2022-03-31-accounts

THE COUNCIL'S ANNUAL REPORT AND ACCOUNTS 2021-2022

TABLE OF CONTENTS

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 Annual Report
Aims, Objectives,	Activities and their Public Benefit	page 4
Report of 2021-2022		page 6
The 2021-2022 Programme of Events		page 7
Plans for the Future		page 9
The Ditchley Team and Governance		page 9
Financial Review		page 10
Development Report		page 12
Private Events and Other Income		page 13
Reserves Policy		page 13
Financial Resilience Statement		page 14
Fundraising Compliance Notice		page 14
Structure, Governance and Management		page 15
Responsibilities		page 16
Principal Activities and Business Review		page 17
Dividends		page 17
Directors		page 17
Consolidated Accounts
Independent	Report to the Members	page 18 - 21
Consolidated Statement of Financial Activities		page 22 - 23
Consolidated Balance Sheet		page 24
Charity Balance Sheet		page 25
Consolidated Statement of Cash Flows		page 26
Notes to the Accounts		page 27 - 46

Office Holders, Trustees and Committee Members

HONORARY LIFE PRESIDENT

Lady Wills JP

COUNCIL OF MANAGEMENT

[Trustees of the Foundation]

Chairman

The Right Honourable the Lord Hill of Oareford CBE

Members of the Council

The Lord Aldington The Lord Bridges of Headley MBA Ms Pamela Dow Mrs Marjorie Neasham Glasgow BEM, Her Majesty's Lord-Lieutenant of Oxfordshire * His Excellency the Honorable Ralph Goodale PC The Right Honourable Mr Dominic Grieve QC Sir Julian King GCMG, KCVO Ms Rachel Lomax The Right Honourable the Lord Mandelson Mr Paul Newman Mrs Elizabeth Padmore Ms Emma Reynolds The Most Honourable The Marquess of Salisbury KCVO PC DL Dr Catherine Wills Company Secretary Ms Katie Williams

• The High Commissioner for Canada serves as an ex-officio member of the Council of Management for the duration of their tenure as representative to the Court of St James.

THE EXECUTIVE STAFF

Director : Mr James Arroyo OBE Chief Operating Officer: Ms Wendy Shepherd Major Events and Projects Lead and Company Secretary: Ms Katie Williams

Registered office: Ditchley Park, Enstone, Chipping Norton, Oxfordshire OX7 4ER

A company registered in England (No. 599389) limited by guarantee and not having a Share Capital, registered as a Charity (No. 309657) and exempt from Income Tax and Capital Gains Tax.

Auditors: James Cowper Kreston Bankers: Barclays Bank plc, Oxford Investment Managers: Partners Capital LLP Solicitors: Julian Taylor Solicitors, Bicester

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FINANCE AND GENERAL PURPOSES COMMITTEE

Chairman The Lord Aldington

Members

Mr James Arroyo OBE Ms Rachel Lomax Mr David Morrison Mr Paul Newman Mrs Elizabeth Padmore Dr Catherine Wills

Secretary Ms Wendy Shepherd

INVESTMENT SUB-COMMITTEE

Chairman Mr Nicholas Ferguson CBE

Members

The Lord Aldington Mrs Elizabeth Padmore

Secretary Ms Wendy Shepherd

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PROGRAMME COMMITTEE

Chairman

The Right Honourable Douglas Alexander

Members

Mr Bim Afolami MP Mr James Arroyo OBE Ms Melinda Bohannon Mr Charles Grant CMG Ms Julia Gross Mr Darren Jones MP Ms Elizabeth Linder Mr Hiroshi Matsuura Dr Edwina Moreton OBE Mr Rajay Naik Professor Sir Adam Roberts KCMG FBA Mr Rory Stewart OBE Ms Jo Swinson CBE Mrs Xenia Wickett Dr Catherine Wills

Secretary

Mrs Sandra Ricks

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The Annual Report

Aims, Objectives, Activities and their Public Benefit

The overarching aim of the Foundation as set out in its Articles carry out or advance any charitable objects, and in particular any branches or aspects of education, likely to be for the common benefit of British subjects on the one hand and citizens of the United States of

of education and improvement of public policy-making in the UK, North America and beyond.

This broad statement devised for the inauguration of the Foundation in 1958 still holds true but has been clarified for the challenges facing the world 60 years on. Our aim is to help sustain peace, freedom and the rule of law. We work towards the renewal of democratic societies, states and alliances.

Ditchley brings people together to think new things and make new connections. We orchestrate frank conversations across divides and create space for strategic thinking.

Our primary route to impact is through people, engaging the individuals and organisations with direct influence over outcomes. Ditchley discussions address complex challenges that, as a rule, do not have simple solutions.

We aim to find and include outstanding talent from all quarters. Ditchley is committed to ensuring and encouraging access for everyone, regardless of ability, age, gender, cultural or social background, sexual orientation, faith, location or wealth. Ditchley is independent and not bound by the interests of any government, political party or company.

We publish the outcomes of conferences and other events for public benefit. We also share insights and conclusions with government ministers, civil servants, journalists, business and technology leaders and others in a targeted way, either by direct briefings, post-conference briefings to the Ditchley community, or through subsequent small group discussions exploring particular ideas or themes which require more examination. Ditchley has a wide range of partnerships with other organisations and seeks to work on issues in coordination rather than isolation, aiming to achieve maximum impact and efficiency.

The public benefits generated by Ditchley are a deeper understanding amongst decision makers and influencers of issues of international concern across different fields, delivering in turn a wider public good. By design, Ditchley addresses the systemic long-term challenges we face, and so benefits are often difficult to quantify through short-term metrics. Nonetheless

Exceptionally busy and influential people continue to make time to participate in Ditchley events, whether face to face at Ditchley Park or virtually. The Ditchley experience is educative even for those at the height of their careers and widely appreciated as a valuable contribution to public life. Ditchley conversations inform the reporting of many respected news organisations from the BBC to the Washington Post and also new forms of media.

Ditchley provides an unparalleled opportunity for a frank, fresh, and bracing exchange of ideas and perspectives across many types of boundaries. We've got to break out of our social circles and comfort zones if we are going to mobilize more effective policy responses to our great challenges. Ditchley always expands the horizons of my thinking.

Dr Larry I Diamond, The United States: headed for renewal or bound for division?, September 2021

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Conferences at Ditchley are of a consistently high calibre and offer a healthy diversity of perspectives. The quality and quantity of in-depth reflection provides ample material to guide one's professional analysis and inspire one's thought process. Dr Zachary Paikin, Europe after Merkel, March 2022

No individual receives financial benefit from Ditchley. Where events are residential, board and

Ditchley has resumed the practice of offering the house and its gardens without charge to charities in Oxfordshire and the surrounding region for several fundraising events per annum. In the last year Ditchley has hosted three such events.

The Foundation maintains Ditchley Park as a historic house, part of the national heritage. It is open by appointment to individuals, groups and societies to study its history, art and architecture. The public is given access to the building in the form of pre-booked guided tours for a small charge. An innovation over the last year has been to set aside a number of days throughout the year as Public Access Days, bookable through a well-known online ticketing website.

Ditchley is committed to reducing its carbon footprint and engaged Small World Consultancy to undertake a comprehensive analysis of greenhouse gas emissions to provide a baseline from which to develop a responsible and deliverable approach to being carbon neutral by 2025. Initiatives under review to achieve this goal include the acquisition of an EV people carrier; an exploration of the possibility of installing solar panels on the roof of the main house which would remain hidden thanks to its design; rainwater harvesting; and clearing the kitchen garden with a view to growing more fruit and vegetables on site.

