Spetchley Gardens Charitable Trust Trustees. report and financAal statements For the year ended 31 March 2023 Spetchley Gardens Charitable Trusr Contents Page LÈEal and adniiiiistrative itsftsrIn2ti0n R¢port ofthe trustees Independent cxamlner's r¢port Statement of finantial activities" group Staternent of financial activities- charity Balance sheet io Cashnow.%tatement li Notes to the financial 5¢atements 12-24 Spetchley Gardens Charltsble Trust Legal and admlnlstratlve Informatlon Charlty name., 5petchleyGardens CharstableThist Trustees.. Charles Wyld Charles Berkeley Reginald Heywortli Patrlck Downes Independent examlner.. Saffery LLP St Catherine's Court Berkeley Place Clifton BrTStDI BS8 IBQ Banker￿. Nattonal Westsnlnster Ban1( PO Box 1369 16 The Plaln Thornbury BrSstol BS35 2BF Solicitor5: Burges Salmon l Glass Wharf Bristul BS2 OLX Investment managers: Close PrivateAsset Management 8th Floor 10 Exthange Square Prirnr05e Street London EC2A 2BY Regi5trdtion number. 1061063 Principal office: Berkeley Castle Estate Office Berkeley Castle Berkeley Gloucestershlre GL13 9BQ Spet¢hley Gardens Charitable Trust Report ofthe trustees For theyearended 31 March 2023 I'l)e Tru5tecs present their report along wilh the consolidated fiiiancial 5t3teinent5 of the charity and irs subsidiary for the ycar ended 31 March 2023. TIIE fjnartcial statemcnts comply with the cliarity's trust deed, Charities Aci 2011 and the Statement of ReivmDieDded Pra¢titÈ.. AccouJitinLY and Reporiing by Charities: Accounring and Reportlng by Charities 2019 IFRS 102). History and constitutlon ThL Spetchley Gardens Charitable TI￿st was establislieil in 1997 by Mr R l G 13erkeley. following hi5 decision that a charirable trust was the most appropriate veliicle for ensuring that %petchley Gardens are pre%erved and maintained for po.%t¢rity and for the benefitolthe public. The truslw2s fortnally estsblished by a deed dated 26 February 1997. StrurtllTe. governance and management Governlng document The charity 15 governed by a trust deed and is ali unlncorporated assoclation. Appolntment of trustees Tlie trusr deed srates tliat the nutnber vfTrustees shall bÈ no loss than thrEe and no more rhan five. If the iiumberofTrllstee5 should fall below three, the renia1ni￿g Trustees may exei-ase their powp.r to appoint a new Trustee. The Trustees must always include at least one male descendant of Captain Robert GcorE¢ Wilmot Berl illt¢Jid Iliai the real value of their assets. be niaintained and enhanced over the long tern) by investment in a purtFolio comprised ofequltiÈs, flxed income stocks and cash. The Investment managers have been instriicted to manage 3 diversified portfolio of 5Ultable investments on a discretioiiary ba5lS. As at 31 March 2023, the investment loss for theyoarwas £19,755 [2022.. £5.957 gain). Spetchley Gardens Charltable Tnlrt Reportof the trustees {continued) Forthe year ended 31 March 2023 Reserves poll At the yearend the group held unrestricted funds of £1,331.50112022.. £1.576,2071 and £580,814 (2022.. £598.7081 in re5tritted fund& The Trustees have reviewed the reserves olthe charity and consider that a target level of unrestrirted funds of E250.000 t& £300,000 is suSt3ble to enable the Trustees to conriJ)ue to fund management, administration and supportcosts and cover ally unplanned repairs. The level ol target funds has beell Increased to reflect the higher level of inflation and increased Costs. Of the total utlrestricted funds held of £1,331,501, £569,155 are consldered to be reall$3ble and the balance of £762,346, which predominantly relates ro Jnrestricted fixed assets, are considered unrealisable at the balance sheet date. In addition, the trusrees have designated £3QO.000 for planned garden projÈcts, which are continuing into 2023. F￿11 details