## ## ## |||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| ||||||v
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O| ## ## |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|