2021-03-31-accounts - The Ditchley Foundation

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The Ditchley Foundation	The Ditchley Foundation	The Ditchley Foundation
Office Holders, Trustees and Committee			Members	page	1
Finance and General Purposes Committee				page	2
Investment Sub-Committee				page	2
Programme Committee				page	3
The Trustees' Annual Report
Aims, Objectives, Activities and their		Public Benefit		page	4
Report of2020-2021				page	5
The 2020-2021 Programme of Events				page	6
Plans for the Future				page	7
The Ditchley Team and	Governance			page	8
Ditchley Park				page	8
Financial Review				page	9
Development Report				page	10
Private Events and Other Income				page	11
Reserves Policy				page	12
Financial Resilience Statement				page	12
Fundraising Compliance	Notice			page	12
Structure, Governance	and Management			page	13
Trustees' Responsibilities				page	15
Principal Activities and	Business Review			page	15
Dividends				page	15
Directors				page	15
Consolidated Accounts
Independent Auditor's Report to the		Members		page 16 - 19
Consolidated Statement	of Financial	Activities		page 20-21
Consolidated Balance Sheet				page 22
Charity Balance Sheet				page 23
Consolidated Statement	ofCash Flows			page 24
Notes to the Accounts				page 25-44

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
				2021	2021	2021	2020
				6	6	6
Income from:
Donations, grants and legacies				647,383	381,916	1,029,299	1,153,147
Trading turnover of	subsidiary			3,781		3,781	217,254
Investment income				67,094		67,094	141,203
Other sources				127,922		127,922	75,991
Total income				846,180	381,916	1,228,096	1,587,595
Expenditure on:
Raising funds:
Voluntary income				45,000		45,000	16,025
Fundraising trading	(DPCC costs)			3,660		3,660	140,641
Investment management		fees		199,182		199,182	128,611
Charitable activities:	Conference
programme costs			5	2,187,866	435,027	2,622,893	2,440,994
Total expenditure				2,435,708	435,027	2,870,735	2,726,271
Net expenditure before net gains on
investments				(1,589,528)	(53,111)	(1,642,639)	(1,138,676)
Net gains on investments			9,10	3,714,337		3,714,337	534,277
Net income I (expenditure)				2,124,809	(53,111)	2,071,698	(604,399)
Transfers between funds			14	512,600	(512,600)
Net movement in funds				2,637,409	(565,711)	2,071,698	(604,399)
Reconciliation offunds:
Total funds brought	forward			23,671,065	752,394	24,423,459	25,027,858
Net movement in funds				2,637,409	(565,711)	2,071,698	(604,399)
Total funds carried	forward			26,308,474	186,683	26,495,157	24,423,459

All activitie	s relate to co	ntinuing operations.
			2021	2020
			6
Investment	and rental income		67,094	141,203
Net gains	on investment	assets	3,714,337	534,277
Total			3,781,431	675,480

	CONS	OLIDATED AS AT 31	BALANCE S MARCH 2021	HEET
				2021		2020
		Note		6		F
Fixed assets
Tangible assets		8		3,461,343		3,195,053
Investments		10		19,614,331		17,536,471
Investment property		9		2,988,000		2,926,000
				26,063,674		23,657,524
Current assets
Stocks		11	59,371		38,184
Debtors		12	121,693		79,797
Cash at bank and	in hand		508,284		799,932
			689,348		917,913
Creditors: amounts	falling due within one
year		13	(257,865)		(151,978)
Net current assets				431,483		765,935
Total assets less	current liabilities			26,495,157		24,423,459
Total net assets				26,495,157		24,423,459
Charity funds
Restricted funds		14		186,683		752,394
Unrestricted funds		14		26,308,474		23,671,065
Total funds				26,495,157		24,423,459

		AS AT 31	MARCH 2021
				2021		2020
		Note		6		F
Fixed assets
Tangible assets		8		3,461,343		3,195,053
Investments		10		19,614,333		17,536,473
Investment property		9		2,988,000		2,926,000
				26,063,676		23,657,526
Current assets
Stocks		11	59,371		38,171
Debtors		12	121,693		69,787
Cash at bank and	in hand		507,566		758,078
			688,630		866,036
Creditors: amounts	falling due within one
year		13	(257,270)		(176,716)
Net current assets				431,360		689,320
Total assets less	current liabilities			26,495,036		24,346,846
Total net assets				26,495,036		24,346,846
Charity funds
Restricted funds		14		186,683		752,394
Unrestricted funds		14		26,308,353		23,594,452
Total funds				26,495,036		24,346,846

