2023-02-28-accounts - The Rothschild Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

			Page
Legal and Administrative		Information
The Trustees'	Report		2-14
Independent	Auditors'	Report tothe Trustees'	15-19
Consolidated	Statement of Financial Activities		20
Balance Sheets			21
Consolidated	Cashflow	Statement	22-23
Notes tothe	Financial Statements		24-60

				Note	Fund 2023	Capital Funds 2023	Total	Total
							2023	2022
					E'000	E'000	E'000	K'000
Donations and legacies					192	63	255	7,645
Income from investments					13,449		13,449	11,131
Income from Waddesdon		Manor			4,829		4,829	4,691
Income from Foundation	activities and donations				18,470		18,533	23,467
Income ofTrading subsidiaries					22,822		22,822	20,840
Total Income					41,292	63	41,355	44,307
Expenditure on raising funds					1,808	1,913	3,721	3,153
Expenditure on foundation		activities			10,391		10,391	8,856
Expenditure on Waddesdon			Ivianor		6,417		6,417	5,120
					18,616	1,913	20,529	17,129
Expenditure oftrading subsidiaries					21,770		21,770	19,958
Total Expenditure					40,386	1,913	42,299	37,087
Taxation				30	95		95	155
Net Income/(expenditure)		before gains and losses			811	(1,850)	(1,039)	7,065
Net Gains on Investments						(66,632)	(66,632)	93,317
Net Income/(expenditure)				22	811	(68,482)	(67,671)	100,382
Transfer between funds				22
Net movement in funds				22	811	(68,482)	(67,671)	100,382
Reconciliation of Funds
Balances brought forward		1	March 2022		1,079	863,484	864,563	764,181
Balances brought forward		28 February 2023		21/22	1,890	795,002	796,892	864,563

			Note	Group		Foundation
				2023	2022	2023	2022
				f'000	f'000	E'000	E'000
Fixed assets
Investments			12	690,610	768,489	690,610	768,489
Investment properties				41,098	37,832	41,098	37,832
Investment in subsidiary		undertaking	14			8,238	8,238
Heritage assets			15	35,204	34,901	35,204	34,901
Tangible fixed assets			16	14,104	13,824	13,455	13,095
Goodwill on Consolidation
				781,016	855,046	788,605	862,555
Current assets
Stock and work in progress			17	10,112	13,245	132	42
Debtors			18	12,160	11,129	11,493	9,907
Cash at bank and in hand				20,626	14,065	15,290	9,797
				42,898	38,439	26,915	19,746
Current liabilities
Creditors: amounts falling
due within one year			19	(21,383)	(18,053)	(15,298)	(8,906)
Net Current Assets				21,515	20,386	11,617	10,840
Total assets less current		liabilities		802,531	875,432	800,222	873,395
Creditors: amounts falling
due after more than	one year		20	(5,067)	(10,527)	(4,103)	(9,204)
Net assets				797,464	864,905	796,119	864,191
Funds
Unrestricted capital fund				539,734	539,211	540,851	541,339
Restricted capita I fund				6,976	6,976	6,976	6,976
Unrestricted Income Fund				1,890	1,079		(1,421)
Unrestricted revaluation		reserve		244,244	313,537	244,244	313,537
Restricted revaluation	reserve			4,048	3,760	4,048	3,760
Funds attributable to	the charity			796,892	864,563	796,119	864,191
Non-controlling interest				572	342
Total funds			21/22	797,464	864,905	796,119	864,191

		2023	2023	2022	2022
	Note	E'000	f'000	f'000	f'000
Net cash (outflow) from
operating activities {Note 25)	25		(13,196)		(8,930)
Cash flows from investing activities:
Dividends, interest and rents from investments		13,323		11,926
Proceeds from sale of investments		12,370		64,890
Purchase offixed assets		(683)		(397)
Purchase of investment property		(3,266)		(221)
Purchase of heritage assets		(303)		(21)
Purchase of investments		(6,559)		(45,681)
Net Cash provided by
Investing activities			14,882		30,496
Financing activities
Loans advanced				(100)
Repayment of Bank Loans		(565)
Net Cash (outflow) from Financing activities			(561)		(100)
Change in cash and cash equivalents in the reporting period			1,125		21,466
Cash and cash equivalents atthe beginning ofthe reporting period			45,785		30,213
Change in cash and cash equivalents due to exchange rate movements			2,649		(5,894)
Cash and cash equivalents at the end ofthe reporting period			49,559		45,785

