## Spetchley Gardens Charitable Trust
Trustees’ report and financial statements
For the year ended 31 March 2024
## Spetchley Gardens Charitable Trust
## Contents
ssOOO
||Page|
|---|---|
|Legaland administrative information|1|
|Report ofthe trustees|2-5|
|Independent examiner's report|6|
|Statementoffinancial activities - group|8|
|Statementoffinancial activities - charity|9|
|Balance sheet|10|
|Cashflow statement|11|
|Notestothefinancialstatements|12-24|
oS
## Spetchley Gardens Charitable Trust
## Legal and administrative information
|Charityname:|SpetchleyGardens Charitable Trust|
|---|---|
|Trustees:|CharlesWyld|
||Charles Berkeley|
||Reginald Heyworth|
||PatrickDownes|
|Independentexaminer:|SafferyLLP|
||St Catherine's Court|
||Berkeley Place|
||Clifton|
||Bristol|
||BS8 1BQ|
|Bankers:|NationalWestminsterBank|
||PO Box 1369|
||16 The Plain|
||Thornbury|
||Bristol|
||BS35 2BF|
|Solicitors:|BurgesSalmon|
||1 Glass Wharf|
||Bristol|
||BS2 0ZX|
|Investmentmanagers:|Close Private AssetManagement|
||8th Floor|
||10 Exchange Square|
||Primrose Street|
||London|
||EC2A 2BY|
|Registration number:|1061063|
|Principal office:|Berkeley Castle Estate Office|
||Berkeley Castle|
||Berkeley|
||Gloucestershire|
||GL139BQ|
1
## Spetchley Gardens Charitable Trust
## Report of the trustees For the year ended 31 March 2024
The Trustees present their report along with the consolidated financial statements of the charity and its subsidiary for the year ended 31 March 2024. The financial statements comply with the charity's trust deed, Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities: Accounting and Reporting by Charities 2019 (FRS 102).
## History and constitution
The Spetchley Gardens Charitable Trust was established in 1997 by Mr R J G Berkeley, following his decision that a charitable trust was the most appropriate vehicle for ensuring that Spetchley Gardens are preserved and maintained for posterity and for the benefit of[the][public.]
The trust was formally established by a deed dated 26 February 1997.
## Structure, governance and management
## Governing document
The charity is governed by a trust deed and is an unincorporated association.
## Appointment oftrustees
The trust deed states that the number of Trustees shall be no less than three and no more than five. If the number of Trustees should fall below three, the remaining Trustees may exercise their power to appoint a new Trustee. The Trustees must always include at least one male descendant of Captain Robert George Wilmot Berkeley. Any new Trustee is offered appropriate induction and training.
Under the terms of the trust deed the Trustees have wide discretionary powers relating to the investment and use of the trust fund, dealing with property, employment of staff and all other acts of management in relation to Spetchley Gardens.
## Organisation
The head gardener is responsible for the day-to-day management of the gardens. Administration, promotion, marketing and development of the business is managed from the Spetchley Estate Office of the Berkeley and Spetchley Estates.
## Risk management
A formal risk assessment in line with SORP FRS 102 recommendations has been produced. It was adopted at a meeting of the Trustees on 11 March 2004 and is kept on the agenda at future meetings to ensure that the matter is kept under review and procedures established to manage those risks.
The major risks revolve around unforeseen problems occurring during the maintenance and preservation of the properties and gardens. This risk is mitigated by taking high quality professional advice concerning the restoration work at all stages before and during the works, liaising with the staff onsite and regular trustee meetings to follow up on any issues. A second set of risks involve natural disasters causing damage to the properties and the grounds. These risks are mitigated by ensuring adequate insurance protection is available and through adequate and timely maintenance of the buildings and their immediate surroundings.
2
## Spetchley Gardens Charitable Trust
Report of the trustees (continued) For the year ended 31 March 2024
## Statement of trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and the group and of the incoming resources and application of resources of the charity and the group for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- a observe the methods and principles in the Charities SORP;
- 7 make judgements and estimates that are reasonable and prudent; ha state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 3 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## Objects and activities
## Objects
The Trustees stand possessed of the trust fund and related income and can apply such funds in the furtherance of the trust; they also have the power to accumulate (as permitted by law) the income of the trust fund.
