Company registration number.. 02461558 Charity registration number: 1000067 Trebah Garden Trust (A company Ilmlted by guarantee) Annual Report and Flnanclal Statements for the Year Ended 31 January 2024
Trebah Garden Trust Contents Reference and Admlnlstratlve Detalls Report of the Council of Management 2to9 Statement of Trustee5' Responslbllltles io Independent Audltors, Report lito 14 Consolldated Statement of Flnancial Actlvltles 15 Consolldated Balance Sheet 16 Balance Sheet 17 Consolldated Statement of Cash Flows 18 Statement of Cash Flows 19 Notes to the Flnanclal Statements 20to38
Trebah Garden Trust Reference and Administrative Details Councll of Management H S Bradshaw Z M Curnow {appointed 20 June 2023) R Dudley~Cooke, Chalrman M D Harvey T Hubbard N S K Khalra {appolnted 20 June 2023) S Nathan (reslgned 31 October 2023) G F Plpkln (reslgned 31 October 2023) C R Rlchèrdson R F Townsend Company Secr•tary G Wllkes Regl$tor¢d Offlce Trebah Mawnan Smlth Falmouth Cornwall TRII 5JZ The charlty Is Incorporated In England and Wales. 02461558 Company Reglltratlon Number Charlty Reglstratlon Number 1000067 Banker• Barclays Bank plc 14 Klng Street Truro Cornwall TRI 2RB Audltor Walker Moyle Ltd 3 Chapel Street Redruth Cornwall TR15 2BY Page I
Trebah Garden Trust Report of the Council of Management The Council of Management present the annual report together with the financlal statements and auditors, report of the charltable group and company for the year ended 3 1 January 2024. This report also contalns the Dlrectors, Report as required by company law. The Council of Management has adopted the provisions from the Statement of Recommended Practice {SORP) "Accounting and Reporting by CharStSes" Issued in 2019 {FRS 102) In preparlng the annual report and financlal statements of the Charlty and Is prepared In accordance with the small company reglme Sectlon 419(2) of the Companles Act 2006, Reference Jnd Admlnlstratlve Detalls Prlnclpal Offlce Trebah Mawnan Smlth Falmouth Cornwall TRII 5JZ The charlty Is Incorporated In England and Wales, Company Regl•tratlon Numb•r 02461558 Ch•rlty R•gl•tratlon Number 1000067 structurei governance and management Nature of qovernlng document The Charlty Is a charltable company Ilmlted by guarantee and was Incorporated on 22 January 1990. It Is governed by Its memorandum and artlcles of assoclatlon. The trustees as a body are known as the Councll of Management. Councll of Management The Councll of Management durln9 the year under revlew were.. H S Bradshaw Z M Curnow {appolnted 20 June 20231 R Dudley-cooke, Chalrman M D Harvey T Hubbard N S K Khalra {appolnted 20 June 20231 S Nathan (reslgned 31 October 2023) G F Plpkln (reslgned 3 1 October 2023) C R Rlchardson R F Townsend In accordan wlth the Artlcles of Assoclation, Mr H S Bradshaw, Mr M Harvey and Mr T Hubbard wlll retlre at the forthcomlng Annual General Meetlng, and, belng ellglble, wlll stand for re-electlon. An Operatlon5 Dlrectorls appolnted by the Trustees to manage the day-to-day operatlons of the Charlty. The Operations Director reports directly to the Councll of Management. Nlgel Burnett was Operatlons Dlrector from l February 2023 untll his retlrement on 23 June 2023. Jon Cummins (previously Operatlons Manager at Trebah Garden} was appointed by the Council of Management to be Nigel Burnett's successor in May 2023. The Operations Dlrector role title changed to that of Chlef Executlve Offlcer at the tlme of Jon Cummlns, appointment. The Charity pays Trustees Indemnity Insurance which cost £3,587.21 during the year. Page 2
Trebah Garden Trust Report of the Council of Management Arrangements for settlng key management personnel remuneratlon The Council of Management are responsible for setting the pay of the Chief Executive Officer, having revSewed the Job description, role and responsibillties, benchmarking agalnst local and Industry pay scales. The pay of all other staffls set by the CEO In the same way. R•crultment Jnd appolntment of trustees All members are clrculated with Invltatlons to nomlnate trustees prlor to the annual general meetlng. The Councll of Management are aware of the need to encompass In thelr make up as many skllls as are approprlate to the activltles and remlt of the Charlty. In consequence, the Councll of Management request Indlvlduals to Joln the Council or the approprlate sub-commlttee where addltlonal speclallst advlce Is sought and as a mearns of posslble recrvltment as a future trustee to the Councll, The alm Is to retaln a group of trustees wlth a broad and relevant range of skllls and experlence. Inductlon and tralnlnq of trusteés New trustees are brlefed on thelr legal obllgatlons under charlty 3nd company law and the content of the Memorandum and Artlcles of Assoclatlon. They are Informed about the declsion-maklng process and famlllarlsed wlth the buslness plan and flnanclal performance of the Charlty and, ès soon as practlcal, Introduced to the key employees. Speclflc tralnlng of tru5tee5 Is addressed as and when matters arlse or particular area Is Identlfled. Organlsatlon41 structure The Councll of Management admlnlsters the Charlty and must have a mlnlmum of 7 members and a maxlmum of 12 members. There are currently 8 members. The Coullcll meets normally every 3 months. There are two sub-commlttee5, prlnclpally a Management Commlttee whlch meets more regularly to whom the day-to-day management Is delegated. In addltlon, there Is a Garden Commlttee whlch covers gardenlng matters. These sub-commlttees report to the Councll of Management and all strateglc and pollcy declslons are made by the Councll of Management wlth advlce from the sub-commlttees. Zoè Curnow and Nlna Khalra, co-opted as trustees durlng 2022123 flnanclal year, were voted In as Trustees and therefore members of the Councll of Management at the AGM on 14 October 2023. They brlng a wlde range of relevant experlence to the Councll. The Councll of Management, excludlng seconded members, are also the dlrectors of the wholly owned tradlng subsldlary, Trebah Enterprlses Llmlted. In accordance wlth the Charlty Commlsslon Guldellnes on Sound Governance, the Councll of Management regularly revlews the membershlp of the trustee body to ensure It operates effectlvely, Investment Powers Under the memorandum and artlcles of assoclatlon, the Charlty has the power to make any Investment, whlch the Councll of Management sees fit. Rel•tlon$hlps wlth r•lated partles The Charity has a close relatlonshlp wlth 'The Great Gardens of Cornwall" a limlted company that carrles out Jolnt marketlng and advertising support for Trebah and other gardens In Cornwall. A summary of other related party transactlons Is set out In note 26 to the flnanclal statements, Rlsk The Councll of Management Is satlsfled that the major rlsks to whlch the Charlty Is exposed have been Identlfled ènd the Trustee5 continue to consider rlsk management In all declslon-maklng. Procedures have been Implemented to mltigate the risk5 posed by both Internal and external factors. Page 3
Trebah Garden Trust Report of the Council of Management Flnanclal Rlsk Management The Charlty carefully appraSses Its flnanclal rlsks and pursues a pollcy of malntalnlng prudent reserves and carefully plannlng of capital proj'ects or substantlve expendltures. Where posslble the Charlty seeks to mltbgate flnanclal rlsk through suitable Insurance arrangements. Importantlyi the Charlty make5 every effort to ensure pricing of services and facilities are competitive and offer falr value. Credlt rlsk The nature of Its actlvltles does not leave the Charlty especlally exposed to credlt rlsk. Indeed, very Ilttle of the Charlty's Income Is deferred, so credlt rlsks are mlnlmal, Llquldlty rlsk The Charlty manages Its cash flows very carefully, Desplte slgnlflcant seasonal shlfts In Sts funding needs the Charlty consider that It has adequate reserves and cash resources to ensure It are not taklng undue rlsks In terms of cash avallablllty and Ilquldlty. Property Rlsk Trebah does not own most of the area currently used for the car park, Instead thls Is retalned under an annual Ilcence from a nelghbourlng landowner. The Charlty malntalns a good relatlonshlp wlth Its nelghbours but the rlsk remalns that future Ilcences may not be granted and therefore the buslness contlnulty at current levels would be at rlsk. In thls sltuatlon the Charlty would need to allocate alternatlve parklng areas wlth further potentlal constralnts and Impacts. These procedsjres are perlodlcally revlewed to ensure that they stlll meet the needs of the organlsatlon. ObJectlve• and actlvltle$ Objerts and alm$ "To preserve, enhance and recreate for the educatlon and enjoyment of the publlc the gardens of Trebah, Mawnan Smlth and such other propertles for whlch the Trust may accept responslblllty. To promote the education of the publlc on matters connected wlth the Arts and Sclences of garden land. The prlnclpal responslblllty of the Trust Is to ensure the contlnuance of the garden In perpetulty for the beneflt of vlsltors and to ralse, through entrance fees and Its commerclal operatlons, sufflclent Income to enable the Trust to dlscharge that responslblllty. Publlc beneflt The trustees conflrm that they have complled wlth the requlrements of sectlon 4 of the Charltles Act 2011 to have due regard to the publlc beneflt guldance publlshed by the Charlty Commlsslon for England and Wales. ObJ•ctlv•4 Strategles and artlvltles The prlnclpal actlvlty In the year under revlew was that of the runnlng of the gardens at Trebah, Mawnan Smlth for charltable purposes, together wlth tradlng operatlons carrled on by Its subsldlary company, Trebah Enterprlses Llmited. The tradlng operatlons comprlse the runnng of a gSft shop, cafeterla and plant sales at Trebah, the prlnclpal purpose of which is to raise funds for Trebah Garden Trust and meeting the Trust's objectlves. The maln actlvlty undertaken to further the Charlty's purpose for the publlc beneflt Is the malntalnlng and Improving of the gardens. Trebah Lodge will be the major capital projett for the year, with renovations planned to be complete in Summer 2024. The trustees continue to ensure the Charity complles Wlth the Charity Commlsslon'5 guidance on public benefit. Page 4
