UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2023
Registered Charity Number: 1008194
Company Number: 2613559
Registered Office:
Unit A 82 James Carter Road Mildenhall Suffolk IP28 7DE
V1.0
SOMERSET GARDENS TRUST
FINANCIAL STATEMENTS - 31 MARCH 2023
| CONTENTS | Page |
|---|---|
| Annual Report of the Council of Management | 3-8 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10-13 |
| Financial Summary | 14 |
| Independent Examiner’s Report | 15 |
2 of 15
v1.0
SOMERSET GARDENS TRUST (Company Number: 2613559)
ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT
The Council of Management (the Council) presents its Annual Report and the Financial Statements of the Trust for the year ended 31 March 2023, in compliance with current statutory requirements and the charity’s governing documents.
Status
The Company is limited by guarantee without a share capital (company number 2613559) and is registered by the Charity Commission as a charity (charity number 1008194).
Registered Office
The registered office is Unit A, 82 James Carter Road, Mildenhall, Suffolk IP28 7DE.
Activity
The objects for which the Trust was established are to:
-
promote the education of the public on matters connected with the arts and sciences of garden landscapes;
-
preserve, enhance and recreate for the education and enjoyment of the public whatever garden landscapes may exist or have existed in or around the county of Somerset.
-
In furtherance of these objects the Trust:
-
undertakes a programme of research into Somerset’s designed landscape;
-
promotes a programme of lectures on aspects of garden history;
-
awards grants to schools for establishing gardens as an educational resource;
-
awards bursaries to horticultural students to develop practical skills in the protection, conservation and re-creation of garden landscapes;
-
offers advice and awards grants to garden owners for the restoration of designed landscapes in Somerset which are of historical importance.
To finance these activities, the Trust organises a programme of fund-raising events every year.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the company’s aims and objectives and in planning future activities.
As with most organisations, our communications have been by electronic means. We have also kept in touch with our members through our magazine with additional editions. We plan to hold our 2022 AGM later this year as and when conditions allow.
3 of 15
v1.0
SOMERSET GARDENS TRUST (Company Number: 2613559)
ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT
The Council
The members of the Council are the Trustees of the Trust. They are elected at Annual General Meetings and serve for a period of three years, being eligible for re-election at the end of such period. The persons who were members of the Council during the year were:
Lady Gass President Mrs Diana Hebditch Chairman Mr Stuart Senior Hon. Treasurer & Company Secretary Mr Julian Gibbs Mr James Harris Mrs Primrose Mallet-Harris Mrs Sheila Rabson Resigned 01 October 2022 Mrs Susan Thorne Resigned 29 January 2023 Mrs Jane Warmington Co-opted June 2022 The Rev’d Mervyn Wilson
Bankers
The bankers to the Trust are Barclays Bank (46 North Street, Taunton, TA1 1LZ) and Bath Building Society (15 Queen Square, Bath, BA1 2HN).
Independent Examiner
The Trust’s Examiner is Mr Ian Pitman (18 Hob Close, Monkton Heathfield, Taunton, TA2 8GL).
The Council and the Training of Trustees
Each member of the Council has either been provided with copies of the Guidance Notes issued by the Charity Commission in hard copy or, after the Charity Commission ceased to publish such Guidance Notes in hard copy, has been referred to the web pages of the Charity Commission. In addition, each Member has been provided with a copy of the Trust’s Memorandum and Articles of Association, and the latest report and accounts.
The Council is always looking for additional members who will actively further the Trust’s aims.
4 of 15
v1.0
SOMERSET GARDENS TRUST (Company Number: 2613559)
ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT
REVIEW OF THE YEAR’S ACTIVITIES
The Council
At the Annual General meeting on 26 September 2022, Mervyn Wilson and Diana Hebditch were elected for a further 3-year term. Jane Warmington was elected. During the year Sheila Rabson and Susie Thorne resigned as a members of Council.
Other Officers
Mary ter Braak is Membership Secretary and Website Manager, Anne Kaile and Jenny Hawksley co-chair of the Research and Conservation Committee.
Membership
At the end of March 2023, the Trust had 244 members of whom 71 were Life Members. This compares with 255 members, of whom 71 were Life Members, at the end of March 2022.
Magazine & Marketing
In the absence of an editor, and to minimise production costs, the magazine has been replaced by a digital newsletter twice a year.
The website has been updated to promote the Trust and to attract new members. The Trust’s profile on Instagram and twitter accounts has been raised with increased followers.