Subject to these powers, the trustees shall apply the annual income of the trust fund for the following objects:
- a)‘ The promotion of horticulture and in particular without prejudice to the generality of the foregoing to maintain and preserve for the benefit of the public those parts of Spetchley Park Gardens, Spetchley, Worcestershire, as are open to the public.
- b) The benefit of such charity or charities or for such other charitable purpose or charitable purposes as the Trustees shall from time to time in their absolute discretion think fit.
## Future plans
The aim is to continue to make the gardens available to the public in an efficient manner and to raise funds to embark upon a repair programme of the build structures within the gardens.
3
## Spetchley Gardens Charitable Trust
Report of the trustees (continued) For the year ended 31 March 2024
## Public benefit
Following the passing of the Charities Act 2006, subsequently replaced by the Charities Act 2011, there must be an identifiable benefit or benefits arising from the work of all charities, and such benefits must be to the public or a section of the public. The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities.
No public were excluded from those parts of the gardens that are open and disabled access is available where practicable. Those working for the trust are remunerated, but there are otherwise no private benefits.
It can therefore be seen from this, and from other information in this report, that the work of the trust benefits the
## Achievement and performance
The garden admissions are slightly lower than the previous year, this is as expected with the trend of people moving away from COVID safe activities.
## Financial review
There is a surplus for the year of £166,075 (2023: deficit of £262,600) which, added to the funds brought forward, gives total funds of £2,078,390 (2023: £1,912,315) carried forward.
The surplus of £166,289 compared to the deficit of £262,600 in the prior year has been driven by an increase in major donations and a decrease in charitable expenditure due to decreased repairs expenses.
## Investment policy and returns
There are no restrictions on the charity’s power to invest and the Trustees have power to delegate discretionary powers of investment to an investment manager. The charity has adopted a balanced total return policy for its investment income, and a strategy and risk profile is agreed annually with the investment manager. The investment performance is reviewed via the manager’s quarterly reports and the Trustees, or their representatives, meet with the manager annually to discuss this performance.
The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment ina portfolio comprised of equities, fixed income stocks and cash.
The investment managers have been instructed to managea diversified portfolio of suitable investments on a discretionary basis.
As at 31 March 2024, the investment gain for the year was £19,695 (2023: £19,755 loss).
4
Spetchley Gardens Charitable Trust
i———eee
Report of the trustees (continued) For the year ended 31 March 2024
## Reserves policy
At the year end the group held unrestricted funds of £1,515,473 (2023: £1,331,501) and £562,917 (2023: £580,814) in restricted funds.
The Trustees have reviewed the funds of the charity and consider that free reserves of between £200,000 and £300,000 is a suitable level to enable the Trustees to continue to fund management, administration and support costs and cover any unplanned emergency repairs. There are some planned garden projects that will be incurred in 2024-25. The level of target funds has been increased to reflect the higher level of inflation and increased costs. Of the total unrestricted funds held of £1,515,473, £227,990 are considered to be realisable and the balance of £1,287,483, which predominantly relates to fixed assets, are considered unrealisable at the balance sheet date. Full details are shown in note 16 of the accounts.
## Remuneration of key management personnel
The key management personnel are not paid by the charity but are remunerated through related entities.
## Approved by the trustees and signed on their behalf by:
Charles Wyld
7 October 2024
## SS
5
## Spetchley Gardens Charitable Trust
Independent examiner's report to the trustees For the year ended 31 March 2024
## SS
I report to the charity trustees on my examination of[the][consolidated][accounts][of][ the][Group][comprising][ the][Spetchley] Gardens Charitable Trust (‘the Trust’) and its subsidiary undertaking for the year ended 31 March 2024.
## Respective responsibilities of trustees and examiner
As the trustees of the Trust you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 (‘the Act’) and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both the Trust and the Group are not required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of the consolidated accounts. I have carried out my examination under section 145 of the 2011 Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5){b) of the 2011 Act.
## Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## Independent examiner's statement
Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of[the][listed][bodies.]