The Director and other officers of the Foundation undertake a range of other activities to promote the reputation and objectives of the Foundation and to attract new participants and supporters for the Foundation. They regularly participate in discussions with policy-makers and thought leaders in the UK, North America and far beyond, to explore opportunities for collaboration, attract expert participants to the Ditchley programme, and to share insights from Ditchley discussions.

Some of the objectives stated in the original Articles of Association of 1958 (such as establish fellowships, scholarships and and establish paid residential or other are not currently part of programme but are under review in development plans.

All new Trustees are provided by the auditors, currently James Cowper Kreston, on a biannual basis (most recently completed in February 2021), together with an annual reminder of Trustee responsibilities by means of the Charity Commission guidance document referenced above.

The Trustees have paid due regard to the Charity guidance on public benefit in

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Report of 2021-2022

The last 12 months have been tumultuous, beginning with the final few months of the constraints imposed by COVID restrictions and concluding with the shock of invasion of Ukraine on 24 February 2022. The upcoming programme was rapidly revised to provide space for thoughtful dialogue on the new issues and challenges ahead.

Alongside conduct of the thematic programme, Ditchley has pressed ahead with a range of other projects to support the programme and its impact.

The Bridge

The Bridge, the state-of-the-art audio-visual capability installed in the Library, has become Private Events. expertise with regards to the delivery of virtual and hybrid events is seen as class leading and we are regularly invited to demonstrate the Bridge facility to a range of other organisations, both national and international.

More importantly, as a direct result of the Bridge capability, Ditchley is able to involve serving senior figures (for example Secretary John Kerry, Commissioner Margrethe Vestager and German Chancellery State Secretary Dr Jörg Kukies) in conferences and other discussions.

Needless to say, amazing collection of people, superbly curated and moderated, and I have to say the Ditchley library is a masterclass in how to make hybrid meetings work effectively Feedback following Techno-Democracy conference, February 2022.

We have recruited a dedicated member of the team to lead on the technology underpinning the Bridge. Their background and training is in filmmaking and we are also able to draw on these skills to produce video content for a variety of purposes.

Internship programme

We are continuing to build our internship programme. We have engaged with twenty-eight interns throughout the academic year and will again be hosting a summer programme, which will take another forty students. All our interns are either paid for their work (at, or above, the national living wage) and/or receive credits towards their degree. We attract interns from universities from all parts of the country and ensure that geography is not a barrier to full participation in all aspects of the Ditchley interning experience which includes, for example, induction days at Ditchley and engagement with the newly launched Ditchley Intern Alumni Network. We will this summer be welcoming four to five Canadian undergraduates to the Ditchley Internship Programme, selected by the Canadian Ditchley Foundation, with broad geographical representation across Canada. Interns are also invited to participate in our mentoring programme, which connects emerging talent with members of the established Ditchley community.

digital presence

A key project underway is the migration of the current CRM to Salesforce which will facilitate the modernisation and scalability of capacity to deliver an expanded programme. It will also enable the integration o community platform. A new website is being developed in parallel. This will more accurately reflect the range of work currently undertaken by Ditchley and improve access to archive materials with simpler navigation. Both projects are scheduled for delivery in Autumn 2022.

Ditchley has continued to expand the digital content available on Smartify (https://smartify.org/venues/ditchley-park); a digital platform that hosts rich descriptions of art

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and objects through innovative technology, enabling engaging storytelling about places, their history and their purpose.

Heritage Projects

completion with the central section of rooms now all but finished and back in use by guests. The rooms and new dedicated and ensuite bathrooms have been individually decorated to a very high standard, combining outstanding comfort with character, history and respect for identity as a historic home rather than hotel. The remaining second floor rooms will be completed by the end of 2022, bringing to a close what are probably the largest scale works on the house since the 1930s.

Work is almost complete on restoration of the Rotunda, an iconic feature of the Ditchley landscape, which required the complete removal and rebuilding of the stone floor due to erosion through water ingress over the decades. The Rotunda and sham bridge end of the lake has also been dredged. Multiple smaller restoration and maintenance projects have been completed around the house and estate over the course of the year, for example the painting of the north front windows.

The 2021-2022 Programme of Events

The framework for the programme consists of four themes, which ensure clarity of purpose. There have been nine Ditchley conferences over the period covered by this report, each followed by a postmechanism for sharing initial reflections and findings with the wider Ditchley community.

Beyond the core conference programme, Ditchley has hosted over one hundred other sessions ranging from large scale events such as the Annual Lecture and Climate and Energy Summit to small group discussions. Smaller scale discussions are held on a weekly basis and facilitated by our theme leads, alongside a growing calls programme to members of the Ditchley community.

I Geopolitics

Geopolitics has always been and will remain core territory for Ditchley and that is reflected in the focus of five of the conferences over the last year.

Notable amongst these was China Today and Tomorrow in May 2021, where the power of virtual connection to bring together people from across the globe was fully deployed, with an on-line gathering of just under one hundred participants from China, the US, Canada, Australia, Japan, Malaysia, Germany, Hong Kong, Singapore, Ghana, France and the UK. The intense day and half, round the clock conversation, engaged different perspectives from politics, academia and business in frank exchanges with Chinese voices about China today and its immediate future.

grouping on zoom - what a truly astonishing gathering. One of my Chinese contacts

The twenty-four-hour approach to conference planning was taken one step further in October for The Indo-Pacific: how can we best promote strategic stability, economic growth and the rule of law in the region? with the programme running according to the regional time zones, a deliberate choice to emphasise our seriousness on engaging the Indo-Pacific, greatly appreciated by the many participants from that region.

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The three other conferences falling under this thematic heading were Global finance, states and societies: how can finance be one of the heroes of a green recovery from the great pandemic? in April 2021; The United States: headed for division or bound for renewal? in September 2021; and Europe after Merkel in March 2022.

Annual Lecture

Via the Bridg 57[th] Annual Lecture on Saturday 10[th] July. The speech was a robust defence of the values of democracy whilst acknowledging the allure and threats of more populist or authoritarian systems. With the relaxation of COVID restrictions, it was possible to deliver the Lecture as a hybrid event, with a small group of participants in person at Ditchley and over four hundred more joining virtually.

II Democracy, education and renewal of the social contract

Three major conferences and a series of small(gatherings of key participants) have been held on this theme throughout the year.

The three conferences were: Take Back Control Part Two , June 2021; Making the future work for all workers , November 2021; and Freedom in democracies: navigating the collision of identity and freedom of expression in the digital age , January 2022,

The theme was also explored through sessions held in collaboration with members of the Labour Party and, separately, senior civil servants on strategy and civil service reform.

III Technology and Democracy

February conference on Techno-Democracy: how can democracies adopt AI and other emerging technologies at speed in order to strengthen both global competitiveness and core values?, represented an important milestone for this programme of work.

This was complemented by the launch of Data in Democracies programme with the objective of accelerating the development of norms for data sharing and technology regulation across democratic states. Two one day conferences on the theme were held in October 2021 and March 2022, along with a number of smaller scale discussions over the intervening months.

Ditchley also held its third one day conference on the fast-developing field of computational biology which brings together AI and the life sciences in the pursuit of accelerated scientific discovery of new medicines and materials.

