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2022-02-28-accounts

Page
Legal and Administrative Information
The Trustees' Report 2-13
Independent Auditors' Report to the Trustees' 14-18
Consolidated Statement of Financial Activities 19
Balance Sheets 20
Consolidated Cashflow Statement 21-22
Notes to the Financial Statements 23-62

rganisations as set out b elow.
Size of 2022 2021
Grant
f100k+ 21 11
fSOI&-99k 22 9
f10k-50I& 94 29
(f10k 88 76
Total 225 125

Note Income Fund
2022		 Capital Funds
2022		 Total Total
2022 2021
E'000 E'000 E'000 E'000
Donations and legacies 71 7,574 7,645 7,997
Income from investments 11,131 11,131 11,321
Income from Waddesdon Manor 4,691 4,691 2,619
Income from Foundation activities and donations 15,893 7,574 23,467 21,937
Income ofTrading subsidiaries 20,840 20,840 15,748
Total Income 36,733 7,574 44,307 37,685
Expenditure on raising funds 1,473 1,680 3,153 2,992
Expenditure on foundation activities 8,856 8,856 10,215
Expenditure on Waddesdon Manor 5,120 5,120 5,764
15,449 1,680 17,129 18,971
Expenditure oftrading subsidiaries 19,958 19,958 16,136
Total Expenditure 35,407 1,680 37,087 35,107
Taxation 30 155 155 40
Net Income 1,171 5,894 7,065 2,538
Net Gains on Investments 93,317 93,317 73,157
Net Income 22 1,171 99,211 100,382 75,695
Transfer between funds 22
Net movement
in funds		 22 1,171 99,211 100,382 75,695
Reconciliation of Funds
Balances brought
forward		 1 March 2021 (92) 764,273 764,181 688,486
Balances carried forward at 28 February 2022 21 1,079 863,484 864,563 764,181

Note Group Foundation
2022 2021 2022 2021
f'000 f'000 f'000 f'000
Fixed assets
Investments 12 768,489 673,538 768,489 673,538
Investment
properties		 37,832 37,611 37,832 37,611
Investment
in subsidiary		 undertaking 14 8,238 8,278
Heritage assets 15 34,901 34,828 34,901 34,828
Tangible fixed assets 16 13,824 13,788 13,095 12,963
Goodwill on Consolidation 17
855,046 759,782 862,555 767,218
Current assets
Stock and work in progress 17 13,245 11,043 42 43
Debtors 18 11,129 11,211 9,907 10,744
Cash at bank and in hand 14,065 8,435 9,797 3,692
38,439 30,6$9 19,746 14,479
Current
liabilities
Creditors: amounts
falling
due within one year 19 (18,053) (18,500) (8,906) (10,690)
Net Current Assets 20,386 12,189 10,840 3,789
Total assets less current liabilities 875,432 771,971 873,395 771,007
Creditors: amounts
falling
due after more than one year 20 (10,527) (7,577) (9,204) (6,617)
Net assets 864,905 764,394 864,191 764,390
Funds
.Unrestricted
capital fund		 539,211 513,708 541,339 516,748
Restricted capital fund 6,976 6,976 6,976 6,976
Unrestricted
Income Fund		 1,079 (92) (1,421) (2,923)
Unrestricted
revaluation		 reserve 313,537 239,822 313,537 239,822
Restricted
revaluation		 reserve 3,760 3,767 3,760 3,767
Funds attributable
to		 the charity 864,563 764,181 $64,191 764,390
Non-controlling
interest		 342 213
Totalfunds 21 864,905 764,394 864,191 764,390
2022 2022 2021 2021
Note E'000 6'000 f'000 E'000
Net cash (outflow) from
operating
activities (Note 25)		 25 (8,930) (12,640)
Cash flows from investing activities:
Dividends,
interest and rents from
investments		 11,926 11,128
Proceeds from sale of investments 64,890 32,278
Proceeds from Sale of Fixed assets 49
Purchase offixed assets (397) (269)
Purchase ofinvestment
property		 (221) (667)
Proceeds from Sale of Investment
Property
Purchase ofheritage assets (21) (83)
Purchase ofinvestments (45,681) (29,863)
Net Cash provided
by
Investing
activities		 30,496 12,573
Financing activities
Loans advanced (100)
Paid up share capital 21
Repayment
of Bank Loans		 (2,500)
Net Cash (outflow) from Financing
activities		 (100) (2,479)
Change
in cash and cash equivalents
in the reporting
period		 21,466 (2,546)
Cash and cash equivalents
at the
beginning
ofthe reporting
period		 30,213 33,509
Change
in cash and cash equivalents
due to exchange rate movements		 (5,894) (750)
Cash and cash equivalents
at the
end ofthe reporting
period		 45,785 30,213

