Spetchley Gardens Charltable Trust Trustees, report and financial statements For the year ended 31 March 2025
Spetchley Garden5 Charitable Trust Contents Page Legal and adminlstrative informatlon Reportofthe trustees Independentexaminer's report Ststsment of flnanclal acdvlties - group Statement offinanclal activities - charity Balance sheet ststement ofcashflows Notss to the financial statements 10-21
Spetchley Gardens Charitable Trust Legal and administrative Informatlon Charlty name: Spetchley Garden5 Charitsble Trust Trnstees: Charles Wyld Charles Berkeley Reglnald Heyworth Patrick Downes Independent examlner.. David Sedgewlck c/0 Saffery LLP St Catherine's Court Berkeley Place Clifton Brlstol BS8 IBQ Bankers: National Westmlnster Bank PO Box 1369 16 The Plaln Thornbury Brlstol BS35 2BF Solicitors: Burges Salmon One Gla55 Wharf Brlstol BS2 OZX Investment manager5: Trlnlty Brldge Asset Mana¥ement Wigmore Yard 42 Wigmore Street London WIU2RY Re8lstratlon no,. 1061063 Prlnclpal office: The Berkeley Castle Estate Office Berkeley Castle Berkeley Gloucegtershlre GL13 9BQ
Spetchley Gardens Charitable Trust Report of the trustees For the year ended 31 March 2025 The Trustees present their report along with the consolidated financial statements of the charity and its subsidiary ftsr the year ended 31 March 2025. The financial stateEnents complywith the charity's trust deed, the Charities Act 2011 and the Statement of RecomTnended Practice.. Accountlng and Reporting by Charities 2019 IFRS 102). Hlstory and con5titutlon The Spetchley Gardens Charitable Trust was established in 1997 by Mr R l G Berkeley, following his decision that a charitable trust was the most appropriate vehicle for ensur?ng 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. Appolntment of trustees The trust deed states that the number of Trustee5 shall be no less than three and no more than five, Ifthe number of Trustees should fall below three, the remalning Trustees may exercise their power to appoint a new Trustee. The Trustees must always include at least one male descendant of Captaln Robert George Wllmot Berkeley. Any new Trustee is offered approprSate indurtion 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 Wlth property, employtnent of staff and all other acts of management in relatt'on to Spetchley Gardens. Organisation The Itead gardener is respon5Ible 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. Rlsk mana8ement A formal risk 3ssessment in line wlth SORP FRS102 recommendations has been produced. It was adopted at a meeting of the Trustees on 11 March 2004 and is to be kept on the agenda at fijture meetings on an annual basis to ensure that the matter 15 kept under revlew and procedures established to manage those rlsks. The major risks revolve around unforeseen problems occurr5ng durin8 the maSntenance and preservatlon ofthe properties and gardens. Thls risk is mitigated by taklng high quallty professional adwce concerning the restoratlon work at all stages before and during the works, Ilaising with the staff on51te and regular trustee meetings to follow up on any issues. A second set of risks involve nattjral di5a5ters causing damage to the properties and the grounds. These risks are mitigated by ensuring adequate insurance protection is available and through adequate and timely Tnaintenance of the buildings and their immediate surroundings. Statement of trustees, responsibilities The Trustee5 are respDnsible for preparing the Trustees, report and the financial ststements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financtal year which give 3 true and fair view of the state of affairs of the charity and the group and oFthe 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., observe the Tnethods and principles Tn the Charities SORP {FRS102)', tnake judgements and estimate5 that are rea50tLable and prudent- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the Eoing cOnrn basis unless it is inappropriate to presume that the charity will continue in business.
