2021-03-31-accounts - Chatsworth House Trust

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Legal and administration details for the	Legal and administration details for the	year ended 31March 2021.	year ended 31March 2021.
Report ofthe Council ofManagement,		incorporating the	Strategic Report
for the year ended 31March 2021..				.. 2
Independent	auditors' report to the Members ofChatsworth		House Trust..	.13
Consolidated	Statement offinancial activities for the year		ended 31March 2021...	....17
Consolidated	and Charity Balance sheets as at 31 March 2021..			.18
Consolidated	Statement ofCash Flows	for the year ended	31March 2021..	....19
Accounting	policies for the year ended	31March 2021.		....20
Notes to the	accounts for the year ended	31March 2021.		.25

		Year ended 31March	Year ended 31March
	2021	2021	2020	2020
	Actual	Benchmark	Actual	Benchmark
General Fund	+19.1%	+24.9%	-7.0%	-10.1%
Art Purchases Fund	+21.1%	+24.9%	-7.8%	-10.1%

Expenditure acc	ount)	for the	year ended	31March 2	021
				Art	Donated	Other
			General	Purchases	Asset	Restricted	Total	Total
		Notes	Fund	Fund	Reserve	Funds	Funds	Funds
			(unrestricted)	(unrestri cted)	(unrestricted/	(restri cted)	2021	2020
			60/70	$000	f000	$000	f000	$000
Income from:
Charitable activities			4,068				4,068	9,430
Trading activities			2,000			190	2,190	3,897
Investmentincotne			327	212			539	793
Donations and legacies			404				404	437
Total			6,799	212		190	7,201	14,557
Expenditure on:
Raising funds			432	44			476	1,932
Charitable activities			9,474	34		36	9,544	11,941
Preservation and maintenance			(184)				(184)	(172)
Total			9,722	78		36	9,836	13,701
Net (expenditure)/income the year		for	(2,923)	134		154	(2,635)	856
Net gains/(losses) on investments			1,700	1,593			3,293	(2,060)
Net iacome/(deficit) vear	for the		(1,223)	1,727		154	658	(1,204)
Movement between	funds		154			(154)
Other recognised gains and
losses
Actuarial (loss)/gain pension scheme	on	26	(3,694)				(3,694)	1,362
Loss on investment	properties							(281)
Net movement offunds			4763	I727			3036	123
Total funds brought	forward		7,204	17,449	765	9	25,427	25,550
Total funds carried	forward		2,441	19,176	765	9	22,391	25,427

		Notes	Grou		Chari
			2021	2020	2021		2020
			OOOO	OOOO	FOOO		6000
Fixed assets
Fixed assets		13	1,926	2,484	1,794		2,344
Heritage assets		14	10,100	10,089	10,100		10,089
Investment properties		15	2,680	2,680	2,680		2,680
Investments		16	22&289	19,357	22,289		19,357
Total Axed Assets			36,995	34,610	36,863		34,470
Current assets
Stocks		17	69	67	69		67
Debtors		18	1,573	2,468	1,311		1,992
Cash at bank and in hand			399	1,116	362	.	945
Total Current Assets			2,041	3,651	1,742		3,004
Creditors (Amo'unts one year)	falling due within	19	(4,654)	(4,561)	(4&223)		(3,774)
Net current liabiTities			(2,613)	(910)	(2,481)		(770)
Net assets excluding	pension liability		34,382	33,700	34/82		33,700
Defined benefit pension scheme liability		26	(11,991)	(8,273)	(11,991)		(8,273)
Net assets			22,391	25,427	22,391		25,427
The funds ofthe charity:
Unrestricted income	funds:
General Fund		22	2,441	7,204	2,441		7,204
Art Purchases Fund		23	19,176	17,449	19,176		17,449
Donated Asset Reserve		24	9	9	9		9
Endowment Fund		25	765	765	765		765
			22,391	25,427	22,391		25,427