Trebah Garden Trust Report of the Council of Management Revlew of the year In common wlth most vlsltor attractlons In Cornwall, 2023 was a year of consolldatlon followlng the trauma of the pandemlc. In the year to 31 January 2024, despite a modest budget, vlsltor number5 grew from 83,956 In 2022123 to 100,500, as we returned to openlng Trebah Garden dally. As a result total net Income grew from £1,856,224 In 2022123 to £2,306,138 In 2023124, The charlty returned to Surplus wlth contrlbutlon from a deflclt of £34,242 In 2022123 to a proflt of £65,276 In 2023124. In January 2023 the Oeclslon was taken to open Trebah Garden 5even-days a week from Aprll-october. Followlng a successful Inltlal perbod, In July the declslon was taken to return to daily openlng year-round on a permanent basls as per pre-covld opening arrangements, Trebah remalns closed on Chrlstmas Eve, Chrlstmas Day and Boxlng Day annually. Followlng the necessary adoptlon of a cash-free buslness durng covld, thls approach remalned In place untll August 2023 when the declslon was taken to re-lntroduce cash, whlch has helped further Increase turnover and Improve vlsltor feedback. There were several slgnlflcant changes In the Trebah team durlng 2023124. Nlgel Burnett, who played a major role as Operatlons Dlrector for Trebah over 18 years, retlred In June. We conducted an external recrultment process to flll thls key post. Jon Cummlns was successful as an Internal candldate and was appolnted as Chlef Executlve Offlcer on 1st May 2023. Wlth the Incumbent Flnance Manager retlrlng In March, In January we recruSted Glna Wllkes to the role as successor. Thls role v4as upgraded to Head Of Flnance IHOF) on 1st May 2023 to reflect the fact thls role acts as Company Secretary for Trebah Garden Trust and Trebah Enterprlses Ltd and deputlslng for the CEO on buslness matters as requlred, The Creatlve and Commerclal Dlrector was made redundant and left the bu5Ine55 In Aprll. As a resull. we created a new role of Marketlng Executlve whlch we recrulted Internally. We have slnce Increased the marketlng budget and focused on promotlng Trebah wlth hlgh quallty and relevant content across appropriate channels, The Creatlve Producer also reslgned from thls part-tlme role In May. In turn we appolnted externally to the new role of Programmlng and Engagement Co-ordlnator (full tlme) In August, responslble for events, actlvltles and volunteerlng at Trebah. As a result Trebah's events programme has been revlsed wlth a programme of Indoor exhlbltlons and performances relevant to our audlences and the garden. In January 2024 a volunteer recrultment drlve began In earnest wlth 30 new volunteers wantlng to become Involved wlth our work, The post of Health and Safety Offlcer lone day per weekl was made redundant In September 2023 and we Sntroduced the post of Faclllties Manager (full tlmel whlch was recrulted Internally. Thls post comblnes the responslblllty for malntenance wlth H&S. A new role of Food and Beverage Manager (full-tlme) was created to oversee all operatlons In Trebah Kltchen and the Boathouse on the beach. We appolnted an external candldate to thls post In October 2023. As of the close of January 2024 three roles wlthln the retall arm of the buslness are undergolng a reorganlsatlon to ratlonallse the retall stafflng Structure. Followlng the retlrement of both Lucle Nottingham and Sue Nathan as members of the Councll of Management and Garden Commlttee, we have recrulted two new members of the Garden Commlttee In order to relnforce the commlttee's breadth and depth of knowledge and experience. John Lanyon, Head Gardener of Trellsslck, Trerice and Glendurgan for the National Trust and Melanle Klng, a keen gardener and local Trebah member Jolned the Commlttee In October. Trebah's membershlp scheme contlnues to bulld momentum and Importantly to galvan15e local support. As foundatlon for thls, a three-year admission and membershlp prlclng strategy has been developed. Group booklngs, both domestlc and overseas are also strong for 2024, glvlng us further optlmlsm. To strengthen Trebah's Strateglc Plan a Marketlng Plan and a Programmlng Plan have been developed. Page 5
Trebah Garden Trust Report of the Council of Management A number of revlews were commissloned during the year to ascertain actions necessary for achleving and malntalnlng compllance.. Review of HR processes and proCedUS A GDPR Audlt A H&S audlt An ongolng Internal revlew of financial systems and processes. Our flr5t anonymous annual staff survey was13unched. A detailed statement of Company Values was agreed wlth full staff and trustee consultatlon. As part of that a Vlslon workshop was held wlth both staff and Trustees, the results of whlch are yet to be flnallsed and Integrated Into the Strateglc Plan, Employee beneflts have been revlsed wlth the Introductlon of a health-plan scheme, more generous dlscounts and an addltlonal day annual leave awarded to all employees. Llke most buslnesses we have faced challenges wlth wage Inflatlon, Increases In the Ilvlng wage and real Ilvlng wage rate. We outsourced our payroll servlces durlng the year to take advantage of speclallst knowledge. The Court Garden Project was completed In May at a total cost of approxlmately £430,000. A generous donatlon of £6,095 from the Tanner Phoenlx Trust was secured vla the Coriiwall Communlty Foundotlon. The new Court Garden - on the 51te of a former tennls court - opened to vlsltors In mld May and we are dellghted wlth the new accesslble garden area. It has proved very popular wlth vlsltors and has added to thelr enjoyment and dwell-tlme, therefore contrlbutlng to Trebah's success thls year. In Ilne wlth the Stroteglc Plan and wlth the alm of developlng a new Income stream for the charlty the Councll made the declslon to renovate Trebah Lodge, vacant slnce the retlrement of the Operatlons Dlrector. The Lodge wlll become Trebah's flrst unit of hollday accommodatlon. Contractors were appolnted In late 2023 wlth work beglnnlng In January 2024. In January 2024 we closed Trebah to vlsltors for one week In order to carry out essentlal repalrs and renewals to our vlsltor centre and the chlldren's play areas. We also replaced our entrance fenclng and vlsltor slgnage. We faced challenges wlth the rlslng cost of energy throughout thls year, but to help mltlgate that a small project was completed to Install a second array of solar panels to the Vlsltor Centre Roof whlch It Is hoped wlll generate up to 27,5 KWH, addlng to Trebah's sustalnablllty credentlals. The Trustees would Ilke to express thelr thanks to the Trebah team for thelr contlnued hard work and dedlcatlon throughout the year. Page 6
Trebah Garden Trust Report of the Council of Management Objectlves and Prlorltles for the Comlng Year We expert the current year to have a rnore posltlve outlook for Trebah Enterprlses and for the charlty. A contbnued increase In support through Trebah membership and a return to pre-covid levels of coach booklngs are both reasons for optlmism. Openlng seven days a week has had a positlve outcome and we have budgeted for Incremental growth this year wlth a view to contlnulng that trend In future years. Trebah contlnues to go through a perlod of change followlng the appolntment of several sensor management roles, Including the CEO, Jon Cummlns. Now structural changes have been Implemented In the management team we need to consolldate further and ensure that we can dellver as a good employer for the wlder team, who wlll In turn dellver for our vlsltor5 and care for thls speclal place. The Councll of Managernent conslders that the prlorltles for the current year Include,, Developlng the Strateglc Plan and agreelng the Vlslon for Trebah. Recruitment of new Trustees to flll at leBst two board vacancles. Further Increaslng our vlsltor numbers by promotlng Tbah as a hlgh quallty and Insplratlonal destlnatlon. Developlng an agreed Ilst of proposed Investment5 for cycllcal repalrs, malntenance and new projects. UndertakSng feaslbillty for new capltal projects where needed. Investlng In the staff team through trainlng. Further developlng our volunteer Involvement. To sustaln and