Spetchley Gardens Charitable Trnst Report of the trustees For the year ended 31 March 2025 The Trustees are responsible for keeping proper accounting records that disclose with reasonable aCCUTacy at any time the financial position of the charity and enable them to ensure thatthe 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 a55ets of the charity and the group and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularitie5. Oblectlves and activ(tle5 Objectives The Trustee5 Stand possessed of the trust fund and related income and can apply such funds in the furtherance of the trustr, they also have the power to accumulate (as permitted by law) the income of the trust fun(L Subject to these powers, the Trustees shall apply the annual income of the trust fund for the following objects.. a) The promotion of horticulttLre and in particular without prejudice to the generality oFthe foregoinE to maintain and preserve for the benefit ofthe public those parts of Spetchley Park Gardens, Spetchley, Worce5ter5hire, as are open to the public. b) The beneflt of such charlty 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 'rhe alm Is to contlnue to make the garden5 avaSlable to the public in an efficient manner and to ralse funds to embark upon a repair programme of the bulld structures within the gardens. Public benefit Following the passlng olthe 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 svch benefits must be to the public or a Section of the public. The Trustees confirm that they have referred to thc 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 af the gardens that are open and dlsabled acce55 15 available where pract5cable. Those working for the trust are rernunerated, but there are otheThryse no private benefits. It can therefore be seen from this, and from other informadon Sn thls repo¢ that the work of the trust beneflts the public. Achlevements and performance Number of visitors in YE25 Increased by 7% to 22,050 {2024.. 20,561) whlch Is largely responsible For the Increase in admission Incotnc of 90/0 to £133,797 IE122,843). The events income has reduced slightly due to Dnly having Dn Easter in the year compared to the prior year which saw tWD Easter events. A new agreement was taken out with a new catering cornpany on a profit sharing basis, which resulted in now profit being made and as such as new caterer has started, Financial review There is a deficit for the year of£46,OB412024'. surplus £166,075) which, added to the funds brought forward, give5 total funds of £2,032,306 [2024.. £2,078,390) carried Forward. The deficit of £46,084 compared to a surplus of £166,075 in the prior year has been driven a reduction in major donations received frotn Spetchley Developments Limited, a large increase in repairs as this year has seen the renovation of Hol]ybush Cottage and repairs for Gardeners Cottage and 2 Swinesherd Cottages. Wages has seen an increase with the agreed Estate percentage increase and national rniniTnum wage Increases. Works are also continuing on garden projerts which this year has seen major wall repairs, tree surgery and works on the new garden, Miss jullet Investment policy and return5 There are no restrictions on the charity'5 power to invest and the Trustees have puwer 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 investtnent tnanager. The investment performance is reviewed via the manager's quarterly report5 and the Trustee5. or their representatives, meet with the manager annually to discuss this performance.
Spetchley Gardens Charitable Trust Report of the trustees For the year ended 31 March 2025 The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprtsed of equities, fixed income stocks and cash. TFte investment managers have been instrurted to manage a diversified portfolio of suitable investments on a discretionary basis. As at 31 March 2025, the investment Ioss for the year was £10,253 (2024: gain £19,695). ReSeS policy At the year end the group held unrestricted funds of £1,483,141 (2024.. £1,515,473) and £549,165 (2024- £562,917) in restricted funds. The Trustees have reviewed the funds of the charlty and consider that free reserves of between £200,000 and £300,000 is a suitsble level to enable the Trustees to tontinue to fund management, administration and support costs and cover any unplanned emergency repairs. Of the total unrestricted funds held of £1,483.141. £765,053 are considered to be realisable and the balance of £718.088. which relatss to fixed assets, are consSdered unrealSsable at the balance sheet date. Full details are shown Sn note 15 of the accounts. RernUnets0n of key tnanagement personnel The key management personnel are not paid by the charlty butare remunerated through related entlljes. Approved by the Trustees and slgned on their behalf by., Charles Wyld 9 October 2025