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records with respect to the Trust were not kept as required by section 130 of the 2011 Act and with respect to its subsidiaries were not kept as required by section 386 of the Companies Act 2006; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
emOe ee eee
6
Spetchley Gardens Charitable Trust
Independent examiner's report to the trustees For the year ended 31 March 2024
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
David Sedgwick FCCA
Date: o| 0 1 u uM
## Saffery LLP
St Catherine's Court Berkeley Place Clifton Bristol BS8 1BQ
/
## Spetchley Gardens Charitable Trust
Consolidated statement of financial activities For the year ended 31 March 2024
SSS——S
|||||2024|2023|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
||Notes|£|£|£|£|
|Income from:||||||
|Donations andlegacies|3|355,745|-|355,745|115,070|
|Charitable activities|4|153,287|-|153,287|138,403|
|Investmentincome|5|61,382|-|61,382|39,695|
|Total||570,414|-|570,414|293,168|
|Expenditure on:||||||
|Raisingfunds|6|1,421|-|1,421|1,425|
|Charitable activities|7|404,716|17,897|422,613|534,588|
|Total||406,137|17,897|424,034|536,013|
|Netincome/ (expenditure) before gains on||||||
|investments||164,277|(17,897)|146,380|(242,845)|
|Gains / (losses) on investment assets||19,695|-|19,695|(19,755)|
|Netmovementinfunds||183,972|(17,897)|166,075|(262,600)|
|Totalfundsbroughtforward||1,331,501|580,814|1,912,315|2,174,915|
|Totalfundscarriedforward||1,515,473|562,917|2,078,390|1,912,315|
8
## Spetchley Gardens Charitable Trust
Charity statement of financial activities For the year ended 31 March 2024
SSS...°bQ—_
**----- Start of picture text -----**
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2024|2023|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|Income|from:|
|Donations and|legacies|3|355,745|-|355,745|115,070|
|Charitable|activities|4|153,287|-|153,287|138,403|
|Investment income|5|61,382|-|61,382|39,695|
|Total|570,414|-|570,414|293,168|
|Expenditure|on:|
|Raising funds|6|1,421|-|1,421|1,425|
|Charitable|activities|vA|404,502|17,897|422,399|533,068|
|Total|405,923|17,897|423,820|534,493|
|Net income|/|(expenditure)|before|gains on|
|investments|164,491|(17,897)|146,594|(241,325)|
|Gains|/|(losses)|on|investment|assets|19,695|-|19,695|(19,755)|
|Net movement in funds|184,186|(17,897)|166,289|(261,080)|
|Total funds brought forward|1,333,351|580,814|1,914,165|2,175,245|
|Total funds|carried|forward|15|1,517,537|562,917|2,080,454|1,914,165|
**----- End of picture text -----**
## a
## Spetchley Gardens Charitable Trust
## Consolidated balance sheet
For the year ended 31 March 2024
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2024|2023|2024|2023|
||Notes|£|£|£|£|
|Fixed assets||||||
|Tangible assets|10-11|1,287,483|1,314,254|1,287,483|1,314,254|
|Unlisted investments at cost|12|-|-|1|1|
|Investments atmarketvalue|12|255,431|236,610|255,431|236,610|
|||1,542,914|1,550,864|1,542,915|1,550,865|
|Current assets||||||
|Stocks||1,126|1,451|1,126|1,451|
|Debtors|13|13,052|27,455|15,115|28,789|
|Cash atbankand in hand||582,498|400,413|582,498|400,413|
|Creditors: amounts falling due within one||||||
|year|14|(61,200)|(67,868)|(61,200)|(67,353)|
|Netcurrent assets||535,476|361,451|537,539|363,300|
|Total assets less currentliabilities||2,078,390|1,912,315|2,080,454|1,914,165|
|Funds||||||
|Unrestricted funds -general||1,215,473|1,031,501|1,217,537|1,033,351|
|Unrestricted funds - designated||300,000|300,000|300,000|300,000|
|Restricted funds||562,917|580,814|562,917|580,814|
|Totalfunds|15-16|2,078,390|1,912,315|2,080,454|1,914,165|
The Trustees have prepared group financial statements in accordance with section 138 of the Charities Act 2011.
Approved by the board of Trustees and signed on their behalf on 7 October 2024.
