2022-03-31-accounts

Legal and administration details for the	Legal and administration details for the	year ended 31 March 2022	year ended 31 March 2022
Report ofthe Council ofManagement,		incorporating the	Strategic Report
for the year ended 31 March 2022
Independent	auditors' report to the Members ofChatsworth		House Trust. ,	16
Consolidated	Statement offinancial activities for the year		ended 31 March 2022	20
Consolidated	and Charity Balance sheets as at 31 March 2022			21
Consolidated	Statement ofCash Flows	for the year ended	31 March 2022	22
Accounting	policies for the year ended	31 March 2022		23
Notes to the	accounts for the year ended	31March 2022		2S

Greenhouse gas emissions
	2022		2021
		tonnes		tonnes
	mWh	CO2e	mWh	CO2e
Scope 1 emissions
Gas	1,128	207	1,566	288
Vehicle fuel (diesel and petrol)	318	80	405	103
	1446	287	1,971	391
Scope 2 emissions
Electricity (grid)	373	79	866	202
Electricity (bought direct - hydro and CHP)	1,123	363	597	138
Heating on district heat network	2$.46	481	1,778	357
	3,742	923	3 241	. 697
Scope 3 emissions
Visitor transport		9/65		5,072
Supply chain		601		449
		9866		5,521
Totals	5188	11076	5,212	6,609
Carbon intensity (Tonnes CO2e per f.ofIncome)		0.79		0.92

Visitor Numbers
The number ofvisitors to Chatsworth	for the year	ended to 31 March 2022 compared			with 4 prior periods was
as follows:
	2022	2021	2020		2019	2018
Visitor Numbers	573,686	304,001	580,528	614,679		642,817

Fund		Targel	relurn over	Composi le Benchmark
		rollin	5 ears
General Fund		CPI+4%		80%MSCI All Countries	World Index
				20%SONIA +2%
Art Purchases	Fund	CPI+	3%	4% ICEBofAML Sterling Corporate		Index
				10%ICEBoAML Gilts	All stock Index
				68%MSCI All Countries	World Index
				17%SONIA +2%
				1% SONIA

			Year ended 31 March	Year ended 31 March
		2022	2022	2021	2021
		Actual	Benchmark	Actual	Benchmark
General Fund		+64%	+8.6%	+19,1%	24 9%
Art Purchases	Fund	+5.7%	+7.2%	21.1%	+24.9%

Expenditure a	c	count	) fo	r th	e year ende	d 31March	2022
						Art	Donated	Other
					General	Purchases	Asset	Restricted	Total	Total
			Notes		Fund	Fund	Reserve	Funds	Funds	Funds
					(unrestricted)	(unrestricted)	(restricted)	(restricted)	2022	2021
					f000	f000	f000	f000	f000	f000
Income from:
Charitable activities				3	10,055				10,055	4,068
Trading activities				4	2,242			89	2/31	2,190
Investment income				5	325				489	539
Donations and legacies				6	1,061				1,061	404
Total					13,683	164		89	13,936	7,201
Expenditure on:
Raising funds				7	785				790	476
Charitable activities				8	10/14			98	10,612	9,544
Preservation and maintenance				9	59				59	(I84)
Total					11/58			98	11,461	9,836
Net income/(expenditure) the year			for		2/25	159		(9)	2,475	(2,635)
Net gains/(losses) investments	on					432			],094	3,293
Net income/(deficit)		for the			2,987	591		(9)	3469	658
vear
Movement between		funds			(14)			14
Other recognised	gains and
losses
Actuarial gain/(loss scheme		on pension		26	486				486	(3,694)
Net movement of	funds				3459	591		5	4055	(3,036
Total funds brought		forward			2,441	19,176	765	9	22/91	25,427
Total funds carried		forward			5,900	19,767	765	14	26,446	22,391

