Company registr3tion number.. 02461558 Charity reg istration number.. 1000067 Trebah Garden Trust (A company limited by guarantee) Annual Report and Financial Statements for the Year Endecl 31 January 2025 Trebah Garden Trust Contents Reference and Administrative Details Report of the Council of Management 2to9 Statement of Trustees. Responsibilities io Independent Auditors, Report Ilto 14 Consolidated Statement of Financial Actlvitles 15 Consolidated Balance Sheet 16 Balance Sheet 17 Consolldated Statement of Cash Flow5 18 ststement of Cash Flows 19 Notes to the Financial Statements 20to38 Trebah Garden Trust Reference and Administrative Details Council of Management H S Bradshaw Z M Curnow R Dudley-cooke. Chairman M D Harvey T Hubbard N S K Khaira C R Richardson R F Townsend Company Secretary G Wilkes {resigned 19 December 2024) J Cvmmlns (appolnted 19 December 2024) Reglstered Offlce Trebah Mawnan Smlth Falmouth Cornwall TRII 5JZ The charity is Incorporated in England and Wales. Company Reglstratlon Number 02461558 Charlty Reglstratlon Number 1000067 Bankers Barclays Bank plc 14 King Street Truro Cornwall TRI 2RB Auditor BK Plus Audit Llmited 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 flnantial 5tstements and audltors. report of the charitable group and company for the year ended 31 January 2025. This report also contains the Directors, Report as required by company law. The Council of Management has adopted the provisions from the statement of Recommended Practice {SORPI "Accounting and Reporting by Charities" IFRS 102) in preparing the annual report and financial statements of the Charity. Reference and Admlnlstratlve Detalls Princlpal Offlce Trebah Mawnan Smith Falmouth Cornwall TRII 5JZ The charity is incorporated in England and Wales. 02461558 Company Registration Number Charity Registration Number 1000067 Structurei governance and management Nature ol governing document The Charity Is a charitable company limited by guarantee and was incorporated on 22 January 1990. It 15 governed by its memorandum and articles of association. The trustees a5 a body are known as the Council of Management. Councll of Management The Councll of Management during the year under revlew were: H S Bradshaw Z M Cumow R Dudley-cooke, Chairman M D Harvey T Hubbard N S K Khaira C R Richardson R F Townsend In accordance with the Articles of Association, Mr R F Townsend will retire at the forthcoming Annual General Meetingi and, being eligible, will stand for re-election. A Chief Executive Officer (CEO) is appointed by the Trustees to manage the day-to-day operations of the Charity. The CEO reports directly to the Council of Management. Mr J C Cummin5 has held that P05t thmughout th15 flnancial year. The Charity Pay5 Trustees Indemnity Insurance which cost £2,110.99 during the year. Page 2 Trebah Garden Trust Report of the Council of Management Arrangements fijr setting key management personnel remuneratSon The Council of Management are responsible for setting the pay of the Chief Executive Officer, having reviewed the job description, role and responsibilities. benchmarking against local and industry pay scales. The pay of all other stsff is set by the CEO in the same way. Recruitment and appolntment of trustees All members are circulated with invitatlons to nominate trustees prior to the annual general meeting. The Council of Management are aware of the need to encompass in their make up as many disciplines as are approprlate to the activities and remlt of the Charity- In consequence, the Councll of Management request Indlviduals to join the Council or the appropriate sub-committee where additional specialist advice is sought and as a means of possible recruitment as a future trustee to the Council. The airn is to retaln a group of trustee5 With a broad and relevant range of skills and experience. Inductlon and tralnlng of trnstees New trustees are briefed on their legal obligations under charity ènd company law and the content of the Memorandum and Articles of Association. They ore informed about the decision-making process and familiarised with the business plan and financial perfom)ance of the Charity and, as soon as practical, introduced to the key employees. Speciflc training of trustees Is addressed as and when matter5 arise or a particular area is identified. Organlsatlonal structure The Council of Management administers the Charlty and must have a mlnimum of 7 members and a maximum of 12 members. There are currently 8 members. The Council meets normally every 3 months, There are two sub-committees, prlncipally a Management Committee which meets more regularty to whom the day-to-day management is delegated. In addition, there is a Garden Comrnittee which covers gardening malters. These sub-committee5 report to the Council of Management and all strateglc and policy decisions are made by the Councll of Management with advice from the sub-committees. At the AGM on 12 October 2024 Mr H S Bradshaw, Mr M Harvey and Mr T Hubbard were re-elected to the Councll of Management for a term of three years. The Council of Management, excluding seconded members, are a150 the directors of the wholly owned trading sub5idiaryi Trebah Enterprlses Llmited. Ln accordance with the Charity Commission Guidelines on Sound Governance, the Councll of Management regularly reviews the membership of the trustee body to ensure it operates effectively. Investment Powers Under the memorandum and articles of association, the Charity has the power to make any investment, whlch the Council of Management sees flt. Relatlonships with related parties The Charity h35 a close relationship wlth 'The Great Gardens of Cornwall" a limited company that tarries out Joint marketing and advertising support for Trebah and other gardens In Cornwall. A summary of other related party transactions is set out in note 26 to the financial statements. Risk The Council of Management is satlsfied Ihat the major risks to which the Charity is exposed have been Identified and the Trustees continue to consider risk management in all decision-making. Proced ures have been Implemented to mitigate the risks p05ed by both internal and external factors. Financial Risk Management Financial risks are carefully appraised, a policy of maintaining prudent reserves and careful planning of capital projects or substsntive expenditures is pursued. Where possible financial risk is mitigated through suitable insurance arrangements. Importantly, the Charity makes every effort to ensure pricing of services and facilities is competitive and offers fair value. Page 3 Trebah Garden Trust Report of the Council of Management Credit risk The nature of its activities does not leave the Charity especially exposed to credit risk. Indeed, very little income is deferred, so credit risks are minimal. Liquidity rlsk Cash flow risks are managed very carefully. Despite Significant seasonal shifts in funding needs, the Charity considers that adequate reserves and cash reSoUr￿S are in place. to ensure it is not taking undLÉe risk5 in terms of cash availablllty and liquidity. Property Risk Trebah does not own most of the area currently used for the car park, Instead this is retalned under an annual licence from a nelghbouring landowner. A good relationship is maintsined with these neighbours, but the rlsk remalns that future licence5 may not be granted and therefore the business continulty at current levels wou5d be at rlsk. In this sltuation the Charity would need to allocate alternative parking areas with further potential constralnts and impacts. A location and access has been identified, which would meet approximately 500/0 of current car park capacity- Infrastructure Risk Trebah has a wastewater treatment plant. In November 2024 it Was identified that this system does not hold the approprlate Environment Agency permit for discharge and is therefore non-compliant. As of 31st January 2025, Treboh was in the application process to obtain the appropriate permit. Risk management procedures are periodically revlewed to ensure that they 5tlll meet the need5 of the organisation. Objectlves and actlvltles Objects and aims °To preserve, enhance and recreate for the education and enjoyment of the public the gardens of Trebah, Mawnan Smlth and such other properties for which the Charity may accept responsibility. To promote the education of the publlc on matters connected with the Arts and Sciences of gèrden land. The principal responsibility of the Charity is to ensure the continuance of the garden In perpetuity for Ihe benefit of visitors and to raise, through entrance fees and its commerclal operations, sufflcient income to enable the Trust to discharge that responsibility and work towards achieving the orgar)isatlon's Vi51on agreed by the Council of Management and incorporated Into the Strateglc Plan during 2024125, Vision.. The Vision of Trebah Garden Trust is 'To be known as one of the best gardens in the world" Thi5 wlll be achieved in work across three areas: Investing deliberately in the fabric of the garden to protect and develop Trebah's distinctive elements, while adapting for climate change. c￿atIng exceptional, accessible experiences both onsite and online