Spetchley Gardens Charitable Trust Independent exarniner's report to the trustees For theyear ended 31 March 2025 I report to the charitytrustee5 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 2025. Respectlve respon5Tbilities of trustees and exarnlner As the trustees of the Trust you are responsible for the preparation of the con501idatsd accounts of the Group in accordance wth the requirements of the Charities Act 2011 ['the ACV) 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 ACL In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5)[bJ ofthe 2011 ACL Basts 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 3 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 oncerning 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 staternent Slnce the Trust's gross IncDme exceeded £250,000 your examiner must be a member of a body listed in sectiun 145 of the 2011 Act. I confirm that l am qualified to undertake the exarnination because l 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 th the examSnation giving e cause to believe.. accounting records with respect to the Trust were not kept as required by section 130 ofthe 2011 Act and with respect to its subsidlaries were not kept as required by section 386 of the Companies Act 2006,. or the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concernlng 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 15 not a matter consldered as part of an Independent examination,, or the accounts have not been prepared in accordance with the methods and prlnclples of the Statement of Recommended Practice for accounting and reporting by charities applicable to charitie5 preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland QFRS 102). I confirm that there are no other matters to which your attentior) should be drawn to enable a proper understanding of the accounts to be reached. David Sedgwick Saffery LLP St Catherine's Court Berkeley Place Clifton Bristol BS8 IBQ Date:
Spetchley Gardens Charitable Trust Consolidated statement of financial activities Fortheyear ended 31 March 2025 Notes 2025 Total nds 2024 Total funds Unrestricted nds Restrlcted funds Income from Donations and legacies Charitsble activlties Investments 2S5.730 165,894 51.226 255.730 165,894 51.226 355,745 153.287 61,382 Total 472,850 472.850 570,414 Expendlture on Ralslng funds Charitable activities 1,566 493,363 1,566 507,115 1.421 422,613 13,752 Total 494,929 13,752 508,681 424,034 Net incomlng resources for the year before galns / Oosses) on Investments (22,079) (13,752) 135,831) 146,380 Gains on Investment a55ets (10,253) (10,253) 19,695 Net movement in funds (32,332) (13.752) (46,084) 166,075 Fund balances brought Forward 1,515,473 562,917 2,078,390 1,912,315 Fund balances carrled forward Is 1.483,141 549.165 Z,032,306 2,078,390 All funds were unrestricted In the current and prlor year.
Spetchley Gardens Charitable Trust Charity statement of financlal activltles Fortheyear ended 31 March 2025 Notes 202S Total funds 2024 Total funds Unrestricted funds Restrlcted funds Income from Donatfions and legacies Charltable actlvldes Investments 255,730 165,894 51,226 255,730 165.894 51,226 355,745 153,287 61.382 Total 472,850 472.850 570,414 Expendlture on Ra15ing funds Charltable actlvltles 1,566 492,745 1,566 506,497 1,421 422,399 13,752 Total 494,311 13,752 508,063 423,820 Net Incomlng resources for the year before galn5 1 (105ses) on Investments (21,461) (13,752) (35.213) 146,594 Gains on investment a55ets (10,253) (10,253) 19,695 Net movement In fvnds (31.714) (13,752) (45.466) 166.289 Fund balances brought forward 1,517,537 562,917 2,080,454 1,914,165 Fund balances carrled forward 14 1,485,823 549,165 2,034,988 2,080,454 All funds were unrestricted in the current and prlor year.