CKelw Charles Wyld
10
## Spetchley Gardens Charitable Trust
## Group statement of cash flows
As at 31 March 2024
## fe
|||2024|2023|
|---|---|---|---|
|||£|£|
|Cash Generatedfromoperatingactivities||||
|Netcash providedbyoperating activities||114,201|(232,804)|
|Corporation taxpaid||-|-|
|Netcashprovidedbyoperatingactivitiesaftertaxation||114,201|(232,804)|
|Cashflows from investingactivities||||
|Dividends, interestand rents from investments||61,382|39,695|
|Purchase ofproperty, plantandequipment||(975)|(1,065)|
|Proceedsfromthe saleoffixedassets||6,333|-|
|Proceeds fromthe sale ofinvestments||17,718|9,309|
|Purchase ofinvestments||(17,790)|(6,428)|
|Netcashprovidedbyinvestingactivities||66,668|37,511|
|Change incashand cash equivalentsinthereportingperiod||180,869|(195,293)|
|Cashand cashequivalents atthebeginningofthe reportingperiod||403,512|598,806|
|Cashand cash equivalents attheendofthereportingperiod||584,381|403,513|
|Reconciliation ofnetincome / (expenditure) to netcashflowfrom operatingactivities||||
|||2024|2023|
|||£|£|
|Netincome / (expenditure) forthe reportingperiod(asperthestatementof||||
|financial activities)||166,075|(262,600)|
|Adjustments for:||||
|Currenttaxcharge||-|-|
|Depreciation charges||27,517|30,595|
|Unrealised (gains)/lossesoninvestments||(19,965)|19,755|
|(Profit)/loss on disposal offixed assets||(6,104)|100|
|Dividends, interestand rents from investments||(61,382)|(39,695)|
|Decrease in stock||325|730|
|Decrease/(increase) in debtors||14,403|(124)|
|(Decrease)/increase
in creditors||(6,668)|18,435|
|Netcashprovidedbyoperatingactivities||114,201|(232,804)|
|Analysis ofnetdebt||||
||At 1April
2023|Cashflows|At31March
2024|
||£|£|£|
|Cash atbankand in hand|400,413|182,085|582,498|
|Cashheld as partof investments|3,099|(1,216)|1,883|
|Total|403,512|180,869|584,381|
11
## Spetchley Gardens Charitable Trust
## Notes to the financial statements
For the year ended 31 March 2024
## 1 Accounting policies
## (a) Accounting convention
- The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of[Ireland][(FRS][102)][issued][ on][1][January][ 2019][and][ the][Financial] Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2022.
The Charity constitutes a public benefit entity as defined by FRS102.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, with the exception of the investments which are held at market value.
(b) Consolidation The group financial statements consolidate the financial statements of the charity and the charity's wholly owned subsidiary, Spetchley Gardens Enterprises Limited, for the year ended 31 March 2024. The statement of financial activities (SOFA) and the balance sheet consolidate the financial statements ona line by line basis where appropriate. Details concerning the subsidiary company, along with its results and financial position are set out in note 2.
(c) Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
(d) Income Investment income and gift aid donations are included in the financial statements on an accruals basis and include any tax recoverable. Other income is shown gross.
(e) Resources expended Expenditure is recorded on the accruals basis. The cost of irrecoverable value added tax is included with the expense item to which it relates.
Fund raising costs comprise those costs directly attributable to managing the investment portfolio and raising investment income.
Support costs represent expenditure in the general running of the charity; these costs are fully attributable to charitable activities.
Governance costs are directly attributable to the management of the charity's assets, organisational administration and compliance with constitutional requirements.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The payments are recognised when there is a constructive obligation resulting in payment being unavoidable.
12
## Spetchley Gardens Charitable Trust
## Notes to the financial statements
For the year ended 31 March 2024
## 1 Accounting policies (continued)
(f) Listed investments Listed investments are included in the accounts at a value based on their mid-market price at the balance sheet date. Realised gains or losses are recognised in the period by reference to the difference between their balance sheet value and net proceeds from disposal in accordance with accounting standards.
## (g) Unlisted investments
Unlisted investments are stated at cost less provision for diminution in value.
## (h) Depreciation
It is the charity's policy not to provide depreciation on freehold properties. The buildings are maintained to a high standard and therefore the Trustees consider that the lives of the buildings are so long and residual value so great that depreciation is immaterial on an annual and cumulative basis.
Depreciation is calculated to write off the cost of fixed assets over their expected useful life. It has been provided on a straight-line basis at the following rates:
Leasehold land the length of the lease Car park, welcome centre, cart shed and lake the length of the lease Plant and machinery 10%
A full year’s depreciation is charged in the year of acquisition and none in the year of disposal.