					Cash		Net balance
			Net balances as		increase/(de		as at 28
			at 1March 2022		crease) in		February
					the period		2023
			f'000		f'000		f'000
Cash at bank and	in hand		14,065		6,561		20,626
Investment cash			31,720		(2,787)		28,933
Total cash and cash equivalents			45,785		3,774		49,559
Analysis ofchanges debt		in net	At 1March 2022	Cash flows	Transfer	Fair value movements	Foreign Exchange movements	Other non- cash	At 28 February 2023
								changes
			E'000	E'000	E'000	E'000	E'000	E'000	E'000
Cash			14,065	6,561					20,626
Cash Equivalents			31,720	(5,436)			2,649		28,933
			45,785	1,125			2,649		49,559
Loans receivable within one year	falling due		12O	(4)					116
Loans receivable	falling due
after more than	one	year
Loans payable falling within one year		due			(4,800)				(4,800)
Loans payable falling after more than one		due year	(7,865)	565	4,800				(2,500)
			38,040	1,686			2,649		42,375

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

	Capital fund	Income fund	20	Capital fund	Income fund
	f'000	f'000	f'000	f'000	f'000	f'000
Donation ofShares R.other Investments				5,000		5,000
Donation ofCash				2,022		2,022
Heritage Assets				52		52
Donation ofStock	63		63
Other income		192	192	500	71	571
		192	255	7,574	71	7,645

4.Income fro	m Investments
	Foundation	Subsidiary	Group Adjustment	2023	Foundation	Subsidiary	Group Adjustment	2022
	f'000	f'000	f'000	f'000	f.'000	f'000	f'000	f'000
Equity investment	10,950			10,950	9,761			9,761
Property investments	1,461			1,461	1,062			1,062
Interest received	1,260		(229)	1,038	423		(115)	308
	13,671		(229)	13,449	11,246		(115)	11,131

			Direct	Support		Direct	Support
			Costs	Costs	2023	Costs	Costs	2022
			f'000	f'000	f'000	f'000	f'000	f'000
Management		of investments	1,913	443	2,356	1,680	379	2,059
Property	management		676	689	1,365	921	173	1,094
			2,589	1132	3,721	2,601	552	3,153

	Grants Made	Direct	Support		Grants Made	Direct	Support
		Costs	Costs	2023		Costs	Costs	2022
	K'000	K'000	E'000	E'000	f'000	K'000	K'000	E'000
Grant making
Arts 5 Humanities	1,906			1,906	2,237			2,237
Education 5Social Welfare	2,796			2,796	3,582			3,582
Energy g Environment	3,631			3,631	1,216			1,216
Costs of Grant Making			421	421			313	313
Grant ofservices to
illuminated River
Charitable Events		70		70		38		38
	8,338	70	421	8,829	7p043	38	313	7,394
Foundation management			1,562	1,562			1,462	1,462
Expenditure on Foundation activities as per SOFA	8,338	70	1,983	10,391	7,043	38	1,775	8,856
Expenditure on Waddesdon Manor (see note 7)		4,554	1,863	6,417		3,228	1,892	5,120
	8,338	4,624	3,846	16,808	7,043	3,266	3,667	13,976

The funding ofthe Manor is represented in eac	h year as follows:
	2023	2022
Income	(4,829)	(4,691)
Expenditure	6,417	5,120
Taxation (Note 30)		(27)
Total funding	1,592	402

7.Waddesdon		M	anor income and expe	nditure
				Manor	Group	2023	Manor	Group	2022
				f'000	Adjustment f'000	f'000	f'000	Adjustment f'000	f'000
Income
Admissions revenue				1,764		1,764	1,580		1,580
National Trust	visitor revenue			1,927		1,927	2,001		2,001
National Trust	contribution			300		300	250		250
Public events and			Education	145		145	187		187
Other Visitor related income				388		388	282		282
Revenue				4,524		4,524	4,300		4,300
Other Income				414	(109)	305	391		391
Total income				4,938	(109)	4,829	4,691		4,691
Expenditure
Staff costs				2,641		2,641	2,502		2,502
Other operational			costs	3,241	(65)	3,176	2,146		2,036
Improvements		to	Manor and projects	529		529	509		509
Depreciation				71		71	73
Expenditure				6,482	(65)	6,417	5,230	(110)	5,120
Taxation (Note		30)					(27)		(27)
Net expenditure contribution			before Foundation		(44)	(1,592)	(512)	110	(402)
Contributions	from Foundation			1,548	44	1,592	512	(11O)	402
reserves