Spetchley Gardens Charitable Trust Balance sheet For the year ended 31 March 2025 Notes Group 2025 Group 20Z4 Charity 2025 Charity Z024 Flxed assets Tanglble assets Equity Investments in group undertakings Investments at market value io li li 1,267,253 1,287,483 1,267,254 1,287,483 244,080 1,511,333 255,431 1,542,914 244.OBO 1,5 11,335 255,431 1,542,915 Currentassets Stock Debtors Cash at bank and In hand 1,268 23,826 606,954 1,126 13,052 582,498 1,268 26,507 606,954 1,126 15,115 582.498 12 Credltors., amounts falllng due within one year 13 111,075) 61.200) [111.07S 61.200) Net current assets 520,973 535,476 523,654 537,539 Total assets less current liabilltles 2,032,306 2,078,390 2,034,989 2,080,454 Funds ofthe charlty Unrestricted funds . general Unrestricted funds designated Restrlcted funds 882,302 600,839 549,165 1,215.473 300.000 562.917 884,984 600,839 549,165 1,217,537 300,000 562,917 Total fvnds 14 2,032.306 2,078,390 2,034,988 2,080.454 The Trustees have prepared group ftnanclal statements in accordance with sectlon 138 of the Charlties Act 2011, Approved by the board ofTrustees and slgned on thelr behalf on 9 October 2025, Charles Wyld
Spetchley Gardens Charitable Trust Group statement ofcash flows For the year ended 31 March 2025 2025 2024 Cash generated/(absorbed) from operatlng actlvltles Net cash (used in)/provlded by operatlng actlvltles {19,841) 114,201 Net cash absorbed by operatlngactivlties after taxatlon {19.841) 114,201 Cashflows from Investing activities Dlvsdends, Interest and rents from investments Purchase of property, plant and equipment Proceeds from the sale of properry, plant and equlpment Proceeds from the sale of investments Purchase of investwnents Net cash used in investlng actlvltles 51,226 (8,029) 61,382 [975) 6.333 17,718 17,790 66,668 13,592 7,987 48,802 Change In cash and cash equlvalents in the reportlng perlod 28,961 180,869 Cash and cash equivalents at the beglnnlng of the reportlng perlod 584,381 403.512 Cash and cash equlvalents at the end ofthe reportlng perlod 613,342 584.381 Reconclllatlon of net Income/(expendlture) to net cash flow from operating actlvltles 2025 Z024 Net (expendlture) / Inrome for the reportlng perlod (as per the Statement of financial actlvltles) (46,084} 166,075 Adjustments for: Depreclation charges Unreallsed gains on investments Loss/{profit) on dlsposal of flxed assets Dlvldends, Interest and rents from Investments (Increase)/decrease in stock Decrease/{Increase) In debtors Increase/[decrease) in credltors Net cash (used In)/ operatAng actlvltles 26,897 10,253 1,362 [51,226) {142) (10,774) 49,873 19.841 27,517 [19,965) {6,104) (61,382) 325 14,403 6,668 114,201 Analysls of net debt At l Aprll 2024 At31 March Z025 Cashflows Cash at bank and In hand Cash held as part of investments Total 582,498 1,883 S84,381 24,456 4,507 28,963 606,954 6.390 613,344
Spetchley Gardens Charitable Trust Notes to the financlal ststements Fortheyearended 31 March 2025 Accountlng policies {aJ Accountlng convention and basls of preparatlon The financial statement5 have been prepared in accordance with the Statement of Recommended Prartlce.. Accounting and Reporting by Charlties preparing their accounts in accordance with the FlnaThcial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) effectlve l January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republlc of Ireland (FRS IQ2) and the Charit5es Art 2011 and UK GenerallyAccepted Practlce as It applie5 from I lanuary 2022. The Charlty constltutes a publlc benefit entlty as defined by FRS 102. The financial statement5 are prepared in sterlin& whlch Ss the functlonal currency of the Charlty. Monetary amounts In these financlal ststements are rounded to the nearest £1. The financial statements have been prepared under the hlstor5cal cost convention. wlth the excepdon of the Investments which are held at market value. {b) Basls of Consolldatlon The group flnanclal statements