| Page | ||
|---|---|---|
| Reference and Administrative Details ofthe Charity, |
its Trustees and Advisers | 1-2 |
| Trustees' Report |
3-13 | |
| Trustees' Responsibilities Statement |
13 | |
| Independent Auditors' Report |
14-16 | |
| Consolidated Statement of Financial activities |
17 | |
| Consolidated Balance Sheet |
18 | |
| Trust Balance Sheet | 19 | |
| Consolidated Statement ofCash Flows |
20 | |
| Notes tothe Financial Statements | 21-49 |
| Trustees | ||||||
|---|---|---|---|---|---|---|
| Directors of | the corporate | |||||
| trustee | E M Wood, Chairman | |||||
| Prof M D Alder (resigned | 13July 2020) | |||||
| R Bailey | ||||||
| Lord Cobham | ||||||
| PJA Cooper | ||||||
| EA Davies | ||||||
| SGardner | ||||||
| Princess Hohenlohe | ||||||
| TP Routsis | ||||||
| C ESWhitbread | ||||||
| R Graff von Waldburg-Wolfegg | ||||||
| M Johnston (appointed |
5 November 2019) | |||||
| Charity registered | ||||||
| number | 307534 | |||||
| Principal office | Old Warden Park |
|||||
| Biggleswade | ||||||
| Bedfordshire | ||||||
| SG189EP | ||||||
| Secretary | A P Rutt | |||||
| Independent | auditors | Peters Elworthy | &Moore | |||
| Chartered Accountants |
||||||
| Salisbury House | ||||||
| Station Road | ||||||
| Cambridge | ||||||
| CB1 2LA | ||||||
| Bankers | Barclays Bank PLC | |||||
| High Street | ||||||
| Bedford | ||||||
| MK40 1NJ | ||||||
| Solicitors | Charles Russell | Speechlys | LLP | |||
| 5 Fleet Place | ||||||
| London | ||||||
| EC4M 7RD | ||||||
| Investment | porffolio | Sarasin 8 Partners | LLP | |||
| manager | Juxon House | |||||
| 100St Paul's Churchyard | ||||||
| London | ||||||
| EC4M 8BU |
| Income - | f4,154,000(2019 - F5,195,0 | 00) | |
|---|---|---|---|
| Investment | Income | 51'/o | (2019—41'/o) |
| Donations | and Legacy Income | 11'/o | (2019—7'/0) |
| Other trading activities |
18/o | (2019—33/o) | |
| Charitable | Activities | So/~ | (2019 19o/o) |
| Other Income | 14/o | (2019—Nil) | |
| 100'/o |
| Expenditure -F4,751,000(2019-65,58 |
6,000) | |
|---|---|---|
| Cost ofTrading Activities |
23'/o | (2019—37'/0) |
| Cost of Investing Activities* |
16/o | (2019—15/o) |
| Other Costs of Raising Funds | 4o/o | (2019—7/o) |
| Charitable Expenditure (See note 8) |
57/o | (2019—41 /o) |
| 100/o |
| Unrestricted | Restricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |||
| 2020 | 2020 | 2020 | 2020 | 2019 | |||
| Note | f000 | f000 | f000 | f000 | f000 | ||
| INCOME AND | |||||||
| ENDOWMENTS | |||||||
| FROM: | |||||||
| Donations and legacies |
33 | 401 | 435 | 376 | |||
| Charitable activities |
269 | 269 | 968 | ||||
| Other trading activities |
745 | 745 | 1,736 | ||||
| Investments | 786 | 83 | 1 237 | 2,105 | 2,115 | ||
| Other income | 452 | 148 | 600 | ||||
| TOTAL INCOME AND | |||||||
| ENDOWMENTS | 2,285 | 632 | 1,237 | 4,154 | 5,195 | ||
| EXPENDITURE ON: | |||||||