Building on five years of work, in May 2021 Ditchley launched an informal Science and Technology Group to bring together around a hundred members of the Ditchley community with re

IV Climate, ocean and biodiversity

February 2021 Climate Judo conference. It deploys the Ditchley methodology of small informal working groups convening around focussed discussion topics, leading up to larger gatherings. A forty-person Climate and Energy Summit in March brought together a group of core participants. The main areas of focus include the energy transition, education in the context of climate change, and adaptation and resilience by society to the effects of climate change which it is now too late to prevent.

Details of all conferences, and other virtual discussions and events can be found on the Ditchley website: https://www.ditchley.com/events/past-events

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Plans for the Future

Ditchley will continue to respond to the Ukraine crisis with agility, convening a variety of discussions to address both the primary and secondary effects and challenges. The aim of the programme is to provide a space for frank conversation across divides, in order to enable strategic thinking as democratic states, markets and alliances respond to the war.

Ditchley will continue to build a community of drawn from all parts of society, ensuring participation is multi-national, multi-disciplined and multi-generational. Initiatives are underway to expand focus), Europe, Australia and Japan.

Ditchley will also continue to explore new ways to utilise technology to deliver its mission.

The Ditchley Team and Governance

The governance bodies of the Ditchley Foundations have, over the past year, worked ever more closely to ensure the institution remains vital and relevant, helping to bring together the right people for the right conversations, pushing forward with the fundraising efforts, and providing wise counsel.

during a consultation exercise over the autumn. We are very grateful to all those who contributed to this exercise and participated in the report back session in February 2022 and are working on many of the recommendations to emerge.

Ditchley remains indebted to all trustees, Governors, and all those involved with the UK, American and Canadian branches of Ditchley.

Consistent with term limits imposed on Council membership, Ms Rachel Lomax and Mr Paul Newman, both members of the Council of Management and the Finance and General

Charles, Lord Aldington, will also be stepping down from Council, and as Chairman of the Finance and General Purposes Committee, after agreeing to serve for an additional year to enable a smooth transition to his successor who will be elected at this Annual General Meeting.

We should like to record our thanks to all for their time, energy and advice over many years and hope to be able to count on their continued support in the years ahead.

Wendy Shepherd, assumed the new role of chief operating officer at the end of last year, succeeding Col Mike Montagu who retired from the post of bursar in December. We are delighted that Mike remains involved with Ditchley in his new role of host and historian.

We would like to acknowledge with sadness the deaths over the last year of the following: Sir Antony Acland, Mr John Banks, Sir Nicholas Goodison, Sir Christopher Mallaby, Mr Edward Mortimer, Count Riprand von Arco, Baron Dr Hermann von Richthofen and Sir Crispin Tickell. All had been involved with the governance of the Foundations in varying capacities over many years.

We were also saddened by the death of Eva, Lady Wills, in May this year. Until very recent years, and following the death of her husband and founder Sir David Wills, she had been a regular presence at the opening and closing plenaries of virtually every conference

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and maintained a keen interest in the development of this institution in which she and her family have invested so much. Our thoughts are with her daughter, Dr Catherine Wills, and her extended family.

As Ditchley continues to evolve, it will strive to honour the legacy of Sir David and Lady Wills, remaining true to the founding principles on which it was established in 1958, which remain very relevant for a world in which peace, freedom and the rule of law remain as elusive as ever.

Financial Review

2021-2022

The start of the financial year began with high expectations of normality with a general opening of society. Thankfully the acceleration of the vaccination programme in July allowed the resumption of on-site commercial activity with, appropriately, an international conference in Health and Tropical Medicine. Commercial income generated £143k, exceeding the budget of £108k, showing a strong recovery. Future commercial income has been secured for FY 2022/2023 and enquiries have returned to pre-pandemic levels.

Ditchley successfully managed the transition from virtual to hybrid normality, utilising our world class technology to overcome geographical barriers and time constraints. Our mastery of convening technology has become a valuable part of our offer when hosting guest events for other organisations.

Staff based near to Ditchley have predominantly returned to onsite working. Programme staff in more distant locations (including London and Central Europe) are regularly welcomed to Ditchley for events and team meetings in order to bring the whole team together, socially, and physically. Efficient utilisation of the Ditchley estate enables staff to stay on site, keeping costs to a minimum.

Operational staff, by necessity, have worked on site throughout the pandemic, notably completing the first phase of the second-floor restoration and many other projects. This redeployment of the team worked well during full lockdown and resulted in large savings on the initial estimated refurbishment cost. As normal business resumes, then we are planning carefully how to combine contracted out works with the enhanced skills of the Ditchley team.

At the end of the financial year consumable and energy costs had risen substantially with further increases expected. We have mitigated the gas costs with prudent planning and are looking at ways to maximise the Biomass output and to develop renewable sources of electricity. A leased, externally funded electric vehicle, will reduce fuel costs in FY 2022/2023, as part of our carbon reduction plan, developed as part of our carbon survey by a wellrecognised consultancy.

Management and role of the invested portfolio

The strategic imperative remains for the Foundation to grow both the value of its invested portfolio, still its principal source of income (and therefore not a reserve) and its yearly income independence as a connector and convenor of people.

The portfolio had a value of £20.4 million in March 2022, growing 4% net during the calendar year, taking it past its nominal value of £19.593m at the same point the previous year. This is thanks to the excellent return on investments during the first three quarters of the year, the

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final quarter affected by the Ukraine crisis. The Investment Sub-Committee (ISC) view is that investment managers Partners Capital steered the portfolio through the pandemic as well as could be expected. Economic growth forecasts for 2022 have been downgraded on geopolitics and tighter monetary policy and the rise in inflation will inevitably affect the investment successful at limiting losses compared to the financial crises of 2003 and 2008. Since inception, on 1[st] September 2010, the portfolio has delivered an annualised return of +8.1%.

The rate of return enabled a drawdown from the portfolio at year end of £1.26m, below budget set at £1.3m. The level of drawdown was appropriate balanced against the return on investment for the year. For the coming year the budgeted figure for drawdown is set at £1.326m, currently 6.5% of the portfolio value. This level of drawdown reflects the level of planned capital investment in FY 2022/2023 and is in line with the aim to bring down the annual withdrawal amount to a sustainable 4% of portfolio value by the end of FY 2024/2025.

An ESG investment policy was adopted by the Council of Management last financial year, empowering our investment managers to report on the exposure of the diverse funds in which the portfolio is invested.

Strategic financial risks

Our main strategic financial risk remains a sustained collapse in the markets and in the value of our invested portfolio. Our main mitigations continue to be: careful management of the portfolio; continued work on development; and if necessary further reduction of costs. The ability to reduce costs is underpinned by making sure that we approach major projects in ways that allow for agility and the commitment of funds incrementally. This has been the approach adopted for the second-floor restoration for example.

Management of finances

FY 2021/2022 expenditure in the Annual Accounts was £3.124m, while income was over £1.3m. Last year the DPCC revenue, although offset by the operational savings, was severely curtailed by COVID. This year commercial events, although still constrained by the pandemic, generated over £143k.

The £3.124m spend includes the commissioning and installation of the bespoke conference table to complete the Library and the completion of the restoration and refurbishment of the middle section of the second floor. The upgrade of tired, badly designed accommodation to seven beautiful bespoke bedrooms with either ensuite and dedicated bathroom facilities completes phase one of the ambition to provide thirty rooms of equivalent quality. Phase two, the completion of the West and East corridor, will be completed by the end of 2022. The project spend was funded through both donations and core funding.

