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