| Raising funds | 6,7 | 1,512 | 96 | 419 | 2,027 | 3,315 | |
| Charitable activities |
2,392 | 332 | 2,724 | 2,271 | |||
| TOTAL | |||||||
| EXPENDITURE | 3,904 | 428 | 419 | 4,751 | 5,586 | ||
| Net gains on | |||||||
| investments | 755 | 76 | 1,190 | 2,021 | 531 | ||
| NET | |||||||
| (EXPENDITURE)/IN COME |
(864) | 280 | 2,008 | 1,424 | 140 | ||
| Transfers between |
|||||||
| funds | 18 | 1,473 | (1,473) | ||||
| NET MOVENIENT FUNDS |
IN | 609 | 280 | 535 | 1,424 | 140 | |
| RECONCILIATION | OF | ||||||
| FUNDS: | |||||||
| Total funds brought | |||||||
| forward | 40,180 | 2,430 | 43,271 | 85,881 | 85,741 | ||
| Net movement in funds |
609 | 280 | 535 | 1,424 | 140 | ||
| TOTAL FUNDS | |||||||
| CARRIED FORWARD |
40,789 | 2,710 | 43,806 | 87,305 | 85,881 |
| CONSOLIDATED | CONSOLIDATED | BALANCE SHEET | BALANCE SHEET | BALANCE SHEET | BALANCE SHEET | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AS AT 31 | OCTOBER 2020 | ||||||||||||
| 2020 | 2019 | ||||||||||||
| Note | f000 | EOOO | |||||||||||
| FIXEDASSETS | |||||||||||||
| Tangible assets | 11 | 4,844 | 4,820 | ||||||||||
| Investment | property | 12 | 56,440 | 54,805 | |||||||||
| Heritage assets | 13 | 19,527 | 19,527 | ||||||||||
| Investments | 14 | 5,442 | 6,409 | ||||||||||
| 86,253 | 85,361 | ||||||||||||
| CURRENT | ASSETS | ||||||||||||
| Stocks | 15 | 59 | 72 | ||||||||||
| Debtors | 16 | 823 | 1,172 | ||||||||||
| Cash at bank and | in hand | 1,404 | 849 | ||||||||||
| 2,286 | 2,093 | ||||||||||||
| Creditors: amounts | falling due | within | one | ||||||||||
| year | 17 | (1,235) | (1,573) | ||||||||||
| NET CURRENT ASSETS | 1,051 | 520 | |||||||||||
| TOTAL NET ASSETS | 87,304 | 85,881 | |||||||||||
| CHARITY | FUNDS | ||||||||||||
| Endowment | funds | 18 | 43,806 | 43,271 | |||||||||
| Restricted | funds | 18 | 2,709 | 2,430 | |||||||||
| Unrestricted | funds | 18 | 40,789 | 40,180 | |||||||||
| TOTAL FUNDS | 87,304 | 85,881 | |||||||||||
| The financial |
statements | were | approved | and | authorised | for | issue | by | the | Trustees on |
|||
| VIP(2r'H | & && 902) |
and signa | n | their behalfby |
| 2020 | 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Note | f000 | 6000 | ||||||||
| FIXEDASSETS | ||||||||||
| Tangible assets | 11 | 4,844 | 4,820 | |||||||
| Investment property |
12 | 56,440 | 54,505 | |||||||
| Heritage assets | 13 | 19,527 | 19,527 | |||||||
| Investments | 14 | 5,592 | 6,559 | |||||||
| 86,403 | 85,511 | |||||||||
| CURRENT ASSETS | ||||||||||
| Stocks | 15 | 3 | 5 | |||||||
| Debtors | 15 | 964 | 1,155 | |||||||
| Cash at bank and | in hand | 1,001 | 501 | |||||||
| 1,968 | 1,651 | |||||||||
| Creditors: amounts | falling due | within | one | |||||||
| year | 17 | (957) | (1,327) | |||||||
| NET CURRENT ASSETS | 1,011 | 334 | ||||||||
| TOTAL NET ASSETS | 87,414 | 85,845 | ||||||||
| CHARITY FUNDS | ||||||||||
| Endowment funds |