					Notes	Grou		Chari
						2022	2021	2022	2021
						$000	5000	$000	$000
Fixed assets
Fixed assets					13	2,158	1,926	2,034	1,794
Heritage assets					14	10,165	10,100	10,165	10,100
Investment properties					15	2,680	2,680	2,680	2,680
Investments					16	24,975	22,289	24,975	22,289
Total Fixed Assets						39,978	36,995	39,854	36,863
Current assets
Stocks					17	74	69	74	69
Debtors					18	1,839	1,573	I+77	1,3I l
Cash at bank and in hand						179	399	131	362
Total Current	Assets					2,092	2,041	1,582	1,742
Creditors (Amounts one year)		falling due		within	19	(4,109)	(4,654)	(3,475)	(4,223)
Net current liabilities						(25017)	(2,613)	(1,893)	(2,481)
Net assets excluding		pension liability				37,961	34,382	37,961	34,382
Defined benefit	pension		scheme	liability	26	(11,515)	(11,991)	(11/15)	(11,991)
Net assets						26,446	22,391	26,446	22,391
The funds ofthe charity:
Unrestricted income		funds:
General Fund					22	5,900	2,441	5,900	2,441
Art Purchases	Fund				23	19,767	19,176	19,767	19,176
Restricted Funds					24	14	9	14	9
Donated Asset	Reserve				25	765	765	765	765
						26,446	22,391	26,446	22,391

Consolidated Statement of 2022	Ca	sh F	lows fo	r the year end	ed 31March
					Notes	2022	2021
						5000	5000
Cash flows from operating activities:
Net movement offunds						4,055	(3,036)
(Gains)/losses on investments						(1,094)	(3,293)
Actuarial (gain)/loss on pension scheme						(486)	3,694
Pension service and interest						352	315
Unfunded pension scheme non-cash movement						(342)	(291)
Profit on disposal ofassets							512
Depreciation charges						372	372
Investment income						(489)	(539)
(Increase)/decrease in stocks						(5)	(2)
(Increase)/decrease in debtors						(266)	895
(Decrease)/increase in creditors						(545)	93
Net cash flow generated from/(used		in) operating		activities		1+52	1,280
Cash flows from investing activities:
Income &om investments						489	539
Proceeds &om the sale ofproperty,	plant and equipment
Purchase ofproperty, equipment and heritage assets						(669)	(339)
Purchase ofinvestments						(25814)	(2,643)
Proceeds from sale ofinvestments						22/95	2,532
Net cash (used in)/generated &om investing			activities			2,999	91
Change in cash and cash equivalents						(1,447)	(1,I89)
Cash and cash equivalents at the	beginning ofthe			period		1 626	2,815
Cash and cash equivalents at the	end of		the period		31	179	1,626

Donated Asset		Reser	ve.
					Art	Donated	Other
				General	Purchases	Asset	Restricted
				Fund	Fund	Reserve	Funds	Total Funds
				(unrestricted)	(unrestricted)	(restricted)	(resiri cied)	2021
				5000	5000	5000	f000	f000
Income from:
Charitable Activities				4,068				4,068
Trading activities				2,000			190	2,190
Investment income				327	212			539
Donations &Legacies				404				404
Total				6,799	212		190	7/01
Expenditure on:
Raising funds				432	44			476
Charitable activities				9,474	34		36	9,544
Preservation and Maintenance				(184)				(184)
Total				9,722	7$		36	9,836
Net (expenditure)/income			for the	(2,923)	134		154	(2,635)
year
Net gains on investments				1,700	1,593			3,293
Net (deficit)/mcome		for	the year	(1/23)	1,727		154	658
Movement between		funds		154			(154)
Other recognised	gains		and losses
Actuarial (loss)/gain		on pension scheme		(3,694)				(3,694)
(Loss)/gain on investment			properties
Net movement offunds				(4,763)	1,727			(3,036)
Total funds brought		forward		7,204	17,449	765		25,427
Total funds carried		forward		2,441	19,176	765		22/91

				2022	2021
				$000	5000
Amounts	receivable	f'rom	admissions	10055	4,068

ncome from other trading activities
	2022	2021
	$000	OOOO
Income &om park events	355	226
Rental income (see note 27)	792	279
Other incoine	1,184	1,685
	2/31	2,190

			2022	2021
			f000	$000
Turnover			1,095	724
Cost ofsales			(760)	9
Facility fee			(140)	(379)
Administration	costs and interest payable		(11)	(11)
Net profit			184	343
Amount gift aided to the charity			184	343
Retained in subsidiary
The assets and	liabilities ofthe subsidiary	were:
Fixed assets			124	132
Current assets			677	496
Current liabilities			801	628)
Total net assets