		FOR TH	E YEAR ENDED 31 MARCH 202	1
				2021	2020
				6
Cash flows from operating		activities
Net cash	used in operating	activities (note	17)	(1,341,587)	(954,538)
Cash flows from investing		activities
Dividends,	interest and rents from investments			46,057	45,493
Purchase	of tangible fixed assets (note 8)			(436,118)	(57,128)
Drawdown	from investments			1,440,000	1,635,296
Net cash	provided by investing activities			1,049,939	1,623,661
Change in cash and cash		equivalents in	the year	(291,648)	669,123
Cash and	cash equivalents	at the beginning	ofthe year	799,932	130,809
Cash and	cash equivalents	at the end of	the year (note 18)	508,284	799,932
The notes	on pages 25 lo 44 form part ofthese financial statements

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
		6	6	6
Donations,	grants and legacies	647,383	381,916	1,029,299	1,153,147
Total 2020		473,430	679,717	1,153,147

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		6	6
Distributions	from investments	21,037	21,037	95,710
Rents		45,269	45,269	44,413
Bank interest		788	788	1,080
Total 2021		67,094	67,094	141,203
Total 2020		141,203	141,203

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2021	2021	2021	2020
						6
Conference	programme	costs	2,187,866	435,027	2,622,893	2,440,994
Total 2020			2,257,236	183,758	2,440,994

						Total	Total
			Staff costs	Depreciation	Other costs	funds	funds
			2021	2021	2021	2021	2020
			6	6	6	6	F
Conference	programme	costs	1,181,778	169,828	1,271,287	2,622,893	2,440,994
Total 2020			1,270,438	164,321	1,006,235	2,440,994

						Activities
						undertaken	Support	Total	Total
						directly	costs	funds	funds
						2021	2021	2021	2020
						6	6	6
Conference	programme		costs			2,594,447	28,446	2,622,893	2,440,994
Total 2020						2,390,280	50,714	2,440,994
Analysis of	direct costs
							Conference
							programme	Total	Total
							cost	funds	funds
							2021	2021	2020
									5
Staff costs							1,181,778	1,181,778	1,270,438
Depreciation							169,828	169,828	164,321
Administration							147,909	147,909	170,406
Repairs and	maintenance						185,772	185,772	175,918
Household and service costs							237,757	237,757	245,396
Conference	and events						45,647	45,647	155,347
Irrecoverable	VAT						91,121	91,121	68,336
Development	programme			costs			71,294	71,294	139,407
Costs attributable		to DPCC					(3,660)	(3,660)	(140,641)
Bridge project, Lumina costs and Rotunda							55,642	55,642	92,430
Campaign and communication					costs		27,009	27,009	48,922
Asbestos removal							317,418	317,418
Second floor refurbishment				costs			66,932	66,932
Total 2021							2,594,447	2,594,447	2,390,280
Total 2020							2,390,280	2,390,280

							Total	Total
						Unrestricted	funds	funds
						2021	2021	2020
						6	8
Trustees'	meeting costs and travel			expenses	on Foundation
business						221	221	10,267
Auditor's	remuneration					8,990	8,990	9,540
Non-audit	fees - other financial services					19,235	19,235	30,907
Total 2021						28,446	28,446	50,714
Total 2020						50,714	50,714
Staff costs
					Group	Group	Company	Company
					2021	2020	2021	2020
						E		E
Wages and		salaries			1,049,616	1,096,107	1,049,536	1,045,669
Social security costs					95,483	96,512	95,483	96,512
Contribution		to defined	contribution	pension
schemes					81,679	77,819	81,679	77,819
					1,226,778	1,270,438	1,226,698	1,220,000

	Group		Group
	2021		2020
	No.		No.
Administration		15		14
Establishment		13		13
Conference		1		6
		29		33

Group	Group
2021	2020
No.	No.