					Notes	2021	2020
						$000	$000
Cash flows from operating activities:
Net movement offunds						(3,036)	(123)
(Gains)/losses on investments						(3,293)	2,060
Actuarial loss/(gain) on pension	scheme					3,694	(1,362)
Gains on investment properties							281
Pension service and interest						315	372
Unfunded pension scheme non-cash movement						(291)	(301)
Profit on disposal ofassets						512	30
Depreciation charges						372	396
Investment income						(539)	(793)
(Increase)/decrease in stocks						(2)	5
Decrease/(increase) in debtors						895	(880)
Increase in creditors						93	964
Net cash flow (used in)/generated		from operating		activities		1,280)	649
Cash flows from investing activities:
Income from inveslments						539	793
Proceeds &om the sale ofproperty,		plant and equipment
Purchase ofproperty, equipment	and heritage assets					(339)	(797)
Purchase ofinvestments						(2,643)	(5,355)
Proceeds trom sale ofinvestments						2532	4095
Net cash generated from/(used	in) investing		activities			91	(1,260
Change in cash and cash equivalents						(1,189)	(611)
Cash and cash equivalents at	the	beginning ofthe		period		2,815	3,426
Cash and cash equivalents at	the	end of	the period		31	1,626	2,815

				Art	Donated	Other
			General	Purchases	Asset	Restricted
			Fund	Fund	Reserve	Funds	Total Funds
			(unrestri cted)	(unrestricted)		(restricted)	2020
			$000	$000	5000	$000	$000
Income from:
Charitable Activities			9,430				9,430
Trading activities			3,822			75	3,897
Donations /k Legacies			437				437
Investment income			488	305			793
Total			14,177	305		75	14,557
Expenditure on:
Raising funds			1,887	45			1,932
Charitable activities			11,851			90	11,941
Preservation and Maintenance			(172)				(172)
Total			13,566	45		90	13,701
Net (expenditure)/income		for the	611	260		(15)	856
year
Net gains on investments			(1,073)	(987)			(2,060)
Net (deficit)/income	for	the year	(462)	(727)		(15)	(1,204)
Other.recognised gains
Actuarial (loss)/gain	on pension scheme		1,362				1,362
(Loss)/gain on investment		properties	(281)				(281)
Net movement offunds			619	(727)		(15)	(123)
Total funds brought	forward		6,585	18,176	765	24	25,550
Total funds carried	forward		7,204	17,449	765	9	25,427

				2021	2020
				OOOO	COOO
Amounts	receivable	&om	admissions	4068	9,430

	2021	2020
	OOOO	6000
Income I'rom park events	226	2,197
Rental income (see note 27)	279	744
Other income	1,685	956
	2,190	3,897

			2021	2020
			OOOO	OOOO
			724	2,806
Cost ofsales			9	(1,825)
Facility fee			(379)	(379)
Administration	costs and interest payable		(11)	(15)
Net profit			343	587
Amount gin aided to the charity			343	587
Retained in subsidiary
The assets and	liabilities ofthe subsidiary	were:
Fixed assets			132	140
Current assets			496	978
Current liabilities			628	1,118
Total net assets

			Art
			Purchases
		General Fund	Fund	2021	2020
		6000	OOOO	OOOO	OOOO
Income fiom quoted investments
UK Fixed interest stocks		9	8	17	29
UK Equities		198	186	384	547
Overseas stocks		23	18	41	41
Interest on cash	with broker				10
Other UK bank	interest				6
Income from UK properties		96		96	160
		327	212	539	793
Income from donations
				2021	2020
				OOOO	6000
Statf/pensioner	housing			370	389
Other donations	and legacies			34	48
				404	437

Analysis o	fexpenditure on raising funds
		2021	2020
		OOOO	fOOO
Subsidiary	trading operations	381	1,840
Investment	fees (see note 16)	95	92
		476	1,932

Analysis ofexpenditure	on charitable activities
		2021	2020
		5000	5000
Admissions expenses		2,120	3,628
Expenses ofpark events			15
Maintenance ofthe art collection		401	462
Maintenance ofthe garden, park and woods		1,136	1,362
General upkeep ofthe house and stables		2,255	2,037
Repair expenditure		436	1,109
General insurance		252	218
Management rents		370	389
Allocations ofsupport costs (see note 9)		2,394	2,524
Allocation ofgovernance	costs (see note 9)	180	197
		9,544	11,941