Net Net
balances Cash balance
as at 1 increase in as at 28
March the period February
2021 2022
f'000 f'000 f'000
Cash at bank and in hand 8,435 5,630 14,065
Investment cash 21,778 9,942 31,720
Total cash and cash equivalents 30,213 15,572 45,785
Other
Analysis ofchanges in net debt At 1
March
2021		 Cash flows Fair value
movements		 Foreign
Exchange
movements		 non-
cash
changes		 At 28
February
2022
f'000 f'000 f'000 f'000 f'000 f'000
Cash 8,435 5,630 14,065
Cash Equivalents 21,778 15,836 (5,894) 31,720
30,213 21,466 (5,894) 45,785
Loans receivable
year		 falling due within one 20 (100) 120
Loans receivable falling due after more
than one year
Loans payable
year		 falling due within one (5,365) (5,365)
Loans payable
than one year		 falling due after more (2,500) (2,500)
22,368 21,366 (5,894) 38,040

Capital fund Income fund 2022 Capital fund Income fund 2021
E'000 E'000 E'000 E'000 E'000 E'000
Donation ofShares &
otherlnvestrnents		 5,000 5,000 7,092 7,092
Donation of Cash 2,022 2,022 625 625
Heritage Assets 52 52
Investment
properties
Other income 500 71 571 280 280
7,574 71 7,645 7,717 280 7,997

Foundation Subsidiary Group
Adjustment		 2022 Foundation Subsidiary Group
Adjustment
E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000
Equity
investment		 9,761 9,761 9,923 9,923
Property
investments		 1,062 1,062 951 951
Interest
received		 423 (115) 308 567 (121) 447
11,246 (115) 11,131 11,441 (121) 11,321
Direct Support Direct Support
Costs Costs 2022 Costs Costs 2021
f'000 E'000 f'000 E'000 E'000 E'000
Management of investments 1,680 379 2,059 1,488 469 1,957
Property management 921 173 1,094 808 227 1,035
2,601 552 3,153 2,296 696 2,992

Grants
Made		 Grants
Made		 Direct Support Grants
Made		 Direct Support
Costs Costs 2022 Costs Costs 2021
E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000
Grant making
Arts & Humanities 2,237 2,237 5,697 5,697
Education &Social Welfare 3,582 3,582 2,292 2,292
Energy &Environment 1,216 1,216 509 509
Costs ofGrant Making 313 313 274 274
Grant ofservices to
Illuminated
River		 22 22
Charitable
Events		 38 30 30
7,043 38 313 7,394 8,520 30 274 8,824
Foundation
management		 1,462 1,462 1,391 1,391
Expenditure
on Foundation
activities as per SOFA		 7,043 38 1,775 8,856 8,520 1,665 10,215
Expenditure
on Waddesdon
Manor (see note 7)		 3,228 1,892 5,120 730 5,034 5,764
7,043 3,266 3,667 13,976 8,520 760 6,699 15,979
The funding
ofthe Manor		 is represented in each year as follows:
2022 2021
Income (4,691) (2,619)
Expenditure 5,120 5,764
Taxation (Note 30) (27) (35)
Total funding 402 3,110

Manor Group 2022 Manor Group 2021
Adjustment Adjustment
f'000 f'000, f'000 f'000 f'000 f'000
Income
Admissions
revenue		 1,580 1,580 554 554
National
Trust		 visitor revenue 2,001 2,001 941 941
National
Trust		 contribution 250 250 250 250
Public events and Education 187 187 24 24
Other Visitor related income 282 282 227 227
Revenue 4,300 4,300 1,996 1,996
Other Income 391 391 623 623
Total income 4,691 4,691 2,619 2,619
Expenditure
Staff costs 2,502 2,502 3,363 3,363
Other operational costs 2,146 (110) 2,036 2,136 (126) 2,010
Improvements
projects		 to Manor and 509 509 285 285
Depreciation 73 106 106
Expenditure 5,230 (110) 5,120 5,890 (126) 5,764
Taxation (Note 30) (27) (27) (35) (35)
Net expenditure
contribution		 before Foundation (512) 110 (402) (3,236) 126 (3,110)
Contributions
from
reserves		 Foundation 512 (110) 402 3,236 (126) 3,110