					RWL	WWL	WEL	GMMC	GMDC	. Adjustment	. Adjustment	2023
					f'000	f'000	f'000	f'000	f'000	f'000		f'000
Income Statement
Turnover					2,762	12,318	2,010	10	5,713			22,813
Cost ofsales					(1,060)	(9,860)	(312)	—	(4,938)			(16,170)
Gross profit					1,702	2,458	1,698	10	775			6,643
Administrative Expenses					(1,654)	(1,975)	(1,706)	(5)	(33)			(5,373)
Other Operating Income							9
Operating profit					48	483	1	5	742			1,279
interest receivable (In Income		from
Investments SOFA Note	4)
Interest payable						(30)			(199)		229
Profit on ordinary activities before				taxation	50	453		5	543		229	1,286
Tax on profit on ordinary	activities					(90)						(89)
Profit / (Loss) for the financial		year			52	363	6	4	543		229	1,197
Profit / (Loss) for the financial		year
attributable to:
Owners ofthe parent					52	276		4	543		229	1,110
Non-controlling interest						87						87
Profit for the financial year					52	363		4	543		229	1,197
Consolidated Comprehensive financial year		Income for the			52	363		4	543		229	1,197
Expenditure oftrading subsidiaries				shown on the SOFA is		made up as follows:
					RWL f'000	WWLf'000	WEL f'000	GMMC f'000	GMDC f'000	Group Adj f'000		2023 f'000
Cost ofSales					1,060	9,860	312		4,938			16,170
Administrative Expenses					1,654	1,975	1,706		33			5,373
Interest payable and similar charges						30			199		(229)
Non-controlling interests						87					140	227
Gift aid					338						(338)
Provision for unrealised	Profits
Expenditure oftrading subsidiary			as per SOFA		3,052	11,952	2,018	5	5,170		(427)	21,770
Taxation						(90)						(89)

					RWL	WWL	WEL	GMMC	GMDC	" uP	" uP	2022
										Adjustment
					f'000	f'000	f'000	f'000	f'000	f'000		f'000
Income Statement
Turnover (Income from	Trading	subsidiary		on	2,880	13,986	1,326	6	2,865	(333)		20,730
SOFA)
Cost ofsales					(1,095)	(11,287)	(251)	-	(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 financial year		Income for		the	195	763	(216)	3	(61)		115	799
Expenditure oftrading	subsidiaries		shown on the SOFA is made up as				follows:
					RWL f'000	WWL f'000	WEL f'000	GMMC f'000	GMDC f'000	Group Adj f'000		2022 f'000
Cost ofSales					1,095	11,287	251		2,790	(333)		15,090
Other Operating expenses					1,705	1,739	1,291		37			4,774
Interest payable and similar charges						16			99	(115)
Non-controlling interests						183				(89)		94
Gift aid
Provision for unrealised	Profits
Expenditure oftrading	subsidiary		as per SOFA		2,800	13,225	1,542	2	2,926	(537)		19,958
Taxation					5	(181)						(177)

	staff costs	Other costs	Deprecia tion/ amortisa	Group Adjustm	2023	staff costs	Other costs	Depreci ation/ amortis	Grou p Adjus	2022
			tion	ent				ation	tmen t
	E'000	E'000	E'000	E'000	f'000	E'000	E'000	R'000	K'000	E'000
Management of investments		2,356			2,356		2,059			2,059
Property management		1,302	63		1,365		1,067	27		1,094
Total expenditure on raising funds		3,658	63		3,721		3,126	27		3,153
Grant making (Note 10)		8,338			8,338		7,043			7,043
Grant making support	213	208			421	213	100			313
expenses
Charitable Events		70			70		38			38
Grant making and support costs	213	8,616			8,829	213	7,181			7,394
Management and admin expenses	1,287	239	36		1,562	1,042	377	43		1,462
Total expenditure on
foundation activities excluding Waddesdon	1,500	12,513	99		14,112	1,255	10,684	70		12,009
Manor
Waddesdon Manor Expenditure	3,091	3,320	71	(65)	6,417	2,720	2,437	73	(110)	5,120
Total expenditure on
foundation activities including Waddesdon	4,591	15,833	170	(65)	20,529	3,975	13,121	143	(110)	17,129
Manor
Trading subsidiary expenses	2,717	18,820	233		21,770	2,406	17,330	222		19,958
Total Expenditure	7,308	34,653	403	(65)	42,299	6,381	30,451	365	(110)	37,087

Net income/(expenditure)	Net income/(expenditure)	is stated after charging:	is stated after charging:
				2023	2022
				f'000	f'000
Depreciation:
Foundation				(170)	(143)
Trading Subsidiaries				(233)	(222)
Total Depreciation				(403)	(365)
Auditors' remuneration:
Foundation				(30)	(25)
Trading subsidiaries				(46)	(33)
Non-Audit services	- corporation		tax compliance	(17)	(15)
Total Auditors remuneration				(93)	(73)
Government: Grants received:
Foundation					57
Rothschild Waddesdon		Limited			70
Total Government	Grants received				127