to build support and understanding, locally, nationally and globally. Developing as a centre for lifelong learning in horticulture in partnership with local communitles. Values.. A set of organisational values was developed in 2023124 and revised in 2024125. Et IS the responsibility of every trustee, staff member and volunteer to uphold the values through the course of their work. The values are: Take pride in Trebah; deliver results. deliver exceptional service; think long term,. think like a charity. protect the environment. Public benefit The trustees confirm that they have complied with the requirernents of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 4 Trebah Garden Trust Report of the Council of Management Objectlves, strategles and activities The principal activity in the year under review was that of the running of the gardens at Trebah, Mawnan Smith for charitable purposes, together with trading operatioris carried on by it5 Subsidiary companyi Trebah Enterprises Limited. These trading operations comprise the running of the gift shopi cafeteria and plant sales at Trebah, which are essential to the funding of Trebah Garden Trust and meeting the Charity's objectives. The maln a¢tivlty undertaken to further the Charity's purpose for the publlc benefit is the malntalnlng and improvlng of the garden. The trustees continue to ensure the Charity complies wlth the Charity Commis51on's guidance on public benefit. Revlew of the year Against the grain of many visitor attractions In Cornwall, 2024125 was a year of steady growth, bulldlng on the momentum created by the return to seven-dayi year-round opening in the preceding years. Trebah rernains closed on Christmas Eve, Christmas Day and Boxing Day annually, along with a srna15 number of rnaintenance days in January. In the year to 31 January 2025, visltor numbers grew from 100,500 In 2023124 to 111,586, an increase of IIO/o. As a result, total Income grew from É2,306,138 in 2023124 to £2,573,926 in 2024125, an increase of 120/0, The Charlty increased its annual surplus from £65,276 in 2023124 to £103,996 In 2024125, an Increase of 590h. Durlng 2024125 the Council of Management decided upon early adoptlon of the Financial Reporting Stsndard (FRS) 102 - Income recognition of membership subscriptions, which relates to income from Trebah's annual membershlp scheme. This in effect defers Income from 202415 to 202516 with an adJu5tment of £97,774 made to the accounts as a result. ThSs does not affect the cash balance. Following the Government's budget statement in October 2024 significant additional pay costs were identified, both in terms of Employers, National Insurance and wages. Despite concerns regarding these cost concerns, within the budget process in January 2025, it was agreed to uplift the wages of all staff aged over 21 wllh more than 12 month5 service. Hourly rates were benchmarked to a minimum of the Real Living Wage Foundation rate of £12.60 per hour, to provide a fair wage and recognition of individual contribution. These enhanced rates were introduced from 1st February 2025. There were two significant changes in the Trebah team during 2024125.. Firstly, a process to rationalise and reorgani5e the management of Retail and Nursery areas of Trebah Enterprises Ltd was concluded in March 2024. The outcome was that three posts were rationali5ed to two posts wlth the third role being made redundant, following an internal selection process. Two new full-time roles were created.. Garden Shop, Plant Centre and Nursery Manè9er and Gift Shop Manager. Secondly, Trebah's Head of Finance, Mrs G Wilkes, left rrebah to pursue another opportunity in December 2024. The Job tltle reverted to Finance Manager and Ms S Hosking was recruited tD the role in December 2024. Following that change, the role of Company Secretary prevlously held by the Head of Finance, passed to Mr J Cummins, CEO, The Marketing Executlve role was changed to Marketing Manager. The Programming and Engagement Coordinator role wès changed to Events Manager. The Visitor Services and Groups Manager role changed to Visitor Experience Manager. These job titles representing industry norms and personal development for the post holders. Both prior to and following the AGM on 12 October 2024, several individuals declared an interest in joining the Councll of Management. A Selection Committee fomied of three trustees, and the CEO was created by the Councll of Management to recruit trustees from the applications received. A skills audit was undertaken to identify gaps in knowledge and experience within the trustees. This selection process wa5 underway on 31 January 2025 with the expectation of recruiting three new board members during the 2025126 financial year. Page 5 Trebah Garden Trust Report of the Council of Management Trebah's membership scheme continues to build momentum and grow local support. As of 31 January 2025, Trebah membership had grown to 6,755 members. In March 2024 two new categories of membership were Introduced to better fit with visitors, needs.. a Joint Membershipi for two adults at the same addre55, and a Family One Adult category. Both have proved popular. Group booklngs, both domestlc and overseas contlnue to be strong. 5,066 group visitors were welcomed durlng 2024125, an increase of 5.6tl/o over 2023124. A second annual stèff survey was held in April and May 2024. The same survey questions were repeated, enabling comparison. 42 member5 of staff responded and improvements were seen across the board. When asked if there is a great sense of teamwork at Trebah 33Wts of respondents agreed or strongly agreed in 2023. In 2024 this had risen to 72.50A. When asked if Trebah is a good place to work, 580h of respondents agreed or strongly agreed in 2023, in 2024 this had risen to 77.5%. Addressing some of the needs identlfied in the 2023 survey and within the various audits detailed in last year's report, in 2024 a comprehensive suite of online training was introduced for all staff. Leadership trèining workshops were undertaken by the management team. Significant investment was made in repairs and maintenance, with the intention of working towards compliance and resolution of the issues hig hlighted in the H&S and GDPR audits mentloned In the 2023124 report. Trebah's first volunteer survey was held during May 2024, with 22 respondents. 100% felt either Satisfied or very satisfied wlth their volunteering experience at Trebah Garden. In 2023124 a major project was approved by the Council of Management, to renovate Trebah Lodge to ensure the building remains in a good state of repair, for the coming decades and to develop Trebah's first unit of self-catering holiday accommodation. Work was undertaken from January to September 2024. This was planned to both provide diversification for the business and an opportunity for visitors to stay at Trebah wlth a unique opportunlty to enjoy the garden and beach out of hours. Budgeted cost was initially £140,557 and due to an increased scope of works and unforeseen necessary repairs during works, plus inflation in material costs, the flnal cost of all works and furnlshings was £280,347, of which £154,799 has been capitali5ed. A recent Independent valuatlon for the purposes of audit give5 a freehold market valuation of the Lodge at £700,000. As a result of national publicity, Trebah Lodge quickly achleved booking5 to reflect circa 90% occupancv throughout both 2025 and 2026, representing a very successful start lo thi5 new income stream. Other projects cornpleted within the year included the replacement of Azolla Brldge withln the garden and the installation of new card payment machine5 at all till points. Projects agreed but not completed within the year include renewal of all plant labelling within the garden, new visitor signage throughout the garden, the resurfacing of Healey's Hill for safety reasons and the developmenl of a new major project wlthin the Bamboozle area. Following the commitment at the AGM in October 2024 to investigate the feasibility of toilets on Trebah beach to serve visitors, specialist advice was commissioned. This concluded that it Is not possible wlthln British Standards and Building Regulations to provide a facility on Trebah beach. It also highlighted, that the wastewater treatment plant that serves the Visitor Centre is operating without a permit from the Environment Agency. to discharye to ground. As of January 2025, Trebah is in the process of applying for è permit to rectify the situation. Page 6 Trebah Garden Trust Report of the Council of Management Objective5 and Priorities for the Coming Year Current year trends predict a positive outlook for Trebah Enterprises Ltd and for the Charity. A continued increase in support through Trebah membership and a return to pre-covid levels of coach bookings are both reasons for optimism. Growth in visitor numbers and income year to date at the tlme of writing represent >50/0 growth on 2024125 numbers. Both are indications of success within the context of a still uncertain landscape in both the tourism and hospitality industries. Now the structural changes detailed above have been implemented, further consolidation is required to ensure