##
##
|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||
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|||||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|||||
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|||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||
##
##
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##
|||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||
##
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##
##
##
##
||||||||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|
##
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##
|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||
##
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|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|||||||||
##
##