		Art
		Purchases
	General Fund	Fund	2022	2021
	$000	5000	OOOO	5000
Income from quoted investments
UK Fixed interest stocks	3	3	6	17
UK Equities	135	151	286	384
Overseas stocks	4	10	14	41
Interest on cash with broker
Income from VK properties	183		183	96
	325	164	489	539

		2022	2021
		5000	$000
Staff/pensioner	housing	392	370
Other donations	and legacies	669	34
		1,061	404

Analysis o	fexpenditure on raising funds
		2022	2021
		OOOO	5000
Subsidiary	trading operations	771	381
Investment	fees (see note 16)	19	95
		790	476

Analysis ofexpenditure	on charitable activities
		2022	2021
		f000	OOOO
Admissions expenses		2,806	2,120
Expenses ofpark events		545
Maintenance ofthe art collection		344	401
Maintenance ofthe garden, park and woods		1,163	1,136
General upkeep ofthe house and stables		1,935	2,255
Repair expenditure		385	436
General insurance		292	252
Management rents		392	370
Allocations ofsupport costs (see note 9)		2,572	2,394
Allocation ofgovernance	costs (see note 9)	178	180
		10,612	9,544

Analysis ofgovernance and suppo	rt costs
			2022	202]
			OOOO	5000
Management charge			I/53	l,09l
Wages &.salaries			846	917
Legal & professional			65	36
Depreciation			57	87
Other administrative			190	140
Service &interest cost on unfunded	pension	scheme	352	315
Secretarial fees			27	22
Audit fees			18	24
Trustee's expenses (see note 27)
			2,808	2,632
Allocated:
Charitable activities			2+71	2,394
Governance costs			178	I80
Preservation and maintenance			59	58
			2,808	2,632

								2022	2021
								Number	Number
Administration	and manageinent							27	24
Domestic								11	10
Wardens								34	20
Maintenance								32	28
Gardens								30	29
Domain								6	6
Farm yard								13	10
								153	127
Analysis ofstaff		costs, trustee		remuneration		and expenses and the cost ofkey management
personnel
								2022	2021
								$000	OOOO
Salaries &wages								3/81	3,514
Social security								696	630
Employers pension contributions				to the	money	purchase	scheme	127	136
Staff/pensioner	housing							392	370
Service cost on	unfunded		pension					115	128
Interest cost on	unfunded		pension					237	187
								4,948	4,965
Seven employees		had employee		benefits	in excess off60,000(2020/21: five).
								2022	2021
								Number	Number
f60,000 - f70,000								3	2
f70,000 - f,80,000								1	1
f80,000 - f90,000								3	2

Tangible assets
			Group				Charity
		Long	Equipment			Long	Equipment
	Leasehold		and	Assets under		Leasehold	and	Assets	under
	Buildings		Vehicles	Construction	Total	Buildings	Vehicles	Construction		Total
		f000	5000	5000	t'000	5000	OOOO		5000	i'000
Cost:
At I April 2021		1,585	7,036		8,621	1,585	6,877			8,462
Additions/Adjustments		323	281		604	323	281			604
Disposal s			(14)		(14)		(14)			(14)
At 31 March 2022		1,908	7+03		9411	1,908	7,144			9,052
Accumulated Depreciation:
At I April 2021		1,411	5,284		6,695	1,411	5,257			6,668
Charge for the period		27	345		372	27	337			364
Disposals			(14)		(14)		(14)			(14)
At 31 March 2022		1,438	5,615		7,053	1,438	5~			7,018
Net BookAmounts
At 31 March 2022		470	1,688		21158	470	1464			2,034
At 31 March 2021		174	1,752		1,926	174	1,620			1,794
Heritage assets
uring the period additions		of$65,000(2020/21; f11,000)were added to the collection.
Five ear financial	summ		ofherita e	asset transactions
			2022	2021		2020	2019		2018
			OOOO	OOOO		5000	$000		f000
Opening balance	b/fwd		10,100	10,089		9,649	9,622		9,672
Acquisitions			65			474		43	48
Disposal						(34)	(16)		(98)
Closing balance c/fwd			10,165	10,100		10,089	9,649		9,622