18 | 43,806 | 43,271 | |||||||
| Restricted funds |
18 | 2,709 | 2,430 | |||||||
| Unrestricted funds |
18 | 40,899 | 40,144 | |||||||
| TOTAL FUNDS | 87,414 | 85,845 | ||||||||
| The financial |
statements | were | approved | and | authorised | for | issue | by | the | Trustees on |
| H Qfftt | and sig | d on | their behalf by |
| 2020 | 2019 | |||
|---|---|---|---|---|
| Note | FOOO | 5000 | ||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net cash used in operating activities |
20 | (2,532) | (2,283) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Dividends, interests and rents from investments |
2,105 | 2,115 | ||
| Purchase oftangible fixed assets |
(131) | (1,336) | ||
| Net movement of investments |
1,113 | 1,440 | ||
| NET CASH PROVIDED BYINVESTING ACTIVITIES | 3,087 | 2,219 | ||
| CHANGE IN CASH AND CASH EQUIVALENTS |
IN THE YEAR | 555 | (64) | |
| Cash and cash equivalents atthe beginning ofthe year |
849 | 913 | ||
| CASH AND CASH EQUIVALENTS AT THE END | OF THE YEAR | 21 | 1,404 | 849 |
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 2020 | 2020 | 2020 | 2019 | ||
| EOOO | f000 | EOOO | f000 | ||
| GiR aid admissions | 20 | 20 | 81 | ||
| Donations | and legacies | 13 | 232 | 245 | 220 |
| Restricted | SVAS donation | 169 | 169 | 75 | |
| 33 | 401 | 434 | 376 | ||
| TOTAL 2019 | 92 | 284 | 376 |
| Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2020 | 2020 | 2019 | ||||
| f000 | f000 | EOOO | ||||
| Aviation | and | automotive | transport | 269 | 269 | 968 |
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | ||
| 2020 | 2020 | 2020 | 2020 | 2019 | ||
| f000 | f000 | f000 | f000 | EOOO | ||
| Rental income | 679 | 75 | 1,237 | 1,991 | 1,887 | |
| Dividend | income | 107 | 8 | 115 | 228 | |
| 786 | 83 | 1,237 | 2,106 | 2,115 | ||
| TOTAL | 2019 | 803 | 74 | 1,238 | 2,115 |
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 2020 | 2020 | 2020 | 2019 | ||
| EOOO | EOOO | EOOO | f000 | ||
| Government | grants | 452 | 452 | ||
| Other grants | 148 | 148 | |||
| 452 | 148 | 600 |
| Unrestricted | Restricted | Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | ||||
| 2020 | 2020 | 2020 | 2020 | 2019 | ||||
| EOOO | EOOO | EOOO | EOOO | EOOO | ||||
| Staff costs | 692 | 692 | 1,146 | |||||
| Investment | activities | 251 | 63 | 396 | 710 | 809 | ||
| Trading | activities (excl staff | |||||||
| costs) | 375 | 375 | 901 | |||||
| Fundraising | costs | 184 | ||||||
| Support | and | governance | costs | 180 | 32 | 212 | 231 | |
| 1,498 | 95 | 396 | 1,989 | 3,271 | ||||
| TOTAL | 2019 | 2,767 | 478 | 3,271 |
| Unrestricted | Restricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |||
| 2020 | 2020 | 2020 | 2020 | 2019 | |||
| 6000 | f000 | f000 | 6000 | 6000 | |||
| Investment | management | fees | 14 | 1 | 23 | 38 | 45 |
| TOTAL 2019 | 17 | 27 | 45 |
| Activities | |||||||
|---|---|---|---|---|---|---|---|