Expenditure in FY 2022/2023 is budgeted, in the management accounts, to be just over £3.35m. Donation funding accounts for nearly £300k of project expenditure and £319k of staff costs in the budget. All scheduled work has been budgeted and additional work and projects will not be undertaken without funding in place. Tight controls remain in place to ensure externally funded projects are carefully monitored. A particular focus has been on building up in-house expertise to reduce reliance on external professional advice, delivering savings.

An initial 4.5% pay rise has been budgeted to reflect the rise in inflation and a further review will take place during the year, given the expectations that inflation will climb further. We have adopted the Oxford Living Wage for all staff, both permanent and casual, to protect the lowest paid members of our team and to ensure consistency of terms and conditions.

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Development Report

Ditchley raised just over £1.04m in donations during this year from a variety of sources including individuals, trusts and foundations, and corporations. The donations from Trustees amounted to £25,800. As of writing, the running total for the campaign to date is £5.3m in donations and firm pledges over the last four years. Our next priority is to refresh the pipeline for FY 2022/2023 to take the campaign into its second phase and to continue to grow existing and regular support from 1580 Fellows.

Our plans for the next phase of the campaign allow for significant flexibility, for example on the pace of the restoration of the remaining areas of the second floor, planning for the development of East Wing, and our balance between face to face and virtual events.

Special thanks are extended to American Ditchley on the heritage project, who have committed to endow four bedrooms, including the Henry Kissinger room; the Cyrus Vance support for the endowment of the remaining bedrooms. Development plans for the East Wing will begin in earnest this year which will increase capacity for in-person guests and secure -standard global place to meet, thanks to its unique combination of history and cutting-edge technology.

During this past year we have strengthened existing relationships and welcomed new ones. The current extraordinary circumstances demand both action from Ditchley and create an opportunity to bid for extraordinary support.

A full list of donors for 2021/2022 is included below in alphabetical order:

The American Ditchley Foundation The Bryan Guinness Charitable Trust Hanns Seidel Foundation Historic Houses Foundation John H & Marjorie N Glasgow Foundation Lumina Foundation Microsoft Corporation The Peter Stormonth Darling Charitable Trust Pilgrim Trust

Three Anonymous Individuals Lord and Lady Aldington Ms Angelica Anton George and Ally Bailey Mr Peter Bass and Ms Nuala The Honorable and Mrs. John B. Bellinger III Mr Christopher Bishop Mr Sam Blyth The Rt Hon. Baroness Virginia Bottomley DL and Sir Peter Bottomley MP Sir Andrew Cahn KCMG Dr Vinton and Mrs Sigrid Cerf Mr Sam Daws Ms Suzanne Ferlic Johnson Sir Simon Fraser GCMG Mr Oliver Gerrish The Rt Hon. Dominic Grieve QC Ms Jan Hall OBE Russell and Andrea Hartley

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The Rt Hon. The Lord Hill of Oareford CBE Mr Will Hutton John and Caitlin Kennedy Ambassador Andrey I. Kolosovskiy Sharon and Cary A. Koplin Ms Rachel Lomax Mr Chris Mairs CBE FREng The Rt Hon. Sir John Major KG CH Mr Jamie Merisotis Ms Jami Miscik Diane and David Modesett Col Mike and Caroline Montagu Marc and Odile Mourre George and Joan Newcombe Mr Paul Newman Ms Margaret Nibbi Mrs Elizabeth Padmore Mr Jonathan Paris Luke and Nicky Ponsonby Mr Gerard Russell MBE Sir John Sawers Sir Martin and Lady Smith Dr Alfred Z. Spector Elisabeth Stheeman Mr Michael Tang Mr Bobby Vedral In memory of Baron Dr Hermann von Richthofen GCVO Dr Diana Walford CBE MD FRCP FRCPath FFPH Mr Simon Webb CBE, FICE The Rt Hon. The Lord Willetts FRS FacSS Dr Dawn Wright*

*Supporters of The American Ditchley Foundation.

Thank you to the many individuals who support our work.

Private Events and Other Income

Ditchley Park Conference Centre Limited was able to resume business in May with filming work. We hosted further film location work in September and a mixture of private sector and not for profit conference and day bookings through the rest of the year, generating an income of £143k. For FY 2022/2023 we have secured substantial filming during our August closure period which is reflected in our increased budgeted projected income of £436k. Filming, although all encompassing, has a higher return due to the decreased staffing and consumables.

Reserves Policy

The core finances are based upon its investment portfolio (valued at £20.4m as at end March 2022), which still provides the principal source of income. The portfolio is not a reserve, nor managed as such, and in the absence of any dedicated reserve fund, the Council of Management consider it a matter of essential financial discipline that the value of the capital

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is preserved as far as possible in order that the Foundation can deliver on its founding mission to run its programme for positive impact, rather than for profit or the interest of any party.

Short term reserve

The portfolio is invested across multiple asset classes and managed by Partners Capital to have a minimum of £400,000 of liquid reserves available to the Foundation within a week. This sum was identified by the Investment Sub-Committee, under the auspices of the Finance and General Purposes Committee, as an appropriate amount of short-term reserve to cover contingencies such as major emergency repairs. As at March 2022, the invested assets under management could provide some £2m to be available within a week, with 60% of the portfolio available to be liquidated within a four-to-seven-month period.

The Ditchley Foundation has determined on advice not to hold a separate reserves fund outside the main portfolio given both the opportunity cost (due to lower expected returns) and the additional administrative burden of operating a separate reserves portfolio.

Strategic long-term reserves

point where it can track the approach of Oxford colleges and take no more than 4% of income from the held funds each year.

The Foundation has set out a plan of stepped reductions of the sum withdrawn annually from the invested portfolio in order to reduce reliance on the portfolio and to bring this down to 4% of portfolio value by FY 2024/2025, with this aim achieved by a combination of programme and project fundraising, efficiencies and increasing other income streams such as DPCC. This strategy will be pursued in parallel to campaigning for direct donations to increase the size of the invested portfolio.

As at 31 March 2022, total funds stood at £26,910,304 of which £25,496 were restricted. The level of unrestricted free reserves, after excluding fixed assets and designated funds, stood at £23,513,987.

Financial Resilience Statement

has sufficient funds to enable it to continue its activities on a going concern basis for a period of at least twelve months from the date of approval of these financial statements. The budget endorsed for FY 2022/2023 allows for an unrestricted cash balance, £151k at the end of the t liquidity to cover any short-term urgent needs.

Fundraising Compliance Notice

The Ditchley Foundation receives income from donations and has a trading subsidiary, Ditchley Park Conference Centre Limited. The Ditchley Foundation has signed up to the Code of Practice issued by the Fundraising Regulator. We do not carry out any direct marketing to the public and give clear instructions as to how individuals can be removed from our mailing lists. Our fundraising capability is in-house, and we do not use external commercial participators in our fundraising activities. There have been no complaints about fundraising in the year. A formal donor policy was approved by the Finance and General Purposes Committee and endorsed by the Council of Management in November 2020.

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Structure, Governance and Management

incorporated on the 24 February 1958, the Articles of Association having been subsequently amended on the 29 November 1966, 7 July 2007 and 7 July 2018.