- (i) Fixed assets Fixed assets are included in the accounts at their net book value. There is no ’de-minimis’ limit for capitalising items.
The charity has been granted a 99-year lease of Spetchley Gardens. This lease will expire in 2096 and the rent is nominal. The Trustees have considered whether this lease has any value. In view of the fact that the charity is responsible for the maintenance of the gardens, the gardens are the object of the charity and these obligations are onerous, the Trustees do not consider that the lease has a value. No professional valuation has been sought because the conventional valuation approaches are not appropriate and costs of obtaining a valuation would be onerous compared with the benefit.
- (j) Stocks Stocks are stated at the lower of cost and net realisable value.
13
## Spetchley Gardens Charitable Trust
## Notes to the financial statements
For the year ended 31 March 2024
## 1 Accounting policies (continued)
## (k) Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Other than where specifically stated all of the charity's financial instruments are classed as basic financial instruments.
Financial assets are recognised in the Charity’s statement of financial position when the Charity becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
## Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as ‘fair value through the statement of financial activities’ are measured at fair value.
## Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as ‘fair value through the statement of financial activities’ are measured at fair value.
(J) Pension costs Pension costs for individual defined contribution pension schemes are charged to the statement of financial activity in the year in which they are payable.
## (m) Funds structure
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
14
## Spetchley Gardens Charitable Trust
Notes to the financial statements For the year ended 31 March 2024
## 2 Trading subsidiary
The charity has a wholly owned trading subsidiary, Spetchley Gardens Enterprises Limited (company number 09216384) which is incorporated in the UK. The company is not currently trading.
Asummary of its trading results is shown below. The relevant pages have been filed with the Registrar of Companies.
||Profitand loss account||2024||2023|
|---|---|---|---|---|---|
||||£||£|
||Turnover||-||:|
||Cost ofsalesand administrative expenses||(214)||(1,415)|
||Taxation||-||(106)|
||Netloss||(214)||(1,521)|
||Balance sheet|||||
||Fixed assets||||;|
||Current assets||-||-|
||Current liabilities||(2,064)||(1,850)|
||Netliabilities||(2,064)||(1,850)|
|3|Donationsandlegacies|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Donations|340,316|80,238|340,316|80,238|
||Giftaid|15,429|34,832|15,429|34,832|
|||355,745|115,070|355,745|115,070|
|4|Incomefrom charitable activities|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Entrance fees|122,843|115,168|122,843|115,168|
||Sale ofgarden produce andplants|19,404|18,248|19,404|18,248|
||Fees for hire|6,086|3,426|6,086|3,426|
||Miscellaneous income|3,781|376|3,781|376|
||Scooterhire|1,173|1,185|1,173|1,185|
|||153,287|138,403|153,287|138,403|
|5|Investmentincome|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Rental income|50,017|31,520|50,017|31,520|
||Income from quoted securities|6,515|5,870|6,515|5,870|
||Interest income|4,850|2,305|4,850|2,305|
|||61,382|39,695|61,382|39,695|
15
## Spetchley Gardens Charitable Trust
## Notes to the financial statements
For the year ended 31 March 2024
|For the yearthe yearyear ended 31 MarchMarch 2024|For the yearthe yearyear ended 31 MarchMarch 2024|For the yearthe yearyear ended 31 MarchMarch 2024|For the yearthe yearyear ended 31 MarchMarch 2024|For the yearthe yearyear ended 31 MarchMarch 2024|For the yearthe yearyear ended 31 MarchMarch 2024|
|---|---|---|---|---|---|
|sss
ss...||||||
|6|Expenditure onraisingfunds|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Investmentmanagers fee|1,421|1,425|1,421|1,425|
|||1,421|1,425|1,421|1,425|
|7|Analysisofexpenditureandcharitable activities|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Repairs tobuildings andgrounds|119,129|242,603|119,129|242,603|
||Repairs and running cost ofequipment|5,074|2,626|5,074|2,626|
||Hire ofequipment|779|799|779|799|
||Plants and seeds|3,619|1,473|3,619|1,473|
||Rentand rates|2,024|3,097|2,024|3,097|
||Heatand light|21,943|20,660|21,943|20,660|
||Consumable garden supplies|11,185|11,421|11,185|11,421|
||Wages and salaries|184,024|172,587|184,024|172,587|
||Depreciation|27,517|30,595|27,517|30,595|
||Loss/(profit) on disposal offixed assets|(6,104)|100|(6,104)|100|
||Telephone|2,506|2,036|2,506|2,036|
||Professional fees|2,875|1,704|2,875|1,704|
||PRand marketing|11,604|4,163|11,604|4,163|
||Insurance|3,634|2,374|3,634|2,374|
||Bankcharges|301|231|301|231|
||Stafftrainingandwelfare|3,704|4,910|3,704|4,910|
||Sundry|21,126|22,676|21,126|22,676|
||Taxation|-|106|-|:|
||Governance costs (Note 8)|7,673|10,427|7,459|9,013|
|||422,613|534,588|422,399|533,068|
|8|Governance costs|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Office expenses|-|2,650|-|2,650|
