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|---|---|---|---|
|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|
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|||||Note|Income|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|
##
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|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|
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||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|