Members of the Foundation are currently designated They meet at least once a year, whether virtually or in person, at the Annual General Meeting of the Foundation, to approve the Annual Report and accounts of the Foundation and to receive the report of the auditors; to elect, as necessary, in accordance with the Articles of Association, the Council of Management; and to deal with other business of the Foundation. In addition to the AGM, Governors are also invited to further briefings during the course of the year and receive regular updates by email or letter.

Trustees (Members of the Council of Management) are generally selected from the ranks of the Governors and invited to join the Council by the Chairman, acting on the recommendations and advice of the existing Trustees, with a view to maintaining a balance of experience, expertise and background within the body of Trustees. They are subsequently elected by the Governors and serve a four-year term, renewable for one further four-year term.

All Trustees are fully familiar with the aims and ideals of the Foundation.

The administration of the Foundation is carried out by the Council of Management, through the Finance and General Purposes Committee. The day-to-day management of the Foundation is conducted by the Director, who is appointed by, and responsible to, the Council of Management.

The salaries of senior members of staff are established with regard to pay levels in the sector for similar positions. From time to time, an external review of pay levels for all staff is commissioned, the most recent instance being the remuneration review conducted during 2017/2018 and implemented in 2018/2019.

Ditchley Park Conference Centre Limited (DPCC) is the trading arm of the Foundation and oversees events in the Mansion when not in use by the Foundation. These events include visits (the house is a Grade I listed historic building), conferences and meetings organised by outside bodies and use of the Mansion for education, photography and films. This activity was severely curtailed for much of the last financial year, but has now resumed.

The Council of Management is responsible for the management of risks faced by the Foundation. Detailed considerations of risk are delegated to the Director and his staff. Risks are identified, assessed, and controls established throughout the year with a formal review undertaken tri-annually. A high-level Risk Register was introduced in 2018 and is now reviewed regularly, including at each Finance and General Purposes Committee meeting and, annually by the Council of Management. The Register assesses the following risks:

• COVID-19 pandemic

• Impact of the Ukraine war

• Serious injury or death of member of staff or visitor

• Catastrophic damage to the Mansion (infrastructure) and heritage, including by fire

• Loss of impact and relevance of the Foundation

• Failure to adapt to changes in society and technology mean impact and reputation and efficiency undermined

• Reputation for financial probity, effectiveness and impact damaged

• Business model not sustainable

Page 15

• Data loss or privacy breach endangering reputation and damaging interests

• Loss of Business Continuity and reputational damage due to insufficient resilience in staff and infrastructure

• Serious damage to reputation due to failure to keep up with shifting public attitudes and perceptions

The Disaster Recovery Plan is subject to ongoing review, particularly regarding the business continuity aspects as impacted by the current pandemic.

The key controls used by the Foundation include:

• The above-mentioned tri-annual meetings of the Council at which the Director and his senior staff brief the Trustees;

• Biannual meetings of the Finance and General Purposes Committee, which usually precede the Council Meetings, and a further annual meeting of the Committee at which they decide on major works and review health and safety procedures;

• Detailed job descriptions for the Director and Senior Staff, which are reviewed in detail on changes of incumbent;

• Three meetings a year between the Investment Sub-Committee of the Finance and General Purposes Committee and the investment managers of the investment portfolio. Additionally, members of this Committee with investment experience liaise with the investment managers as often as market conditions warrant it; Finance and General Purposes Committee, plus twice a year meeting of the Health and Safety Committee, to review risks and safety procedures and decide on any necessary policy adjustments in the light of legislative changes.

Through these processes the Trustees are satisfied that the major risks have been identified and adequately mitigated where necessary.

Responsibilities

As directors, the Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. They are required by UK company law to prepare, for each financial year, financial statements which give a true and fair view of the state of affairs of the company, and the group, and of the profit or loss of the company and the group for that period.

The Trustees confirm that suitable accounting policies have been used and applied consistently, and that reasonable and prudent judgements and estimates have been made in the preparation of the financial statements for the year ending 31 March 2022. They are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company in recognition of their responsibilities under the Companies Act 2006. The Trustees are responsible for taking reasonable steps to safeguard the assets of the company, and the group, and to prevent and detect fraud and other irregularities.

As far as the Trustees are aware, there is no relevant audit information (information needed preparing their report) of which the ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the F Auditors are aware of that information. The

Page 16

Trustees are required to prepare financial statements on an ongoing concern basis, unless it is inappropriate to presume that the charity will continue in operation.

Principal Activities and Business Review

The consolidated statement of financial activities for the year is set out on pages 22-23. A Report starting on page 4 and incorporates the requirements of the Directors' report as required by company law.

Dividends

In accordance with the Memorandum of Association, no dividends may be paid to Members.

Directors

The Members of the Council of Management are listed on page 1.

By order of the Council of Management,

KATIE WILLIAMS Company Secretary

Dated: 25th May 2022

Page 17

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE DITCHLEY FOUNDATION Opinion We have audited the financial statements of The Dilchley Foundation Ilhe 'parent charitable company'l and ils subsidiaries Ithe 'group'l for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and RepLJblic of Ireland, (United Kingdom Generally Accepted Accounting Practi￿}- In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the parent charitable companys affairs as al 31 March 2022 and of the Group's incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Ac12011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Group's or the parent charitable companls ability lo continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 18

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE DITCHLEY FOUNDATION ICONTINUEDI Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the TrLJStees' Report. We have nothing lo report in respect of the followng matters in relation to which Companies Act 2006 requires us lo report to YOLJ if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charrftable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled lo prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies. exemptions in preparing the Trustees. Report and from the requirement lo prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Trustees. Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or lo cease operations, or have no realistic alternative but lo do so. Page 19

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE DITCHLEY FOUNDATION ICONTINUEDI Auditorfs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assLJrance, bLJt is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿lay8 detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material If, individLJally or in the aggregate, they could reasonably be expected lo Influence the economic decisions of users taken on the basis of these financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalements, as we wll be less likely lo become aware of Instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularib"es, including fraud, were as follows.. Enquiry of management and those charged with governance around actLJal and potential litigation and claims. Reviewing minLJtes of meetings of those charged wth governance., Reviewing financial statement disclosures and lesling to supporting documentation to assess compliance with applicable laws and regLJlalions; Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditor's Report. Page 20

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE DITCHLEY FOUNDATION ICONTINUEDI Use of our report This report is made solely to the charitable companls members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable companys Iruslees, as a body, Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state lo them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Michagl Farwg11 MA FCA DChA Isgnior Statutory Auditor) for and on behalf of James Cowper Kreston Chartered Accounlanls and Statutory Auditor 2 Chawley Park Cumnor Hill Oxford Oxfordshire OX2 9GG Dale.. 2710512022 Page 21

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Income from: Donations, grants and legacies Trading turnover of subsidiary Investment income 959.923 143,813 49.046 68.502 83.875 1,043.798 143,813 49.046 68.502 1,029,299 3,781 67,094 127,922 Other sour￿$ Total income 1,221,284 83,875 1,305,159 1,228,096 Expenditure on: Raising funds.. Voluntary income Fundraising trading IDPCC costs) Investment management fees Charitable activities.. Conference programme costs 75.019 45,219 156.182 75.019 45.219 156.182 45,000 3,660 199,182 2.602.032 245.062 2.847.094 2,622,893 Total expenditure 2,878.452 245.062 3,123.514 2,870,735 Net expenditure before net gains on investments Nel gains on investments 11,657.1681 2,233.502 {161.1871 11,818.3551 11,642,639) 2,233.502 3,714,337 10 Net income I lexpenditurel 576.334 {161.1871 415.147 2,071,698 Net movement In funds 576.334 {161.1871 415.147 2,071,698 Reconciliation of funds.. Total funds brought forward Net movement in funds 26,308.474 576,334 186.683 {161,1871 26,495.157 415,147 24,423,459 2,071,698 Total funds carried fobward 26,884.808 25.496 26,910.304 26,495,157 Page 22