RWL WWL WEL GMMC GMMC GMDC .
Adjustment		 2022
E'000 E'000 E'000 E'000 E'000 E'000 E'000
Income Statement
Turnover 2,880 13,986 1,326 6 2,865 (333) 20,730
Cost ofsales (1,095) (11,287) (251) 0 (2,790) 333 (15,090)
Gross profit 1,785 2,699 1,075 6 75 5,640
Administrative
Expenses		 (1,705) (1,739) (1,291) (2) (37) (4,774)
Other Operating
Income		 110 110
Operating
profit		 190 960 (216) 4 38 976
Interest receivable
(In income		 from
Investments
SOFA Note		 4)
Interest payable (16) - ( ) (99) 115
Profit on ordinary
activities before
taxation		 190 944 (216) 4 (61) 115 976
Tax on profit on ordinary activities 5 (181) - (1) (177)
Profit/
(Loss) for the financial		 year 195 763 (216) 3 (61) 115 799
Profit/ (Loss) for the financial year
attributable
to:
Owners ofthe parent 195 580 (216) 3 (61) 115 616
Non-controlling
interest		 183 183
Profit for the financial year 195 763 (216) 3 (61) 115 799
Consolidated
Comprehensive
for the financial year		 Income 195 763 (216) 3 (61) 115 799
Expenditure
oftrading subsidiaries		 shown on the SOFA is made up as follows:
RWL WWL WEL GMMC GMDC Group Adj 2022
f'000 E'000 f'000 f'000 E'000 E'000 f'000
Cost ofSales 1,095 11,287 251 2,790 (333) 15,090
Administrative
Expenses		 1,705 1,739 1,291 37 4,774
Interest payable
and similar charges		 16 99 (115)
Non-controlling
interests		 183 (89) 94
Provision for unrealised Profits
Expenditure
oftrading subsidiary
per SOFA		 as 2,800 13,225 1,542 2 2,926 (537) 19,958
Taxation (181) (177)

RWL WWL WEL GMMC GMDC Group
Adjustment
E'000 E'000 E'000 E'000 E'000 E'000 E'000
Income Statement
Turnover
(Income from
SOFA)		 Trading subsidiary
on		 2,224 11,103 18 4 1,950 (310) 14,989
Cost of sales (1,022) (9,401) — - (1,873) 310 (11,986)
Gross profit 1,202 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		 from Investments
SOFA Note 4)
Interest payable (11) (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
financial year		 Income for the (597) 319 (132) 2 (196) 122 (482)
Expenditure
oftrading subsidiaries		 shown on the SOFA is made up as follows:
RWL WWL WEL GMMC GMDC Group Adj 2021
E'000 E'000 E'000 E'000 E'000 E'000 E'000
Cost ofSales 1,022 9,401 1,873 (310) 11,986
Other Operating
expenses		 2,487 1,360 159 162 4,170
Interest payable
and similar charges		 11 111 (122)
Non-controlling
interests		 (8) (8)
Provision for unrealised Profits (12) (12)
Expenditure
oftrading subsidiary		 as per SOFA 3,509 10,772 159 2 2,146 (452) 16,136
Taxation (75) (75)

Staff
costs		 Other
costs		 Deprecia
tion/
amortisa
tion		 Group
Adjustment		 staff
costs		 Other
costs		 Depre
ciation
/
amorti
sation		 Group
Adjustment		 2021
E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000
Management
of
investments		 2,059 2,059 1,957 1,957
Property
management		 1,067 27 1,094 1,011 24 1,035
Total expenditure
on raising funds		 3,126 27 3,153 2,968 24 2,992
Grant making (Note
10)		 9,065 9,065 8,520 8,520
Grant making 213 100 313 175 99 274
support expenses
Charitable
Events		 38 30 30
Grant making and
support cos'ts		 213 9,203 9,416 175 8,649 8,824
Management
and
admin expenses		 1,042 377 43 1,462 907 477 7 1,391
Total expenditure
on foundation
activities excluding		 1,255 12,706 70 14,031 1,082 12,094 31 13,207
Waddesdon
Manor
Waddesdon
Manor
Expenditure		 2,720 2,437 73 (110) 5,120 3,363 2,421 106 (126) 5,764
Total expenditure
on foundation
activities including		 3,975 15,143 143 (110) 19,151 4,445 14,515 137 (126) 18,971
Waddesdon
Manor
Trading subsidiary 2,406 17,330 222 19,958 2,445 13,422 268 16,136
expenses
Total Expenditure 6,381 32,473 365 (110) 39,109 6,890 27,937 405 (126) 35,107