Events Committee
The Trust’s events are the principal means of raising income to support its charitable objects. A programme of 10 events took place in 2022: 8 garden visits and 2 lectures. A visit to North Wales gardens was the primary source of fundraising in 2022.
Research & Conservation Committee
Work to assess how historic records could be digitised and where to hold this data continued. This work will be funded by the Trust. How current research is archived in the long-term is also under discussion.
The Committee is updating the list of historic sites and will plan future surveys.
A survey training day was held at Barrington Court in April and new surveyors were recruited. A stand at Yarlington Plant Fair to publicise the work of the Trust resulted in some expressions of interest in joining the Trust.
Work on planning applications is undertaken with the considerable the help of The Gardens Trust.
Education Committee
There has been an increasing interest in pupils’ learning and developing skills across the curriculum through growing vegetables, herbs and fruit to eat; by planting wildlife-friendly gardens and sensory/wellness gardens for mental health.
To meet this demand the Committee set a new way of working with the application form being online and advertising and raising the profile of the grant scheme beyond the Somerset County Council website and schools’ bulletin through Twitter and press releases published in various local magazines and newspapers. As a result, a bumper crop of applications was received in autumn 2022 and continued during the year reviewed at a regular schedule of termly meetings.
5 of 15
v1.0
SOMERSET GARDENS TRUST (Company Number: 2613559)
ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT
The committee has three new members who all have embraced the different way of working together for the benefit of schools in the county. Two long-serving members stood down from the committee during this period.
The first placement on a RHS Campaign for Schools course was funded in spring 2023.
Grants & Bursaries
This year saw increased expenditure on grants and bursaries with the major grant to The Mendip Hospital Cemetery for detailed research and the foundation of a long-term Conservation Plan, undertaken by two of the country's leading experts on cemeteries. This will help a small local charity to conserve a remarkable 19th century cemetery for paupers just outside Wells.
Review of Financial Affairs
Investment policy
The Trust’s approach to financial matters, and investments in particular, is one of extreme prudence given the current (and likely future) volatility of equity markets, the very low interest rates on deposit accounts. For this reason, plus the need for reasonably rapid access to monies in the event of a major grant request, the Trust chooses to keep the bulk of its funds as cash (in a current and a savings account). The exception to this general rule is the investment the Trust has with CCLA - Charities Global Equity Income Fund. This investment has served the Trust well with an annual yield of at least 4% (of its nominal value of £20,000) over the years.
Reserves policy
The cash flows of the Trust are generally positive. For fund raising events the Trust almost always receives income before expenditure, the exceptions being deposits for coach and venue hire or hotel reservations. In previous years the Council has decided that it should set a level of reserves to cover unforeseeable expenditure such as might be incurred in the very unlikely event of the Trust closing down or membership declining very rapidly, or an uninsured claim being made against the Trust. A level of £5,000 has been set.
The Trust is fortunate in having a strong balance sheet and, despite the pandemic, has ended the 2022/23 financial year in good shape. Council is satisfied that there are ample reserves for the Trust to survive for several years. The financial position of the Trust, including its reserves policy, will continue to be under regular review.
Financial outcome 2022/23
The Trust recorded a deficit of £8,449. Much of this is explained by the increased expenditure on Education Grants described above. In addition, we awarded other Grants and Bursaries totalling £4,958. So, after a number of years accumulating cash, we are at last spending money on our charitable objects. The other major factor was the loss on our investment, wiping out half the gain we made in the previous year. The deficit brings the Trust’s total funds at 31 March 2023 to £64,966 (2022: £73,415). This figure is well in excess of the reserve discussed above.
Future Plans
The Trust’s priorities for the year ahead are to:
-
maintain membership numbers by continuing to offer a high quality and value-for-money programme of events;
-
pursue the digitisation of the Trust’s research records;
-
continue the successful programme of awarding grants to schools;
-
seek ways of encouraging potential applicants for bursaries and garden restoration grants.