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 All activities relate to continuing operations. 2022 2021 Investment and rental income 49,046 2.233,502 67,094 3,714,337 Nel gains on investment assets Total 2.282,548 3,781,431 For information, total cash drawdown from the investment portfolio was £1,260,00012021.. £1,440,000). The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 27- 46 form part of these financial statements. Page 23

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) REGISTERED NUMBER: 00599389 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note Fixed assets Tangible assets Investments 3,370.821 20,401,559 2.988.000 3,461,343 19,614,331 2,988,000 10 Investment property 26,760.380 26,063,674 Current assets Stocks Debtors Cash at bank and in h8nd 11 12 35.890 88.758 260,231 59,371 121,693 508,284 384,879 689,348 Creditors.. amounts falling due within one year 13 1234.9551 1257,865) Net current assets 149.924 431,483 Total assets less current liabilities 26,910,304 26,495,157 Totsl ngt assets 26,910.304 26,495,157 Charity funds Restricted funds 14 25,496 26.884.808 186,683 26,308,474 Unrestricted funds 14 Total funds 26,910.304 26,495,157 The Trustees aCknO￿edge their responsibilities for complying wth the requirements of the Act wth respect to aecounting records and preparation of financial statements. The financial statements have been prepared in aecordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. The Right Honourable Lord Hill of Oareford CBE Dated.. 25th May 2022 The notes on pages 27 to 46 form part of these financial statements. Page 24

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) REGISTERED NUMBER: 00599389 COMPANY BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note Fixed assets Tangible assets Investments 3,370.821 20,401,561 2.988.000 3,461,343 19,614,333 2,988,000 10 Investment property 26,760.382 26,063,676 Current assets Stocks Debtors Cash at bank and in h8nd 11 12 35.890 61.553 252,044 59,371 121,693 507,566 349,487 688,630 Creditors.. amounts falling due within one year 13 1226.9721 1257,270) Net current assets 122.515 431,360 Total assets less current liabilities 26,882,897 26,495,036 Totsl ngt assets 26,882.897 26,495,036 Charity funds Restricted funds 14 25,496 26.857.401 186,683 26,308,353 Unrestricted funds 14 Total funds 26,882.897 26,495,036 The Company's net movement in funds for the year was £387,861 12021 £2,148,190). The Trustees aCknO￿edge their responsibilities for complying wth the requirements of the Act wth respect to aecounting records and preparation of financial statements. The financial statements have been prepared in aecordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. The Right Honourable Lord Hill of Oareford CBE Dated.. 25th May 2022 The notes on pages 27 to 46 form part of these financial statements. Page 25

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Cash flov￿ from operating activities Net cash used in operating activities Inote 171 {1.407,8851 11,341,587) Cash flov￿ from investing activities Dividends, interest and rents from investments Purchase of tangible fixed assets (note 81 Drawdown from investments 49,046 46,057 1149,2141 (436,1181 1.260.000 1,440,000 Net cash provided by investing activities 1.159.832 1,049.939 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1248,0531 {291.6481 508.284 799,932 Cash and cash equivalents at the end of the year (note 19) 260,231 508,284 The notes on pages 27 to 46 form part of these financial statements Page 26

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Ditchley Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. 1.2 Company status The liability is limited by guarantee and no shares are aulhorised or issued by the Foundation. Each member undertakes lo contribute £1 to the assets of the Foundation in the event of the same being wound up whilst a member, or wthin a year of ceasing lo be a member, for the payment of debts and liabilities of the Foundation contracted before ceasing to be a member, and of the cost, charges and expenses of winding up, such as may be required not exceeding £1. 1.3 Income All income is recognised once the Company has entitlement to the income, r( is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, entillemenl is taken as the earfier of the dale on which either." the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executorlsl lo the Trust that a distribution wll be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the execulorfs intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a Contingent asset and disclosed if material. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Income lax recoverable in relation lo investment income is recognised at the lime the investment income is receivable. Guest conference income excludes value added tax and represents the invol￿d value of goods and services supplied. Page 27

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amoLJnl of the obligation can be measured reliably. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the company and compliance wrth constitLJtional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading acb"vilies that raise funds, including the activities of Ditchley Park Conference Centre Limited. Expenditure on charitable activities activities comprises the costs of running the conference programme. All resources expended are inclusive of irrecoverable VAT. 1.5 Basis of consolidation The financial statements consolidate the accounts of The Ditchley Foundation and its subsidiary undertaking, Ditchley Park Conference Centre Limited. 1.6 Govemment grants Government grants relating lo tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred. 1.7 Tangible fixed assets and depreciation The house and land at Ditchley Park, acquired by gift, are not valued. Expenditure on improvements is al cost less depreciation. IndividLJal fixed assets costing £1,000 or more are capitalised at cost. A review for impairment of a fixed asset is carried OLJt if events or changes in circLJmslances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. Tangible fixed assets are carried at cost, nel of depreciation and any provision for impairment. Depreciation is provided at rates calculated lo write off the cost of fixed assets, less their eslimaled residual value, over their expected useful lives on the follo￿ng bases.. Freehold property Motor vehicles Fixtures and fittings offi￿ and IT equipment between 20 and 50 years 5 years between 3 and 10 years between 3 and 10 years Page 28

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 1.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet dale, unless fair value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainslllossesl on investments, in the Statement of financial aclivib"es. Freehold properties held for investment purposes are valued periodically on professional advice and are included in the financial statements al their market value at the year end. Quoted investments have been valued at the bid market price at the close of business al the year end. The market value of Ljnil trusts and managed funds units is either taken as the bid or Net Asset Value Pri￿ al the year end as advised by the investment managers. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value al the start of the year or subsequent cost and are credrfted or charged lo the Statement of financial activities in the year of disposal. Unrealised gains and losses represent the movement in market value during the year and are credited or charged lo the Statement of financial activities based on the market value at the year end. The investment in the subsidiary undertaking is valued al cost less provision for impairment. 1.9 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation., this is normally upon notification of the interest paid or payable by the Bank. 1.10 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 1.11 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 29

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 1.13 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anlicipales il wll pay lo settle the debt or the amount it has received as advanced payments for the goods or services il must provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific to the liability- The unwinding of the discount is recognised wrfthin interest payable and similar charges. 1.14 Financial instruments The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial Instruments are initially recognised al transaction value and subsequently measured al their settlement value. 1.15 Pensions The pension scheme is a defined contribution scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. 1.16 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance wth specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 30

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Critical accounting estimates and areas of judgement Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accoLJnting estimates and assumptions.. The Company makes estimates and assumptions concerning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual results. The estimates and assLJmplions that have a significant risk of causing a material adiLJStmenl lo the carwng amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement.. Tangible fixed assels= Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual valLJes are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Investment properties.. Propety valuations are performed annually by the Council, based upon extemal indications of value lincluding periodic valuations by qualified Independent Chartered Surveyors} and consideration of market conditions. Income from donationss grants and legacies Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Donations, grants and legacies 959,923 83,875 1,043,798 1,029,299 Tot812021 647,383 381,916 1,029,299 Page 31