consolldate the flnanclal statements of the charlty and charlry's wholly owned subsldSaryi Berkeley Castle Enterpr15es Limlted, for the year ended 31 March 2025. The statement of ilnanclal activltles (SOFA) and the balance sheet consolldate the financSal statements on a Ilne by line basis where appropriate, Deralls concerning the subsldlary companyi along wlth Its results and flnanclal posl¢lon are set out in note 2. (c) Golng eoncern At the tlme ofapproving the financlal statements the Trustees have a reasonable expectation that the charlty has adequate resource5 to contlnue in operational exlstence for the Foreseeable future. Thus the Trustees contlnue to adopt the golng concern basi5 0Faccounting in preparfing the Financlal statements. (d) Income Investment Income and gift ald donatSons are included In the flnanclal statements on an accruals basis and Include any tax recoverable. Other Income is recognised when the group is entitled to IL including any tax recoverable. (e) Resources expended Expenditure Is recorded on the accruals basls. The cost of Irrecoverable value added rax Is Included with the expense Stem to whlch It relates. Fund ralslng costs cornprise those costs dlrectly attributable to managlng the Investment portfolio and ralslng Investment Income. Support costs represent expenditure In the general runnlng of the charlty,. these costs are fully attributable to charitable artivities. Governance costs are direct]y attrlbutable to the management of the charity's assets. organi5ational admlnlstratlon and ¢ompllance wlth constitutional requirements. Grants payable are payments made to thlrd parties in the rterance of the charttable objectives of the trusL The payments are recognlsed when there Is a constructive obligatlon resulting In payment being unavoldable. (fj Llsted Investment5 Listed Investments are included In the accounts at a value based on their mid-market prlce at the balance sheet date. Reallsed galn5 or losses are recogni5ed in the perlod by reference to the difference between their balance sheet value and net proceeds from disposal In accordance with accnunting standards. (g) Unllsted investments Unllsted investments arp stated at cost less prov151on ft>r diminution in value. io
Spetthley Gardens Charitable Trust Notes to the financlal statements Forthe year ended 31 March 2025 Accounting policies [contlnued) (h) Depreciation It Is the charlty's pollcy not to provide depreciadon on freehold properties. The bulldfings are maintained to a high 5tsndard and therefore the Trustees consider that the Ilves ofthe buildings are so long and residual value so greatthat depreciation is immaterial on an annual and cumulative basis. Depreciation is calculated to write off the cost of fixed assets over their expectsd useful life. It has been provided on a straight-line basis at the following rates.. Leasehold land Car park. welcome centre, cartshed and lake Plant and maehlnery the length of the lease the length of the lease A 1] year's depreclatlon is charged In rhe year of acqulsltton and none In the year ofdlsposal. (l) Flxed assets Fixed assets are Included in the accounts at rhefir net book value. There Is no 'de-mlnlmls' limit for tapltalislng Items. The charlty has been granted a 99-year lease of Spetchley Gardens. This lease wlll explre In 2096 and the rent is nomlnal. The Trustees have considered whether this lea.se ha5 any value. In view of the fact that the charity Is responsible for the maintenance ofthe gardens, the garden5 are the object ofthe charity and these obligations are onerous, the Tru5tee5 do not consider that the lease has a value. No profe5s5onal valuation has been Sought because the conventSonal valuation approaLhes are notappropriate and costs of obtalnlng a valuation would be onervus compared with the beneflt. Ul Stocks Stock5 are stated at the lower of cost and net realisable value. (k) Flnanclal Instruments The Charlty has elected