Analysis ofgovernance and suppo	rt costs
		2021		2020
		6000		$000
Management charge		1,091		1,120
Wages &salaries		917		912
Legal &professional		36		33
Depreciation		$7		69
Other administrative		140		208
Service &interest cost on unfunded	pension scheme	315		372
Secretarial fees		22		41
Audit fees		24		23
Trustee's expenses (see note 27)
		2,632		2,778
Allocated:
Charitable activities		2,394	.	2,524
Governance costs		180		197
Preservation and maintenance		5$		57
		2,632		2,778

								2021	2020
								Number	Number
	Administration	snd management						24	29
	Domestic							10	13
	Wardens							20	41
	Maintenance							28	30
	Gardens							29	30
	Domain							6	6
	Farm yard							10	15
								127	164
12	Analysis ofstaff costs, trustee			remuneration		and expenses and the cost ofkey management
	personnel
								2021	2020
								$000	$000
	Salaries dr, wages							3,514	3,644
	Social security							630	688
	Employers pension contributions				to the money	purchase	scheme	136	127
	Staff/pensioner	housing						370	389
	Service cost on	unfunded	pension					128	146
	Interest cost on	unfunded	pension					187	226
								4,965	5,220
	Five employees	had employee		benefits in excess of$60,000(2019/20: five).
								2021	2020
								Number	Number
	860,000 - 670,000							2	2
	870,000 - 880,000							I	I
	680,000 - 890,000							2	2

Tangible assets
		Group					Charily
	Long	Equipment				Long	Equipmcnt
	Leasehold	and	Assets	under		Leasehold	and	Assets	under
	Burldings	Vehicles	Construction		Toml	Buildings	Vehicles	Construction		Total
	OOOO	rooo		rood	food	OOOO	5000		6000	OOOO
Cost:
At 1 April 2020	2,099	6,715			8,814	2,099	6,556			8,655
Additions/Adjustments		328			328		328			328
Disposals	(514)	(7)			(521)	(514)	(7)			(521)
At 31March 2021	1,585	7,036			8,621	1,585	6,877			8,462
Accumulated Depreciation:
At 1 April 2020	91 1,3	4,939			6,330	1,391	4,920			6,311
Charge for the period	20	352			372	20	344			364
Disposals		(7)			(7)		(7)			(7)
At 31 March 2021	1,411	5,284			6,695	1,411	5,257			6,668
Net BookAmounts
At31 March 2021	174	1,752			1 rt26	174	1,620			1,794
At 31 March 2020	708	1,776			2,484	708	1,636			2,344

nvestments
				Art
			General	Purchases	Total	Total
			Fund	Fund	2021	2020
			OOOO	5000	OOOO	fOOO
Market value at I April 2020			10,683	8,674	19,357	19,109
Acquired during the period, at cost			1,343	1,300	2,643	5,355
Disposal			(1,232)	(697)	(1,929)	(3,690)
Unrealised (tosses)/gains	for the period		1,389	1,302	2,691	(2,464)
Investment income			230	212	442	627
Cash drawdown			(298)	(522)	(820)	513
Management fees			(50)	(45)	(95)	(93)
Market value at 31March 2021			12,065	10,224	22,289	19,357
		Art
	General	Purchases
	Fund	Fund	Total 2021		Total	2020
	6000	5000	OOOO	0/	6000
5Fixed interest	378	370	74$	39o/o	652	3.4%
f.Index linked	161	153	314	1.4%	311	1.6%
Other index linked	734	675	1,409	6.3%	1,415	7.3%
Alternative investments	314	304	618	2.8'/o	1,362	7,0%
United Kingdom	4,412	4,118	$,530	38.4o/o	5,752	29.8%
Europe	129	127	256	1 1'/	272	1.4%
Rest ofthe World	4,809	4,019	8,828	39.6%	6,570	33.9%
Other securities	186	173	359	1.6%	1,324	6.8%
Cash	942	285	1,227		1,699	8.8%
Total market value	12,065	10,224	22',289	100.0 /o	19,357	100.0%
Cost	9,326	8,407	17,733		17,020