wherever posslble make further Improvements to the core vlsltor experlence, together wlth Improvements to our caterlng and retall actlvltles. Contlnulng to develop a relevant programme of events and exhlbltlons for Trebah as a garden, that Is relevant both to our audlences and to the place. Grant maklng pollcles The Charlty does not routlnely make grants to other bodles unless there are exceptlon31 clrcumstances. Use of volunteers The Charlty has a valuable Input from volunteers prlmarlly Ilnked to supervlsed garden worklactlvltles but also In support of our events programme, café and vlsltor experlence/orlentatlon. In the year to 31 January 2024, 1708 volunteer hours have been recorded 12023: 1310 volunteer hours). Thls flgure Includes an estlmate ol 320 hours glven by the Councll of Management. Achlevomonts and performance The re5uIt5 for the year and flnanclal posltlon of the group are as shown In the annexed financlal statements. The Trustees do not conslder any further amendment Is requlred to the statement of the flnanclal posltlon of the Trust as at 31 January 2024, The result for the year was a surplus of £65,276, compared to the prevlous year deflclt of £34,242, The Charity's cash posltlon remalned strong prlmarlly because overheads and capltal expendlture have been carefully managed. The Consolldated Statement of Flnanclal Artlvltles for the year Is set out on page 15. Page 7
Trebah Garden Trust Report of the Council of Management Key Performance Measures We alm to ensure the highest standards and ouallty of service and facillties in relation to the garden, our events and enterprlses, and regularly seek and recelve feedback In these crucial areas. We have a philosophy of contlnuous Improvements In all that we do. Trebah has an actlve, valuable and growlng membershlp whlch we engage wlth actlvely. At the tlme of wrltlno we currently have over 6,400 Trebah Garden members, up from 5,000 a year ago. Our overrldlng concern Is the long-term Impact of our actlvltles both on the conservatlon and malntenance of the garden and the flnanclal well-belng of the Trust. Overall vlsltor numbers remaln below pre-pandemic levels. We welcomed 100,500 vlsltors In 2023124, compared wlth 120,298 vlsltors In 2019120, Trebah's buslest ever year. Flnanclal revlew The results for the year and flnanclal posltlon of the Charlty are as shown In the annexed flnanclal statements. There was a surplus In the year to 31 January 2024 of £65,276 {2023.' deflclt of £34,242). After thls surplus, the Net Assets of the Trust Increased to £5,627,979 at the year-end (2023: £5,562,703). Cash reserves at the year-end amounted to £692,441 (2023.. £572,563). In vlew of contlnulng uncertalntles, the trustees are encouraged that we have been able to strengthen the level of cash substantlally over the past 12 months. These accounts comply wlth current statutory requlrements and the Charlty's governlng documents. The Charlty's assets are consldered adequate to fulfll Its obllgatlons on a fund-by-fund ba515. Pollcy on reserves The trustees alm to accumulate Ltnrestrlcted cash reserves of £500,000 by 2025. Thls flgure takes Into account the seasonal nature of the Trust's Income and a potentlal shutdown for the peak Income generatlng months. Prlnclpal fundlng sources All Income thls year has arlsen from donatlons and legacles, actlvltles In furtherance of the objectlves and tradlng actlvltles for ralslng funds. Expendlture on Objectlv In the flnanclal year expendlture Is consldered routlne and of an ongolng nature to preserve and enhance the garden and educate the publlc on connected matters. Plans for future perlod• Actlvltles planned to achleve alms We are consclous that Trebah's bulldings may need further Investment over the comlng years, The trustees wlll also contlnuously review the longer-term needs for Trebah vla the 5tr8teglc plannlng process. This wlll help us In explorlng potential new sources of Income streèms compatlble wlth the objectlves and resources of the charlty and also how to approprlately Invest our charltable funds. Golng concern The Trustees have reviewed the forecasts for the perlod through to July 2025. Trebah Garden Trust has sound financlal posltlon at the reporting date and is expected to have such in 12 months. The Trustees consider there are no materlal uncertainties in adopting the golng concern basls of accountlng. Page 8
Trebah Garden Trust Report of the Council of Management Dl$clo$ure of Inlormatlon to audltor Each trustee has taken steps that they ought to have taken as 3 trustee in order to make themselves aware of any relevant audlt Informatlon and to establish that the charlty's audltor Is aware of that information. The trustees conflrm that there Is no relevant Informatlon that they know of and of whlch they know the audltor Is unaware, R•hppolntment of audltor The auditors, V¢al Moyle, Chartered Accountants, will be proposed for re-appointment In accordance wlth the specla rovlslons of Part 15 of the Cowpanles Act 2006. The annual r wa prov e trustees of the Charlty onu:.?.. ;2,. and slgned on Its behalf by; R Dudley-cook Trustee C R Rlchard50n Trustee Page 9
Trebah Garden Trust statement of Council of Management Responsibilities The trustees (who are also the directors of Trebah Garden Trust for the purposes of company law} are responsible for preparing the Report of the Council of Management and the flnancial staternents in accordance with the United Klngdom Accountlng Standards Iunlted Klngdom Generally Accepted Accountin9 Practlcel and appllcable law and regulatlons. Company law requlre5 the Council of Management to prepare financial statements for each financlal year, Under company law the trustees must not approve the flnanclal statements unless they are satisfied that they give a true and falr vlew of the state of affalrs of the charitable company and the group and of Its incoming resources and appllcatlon of resources, Includlng Its Sncome and expendlture, for that perlod, In preparing these financlal statements, the Councll of Management 15 required to.. select sultable accountlno pollcles and apply them conslstently,, observe the methods and prlnclples In the Charltles SORP; make Judgements and estlmates that are reasonable and prudent; state whether appllcable UK Accountlng Standards have been followed, subject to any materlal departures dlsclosed and explalned In the flnanclal statements,. and prepare the flnanclal statements on the oolng con¢ern ba51$ unless It Is Inapproprlate to presume that the charltable company wlll contlnue In bu51ness. The Councll a9ement 15 responslble for keeplng adequate accountlng record5 that are sufficlent to Show and ex n the ch rltable company's transactlons and dlsclose wlth reasonable accuracy at any tlme the flnan I posltlon of the charltable company and the group and enable them to ensurè that the flnanclal stat ment5 comply Ith the Companles Act 2006. They are also responslble for safeguardlng the assets of the cha Itable company nd hence for takln ea50nable steps for the preventlon and detectlon of fraud and other Irre arltles. Approved by th ee5 e charlty on and slgned on Its behalf by.. R Dudley-co Truste C R Fllchardson Trustee Page 10
Trebah Garden Trust Independent Auditor's Report to the Members of Trebah Garden Trust Oplnlon We have audlted the flnanclal statements of Trebah Garden Trust (the 'charitable parent company,) and its subsldlarles (the 'group') for the year ended 31 January 2024, whlch comprlse the Consolldated Statement of Fbnanclal Act1Vltles, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Flnanclal Statements, Sncludlng a surnmary of slgnlflcant accounting pollcles. The flnanclal reportlng framework that has been applled In their preparation is United Kingdom Accountlng Standards, comprlslng Charltles SORP - FRS 102 'The Flnanclal Reporting Standard appllcable In the UK and Republlc of Ireland, and appllcable law (Unlted Klngdom Generally Accepted Accountlng Practlce}. In our oplnlon the flnanclal statements: glve a true and falr vlew of the state of the group's and parent charlty's affalrs as at 31 January 2024 and of the group's results for the year then ended; have been properly prepared Sn accordance wlth Unlted Klngdorn Generally Accepted Accountlng Practlce; and have been prepared In accordance wlth the requlrements of the Companles Act 2006. Basls for oplnlon We conducted our audlt In accordance wlth Internatlonal Standard5 on Audltlng {UK> {ISAs (UK)) and appllcable law. Our responslbllltles under those standards are further descrlbed In the Audltor's responslbllltles for the audlt of the flnanclal statements sectlon of our report, We are Independent of the group In accordance wlth the ethlcal requlrements that are relevant to our audlt of the flnanclal statements In the UK, Includlng the FRC'S Ethlcal Standard, and we have fulfllled our other ethlcal responslbllltles In accordance wlth these requlrements. We belleve that the audlt evldence we have obtalned Is sufflclent and approprlate to provlde a basls for our oplnlon. Conclu$lon• relatlng to golng concérn In audltlng the flnanclal statements, we have concluded that the trustees, use of the golng concern basls of