10.Grants made during	the	year
				2023	2022
				E'000	f'000
Action 4 Youth					300
Age UK Buckinghamshire					50
Art History Link-Up					75
Arts at the Old Fire Station				100
Bite Back				260	90
British Museum				218
Buckinghamshire Business First				10	50
Buckinghamshire Community		Foundation		130
Buckinghamshire Council				60	50
Buckinghamshire Culture					300
Buckinghamshire Disability Services (BUDS)				96
Buckinghamshire Mind				150	55
Bucks Food Partnership					161
Catch 22					300
Chatham House					120
chefs in schools				170
Chiltern Rangers					50
Citizens Advice Bucks					75
Community Impact Bucks				40	52
Connection Support				10	80
Creative Industries Federation				250
Dandelion Time					50
FareShare				400
Food, Farming 5Countryside		Commission	(FFCC)	220
FoodCycle				100
Friends ofthe National	Libraries			50
Garsington Opera				50
Global Feedback (Feedback)					158
Global Greengrants					90
Glyndebourne					50
Hazara Charitable Trust				50
Hubbub UK					132
Illuminated River Foundation				72
Justice Collaborations				100
Landworkers' Alliance				120
London Philharmonic Orchestra					90
Louisa Cottages Charity	Trust				70
National Gallery Trust					350
National Literacy Trust					190
One Can Trust Food Bank				180
One Eighty				96
ORGANIC RESEARCH CENTRE				60
Oriel College					50
Oxford University Gardens,		Libraries and	Museums		116
Pasture-Fed Livestock Association				150

					2023	2022
					6'000	E'000
Pop Up						100
Queens Park Arts Centre					160
Restore Hope					180
Royal College ofArt					200
Royal Drawing School					300
Royal Horticultural Society
RoyalOpera House						50
Royal Shakespeare Company					30	100
Save the Children					75
Screen Academy Foundation						250
Signdance Collective						61
Somerset House					79
Southbank Centre						100
St Paul's Cathedral Foundation						100
Sustain					150
Sustainable Food Trust						200
Talkback					150
The Centre for Education			and Youth		100
The Felix Project					200
The Food Foundation					300
The Garden Museum						54
The Listening Place						100
The Mayor's Fund for		London				50
The Platinum Jubilee		Pageant		Ltd		100
The Theatre Shed					90
The Woodland Trust						50
Transitions UK						120
University ofCambridge						210
Waddesdon Church	of England			School	1,405
Waddesdon Village	Hall				13	51
West London Synagogue						100
Wycombe food hub					180
Wycombe Homeless		Connection			10	55
Youth concern					210	8
Grants &f50,000					6,982	5,143
Grants under f50,000					1,351	1,892
Grants Made					8,333	7,035
Grant ofServices to	illuminated			River
Total Grants (see notes			6and	9)	8,338	7,043

								2023	2022
Average
The average	number of	Permanent	staff	employed		in the year was:
Manor								63	82
Grants and	admin							44	24
Foundation	Total							107	106
Subsidiaries								51	48
								158	154
The Total number ofSeasonal staff			employed		in	the year was
The Foundation								90	59
Subsidiaries								130	106
								220	165
Full time Equivalents
								2023	2022
The Full time Equivalent		ofall permanent		and	seasonal employees		during the
year was:
Manor								85	82
Grants and	admin							37	24
Foundation	Total							122	106
Subsidiaries								68	59
								190	165

						Foundation
						Grants
					Manor	and	Total	Subsidiaries	2023	2022
						Admin
					f'000	f'000	f'000	f'000	f'000	f'000
Wages and	salaries				2,672	1,259	3,931	2,388	6,319	5,515
Social security costs					241	134	375	208	583	443
Other pension		costs			178	107	285	121	406	423
Rothschild	Foundation				3,091	1,500	4,591	2,717	7,308	6,381
									2023	2022
									f'000	f'000
Redundancy	costs								195	55
									2023	2022
									f'000	f'000
Payments to key personnel to				during the year included		in the above	amounted		1,057	723
Pension costs		for the year		break down as follows:
						Foundation
					Manor	Admin	Total	Subsidiary	2023	2022
					f'000	f'000	f'000	f'000	f'000	f'000
Defined contribution			scheme		153	132	285	121	406	423
					153	132	285	121	406	423