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Investment income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Distributions from investments Rents Bank interest 21,037 45,269 788 48,999 47 48.999 47 Totsl 2022 49,046 49,046 67,094 Total 2021 67,094 67,094 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2022 2022 Totsl funds 2022 Totsl funds 2021 Conference programme costs 2,602,032 245,062 2.847.094 2,622,893 Total 2021 2,187,866 435,027 2,622,893 Summary by expenditure type Total funds 2022 Total funds 2021 Staff costs Depreciation Other costs 2022 2022 2022 Conference programme costs 1,294,547 239,736 1,312,811 2.847,094 2,622,893 Total 2021 1,181,778 169,828 1,271,287 2,622,893 Page 32

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by charitable activities Activities underLiken directly 2022 Support costs 2022 Total funds 2022 Total funds 2021 Conference programme costs 2,822,931 24,163 2.847,094 2,622,893 Total 2021 2,594,447 28,446 2,622,893 Analysls of dlrect costs Conference programme cost 2022 Total funds 2022 Total funds 2021 Staff costs Depreciation Administration 1,294,547 239,736 263,749 150,615 1.294,547 239,736 263,749 150,615 1,181,778 169,828 147,909 185,772 Repairs and maintenance Household and service costs iii 212,633 68,096 84,101 65,499 145,2191 104,498 29,366 355,310 212,633 68,096 84,101 65.499 {45,2191 104,498 29,366 355.310 237,757 45,647 91,121 71,294 13,6601 55,642 27,009 66,932 317,418 Conference and events Irrecoverable VAT Development programme costs Costs attributable lo DPCC Bridge project, Lumina costs and Rotunda Campaign costs Second floor refurbishment costs Asbestos removal Totsl 2022 2,822,931 2.822,931 2,594,447 Total 2021 2,594,447 2,594,447 Page 33

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by charitable activities (continued} Analysis of support costs Total funds 2022 Total funds 2021 Unrestricted 2022 Trustees. meeting costs and travel expenses on Foundation business Auditor's remuneration Non-audil fees - other financi81 servi￿$ 221 8,990 19,235 9,500 14,663 9.500 14,663 Total 2022 24,163 24,163 28,446 Total 2021 28,446 28,446 staff costs Group 2022 Group 2021 Company 2022 Company 2021 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,164,511 97,911 1,049,616 95,483 1,139,247 97,911 1,049,536 95,483 87.758 81,679 87.758 81,679 1.350,180 1,226,778 1.324,916 1,226,698 The average number of persons employed by the Company during the year was as follows.. Group 2022 No. Group 2021 No. Administration 22 18 Eslablishmenl Conference 14 13 19 49 52 Page 34

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Staff costs {continued} The average headcount expressed as full-lime equivalents was.. Group 2022 No. Group 2021 No. Administration Establishment 18 12 15 13 Conference 32 29 The number of employees whose employee benefits lexclLJding employer pension costs) exceeded £60,000 was.. Group 2022 No. Group 2021 No. In the band £60,001- £70,000 In the band £110,001- £120,000 In the band £140,001- £150,000 No members of the Council of Management re￿iVed any emoluments during the year12021.. £Nill. No members of the Council of Management re￿iVed payment for professional or other services supplied lo the charity {2021.. £Nill. During the year, there were no disbursements for travel and associated expenses incurred by members of the Council of Management while undertaking activities directly associated wth the purposes of the Foundation12021.. £221 paid to one member). The key management personnel of the Foundation comprise the Council of Management, the Director, the BLJrsar and the Chief Operating Officer. The total employee benefits of the key management personnel of the Trust were £232,55512021.. £198,242). During the year, redundancy costs lolalled £19,47712021.. £37,504) including payments in lieu of notice. Page 35

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Tangible fixed assets Group Freehold property Motor vehicles Fixtures and Office and IT fittings equipment Total Cost or valuation Al 1 April 2021 Additions 4.577.175 44,873 54.787 106,661 5,790 996.680 42,553 {5,790} 5,673.515 149.214 Transfers between classes At 31 March 2022 4.577.175 44,873 167.238 1,033.443 5,822.729 Depreciation Al 1 April 2021 Charge for the year 1.619.118 121.408 40,956 1,000 24.014 6,576 528.084 110,752 2,212.172 239.736 At 31 March 2022 1,740,526 41,956 30,590 638,836 2,451,908 Net book value At 31 March 2022 2,836,649 2,917 136,648 394.607 3,370.821 At 31 March 2021 2,958,057 3,917 30,773 468,596 3,461,343 Company Freehold property Motor vehicles Fixtures and Office and IT fittings equipment Total Cost or valuation Al 1 April 2021 Additions Transfers between classes 4.577.175 44,873 54,787 106.661 5,790 996,680 42.553 (5.790) 5,673.515 149.214 At 31 March 2022 4,577,175 44,873 167,238 1,033,443 5,822,729 Depreciation Al 1 April 2021 Charge for the year 1,619.118 121.408 40,956 1,000 24,014 6.576 528,084 110.752 2,212.172 239.736 At 31 March 2022 1,740.526 41,956 30,590 638.836 2,451.908 Page 36

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Tangible fixed assets Icontinuedl Company (continued) Freehold property Motor vehicles Fixtures and Office and IT fittings equipment Total Net book value Al 31 March 2022 2,836.649 2,917 136.648 394.607 3,370.821 At 31 March 2021 2,958,057 3,917 30,773 468,596 3,461,343 Freehold property comprises expenditure on improvements. The House and associated land are valLJed at £nil Sin￿ they were acquired by gift. No value has been allributed lo these assets as, in accordance with the wishes of the donor, il is intended that the HoLJse and associated land will be held in perpeluily to support the objectives and activities of the Foundation. Ditchley House was built in 1722 and is a listed Grade 1 building. Significant costs would be involved in valLJing the property which, in the opinion of the Trustees, would be onerous compared with the additional benefit derived by users of the accounts in assessing the stewardship of assets. The House and outbuildings are currently insured for £69,846,963. Other properties occupied by staff and Considered as permanent staff quarters are included al deemed cost based upon a valuation performed al 31 March 2008 by Laws and Fiennes, Chartered Surveyors. Page 37

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Investment property Group Freehold investment property Valuation Al 1 April 2020 2,988.000 At 31 March 2022 2,988.000 Company Freehold investment property Valuation Al 1 April 2020 2,988,000 Al 31 March 2022 2,988.000 Investment properties comprise properties and farmland on the estate rented on a commercial basis. The last professional valuation of the properties was undertaken in 2021 by Savills, Chartered Surveyors, on an open market value for existing use basis. Council have considered this valuation and its appropriateness. The farmland was last valued in 2020 and the Council considers this valuation lo be materially correct at 31 March 2022. Page 38