||Independentexamination|2,500|1,250|2,500|1,250|
||Professional fees|5,173|6,527|4,959|5,113|
|||7,673|10,427|7,459|9,013|
## —————————————— ee
## SS sss s.r...
16
## Spetchley Gardens Charitable Trust
## Notes to the financial statements
For the year ended 31 March 2024
|9|Analysis ofstaffcosts|Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Wagesandsalaries|179,590|168,758|179,590|168,758|
||Pension|2,141|2,009|2,141|2,009|
||Other costs|2,293|1,820|2,293|1,820|
|||184,024|172,587|184,024|172,587|
## The average monthly head count was 9 staff (2023: 11 staff).
The Trustees receive no remuneration for their work and do not claim any expenses.
There were no employees during the current or prior year who received employee benefits (excluding employer pension costs) of more than £60,000.
The key management personnel received no remuneration during the year.
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## Spetchley Gardens Charitable Trust
Notes to the financial statements For the year ended 31 March 2024
|12|Fixed asset investments|||
|---|---|---|---|
|||2024|2023|
|||£|£|
||Unlisted investments|||
||Investmentin SpetchleyGardens Charitable Trust|1|1|
||Listed investments|||
||UKand overseas equities:|||
||Marketvalue at 1 April 2023|233,511|252,147|
||Acquisitions atcost|17,790|6,428|
||Disposals atopeningbookvalue or cost fornewpurchases|||
||disposed ofintheyear|(17,718)|(5,309)|
||Gains/(losses) on investments at31 March2024|19,965|(19,755)|
||Marketvalue at 31 March 2024|253,548|233,511|
||Cashbalance (heldbybrokers)|1,883|3,099|
||Investmentundermanagement|255,431|236,610|
||Historical cost as at 31 March 2024|||
||Equities and fixed interestsecurities|163,818|155,222|
||Cash|1,883|3,099|
|||165,701|158,321|
||The amount of£253,548 above represents investments quoted on recognised securities exchange.|||
||UKsecurities|94,326|98,964|
||Overseas securities|159,222|134,547|
|||253,548|233,511|
Not one investment is worth more than 10% of the total portfolio value.
20
## Spetchley Gardens Charitable Trust
## Notes to the financial statements
For the year ended 31 March 2024
|For the year endedthe year endedyear endedended 31 March 2024March 2024|For the year endedthe year endedyear endedended 31 March 2024March 2024|||||
|---|---|---|---|---|---|
|i|||ee|||
|13|Debtors|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Trade debtors|3,275|970|3,274|970|
||SpetchleyGardenEnterprises Limited|-|-|2,064|1,334|
||BerkeleyFarms Limited|3,011|3,091|3,011|3,091|
||VAT recoverable|3,761|22,443|3,761|22,443|
||Prepayments andaccruedincome|3,005|951|3,005|951|
|||13,052|27,455|15,115|28,789|
|14|Creditors:amountsfallingduewithinoneyear|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Trade creditors|19,102|33,972|19,102|33,972|
||Berkeley Settlement|14,684|14,789|14,684|14,789|
||Accruals and deferred income|20,035|11,712|20,035|11,197|
||Other creditors|7,379|7,395|7,379|7,395|
|||61,200|67,868|61,200|67,353|
|15|Analysis of charitablefunds|||||
|||Unrestricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
|||2024|2024|2024|2023|
|||£|£|£|£|
||Funds at 1April2023|1,333,351|580,814|1,912,315|2,175,245|
||Incomingresources|570,414|-|570,414|293,168|
||Resources expended|(405,923)|(17,897)|(424,034)|(534,493)|
||Gains andlosses|19,695|-|19,695|(19,755)|
||Fundsat31March2024|1,517,537|562,917|2,078,390|1,914,165|
Restricted funds are received in respect of Spetchley Revival being funds to bring the gardens back to their former presentation.