						2023	2022
Group &Foundation						E'000	E'000
Market value at 1March						768,489	673,538
Donation ofshares and other		investments		received			5,000
Purchases made in the year						6,559	45,681
Sales proceeds on disposal						(12,370)	(64,890)
Net in-specie proceeds on	disposal
Increase/(Decrease) in investment			cash			(2,787)	9,942
Investment gains for the year		—realised				1,860	15,124
		-unrealised				(71,141)	84,094
Market value at 28 February						690,610	768,489
Historical cost at 28 February		(excluding		investment	cash)	425,088	432,000
Analysis of market value	at 28 February					2023	2022
						E'000	f'000
Equities —listed on recognised		exchanges				309,795	387,859
Collective investment funds						291,990	291,863
Private equity investments						59,314	55,836
Cash on deposit awaiting	investment					28,933	31,720
Forward currency contracts						578	1,211
						690,610	768,489
						Market	Market
						value as at	value as at
						28 February	28 February
						2023	2022
						f'000	f'000
RIT Capital Partners pic						302,276	380,923
WHAM Endowment Fund						236,122	227,560
First Arrow Managed Fund							6,519
Other Investments						152,212	153,487
						690,610	768,489

13.Investm	ent Property
		2023	2022
Group and	Foundation	f'000	f'000
Open market value at 01March		37,832	37,611
Additions	in the year	3,266	221
Open market value at 28 February		41,098	37,832
Historical	cost at 28 February	27,384	24,118

Investment	in	in
subsidiary
undertakings,		at cost
	WWL		RWL	GMDC	WEL	2023	WWL	RWL	GMDC	WEL	2022
		E'000	K'000	E'000	E'000	E'000	E'000	Z'000	E'000	E'000	E'000
At 1
March		1,083	1,000	4,655	1,500	8,238	1,123	1,000	4,655	1,500	8,278
2022
Disposal in year							(40)				(40)
At 28
February		1,083	1,000	4,655	1,500	8,238	1,083	1,000	4,655	1,500	8,238
2023
15.Heritage		assets
Group and	Foundation
Summary	of heritage		asset transactions
				2023	2022		2021		2020	2019
				i'000	E'000		E'000		f'000	f'000
At 1March				34,901	34,828		34,745	34,686		34,635
Donations	received					52			7
Additions	in	the year		303		21			52	51
At 28 February				35,204	34,901		34,828	34,745		34,686

Group
			Freehold, Land and Buildings	Long Leasehold Improvements	Vehicle, Furniture, Fixtures 5 Equipment	Total
Cost			E'000	K'000	E'000	K'000
At 1March 2022			11,980	1,054	3,329	16,363
Additions				249	434	683
Reclassification	due to Inter Group sales
Disposals
At 28 February	2023		11,980	1,303	3,763	17,046
Depreciation
At 1March 2022			13	168	2,358	2,539
Charge in year			(8)		378	403
Reclassification	due to Inter Group sales
Disposals
At 28 February	2023			201	2,736	2,942
Net book value	at 28 February 2023		11,975	1,102	1,027	14,104
Net book value	at 28 February 2022		11,967	886	971	13,824
Foundation
			Freehold, Land and Buildings	Long Leasehold Improvements	Vehicle, Furniture, Fixtures 8. Equipment	Total
			E'000	E'000	E'000	E'000
Cost
At 1March 2022			11,968	1,054	1,663	14,685
Additions				249	281	530
Transfer from Investment		Properties
"'Disposals
At 28 February	2023		11,968	1,303	1,944	15,215
Depreciation
At 1March 2022				168	1,422	1,590
Charge in year					137	170
Disposals
At 28 February	2023			201	1,559	1,760
Net book value	at 28 February 2023		11,968	1,102	385	13,455
Net book value	at 28 February 2022		11,968	886	241	13,095

17.Stock and work in	17.Stock and work in	progress				2023	2022
						E'000	E'000
Group
Stock ofGuidebooks held by Foundation						132	42
Trading stock held by Subsidiaries						3,011	2 737
						3,143	2,779
Work in Progress	In Golden Mede			Development	Company
Opening Balance						10,466	8,755
Additions						1,347	4,466
Adjusted for properties		completed		and exchanged		(4,844)	(2,755)
Work in progress	Total					6,969	10,466
						10,112	13,245
Foundation
Stock ofGuidebooks						132	42
18.Debtors
						2023	2022
Group						f'000	f'000
Trade debtors						2,068	1,909
Other debtors						295	327
Value added tax	recoverable						169
Other taxes and Social		security					1
Prepayments and accrued income						7,475	6,523
Debtors relating	to operational		activities			9,838	8,929
Unpaid Dividend	Income					2,123	1,993
Loans						116	120
Loan Interest						83	87
						12,160	11,129