the necessary human resources are in place to deliver the Charity'5 vislon while working within a growing organisation. This must be achieved against the backdrop of increèsing staffing costs following the Government's budget statement in October 2024. The impact on staffing costs from Employers, National Insurance increases, pay awards and extra staffing needs is predicted to total around £130,000 in 2025126. A signlficant additional cost. The Council of Management considers that the prlorlties for the current year are: Develop the Strateglc Plan ar¢d the Rlsk Reglster for Trebah. Develop a strategy to grow membershlp 5UPPOrt, loyalty and income. Review LT infrastructure, support and cyber security protection. The recrultment and induction of three trustee5 in 2025126 and at least one new trustee in 2026127. Focus on Increasing the profitsbility of Trebah Enterprises Ltd. Maintaln and increase vi51tor numbers by promoting Trebah as a high quality and insplrational destinatlon. Develop an agreed list of proposed investment for cyclical repairs, mèintenance and new projects. Undertske feasibility for new capital projects. Znvest In the staff team through additional tralning. Sustain and wherever possible make further improvements to the core vlsltor experlence, together wlth improvements to the catering and retail activities. Continue to develop a programme of events and exhibltlons for Trebah that Is relevant both to the garden, audience and to the garden Itself. Grant maklng pollcles The Charity does not make grants to other bodies or Individuals unless there are exceptlonal ¢ircumstsnces. Use of volunteers The Charity has a valuable input from volvnteers primarily Ilnked to supervised garden worklactivltle5, also in support of the events programme, café and visitor experience. In the year to 31 January 2025, 3,335 volunteer hours have been recorded. This figure Includes an estimate of 77 1 hour5 given by the Council of Management and advlsors. In 2024 1,708 volunteer hour5 were recorded. Achievements and performance The results for the year and financial position of the Group (the Charity and its trading subsidiary) are as shown in the annexed financial statements. The trustees do not consider any further amendmenl is required to the statement of the financial position of the Charity as at 31 January 2025. The result for the year was a surplus of £274,196 of which £170.200 relates to revaluatlon of freehold property (Trebah Lodge). The result excluding the revaluation is a surplus of £103.996. compared to the previous year's surplus of £65,276. The Charity's cash position remained strong primarily because overheads and capital expenditure have been carefully managed and income has significantly increased. The Consolidated Statement of Financial Artivities for the year is set out on page 15. Page 7 Trebah Garden Trust Report of the Council of Management Key Performance Measures The highest of standards are sought in terms of Quality of setvice and facilltles in relation to the garden, the events and enterprises, and regular feedback is gathered in these crucial areas. There is a philosophy of continuous improvement in all areas. rrebah has an active, valuable and growing membership with whom the Charity actlvely engages. At the time of writing there are over 7,000 Trebah Garden members, up from 6,400 In 2024. An overridiag concern is the long-term impact of activities both on the conservation and maintenance of the garden and the financial well-being of the Trust. Overall visltor numbers remain below pre-pandemic levels. Trebah welcomed 111.586 visitors in 2024125, compared with 120,298 visitors in 2019120. Financial revlew The results for the year and financial posltlon of the Charity are as shown in the annexed financial statements, There was a surplus in the year to 31 January 2025 of £103,996 (2024: £65,276) after early adoption of FRS 102 legislation where an adjustment of É97.774 was made and deferred to 25126. After thi5 surplus, the Net Assets of the Trust Increased to £5,902,175 at the year-end (2024.. £5.627.979). Cash balances at the year-end amounted to £810,683 (2024: £692,441 }. In view of continuing uncertaintles, the trustees are encouraged Ihat they have been able to strengthen the level of cèsh substantially over the past 12 months. The trustees do not consider any further amendment Is required to the financial p051tloD of the Charity as of 3 Isl January 2025. These accounts comply with current ststutory requlrements and the Charlty's govemlng documents. The Charlty's assets are considered adequate to fulfil Its obligations. Pollcy on reserves The Charity's reserve pollcy has the aim of accumulating sufflclent cash reserves to cover at least 6 months staff and operatlng costs (on 31 January 2025 this equates to £862,000). Thereafter it is the wish of the Council of Nanagement to Increase those reserves by an additional £IOO,000 per annum if possible. Prlnclpal fundlng sources All income this year has arlsen from activities in furtherance of the objectives of the Charityi trading activities for raising funds and from donations and legacies. Expendlture on Objertlves All expenditure in the financial year Is consldered routine and of an ongoing nature to preserve and enhance the garden and educète the public on connected matters. Plaiis for future periods Activities planned to achleve alm5 Trebah's buildings may need further investment over the coming years. The trustees will also continuously review the longer-term needs for Trebah via the strategic planning process. This will help in exploring potential new source5 of income stream5 compatible with the objectives and resources of the Charity and how best to Invest charitable funds. Golng concern The trustees have reviewed the forecasts for the period through to luly 2026. Trebah Garden Trust has a strong ffinancial position at the reporting date and is experted to have such in 12 months. The Trustees consider there are no material uncertainties in adopting the going concern basis of accounting. Page 8 Trebah Garden Trust Report of the Council of Management Disclosure of information to auditor So far as the Council of Management is aware. there is no relevant audit infom)ation (as defined Section 418 of the Companies Act 2006) of which the Charity'5 auditors are unaware, and each Council Member ha5 taken all the steps that they ought to have taken as a Council Member in order to make themselves aware of any relevant audit information and to estsblish that the Charity's auditor 15 aware of that information. Reappointment The auditors, provislons of itor udit Llmlted, will be prow)sed for re-appolntment In accordance with the special e Companies Act 2006. Plus art15oft The annual rep ve rustees of the Charity on . and slgned on It5 behalf by: R Dudley-cooke Trustee C R Richardson 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 lawl are responsible for preparing the Report of the Council of Management and the financial ststements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law re¢Julres the Councll of Management to prepare financial Statements for each financial year. that give a true and fair view of the state of affairs of the charitable company and the group and of its incoming resources and application of resources. Including the income and expenditure, of the charitable group fDr that period. In preparing these financial statements, the Council of Management is required to.. select sultable accounting policles and apply them consistentlyi obs2rve the method5 afbd principle5 in the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Stsndards have been followed, subjeLt to any material departures dlsclosed and explained the flnanclal statements; and prepare the financial statements on the going concern basis unless it Is inapproprfate to presume that the charltable company will continue in busine55. The Councll o agement Is responsible for keeping adequate accounting record5 which disclose with reasonable curacy any time, the financial positlon of rhe charitsble company and the group and to enahle them to nsure that t financlal statement5 comply with the Companies Act 2006. They are also responsible for saf uardin9 the as ts of the charitable company and hence for taking reasonable steps for the preventlon andd tectlon of fraud a d other irr gularities. Approved by the tr Charity on and slgned on Its behalf by: R Dudley-cooke Trust C R Richardson Trustee Page 10 Trebah Garden Trust Independent Auditor's Report to the Members of Trebah Garden Trust Oplnlon We have audited the financial statements of Trebah Garden Trust (the 'charitable parent company,) and its subsidiaries (the 'group') for the year ended 31 January 2025, which comprise the Con501idated Statement of Financial Activities, Consolidated 8alance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Financial Statements, including a summary of signifficant accounting pollcies. The financial reportlng framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 The Finèncial Reporting Standard applicable in the UK and RepLtblic of Ireland, alld applicable law (Unlted Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and parent