Unrestricted funds include a designated fund of £300,000 for planned garden projects which are continuing in 2024.
## 16 Analysis of group net assets between funds
||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||||2024|2023|
||£|£|£|£|
|Tangible fixed assets|724,566|562,917|1,287,483|1,314,254|
|Investments|255,431|-|255,431|236,610|
|Netcurrent assets|535,476|-|535,476|361,451|
|Fundsat31March2024|1,515,473|562,917|2,078,390|1,912,315|
The tangible assets within restricted funds are being depreciated over the remainder of the lease.
## i
21
## Spetchley Gardens Charitable Trust
## Notes to the financial statements
For the year ended 31 March 2024
## 17 Related party transactions
## Group and Charity
During the year the net effect of income and expenditure transactions with Berkeley Settlement was that the group and charity had expenditure of £75,062 (2023: £85,762). Berkeley Settlement is a related party by virtue ofa common Trustee between the Berkeley Settlement and the group. At the year end the group and charity owed the Berkeley Settlement £14,684 (2023: £14,789).
During the year the net effect of the income and expenditure transactions with Berkeley Will Trust was that the group incurred expenditure of £134 (2023: £532). At the year end the group owed the Berkeley Will Trust, a related party by virtue of a common trustee of the group, £140 (2023: £532).
During the year Spetchley Developments Limited donated £300,000 (2023: £nil) as a gift to the Group. Spetchley Developments Limited is a related party by virtue of a common Trustee between Spetchley Developments Limited and the Group.
Spetchley Gardens Enterprises Limited is a wholly owned subsidiary of the charity. At the year end Spetchley Gardens Enterprises Limited owed £2,064 (2023: £1,335).
## ae
22
## Spetchley Gardens Charitable Trust
## Notes to the financial statements
For the year ended 31 March 2024
## 18 Comparative consolidated statement of financial activities
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|2023|
|Unrestricted|Restricted|Total|
|funds|funds|funds|
|Notes|£|£|£|
|Income|from:|
|Donations|and|legacies|3|115,070|-|115,070|
|Charitable|activities|4|138,403|-|138,403|
|Investment income|5|39,695|-|39,695|
|Government|grant income|-|Furlough|-|-|-|
|Total|293,168|-|293,168|
|Expenditure|on:|
|Raising funds|6|1,425|-|1,425|
|Charitable|activities|7|516,694|17,894|534,588|
|Total|518,119|17,894|536,013|
|Net expenditure|before losses on investments|(224,951)|(17,894)|(242,845)|
|Losses|on|investment|assets|(19,755)|-|(19,755)|
|Net movement in funds|(244,706)|(17,894)|(262,600)|
|Total funds brought forward|1,576,207|598,708|2,174,915|
|Total funds|carried forward|1,331,501|580,814|1,912,315|
**----- End of picture text -----**
23
Spetchley Gardens Charitable Trust
## Notes to the financial statements
## 19 Comparative charity statement of financial activities
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|2023|
|Unrestricted|Restricted|Total|
|funds|funds|funds|
|Notes|£|£|£|
|Income|from:|
|Donations|and|legacies|3|115,070|-|115,070|
|Charitable|activities|4|138,403|-|138,403|
|Investment income|5|39,695|-|39,695|
|Government grant income|-|-|-|
|Total|293,168|-|293,168|
|Expenditure|on:|
|Raising funds|6|1,425|-|1,425|
|Charitable|activities|7|515,174|17,894|533,068|
|Total|516,599|17,894|534,493|
|Net expenditure|before losses on investments|(223,431)|(17,894)|(241,325)|
|Losses|on|investment|assets|(19,755)|-|(19,755)|
|Net movement in funds|(243,186)|(17,894)|(261,080)|
|Total|funds brought forward|1,576,537|598,708|2,175,245|
|Total funds carried forward|15|1,333,351|580,814|1,914,165|
**----- End of picture text -----**
24