Net income/(expend iture) isstat ed after charging:
2022 2021
f'000 E'000
Depreciation:
Foundation (143) (137)
Trading Subsidiaries (222) (268)
Total Depreciation (365) (405)
Auditors'
remuneration:
Foundation (25) (21)
Trading subsidiaries (33) (30)
Non-Audit
services		 —corporation tax compliance (13)
Total Auditors
remuneration		 (71) (62)
Government
Grants received:
Foundation 57 204'
Rothschild
Waddesdon		 Limited 70 686
Waddesdon
Wine Limited		 63
Waddesdon
Enterprises		 Limited
Total Government Grants received 127 962

10.Grants made
during		 th e y ear
2022 2021
E'000 E'000
Action 4 Youth 300 50
Age UK Buckingharnshire 50
Art History
Link-Up		 75
Aspire 125
Bite Back 90
Buckinghamshire
Business		 First 50
Buckinghamshire
Community		 Foundation 140
Buckinghamshire
Council		 180
Buckinghamshire
County		 Museum Trust 100
Buckinghamshire
Culture		 300
Buckinghamshire
Disability		 Services (BUDS) 50
Buckinghamshire
Mind		 50
Bucks Food Partnership 161
Butrint Foundation 75
Catch 22 300
Chatham
House		 100
Chiltern
Rangers		 50
Citizens Advice Bucks 75
Community
Impact Bucks		 50
Connection
Support		 50
Creative Industries
Federation		 50
Dandelion
Time		 50
Global Feedback (Feedback) 158
Global Greengrants 90
Glyndebourne 50
Grow 100
HorseHeard 50
Hubbub
UK		 132
Illuminated
River Foundation		 4,000
Lindengate 123
London Philharmonic
Orchestra		 90
Louisa Cottages Charity Trust 70
National
Gallery		 400
National
Gallery Trust		 350
National
Literacy Trust		 180
Oriel College 50
Oxford University
Gardens,		 Libraries and Museums 116
Pop Up 100
Queens Park Arts Centre 50
Resource Productions 100
Resume Foundation 60
Roche Court Educational Trust 62
Royal Academy ofArts 75
Royal Holloway,
University		 of London 50
Royal Horticultural
Society		 84

10.Grants made
during		 the ye ar (Continued )
2022 2021
f'000 f'000
Royal Opera House 50
Royal Opera House 50
Royal Shakespeare
Company
Screen Academy
Foundation		 250
Signdance
Collective		 61
Somerset House 86
Southbank
Centre		 100
St Paul's Cathedral
Foundation		 100
Sustain 50
Sustainable
Food Trust		 200 90
Tate 75
Thames Valley Partnership 60
The Centre for Education and Youth 51
The Garden
Museum		 54
The Landmark
Trust		 50
The Listening
Place		 100
The Mayor's
Fund for London		 50
The Pace Centre 50
The Platinum
Jubilee Pageant		 Ltd 100
The Theatre Shed 50
The Woodland
Trust		 50
Thomley 50
Transitions
UK		 120
Trent Park Museum
Trust		 100
University
College Hospitials		 NHS Foundation Trust 50
University ofCambridge 210
Waddesdon
Manor (National		 Trust) 50
Waddesdon
Village
Hall		 51
West London Synagogue 100
Wildlife Trust (Berks, Bucks and Oxon) 92
Wycombe and District Citizens Advice 50
Wycombe Homeless
Connection		 55
Grants under f50,000 2,118 1,599
Grants Made 9,057 10,519
Grant ofServices to illuminated River 22
Total Grants (see notes 6 and 9) 9,065 10,541

2022 2021
Average
The average number of Permanent staff employed in the year was:
Manor 82 102
Grants and admin 24 17
Foundation Total 106 119
Subsidiaries 48 62
154 181
The Total number ofSeasonal staff employed in the year was
The Foundation 59 SS
Subsidiaries 106 101
165 156
Full time Equivalents
2022 2021
The Full time Equivalent of all permanent and seasonal employees during the
year was:
Manor 82 92
Grants and admin 24 17
Foundation Total 106 109
Subsidiaries 59 59
165 168