Investments
				Art
			General	Purchases	Total	Total
			Fund	Fund	2022	2021
			OOOO	f000	OOOO	j'000
Market value	at	1 April 2021	12,065	10,224	22/89	19,357
Acquired during		the period, at cost	13,879	11,335	25+14	2,643
Disposal			(9,542)	(8,608)	(18,]50)	(1,929)
Gains/(losses)	during the period		(1,607)	(1,544)	(3,151)	2,691
Investment income			142	164	306	442
Management	fees		(14)	(5)	(19)	(95)
Cash introduced		(withdrawn)	(1,070)	(444)	(1,514)	(820)
Market value	at	3l March 2022	13,853	11,122	24,975	22,289

			Art
	General		Purchases
		Fund	Fund	Total	2022		Total 2021
		f000	f000	f000			f000
f.Fixed interest			1,302	1/02		5.2%	748		33%
K Index linked							314		14%
Other index linked							1,409		6.3%
Alternative investments	2,921		2,219	5,140		20.6%	618		2.8%
Equities	10,449		7,256	17,705		70.9%	8,530		38,4%
Liquid Assets		483	345	82$		33%
Europe							256		1.1%
Rest ofthe World							8,828		396%
Other securities							359		1.6%
Cash							1,227		5.5%
Total market value	13,853		11,122	24~975	100.0%		22,289		100.0%
Cost	13,663		11,134	24 797			17,733
					as	at 31March 2022
				Level 1		Level 2	Level	3	Total
				f000		f000	f000		f000
Listed stocks or collective investment		vehicles		24,975					24,975
Accrued interest
Cash
Market value at 31March 2022				24,975					24,975
					as	at 31March 2021
				Level 1		Level 2	Level	3	Total
				f000		f000	f000		f000
Listed stocks or collective investment		vehicles		21,057					21,057
Accrued interest								5	5
Cash				1,227					1,227
Market value at 31March 2021				22/84				5	22,289

16	Investments	Investments	(continued)	(continued)	(continued)
	Investments		in subsidiary			and associated	undertakings
												Profit/
					Country of						Net assets/	(loss) for
					incorporation		Principal	activity		Holding	(liabilities)	period
	Chatsworth		House
	Enterprises		Limited		United Kingdom		Trading activities			100%	K I	j183,970
17	Stocks
									Grou		Charl
									2022	2021	2022	2021
									f000	f000	$000	5000
	Stores								51	52	51	52
	Livestock								23	17	23	17
									74	69	74	69
18	Debtors
									Grou		Chari
									2022	2021	2022	2021
									5000	OOOO	$000	OOOO
	Trade debtors								423	264	47	24
	Amounts	due		from	related	undertakings			56	78	56	78
	Bad debt	provision							(6)	(25)	(6)	(25)
									473	317	97	77
	Amounts	due		from	group	companies					167	198
	Prepayments			and accrued		income			1466	1,256	1,113	1,036
									1,839	l,573	1477	1,3l l

Creditors	-Amou	nts falling due within one yea	r
			Grou		Chari
			2022	2021	2022	2021
			5000	5000	f000	OOOO
Amounts	falling	due within one year:
The Chatsworth		Settlement	823	2,418	823	2,418
Other trade creditors			557	234	468	214
Deferred	income		418	481	418	480
Accruals			2/11	1,466	1,766	1,056
Other taxation and social security				55		55
			4,109	4,654	3,475	4,223

uture pe	riods.
			5000
Balance	as at 1 April 2021		481
Total received in year for annual		memberships	722
Amounts	related to current year		(785)
Balance	as at31March 2022		418

			Art	Donated	Other
		General	Purchases	Asset	Restricted
		Fund	Fund	Reserve	Funds	2022
		OOOO	5000	5000	f000	5000
Tangible fixed assets		3,146	8,273	765	139	12423
Investment	properties	2,6$0				2,680
Investments		13,853	11,122			24,975
Cash at bank and in hand		179				179
Net current	(liabilities)/assets	(2,443)	372		(125)	(2,196)
Unfunded	pension scheme liability	(11,515)				(11,515)
		5,900	19,767	765	14	26,446
			Art	Donated	Other
		General	Purchases	Asset	Restricted
		Fund	Fund	Reserve	Funds	2021
		f000	5000	OOOO	f000	5000
Tangible fixed assets		2,900	8,208	765	154	12,027
Investment	properties	2,6$0				2,680
Investments		12,064	10,224			22,288
Cash at bank and in hand		399				399
Net current	(liabilities)/assets	(3,611)			(145)	(3,012)
Unfunded	pension scheme liability	(11,991)				(11,991)
		2,441	19,176	765	9	22,391