accountlng In the preparatlon of the flnanclal statements Is approprlate, Based on the work we have performed, we have not Identlfied any materlal uncertalntles relatlng to events or condltlons that, Indlvldually or collectlvely, may cast slgnlflcant doubt on the company's ablllty to contlnue as a golng concern for a perlod of at least twelve months from when the orlglnal flnanclal statements were authorlsed for Issue. Our responslbllltles and the responslbllltles of the trustees wlth respect to golng concern are de5crlbed In the relevant sectlons of thls report. other Informatlon The trustees are responslble for the other Informatlon. The other Informatlon comprlses the Informatlon Included In the annual report, other than the flnanclal statements and our audltor's report thereon. Our oplnlon on the financlal statements does not cover the other Informatlon and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance eoncluslon thereon. In connectlon wlth our audlt of the flnanclal statements, our responslblllty Is to read the other Informatlon and, In dolng so, consider whether the other Informatlon Is materlally Inconslstent wlth the flnanclal statements or our knowledge obtained In the audlt or otherwlse appears to be materlally mlsstated. If we Identlfy such material inconsbstencles or apparent materlal mlsstatements, we are requlred to determlne whether there is a material misstatement In the financlal statements or a materlal mlsstatement of the other Information. If, based on the work we have performed, we conclude that there Is a material misstatement of this other Informatlon. we are requlred to report that fact. We have nothlng to report in this regard. Page 11
Trebah Garden Trust Independent Auditor's Report to the Members of Trebah Garden Trust Opinion on other matters prexrlbod by the Companles Act 2006 In our oplnlon, based on the work undertaken In the course of the audlt.. the Informatlon glven In the Report of the Councll of Management for the flnanclal year for which the flnanclal statements are prepad Is con51stent wlth the flnanclal statements,. and the Report of the Councll of Management have been prepared In accordance wlth appllcable legal requlrements, Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understandlng of the group and the parent charltable company and thelr envlronment obtalned In the course of the audlt, we have not Identlfled materlal misstatements In the Report of the Councll of Management. We have nothlng to report In respett of the followlng matters where the Companles Act 2006 requlres us to report to you If, In our oplnlon.. adequate accountlng records have not been kept by the parent charltable companyi or returns adequate for our audit have not been recelved from branches not vlslted by us,. or the parent charltable company flnanclal statements are not In agreement wlth the accountln9 records and returns. or certaln dlsclosures of trustees remuneratlon speclfled by law are not made; or we have not recelved all the Informatlon and explanatlons we requlre for our audlt. Re•pon$lbllltl•• of tru8t••• As explalned more fully In the Statement of Trustees, Responslbllltles [set out on page 101, the trustees (who are also the dlrectors of the parent charltable company for the purposes of company law) a responslble for the preparatlon or the group flnanclal statements and the parent charltable company flnanclal statements and for belng satlsfled that they glve a true and falr vlew, and for such Internal control as the trustees determlne Is necessary to enable the preparatlon of the group flnanclal statements and parent charltable company flnanclal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the group flnanclal statements and parent charltable company financlal statements, the trustees are responslble for assesslng the group's and the parent charltable company's ablllty to contlnue as a golng concern, dlscloslng, as appllcable, matters related to golng concern and uslng the golng concern ba51s of accountlng unless the trustees elther Intend to Ilquldate the group or the parent charltable company or to cease operatlons, or have no reallstlc alternatlve but to do so, Audltor's responslbllltles for tho audlt of the Ilnanclal Statements Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue an audltor's report that Includes our opinlon, Reasonable assurance is a high level of assurance, but Is not a guarantee that an audSt conducted In accordance wlth ISAS (UK) wlll always detect a materlal mlsstatement when it exists, Mlsstatements can arlse from fraud or error and are consldered materlal If, Indlvldually or In the aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basls of these flnanclal statements, Irregularltles, Includlng fraud, are Instances of non-compllance wlth laws and regulatlons. We deslgn procedures In line with our respon51blllties, outllned above, to detect materlal mlsstatements In respett of Irregularities, including fraud. The extent to whlch our procedures are capable of detectlng Irregularlties, Includlng fraud Is detailed below,. Page 12
Trebah Garden Trust Independent Auditor's Report to the Members of Trebah Garden Trust We obtalned an understandlng of the legal and regulatory frameworks that are appllcable to the charity at the plannlng stage of the audlt. The charlty IS subj'ect to laws and regulations that dlrertly affect the flnanclal statements, speclfically the Companies Act 2006, Charlties Act 2011 and Charities Statement of Recommended Practice. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financlal statement items. The charlty Is also subject to laws and regulatlons where the consequences of non-compliance could have a materlal effect on amounts or dlsclosures In the flnanclal statements, for Instance through the Imposltlon of flnes or Iltigatlon or loss of the charlty's ablllty to operate. In making thls assessment we determlned that the most slgnlficant elements of leglslation Include those relatlng to employment laws and regulatlons, health and safety standards and compllance wlth major funding contracts. Based on thls understandlng we deslgned our audlt procedures to Identlfy non-compllance wlth such laws and regulations. Our procedures Involved the followlng: Maklng enqulrles of management regardlng thelr knowledge of any non-compllance wlth laws and re9ulatlons that could affect the flnanclal statements. As part of these enqulrles, we also dlscussed wlth management changes In rlsk assessment relatln9 to fraud, and whether there have been any known Instances, allegatlons or SUsplclon5 of fraud, of whlch there were none. Conslderlng the flllngs made at Companles House and the Charlty Commlsslon, and any omlsslons thereon, of whlch none were Identlfled. Dlscusslng wlth management compllance wlth health and safety leglslatlon, Includlng any reforms to these. Maklng enquirles of management and revlewlng charlty expendlture for any evldence of dlsputes, actual or potentlal Iltlgatlon and clalms, wlth regulators or any other such body. Revlewlng documentatlon from fund provlders to test whether funds had been approprlately clalmed and utlllsed for purposes as set out In the respectlve contract Items. Audltlng the rlsk of management overrlde of controls, Includlng through testlng of Journal entrles and other adjustments for approprlatenessm and evaluating the ratlonale for slgnlflcant transactlons outslde the normal course of buslness actlvltles, of whlch there were none, Revlewlng estlmates and Judgements made In the flnanclal statements lor any Indlcatlon of blas and challenged assumptlons used by management In maklng the estlmates. Revlewlng Board mlnutes and correspondence wlth regulators to corroborate the flndlngs from the above, Due to the Inherent Ilmltatlons of an audlt, there remalns a rlsk that we may not have detected some materlal mlsstatements In the flnanclal statements or non-compllance wlth laws and regulatlons. Thls Is desplte the fact that we have properly planned and performed our audlt In accordance wlth audltlng standards. For example, the further removed Irregularltles are from the events and tran5actlons reflected In the financlal statements, the less Ilkely the Inherently Ilmlted procedures requlred by audlting standards would Identify It. As wlth any audlt, there remalned a hlgh risk of non-detectlon of Irregularltles, as these may Involve colluslon, forgery, Intentlonal omisslons, misrepresentatlons, or the overrlde of Internal controls. Thi5 rlsk was reduced by a thorough revlew of all controls In place that monltor Items and transactions affecting the flnanclal statements. The prlmary responsblllty for the preventlon and detectlon of Irregularlties and fraud rests wlth the trustees of the charlty. All relevant laws, regulations and signiflcant rlsks of fraud Identlfled have been clearly communlcated to each member of the audlt engagement team. We are not responsible for preventlng non-compllance and cannot be expected to detect non-compllance wlth all laws and regulatlons. A further description of our responsibllities for the audlt of the flnanclal statements Is located on the Flnanclal Reporting Council's webslte at www.frc,org. uk/auditorsre5POn5ibilities. This description forms part of our audltor's report. Page 13