charity's affairs as at 31 January 2025 and of the group's results for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companles Act 2006, Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK}) and applicable law. Our responsibilities under those stsndards are further described in the auditor's re5pon5ibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requlrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba$15 for our opinlon. Conclusions relating to going concern In auditing the financial statements, we have concltsded that the trustees, use of the going concern basis of accouT)ting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that, Individually or collectively, may cast significènt doubt on the company's ability to continue as a golng concern for a period of at least twelve months from when the original financial statements were authorlsed for issue. Our responsibilities and the re5pon5ibilitles of the tru5tee5 With respert to going concern are described In the relevant sertions of this report. Other Informatlon The trustees are responsible for the other inforrnation. The other Information comprises the infonnation included in the annual report, other than the financial statements and our auditor'5 report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon. In connectlon wlth our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If we identify such material ineonslstencies or apparent material misstatements, we are required to determine whether there is a material mlsstatement in the financial statements or a material misstatement of the other informatlon. If, based on the work we have performed, we conclude that there is a material mi55tatement of this other Information, we are required to report that fact. We have nothing to report in this regard. Page 11 Trebah Garden Trust Independent Auditor's Report to the Members of Trebah Garden Trust Oplnlon on other matters prescrlbed by the CompaDles Art 2006 In our oplnion, based on the work undertaken in the course of the audit: the information given In the Report of the Council of Management for the financi31 year for which the rinancial siatements are prepared is consistent with the financial statements,. and the Report of the Council of Management have been prepared in accordance wlth applicable legal requirements. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the group and the parent charitable company ènd their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Council of Management. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, In our opinlon: adequate accounting records have not been kept by the parent charitable company, or retums adequate for our audit have not been received from branches not visited by us; or the parent charitable company flnancial statements are not In agreement wlth the accounting recorcls and returns. or certsln disclosures of trustees remuneratlon 5peclfled by law are not made. or we have not recelved all the informatlon and explanations we require for our audlt. Responsibllltles of trustees As explained more fully in the Statement of Council of Management's Responsibilities Iset out on page 10], the trustees (who are also the dlrectors of the parent charitable company for the purposes of company law) are responsible for the preparation of the group financial statements and the pbrent charitable company financial statements and for belng satisfied that they glve a true and fair view, and for such internal control as the trustees determlne is necessary to enable the preparatlon of the group flnancial statements and parent charitable company financial statements that are free from material misstatement, whether due to fraud or error, In preparlng the group financial statements and parent charitable company financial statements, the trustees are respon51ble for a55essing the group's and the parent charitable company's ability to continue as a going concern, dlsclosing, as applicable, matter5 related to going concern and using the going concern basis of accountlng unless the trustees either intend to liquldate the group or the parent charitable company or to cease operations, or have no realisl'ic alternative but to do so. Audltor's responslbllltles for the audlt of the flnancial statements Our objectlves are to obtain reasonable assurance about whether the financial statements as è whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that inclLJdes our oplnlon. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in ccordance with 15As (UK) will always detect a material misstatement when it exists. Mlsstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design proceclures in line with our responsibilities, outllned above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud 15 detailed below.. Page 12 Trebah Garden Trust Independent Auditor's Report to the Members of Trebah Garden Trust We obtained an understanding of the legal and regulatory frameworks that are appllcable to the Charity at the planning stage of the audit. The Charlty is subject to laws and regulations that directly affert the financial statements, specifically the Companies Act 2006, Charities Act 2011 and Charitie5 Statement of Recommended Practice, We assessed the extent of compliance with these laws ènd regulations as part of our procedures on the related financial statement items. The Charity ts also subject to laws and regulations where the consequences of non-compliance could have a material effert on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or loss of the Charity's ability to operate. In making this assessment we determined that the most significant elements of legislation inclLJde those relating to employment laws and regulations. health and safety stsndards and compllance with Major funding contracts. Based on thls understanding we designed our audit procedures to iclentify non-compliance with such laws and regulations. Our procedures involved the following.. Making enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the flnancial statements. As part of these enquiries, we a150 discussed with management changes in risk assessment relating to fraud, and whether there have been any known Instances, allegations or susplcions of fraud, of which there were none. Considering the filings made at Companies House and the Charity Commlsslon, and any omissions thereon, of which none were Identlfied. Discussing with management cornpliance wlth health and safety legislation, including any reforms to these. Making enquiries of management and reviewing Charity expendlture for any eviden￿ of dispute5, artual or potential litigation and clalms, with regulators or any other Such body. Reviewlng Oocumentatlon from fund providers to test whether funds had been approprlately claimed and utilised for purposes as set out in Ihe respective contract items. Auditing the rlsk of management override of controls, Including through testing of journal entries and other adjustments for appropriateness and evaluating the rationale for slgniflcant transactions outside the normal course of business activltie5, of which there were none. Revlewlng estlmates and Judgements made In the financial statements for any indlcation of bias and challenged assumptions used by management in making the estimates. Revlewing Council of Management mlnutes and correspondence with regulators to corroborate the flnding5 from the above. Due to the inherent limitations of an audit, there remains a risk that we may not have detected sorne material mi55tatements In the flnanclal 5tstements or non-complian￿ with laws and regulations. Thi5 15 despite the fact that we have properly planned and performed our audit in accordance with auditing standard5. For example, the further removed irregularities are from the events and transaction5 reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there remained a hlgh risk of non-detection of irregularitie5. as these may involve collusion, forgery, intentional omissions, misrepresentètions, or the override of internal controls. This risk was reduced by thorough review of all contro15 in place that monitor items and transactions affecting the financial statements. The primary responsibility for the preventiorb and detection of irregularities and fraud rests with the trustees of the charity. All relevant laws, regulations and significant risks of fraud identified have been clearly communicated to each member of the audit engagement tearn. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.ukl3uditor5responsibillties. This description forms part of our èuditor'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 501ely to the charltable parent company's trustees, as a body, in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght state to the group's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body. for our audit work, for this report, or for the opinions we have formed. David Hastings FMAAT ACA (Senior Statutory Auditor) For and on behalf of BK Plus Audit Limited, Statutory Auditor 3 Chapel Street Redruth Cornwall TR15 2BY Date Page 14 Trebah Garden Trust Consolidated Statement of Financial Activities for the Year Ended 31 January 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrf¢ted funds Restrlcted funds Total 2025 Total 2024 Note Income and Endowments from: Donations and legacies Charitable octivities other trading activities Investment income 189,615 820,295 1,512,874 300 189,915 820,295 1.512,874 225,256 769,665 1,284,363 Totsl Income 2 573 626 300 2 573 926 2 306 138 Expendlture on: Raising funds Charitable activities (1,589,131) (862,646) (1,589,131) (883,165) (1,364,345) (879,614) (20,519) Other expenditure Total Expenditure 2 449 411 2 469 930 2 240 862 Net incomel(expenditure) 124 215 103 996 other recognised gains Gain on revaluation 170 200 170 200 Net movement In funds 294,415 (20,219) 274,196 65,276 Reconciliation of funds Total funds brought forward 5,286,004 341 975 5 627 979 5,562 703 Total funds Carried forward 24 5 580 419 321 756 5 902 175 5 627 979 All of the group's activi￿eS derive from continuing operations during the above two perlods. The funds breakdown for 2024 is shown in note 24. Page 15 Trebah Garden Trust (Registration number: 02461558) Consolidated Balance Sheet as at 31 January 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets Investments 14 2.220 3.900,588 1335 000 15 16 4,336,514 635 000 5 237 808 4 971 514 Current assets stocks Debtors 17 18 119,610 47,788 810 683 103,523 70,310 Cash at bank and in hand 978,081 866,274 Credltors: Amounts falllng due wlthln one year 19 310 847 204 $76 Net current assets 667 234 661 698 Total assets less current liabilities 5,905.042 5,633,212 Prov151ons 21 Net assets 5 902 175 5 627 979 Funds of the group., Restrlcted fundg 321,756 341,975 Unrestricted Income funds Unrestricted funds 5,580,419 5,286,004 Tolal fun 24 5 902 175 5 627 979 nci em and ges IS to 38 were approved by the trustees, and authorised for Issue on heir behalf by: udley-co Trustee C R Richardson Trustee Page 16 Trebah Garden Trust (Registration number: 02461558) Balance Sheet as at 31 January 2025 2025 2024 Note Fixed assets Intongible assets Tangible assets Investments 14 2,220 3.883,807 1 435 000 15 4,306.909 735 000 16 5 321 027 5 041 909 Current assets Debtors 18 178,264 725 994 118,634 652 736 Cash at bank and in hand 904,258 771,370 Creditor$: Amounts fallln9 due wlthln one year 19 222 680 113 243 Net current assets 681 578 6S8 127 Net assets 6 002 605 5 700 036 Funds of the charlty: Restrlcted funds 321,756 341,Y75 Unrestrlcted Sncome funds Unrestricted funds 5,680,849 5,358,061 Total funds 24 6 002 605 5 700,036 Charity, surplus for e financial year 132 369 The nan ial state on L5 to 38 were approved by the trustees, and authorlsed for issue on r behalf by: R Dudley-co Trus C R Richardson Trustee Pa¢3e 17 Trebah Garden Trust Consolidated Statement of Cash Flows for the Year Ended 31 January 2025 2025 1024 Note Cash flows from operating activities Net cash income 103,996 65,276 Adjustments to cash flows from non-cash items Depreciation Amortisation Investment income 110,217 1,093 (50,842) 106,353 (26,854) 202 L055/(profit) on disposal of tangible fixed assets Tax charge 162,098 141,880 Worklng capltal adjustments Decrea5el(Sncreasel in stocks Decrease/(increasel In debtors Increasel(decreasel in creditors 17 18 19 { 16,087) 22,522 106 271 6,991 (9,980) Net cash flow5 from operatlng activities 112 706 212 105 Cash flows from investlng actlvltles Interest receivable and similar income Purchase of 5ntanglble fixed assets Purchase of tangible fixed assets Sale of tangible fixed assets 50,842 (3,313) (204,091) 26,854 14 15 (120,378) Net cash flow5 from Investing actlvlties (156,562) (92,227> Net increase/(decrease) in cash and cash equivalents 118,242 119,878 Cash and cash equivalents at l February 692 441 572 563 Cash and cash equivalents at 31 January 810 683 692 441 All of the cash flows are derived from continuing operations during the above two perlods. Page 18 Trebah Garden Trust Statement of Cash Flows for the Year Ended 31 January 2025 2025 2024 Note Cash flows from operating activitie5 Net cash income 132.369 91,958 Adjustments to cash flows from non-cash Items Depreciation Amort15ation Lnvestment income 93,961 1,093 (68,505) 86,240 {44,518) 202 Loss/lprofitl on disposal of tangible fixed assets 158,918 133,882 Worklng capltal adjustments Decreasel(increèse) In debtors Increase/(decrease) in creditors 18 19 159,630) 109 437 185,806 Net cash flows from operating activities 363 152 Cash flow5 from investing activltles Interest receivable and similar income Purchase of Intangible flxed assets Purchase of tanglble flxed a55ets Sale of tangible flxed assets Purchase of investments 68,505 (3,313) {200,659) 44,5L8 14 15 (117,018) 1,297 Net cash flows from Invesling actlvlties (135,467} (171,201) Net Increase in cash and cash equlvalents 73,258 191,951 Cash and cash equivalents al l February 652 736 460 785 Cash and cash equlvalents at 31 January 725 994 652 736 All of the cash flows are derived from continuing operations during the above two periods. Page 19 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 I Charity status Trebah Garden Trust operates in the tourism sector within Cornwall. The Charity is a private company, limited by guarantee, registered in England and Wales. The rneMbe￿ of the company are the Council of Management named on page l. In the event of the Charity heing wound up, the liability in respect of the guarantee is limited to £ I per member. The company was incorporated in England and the registered nLtmber is 02461558. The address of the registered office is Trebah, Mawnon Smith, Falmouth, TRII 5JZ. These flnanclal statements cover a group of entities. 2 Accountlng pollcles Summary of significant accounting policies and key accounting estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unle55 Otherwise stated. Statement of compllance The flnancial statements have been prepared in accordance with Accounting and Reporting by CharSties.' statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Flnanclal Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102) (effective l January 20 15) (Charitles SORP (FRS 102)), the Financial ReportSng Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006, Basls of preparation Trebah Garden Trust meets the deflnltion of a public beneflt entity under FRS 102. The financlal ststements have been prepared under the historical cost convention, as modified by the revaluation of certaln assets. The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts In these rinancSal statements are rounded to the nearest Pound. The group has elected to early adopt the updates to FRS 102 legi51allon as at l Febwary 2024. The group has applied the modified retrospective approach in accordance with the standard, and an explanatlon of how doptlon of the updated legislation has affected the reported financial position is given in note 28. Basis of consolidation These financial statements consolidate the results of the Charity and its wholly owned subsidiaryj Trebah Enterprises Limited, on a line by line basis. All intra-group balances, transactions, income and expenses are eliminated on con501idation. The consolidated accounts are prepared uslng unlform accounting policies. The Statement of Financial Activities and Income and Expenditure Account of the Charity is not presented as part of these financial statements. The Charity's surplus for the flnancial year was £132,369 (2024.. £91,958). The exemption conferred by section 408 of the Companies Act 2006 has been relied on, Going concern The Trustees have reviewed the forecasts for the period through to July 2026. Trebah Garden Trust has strong financial position at the reporting date and is expected to have such in 12 months. The Trustee5 consider there are no material uncertainties in adopting the going concern basis of accounting. Page 20 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 Judgements In the application of the Charity's accountlng policies, the trLSStees are required to make judgements, estlmates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ fmm these estimate5. No judgements (èpart from those involvlng estimates} have been made in the process of applying the above accounting pollcles. The estimates and underlying assurnptions are reviewed on an ongoing basis. Revislons to accounting estlmates are recognised in the period in which the estimate is revised where the revision affects only that perlod, or in the period of the revision and future periods where the rev151on affects both current and future periods. Income and endowments All income is recognised once the Charity has entitlement to the Income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. There is no netting off of expenditure against income. Membership subscriptlons are credited to the SOFA on an amortlsed basis, whereby this Is recognised evenly over the course of the membership period subscribed for. Admlssion charges booked onllne and deposits for events are recognlsed when received, a5 these are non-refundable. Investment Income Is recognised on a receivable basis. Grants recelvable Income from donations or grants is reco9nised when there is evidence of entitlement to the glft, recelpt is probable and its amount can be measured rellably. In attordance wlth the Charities SORP all