Foundation
Grants
Manor and Total Subsidiaries 2022 2021
Admin
f'000 f'000 f'000 f'000 f'000 f'000
Wages and salaries 2,349 1,046 3,395 2,120 5,515 5,873
Social security costs 169 92 261 182 443 597
Other pension costs 202 117 319 104 423 420
Rothschild Foundation 2,720 1,255 3,975 2,406 6,381 6,890
2022 2021
f'000 f'000
Redundancy costs 55 922
2022 2021
f'000 f'000
Payments to
to		 key personnel during the year included in the above amounted 723 698
Pension costs for the year break down as follows:
Foundation
Manor Admin Total Subsidiary 2022 2021
f'000 f'000 f'000 f'000 f'000 f'000
Defined contribution scheme 202 117 318 104 422 420
202 117 318 104 422 420

The number ofGroup employees who have received remuneration amounting to
more than f60,000 in either year was:
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
160,000-169,999
180000-189999
250,000-259,999

2022 2021
Group &Foundation E'000 E'000
Market value at 1March 673,538 589,687
Donation ofshares and other investments received 5,000 7,092
Purchases
made
in the year		 45,681 29,863
Sales proceeds on disposal (64,890) (32,278)
Increase/(Decrease)
in investment		 cash 9,942 8,898
Investment
gains for the year —realised		 15,124 9,495
—unrealised 84,094 60,781
Market value at 28 February 768,489 673,538
Historical cost at 28 February (excluding investment cash) 432,000 418,117
Analysis ofmarket value at 28 February 2022 2021
E'000 f'000
Equities —listed on recognised exchanges 387,859 318,457
Collective investment
funds		 291,863 306,606
Private equity investments 55,836 29,910
Cash on deposit awaiting investment 31,720 21,778
Forward currency contracts 1,211 (3,213)
768,489 673,538
Market Market
value as at value as at
28February 28 February
2022 2021
f'000 f'000
RIT Capital Partners
pic		 380,923 315,769
WHAM Endowment
Fund		 227,560 254,796
First Arrow Managed
Fund		 6,519 6,057
Other Investments 153,487 96,916
768,489 673,538

13.Investment
Property
2022 2021
Group and Foundation f'000 E'000
Open market value at 01March 37,611 34,564
Additions
in the year		 221 667
Transfer to Tangible
Fixed Assets		 (1,254)
Revaluation
in Year		 3,634
Open market value at 28 February 37,832 37,611
Historical cost at 28 February 24,118 23,897

Investment in subsidiary in subsidiary in subsidiary
undertakings, at cost
WWL RWL GMDC WEL 2022 WWL RWL GMDC WEL 2021
K'000 E'000 E'000 K'000 K'000 E'000 E'000 E'000 E'000 E'000
At
1
March
2021		 1,123 1,000 4,655 1,500 8,278 1,056 1,000 4,655 6,711
Investment in 67 1,500 1,567
year
Disposal
in year		 (40) (40)
1,083 1,000 4,655 1,500 8,238 1,123 1,000 4,655 1,500 8,278
15.Heritage assets
Group and Foundation
Summary of heritage asset transactions
2022 2021 2020 2019 2018
f'000 E'000 E'000 E'000 E'000
At 1 March 34,828 34,745 34,686 34,635 34,552
Donations
received		 52 7 16
Additions
in		 the year 21 83 52 51 67
At 28 February 34,901 34,828 34,745 34,686 34,635

Group
Freehold,
Land and
Buildings		 Long Leasehold
Improvements		 Vehicle,
Furniture,
Fixtures &
Equipment		 Total
Cost E'000 E'000 E'000 E'000
At 1March 2021 12,346 885 3,792 17,023
Additions 169 228 397
Reclassification due to Inter Group sales (366) (691) (1,057)
Disposals
At 28 February 2022 11,980 1,054 3,329 16,363
Depreciation
At 1March 2021 368 141 2,726 3,235
Charge
in year		 27 323 361
Reclassification due to Inter Group sales (366) (691) (1,057)
Disposals
At 28 February 2022 168 2,358 2,539
Net book value at 28 February 2022 11,967 886 971 13,824
Net book value at 28 February 2021 11,978 1,066 13,788
Foundation
Freehold,
Land and
Buildings		 Long Leasehold
Improvements		 Vehicle,
Furniture,
Fixtures &
Equipment		 Total
E'000 X'000 Z'000 f'000
Cost
At 1March 2021 11,968 885 1,558 14,411
Additions 169 105 274
Disposals
At 28 February 2022 11,968 1,054 1,663 14,685
Depreciation
At 1March 2021 141 1,307 1,448
Charge
in year		 27 116 143
Disposals
At 28 February 2022 168 1,423 1,591
Net book value at 28 February 2022 11,968 886 240 13,094
Net book value at 28 February 2021 11,968 251 12,963
17.Stock and work in 17.Stock and work in progress 2022 2021
E'000 E'000
Group
Stock ofGuidebooks 42 43
Trading stock held by Subsidiaries 2,737 2,245
2,779 2,288
Work in Progress ln Golden Mede Development Company
Opening
Balance		 8,755 9,292
Additions 4,466 1,349
Adjusted for properties completed and exchanged (2,755) (1,886)
Work in progress Total 10,466 8,755
13,245 11,043
Foundation
Stock ofGuidebooks 42