to apply the provisions of Sectlon 11 'BasSc Financial Instrumcnts, and Secdon 12'0ther Flnancial Instruments Issues, of FRS 102 to all of its financi31 instruments. Other than where 5peclfically stated all of the charlS flnancial instruments are classed as basic financial Instruments. Flnanclal assets are recognlsed in the Charlty's statement of financial position when the Charlty become5 party to the contractual pro$10$ of the InstrumenL Flnanclal assets are classlfled Into speclfled categories. The classlflcatlon depends on the nature and purpose of the ftnanclal assets and is detemlned at the tlme of recognition. Baslcflnancitil tissets Baslc financial asset.s, whl¢h Include trade and other debtors and cash and bank balances, are Inltlally measured at transaction price including transaction costs and are subsequently carried at amort15ed cost using the effective Interest method, unles5 the arrangement constitutes a financlng transact10 where the transaction 15 tneasured at the present value of the future receipts dlscounted at a market rate of interest. Other financlal assets classified as 'falr value through the statement of financial actlvltles, are measured at fair value. Baslcfinanclal Ilobllltles Basic financial liabilities are Inltially recognised at transaction prlce, unless the arrangement constltutes a financing transactiorn where the debt instrument is measured at the present value ofthe future receipts dlscounted at a market rate of interest. Other flnaThcial liabilities classified as 'fair value through the statement of flnancial activities. are measured at fair value. li
Spetchley Gardens Charltable Trust Notes to the financlal statements For the year ended 31 March 202S Accountlng policies (contlnued) 01 Pension costs Pension costs for individual defined contributlon schemes are charged to the statement of financlal attivity ITr the year in whlch theyare payable. (m) Employee beneflts The costs of short-term employee benefi'ts are recogntsed as a liability and an expense. The cost of any unused hollday entitlement is recogn5sed In the perlod In whlch the employee's servlces are receSved. Termlnatlon beneflts are recogn15ed Immediately as an expense when the company Is demonstrably commltted to termlnate the employment of an employee or to provlde termlnation beneflts. (n) Funds structure Unrestricted fund5 are available for use at the dlscretion of the Trustees in furtherance of the general oblectlves of the charity. Restrlcted funds are subjected to restrictlons on thelr expendlture imposed by the donor. Incomlng resources from subsidlary The charlty has a wholly owned tradlng subsldlary. Spetchley Gardens Enterpr15es Limited (company number 09216384) which is Incorporated In the UK. The company15 riot currently tradlng. A summary of Its trading results 15 shown below. The relevant pages have been filed with the Reglstrar of Companies. Proflt and loss account 2025 Z024 Turnover Cost of sales and administratlve expenses Taxatlon Net loss (618} (214) 618 214 Flxed assets Current assets Current Ilabllltles Netassets 2.682 2,682 2,064 12
Spetchley Gardens Charltable Trust Notes to the financial statements For the year ended 31 March 2025 12
Spetchley Gardens Charltable Tnt Notes to the flnancial statements Fortheyearended 31 March 2025 3 Donations and legacles Group 2025 Group Z024 Charity 2025 Charlty 2024 Donations Gift aid 240.051 15,679 255,730 340,316 15.429 355.745 240,051 15.679 255.730 340,316 15.429 355,745 4 Income from charltable actlvltles Group 2025 Group 2024 Charlty 2025 Charlty 2024 Enrrance fees Sale ofgarden produce and plants Fees for hlre M15cellaneous Income Scooter hlre 133,797 15,926 10.738 4,204 1,229 165.894 122,843 19,404 6,086 3,781 1.173 153,287 133,797 15,926 10,738 4,204 1,229 165,894 122,843 19,404 6,086 3,781 1,173 153,287 5 Investment Income Group 2025 Group 2024 Charity 2025 Charlty 2024 Rental income Income from quoted securlties Bank Interest 36.953 6,493 7,780 Sl,226 5Q,017 6,515 4,850 61,382 36,953 6,493 7,780 51,226 50.017 6,515 4,850 61,382 6 Expendlthre on ralslng funds Group 2025 Group 2024 Charlty 2025 Charity Z024 Investment managers, fee 1,566 1,566 1,421 1.421 1.566 1.566 1,421 1,421 13
