10,658	8,881
Grant commitments	accrued		2,478	4,807
Secured Loan			5,365	7,865
			18,500	21,553
Foundation
Trade creditors			1,622	1,088
Other creditors			481	413
Accrua Is			399	630
Amounts Owed to Group Undertakings			332	434
Deferred Income			13	5
Creditors relating to Operating		activities	2,848	2,570
Grant commitments	accrued		2,478	4,807
Secured I.oan			5,365	7,865
			10,690	15,242

19.Creditors - Amounts falling due within one year (Continued)	19.Creditors - Amounts falling due within one year (Continued)
Deferred	Income Amounts falling due within one year	2021	2020
		E'000	E'000
Group
Balance	at 1March 2020	2,956	2,869
Income	in advance received during the year	2,025	1,658
Transferred from &one year during the year		(1,186)	1,288
Transferred income to SOFA		(1,382)	(2,859)
Balance	at 28 February 2021	2,413	2,956
Foundation
Balance	at 1March 2020	5
Income	in advance received during the year	10
Balance	at 28 February 2021	15

		2021	2020
		E'000	E'000
Group
Grant commitments	accrued	4,117	630
Deferred income		960	1,186
		5,077	1,816
Secured Loan		2,500	2,500
		7,577	4,316
Foundation
Grant commitments	accrued	4,117	630
Secured Loan		2,500	2,500
		6,617	3,130

20.Creditors - Amounts	20.Creditors - Amounts	falling due after more than one year	falling due after more than one year	falling due after more than one year
(Continued)
					2021	2020
Additional	reconciliation		ofgrants payable		E'000	f'000
Balance at	1March 2020				5,437	2,632
Grant commitments made			during the year		8,520	6,328
Grants paid	in the year				(7,362)	(3,523)
Balance at	28 February	2021			6,594	5,437
Grant commitments falling				due in less than one year	2,478	4,807
Grant commitments falling				due in more than one year	4,117	630
					6,594	5,437
					Grant	Deferred
					Commitments
					Accrued	Income	2021
Group creditors falling due
					f'000	E'000	f'000
1-2years					2,478	2,414	4,892
2-5years					4,117	960	5,077
					6,594	3,375	9,969
Deferred Income Amounts				falling due after more than one	2021	2020
year
					E'000	E'000
Group
Balance at	1March 2020				1,186	1,291
Income in advance received				during the year	960	1,186
Transferred	to current assets during the year				(1,186)	(1,291)
Balance at	28 February	2021			960	1,186

		Restricted		Restricted	Unrestricted
	Unrestricted Income Fund	Capital Fund	Unrestricted Capital Fund	revaluation reserve	revaluation reserve	2021	2020
	E'000	E'000	F.'000	E'000	E'000	E'000	E'000
Group
Fixed asset investments		5,827	435,825	3,152	228,734	673,538	589,687
Investment properties		1,149	24,759	615	11,088	37,611	34,564
Investment in
Subsidiary
Intangible fixed asset
Heritage assets			34,828			34,828	34,745
Tangible fixed assets			13,788			13,788	12,752
Goodwill on			17			17
Consolidation
Net current assets / (liabilities)	12,189					12,189	21,324
Creditors greater than one year	(7,577)					(7,577)	(4,316)
Transfer between funds	(4,491)		4,491
Net assets	121	6,976	513,708	3,767	239,822	764,394	688,756
Minority interests	(213)					(213)	(270)
Funds ofthe charity	(92)	6,976	513,708	3,767	239,822	764,181	688,486
Foundation
Fixed asset investments		5,827	435,825	3,152	228,734	673,538	589,687
Investment properties		1,149	24,759	615	11,088	37,611	34,564
Investment in			8,278			8,278	6,712
Subsidiary
Heritage assets			34,828			34,828	34,745
Tangible fixed assets			12,963			12,963	11,700
Net current assets / (liabilities)	3,789					3,789	13,838
Creditors greater than one year	(6,617)					(6,617)	(3,130)
Transfer between funds	(95)		95
Net Assets	(2,923)	6,976	516,748	3,767	239,822	764,390	688,115

	Unrestricted Income Fund	Restricted Capital Fund	Unrestricted Capital Fund	Restricted revaluation reserve	Unrestricted revaluation reserve	2020
	E'000	E'000	E'000	E'000	E'000	E'000
Group
Fixed asset investments		5,773	407,027	2,198	174,689	589,687
Investment properties		1,149	25,346	243	7,826	34,564
Investment in
Subsidiary
Intangible fixed asset
Heritage assets			34,745			34,745
Tangible fixed assets			12,752			12,752
Net current assets / (liabilities)	21,324					21,324
Creditors greater than one year	(4,316)					(4,316)
Transfer between funds	(13,138)		13,138
Net assets	3,870	6,922	493,008	2,441	182,515	688,756
Minority interests	(270)					(270)
Funds ofthe charity	3,600	6,922	493,008	2,441	182,515	688,486
Foundation
Fixed asset investments		5,773	407,027	2,198	174,689	589,687
Investment properties		1,149	25,346	243	7,826	34,564
Investment in Subsidiary			6,712			6,712
Heritage assets			34,745			34,745
Tangible fixed assets			11,700			11,700
Net current assets / (liabilities)	13,837					13,837
Creditors greater than one year	(3,130)					(3,130)
Transfer between funds	(5,485)		5,485
Ne't Assa'ts	5,222	6,922	491,015	2,441	182,515	688,115