18.Debtors
2022 2021
Group E'000 f'000
Trade debtors 1,909 2,435
Other debtors 327 544
Value added tax recoverable 169 529
Other taxes and Social security 1
Prepayments
and accrued income		 6,523 4,808
Debtors relating to operational activities 8,929 8,316
Unpaid
Dividend		 Income 1,993 2,797
Loans 120 20
Loan Interest 87 78
11,129 11,211
Included
within debtors
is an amount ofE912k(2021:f997k) in
respect ofamounts
due after more than one year.
2022 2021
Foundation E'000 E'000
Trade Debtors 360 325
Owed from Group
Unde rta kings		 84 282
Other debtors 191 373
Deferred
Gift aid receivable from Rothschild		 Waddesdon Limited 56 62
Value added tax recoverable 159 453
Prepayments
and accrued income		 1,592 989
Debtors relating to operational activities 2,442 2,484
Unpaid
Dividend		 Income 1,993 2,797
Loan Due from Golden Mede Development Company Limited 5,365 5,365
Other Loans 20 20
Loan Interest 87 78
9,907 10,744

19.Creditors - Amo unts
falling		 due within one year
2022 2021
f'000 f'000
Group
Trade creditors 2,814 4,128
Other creditors 143 869
Other taxes and social security 144 211
Accruals 5,079 2,961
Deferred Income 2,771 2,413
Corporation
Tax		 84 75
Creditors relating to Operating activities 11,035 10,657
Grant commitments accrued 7,018 2,478
Secured Loan 5,365
18,053 18,500
Foundation
Trade creditors 1,292 1,622
Amounts
Owed to Group Undertakings		 5 332
Other creditors 118 481
Accruals 463 399
Deferred
Income		 10 13
Creditors
relating to Operating		 activities 1,888 2,847
Grant commitments accrued 7,018 2,478
Secured Loan 5,365
8,906 10,690
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 2022 2021
E'000 E'000
Group
Balance at 1March 2021 2,413 2,956
Income
in advance received		 during the year 1,253 1,317
Transferred
from
&one year		 during the year 1,179 1,186
Transferred
income to SOFA		 (2,074) (3,046)
Balance at 28 February 2022 2,771 2,413
Foundation
Balance at 1March 2021 13 5
Income in advance
received		 during the year 61 57
Transferred
Income to SOFA		 (64) (49)
Balance at 28 February 2022 10

2022 2021
E'000 E'000
Group
Grant commitments accrued 1,339 4,117
Deferred income 1,316 960
Other Creditors 7
2,662 5,077
Secured Loan 7,865 2,500
10,527 7,577
Foundation
Grant commitments accrued 1,339 4,117
Secured Loan 7,865 2,500
9,204 6,617

2022 2021
Additional
reconciliation		 ofgrants payable E'000 E'000
Balance at 1March 2021 6,594 5,437
Grant commitments made during the year 7,043 8,520
Grants paid in the year (5,280) (7,363)
Balance at 28 February 2022 8,357 6,594
Grant commitments falling due in less than one year 7,018 2,478
Grant commitments falling due in more than one year 1,339 4,116
8,357 6,594
Grant
Commitments		 Deferred
Accrued Income
Group creditors falling due
E'000 E'000
1-2years 7,018 10
2-5 years 1,339 1,316
8,357 1,326
2022 2021
E'000 E'000
Deferred Income Analysis
Group
Balance at 1March 2021 3,373 4,142
Income
in advance		 received during the year 2,788 2,277
Transferred
income		 to SOFA (2,074) (3,046)
Balance at 28 February 2022 4,087 3,373
Shown as:
Creditors
&1year		 2,771 2,413
Creditors )1year 1,316 960
4,087 3,373