| undertaken | Support | Total | Total | ||||
| directly | costs | funds | funds | ||||
| 2020 | 2020 | 2020 | 2019 | ||||
| FOOO | 6000 | 6000 | 6000 | ||||
| Aviation | and automotive | transport | 1,936 | 440 | 2,376 | 1,661 | |
| Agriculture | and land based industry | 212 | 29 | 241 | 450 | ||
| Governance | 107 | 107 | 160 | ||||
| 2,148 | 576 | 2,724 | 2,271 | ||||
| TOTAL | 2019 | 1,752 | 519 | 2,271 |
| Aviation | Agriculture | |||||
|---|---|---|---|---|---|---|
| and | and land | Total | Total | |||
| automotive | base | Governance | funds | funds | ||
| 2020 | 2020 | 2020 | 2020 | 2019 | ||
| EOOO | EOOO | EOOO | EOOO | EOOO | ||
| Staff costs | 221 | 20 | 75 | 316 | 301 | |
| Premises costs | 182 | 182 | 125 | |||
| Office costs | 36 | 4 | 48 | 38 | ||
| Non-recoverable | VAT | 1 | 1 | 3 | 3 | |
| Professional fees | 25 | 25 | 42 | |||
| Trustee costs | 2 | 2 | 10 | |||
| 440 | 29 | 107 | 576 | 519 | ||
| TOTAL 2019 | 329 | 30 | 160 | 519 |
| 2020 | 2019 | ||
|---|---|---|---|
| EOOO | EOOO | ||
| Audit fees | 24 | 24 | |
| Non-audit | services | 14 | 25 |
| Group | Group | Trust | Trust | |
|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |
| 6000 | 6000 | 6000 | FOOO | |
| Wages and salaries | 2,264 | 2,047 | 1,849 | 1,270 |
| Social security costs | 144 | 151 | 144 | 151 |
| Other pensions costs | 67 | 65 | 67 | 65 |
| 2,475 | 2,263 | 2,060 | 1,486 |
| Group | Group | |
|---|---|---|
| 2020 | 2019 | |
| No. | No. | |
| Collection | 65 | 74 |
| Support | 9 | 7 |
| 74 | 81 |
| Freehold | Plant and | ||
|---|---|---|---|
| property | machinery | Total | |
| 5000 | FOOO | EOOO | |
| COST OR VALUATION | |||
| At 1 November 2019 | 4,562 | 1,195 | 5,757 |
| Additions | 98 | 33 | 131 |
| Disposals | (7) | ('7) | |
| At 31 October 2020 | 4,660 | 1,221 | 5,881 |
| DEPRECIATION | |||
| At 1 November 2019 | 937 | 937 | |
| Charge for the year | 105 | 105 | |
| On disposals | (5) | (6) | |
| At 31 October 2020 | 1,037 | 1,037 | |
| NET BOOK VALUE | |||
| At 31 October 2020 | 4,660 | 184 | 4,844 |
| At 31 October 2019 | 4,562 | 258 | 4,820 |
| 12. | INVESTMENT PROPERTY | |
|---|---|---|
| Group | ||
| Freehold | ||
| investment | ||
| property | ||
| 5000 | ||
| VALUATION | ||
| At 1 November 2019 | 54,605 | |
| Surplus on revaluation | 1,835 | |
| At 31 October 2020 | 56,440 | |
| Trust | ||
| Freehold | ||
| investment | ||
| property | ||
| f000 | ||
| VALUATION | ||
| At 1 November 2019 | 54,605 | |
| Surplus on revaluation |
1,835 | |
| At 31 October 2020 | 56,440 |
| Exhibits at | Paintings | |||||||
|---|---|---|---|---|---|---|---|---|
| the | and | |||||||
| Collection | artefacts | Total | ||||||
| 2020 | 2020 | 2020 | ||||||
| 5000 | OOOO | f000 | ||||||
| Carrying | value | at | 1 | November | 2019 | 17,027 | 2,500 | 19,527 |
| 17,027 | 2,500 | 19,527 |
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