		Freehold	Motor	Fixtures and	Office and IT
		property	vehicles	fittings	equipment	Total
		F	F	F	F	F
Cost or	valuation
At 1 April	2020	4,577,175	42,373	64,887	552,962	5,237,397
Additions			2,500		433,618	436,118
Transfers	between classes			(10,100)	10,100
At 31 March 2021		4,577,175	44,873	54,787	996,680	5,673,515
Depreciation
At 1 April	2020	1,497,710	39,956	28,818	475,860	2,042,344
Charge for the year		121,408	1,000	5,296	42,124	169,828
Transfers	between classes			(10,100)	10,100
At 31 March 2021		1,619,118	40,956	24,014	528,084	2,212,172

Group (continued)
	Freehold	Motor	Fixtures and	Office and IT
	property	vehicles	fittings	equipment	Total
Net book value
At 31 March 2021	2,958,057	3,917	30,773	468,596	3,461,343
At 31 March 2020	3,079,465	2,417	36,069	77,102	3,195,053
Company
	Freehold	Motor	Fixtures and	Office and IT
	property f	vehicles f	fittings f	equipment f	Totalf
Cost or valuation
At 1 April 2020	4,577,175	42,373	64,887	552,962	5,237,397
Additions		2,500		433,618	436,118
Transfers between classes			(10,100)	10,100
At 31 March 2021	4,577,175	44,873	54,787	996,680	5,673,515
Depreciation
At 1 April 2020	1,497,710	39,956	28,818	475,860	2,042,344
Charge for the year	121,408	1,000	5,296	42,124	169,828
Transfers between classes			(10,100)	10,100
At 31 March 2021	1,619,118	40,956	24,014	528,084	2,212,172
Net book value
At 31 March 2021	2,958,057	3,917	30,773	468,596	3,461,343
At 31 March 2020	3,079,465	2,417	36,069	77,102	3,195,053

		Investment	Uninvested
		securities	cash	Total
Group
Cost or valuation
At 1 April 2020		17,048,935	487,536	17,536,471
Additions		1,304,291		1,304,291
Disposals		(2,970,573)		(2,970,573)
Revaluations		3,652,337		3,652,337
Other movements		(104,553)	196,358	91,805
At 31 March 2021		18,930,437	683,894	19,614,331
Net book value
At 31 March 2021		18,930,437	683,894	19,614,331
At 31 March 2020		17,048,935	487,536	17,536,471
	Investments
	in subsidiary	Investment	Uninvested
Company	companies f	securities f	cash f	Total f
Cost or valuation
At 1 April 2020		17,048,935	487,536	17,536,473
Additions		1,304,291		1,304,291
Disposals		(2,970,573)		(2,970,573)
Revaluations		3,652,337		3,652,337
Other movements		(104,553)	196,358	91,805
At 31 March 2021	2	18,930,437	683,894	19,614,333
Net book value
At 31 March 2021	2	18,930,437	683,894	19,614,333
At 31 March 2020	2	17,048,935	487,536	17,536,473

						Group	Group	Company	Company
						2021	2020	2021	2020
						6	E	6
Finished	goods	and	goods	for	resale	59,371	38,184	59,371	38,171

		Group	Group	Company	Company
		2021	2020	2021	2020
		6	E	6	F
Due within one year
Trade debtors		12,200	13,723	12,200	3,713
Other debtors		30,775	13,630	30,775	13,630
Prepayments	and accrued income	46,617	52,444	46,617	52,444
VAT recoverable		32,101		32,101
		121,693	79,797	121,693	69,787

			Group	Group	Company	Company
			2021	2020	2021	2020
				E		E
Trade creditors			77,043	58,741	77,043	58,741
Amounts	owed to group undertakings				31,378	43,412
Other taxation and social security			26,520	29,338	26,470	29,042
Other creditors			8,113	8,680	8,113	7,225
Accruals	and deferred	income	146,189	55,219	114,266	38,296
			257,865	151,978	257,270	176,716

Statement	offunds	offunds
Statement	offunds		- current year
		Balance at 1				Transfers	Gains/	Balance at 31
		April 2020		Income	Expenditure	in/out	(Losses)	March 2021
			6	6	6	6	6	6
Unrestricted
funds
General funds		23,671,065		846,180	(2,435,708)	512,600	3,714,337	26,308,474
Restricted
funds
Fabric fund			43,993			(43,993)
Travel fund			25,496					25,496
Earmarked
donations			588,835		(426,481)	(102,502)		59,852
Dulverton	fund		94,070			(79,070)		15,000
Front gates and
railings				2,500	(2,500)
Bridge				368,916		(287,035)		81,881
Rotunda				10,000	(6,046)			3,954
Rooms				500				500
			752,394	381,916	(435,027)	(512,600)		186,683
Total offunds		24 423459		1 228,096	(2,870,735)		3,714,337	26,495,157