grants are recognised under the performance model, Deferred income Deferred income represents amounts received, in respect of Membership subscriptions, for future periods and Is released to incoming resources in the period for which it has been received. Glfts In klnd Gifts-in-kind are included at the value to the Charity where this can be quantified and a third pèrty is bearing the cast. No value Is attributed to donated staff hours. Expenditure All expenditLFre is accounted for on an accruals basis and has been classified un¢Jer headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basi5 consistent with the use of the resources. Ra151ng fiinds Th15 represents direct marketing costs for the garden and gerberal publlcity costs. other expenditure Support costs are those functions that assist the work of the Charity, but do not directly undertake charitable work. Support costs are included within governan￿ costs and can be seen within note 8. All termination benefits are calculated according to government guidelines based on length of service, age and start date. All holiday pay accrued but not taken is also paHJ. Payment in lieu of notice is calculated as at the termination date. Page 21 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 Taxation The Charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Intangible assets Intangible assets are stated In the Balance Sheet at cost less accumulated amort15)tion and irnpairment. They are amort15ed on a straight-1Sne basis over their estimated useful lives. Amortlsatlon Trebah Garden Trust rebranding and website costs are being amortised at a rate of 33V/o on cost as it is assumed that the useful life will not exceed 3 years. The amortisation cost is included in the SOFA under the headlng 'Cost of operation of the garden,. Asset class Rebranding and website costs Amortlsatlon method and rate 33% on cost Tanglble flxed assets Tangible ossets are stated In the balance sheet at Cost, less any subsequent accumulated depreciatlon and subsequent accumulated impalrment losses. The cost of tangible assets includes dirertly attributable Incremental costs incurred in their acquisition and installation. Individual asset expenditure below £500 Is not capitali5ed but charged to the SOFA when incurred. Internal labour is capitalised when It equates to more than £500 on an indivldual asset. Thls Is calculated by reference to timesheets and hourly payroll costs for the Indlviduals involved. Costs incurred in respect of garden replanting are written off in the period in which they are Incurred, Upon transaction to FRS 102. assets previously revalued have been frozen at the date of transition and this value has been treated as the deemed cost. This complies with Section 35 of FRS 102, paragraph 35.10(d). Depreclation DepreclaLlon is provided at the following annual rates in order to write off each asset over Its estlmatecl useful Ilfe or, If held under a finance lease, over the lease term whichever is the shorter- Asset Class Freehold property (garden and house) Freehold bulldings (Hlbbert Centre) Equlpment and fixtures Motor vehicle5 Depreciation method and rate 4Vo to IO¥o on cost IO% and 20% on cost 25Vlo on reducing balance The property owned and occupied for administrative purposes is stated at deemed cost, being the value of the asset on transition to FRS 102. No material depreciation arises on the administrative property of the Charity as a significant portion of its deemed cost relates to land (which is not depreciated) and as the life of the propertv is considered to be so long and their residual values based on deemed cost to be high enough to ensure that any annual depreciation is immaterial. Page 22 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 Investment properttes Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuer5 use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. stock Stocks are valued at the lower of ¢WSt and net realisèble value. The cost fomiula used for valuing stocks is weighted average cost. Trade debtors Trade debtors are amounts due from visitor5 for merchandise sold or services performed in the ordlnary course of business, Trade debtors are recognlsed initially at the transartion price. They are subsequently measured at amortised cost Ltsing the effectlve interest niethod, less provision for impairment. A provision for the impairment of trade debtors 15 establlshed when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the re￿1vable$. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term hlghly 1Squld investments that are readily convertible to a known amount of cash and are Subject to an insigniFicant risk of change in value. Trade ¢redltors Trade creditors are obligations to pay for goods or setvices that have been acquired in the ordinary course of business from suppllers. Accounts payable are classified as current Ilabilities if the Charity does not have an unconditlonal rlght, at the end of the reporting period, to defer settlement of the creditor for at least twelve rnonlhs after Lhe reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilitles. Trade creditors are recognised initially at the transactlon prlce and subsequently measured at amortised cost using the effective interest method. Fund structure General funds are unrestrictec5 funds which are available for use at the discretion of the Council of Management in furtherance of the general objectives of the Charlty and which have not been designated for other purposes, Restricted funds are fund5 which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The tost of raising and èdministering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in note 24 of the financial statements. Investment Encome is allocated to the appropriate fund. Operating Lease Commitments Rentals applicable to operating leases where substar)tlally all the benefits and risks of ownership remain wlth the lessor are charged to the SOFA over the term of the lease. Pensions and other post-retÈrement obligations The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the SOFA in the period to which they relate. Page 23 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 Financial instruments Recognition and measurEment The company ha5 chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. (11 Flnanclal assets Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction prlce, unless the arrangement constitutes a finanarbg transaction, where the tronsaction Is measured at the present value of future receipts. discounted at a market rate of interest. Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companles are initially recognlsed at transaction price, unless the arrangement constltutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of Interest. Debt instruments are subsequently Ca￿led at amortised cost, using the effective Interest rate method. 3 Income from donatlons and legacies Unrestricted funds Restrlcted funds Total 2025 Total 2024 General Donations and legacies; Net donatlons under gift aSd Sundry donatlons Legacies Gift ald reclaimed 149,812 2,350 149,8 12 2,650 168,756 8,212 300 37,453 37,453 42,193 Grants, includlng capltal grants; Grants receivable 189 61S 300 189 915 225 256 4 Income from charitable artlvlties Unrestricted funds Total 2025 Total 2024 General Garden entran￿ fees Membership subscriptions 707,287 113 008 707,287 113 008 582,961 186 704 820 295 820,295 769 665 Deferred income has been recognised in respect of Membership subscriptions this year, totslling £97,774. Deferred income was not previously recogni5ed in the financial statements, however the group has early adopted the changes to FRS 102 legislation, and has adopted the modified retrospective approach in accordance with the standard, as detailed in note 2 of the financial statements. Page 24 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 5 Income from other tradlng actlvities Unrestrlcted funds Total 2025 Total 2024 General Trading income. Commercial trading operations Events income. Other events income Educotion.. Childrens trails Art Exhibitlon income Solar panel income Other Income from other trading activities 1,435,114 1,435,114 1,232,523 51,317 6,208 9,012 9,623 51,317 6,208 9,012 9,623 23,029 6,350 7,681 14,267 513 1 512 874 1 512 874 1 284 363 6 Investment Income Unrestrlcted funds Total 2025 Total 2024 General Interest receivable and similar income; Lnterest receivable on bank deposits Property rental Income 12,711 12,711 4,604 7 Expendlture on raislng funds Unrestrlcted Funds Total 2025 Total 2024 General Note Marketing and publicity Event costs 78,759 52,358 1,431,100 78,759 52,358 1,431,100 72,961 38,560 1,231,573 Commercial tra(Jing operations Finance cost5 1 589 131 1 589 131 1 364 345 Page 25 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 8 Expenditure on charitable activities Unrestricted funds Restricted funds Total 2025 Total 2024 General Cost of operation of the garden Cost of operatlng membershlps Governance costs 820,675 16,825 20,519 841.194 16,B25 833,090 14,167 862 646 883 16S 879 614 Cost of operation of the garden Unrestrlcted funds Restricted funds Totsl 2025 Total 2024 General Salaries and wages Garden plants and sundry expenses Insurance Motor and travel expense5 Light and heat Rates and water Rent payable Repalrs and renewals Cleaning and household expenses Sundry expenses and licences Depreciation and amortisation (Profit) I loss on sale of assets Equipment hire staff training and recruitment Health and safety Printing, postage and stationery Telephone Lodge expenses Flat expenses 409,150 16,078 35,713 6,981 22,245 6,901 13.000 154,232 18,581 13,587 74,536 409,150 16,078 35,713 6,981 22,245 6,901 13,000 154,232 18,581 13,587 95,055 470,215 20,390 35,064 6,160 50,776 3,944 12,500 81,376 18,103 8,627 86,241 202 12,109 7,355 2,581 10,198 5,521 20,519 7,047 11,716 3,847 13,180 4,978 3,474 7,047 11,716 3,847 13,180 4,978 3,474 820 675 841 194 833 090 Cost of operatlng memberships Unrestricted Funds Total 2025 Total 2024 Salaries and wages Page 26 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 Governance costs Unrestrlcted funds Total 2025 Total 2024 General Audit fees Audit of the financial statements Legal fees Consultancy fees 8,650 1,538 8,650 1,538 9,035 2,801 The above flgLtres relate solely to Trebah Garden Trust. All expenditure inCUr￿d by Trebah Enterprises Limited Is included in costs of generating funds as commercial trading operations within the consolidated statement of financial activities on page 15. 