|---|---|---|---|---|---|---|
| 5000 | F000 | 5000 | 5000 | EOOO | ||
| PURCHASES | ||||||
| Paintings | and artefacts | |||||
| Exhibits | at the Collection | 226 | 95 | |||
| TOTAL | ADDITIONS | 226 | 95 | |||
| DISPOSALS | ||||||
| Paintings | and artefacts | |||||
| Exhibits | at the Collection | (80) | (5) | (658) | ||
| TOTAL | DISPOSALS | (80) | (5) | (658) |
| Listed | Cash held at | ||
|---|---|---|---|
| investments | investments | Total | |
| GROUP | FOOO | 5000 | 5000 |
| COST OR VALUATION | |||
| At 1 November 2019 | 6,408 | 5,409 | |
| D)sposals | (1,120) | (1,120) | |
| Revaluations | 144 | 144 | |
| Cash movement | 8 | ||
| AT 31 OCTOBER 2020 | 5,433 | 9 | 5,442 |
| NET BOOK VALUE | |||
| AT 31OCTOBER 2020 | 5,433 | 9 | 5,442 |
| AT 31 OCTOBER 2019 | 6,408 | 1 | 6,409 |
| Investments | ||||||
|---|---|---|---|---|---|---|
| In | Other fixed | |||||
| subsidiary | Listed | asset | ||||
| TRUST | companies f000 |
investments f000 |
investments FOOO |
Total f000 |
||
| COST OR VALUATION | ||||||
| At 1 November | 2019 | 150 | 6,408 | 6,559 | ||
| Disposals | (1,120) | (1,120) | ||||
| Revaluations | 144 | 144 | ||||
| Cash movement | 8 | |||||
| AT 31 OCTOBER 2020 | 150 | 5,433 | 9 | 5,592 | ||
| NET BOOK VALUE | ||||||
| AT 31 OCTOBER 2020 | 150 | 5,433 | 9 | 5,592 | ||
| AT 31 OCTOBER 2019 | 150 | 6,408 | 1 | 6,559 | ||
| 15. | STOCKS | |||||
| Group | Group | Trust | Trust | |||
| 2020 | 2019 | 2020 | 2019 | |||
| f000 | FOOO | FOOO | f000 | |||
| Raw materials | 59 | 72 | 3 | 5 | ||
| 16. | DEBTORS | |||||
| Group | Group | Trust | Trust | |||
| 2020 | 2019 | 2020 | 2019 | |||
| FOOO | FOOO | f000 | f000 | |||
| Trade debtors | 73 | 133 | 64 | 91 | ||
| Amounts owed by group undertakings |
157 | 54 | ||||
| Other debtors | 713 | 845 | 707 | 842 | ||
| Prepayments | and accrued income | 37 | 194 | 36 | 168 | |
| 823 | 1,172 | 964 | 1,155 |
| Group | Group | Trust | Trust | ||||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | ||||
| EOOO | EOOO | EOOO | EOOO | ||||
| Trade creditors | 82 | 370 | 55 | 319 | |||
| Other taxation and | social security | 84 | 107 | 55 | 69 | ||
| Other creditors | 734 | 743 | 736 | 742 | |||
| Accruals and deferred | income | 335 | 353 | 111 | 197 | ||
| 1,235 | 1,573 | 957 | 1,327 | ||||
| Group | Group | Trust | Trust | ||||
| 2020 | 2019 | 2020 | 2019 | ||||
| EOOO | FOOO | EOOO | EOOO | ||||
| DEFERRED INCOME | |||||||
| Deferred income at 1 November |
2019 | 138 | 85 | 6 | 21 | ||
| Resources deferred | during the year | 210 | 138 | 6 | 6 | ||
| Amounts released |
from previous | periods | (138) | (85) | (6) | (21) | |
| DEFERRED INCOME | AT 31 OC | rOBER 2019 | 210 | 138 | 6 | 6 |
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| ANALYSIS OF NET ASSETS BETWE | EN FUNDS - CURRENT | PERIOD | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | |
| 6000 | 6000 | 6000 | 6000 | |