Spetchley Gardens Charitable Trust Notes to the flnanclal statements Fortheyearended 31 March 2025 Expendlture on charitable activities Group 2025 Group 2024 Charity 2025 Charity 2024 Repairs to bulldings and grounds Repalrs and runnin¥ cost of equipment Hire of equipment Plants and seeds Rent and rates Heat and light Constjmable garden supplies Wages and salaries Depreciation Loss/[proflt} on dlsposal of ftxed assets Telephone Professlonal fee5 PR and marketing Insurance Bank charges stsff tralnlng and welfare Sundry Taxatlon Governance costs [Note 8) 180,145 4,691 834 3,077 3,678 20,451 8,538 202,868 26,897 1,362 2,362 799 8,828 4,470 305 6,217 24,718 24 6,851 507,115 119,129 5,074 779 3,619 2,024 21,943 11.185 184,024 27,517 [6,104] 2,506 2,875 11.604 3,634 301 3,704 21,126 180,145 4.691 834 3,077 3.678 20.451 8,538 202.868 26.897 1,362 2,362 799 8,828 4,470 305 6,217 24,718 24 6,233 506,497 119,129 5,074 779 3,619 2,024 21,943 11,185 184,024 27,517 (6.104) 2.506 2,87S 11,604 3.634 301 3.704 21.126 7,673 422.613 7,459 422,399 Governance costs Group 20ZS Group 2024 Charlty 2025 Charfjty 2024 Office expenses Independent examination Professional fees 948 2,685 3,218 948 2,685 2,600 6.233 2,500 5.173 7,673 2,5QO 4,959 7,459 Analysls of staff costs Group 2025 Group Z024 Charlty 2025 Charlty 2024 Wages and salarles Penslon Other costs 198,434 2,141 2.293 202.868 179,590 2,141 2,293 184,024 198,434 2,141 2,293 202.868 179,590 2.141 2,293 184,024 The average monthly head count was 12 staff [2024., 9 staffj. The Truscees re¢elve no remuneration for their work and do not ¢lalm any expenses. There were no employees durlng the current or prior year who received employee beneflts [excluding employer pension costs) Dfmore than £60.000. The key management personnel received no remuneratlon during the year. 14
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Spetchley Gardens Charitable Trust Notes to the flnancial statements Forthe yearended 31 March 2025 11 Fixed asset investments 2025 2024 Unlisted investments Investment in Spetchley Garden5 Charltable Trust Llsted investments UK and overseas equities., Market value at l April 2024 Acquisitions at cost Dlsposals at openSng book value or cost for new Purchases disposed of in the year Unrealised galns on revaluation Market value at 31 March 2025 Cash balance [held by brokers) Investment under management 253,548 7,987 233,511 17,790 [12.006) 11.839 237,690 6,390 244,080 [17,718) 19,965 253,548 1,883 255,431 Hlstorlcal cost as at 31 March 202S Securltles Cash 159,782 6,390 166,172 163,818 1,883 165,701 The amount of £237,690 above represents Investment5 qunted on a recogn15ed 5ecurltles exchange. UK equities, commodlties and fixed Interest 5ecurltles Overseas equltles 88,578 149,112 237,690 94,326 159,222 253,S48 Not one Investment Is worth more than IO% of the total portfollo value. 17
Spetchley Gardens Charitable Trust Notes to the tinanclal statements Fortheyearended 31 March 202S 12 Debtors Group 2025 Group 2024 Charlty 2025 Charity 2024 Trade debtors Spetchley Garden Enterprises Llmitsd Berkeley Farms Limited VAT Prepayments and accrued income 1,124 3,275 1,123 2,682 3,274 2,064 3,011 3,761 3,005 15,115 3,011 3,761 3,005 13,052 16,361 6,341 23,826 16,361 6.341 26,507 13 Credltors: amounts falllng due wlthln one year Group 2025 Group 2024 Charlty 20Z5 Charlty 2024 Trade credltors Berkeley Settlement Berkeley Will Trust Berkeley Castle Enterprlses Limited Accruals and deferred Income Other credltors 77,498 12,533 299 19,102 14.684 77,498 12,533 299 42 13,024 7,679 111,075 19,102 14,684 42 13,024 7,679 111,075 20.035 7.379 61,200 20,035 7,379 61.200 14 Analysis