				Balance at 1 March 2020	Income	Expenditure	Realised/ unrealised gains and losses	Realised/ unrealised gains and losses	Transfers	Balance at 28 February 2021
				E'000	E'000	E'000		E'000	f'000	E'000
Capital funds (Expendable
endowment)
Unrestricted				493,008	7,717	(1,487)		14,470		513,708
Restricted to Waddesdon			Manor	6,922				54		6.976
Unrestricted	revaluation		reserve	182,515				57,307		239.822
Restricted revaluation		reserve		2,441				1,326		3,767
				684,886	7,717	(1/87)		73,157		764,273
Unrestricted	income funds			3,600	30,003	(33,695)				(92)
Totalfunds				688,486	37,720	(35,182)		73,157		764,181
Movement	in Funds Prior		year
				Balance at 1 March 2019	Income	Expenditure	Realised/ unrealised gains and losses		Transfers	Balance at 29 February 2020
				E'000	E'000	E'000		E'000	E'000	E'000
Capital funds (Expendable
endowment)
Unrestricted				480,962	8,565	(631)		4,112		493,008
Restricted to Waddesdon			Manor	6,895				27		6,922
Unrestricted	revaluation		reserve	184,205				(1,690)		182,515
Restricted revaluation		reserve		1,964				477		2WT
				674,026	8,565	(631)		2,926		684,886
Unrestricted	income funds			3,570	37,831	(37,801)				3,600
Total funds				677,596	46,396	(38,432)		2,926		688,486

23.Revaluation	23.Revaluation	Reserve	Reserve	Reserve
Included within		the capital fund explained			in	note 23 are	the revaluation	reserves with the following		values:
						Fixed Ax@et Investment Investments			Properties	Total
							E'000		F.'000	f'000
At 1March	2020						176,886		8,069	184,955
Unrealised	gains		during the year				60,781		3,634	64,415
Realised losses		during the year					(5,781)			(5,781)
At 28 February		2021					231,886		11,703	243,589
The Revaluation			reserve was divided	between		restricted	and unrestricted	reserves as follows:
Restricted							2,197		243	2,439
Unrestricted							174,689		7,826	182,515
At 1March	2020						176,886		8,069	184,954
Restricted							3,152		615	3,767
Unrestricted							228,734		11,088	239,822
At 28 February		2021					231,886		11,703	243,589

	Land and Buildings
	2021	2020
	f'000	f'000
Expiry date:
Less than year	25	25
Within two to five years	100	100
In over five years	150	175
	275	300

				2021	2020
				E'000	E'000
Net income for the reporting period			(as per the SOFA)	2,539	7,964
Rent from investment	property			(951)	(1,045)
Donation ofshares				(7,092)	(8,526)
Donation of Hedtage	assets				(7)
Depreciation charges				404	427
Goodwill on consolidation				(17)
Loss on disposal of Fixed Assets				33
Dividend and Interest	receivable			(10,373)	(10,780)
Increase in Debtors				(614)	(8)
Increase/(Decrease)	in Creditors			1,777	(1,479)
Secured Loan during	year Transferred		from &1year		7,865
(Decrease)/Increase	in grant commitments			(2,329)	3,033
Increase/(Decrease)	in creditors	due	after one year	3,260	(7,718)
Non-controlling interest				(57)	48
Decrease/(Increase)	in Stock			243	(549)
Decrease in Work in	Progress			537	3,679
Net cash outflow from operating		activities		(12,640)	(7,097)

6.Relate	d	Party Transacti	ons
					2021			2020
Related	Party		Income during the year	Expenditur e during the year		Balance receivable/ (payable) at year end	Income during the year	Expenditure durlngthe year		Balance receivable I( bl ) at year end
			E'000		E'000	E'000	E'000	E'000			E'000
Charged	to	Hannah
Rothschild
Charged to Rothschild		j Services Ltd	69				101				15
Charged by Rothschild		I Services I.td			(384)	(14)			(183)		(46)
Charged	to	Spencer	55			19	55
House
Charged Partners	to	RIT Capital	13				96				16
Charged Estate	to	Waddesdon	32				55
Charged by Waddesdon		Estate			(263)	(20)			(279)		(35)
Charged	to	Windmill
Hill Asset	Management		140				181
Ltd
Charged	by	Windmill
Hill Asset	Management				(996)	(152)			(631)		(262)
Ltd
Charged	to	Eythrope					15
Wines Limited

	2021	2020
	E'000	E'000
As at 1March	688,550	678,605
Profit in year	76,278	9,945
As at 28 February	764,828	688,550