Unrestricted
Income Fund		 Restricted
Capital
Fund		 Unrestricted
Capital Fund		 Restricted
revaluation
reserve		 Unrestricted
revaluation
reserve		 2022 2021
E'000 f'000 E'000 6'000 6'000 f'000 6'000
Group
Fixed asset
investments		 5,827 457,068 3,145 302,449 768,489 589,687
Investment
properties		 1,149 24,980 615 11,088 37,832 34,564
Investment
in
Subsidiary
Intangible
fixed asset
Heritage assets 34,901 34,901 34,745
Tangible fixed assets 13,824 13,824 12,752
Goodwill
on
Consolidation
Net current assets /
(liabilities)		 20,386 20,386 21,324
Creditors greater
than one year		 (10,527) (10,527) (4,316)
Transfer between
funds		 (8,438) 8,438
Net assets 1,421 6,976 539,211 3,760 313,537 864,905 688,756
Minority
interests		 (342) (342) (270)
Funds ofthe charity 1,079 6,976 539,211 3,760 313,537 864,563 688,486
Foundation
Fixed asset
investments		 5,827 457,068 3,145 302,449 768,489 589,687
Investment
properties		 1,149 24,980 615 11,088 37,832 34,564
Investment
in
Subsidiary		 8,238 8,238 6,712
Heritage assets 34,901 34,901 34,745
Tangible fixed assets 13,095 13,095 11,700
Net current assets/
(liabilities)		 10,840 10,840 13,838
Creditors greater
than one year		 (9,204) (9,204) (3,130)
Transfer between
funds		 (3,057) 3,057
Net Assets (1,421) 6,976 541,339 3,760 313,537 864,191 688,116

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

Balance at 1
March 2021		 Income Expenditure Realised/
unrealised
gains
and losses		 Realised/
unrealised
gains
and losses		 Transfers Balance at 28
February 2022
E'000 E'000 E'000 E'000 E'000 E'000
Capital funds (Expendable
endowment)
Unrestricted 513,708 7,574 (1,680) 19,609 '539,211
Restricted to Waddesdon Manor 6,976 6,976
Unrestricted revaluation reserve 239,822 73,715 313,537
Restricted
revaluation		 reserve 3,767 (7) 3,760
764,273 7,574 (1,680) 93,317 863,484
Unrestricted income funds (92) 36,733 (35,562) 1,079
Total funds 764,181 44,307 (37,242) 93,317 864,563
Movement in Funds Prior year
Balance at 1
March 2020		 Income Expenditure Realised/
unrealised
gains
and losses		 Transfers Balance at 28
February 2021
E'000 E'000 E'000 E'000 E'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 (1,487) 73,157 764,273
Unrestricted income funds 3,600 30,003 (33,695) (92)
Total funds 688,486 37,720 (35,182) 73,157 764,181

23.Revaluation Reserve
Included
within		 the capital fund explained in note 23 are the revaluation reserves with the following values:
Fixed Asset
Investment
Investments		 Properties Total
E'000 f'000 E'000
At 1March 2021 231,886 11,703 243,589
Unrealised
gains during the year		 84,094 84,094
Realised Gains during the year 15,124 15,124
Release
of
previously
unrealised
gains		 recognised (25,510) (25,510)
At 28 February 2022 305,594 11,703 317,297
Revaluation
Reserve Prior		 Year
Fixed Asset
Investments
Investment		 Properties Total
f'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 Gains during the year 9,495 9,495
Release
of
previously
unrealised
gains		 recognised (15,276) (15,276)
At 28 February 2021 231,886 11,703 243,589
The Revaluation reserve was divided between restricted and unrestricted reserves as follows:
Restricted 3,152 615 3,767
Unrestricted 228,734 11,088 239,822 .
At 1March 2021 231,886 11,703 243,589
Restricted 3,145 615 3,760
Unrestricted 302,449 11,088 313,537
At 28 February 2022, 305,594 11,703 317,297

Land and Buildings
2022 2021
f'000 f'000
Expiry date:
Less than year 25 25
Within two to five years 100 100
In over five years 125 150
250 275

2022 2021
E'000 E'000
Net income for the reporting period (as per the SOFA) 7,065 2,539
Rent from investment property (1,062) (951)
Donation ofshares (5,000) (7,092)
Donation of Heritage assets (52)
Depreciation
charges		 361 404
Goodwill
on consolidation		 10 (17)
Loss on disposal of Fixed Assets 33
Dividend
and Interest		 receivable (10,069) (10,373)
Increase
in Debtors		 (613) (614)
Increase
in Creditors		 378 1,777
Increase/(Decrease) in grant commitments 4,540 (2,329)
(Decrease)/Increase in creditors due after one year (2,415) 3,260
Non-controlling
interest		 129 (57)
(Increase)/Decrease in Stock (491) 243
(Increase)/Decrease in Work in Progress (1,711) 537
Net cash outflow from operating activities (8,930) (12,640)