Trebah Garden Trust Independent Auditor's Report to the Members of Trebah Garden Trust Use of our report This report is made solely to the charitable parent company's trustee5, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Art 2006. Our audlt work has been undertaken so that we might state to the group's trustees those matter5 we are required to State to them In an audltor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsiblllty to anyone other than the charltable parent company and Its trustees as a body, for our audlt work, for this report, or for the oplnlons we have formed, Paula Thomas BA FCA DChA ( enlor Statutory Audltor) For and on behalf of Walker Moyle Ltd, Statutory Audltor 3 Chapel Street Redruth Cornwall TR15 2BY Date.. Page 14
Trebah Garden Trust Consolidated Statement of Financial Activities for the Year Ended 31 January 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlrted funds Restrlcted funds Total 2024 Total 2023 Note Income and Endowments from: Donatlons and legacles Charltable actlvltles Other tradlng bctlvltles Investment Income 215,962 769,665 1,284,363 9,294 225,256 769,665 1,284,363 331,225 459,746 1,046,788 Total Income 2 296 844 2 306 138 1 856 224 Expendlture on: Ralslng funds Charitable actlvltles Other expendlture (1,364,345) {855,706) (1,364,345) (879,614) 11,146,257) (747,7641 (23,908) Total Expendlture 2 216 954 2 240 862 1 890 466 Net Income/(eXpendltul Net movement In funds 79,890 (14,6141 65,276 134,2421 R•¢on¢lllatlon of lund• Total funds brought forward 5 206 114 356 589 5 562 703 5 596 945 Total funds carrled forward 24 5 286 004 341 975 5 627 979 5 562 703 All of the group's actlvltle5 derlve from contlnulng operatlons durlng the above two perlods. The funds breakdown for 2023 Is shown In note 24. Page 15
Trebah Garden Trust (Registration number: 02461558) Consolidated Balance Sheet as at 31 January 2024 2024 2023 Not• Flxed )$sets Tanglble assets Investments 15 16 4,336,514 635 000 4,323,992 635 000 4 971 514 4 958 992 Current assets stocks Debtors Cash at bank and In hand 17 18 103,523 70,310 692 441 110,514 60,330 572 563 866,274 743,407 Cr•dltori: Amount• fthlllng du• wlthln on• y•4r 19 204 576 131 366 Not current a*••t• 661 698 612 041 Tot41 a•••ti l••s curr•nt Ilabllltl•• 5,633,212 5,571,033 Provl8loni 21 5 627 979 5 562 703 Fund• of th• group: R••trlct•d lund• 341,975 356,589 Unrestrlcted Incom• fund• Unrestrlcted funds 5 286 004 5 206 114 Totjl fund• 24 5 627 979 5 562 703 These flnanclal companles subj statement cttothes have b n prepared In accordance wlth the speclal provlslons appllcable to anles,reglme, The flnanclal stateme and .15 to 38 were approved by the trustees, and authorlsed for Issue on behalf by., R Dudley-cooke Trustee Rlchardson Trustee Page 16
Trebah Garden Trust (Registration number: 02461558) Balance Sheet as at 31 January 2024 2024 2023 Note Flxed assets Tangible assets Investments 15 16 4,306,909 735 000 4,277,630 635 002 5 041909 4 912 632 Current •ss•ts Debtors Cash at bank and In hand 18 118,634 652 736 304,440 460 785 771,370 765,225 Crodltori: Amount• falllng du• wlthln on• y••r 19 113 243 Net curr•nt ••••t• 658 127 695 449 N•t J•••t• 5 700 036 5 608 081 Fund# of th• ¢harlty: R••trlct•d fund* 341,975 356,589 Unre%trlct•d Incom• lund• Unrestrlcted funds 5 358 061 5 251 492 Totbl fund• 24 5 700 036 5 608 081 Charlty's surplus/{deflcltl for the flnanclal year These fln companbe nclal stat ubject to ments have been prepared In accordance wlth the speclal provlslons appllcable to he small companle5 reglme. The nanclal statem s on 5 15 to 38 were approved by the trustees, and authorlsed for Issue on Ir behalf by,. R Dudley-cook Trustee C R Richardson TrLJStee Page 17
Trebah Garden Trust Consolidated Statement of Cash Flows for the Year Ended 31 January 2024 2024 2023 Not0 Cash flow$ from operatlng artlvltle$ Net cash Income/(expendlture) 65,276 (34,242) Adjustments to cash flow$ from non-cash Items Depreclatlon Amortlsatlon Investment Income Loss/(proflt) on dlsposal of tanglble flxed assets Tax charge 106,353 96,390 688 (18,465) (80) 126,854) 202 141,880 40,735 Worklng capltal adjustment• Decreaselllncrease) In stocks Increase In debtors Lncrease/ldecreasel In credltors 17 18 19 6,991 19,980) {11,467) (9,853) Net cash flows from operatlng èctlvltles 212 105 Ca•h flows from Inv•8tlng actlvltle• Interest recelvable and slmllar Income Purchase of tanglble flxed assets Sale of tanglble flxed assets 26,854 (120,378) 18,465 1350,549) 80 15 Net cash flows from Investlng actlvltles {92,227) (332,004) Ca•h flow• from flnan¢lng actlvltlei Repayment of loans and borrowlngs 19 Net Increaselldecrease) In cash and cash equlvalents 119,B78 (358,1641 Cash and cash equlvalents at l February 572 563 930 727 Cash and cash equlvalents at 3 1 January 692 441 572 563 All of the cash flows are derlved from contlnulng operatlons durlng the above two perlods. Page 18
Trebah Garden Trust Statement of Cash Flows for the Year Ended 31 January 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash Incomel{expendlture) 91,958 (20,357) AdJu$tment$ to ¢a$h flows from non-cash Items Depreclation Amortlsation 86,240 73,750 688 136,129) 80 Investment Income Lossllprofit> on dlsposal of tanglble flxed assets {44,5181 202 133,882 17,872 Worklng capltal adjustment• Decrease In debtors Increasel{decrease) In credltors 18 19 185,806 256,595 Net cash flows from operatlng actlvltles 363 152 236 731 Cash flows from Investlng actlvltle• Interest recelvable and slmllar Income Purchase of tanglble flxed assets Sale of tanglble flxed assets Purchase of Investments 44,518 {117,018) 1,297 36,129 1347,175) 60 15 Net cash flows from Investlng actlvltles {171,201) (3 10,966) Ca•h flow$ from flnanclng actlvltle• Repayment of loans and borrowlngs 19 Net Increasel(decreasel In cash and cash equlvalents 191,951 (88,003) Cash and cash equlvalents at l February 460 785 548 788 Cash and cash equlvalents at 31 January 652 736 460 785 All of the cash flows are derlved from contlnulng operatlons durlng the above two perlods. Page 19
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 I Charlty status Trebah Garden Trust operates In the tourlsm sector within Cornwall, The Charlty Is a prlvate company, Ilmlted by guarantee, registered In England and Wales. The members of the company a the Councll of Management named on page l. In the event of the Charity belng wound up, the Ilabillty in respect of the guarantee Is Ilmlted to £ I per member. The company was Incorporated In England and the reglstered number Is 02461558, The address of the reglstered offlce Is Trebah, Mawnan Smlth, Falmouth, TRII 5)Z. These flnanclal statements cover a group of entltles. 2 Accountlng pollcl•• Summary of •lgnlllcant accountlng pollcle• and key accountlng ostlm•te• The prlnclpal accounting pollcles applled In the preparatlon of these flnanclal statements are set out below. These pollcles have been conslstently applled to all the year5 presented, unless otherwlse stated. Statement of compllance The flnanclal statements have been prepared In accordan wlth Accountlng and Reportlng by Charltles: statement of Recommended Practlce applichble to charltles preparlng thelr accounts In accordance wlth the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102) leffectlve l January 2015) {Charltles SORP IFRS 102)), the Flnanclal Reportlno Standard appllcable In the UK and Republlc of Ireland (FRS 102) and the Companles Act 2006. Basls of preparatlon Trebah Garden Trust meet5 the deflnltlon of a publlc beneflt entity under FRS 102. The flnanclal statements have been prepared under the hlstorlcal cost conventlon, as modlfled by the revaluatlon of certaln assets. The presentatlon currency of the flnanclal statements Is the Pound Sterllng (£). Monetary amounts In these flnanclal statements are rounded to the nearest Pound. Ba•1• of consolldatlon These flnanclal statements consolldate the results of the Charlty and Its wholly owned subsldlary, Trebah Enterprlses Llmlted, on a Ilne by Ilne basls. All Intra-group balances, transactlons, Income and expenses are ellmlnated on consolldatlon. The consolldated accounts are prepared uslng unlform accountlng pollcles. Golng concern The Trustees have revlewed the forecasts for the perlod through to july 2025. Trebah Garden Trust has a sound financlal posltlon at the reportlng date and Is expected to have such In 12 months. The Trustees conslder there are no materlal uncertalntles In adoptlng the golng concern basls of accountlng. Page 20