6 of 15
v1.0
SOMERSET GARDENS TRUST (Company Number: 2613559)
ANNUAL REPORT OF THE COUNCIL OF MANAGEMENT
Statement of Trustees’ Responsibilities
The trustees (who are also directors of Somerset Gardens Trust for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
By order of the Council
Mrs Diana Hebditch, Chairman Date: 26 July 2023
7 of 15
v1.0
SOMERSET GARDENS TRUST (Company Number: 2613559)
STATEMENT OF FINANCIAL ACTIVITIES (SOFA) (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| INCOME Income from donations (Note 2) Income from charitable activities (3) Investment income (4) TOTAL EXPENDITURE Raising funds (5) Charitable activities (6) TOTAL Net Gain (Loss) on investment Net Income for the year NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Funds B/F at 1 April (7) TOTAL FUNDS C/F at 31 March |
Unrestricted Funds £ 4,411 23,132 1,145 28,688 18,903 16,769 35,672 (1,465) (8,449) (8,449) 73,415 64,966 |
Restricted Funds £ - - - - - - - - - - - - |
2023 Total Funds £ 4,411 23,132 1,145 28,688 18,903 16,769 35,672 (1,465) (8,449) (8,449) 73,415 64,966 |
2022 Total Funds £ 4,054 3,771 1,074 |
|---|---|---|---|---|
| 8,899 2,351 10,005 |
||||
| 12,356 3,232 |
||||
| (225) | ||||
| (225) 73,640 |
||||
| 73,415 |
The notes on pages 10 to 13 form part of these financial statements.
8 of 15
v1.0
SOMERSET GARDENS TRUST (Company Number: 2613559)
BALANCE SHEET AS AT 31 MARCH 2023
| FIXED ASSETS Investment (8) CURRENT ASSETS Prepayments (9) Debtors (10) Cash at bank (11) LIABILITIES Creditors: amounts falling due within one year (12) NET CURRENT ASSETS TOTAL NET ASSETS FUNDS OF THE CHARITY Unrestricted Funds |
2023 £ 39,850 0 755 24,773 25,528 (412) 25,116 64,966 64,966 |
2022 £ 41,315 677 712 45,372 |
|---|---|---|
| 46,761 (14,661) |
||
| 32,100 73,415 |
||
| 73,415 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
The financial statements were approved by the Council on 26 July 2023 and were signed on its behalf by:
Mrs Diana Hebditch, Chairman
Mr Stuart Senior, Hon Treasurer
The notes on pages 10 to 13 form part of these financial statements.
9 of 15
v1.0
SOMERSET GARDENS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
The following accounting policies have been consistently applied in relation to items material to the financial statements.
Charitable company status
The charity is a company limited by guarantee and does not have any share capital. The liability of the guarantors, who are the members is limited to £1 per guarantor. At 31 March 2022 the charity had 258 members. The company is registered in England and Wales. The registered office is Unit A, 82 James Carter Road, Mildenhall, Suffolk IP28 7DE.
Basis of Accounting
The financial statements have been prepared under the historical cost convention with the exception of investments which are included at their market value. The financial statements have been prepared in accordance with the with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and the Companies Act 2006.
The Charity constitutes a public benefit entity as defined by FRS102.
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Policy for Income and Expenditure
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 income receivable can be measured reliably.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure and it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Membership Fees
Membership fees are credited in the financial year in which received with the exception of the ‘five years for the price of four’ subscriptions (introduced in 2016) where 20% is credited in the financial year in which received, and the balance held as payments in advance to be released annually (20%) in the following four years.
Taxation
Taxation will only apply to non-charitable trading activities of the Company. None has taken place nor is contemplated and therefore no provision is considered necessary.
Fixed Asset Investments
Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
10 of 15
v1.0
SOMERSET GARDENS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES (Continued)
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits and other short-term highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.
Financial instruments
The Charity only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are recognised at transaction price and subsequently at amortised cost with the exception of investments which are subsequently measured at fair value.
Critical accounting estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The Trustees are of the opinion that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
2. INCOME FROM DONATIONS
| 2. INCOME FROM DONATIONS Subscriptions Donations Gift Aid All income from donations relates to unrestricted funds. 3. INCOME FROM CHARITABLE ACTIVITIES Fundraising Events - Tour - Self-drive visits - Coach trips - Lectures |
2023 £ 3,656 0 755 4,411 2023 £ 17,339 4,642 0 1,151 23,132 |
2022 £ 3,332 10 712 |
| 4,054 2022 £ 0 3,771 0 0 |
||
| 3,771 |
All income from charitable activities relates to unrestricted funds.