26.Related Party Transaction s
2022 2021
Related Party Income
during
the year		 Expenditure
during the
year		 Balance
receivable/
(payable)
at year end		 Income
during
the year		 Expenditure
during the
year		 Balance
receivable/
(payable)
at year end
E'000 E'000 E'000 E'000 E'000 E'000
Charged to J Rothschild
Services Ltd		 31 69
Charged
by J Rothschild
Services Ltd		 (208) (371) (14)
Charged to SJPTrust
Corporation
Ltd
Charged to RIT Capital 13
Partners
Charged
by RIT Capital
Partners
Charged to Spencer House 60 19 55 19
Charged to Waddesdon 59 32 21
Estate
Charged
by Waddesdon
Estate		 (234) (29) (273) (2o)
Charged to Windmill
Hill		 104 147
Asset Management
Ltd
Charged
by Windmill
Hill
Asset Management
Ltd		 (650) (200) (996) (152)
Charged to 8eachendon 14 16
Publications
Charged to Rothschild 31
Foundation
Hanadiv
(Europe)
Grant to the illuminated
river foundation		 (8) (22)
Charged to Waddesdon
Enterprises		 247 18 (72)
Charged
by Waddesdon
Enterprises
Charged to Eythrope
Wines Limited
Charged to Lord
Rothschild
Charged to Rothschild 136 49
Waddesdon
Ltd
Charged
by Waddesdon
Wine Limited
Charged
by Rothschild
Waddesdon
Ltd		 (10)
Charged to Golden Mede
Development
company		 99
Ltd
Charged to Waddesdon 89 17
Wine Limited

2022 2021
f'000 f'000
As at 1March 764,390 688,115
Profit in year 99,801 76,275
As at 28 February 864,191 764,390

Income Capital
Fund Fund Total
2021 2021 2021
f'000 f'000 f'000
Donations
and Legacies		 280 7,717 7,997
Income from Investments 11,321 11321
Income from Waddesdon Manor 2,619 2,619
Income from Foundation activities and Donations 14,220 7,717 21,937
Income ofTrading Subsidiary 15,748 15,748
Total Income 29,968 7,717 37,685
Expenditure on raising funds 1,505 1,487 2,992
Expenditure on foundation activities 10,215 10,215
Expenditure on Waddesdon Manor 5,764 5,764
17,484 1,487 18,971
Expenditure ofTrading subsidiary 16,136 16,136
Total Expenditure 33,620 1,487 35,107
Taxation 40 40
Net (expenditure)
/ Income		 before gains and losses on
Investments (3,692) 6,230 2,538
Net Gains on investments 73,157 73,157
Net (expenditure)/Income (3,692) 79,387 75,695

2022
Foundation RWL WWL WEL GMMC GMDC Total
Tax Charge
Current tax (27) 174 148
Deferred tax 5 (5)
Total Tax Charge (22) (5) 181 155
Factors affecting tax charge for
the year
Profit/(loss)
on ordinary		 activities 190 944 (216) 4 (61) 861
before tax
Profit on ordinary
activities
multiplied
by the standard		 rate of
UK corporation
tax of19%		 36 179 (41) 1 (12) 163
Effects of:
Fixed asset differences 13 (&) 10
Expenses not deductible for tax 2 3
purposes
Re-measurement
ofdeferred tax for		 13 15
changes
in tax rates
Movement
in deferred		 tax not (3) (21) 12 (9)
recognised
Charitable
donations		 2 (64) (62)
Effect of losses carried forward 62 62
Museum
and Galleries Tax		 relief (27) (»)
Tax charge (22) (5) 181 155

30. Taxation (continued) (continued) (continued) - prior
year
2021
Foundation RWL WWL WEL GMMC GMDC Total
Tax Charge
Current tax (35) 75 40
Deferred tax
Total Tax Charge (35) 75 40
Factors affecting tax charge for
the year
Profit/(loss) on ordinary activities (597) 394 (132) 2 (192) (525)
before tax
Profit on ordinary activities
multiplied
by the		 standard rate of
UK corporation tax of19% (113) 75 (25) (36) (99)
Effects of:
Movement
in		 deferred tax not 113 113
recognised
Losses carried forward 25 36 61
Museum
and		 Galleries Tax relief (35) (35)
Tax charge (35) 75 40