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 Judgements In the appllcation of the Charity's accounting pollcles, the trustees are required to make Judgements, estlmates and assumptions about the carrying amount of assets and liabilltSes that are not readlly apparent from other source5. The estlmates and associated assumptlons are based on historical experience and other factors that are considered to be relevant. Actual results may dlffer from these estlmates. No Judgements (apart from those Involvlng estlmatesl have been made In the proces5 of applylng the above accountlng pollcles. The estlmates and underlylng assumptlons are revlewed on an ongolng basls. Revlslon5 to accountlng estimates are recognlsed In the perlod In which the estlmate Is revlsed where the revislon affects only that perlod, or In the perlod of the revlslon and future perlods where the revlslon affects both current and future perlods. Income and endowments All Income Is recognlsed once the Charlty has entitlement to the Income, It Is probable that the Income wlll be recelved and the amount of the Income recelvable can be measured rellably. There Is no nettlng off of expendlture agalnst Income. Membershlp subscrlptlons are credlted to the SOFA In the year of recelpt. Admlsslon charges booked onllne and deposlts for events are recognlsed when recelved, as these are non-refundable, Grants recelvable Income from donatlons or grants Is recognlsed when there Is evldence of entltlement to the glft, recelpt Ss probable and Its amount can be measured rellably. In accordance wlth the Charltle5 SORP all grants are recognlsed under the performance model. Glfts In klnd Glfts-ln-klnd are Included at the value to the Charlty where thls can be quantlfled and a thlrd party Is bearlng the cost, No value Is attrlbuted to donated staff hours, Expendlture All expendlture Is accounted for on an accruals basbs and has been classlfled under headlngs that aggregate all costs related to the category. Where costs cannot be dlrectly attrlbuted to partlcular headlngs, they have been allocated to actlvltles on a basls conslstent wlth the use of the resources. R8lsln9 funds Thls represents dlrect marketlng costs for the garden and general publlclty costs. Other expendlture Support costs are those functlons that asslst the work of the charityi but do not dlrectly undertake charltable work. Support costs are Included wlthln governance costs and can be seen withln note 8. All termlnation beneflts are calculated accordlng to government guldellnes based on length of servlce, age and start date. All holiday pay accrued but not taken Is also pald, Payment In Ileu of notlce Is calculated as at the termination date. Taxation The Charity is considered to pa55 the tests set out In Paragraph I Schedule 6 of the Flnance Act 2010 and therefore it meets the definition of a charitable company for UK corporatlon tax purposes. Accordlngly, the charity is potentially exempt from taxatlon In respect of Income or capltal galns recelved wlthln categortes covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Galns Act 1992, to the extent that such Income or gains are applied exclusively to charitable purposes. Page 21
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 Intangible agsets Intanglble assets are stated In the Balance Sheet at cost less accumulated amortisation and Impalrment. They are 3mortised on a straight1Sne basls over thelr estimated useful Ilves. Amortlsatlon Trebah Garden Trust rebrandlng and web51te costs are belng amortlsed at a rate of 33% on cost as It Is assumed that the useful Ilfe wlll not exceed 3 years. The amortlsatlon cost Is Included In the SOFA under the headlng 'Cost of operatlon of the garden,. Asset class Rebranding and webslte costs Amortlsatlon method and rate 330/0 on cost Tanglbl• flxed assets Tanglble a55ets are stated In the balance sheet at cost, less 8ny subsequent accumulated depreclatlon and subsequent accumulated Impolrment losses, The cost of tanglble assets Includes dlrectly attrlbutable Incremental costs Incurred In thelr acqulsltlon and Installatlon. Indlvldual asset expendlture below £500 Is not capltallsed but charged to the SOFA when Incurre¢J. Internal labour Is capltallsed when It equates to more than £500 on an Indlvldual asset. Thls Is calculated by reference to tlmesheets and hourly payroll costs for the Indlvlduals Involved. Costs Incurred In respect of garden replantlng are wrltten off Sn the perlod In whlch they are Incurred. Upon transactlon to FRS 102, assets prevlously revalued have been frozen at the date of transltlon and thls value has been treated as the deemed cost. Thls complles wlth Sectlon 35 of FRS 102, paragraph 35.10(d). Depre¢latlon Deprecl3tlon Is provlded at the followlng annual rates In order to wrlte off each asset over Its estlmated useful Ilfe or, If held under a flnance lease, over the lease term whlchever Is the shorter: Asset class Freehold property (garden and house) Freehold bulldlngs {Hlbbert Centre) Equlpment and flxtures Motor vehlcles Depreclatlon m•thod and rate 4010 to IOO/o on cost IO% and 20010 on cost 250kn on reduclng balance The property owned and occupled for admlnlstratlve purposes Is stated at deemed cost, belng the value of the asset on transltlon to FRS 102. No materlal depreclatlon arlses on the admlnlstratlve property of the Trust as a slgnlflcant portlon of Its deemed cost relates to land (whlch Is not depreclated) and as the Ilfe of the property Is consIded to be so long and thelr resldual values based on deemed cost to be high enough to ensure that any annual depreclatlon Is Immaterlal. Investment propertles Investment property is carrled at falr value, derlved from the current market prlces for comparable real estate determined annually by external valuers. The valuers Use observable market prlces, adjusted If necessary for any dlfference In the nature, locatlon or condition of the specific a55et. Changes In fair value are recognised in profit or10sS. stock stocks are valued at the lower of cost and net reallsable value. The cost formula used for valulng stocks Is weighted average cost. Page 22
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 Trade debtors Trade debtors are amounts due from customers for merchandlse sold or servlces performed In the ordinary course of bu51ness. Trade debtors are recognlsed Inltlally at the transaction prlce. They are subsequently measured at amortlsed cost uslng the effectlve Interest method, less provlslon for impalrment, A provlslon for the Impalrment of trade debtors Is established when there Is objectlve evldence that the charlty wlll not be able to collect all amounts due accordlng to the orlglnal terms of the recelvables. Cash and cash equlvalents Cash and cash equlvalents comprlse cash on hand and call deposlts, and other short-term hlghly Ilquld Investments that are readlly convertlble to a known amount of cash and are subject to an Inslgnlflcant risk of change In value. Trade credltor• Trade credltors are obllgatlons to pay for goods or servlces that have been aCquId In the ordlnary course of buslness from SUpplerS, Accounts payable are classlfled as current Ilabllltles If the charlty does not have an uncondltlonal rlght, at the end of the reportlng perlod, to defer settlement of the credltor for at least twelve months after the reportlng date. If there Is an uncondltlonal rlght to defer settlement for at least twelve months after the reportlng date, they are presented as non-current Ilabllltles. Trade credltors are recognlsed Inltlally at the transactlon prlce and subsequently measured at amortlsed cost uslng the effectlve Interest method. Fund structure General funds are unrestrlcted funds whlch are avallable for use at the dlscretlon of the Councll of Management In furtherance of the general objectlves of the Charlty and whlch have not been deslgnated for other purposes. Restrlcted funds are funds whlch are to be used In accordance wlth speclflc restrlctlons Imposed by donors or whlch have been ralsed by the Charlty for partlcular purposes. The cost of ralslng and admlnlsterlng such funds are charged agalnst the speclflc fund. The alm and use of each restrlcted fund Is set out In note 24 of the flnanclal statements, Investment Income Is allocated to the approprlate fund. Operatlng Lease Commltments Rentals appllcable to operatlng leases where substantlally all the beneflts and rlsks of ownershlp remaln wlth the lessor are charged to the SOFA over the term of the lease. Penslons and other post retlrement obllgatlon$ The company operates a deflned contrlbutlon pen5Ion scheme, Contrlbutlons payable to the company's penslon scheme are charged to the SOFA In the perlod to whlch they relate. Page 23
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 Flnanclal Instruments Recognltlon and measurement The company has chosen to adopt the Sectlons I l and 12 of FRS 102 In respect of financlal Instruments. {1) Flnanclal assets Baslc flnanclal assets, InclL¢dlng trade and other recelvables, cash and bank balances are Inltlally recognlsed at transactlon prlce, unless the arrangement constitutes a financlng transactlon, where the transactlon Is measured at the present value of future recelpts, dlscounted at a market rate of Interest. Baslc flnanclal Ilabllltles, Includlng trade and other payables, bank loans and loans from fellow group companles are Inltlally recogn15ed at transactlon prlce, unless the arrangement constitutes a flnanclng transactlon, where the debt Instrument Is measured at the present value of future recelpts, dlscounted at a market rate of Interest. Debt Snstruments are subsequently carrled at amortlsed cost, uslng the effectlve Interest rate method. 3 Income from donatlon• and legacl•• Unre$trlrt•d fund• Re•trl¢t•d fund• Total 2024 Total 2023 General Donatlons and legacles,, Net donètlons under glft ald Sundry donatlons Legacles Glft ald reclolmed Grants, Includlng capltal grants,. Grants recelvable 168,756 5,013 168,756 8,212 230,951 2,916 5,000 57,738 3,199 42,193 42,193 215 962 225 256 331 225 4 Income from charltablo a¢tlvltle$ Vnrestrlcted funds Total 2024 Total 2023 General Garden entrance fees Membershlp subscrlptlons 582,961 186 704 582,961 186 704 336,591 123 155 769 665 769 665 459 746 Page 24