are shown in note 16 of the accounts. The remaining Iree reserves are £269,155, which is within the target range. Remuneratit)n of key managementpersonnel The keymanagementpersonnel are not paid by the charity but are remunerated through related entities. Approved by the trustee5 and si8ned on their behalf by.. Charles Wyld SpeEchley Gardens Charitable Trust Independent examiner'5 reportto the trnstees For tho year onded 31 March 2023 I report to the charity U-ustees on my examlnarlon of rhe consolid2ted accounts of rhe Group comprislng the Spetchley Gardens Chdlltable Trust I'lhe TrL15t'I aiid it5 siibsidiary undertaking lor the yeai. ended 31 Marcli 2023. Respectlye responslbilitÉes of tyusrees and examlner As tlit trustees of the Trust you are responsible for the preparation of the consolidated accounts of the Group accol￿ance with the re4uiremeiits of the Charities Act 2011 ['the Art'l and you havo chosen to prepare consolidated accounts for tlie Group. You are satisfied that the aLcvunt5 uf both the Trust and the Gruup are not rÈqlllred by charity law to be audired and have chosen instead to have an independent examinaiion. I report in respect of rny exaTnination of the coiisolidated accounts. I have carried uut my ¢¥amln3tion under sertion 145 olthe 2011 ACL In carrying out my examination I have followed the Directions wven by the Cliarity Commissitsn undersection 145(51{b) of the 2011 Act. Basis of indepeT]dentexaminer's report My examination was fdrried out in ac£ord3nce with the general Directions given by the Charity Commission. An ox3niination Includes a revlew of the accountlng records kepr by the charlry and o coinparison of Ihe accounrs presented witli those I'ecords. It also includes consideration of any unusual itetns or di5clo5ure5 111 tlie accounts, dnd sÈekiJig explanations from you as [r￿SteeS concernlnE any siich matters. The procedures undertaken do iiot provide all tlie evtdence th3t would be required in an 3udit and cansequently nD Opilliott is given as to whetlier the accoiints present a 'triie and fair view, and the repoi't is limited to those matters Set oiit in the stratetnent below. IndependenteKaminer'$ ststement Since the Trustr5 gr05s incoTne exceeded E250,000 your examiner tnust be a membEr of a body listed i section 145 of the 2011 Act. I confirm that l am qualilied to undertake the exarnination because l am a member of Association olchartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no ]natters have come to tny attention in connection with the exaillinahoLI @ving me cause to believe.. . accoullting record5 Wlth respect to the Trustwere not kept as rEquirEd by 5&rtion IJU of the 2011 Art #Thd wirh respect ro its subsidiaries were not l(ept as I'equii'ed by sechon 386 af the Companies Act 2006.. or z. rhe accounts do not accolll with those records,. or 3. the accounts do not tomply wid) the appliL-dble requlrements concernsnL the lorm and content of accounts set out itl the Charities (Accounts and Report51 Regiilatlolls 2008 ather than any requirenieiit diat the accounts givp a 'true and fair view, whicli is not a matter considered as part ol aji independent examination", or 4. the accO￿nts have not beeli prepared in accordance wth the method5 and principles of the Statement (kf Recornmended Practice fora¢ci)unting 2nd reporting by charities applicable to charities preparing their accounts in accordance with the bit>ancial Report5ng Standard applicable In rhe UK and Republlc of Ireland (FRS 102]. Spetchley Gardens Charltsble Trusr Independentexamlner's reportto the trustees For the year ended 31 March Z023 I confirm that there are no other Tnatters to which your attention should be drawn to enable a proper understanding olthe accounts to be reached. l.tl LOP Saffery LLP David Sedgwlck FCCA St Catherine'5 Court Berkeley Pla Clifton Date.. BS81BQ Spetcbley Gardens Charltable Trust Consolidated statementolfinancial activltles Forthe year ended 31 March 2023 2023 Totxl funds 2022 Total funds Unrestrlcted fllnd5 Restrlrted fund5 Note5 Income from= Donatlon.8 and legacles CharitablÈ activities TnvestmÈnt IncomÈ GovernrnÉntgi-ant income 115,070 138,403 39,695 115.070 138.403 39.695 600,779 171,865 27,G40 3,500 Total 293,168 293,168 803,184 Expendlrnre on- Rai.