							2023	2022
Foundation							f'000	E'000
Trade Debtors							385	360
Owed from Group Undertakings							123	84
Other debtors							168	191
Deferred Gift aid	receivable from Rothschild			Waddesdon		Limited	54	56
Value added tax	recoverable						19	159
Prepayments and accrued income							3,727	1,592
Debtors relating	to operational		activities				4,476	2,442
Unpaid Dividend	Income						2,123	1,993
Loan Due from Golden Mede Development				Company	Limited		4,800	5,365
Other Loans							16	20
Loan Interest							78	87
							11,493	9,907
19.Creditors - Amounts		falling	due within	one year
							2023	2022
							f'000	E'000
Group
Trade creditors							2,198	2,814
Other creditors							1,264	143
Value added Tax	payable						43
Other taxes and social security							48	144
Accruals							1,036	5,079
Deferred Income							2,956	2,771
Corporation Tax							37	84
Creditors relating	to Operating		activities				7,582	11,035
Grant commitments accrued							9,001	7,018
Secured Loan							4,800
							21,383	18,053

19.Creditors - Amounts falling	d	ue within o	ne year (C	ontinued)
							2023	2022
							K'000	f'000
Foundation
Trade creditors							696	1,292
Amounts Owed to Group Undertakings							97	5
Other creditors							188	118
Accruals							504	463
Deferred Income							12	10
Creditors relating to Operating	activities						1,497	1,888
Grant commitments accrued							9,001	7,018
Secured Loan							4,800
							15,298	8,906
The secured Loan has been re categorised as			repayable	within one year from greater than one year. The Loan is from
Northern Trust Bank. In January	2017,they agreed a loan facility with				a maximum		drawdown	ofE9.5m to fund the
Golden Mede Development. As	at	28 February 2023, the charity had			drawn	down	E5.365m ofthis balance and
repaid E0.565m leaving a balance		off4.8m (2022 -E5.365m). Interest			is payable		at 1.35%above the Bank of England
base rate. The Loan was originally		repayable	in January 2021 and has		since	been	extended to	January 2024.
Deferred Income Amounts falling due within one year							2023	2022
							E'000	K'000
Group
Balance at 1March 2022							2,771	2,413
Income in advance received during the year							2,024	1,253
Transferred from &one year during the year							1,316	1,179
Transferred income to SOFA							(3,155)	(2,074)
Balance at 28 February 2023							2,956	2771
Foundation
Balance at 1March 2022							10	13
Income in advance received during the year							65	61
Transferred Income to SOFA							(63)	(64)
Balance at 28 February 2023							12	10

					2023	2022
					F'000	K'000
Group
Grant commitments		accrued			1,603	1,339
Deferred	income				950	1,316
Other Creditors					14	7
					2,567	2,662
Secured	Loan				2,500	7,865
					5,067	10,527
Foundation
Grant commitments		accrued			1,603	1,339
Secured	Loan				2,500	7,865
					4,103	9,204
Part ofthe Secured		Loan balance has been recategorized	as payable	within one year.

		2023	2022
		f'000	f'000
Balance at 1March	2022	8,357	6,594
Grant commitments	made during the year	8,338	7,043
Grants paid in the	year	(6,091)	(5,280)
Balance at 28 February 2023		10,604	8,357
Grant commitments	falling due in less than one year	9,001	7,018
Grant commitments	falling due in more than one year	1,603	1,339
		10,604	8,357

Additional	reconciliation	reconciliation	ofgrants payable	ofgrants payable	ofgrants payable
							2023	2022
							f'000	f'000
Balance at	1March	2022					8,357	6,594
Grant commitments		made	during the year				8,338	7,043
Grants paid	in the year						(6,091)	(5,280)
Balance at	28 February 2023						10,604	8,357
Grant commitments		falling due			in less than one year		9,001	7,018
Grant commitments		falling due			in more than one year		1,603	1,339
							10,604	8,357
						Grant	Deferred
						Commitments
						Accrued	Income	2023
Group creditors falling due						f'000	f'000	f'000
1-2years						9,001	7,018	16,019
2-5years						1,603	1,339	2,942
						10,604	8,357	18,961
							2023	2022
							f'000	f'000
Deferred Income Analysis
Group
Balance at	1March	2022					3,731	3,373
Income in	advance	received		during the year			3,696	2,788
Transferred	income	to SOFA					(3,155)	(2,074)
Balance at 28 February 2023							4,272	4,087
Shown as:
Creditors & 1year							2,956	2,771
Creditors &1year							1,316	1,316
							4,272	4,087