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 5 Income from other tradlng actlvltles Unrestrlcted fund$ Total 2024 Tot•1 2023 General Tradlng Income,. Commerclal tradlng operatlons Events Income,. other events Income Educatlon,. Chlldrens tralls Art Exhlbltbon Income Solar panel Income other Income from other tradlng actlvltles 1,232,523 1,232,523 936,929 23,029 6,350 7,681 14,267 513 23,029 6,350 7,681 14,267 513 73,887 5,298 13,683 1284 363 1 284 363 1 046 788 6 Investment Income Unroltrlcted fund• Total 2024 Tot81 2023 General Interest recelvable ènd slmllar Income; Interest recelvable on bank deposlts Property rental Income 4,604 4,604 465 7 Expendlture on ral•lng fund• Unrestrlcted Fund• Tot•1 2024 Total 2023 General Note Marketlng and publlclty Event costs Commerclal tradlng operatlons FSnance costs 72,961 38,560 1,231,573 72,961 38,560 1,231,573 58,288 131,806 929,751 1 364 345 1 364 345 1 146 257 Page 25
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 8 Expendlture on charltable actlvltles Unrestrlcted funds Restrlcted tund8 Total 2024 Total 2023 General Cost of operatlon of the garden Cost of operatlng membershlps Governance costs 809,182 14,167 23,908 833,090 14,167 703,213 13,826 855 706 879 614 747 764 Co•t of op•ratlon of the garden Unregtrlcted fund$ R•8trlcted lund• Total 2024 Total 2023 General Salarles and wages Garden plants and sundry expenses Insurance Motor and travel expenses Llght and heat Rates and water Rent payable Repalrs and renewals Cleanlng and household expenses Sundry expenses and Ilcences Depreclatlon and amortlsatlon {Proflt) / loss on sale of assets Equlpment hlre staff tralnlng and recrultment Health and safety Prlntlng, postage and statlonery Telephone Flat expenses 470,215 20,390 35,064 6,160 50,776 3,944 12,500 81,376 18,103 8,627 62,333 202 12,109 7,355 2,581 10,198 5,521 470,215 20,390 35,064 6,160 50,776 3,944 12,500 81,376 18,103 8,627 86,241 202 453,165 13,004 30,813 7,207 9,364 5,138 12,000 49,834 10,256 10,346 74,438 180) 11,894 3,510 2,070 7,444 1,191 23,908 12,109 7,355 2,581 10,198 5,521 809 182 833 090 703 214 Cost of operatlng membershlps Unrestrlcted Funds Total 2024 Total 2023 Salarles and wages Page 26
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 Governance costs Unrestrlcted funds Total 2024 Total 2023 Gener•1 Audit fees Audlt of the flnanclal statements Legal fees Consultancy fees 9,035 2,801 9,035 2,801 8.950 2,718 The above flgures relate solely to Trebah Garden Trust. All expendlture Incurred by Trebah Enterprlses Llmlted Is Included In costs of generatlng funds as commerclal tradlng operatlons wlthln the consolldated statement of flnanclal actlvltles on page 15. 9 Flnance co•t• Unre$trlct¢d funds Total 2024 Totsl 2023 General Interest payable,, Interest payable on bank loans and overdrafts Flnance charges; Bank charges 206 Page 27
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 10 Net Incomlng/outgolng resources Net incomlnglloutgolng) resources for the year Include: 2024 2023 Operatlng leases other assets Audltors remuneration Audltors fees - other servlces Lossl{proflt) on dlsposal of tanglble flxed assets Depreclatlon of flxed assets Amortlsatlon of goodwlll 14,780 5,500 7,500 202 106,353 14,360 5,446 7,764 (80) 96,390 688 11 Trustee* remun•ratlon and expen•e• Durlng the year the group made the followlng transactlons wlth trustees,, Durlng the year, R Townsend was relmbursed £915 (2023.. £1,608) to cover hls travel and accommodatlon expense5 for attendlng trustee meetlngs, No trustees, nor any persons connected wlth them, have recelved any remuneratlon from the group durlng the year, 12 Staff cost• The aggregate payroll costs were as follows: 2024 2023 staff costs durlng the year were: Wages and salarles Soclal securlty costs Penslon costs 974,189 72,150 840,419 69,123 1061 891 923 013 The monthly average number of persons (Includlng senlor management team) employed by the group durlng the year expressed as full tlme equlvalents was as follows.. 2024 No 2023 No Charltable actlvltles 52 45 The nsjmber of employees whose emolvments fell wlthln the followlng bands was.. 2024 No 2023 No £60,001 £70,000 The penslon costs charge preSentS contribution5 payable by the group to the funds and amounted to £15,552 {2023'. £13,471). At 31 January 2024, £346 was the aggregate sum owed to the penslon schemes (2023.. £2,138). Page 28
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 13 Taxatlon No liablllty to UK corporatlon tax arises on ordlnary actlvitles for the Charlty for the year ended 31 January 2024 because of the charltable status, The tradlng subsldlary, Trebatt Enterprlses Llmlted, was subject to UK corporatlon tax. There was no tax charge In the year due to the company maklng a loss, Deferred tax Is recognlsed In respect of all tlmlng dlfferences that have orlglnated but not reversed at the statement of flnanclal posltlon date. Tlmlng dlfferences arlse from the Incluslon of Income and expenses In tax assessments In perlods dlfferent from those In whlch they are recognlsed In flnanclal statements, Deferred tax Is measured uslng tax rates and laws that have been enacted or substantlvely enacted by the year-end and that are expected to apply to the reversal of the tlmlng dlfference. 14 1ntanglbl• flxed a••et• Group and Ch•rlty Rebrandlng and webslte Total Cost At l February 2023 At 31 January 2024 Amortl•atlon At l February 2023 At 31 January 2024 Not book valu• At 31 January 2024 At 31 January 2023 The amortlsatlon charge of £nll (2023., £688) Is Included wlthln the 'Cost of operatlon ol the garden, Ilne In the SOFA. Page 29
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 15 Tanglble flxed assets Group Freehold Property Freehold Bulldlngs Equlpment •nd Flxtures Motor Vehlcles Total Cost At l February 2023 Addltlons Dlsposals 3,485,943 19,127 2,406,796 57,658 786,369 43,593 26,449 6,705,557 120,378 At 3 1 January 2024 3 505 070 2 464 454 793 224 26 449 6 789 197 D•preclatlon At l February 2023 Charge for the year Ellmlnated on dlsposals 1,686,722 54,747 682,329 48,124 12,518 3,482 2,381,569 106,353 At 3 1 January 2024 1 741 469 695 214 2 452 683 Net book valu• At 3 1 January 2024 3 505 070 722 985 4 336 514 At 31 January 2023 3 485 943 720 074 104 040 4 323 988 Charlty Freehold Property Freehold Bulldlngs Equlpment and Flxture8 Motor Vehlcle• Total Co•t At l February 2023 Addltlons Dlsposals 3,485,943 19,127 2,406,796 57,658 511,108 40,233 26,449 6,430,296 117,018 At 3 1 January 2024 3 505 070 2 464 454 514 603 6 510 576 Depreclatlon At l February 2023 Charge for the year Ellmlnated on d15posals 1,686,722 54,747 453,426 28,011 12,518 3,482 2,152,666 86,240 At 31 January 2024 1 741 469 446 198 16 000 2 203 667 Net book value At 31 January 2024 3 505 070 722 985 4 306 909 At 31 January 2023 3 485 943 720 074 4 277 630 Page 30
Trebah Garden Trust Notes to the Flnancial Statements for the Year Ended 31 January 2024 Upon transltlon to FRS 102 on l February 2014, assets previously classlfied as herltage assets have been reclasslfled as freehold property. These assets have been transferred at thelr value on transltlon together wlth any addltlons that have occurred slnce that date. The Hlbbert Centre, whlch Included wlthln Freehold Bulldlngs, contlnues to be depreclated and Is perSodically reviewed for Impalrment. Included wlthln the net book value of Freehold Property above Is £870,692 (2023.. £851,565) represented by the orlglnal c05t and £2,634,378 (2023: £2,634,378) represented by the revaluatlon reserve. If the freehold property had not been revalued It would have been Included at the followlng hlstorlcal cost and value.. Group Charlty Freehold Property Hlstorlcal cost 870,692 (213,892) 656,800 870,692 {213,8921 656,800 Aggregate depreclatlon 16 Flxed a•8et Inve•tments Group 2024 2023 Investment propertles 635 000 635 000 Inve•tment propertl•s Investment propertle• Cost or Valuatlon At l February 2023 635 000 Provlslon At 31 january 2024 Net book value At 31 January 2024 635 000 At 31 January 2023 635 000 The investment property was last valued as at 31 January 2023. The valuation was carried out by Philip Martin MRICS an approprlately qualfied, Independent valuer, with expertise in the local property market. The valuatlon was completed on a vacant possession basis. In the trustees, opinion the falr value of Investment property a5 at 31 Jan¢Jary 2024 has not chan9ed materially since the previous valuation. Page 31