%inE fundg Charitable acttvSfies 1.425 516,694 I,xt25 534.588 1.579 373.629 17,B94 TDtal 518,119 17,894 536,013 375,208 Net {expenditure)/infome before galns on investments {224,951) 117,894) (242.845] 427,976 [L05se5l/gains investmentassets 119.755 19,755 5,957 Net movetnentin funds 1244,7061 117,894) {26Z,600} 433,933 Total funds brrjught forward 1576,207 598,708 2,174.915 1,740,982 Total lunds carrled lorward 1.331,501 5BO,814 1,912,315 2,174,915 Spetrhley Garden5 Charltable Trust Charlry statementof flnandal activities For the year ended 31 March 2023 2023 Totsl fund$ 2022 Total funds Unrestrlrted funds Restritted funds Notes Income from- Donations and legacles Charitable activiues Investment income Government g17nt income 115,070 138,403 39.695 115,070 138,403 39,695 600.779 171,865 27,040 3.500 Total 293,168 293,168 8Q3,184 Expenditure on: Ralsing funds Cliaritable activities 1.425 515.174 1.425 533,068 1579 373,088 17,894 Totsl 516,599 J7,894 534.493 374.667 Net (expenditure)/income before Ealns on InvesDLetits [223.431) {17,894} (241,325} 428,517 [Losse5J/gains on tnvestmenrassets 19.755) 19.755 5,957 Net move)nert¢ in funds 1243,186) 117,894) 1261,080) 434,4174 Total funds broughtforward 1,576,537 598,708 2,175.245 1,740,771 Total funds carrled torwdrd 15 1.333.3 580.814 1,914,165 2,175,245 SpetchlÈy Gardens Charitsble Trust Consolldated balance sheet For theyear Ènded 31 March 2023 Group 2023 GFOUP 2022 Charlty 2023 Charity 2022 Notes Fixed assets 'rai)gible a5.sets Unlisted investments at cost Investtnents at inarketvalue io.ii 12 12 1.314.254 1,343,883 1,314,Z54 1,343,883 236.610 1.55Q.864 257,424 1.601,307 236.610 1.550.865 257,424 1,601,30 Currenta55ets Srocks Debtors Cash at bank and in hand 1.451 27,455 400.413 2,181 27.33 1 593,.529 1,451 28.789 400.413 2,181 13 593.476 Creditors.. amounts falling due within one year 14 167,8681 (49,4331 167,3531 {49,4331 Net currentassets 361,451 573,6Q8 363,300 573,937 Totsl assets less rurrent Ilabilities 1,912,315 2.174.9J5 1.914,165 2.175.245 Funds Unrestiitted funds- general Unrestricted fvnds- designated Restricted fuiids 1,031,501 300.000 580,814 1.576,207 1,033,351 300.000 580,81xTr 1,576,537 598,708 598,708 Total funds IS.16 1,912,315 2.174,915 1.914,165 2,175.245 The Trustees have prepared group finaiicial 5tatptnpDts in accordance with section 138 of rhe Charities Act 2011. Approved by the board ofTrustees and signed on their behalf on Charle5 Wyld io Spet¢hIey Gardens Ch3rltable Trust Group statementofcash tiows A5at 31 March 2023 2023 2022 Cash Generated from operdtingactivities Netcash provided by operatingactivities Corporation Éax paid 1232.8041 342,228 (212} Netcash provided by operalingactivities after taxation {232,8041 342,016 Cashflows from Investtng actlvlties Dividends, interestand rents from investments Purchase of property, plantand equipment Proceeds fvotn tlie sale of fixed assets Proceeds froin the Sale of investments Purchase oFinvestments Net cash provlded by Investlng activities 39.695 11,065) 27,040 (24,1971 S,02B 25,699 27,475 6,095 5.309 6,428 37,511 Change in ¢ash and tash eqlllvalents In the reportlng perlod 195,293 348,111 Cash and cash equivalents atthe beginning of the reporting period 598,806 250,695 Cash and cash equivalents at the end of the reporting period 403 513 598,806 