9 Finance costs Unrestrlcted funds Total 2025 Total 2024 General Interesl payable. Interest payable on bank loans and overdrafts Finance charges; Bank charge5 Page 27 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 10 Net Incomlng/outgolng resources Net incoming/{outgoing) resources for the year include: 2025 2024 Operating leases - other assets Auditors remuneration Auditors fees other services Loss/lprofit) on disposal of tangible fixed assets Depreclatlon of flxed assets Amortlsation of goodwill 6,584 6,150 7,500 14,780 5,500 7,500 202 106,353 110,217 11 Trustees remuneratlon and expenses Durlng the year the group made the followlng transactions With trustees: During the year, R Townsend was reimbursed £1,518 (2024: £915) to cover his travel and accommodation expenses for attendlng trustee meetings. No trustees, nor any persons connected wlth them, have recelved any remuneration from the group during the year. 12 Staff costs The aggregate payroll costs were as follows: 2025 2024 staff costs durlng the year were: Wages and salarles Social security costs Pension costs 1,059,332 74,367 974,189 72,150 1 154 240 1061 891 The rnonthly average number of persons (induding senior management team) employed by the group during the year expressed as full time equivalents was as follovts: 2025 No 2024 No Charitable activities 56 52 The number of employees whose emoluments fell within the following bands was.. 2025 2024 No £60,001 £70,000 The penslon costs charge represents contributions payable by the group to the funds and amounted to £20,541 12024- £15,552)- At 31 January 2025. £3.209 was the aggregate sum owed to the pension schemes {2024: £3461. Page 28 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 13 Taxation No liability to UK corporation tax arises on ordinary activities for the Charity for the year ended 31 January 2025 because of the charitable status. The tradlng subsidiary, Trebah Enterprises Limited, was subject to UK corporation tsx, There was no tax charge In the year due to the company making a loss. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Tlming differences arise from the inclusion of income and expenses in tax assessments In perlods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rètes and laws that have been enacted or substantively enacted by the year-end and that are expected to apply to the reversal of the tlming difference. 14 Intanglble fixed assets Group and Charlty Rebrandlng and webslte Total Cost At l February 2024 Additions 61,936 61,936 At 31 January 2025 Amortlsatloh At l February 2024 Charge for the year 61,936 61,936 At 3 1 january 2025 Net book value At 31 lanuary 2025 At 31 January 2024 The amortlsation charge of É 1,093 (2024- £nil) is included within the 'Cost of operation of the garcjen, Ilne in the SOFA. Page 29 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 15 Tanglble flxed assets Group Freehold Property Freehold Equipment and Bulldings F5xtures Motor Vehicles Total Cost At l February 2024 Additions Revaluation Transfers 3,505,070 135,672 170.200 700 000 2,464,454 8,543 793,224 59,876 26,449 6,789,197 204,091 170,200 700 000 At 31 January 2025 3 110 942 2 472 997 853 100 6 463 488 Depreclatlon At l February 2024 Charge for the year 1,741,469 695,214 16,000 2,452,683 110 217 At 31 January 2025 1 796 085 748 203 2 562 900 Net bock value At 31 January 2025 3 110 942 676 912 104 897 3 900 588 At 31 January 2024 3 505 070 722 985 4 336 514 Charlty Freehold Property Freehold Equlpment and Buildings Fixtures Motor Vehicles Total Cost At l February 2024 Additions Revaluatlon Transfers 3,505,070 135,672 170,200 700 000 2,464,454 8,543 514,603 56,4H 26,449 6,510,576 200,659 170,200 700 000 At 31 January 2025 3 110 942 2 472 997 571 047 6 J81 435 Depreciation At l February 2024 Charge for the year 1,741,469 446,198 16,000 2,203,667 At 31 January 2025 1 796 085 482 931 2 297,628 Net book value At 31 January 2025 3 110 942 676 912 3 883 807 At 31 January 2024 3 505 070 722 985 4 306 909 Page 30 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 Upon transition to FRS 102 on l February 2014. assets previously classified as herltage assets have been reclassified a5 freehold property. These a55ets have been transferred at their value on transition together with ny additions that have occurred slnce that date. The Hibbert Centre, which included within Freehold Buildings, continues to be depreciated and is periodically revlewed for Impalrment. Included within the net book value of Freehold Property above is £766,565 {2024: É870,6921 represented by the original cost and £2,344,377 12024.. £2,634,378} represented by the revaluation reserve, If the freehold property had not been revalued it would have been included at the following historical cost and value: Group Charity Freehold Property Hlstorical cost 766,565 (186,511) 580,054 766,565 (186,511) 580.054 Aggregate depreciation 16 Flxed asset Investments Group 2025 2024 Investment properties 1 335 000 635 000 Investment properties Investment propertles Cost or Valuatlon At l February 2024 Addltions At 31 January 2025 635,000 700 000 1 335 000 Provlslon At 31 January 2025 Net book value At 31 January 2025 1 335 000 At 31 January 2024 635 000 Investment properties include a flat that was last valued as at 31 january 2023 at £635,000. The valuation was carried out by Philip Martin MRICS an appropriately qualified, independent valuer, with expertise in the local property market. The valuation was completed on a vacant possession basis. In the trustees, opinion the fair value of investment property as at 31 January 2025 has not changed materially since t'he previous valuation. Page 31 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 Investment properties also includes a lodge that wa5 valued as at 31 lanuary 2025 at £700,000. The valuation was carried out by Philip Martin MRICS an appropriately qualified. independent valuer. with expertise in the local property market, The valuation was completed on a vacant possession basi5. Charlty 2025 2024 Investrnent properties Shares In group undertakings and participating interests 1,335,000 loo 000 635,000 loo 000 1 435 000 735 000 Shares in group undertakings and participating interests Subsldlary undertaklngs Total Cost At l February 2024 loo 000 loo 000 At 31 January 2025 loo 000 loo 000 Net book value At 31 January 2025 loo 000 loo 000 At 31 january 2024 loo,000 loo 000 Detalls of undertaklngs Details of the Investments in which the charity holds 200kn or more of the nominal value of any class of share capital are as follows: Proportion of voting rights and shares held Country ol incorporation Undertaking Holding Prlnclp31 actlvffity Subsldlary undertakings Trebah Enterprises Limlted the running of a gift shop, cafeteria and plant sales at Trebah England and Wales Ordinary shares loo% Subsldiarles The loss for the financial period of Trebah Enterprise5 Limited was £28,372 and the aggregate arnount of capital and reserves at the end of the period was {£429). The address of the registered office of Trebah Enterprises Limited is Trebah, Mawnan Smith, Falmouth, Cornwall, TRII 5JZ. The results of the subsidiary have been consolidated into the group financial ststements. Audited account5 have been filed with the Registrar of Companies. Page 32 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 17 Stock Group 2025 Charitv 2025 2024 2024 Caterlng stock Plants and garden shop stock Gift shop stock 8.979 33.734 8,227 32,685 119 610 103 523 18 Debtors Group 2025 Charlty 2025 2024 2024 Trade debtors Due from group undertakings Prepayments other debtors 4,443 7,523 3,693 138,174 30,961 5,607 58,032 51,787 37,909 59,490 178 264 118634 19 Credltors: amounts falllng due wlthln one year Group 2025 Charitv 2025 2024 2024 Trade creditors other taxatlon and social security other creditors Accruals and deferred Income 81.437 51,926 26,864 150 620 98,102 30,681 1,087 54,549 17,049 25.300 125 782 53,612 9,405 310 847 204 576 222 680 113 243 Included in creditors above is deferred income in respect of Membership subscriptions totalling £97,774. Deferred income w)s not previously recognised in the financial statements, however the group has early adopted the changes to FRS 102 legislation, and has adopted the modified retrospective approach in accordance with the standard, as detailed in note 2 of the financièl statements. Page 33 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 20 Obligations under leases and hire purchase contracts OperatTng lease commitments Tota5 future minimum lease payments under non-cancellable operating leases are as follows.. Group 2025 Charlty 2025 2024 2024 other Within one year 8etween one and five years 4,533 6.242 4,533 6,242 Lease payments recogni5ed as an expense during the year amount to £6,584 (2024.. £14,780). 