11 of 15
v1.0
SOMERSET GARDENS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 4. INVESTMENT INCOME 2023 £ Interest Received 87 Dividends 1,058 1,145 All investment income relates to unrestricted funds. 5. EXPENDITURE ON RAISING FUNDS 2023 £ Events - Tour 14,684 - Self-drive visits 3,328 - Coach trips 0 - Lectures 891 18,903 All expenditure on raising funds relates to unrestricted funds. 6. EXPENDITURE ON CHARITABLE ACTIVITIES 2023 £ Education Grants 9,372 Grants & Bursaries 4,958 TGT Membership 384 Insurance 156 Printing, Stationery & Postage 1,355 Committee & Travel Expenses 78 Website costs 306 New Website Project 0 Independent Examination 100 Miscellaneous Expenses 10 Companies House & HMRC 50 16,769 All expenditure on charitable activities relates to unrestricted funds. There were no paid employees of the Trust during the year. 7a. FUND ACCOUNTS Income Expenditure £ £ Restricted Fund - - Unrestricted General Fund 28,688 35,672 7b. PRIOR PERIOD FUND ACCOUNTS Income Expenditure £ £ Restricted Fund - - Unrestricted General Fund 8,899 12,356 |
2022 £ 16 1,058 1,074 2022 £ 2,351 0 0 2,351 2022 £ 1,650 1,000 384 146 2,042 0 27 3,840 894 10 13 10,006 Gain on Investment Opening Balance 1 April Closing Balance 31 March £ £ £ - - - (1,465) 73,415 64,966 Gain on Investment Opening Balance 1 April Closing Balance 31 March £ £ £ - - - 3,232 73,640 73,415 |
|---|---|
12 of 15
v1.0
SOMERSET GARDENS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 8. INVESTMENT CCLA - Charities Global Equity Income Market Value at 1 April Decrease in market value Market Value at 31 March 9. PREPAYMENTS North Wales Tour 8-12 May 2022 Project Cosmic (New website) 10. DEBTORS Gift Aid Unbanked cheques 11. CASH AT BANK Barclays Bank current account Bath Building Society 12. CREDITORS Pre-paid subscriptions Independent examination North Wales Tour May 2022 Other future events Unpresented cheques |
2023 £ 41,315 (1,465) 39,850 2023 £ 0 0 0 2023 £ 755 0 755 2023 £ 3,646 21,127 24,773 2023 £ 312 100 0 0 0 |
2022 £ 38,083 3,232 |
|---|---|---|
| 41,315 2022 £ 370 306 |
||
| 676 2022 £ 712 502 |
||
| 1,214 2022 £ 25,500 21,040 |
||
| 46,540 2022 £ 248 894 12,420 1,099 1,670 |
||
| 412 | 16,331 |
13. RELATED PARTIES, TRUSTEE EXPENSES AND REMUNERATION
a) The Trust is one of a number of Trusts who are members of The Gardens Trust (TGT), b) The Trust considers its key management personnel to comprise the Trustees. No remuneration was paid to the key management personnel (2022: Nil).
c) Council's Expenses: no car mileage expenses were paid (2022: Nil).
d) There were no other related party transactions during the year (2022: None).
13 of 15
v1.0
FINANCIAL SUMMARY
| 2022 REVENUE ACCOUNT SURPLUS 3,332 Members’ subscriptions 10 Donations 712 Gift Aid 1,074 Investment income & interest 0 Northern Ireland Tour 1,420 Self-drive visits 0 Coach trips 0 Lectures 6,548 DEFICIT 1,650 Education Grants 1,000 Grants & Bursaries (3,234) Loss on Investment 2,042 Printing, stationery & postage 384 TGT membership 27 Website Costs 146 Insurance 894 Independent examination 0 Committee & travel expenses 13 Company costs 9 Miscellaneous expenses 3,840 New Website Project 10,005 (225) NET SURPLUS/(DEFICIT) BALANCE SHEET 2022 As at 31 March 73,640 Balance at beginning of year (225) Plus Surplus/(deficit) for year 73,415 Balance at the end of year Represented by: 24,332 Barclays Bank Account 21,040 Bath Building Society 41,315 Investment - Charities Global Equity Income 677 Prepayments 712 Debtors (14,661) Creditors 73,415 |
2023 3,656 0 755 1,145 2,655 1,314 0 260 |
|---|---|
| 9,785 9,372 4,958 1,465 1,355 384 306 156 100 78 50 10 0 |
|
| (8,449) 2023 73,415 (8,449) |
|
| 64,966 3,646 21,127 39,850 0 755 (412) |
|
| 64,966 |
14 of 15
v1.0
Independent Examiner’s Report
Independent Examiner’s Report for Somerset Gardens Trust. Registered Charity Number 1008194 Company Number 2613559
I have completed my examination. I confirm that no matters have come to my attention with this examination.
These accounts have been prepared under the requirements of the Companies Act 2006 and the Charities Act 2011 especially regarding the size of the Trust.
The Directors of the Company are also the Trustees.
I have no concerns regarding these accounts for year ended 31 March 2023.
I R Pitman
17[th] May 2023
15 of 15
v1.0