Reconclllatlon of net (expendlture)lincome to netcash tlow from operatin8 activities 2023 2022 Net [expendlture}/ln¢ome for the reportlng perlod (as perthe statement orrinancial actÈvities) (262.600) 433,933 Adlustments for: Current tax charge Depreciauon charBes Unreali5ed losses/[gHinsl ott invEStJnents Profit on disposal of fixed assets Dlvidends. interesrand rents from Investtnents Decreabe/(increose) in stoLk Increase In debtors Increa5e/[decreasel in creditors Netcash provided by opernting activities 106 33,330 15.9571 15.0281 (27.040) {55) [18.845) 68.216 342.228 30,595 19,755 Joo (39,69SI 730 (1241 18,413S 232,8V4 Analysis of Met cash At l Aprtl Cashflows At 31 March Cash at bankand In hand Cash held as part of investments Total 593,529 5,277 598,806 (193,116) 2,178 195.294 400,413 3,099 403,512 li Spetchley Garden5 Charitable Trust Notes to the financial Statements For the year ended 31 March 2023 Acfounting policie5 (a) Attounting conventlon I'hc r)iiancial staternents have been prepared iii accDrdan¢¢ with the Stst¢nient of Recommonded Pratfice.. Accounting and Reporting by Chariiies preparing theiraccounts in accordance with the Financial Reportln6T Standdrd applicable in the UKand R¢publi¢ of Iroland IFRS 102) Issucd on I lanuary 2019 and the Financial Reporting Standard applicable in the United KinBdoIn and Republic ol Ii'elaiid IfRS 102) and the Charltyes Act 2011 aiid Ul< Generdlly ALcepted PJ'aLYice as it applies from I laniiary 2022. The Charity LOllStStutes a public benefir eiitiry as doflned by FRSIO2. The fiiianclal statenients are preparod In srcrliiig, wliicli is IlTrc lunetional currency of the Chariry. Monetary amounts ILI these financial 5tateinents are rvui)deil tD tlie Liearest El. 'I'he fiiiancial statemellts have been prepared iindcr tlie hi5tOLical cost convention, wid) the oxception of th¢ investments which arc held at marliet value. [b) Con501idation Thegroup hnanoal ststeinents consolidate the financial statements of tlie cliai'ity and the charity's wholly owt)ed subsidiary, Spetchley Gardens Intetprises LiTnited, for the year ende(131 March 2023. The stat¢nlLni of fitiancidl aciiviiies (SOFA) and tlje balance slieet coiisolidate tlie r)nancial siaienient5 on a line by line basis wh¥Fe appropriate. Details eoncerning tile subsidiary company, along with its results and fjnancial posit20n are set oul in note 2. [cJ Gtsing concern At the tiine of appii>vingthe financial statements. the Trustees have a reasonable exp¢ctation that the charlty has adoquaie resources to continue in operauonal e>istence for the foreseeable future. T]ius the Trustees continue to adopt the goinbl ¢un¢ern basis of accounting in preparing ihe finartcial statements. (d} Income Inve5ttnent incotnp and gift aid donatlOll5 are includwi iii the financial statemertts on an dccruals ba51S and include any tax ￿coVerable. Other incoine is shown gl'oss. Grant income includiiig furlougli incorne has been induded af a separate line item in the linaiicial.%tatements. (e) Resources expended Expendtture is recorded on the acci-udls basis. Tlie cosl. of irrecoverdble value added tax is included with the expense item to whicli it relate5. rund ralsSnE costs comprise those costs direcily attributable to managing tlie inyesttmenrportfolio and ra15ing investment iJiromL. Supportcosts represent expenditure in the general rutlning of the charity: these costs Jre fully attributable to charltable dLtivitie Goveriiance Costs are direttly attributable to the Tnanagetnent of the Chall￿5 assets, organisational admlnistrarion and complianc¢with constitutional requirements. Grants payable are payn]ents niade to tliird partie5 in the furtherance olthe charitable objectives of the trU%L The payments are recognised when there is d coiistructive obligatiot) resulting in paymet)I being unavoidable. 