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2025-03-31-accounts

Company number: 1413661

Charity number: 1088221

The Garden Museum (A Charity Group) Audited Group Financial Statements and Report of the Trustees

for the year ended 31 March 2025

(A Charity Group)

The Garden Museum

Index to the Financial Statements

for the year ended 31 March 2025

Page
Index to the Financial Statements 2
Report of the Trustees 3 - 20
Independent Auditors' Report 21 - 23
Consolidated Statement of Financial Activities 24
Charity Statement of Financial Activities 25
Consolidated and Charity Balance Sheets 26
Consolidated Cash Flows 27
Group Accounting Policies 28 - 29
Notes to the Consolidated Accounts 30 - 40

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(A Charity Group)

The Garden Museum

Report of the Trustees for the year ended 31 March 2025

The trustees present their annual report and consolidated financial statements of The Garden Museum and its subsidiary for the year ended 31 March 2025. The financial statements comply with applicable accounting standards, the Companies Act 2006 and the Statement of Recommended Practice - Accounting and Reporting by Charities SORP FRS 102.

1) Reference and Administrative Details

1.1 Constitution

The Garden Museum Ltd changed its name from The Museum of Garden History by written special resolution dated 20 November 2008. It is a company limited by guarantee and a registered charity governed by its memorandum and articles of association adopted by special resolution on 25 April 2001 and amended by written resolution on 25 July 2001.

1.2 Trustees

The trustees of The Garden Museum, who are also directors of the charity company for the purpose of company law, during the year to 31 March 2025 and since that date have been:

Chairman: Rupert Tyler* **
Treasurer:
Trustees: Alexander Fortescue* - Deceased 17 May 2024
Bridget Pinchbeck
Sir Bryan Sanderson CBE
Charles Spicer - Appointed 18 September 2024
Edward McMullan*
Edwina Sassoon MBE
Hazel Gardiner
Jane Ruffer*
Jason Gatenby* - Appointed 18 September 2024
Jeremy Clay
Lady Ritblat OBE
Sir Charles Saumarez-Smith CBE
Tania Compton
The Lady Egremont
The Marchioness of Normanby
Thomas Stuart-Smith
* = Executive committee member
** = Tradescant Trading Company Limited Director

1.3 Secretary

The constitution adopted by written special resolution on 20 November 2008 does not require the appointment of a company secretary.

1.4 Director and Chief Executive Officer

Christopher Woodward

1.5 Address and Registered Office:

The Garden Museum, Lambeth Place Road, London SE1 7LB.

1.6 Independent Auditors

Armstrong & Co, Chartered Accountants and Statutory Auditors, 4a Printing House Yard, Hackney Road, London E2 7PR.

1.7 Bankers

Bank of Scotland, 14-16 Cockspur Street, London SW1Y 5BL

Barclays Bank PLC, 108 Queensgate, London SW7 5LS

CAF Bank Ltd, West Malling, Kent, ME19 4JQ

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(A Charity Group)

The Garden Museum

Report of the Trustees for the year ended 31 March 2025

2) Structure, governance and management

2.1 Structure and governance

The Board of Directors (Trustees) is responsible for the governance, purpose, strategy and long-term planning of the Museum and meets four times each year.

The Board is advised by an Executive Committee, whose purpose is to be responsible for finance, performance to budget, administration, and human resources. Summaries of its detailed discussions are reported to the Board. The Committee meets four times each year and is composed of the Chair and three Trustees, with attendance by the Senior Management Team and Director.

The Board of Trustees is structured to represent a range of expertise from museums to garden design, commercial income to fundraising. Appropriate Trustees are delegated to attend meetings on prioritised issues between Board meetings.

The Museum has a wholly owned subsidiary, the Tradescant Trading Company Limited, established in 1994. It is responsible for all substantial commercial income (the shop, venue hire and since 1 April 2019, the cafe). Its Directors must be Trustees of the Museum and are appointed by the Trustee Board. The Director at 31st March 2025 was Rupert Tyler (Chairman).

The Museum’s Director continues to be Christopher Woodward, and the team of staff is supported by 57 volunteers in Front of House, archive, learning, curatorial and gardening.

3) Objectives and Activities

The objectives of the charity are:

The Garden Museum’s activity is aligned with its Vision, Mission and Values:

Mission: Telling the stories of people, plants and gardens, inspiring change, debate and supporting creativity and offering wellbeing for all.

Vision: We will grow our unique role at the intersection of gardens, art, education and wellbeing/health to become nationally and internationally recognized for our high quality innovative and multisensory programmes.

Values:

In order to achieve these objectives and adhere to the core purpose of the Garden Museum outlined above, we set measurable objectives and completed the activities described in “Achievements and Performance” below.

4) Achievements and Performance

4.1 NPO

In April 2023 the Museum was awarded National Portfolio Organisation (NPO) status and an annual grant of £122,250 p.a. from Arts Council England (ACE) and the Department of Culture, Media and Sport (DCMS). In March 2025, we received the news from ACE that this support would be extended by a further year until March 2028.