21 Provlsions Group Deferred tax Totsl At l February 2024 utllised durlng the perlod 5,233 (2,366) 5,233 Al 31 January 2025 22 Commitments Charlty Capital commltments As at 31 January 2025 the Charity had capital commitments of £nil (2024: £8,685) in relation to the walled garden project, £nil (2024.. £112,264) in relation to Trebah Lodge works, and £nil (2024- £21,340) in relation to the new play area. The total amount contracted for but not provided in the financial ststements was £nll (2024.. £142,289). 23 Contingent assets Group A contingent asset was recognised in the previous year, with the group benefitting from a settlement of its outgoing electricity contract. £5.383 was agreed between the parties in the year to not be paid by the group. There were no contingent assets recognised by the group as al 31 January 2025. Page 34 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 24 Funds Group Balance at i February 2024 Incoming resources Resources expended Balance at 31 January 2025 Unrestrlcted funds General 5,286,004 2,743,826 (2,449,411) 5,580,419 Restricted funds 341 975 300 321 756 Total funds 5 627 979 2 744 126 2 469 930 5 902 175 Balance at i February 2023 Incoming resources Resources expended Balance at 31 January 2024 Unrestrlcted funds General 5,206,114 2,296,844 (2,216,954) 5,286,004 Restricted funds 356 589 ..L23 908J._ 341 975 Total lunds 5 562 703 2 306 138 2 240 862 5 627 979 Charlty Balance at i February 2024 Incoming resources Resources expended Balance at 31 January 2025 Unrestricted funds General 5.358,061 1,463,979 {1,141,191) 5,680,849 Restrlcted funds 341 975 300 321 756 Total funds 5 700 036 1 464 279 1 161 710 6 002 605 Balance at i February 2023 Incoming resources Resources expended Balance at 31 January 2024 Unrestricted funds General 5,251,489 1,216,870 { 1,110,298) 5,358,061 Restricted funds 356 589 341 975 Total funds 5 608 078 1 226 164 1 134 206 5 700 036 Page 35 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 Included within the above reserves.. Unrestricted Revaluation Reserves Restricted Revaluation Reserves Total At l February 2024 Revaluation of Freehold Property At 31 lanuary 2025 2,630,993 170,200 3,385 2,634,378 170,200 2,801,193 3,385 2,804,578 The specific purposes for whith the funds are to be applied are as follows: Unrestrlcted Funds General reserve - The general reserve covers the operation of the garden. Restricted Fund5 8each Acce55 Project - This re5trlrted fund has arisen from grants recelved. to help bulld an improved access to the beach from the gardens. Work commenced on this project in January 2019 and was completed during the year ended 31 January 2020. Water Course - This restricted fund arose in 1995 from grant monies received to alter the water course in the garden. Garden Emprovement Fund This restricted fund has mainly arisen from grants received in 2000 for garden improvements. Donations for specific items within the garden are reflected in this fund. Donations for 'Adopt a tree" and 'Donate a bench" are included within this fund. The related costs are offset against the donatlons once the tree is planted or the bench is placed within the garden. Sculpture Project This restrirted fund arose in 2002. A wooden carving was made and erected in the garden. Donatlons and sponsorship monies were received for thi5 specific projert and the related costs were offset against them. Visltor Centre and Hortlcultural Works Fund Thls re5trl¢ted fund arose In 2001 from the construction of new buildings at Trebah, which started In September 200 1. It wès funded by a grant from the Heritage Lottery Fund for the sum of El,389,000 and from Objective One for the sum of £540,223. The construction was completed in lune 2002 and opened to the public. The income is Ihe grants received and the expenditure is tlie depreciation costs as they arise. Arrsphitheatre This ￿stricted fund arose in 2013 as a way to help with the funding of the cost of building the Amphitheatre. We garnered this income as donations to our "Adopt a Seat" initiative, relating to the Amphitheatre, which will be acknowledged by way of a plaque ins(xibed with the donor'5 name, Major Hibbert Memorial This fund arose in 2014 when donations were received following the death of Major Hibbert. The restricted fund will be used for expenditure on the garden in memory of Major Hibbert. Events & Educationa5 projects fund This fund represents grants receivable to assist with funding the cost of delivering theatre performances and edu￿tIonal projects at Trebah Garden. Page 36 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 25 Anatysls of net assets between funds Group and Charity Balance at I February 2024 Incoming resour￿5 Resources expended Balance at 31 January 2025 Transfers Restricted funds Beach Access Project Water Course 21,030 39.100 (1,500) 19,530 39,100 92,595 994 Garden Improvements Sculpture Project Visltor Centre 92,295 994 300 120,146 19,187 24,338 885 (18,099) (920) 102,047 18,267 24,338 885 Court Garden Amphitheatre Major Hibbert Memorial Theatre & Educational Projects 24,000 24,000 Total restricted funds 341,975 300 (20,519) 321,756 Restrlcted Unrestricted Funds Funds Totsl Funds Group Balance at l February 2024 Income 341,975 300 5,286,004 2,743,826 (2,449,411) 5,580,419 5,627,979 2,744,126 (2,469,930) 5,902,175 Expenditure Balance at 31 January 2025 (20,S19) 321,756 Restrlcted Unrestrlcted Funds Funds Totsl Fund5 Charlty Balance at l February 2024 Income 341,975 300 5,358,061 1.463,979 (1,141.191) 5,680,849 5,700,036 1.464.279 (1,161,710) 6,002,605 Expend iture Balance at 31 january 2025 (20,519) 321,756 Page 37 Trebah Garden Trust Notes to the Financial Statements for the Year Ended 31 January 2025 26 Related party transartlons Charity During the year the Charity made the following related party transactions: Trebah Enterprlses LIMlted (wholly-owned subsidiary of Trebah Garden Trust) Trebah Garden Trust raised Management charge5 to Trebah Enterprises Llmited of £137,602 (2024: £134,885) in the year arKI charged rent to Trebah Enterprise5 limited of £17.664 12024: £17,664) in the year. The intercompèny account remalns unsecured and repayable on demand. At the balance sheet date the amount due from Trebah Enterprises Limited was £138,174 (2024 - É58,032). Mr C Hlbbert {related to two of the Trustees) Mr C Hlbberl purchased £1,772 (2024: £1,855) of heating oil In the year through the Charity, Mr C Hibbert was also pald £nil (2024.. £7,350) for repairs and maintenance service5 carried out on behalf of the Charity. These transactions were carried OLtt on a commercial basi5. At the bolance sheet date the amount due to/from Mr C Hlbbert was £nil (2024 £nil). Key Management Personnel The Charity's key management personnel In the year comprlse5 the Chlef Executive Officer only (2024 - Chief Executive Offlcer and the Operations Director). The aggregate remuneration of key management personnel In the year was £78,202 (2024.. £100.380). During the year, the Charity purchased Furniture & Fixtures from the Chlef Executive Offlcer for a sum of £250, representing a commerclal market value for the goods purchased. At the balance sheet date the amount due to/from key management personnel was £nil (2024 - £nil). 27 Control The group was controlled by the Council of Management, who are also the Trustees and Directors, throughout the current year. These are detailed on page 2 of these financial statements. 28 Tran51tion to updated FRS 102 Rec Funds at 31 Janua 2024 Total funds as at 31 lanuary 2024 under previous FRS 102 Deferred income reco9nised on Membership subscriptions 5.627,979 Total funds as at 31 January 2024 under updated FRS 102 5 543 285 Reconciliation of Chari Fund at anua 2024 Total funds as at 3 1 January 2024 under prevlou5 FRS 102 Deferred income recognised on Membership subscriptions 5,700,036 Total funds as at 31 January 2024 under updated FRS 102 5 615 342 Deferred income 15 to be recognised on Membership subscriptions. as detailed in the notes above. Membership subscriptions cover a 12-month period from date of receipt of funds, as such all amounts relatir)g to deferred income recognised in respect of Membership subscriptions for each accountir)g period would be released, in full, in each subsequent accounting period. Page 38