of charltable funds Unrestrlcted funds Restrlcted funds Total funds 2025 Total funds 2024 Fund5 at l April 2024 Incomlng resources Resources expended Galns and losses Funds at 31 March 2025 1,517,537 472,850 (494,311} 10,253 1,485,823 562,917 2,080,454 472,850 [508,063) 10,253 2,034,988 1,914,165 570,414 [423,820) 19,695 2,080,454 (13,752) 549,165 Restricted Funds are recelved In respect of Spetchley Revlval belng funds to bring the gardens back to their former presentation. Unrestrlcted funds Include a deslgnated nd of £600,839 for planned garden projects whlch are ¢ondnuSng In 2026. 15 Analysls ofgroup net assets between funds Unrestrltted fuDds Restrlcted funds Total funds 2025 Total fuDds Z024 Tangible fixed assets Investments Net current assets Funds at 31 March 2025 718,088 244,08Q 520.973 1.483,141 549,165 1,267,253 244,080 520,973 2,032.306 1,287.483 255,431 535.476 2,078,390 549,165 The tangible a55ets wlthin restrlcted funds are being depreciated over the remainder of the lease. IB
Spetchiey Gardens Charltable Trusl. Notes to the financial statements Fortheyearended 31 March 2025 16 Related party transartlons Group and Charlty During the year the net effert ofincome and expend5ture transactions with Berkeley Settlement was that the group and charity had expenditure of£86.973 (2024.. £7S,062}. Berkeley Settlement is a related party by virtue of a common Trustee between the Berkeley Settlement and the group. At the year end the group and charity owed the Berkeley Settlement £12,S33 (2024.. £14,684]. Durlng the year the net effect of the Income and expendlture transactions wlth Berkeley Will Trust was that the group received income of£159 [2024.. incurred expendlture of £134)- At the year end the group owed the Berkeley Will TrusL a related party by virtue of a common trustee of the sroupi £299 (2024.. £140). Durlng the year Spetchley Developments Llmited donated £200.000 [2024.. £300,000) as a gift to the Group. Spetchley Developments Limlted is a related party by virtue of a common Trustee bettveen Spetchley Developments L5mlted and rhe Group, Spetchley Gardens Enterprlses Limited Is a wholly 0ed subsldiary of the charlty. At the year end Spetchley Gardens Enterprises Limlted owed £2,682 [2024.. £2,064). At the year end the group owed Berkeley Castle Enterprlses Llmlted, a related party by vlrtue ofa common trustee of the group, £42 (2024.. £nll). 19
Spetchley Gardens Charitable Trust Notes to the financial statements Fortheyearended 31 March 2025 18 Comparatlve con5011datEd statement of financial actlvldes 2024 Total nds Unrestricted fund5 Restrlcted funds Notes Income from: Donations and lega¢les Charltable artlvltles Other trading activltles Investment Income 335.745 153,287 335.74S 153,287 61,382 61,382 Total 550,414 550,414 ExpendltUTe on.. Ralslng funds Charltable actfivltles 1,421 404,716 1,421 422,613 17,897 Total 406,137 17,897 424,034 Net expendlture before105ses on Investments 144,277 (17,897) 126,380 Galns on Investment asset5 19,695 19,695 Net movement In tunds 163,972 {17,897) 146,075 Total funds brought forward 1,331,501 580.814 1,912,315 Total funds carrled forward 1,515,473 562,917 2,058,390 20
Spetchley Gardens Charltable Trust Notes to the flnancial statements For the year ended 31 March 2025 19 Comparative charity statement of financlal actlvitles 2024 Total funds Unrestrlcted fijnds Restricted fund5 Notes Income from: Donations and legacies Charitable activities Investment Income 355.745 153,287 61.382 355,745 153,287 61,382 Total 570,414 570,414 ExpeDdlture on: Ralslng funds Charitable actlvltles 1.421 404.502 1,421 422,399 17,897 Total 405,923 17,897 423.820 Net Income/{expendlture) before losses on Investments 164,491 [17,897} 146,594 Galns on Investment assets 19,695 19,695 Net movement In funds 184,186 (17,897) 166,289 Total funds brought forward 1,333,351 580,814 1,914,165 Total fvnds carrled forward 14 1.517,537 562,9 17 2.080,454 21