	Unrestricted Income Fund	Restricted Capital Fund	Unrestricted Capital Fund	Restricted revaluation reserve	Unrestricted revaluation reserve	2023	2022
	6'000	6'000	f'000	f'000	f'000	f'000	f'000
Group
Fixed asset investments		5,827	448,194	3,433	233,156	690,610	768,489
Investment properties		1,149	28,246	615	11,088	41,098	37,832
Investment in
Subsidiary
Intangible fixed asset
Heritage assets			35,204			35,204	34,901
Tangible fixed assets			14,104			14,104	13,824
Goodwillon
Consolidation
Net current assets / (liabilities)	21,515					21,515	20,386
Creditors greater than one year	(5,067)					(5,067)	(10,527)
Transfer between funds	(13,986)		13,986
Net assets	2,462	6,976	539,734	4,048	244,244	797,464	864,905
Minority interests	(572)					(572)	(342)
Funds ofthe charity	1,890	6,976	539,734	4,048	244,244	796,892	864,563
Foundation
Fixed asset investments		5,827	448,194	3,433	233,156	690,610	768,489
Investment properties		1,149	28,246	615	11,088	41,098	37,832
Investment in Subsidiary			8,238			8,238	8,238
Heritage assets			35,204			35,204	34,901
Tangible fixed assets			13,455			13,455	13,095
Net current assets / (liabilities)	11,617					11,617	10,840
Creditors greater than one year	(4,103)					(4,103)	(9,204)
Transfer between funds	(7,514)		7,514
Net Assets		6,976	540,851	4,048	244,244	796,119	864,191

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

	Balance at 1 March 2022	Balance at 1 March 2022	Income	Expenditure	Realised/ unrealised gains and losses	Realised/ unrealised gains and losses	Realised/ unrealised gains and losses	Realised/ unrealised gains and losses	Transfers	Net Movement	Balance at 28 February 2023
		f'000	E'000	E'000			E'000		E'000	E'000	R'000
Capital funds
(Expendable
endowment)
Unrestricted		539,211	63	(1,913)			2,373			523	539,734
Restricted to
Waddesdon		6,976									6,976
Manor
Unrestricted
revaluation		313,537					(69,293)			(69,293)	244,244
reserve
Restricted
revaluation		3,760						288			4,048
reserve
		863,484	63	(1,913)			(66,632)			(68,482)	795,002
Unrestricted income funds		1,079	41,292	(40,481)						811	1,890
Total funds		864,563	41,355	(42,394)			(66,6321			(67,671)	796,892
rior Year
	Balance at 1 March 2021		Income	Expenditure	Realised/ unrealised gains and losses				Transfers	Net Movement	Balance at 28 February 2022
		E'000	K'000	E'000			f'000		E'000	E'000	f'000
Capital funds
(Expendable
endowment)
Unrestricted		513,708	7,574	(1,680)		19,609				25,503	539,211
Restricted to
Waddesdon		6,976									6,976
Manor
Unrestricted
revaluation		239,822				73,715				73,715	313,537
reserve
Restricted
revaluation		3,767					(7)			(7)	3,760
reserve
		764,273	7,574	(1,680)		93,317				99,211	863,484
Unrestricted income funds		(92)	36,733	(35,562)						1,171	1,079
Total funds		764,181	44,307	(37,242)		93,317				100,382	864,563

23.Revaluation	Reserve
Included within	the capital	fund explained	in	note 22 are	the revaluation	reserves	with the following	values:
				Fixed Asset Investment Investments			Properties	Total
					K'000		E'000	E'000
At 1March 2022					305,594		11,703	317,297
Unrealised gains during the year					(71,141)			(71,141)
Realised Gains	during the year				1,860			1,860
Release of	previously	recognised			276			276
unrealised gains
At 28 February	2023				236,589		11,703	248,292
Revaluation Reserve Prior Year
				Fixed Asset Investments Investment			Properties	Total
					6'000		K'000	f'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
The Revaluation	reserve was divided between			restricted	and unrestricted	reserves as follows:
Restricted					3,145		615	3,760
Unrestricted					302,449		11,088	313,537
At 1March 2022					305,594		11,703	317,297
Restricted					3,433		615	4,048
Unrestricted					233,156		11,088	244,244
At 28 February	2023				236,589		11,703	248,292

	Land and Buildings		Plant and Equipment	Plant and Equipment
	2023	2022	2023	2022
	f'000	f'000	f'000	f'000
Expiry date:
Less than year	25	25	23	23
Within two to five years	100	100		51
In over five years	100	125
	225	250	51

