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|---|---|---|---|
|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|
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|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|
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|||||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|
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||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|