Statement	offu	nds - prior year
							Balance at
		Balance at			Transfers	Gains/	31 March
		1 April 2019	Income	Expenditure	in/out	(Losses)	2020
		E	6	6	6	6
Unrestricted
funds
General funds		24,715,594	907,878	(2,542,513)	55,829	534,277	23,671,065
Restricted
funds
Fabric fund		64,677	13,348	(15,532)	(18,500)		43,993
Travel fund		15,496	10,000				25,496
Earmarked
donations			656,369	(67,534)			588,835
Dulverton	fund	232,091		(100,692)	(37,329)		94,070
		312,264	679,717	(183,758)	(55,829)		752,394
Total offunds		25,027,858	1,587,595	(2,726,271)		534,277	24,423,459

Summary offun	ds - current yea	r
	Balance at 1			Transfers	Gains/	Balance at 31
	April 2020	Income	Expenditure	in/out	(Losses)	March 2021
	6	6	6	6	6	6
General funds	23,671,065	846,180	(2,435,708)	512,600	3,714,337	26,308,474
Restricted funds	752,394	381,916	(435,027)	(512,600)		186,683
	24,423,459	1,228,096	(2,870,735)		3,714,337	26,495,157
Summary offunds - prior year
						Balance at
	Balance at			Transfers	Gains/	31 March
	1 April 2019 f	Income E	Expenditure E	in/out E	(Losses) E	2020 F
General funds	24,715,594	907,878	(2,542,513)	55,829	534,277	23,671,065
Restricted funds	312,264	679,717	(183,758)	(55,829)		752,394
	25,027,858	1,587,595	(2,726,271)		534,277	24,423,459

Analysis ofnet assets between funds - cur	rent year
	Unrestricted	Restricted	Total
	funds	funds	funds
	2021	2021	2021
Tangible fixed assets	3,461,343		3,461,343
Fixed asset investments	19,614,331		19,614,331
Investment property	2,988,000		2,988,000
Current assets	502,665	186,683	689,348
Creditors due within one year	(257,865)		(257,865)
Total	26,308,474	186,683	26,495,157

Analysis ofnet ass	et	s betwe	en f	unds - prior	year
						Unrestricted	Restricted	Total
						funds	funds	funds
						2020	2020	2020
						6	6
Tangible fixed assets						3,195,053		3,195,053
Fixed asset investments						17,536,471		17,536,471
Investment property						2,926,000		2,926,000
Current assets						165,519	752,394	917,913
Creditors due within	one year					(151,978)		(151,978)
Total						23,671,065	752,394	24,423,459
Reconciliation of net		movement		in funds to	net cash flow from operating		activities
							Group	Group
							2021	2020
							6	F
Net income/expenditure		for the year (as per Statement				of Financial
Activities)							2,071,698	(604,399)
Adjustments for:
Depreciation charges		(note 8)					169,828	164,459
Investment property	gain (note 9)						(62,000)	(346,000)
Gains on investments		(note 10)					(3,652,337)	(188,277)
Dividends, interests	and rents		from	investments	(note	4)	(67,094)	(141,203)
(Increase)/decrease	in	stocks	(note	11)			(21,187)	5,274
(Increase)/decrease	in	debtors	(note 12)				(41,896)	118,858
Increase/(decrease)	in	creditors (note 13)					105,887	(88,198)
Other investment movements							155,514	124,948
Net cash used in operating			activities				(1,341,587)	(954,538)

				Group	Group
				2021	2020
				6
	Cash	in hand		508,284	799,932
	Total	cash and cash	equivalents	508,284	799,932
19.	Analysis ofchanges		in net debt

							At 1 April		At 31 March
							2020	Cash flows	2021
								6	6
	Cash at bank and		in hand				799,932	(291,648)	508,284
							799,932	(291,648)	508,284
20.	Capital commitments
						Group	Group	Company	Company
						2021	2020	2021	2020
							E		E
	Contracted	for but not provided			in these
	financial statements
	Acquisition	oftangible		fixed assets		75,741		75,741

The following		was a subsidiary un	dert	aking ofthe compan	y:
Name					Company	Holding	Included	in
					number		consolidation
Ditchley Park		Conference Centre	Limited		01944182	100lo	Yes
The financial	results ofthe subsidiary			for the year were:
				Income	Expenditure	Profit/(Loss)	Net assets
				F	E	for the year	F
						6
Ditchley Park		Conference Centre		3,781	3,660	121		123
Limited