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 Charlty 2024 2023 Investment propertles Shares In group undertaklngs and partlcipatlng Interests 635,000 loo 000 635,000 735 000 635 002 Shares In group undertaklngs and pjrtlclpatlng Interests Subsldlary undertakln96 Total Cost At l February 2023 Addltlons At 31 January 2024 loo 000 loo 000 Net book valu• At 31 January 2024 loo 000 loo 000 At 31 January 2023 Detall• of undortE4klng• Detalls of the Investments In whlch the charlty holds 20Wo or more of the nomlnal value of any class of share capltal are as follows: Proportlon of votlng rlghts and •hare$ held Country of Incorporatlon Undertaklng Holdlng Prlnclpal artlvlty Sub$ldlary undertaklngs Trebah Enterprlses Llmlted the runnlng of a glft shop, cafeterla and plant soles at Trebah England and Wales Ordlnary shares iOOO/o Page 32
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 Subsldlarles The loss for the flnanclal perlod of Trebah Enterprlses Llmlted was £26,682 and the a9gregate amount of capital and reserves at the end of the perlod was £27,943. The address of the reglstered offlce of Trebah Enterprlses Llmlted Is Trebah, Mawnan Smlth, Falmouth, Cornwall, TRI 1 5JZ. The addltions In the year relate to an Issue of shares by the subsldlary that was fully subscrlbed to by the Charlty. The results of the subsldlary have been consolldated Into the group flnanclal statements. Audlted accounts have been flled wlth the Reglstrar of Companles, 17 Stock Group Charlty 2024 2023 2024 2023 Caterlng stock Plants and 9arden shop stock Glft shop stock 8,227 32,685 7,543 35,178 103 523 110 514 18 Debtoro Group Charlty 2024 2023 2024 2023 Trade debtors Due from group undertaklngs Prepayments other debtors 7,523 5,331 5,607 58,032 51,787 5,000 248,683 25,581 59,490 29,808 118 634 304 440 19 Credltors: •mounts falllng due wlthln one year Group Charlty 2024 2023 2024 2023 Trade credltors Other taxatlon and soclal secvrlty Other credltors Accruals 98,102 30,681 1,087 64,304 31,851 53,612 9,405 34,669 13,492 204 576 131 366 113 243 Page 33
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 20 Obllgatlons under leases and hlre purchase contra¢ts Operjtlng lease commltments Totsl future mlnlmum lease payments under non-cancellable operatlng leases are as follows: Group Charlty 2024 2023 2024 2023 other withln one year Between one and five years 6,242 6,583 6,242 6,5B3 Lease payments recognlsed as an expense durlng the year amount to £ 14,78012023: £9,510). 21 Provlilonj Group Deferred tax Total At l February 2023 Utlllsed durlng the perlod 8,330 8,330 At 31 January 2024 22 Commltmentl Charlty Capltal commltment• As at 31 January 2024 the Charlty had capltal commltments of £8,685 (2023,. £31,045) In relatlon to the walled garden project, £112,264 12023.. £nll) In relatlon to Trebah Lodge works, and £21,340 12023., £nll) In relatlon to the new play area. The total amount contracted for but not provlded In the flnanclal statements was £142,289 {2023 - £31,045). 23 Contlngent assets Group The group benefitted from a settlement of Its outgolng electrlclty contract, wlth £5,383 agreed between the parties followlng the year-end to not be paid by the group. Page 34
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 24 Funds Group Balance at i February 2023 Incomlng resources Resources expended Bolance at 31 January 2024 Unrestrlcted fund8 General 5,206,114 2,296,844 (2,216,954) 5,286,004 Restrlcted fund• 356 589 341975 Tot•1 fund• 5 562 703 2 240 862 5 627 979 Balanc• Jt i February 2022 Incomlng resources Resources expended Balance at 31 January 2023 Unre•trlrted fund• General 5,221,823 1,822,136 {1,837,8451 5,206,114 R••trlcted fund• 375 122 356 589 Total fund• 5 596 945 1 856 224 1 890 466 5 562 703 Charlty Balance at i February 2023 Incomlng resource8 Resources expended Balance at 31 January 2024 Unrestrlrted funds General 5,251,489 1,216,870 {1,110,298) 5,358,061 Reltrlrted funds 356 589 341 975 Total funds 5 608 078 1 226 164 1 134 206 5 700 036 Balance at i February 2022 Incomlng r¢$our¢es Resources ¢xpended Balance at 31 January 2023 Unrestrlcted funds General 5,253,316 1,003,784 (1,005,608} 5,251,492 Restrl¢ted funds 375 122 356 589 Total funds 5 628 438 1 058 229 5 608 081 Page 35
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 Included withln the above reserves., Unrestrlcted Revaluatlon Reserves Restrlrted Revaluatlon Reserves Total At l February 2023 and 31 January 2024 2,630,993 3,385 2,634,378 The speclflc purposes for whlch the funds are to be applied are as follows.. Unrestrlcted Funds General reserve The general reseNe covers the operatlon of the garden. Restrlcted Funds Beach Access Project - Thls restrlcted fund has arisen from grant5 recelved, to help bulld an Improved access to the beach from the gardens, Work commenced on thls project In January 2019 and was completed durlng the year ended 3 1 January 2020, Water Course - Thls restrlcted fund arose In 1995 from grant monles recelved to alter the water course In the garden. Garden Improvement Fund Thls restrlcted fund has malnly arlsen from grants recelved In 2000 for garden Improvements. Donatlons for speclflc Items wlthln the garden are reflected In thls fund. Donatloris for "Adopt tree and 'Donate a bench" are Included wlthln thls fund. The related costs are offset agalnst the donatlons once the tree Is planted or the bench Is placed wlthln the garden. Sculpture Project - Thls restrlcted fund arose In 2002. A wooden carvlng was made and erected In the garden. Donatlons and sponsorshlp monles were recelved for thls speclflc project and the related costs were offset agalnst them, Vlsltor Centre and Hortlcultural Works Fund - Thls restrlcted fund arose In 2001 from the constrtsctlon of new bulldlngs at Trebah, whlch started In September 2001. It was funded by a grant from the Herltage Lottery Fund for the sum of £ 1,389,000 and from Objectlve One for the sum of £540,223. The constructlon was completed n June 2002 and opened to the publlc, The Income Is the grants recelved and the expendlture Is the depreclatlon costs as they arlse. Amphltheatre - Thls restrlcted fund arose In 2013 as a way to help wlth the fundlng of the c05t of bulldlng the Amphltheatre. We garnered thls Income as donatlons to our "Adopt a Seat" Inltlatlve, relatlng to the Amphltheatre, whlch wlll be acknowledged by way of a plaque Inscrlbed wlth the donor's name. Major Hlbbert Memorlal Thls fund arose In 2014 when donatlons were recelved followlng the death of Major Hlbbert. The restrlcted fund wlll be used for expendlture on the garden In memory of Major Hlbbert. Events & Educatlonal projects fund Thls fund represer¢ts grants recelvable to asslst wlth fundlng the cost of dellverlng theatre performances and educatlonal projects at Trebah Garden. Page 36
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 25 Analysls of net assets between funds Group and Charlty Balance at i February 2023 Incomlng resources Re$ourceg expended Balance 31 January 2024 Tran$f•r• Restrlcted funds Beach Access Projert Water Course 25,530 39,100 92,295 994 (4,500) 21,030 39,100 92,295 994 Garden Improvements Sculpture Project Vlsltor Centre 138,634 10,813 24,338 885 118,4881 1920) 120,146 19,187 24,338 885 Court Garden 9,294 Amphltheatre Major Hlbbert Memorlal Theatre & Educatlonal Projects 24,000 24,000 Tot41 re•trl¢ted fund• 356,589 9,294 {23,908) 341,975 Restrlcted Fundg Unrestrlrted Funds Total Fund• Group Balance at l Febrvary 2023 Income 356,589 9,294 (23,908) 341,975 5,206,114 2,296,844 (2,216,954) 5,286,004 5,562,703 2,306,138 12,240,862) 5,627,979 Expendlture Balance at 31 January 2024 Restrlct•d Fund$ Unre8trlrted Fund• Total Fund8 Charlty Balance at l February 2023 Encome 356,589 9,294 123,908) 341,975 5,251,492 1,216,870 11,110,301) 5,358,061 5,608,081 1,226,164 (1,134,209) 5,700,036 Expendlture Balance at 31 January 2024 Page 37
Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2024 26 Related party transartlon Charlty Durlng the year the Charlty made the followlng related party transactlons., Trebah Enterprlse$ Llmlted (wholly-owned subsldlary of Trebah Garden Trust> Trebah Garden Trust ralsed Management charges to Trebah Enterprlses Llmlted of £134,885 (2023.. £110,924} In the year and charged rent to Trebah Enterprlses Llmlted of £17,664 (2023: £ 17,6641 In the year. Durlng the year, Trebah Enterprlses Llmlted Issued share capltal at par wlth a value of £99,998, These were fully subscrlbed to by Trebah Garden Trust. The Intercompany account remalns unsecured and repayable on demand, At the balance sheet date the amount due from Trebah Enterprlses Llmlted was £58,032 (2023 - É248,683). Mr C Hlbbert (related to two of the Trustees) Mr C Hlbbert purchased £ 1,85512023: £2,387) of heatlng oll In the year through the Charlty, Mr C Hlbbert was also pald £7,350 {2023.' £nll) for repalrs and malntenance servlces c3rrled out on behalf of the Charlty. These transactlons were carrled out on a commerclal basls. At the balance Sheet date the amount due to/from Mr C Hlbbert was £NII (2023. £NII), Key Management Personnel The Charlty's key management personnel In the year comprlses the Chlef Executlve Offlcer and the Operatlons Dlrector. The aggregate remuneratlon of key management personnel In the year was £100,380 (2023.. £72,281). 27 Control The group was controlled by the Councll of Management, who are also the Trustees and Dlrectors, throughout the current year. These are detalled on page 2 of these flnanclal statements. Page 38