			as at31March	2021
		Level I	Level 2	Level	3	Total
		$000	OOOO	5000		$000
Listed stocks or collective investment	vehicles	21,057				21,057
Accrued interest						5
Cash		1,227				1,227
Market value at 31March 2021		22,284			5	22,289
			as at 31 March	2020
		Level 1	Level 2	Level	3	Total
		5000	$000	OOOO		$000
Listed stocks or collective investment	vehicles	17,653				17,653
Accrued interest						5
Cash		1,699				1,699
Market value at 31 March 2020		19,352			5	19,357

								proric
		Country of					Net assets/	Ooss) for
		incorporation	Principal	activity		Holding	(liabilities)	period
The Cbatsworih
Estates Company		United Kingdom	Investment	Company	snd Nominee	100%	(f3,612)	(61,278)
Cbstswcrth	House
Enterprises	Limited	United Kingdom	Trading activities			IPP%		6342,516

Stocks
	Grou		Ch	ith
	2021	2020	2021		2020
	5000	f000	$000		$000
Stores	52	61	52		61
Livestock	17	6	17		6
	69	67	69		67

Debtors
			Grou		Chari
			2021	2020	2021	2020
			$000	6000	OOOO	$000
Trade debtors			264	632	24	4
Amounts	due	&om related undertakings	78	343	78	343
Bad debt	provision		(25)	(6)	(25)	(6)
			317	969	77	341
Amounts	due	&om group companies			198	331
Prepayments		and accrued income	1,256	1,499	1,036	1,320
			1,573	2,468	1jl1	1,992

Creditors	—Amo	unts falling due within one yea	r
			Grou		Chari
			2021	2020	2021	2020
			OOOO	6000	OOOO	6000
Amounts	falling	due within one year:
The Chatsworth		Settlement	2,418	1,594	2,418	1,594
Other trade creditors			234	305	214	305
Deferred	income		481	373	480	372
Accruals			1,466	2,260	1,056	1,474
Other taxation and social security			55	29	55	29
			4,654	4,561	4,223	3,774

uture pe	riods.
				OOOO
Balance	as at 1 April 2020			373
Amounts	released to income earned	from charitable	activities	(373)
Amounts	deferred in year			481
Balance	asat31March 2021			481

es to the financial statements f	es to the financial statements f	or the year	ended 31M	arch 2021	(continued)
Analysis ofgroup net assets between		funds
			Art	Donated	Other
		General	Purchases	Asset	Restricted
		Fund	Fund	Reserve	Funds	2021
		OOOO	OOOO	$000	6000	$000
Tangible fixed assets		2,900	8,208	765	154	12,027
Investment	properties	2,680				2,680
Investments		12,064	10,224			22,288
Cash at bank and in hand		399				399
Net current	(liabilities)/assets	(3,611)	744		(145)	(3,012)
Unfunded	pension scheme liability	(11,991)				(11,991)
		2,441	19,176	765	9	22,391
			Art	Donated	Other
		General	Purchases	Asset	Restricted
		Fund	Fund	Reserve	Funds	2020
		$000	OOOO	OOOO	fOOO	OOOO
Tangible fixed assets		3,611	8,197	765		12,573
Investment	properties	2,680				2,680
Investments		10,682	8,674			19,356
Cash at bank and in hand		1,082	34			1,116
Net current	(liabilities)/assets	(2,578)	544			(2,025)
Unfunded	pension scheme liability	(8,273)				(8,273)
		7,204	17,449	765		25,427

onshire and the Duke ofDevonshire's Charitable	Trust.
	Revaluation	Revenue
	reserve	reserve	Total
	$000	OOOO	6000
The reserves at the fund cotnprise:
At 1 April 2020	1,968	5,236	7,204
Unrealised gains on investments	1,389		1,389
Revaluation ofinvestment
properties
Actuarial losses on unfunded pension scheme liability		(3,694)	(3,694)
Realised gains on investments		311	311
Net outgoing resources		(2,768)	(2,768)
Transfer between reserves	(118)	118
At 31March 2021	3/39	(797)	2;442