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Fixed asset investrnents Investment Uninvested securities cash Total Group Cost or valuation Al 1 April 2021 Additions 18.930.437 2.288,865 {3.413,8961 2.233,502 1196.7401 683.894 19,614.331 2,288.865 13,413,896) 2,233.502 {321.2431 Disposals Revaluations Other movements 1124.503) At 31 March 2022 19.842,168 559.391 20,401.559 Net book value At 31 March 2022 19.842,168 559.391 20,401.559 At 31 March 2021 18,930,437 683,894 19,614,331 Investments in subsidiary Investment Uninvested companies se¢urities cash Total Company Cost or valuation At 1 April 2021 Additions 18.930,437 2,288,865 {3.413,8961 2.233.502 1196,7401 683,894 19,614.333 2,288.865 13,413.8961 2,233.502 (321.2431 Disposals Revaluations Other movements 1124,503) At 31 March 2022 19,842,168 559.391 20,401,561 Net book value At 31 March 2022 19,842,168 559,391 20,401,561 At 31 March 2021 18,930,437 683,894 19,614,333 Page 39

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. Stocks Group 2022 Group 2021 Company 2022 Company 2021 Finished goods and goods for resale 35,890 59,371 35,890 59,371 12. Debtors Group 2022 Group 2021 Company 2022 Company 2021 Due within one year Trade debtors Other debtors Prepayments and accrued income VAT recoverable 30,750 9,656 46,407 1.945 12,200 30,775 46,617 32,101 3,545 9,656 46,407 1.945 12,200 30,775 46,617 32,101 88,758 121,693 61,553 121,693 Creditors.. Amounts falling du& within one year Group 2022 Group 2021 Company 2022 Company 2021 Trade creditors 99,238 77,043 96,700 19,123 29,772 8,851 72,526 77,043 31,378 26,470 8,113 114,266 Amounts owed lo group undertakings Other taxation and social security Other creditors 33.600 8,851 93,266 26,520 8,113 146,189 Accruals and deferred income 234,955 257,865 226,972 257,270 Page 40

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Statement of funds Statement of funds - current year Balance at 1 April 2021 Gainsl Balance at 31 ILossesl March 2022 Income Expenditure Unrestricted funds General funds 26,308,474 1,221,284 12,878,452) 2,233,502 26,884.808 Restricted funds Travel fund 25,496 59,852 15.000 81.881 3.954 500 25.496 Earmarked donations Dulverton fund Bridge Rotunda Rooms American Ditchley 2,500 162,3521 115.0001 181.8811 127.0711 15001 158.2581 23,117 58.258 186.683 83,875 {245.0621 25.496 Total of funds 26,495,157 1,305,159 13,123,514) 2,233,502 26,910,304 Page 41

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Statement of funds Icontinuedl Statement of funds - prior year Balance al 31 March 2021 Balance at 1 April 2020 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds General funds 23,671,065 846,180 12,435,708> 512,600 3,714,337 26,308,474 Restricted funds Fabric fund Travel fund 43,993 25,496 143,9931 25,496 Earmarked donations Dulverton fund Front gales and railings Bridge Rotunda 588.835 94,070 1426,481 } {102,5021 179,0701 59,852 15,000 2,500 368,916 10,000 500 12,500} (287,0351 81,881 3,954 500 16,046} Rooms 752,394 381,916 1435,027} (512,6001 186,683 Total of funds 24,423,459 1,228,096 12,870,7351 3,714,337 26,495,157 Page 42

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Summary offunds Summary offunds- currentyear Balance at 1 April 2021 Gainsl Balance at 31 ILossesl March 2022 Income Expenditure General funds Restricted funds 26,308.474 186.683 1.221.284 12,878.4521 2.233.502 26,884.808 83,875 (245.0621 25.496 26.495.157 1.305,159 13.123.514) 2.233,502 26,910.304 Summary offunds- prioryear Balance al 31 March 2021 Balance at 1 April 2020 Transfers inlout Gainsl (Losses) Income Expenditure General funds Reslricled funds 23,671,065 752,394 846,180 381,916 12,435,708} 1435,027} 512,600 {512,6001 3,714,337 26,308,474 186,683 24,423,459 1,228,096 12,870,735) 3,714,337 26,495,157 Restricted funds are non-slaff project specific expenditure, earmarked by the donor. Unrestricted funds are allocated towards the general Ditchley Foundation programme, staff costs, associated technology and infraslruclure. 16. Analysis of net assots between funds Analysis of net assots between funds - current year Unrestricted Restrictod funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments 3,370,821 20,401,559 2,988,000 359,383 {234,9551 3,370.821 20,401.559 2,988.000 384,879 {234.9551 Investment property Current assets Creditors due within one year 25,496 Total 26,884,808 25,496 26,910.304 Page 43

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Analysis of net assets between funds Icontinuedl Analysis of net assets between funds- prioryear Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year 3,461,343 19,614,331 2,988,000 502,665 (257,8651 3,461,343 19,614,331 2,988,000 689,348 (257,8651 186,683 Total 26,308,474 186,683 26,495,157 17. Reconciliation of net movement in funds to net cash flow from operating activities Group 2022 Group 2021 Nel income for the year las per Statement of Financial Acliviliesl 415.147 2,071,698 Adjustments for- Depreciation charges Investment property gain Gains on investments 239,736 169,828 162,0001 {2.233.5021 13,652,337) {49,0461 167,0941 23,481 121,1871 32,935 141,8961 {22,9101 105,887 186,274 155,514 Dividends, interests and rents from investments Ilncreaselldecrease in stocks {Increaselldecrease in debtors Increaselldecreasel in creditors Other investment movements Net cash used in operating activities {1.407,8851 11,341,587) Page 44

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. Analysis of cash and cash equivalents Group 2022 Group 2021 Cash in hand 260.231 508,284 Total cash and cash equivalents 260,231 508,284 19. Analysis of change$ in ngt debt At 1 April 2021 At 31 March 2022 Cash flows Cash at bank and in hand 508,284 1248,0531 260,231 508.284 1248.0531 260.231 20. Capital commitments Group 2022 Group 2021 Company 2022 Company 2021 Contracted for but not provided in these rinancial ststements Acquisition of tangible fixed assets 6.095 75,741 6.095 75,741 21. Pensions commitments The Foundation maintains a pension scheme covering all of its permanent and casual employees. It is a defined contribution scheme (employer 100/0) administered by the trustees. Its funds are kept separate from those of the Foundation. Contributions outstanding al 31 March 2022 were £8,651 12021.. £9,700). The pension cost charge represents contributions payable by the Foundation in accordance with the rules of the scheme. Page 45

THE DITCHLEY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Principal subsidiary The following was a subsidiary undertaking of the Company.. Name Company number Holding Included in consolidation Ditchley Park Conference Centre Limited 01944182 1000/0 Yes The financial resLJlts of the subsidiary for the year were.. Income Expenditure ProfitllLoss) for the year Net assets Ditchley Park Conference Centre Limited 143,813 116,406 27,407 27,409 23. Related party transactions In the year, a number of Iruslees made donations to the Foundation under the 1580 Fellowship Scheme. Dr C Wills, who is a Trustee, who was also a Trustee of The HDH Wills 1965 Charitable Trust. During the year The HDH Wills Charitable Trust charged the Foundation £69,55512021.. £69,555). During the period, the Foundation recharged The HDH Wills 1965 Charitable Trust £14,14512021.. £2,283). At the year end the Foundation was owed £50012021.. £1041. The wfe of the Foundation's director, K Arroyo, was reimbursed during the year by the charity for purchases she made on the charills behalf for furnishings as part of the second floor and library projects. This lotalled £6,000 in 202212021.. £4,503). K Arroyo was paid £nil in the year12021.. £8,000} for interior design consultancy work as part of the second floor and library projects. Page 46

Notes