					2023	2022
					f'000	f'000
Net income for the reporting			period (as per the SOFA)		(1,039)	7,065
Rent from investment		property			(1,461)	(1,062)
Donation	of Investments					(5,000)
Donation	of Heritage	assets				(52)
Depreciation charges					403	361
Goodwill	on consolidation					10
Dividend	and Interest	receivable			(11,988)	(10,069)
Increase	in Debtors				(909)	(613)
(Decrease)/Increase		in Creditors			(3,453)	378
Increase	in grant commitments				1,983	4,540
Decrease	in creditors	due after one year			(95)	(2,415)
Non-controlling interest					230	129
Increase	in Stock				(364)	(491)
Decrease/(Increase)		in Work in Progress			3,497	(1,711)
Net cash	outflow from operating			activities	(13,196)	(8,930)

26.Related Party Tr	ansactio	ns
			2023				2022
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	K'000		f'000	E'000	K'000		E'000
Charged to J Rothschild
Services Ltd
Charged by J Rothschild Services Ltd			(50)		(25)		(208)
Charged to SJPTrust
Corporation Ltd
Charged to RITCapital
Partners
Charged by RIT Capital
Partners
Charged to Spencer		63			20	60			19
House
Charged to Waddesdon		125				59
Estate
Charged by Waddesdon Estate			(115)		(48)		(234)		(29)
Charged to Windmill	Hill	63				104
Asset Management	Ltd
Charged by Windmill Asset Management	Hill Ltd		(816)				(650)		(200)
Charged to Beachendon		46				14			16
Publications
Charged to Rothschild
Foundation Hanadiv		126				31
(Europe)
Grant to the illuminated river foundation				(8)				(8)
Charged to Waddesdon		226			18	287			18
Enterprises
Charged by Waddesdon
Enterprises
Charged to Lord
Rothschild
Charged to Rothschild
Waddesdon Ltd
Charged to Waddesdon		87			39	89			17
Wine Limited
Charged by Waddesdon
Wine Limited
Charged by Rothschild
Waddesdon Ltd
Charged to Golden	Mede
Development company		199				99
Ltd

28.Foundation reserves reconciliation
	2023	2022
	E'000	E'000
As at 1March	864,191	764,390
Profit in year	(68,072)	99,801
As at 28 February	796,119	864,191

29.Group SO	FA - prior ye	ar	analysis offunds
				Income	Capital
				Fund	Fund	Total
				2022	2022	2022
				K'000	K'000	E'000
Donations and Legacies				71	7,574	7,645
Income from	Investments			11,131		11,131
Income from	Waddesdon	Manor		4,691		4,691
Income from	Foundation	activities and Donations		15,893	7,574	23,467
Income ofTrading Subsidiary				20,840		20,840
Totallncome				36,733	7,574	44,307
Expenditure	on raising funds			1,473	1,680	3,153
Expenditure	on foundation	activities		8,856		8,856
Expenditure	on Waddesdon		Manor	5,120		5,120
				15,449	1,680	17,129
Expenditure	ofTrading subsidiary			19,958		19,958
Total Expenditure				35,407	1,680	37,087
Taxation				155		155
Net Income	before gains	and	losses on Investments	1.171	5,894	7,065
Net Gains on Investments					93,317	93,317
Net Income				1.171	99,211	100,382

30.Taxation
							2023
				Foundation	RWL	WWL	WEL	GMMC	GMDC	Total
Tax Charge
Current tax				4						93
Deferred tax				(2)	(2)					(2)
Total Tax Charge					(2)	90
Factors affecting		tax charge
for the year
Profit/(loss) on	ordinary		activities		50	452			544	1,057
before tax
Profit on ordinary		activities
multiplied by the		standard
rate of UK corporation			tax of
19%					10				136	234
Effects of:
Fixed asset differences						(3)
Remeasurement		ofdeferred				2
tax for changes	in tax rates
Expenses not deductible			for
tax purposes
Deferred Tax
Movement in deferred			tax not		(2)
recognised
Charitable donations					(13)				(136)	(149)
Effect oflosses	carried
forward
Losses utilised
Museum and Galleries Tax
relief
Tax charge					(2)	90				95

30.Taxation (contin	ued-
prior year)
					2022
		Foundation	RWL	WWL	WEL	GMMC		GMDC	Total
Tax Charge
Current tax		(27)		174					148
Deferred tax		5	(5)	7
Total Tax Charge		(22)	(5)	181					155
Factors affecting tax
charge for the year Profit/(loss) on ordinary			190	944	(216)			(61)	861
activities 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	(2)					10
Expenses not deductible				2					3
for tax purposes
Re-measurement of	deferred		13						15
tax for changes in tax rates
Movement in deferred tax not			(3)		(21)			12	(9)
recognised
Charitable donations			(64)						(62)
Effect of losses carried					62				62
forward
Museum and Galleries		(27)							(27)
Tax relief
Tax charge		(22)	(5)	181					155