Notes to the financial statements for the	Notes to the financial statements for the	year ended 31March 20	21 (continue	d)
22 General Fund (continued)
		Revaluation	Revenue
Comparative figures &om2019/20		reserve	reserve	Total
		$000	6000	OOOO
The reserves at the fund comprise:
At 1 April 2019		1,966	4,619	6,585
Unrealised losses on investments		(1,274)		(1,274)
Revaluation ofinvestment
properties		(281)		(281)
Actuarial gains on unfunded scheme liability	pension		1,362	1,362
Realised gains on investments			201	201
Net outgoing resources			611	611
Transfer between reserves		1,557	(1,557)
At 31March 2020		1,968	5,236	7,204

other purposes at the discretion ofthe Council ofM	anagement.
	Revaluation	Revenue
	reserve	reserve	Total
	6000	6000	6000
The reserves ofthe fund comprise;
At 1April 2020	870	16,579	17,449
Unrealised gains on investments	1,302		1)302
Realised gains on investments		291	291
Net incoming resources		134	134
Transfer between funds	(354)	354
At 31March 2021	1,818	17,358	19,176
	Revaluation	Revenue
Comparative figures from 2019/20	reserve	reserve	Total
	6000	OOOO	$000
The reserves ofthe fund comprise:
At 1April 2019	1,788	16,388	18,176
Unrealised losses on investments	(1,190)	-	(1,190)
Realised gains on investments		203	203
Net incoming resources		260	260
Transfer between funds	272	(272)
At 31March 2020	870	16,579	17,449

unded activities.
	Historic
	Houses-Risk	Seahorse	RPA (Tree
	Response Fund	Fountain	Planting)	Total
The reserves ofthe fund comprise:
At I April 2020				9
Income	190			190
Expenditure	(190)			(190)
At 31March 2021

		Master	Seahorse	AIM History		RPA (Tree
		Drawings	Fountain	Makers	Art Council	Planting)	Total
Comparative	figures for 2019/20
The reserves	ofthe fund comprise:
At I April 2019		15	8			I	24
Income				60	15	-	75
Expenditure		(15')		(60)	(15)		(90)
At 31March	2020					I	9

The charity has es	tablished this fund to account for donations	ofart to the charity arising in the pri	or period.
		Chaos
		Meteoro	Total
		$000	f000
The reserves ofthe fund comprise:
At I April 2020		765	765
Income
Expenditure
Transfer between	funds
At 31March 2021		765	765

he major assumptions us	ed in the c	alcul	ation ofthe liability are as follows:
				2021	2020
Discount rate				2.0%	2.3%
Salary inflation				3.2%	2.5%
The amounts recognised	in the balance		sheet are as follows:
				2021	2020
				fOOO	$000
Present value ofunfunded	obligations			11,991	8,273
Deficit in the scheme				11,991	8,273
Analysis ofamount recognised within			actuarial gains and losses
Changes in assumptions	underlying	the	present value ofthe scheme liabilities
Changes in discount rate	and mortality		rates	3,694	(1,362)

s to th	e financial statements for the year ended 31March 2021	(continued)
		2021	2020
		$000	f000
Changes	in the present value ofthe defined benefit obligation are as follows
Opening	defined benefit obligation	8,273	9,564
Actuarial	losses/(gains)	3,694	(1,362)
Interest cost		187	226
Service cost		128	146
Benefits	paid	(291)	(301)
Closing	defined benefit obligation	11,991	8,273

e year 58,375(2019/20	: K6,936)wa	s invoiced for gas and office costs.
			2021	2020f
Amounts due (trom)/to	Chatsworth	House Trust at 31March 2021
with
The Chatsworth Settlement			(2,418,151)	(1,594,088)
Duke ofDevonshire			2,507	20,974
Devonshire Renewable	Energy Ltd		(45,856)	(9,491)
Chatswoith Estate Trading			(3,612)	(11,372)
Devonshire Educational	Trust		229	5,558
Devonshire Hotel Group			13,633	(21,832)
Elm Tree Farm			(1,152)

					2021	2020
					f000	5000
Carrying	amount	of	financial assets
Financial	assets measured at fair value through			net	22,289	19,357
income/expenditure
Debt instruments		measured at amoitised cost			317	969
Carrying	amount	of	financial liabilities
Measured	at amortised		cost		4654	4 561

Reconciliation ofcash an	d cash equivalents
		2021	2020
		$000	OOOO
Cash atbank and in hand		399	1,116
Cash held with investment	manager	1,227	1,699
Net funds at31March 2021		1626	2 815