12 Spetchley Garden5 Charltable Trust Notes to the tSn&ncial statements For the year ended 31 March 2023 Accountingpolicies {contlnued} (fj Llsred investments Listed investments are Included itk the accounts at a value based on their mld-market price at die balance sheet date. Realised gains or105se5 are recognised in the period by reference LO the difference betweetj thelr balance sheet value and net pro¢eed5 from disposal in accordance wlth accounting Unllsted Investments Unlisted investments are stated at cost less provision for dimirtution in value. (h) Depreclatlon It Is the cliar5￿S policy not to provide depreciation on freehold properties. The building5 are maintained to a high standard and therefore the Trustees consider that the lives of the buildings are so longand residual value 50 great that depreciarkon Is imm2￿rial on an annual and cumulative bas15. Depreciation is calculated to write off the ctsst offixed assets over their expected useful life. It has been provlded on a sralght-llne basls atthe following rates: tEasEliold land Car parL wplcoEne ￿ntre, cartshed and lake Plant and machinery the length of tlie lease the length of rhe lease A full yeaws depreciation is charged In theyear ofacquSsiUon and none in theyear of disposal. (l) Flxed assets Fixed assets are inclllded In the accounts at their net book value. There is no 'de-minlmis' limit For capltrallslng Items. The char(ty has been grantsd a 99-year lease of Spetcmey Gardens. This lease w511 explre in 2096 and the rent is nominal. The TrusreÈs have consldered whether this lease has any value. In view of the fac¢ that the tharity i5 responsible foi- the ￿aIntenanCe of the gardens. rhe gardens are the object of the charity and these obligations are oneroiis, the Trustee5 dD not CDI)SLder that the lease has a valtte. No professional valuatSon has been sought because the conventional valuation approathes arp not apprOp￿ate and costs of obtrdining a valuation would be onerous compared with the benefiL 01 Stod(s Stocks are stated at the lower of cost and net realisable value. Spet -1111111:N I I ¢y w o) Ln * ro ts N14 H 41 Jw v> *th v) 0￿￿ O T4 iri 111111 tsm > Ln co mo Ln H11 ryjvw 111 ryJ• CJ <¢ ￿ tu < Spetchley Garden5 Charitable Trnst Notes to the financlal sratements For the year ended 31 Marth 2023 12 Fixed assetinve5tments 2023 2022 Un115ted investments Investrneiit in Spftchloy Gardens CharitsbleTrust Llsted Investments UK and oversea5 equities.. Marlcetvalue at l ApThl 2022 252.147 244.414 Acqulsltlons at cost 6,428 27.475 Dlsposals at openingbook v31ue orcost for new purchases disposed of in the year (5.3091 125.6991 [Lossesl/gains ot] investrnents at 31 March 2023 (19,7551 5.957 Market value at 31 Mai'ch 2023 233,511 2S2,147 Cash balance (held bybroker5} 3,099 5,277 Investment under manag¢m¢nt 236.610 257,424 l.listorital cost as at 31 March 2023 EquiUes and flxed interest securities Cash 155.222 3,099 158,321 149,310 5,277 154,587 The amounr of£233,511 above represents Investmenrs quoted on recognised securiti￿5 eXLhanxe. UK securitips Overseas securities 98.964 134,547 23.3,511 50,743 201,404 252,147 Not one investmetlt is worth more than IO% of the total portfolio value. 