| Tangible fixed assets | 1,914 | 2,930 | 4,844 | |
| Fixed asset investments | 2.733 | 2,709 | 5,442 | |
| Investment property |
20.064 | 36,376 | 56,440 | |
| Heritage assets | 15,027 | 4,500 | 19,527 | |
| Current assets | 2,286 | 2,286 | ||
| Creditors due within one year | (1,235) | (1,235) | ||
| TOTAL | 40,789 | 2,709 | 43,806 | 87,304 |
| ANALYSIS OF NET ASSETS BETWE | EN FUNDS - PRIOR PE | RIOD | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2019 | 2019 | 2019 | 2019 | |
| 6000 | 6000 | f000 | 6000 | |
| Tangible fixed assets | 1,890 | 2,930 | 4,820 | |
| Fixed asset investments | 3,979 | 2,430 | 6,409 | |
| Investment property |
18,764 | 35,841 | 54,605 | |
| Heritage assets | 15,027 | 4,500 | 19,527 | |
| Current assets | 2,093 | 2,093 | ||
| Creditors due within one year | (1,573) | (1,573) | ||
| TOTAL | 40,180 | 2,430 | 43,271 | 85,881 |
| Group | Group | ||||||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||
| EOOO | FOOO | ||||||
| Net income | for the period (as per Statement | of Financial | Activities) | 1,424 | 140 | ||
| ADJUSTMENTS FOR: | |||||||
| Depreciation | charges | 105 | 98 | ||||
| Losses on investments | (1,983) | (531) | |||||
| Dividends, | interests | and rents from investments | (2,105) | (2,115) | |||
| Loss on the | sale offixed assets | 2 | |||||
| Decrease in stocks |
13 | 30 | |||||
| Decrease/(increase) | in debtors | 349 | (283) | ||||
| Increase/(decrease) | in creditors | (337) | 379 | ||||
| NET CASH | USED IN OPERATING ACTIVITIES | (2,532) | (2,282) | ||||
| 21. | ANALYSIS | OF CASH AND CASH EQUIVALENTS | |||||
| Group | Group | ||||||
| 2020 | 2019 | ||||||
| EOOO | FOOO | ||||||
| Cash in hand |
1,404 | 849 | |||||
| TOTAL CASH AND | CASH EQUIVALENTS | 1,404 | 849 | ||||
| 22. | ANALYSIS | OF CHANGES IN NET DEBT |
|||||
| At 1 | At 31 | ||||||
| November | October | ||||||
| 2019 | Cash flovvs | 2020 | |||||
| EOOO | EOOO | ||||||
| Cash at bank and in | hand | 849 | 555 | 1,404 | |||
| 849 | 555 | 1,404 |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| EOOO | EOOO | |||||
| Unapplied | total return | bought forward | 12,944 | 13,924 | ||
| Increase | in | value during | the year | 2,008 | 1,036 | |
| Transfer | to permanent | endowment | (594) | (577) | ||
| Application | of unapplied | total return | (1,473) | (1,439) | ||
| 12,885 | 12,944 |
| The following | was a quasi-subsidiary | undertaking ofthe T |
rust: | |||
|---|---|---|---|---|---|---|
| Name | Company | Holding | Included | in | ||
| number | consolidation | |||||
| Old Warden | Limited | 06366021 | 10059 | Yes | ||
| The financial | results ofthe subsidiary | for the year were: | ||||
| Name | Income | Expenditure | Profit/(Loss) | Net | assets | |
| FOOO | FOOO | / Surplus/ | f000 | |||
| (Deficit) for | ||||||
| the year | ||||||
| FOOO | ||||||
| Old Warden | Limited | 755 | (900) | (145) | 41 |