Devonshire and the Duke ofDev	onshire's Charitable	Trust.
		Revaluation	Revenue
		reserve	reserve	Total
		f000	f000	f000
The reserves at the fund comprise:
At 1 April 2021		3,238	(797)	2,441
Unrealised losses on investments		(1,607)		(1,607)
Actuarial gains on unfunded	pension		486	486
scheme liability
Realised gains on investments			2,269	2,269
Net incoming resources			2,311	2/11
Transfer between reserves		(1,441)	1,441
At 31March 2022		190	5,710	5,900
		Revaluation	Revenue
Comparative figures from 2020/21		reserve	reserve	Total
		f000	f000	f000
The reserves at the fund comprise:
At 1 April 2020		1,968	5,236	7,204
Unrealised gains on investments		1,389		1,389
Actuarial losses on unfunded pension scheme liability			(3,694)	(3,694)
Realised gains on investments			311	311
Net outgoing resources			(2,769)	(2,769)
Transfer between reserves		(119)	119
At 31 March 2021		3,238	(797)	2,441

other purposes at the discretion ofthe Council ofM	anagement.
	Revaluation	Revenue
	reserve	reserve	Total
	5000	f000	5000
The reserves ofthe fimd comprise:
At 1 April 2021	1,818	17,358	19,176
Unrealised losses on investments	(1,544)		(1,544)
Realised gains on investments		1,976	1,976
Net incoming resources		159	159
Transfer between funds	(285)	285
At 31March 2022	(11)	19,778	19,767
	Revaluation	Revenue
Comparative figures &om 2020/21	reserve	reserve	Total
	5000	f000	f000
The reserves ofthe fund comprise:
At 1 April 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

						Arts Council
	Archives	Seahorse	RPA (Tree	National	Idlewild	-Radical
	Revealed	Fountah	Planting)	Manuscripts	conservation	Horizons	Total
The reserves ofthe
At I April 2021							9
Income	21				5	59	89
Expenditure	(21)				(4)	(59)	(84)
At 31March 2022							14

		Historic
		Houses-Risk
		Response	Seahorse	RPA (Tree
		Fund	Fountain		Planting)		Total
Comparative figures for 2020/21
The reserves ofthe fund comprise:
At I April 2020						1	9
Incoine		190					190
Expenditure		(190)					(190)
At 31March 2021						I	9
25 Donated Asset Reserve
The charity has established		this fund to account for donations ofart to	the charity	arising	in the	prior	period.
				Chaos
				Meteoro			Total
					f000		$000
The reserves ofthe fund comprise:
At 1 April 2021					765		765
Income
Expenditure
Transfer between	funds
At 31March 2022					765		765

he major assu	mptions	us	ed in t	he c	alcul	ation oft	he liability are as follows:
								2022	2021
Discount rate								2.6%	20%
Salary inflation								3.5%	32%
The amounts	recognised		in the	balance		sheet are	as follows:
								2022	2021
								OOOO	OOOO
Present value	ofunfunded		obligations					11,515	11,991
Deficit in the	scheme							11,515	11,991
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		(486	3,694

	the year $3,117(2020/21	:	K8,375)w	as invo	iced for gas and office costs.
						2022	2021
	Amounts due (from)/to	Chatsworth		House	Trust at 31 March 2022
	with
	The Chatsworth Settlement					(823,427)	(2,418,151)
	Duke ofDevonshire					2,715	2,507
	Devonshire Renewable		Energy Ltd			(15,389)	(48,856)
	Chatsworth Estate Trading					95,218	(3,612)
	Devonshire Educational		Trust				229
	Devonshire Hotel Group					21,658	13,633
	Elm Tree Farm						(1,152)
28	Financial instruments
						2022	2021
						f000	5000
Carrying amount offinancial assets
Financial assets measured at		fair value through			net	24,975	22,289
income/expenditure
Debt instruments measured at			amortised	cost		473	317
Carrying amount offinancial liabilities
Me	asured atamortisedcost					4 109	4654

Reconciliation ofcash a	nd cash equivalents
		2022	2021
		$000	OOOO
Cash at bank and in hand		179	399
Cash held with investment	manager		1,227
Net funds at31March	2022	179	1,626