20 Spetchley Gardens CharitsbleTrust Notes to the flrtantial statements For the year ended 31 March Z023 13 Debtors Group 2023 Group 2022 Charity 2023 Charlty 2022 Trade debtors Spetch]ey Garden Entsrprises Limited Berkeley Farms Ltmlted VA1, recoverable Corpordtion trax recoverable Prepayments and accrued income 970 377 970 1.334 3.091 22,443 377 488 3,091 22.443 4.032 106 22,816 27,331 4,032 951 27,455 951 28,789 22.816 27.713 14 Credltors: amounts falllng due wIthiD one year Group 2023 Group 2022 Charlty 2023 Charlty 2022 Trade tredltors Berkeley Settlement Accruals and deferred Income Other creditors 33.972 14,789 11,712 7,395 67.868 19.108 11.366 13,563 5,396 49.433 33.972 14,789 11.197 7,395 67.353 19,108 11.366 13.563 5,396 49,433 15 Analysls of charjtable fvnds Unrestrlrted RestrIcted funds funds 2023 2023 Total funds 2023 Totsi funds 20ZZ Funds at l April 2022 Incoming resources Respurces expended Gains and105ses Funds at 31 March 2023 1,576,537 293,168 1516.5991 19,7S5 1.333,3SI 598.708 2.175,245 1.740,771 293,168 803.184 117.B94) 1534,493) {374.667) 19,755 5,957 1,914.165 2,175,245 580,814 Restricted funds are received In respect of Spetchley Revival being funds to bring the gardens bacli to thelr former presentation. Unrestricted funds indude a designated fund of £300,000 forplanned garden projects whtch are continulng In 2023. 16 Analyslsofgroup netassets between ￿n￿5 Unrestricted Restricted firnds nds Totsl funds Z023 Total funds ZOZ2 Tangible fixed a.%5ers Investments Net current as5ers Funds at 31 Mai'ch 2023 733.440 236.610 361,451 1,33L,50 580,814 1.314,254 236,610 361,451 1,912,315 1.343,883 257,424 573,608 2.174,915 80￿14 The tran￿ble assets within restricted fund5 are being depreclated over the remainder of the lease. 21 Spetchley Gardens Charitable Trust Notes to rhe financlal statements Forthe year et)ded 31 Mai'ch 2023 17 Related party tran5actlons Group and Charity During the yeai. th¢ net effert of incorne and expcllditurc tr3llsactlons wlth Berkeleysettlernentwas tliat the gmup aiid charity had expenditure of £85,76212022.. £136.725}. Berkeley Settltincnt is a related party by vlrtuc of a common Trustec between the Berkeley Setrleinent and tlie group. At the year end the group and charlw owed the Berkeley Settletnent £14,78912022.. £11.3661. Durlng the year the n2t effect of the income Rnd expendÈture transachon5 Wlth Berkeley Will Ihjst wa5 that tlie group itècurred expenditure of £53212022.. £3901. At the year eiid the group ow*d the Berkeley Will Trust, a related party by vii'tue ola Common trust¢¢ of die group, £532 [2022.. E3901. SpÈtchley Garden5 Enterprises Limited is a wholly owned subsidiary of the charity. At the yearend Spetchley Gardens Enterprise.% Limited Dwcd £1.33512022-. £488}. 23 Spetchley Gardens CharEtsble Trurt Notes to the financlal statements For the year ended 31 March 2023 18 Comparatlve consolldated sta¢ementof flnanclal activitles 2022 Total funds Unrestrirted funds Restricted futtd5 Notes Income from= DonaiJons at]d legacie5 Char5table activities Jnvesttnent inc0￿e Government grant income- F￿r]0￿8h 600,779 171.865 27,040 600.779 171,865 27.04D 3,500 3,500 Total 799,684 3.500 803,184 Expendlture on.. Raistng funds Chantable activities 1,579 355,736 1.579 373.629 17,893 Total 357,315 17.893 375,208 Net (expendlture}/lntome before 442,369 [14.393) 427,976 Gain51{losses) on investmentassets 5,957 5,957 Net movement in funds 448,326 (14,3931 433,933 Total funds brought forward 1.127,881 613,101 1,740.982 Total tiinds carrled forward 1.576,207 598,708 ,174,915 23 Spetchley Gardens Charltsble Trust Notes to the flnandal ststements 19 Compardtlve charfty $￿tement offlnancRal actlvities 2022 Total fund5 Unrestri¢ted runds Restricted funds Notes ljjcome frojn.. Dollatthoiis and legacie Ch41ritable activities liivesttnent income Governmentgrant income 600.779 171,86S 27.040 600,779 171.86$ 27,040 3,500 Totsl 799,684 3,500 803,184 Expenditure on: Raising fund5 Charitable activitie5 1,579 35.5,195 1579 573.088 17,893 Total 356.774 17,893 374.667 Net (expendlture)/income before gains/Oossesl on Investments 442,910 (14,3931 428,517 Gains/llossÈsl on investment assets 5,957 5,957 Net movement In funds 448.867 114,393) 434,474 Total fvnds biy)ught fon¥ard 1,127,670 613.101 1,740.771 Total funds orried forward 15 1,576,537 598,708 2.175.245 24