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(A Charity Group)

Report of the Trustees for the year ended 31 March 2025

The Garden Museum

This investment has enabled the Museum to establish a programme of activities which a) engages Lambeth and local residents and b) supports our dynamic business model.

The specific targets of the NPO are to welcome more families and local residents through a targeted programme of free or discounted festivals workshops and exhibitions.

The objectives for 2024-5 and the achievements against each of these are as follows:

Continue to grow our family audiences and welcome more children to site

Commission denim artist Ian Berry to create an immersive garden for our free-of-charge summer exhibition in the nave

Build upon the success of our festivals programme

Our objectives to ensure successful delivery of our NPO funded activities in 2025/26 are:

4.2 Visitors and Exhibitions

2024-5 saw a record-breaking year for admissions at the Garden Museum, which reached 58,816, over 12,000 more people than in the previous year (2021/22- 22,647, 2022/23 - 35,787, 2023/24 - 46,394). Of these, 4,600 visited the museum for free, enabled by our ACE NPO investment.

The high footfall this year was largely due to the success of the exhibitions which showcased unique stories of garden history. The summer exhibition ‘Gardening Bohemia: Bloomsbury Women Outdoors’ ran from 15 May to 29 September 2024, showcasing gardens of the Bloomsbury Group. 27,815 people visited this exhibition, making it the museum’s most successful ever.

This exhibition was followed by the exhibition ‘Lost Gardens of London’ curated by Todd Longstaffe-Gowan which brought together paintings, photographs, and maps to highlight green spaces in the capital which have been erased by urban developments. This winter exhibition welcomed 11,490 an increase from 9,403 for the winter exhibition in 2023/24.

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(A Charity Group)

The Garden Museum

Report of the Trustees for the year ended 31 March 2025

The objectives for 2024-5 for visitors and exhibitions, and the achievements against each of these, are as follows:

Expand and develop the Front of House Team to support increased visitor numbers and museum programming.

Welcome more groups to the museum through our group bookings offer

Introduce sensory explorer backpacks

Increase membership sales through Front of House

The number of new and renewed memberships in 2024/25 was 1,633 compared with 1,318 2023/24. The Front of House team received in-depth training from the Development manager in August 2024 which gave an overview of types of membership offered by the Garden Museum and specific training in customer service and selling memberships.

Objectives for 2025/6:

4.3 Curatorial

The Curatorial department and associated work of this team on preserving the history and heritage of the museum building and collections, whilst developing exhibitions which explore the art, history, and design of gardens, is the cornerstone of the museum.

The curatorial team are responsible for ensuring that the Garden Museum has agreed policies and procedures which ensure work undertaken in this area meets the Accreditation standard for collections care and development. This overall aim was met in 2024/25.

Objectives in 2024-25:

To explore the gardens of the Bloomsbury group and the role they played in the creative practices of four women; Virginia Woolf, her sister Vanessa Bell, Lady Ottoline Morrell and Vita Sackville-West.

To explore the gardens that have disappeared from London over the last five hundred year as the city has continued to change and develop.

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The Garden Museum

(A Charity Group)

Report of the Trustees for the year ended 31 March 2025

Public programmes explored how community action and conservation have helped protect the green spaces that remain today. Coinciding with Dr Longstaffe-Gowan’s book of the same name, the exhibition offered a timely reflection on the fragility and importance of urban gardens.

The exhibition was sponsored by the Deborah Loeb Brice Charitable Trust, The Aldama Trust, the Finnis Scott Foundation and the Cosman Keller Trust.

To continue to develop the museum’s online and digital exhibition and collection content

To continue the programme of selling exhibitions in support of the Museum’s learning work through an exhibition of ceramics by Frances Palmer and an exhibition of paintings by Ruth Murray and a further exhibition featuring the work of artist, gardener and snow drop specialist John Morley

To continue the programme of contemporary artwork and a celebration of community art through The Magazine Space

To develop family audiences, family exhibitions and events

To redisplay the museum’s garden design collections.

To continue to acquire works which illustrate the art, history, design and impact of gardens and gardening

To explore the museum’s collection in diverse and engaging ways

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The Garden Museum (A Charity Group)

Report of the Trustees for the year ended 31 March 2025

were added to the permanent display with interpretation to showcase the heritage of Caribbean horticulture in South East London at the museum.

Objectives for 2025 – 6

4.3.1 Acquisitions in the Financial Year

Portrait of Harry Wheatcroft — a painting of the celebrated horticulturist by Bunny Miller

William Andrews Nesfield (1793–1881) Archive.

4.4 Fundraising

Fundraising is a core function of the Garden Museum as a registered charity. Income from individual giving, trusts and foundations, and special events ensures that the Garden Museums continues to be a thriving organisation which can achieve its charitable aims and deliver its wide range of programmes, exhibitions, and learning opportunities for its visitors.

Objectives for 2024-25

Continue to grow the Friends and Patrons

Secure multi-year funding to support core programmes, with a particular focus on Learning and the Archive

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The Garden Museum (A Charity Group)

Report of the Trustees

for the year ended 31 March 2025

Undertake a Corporate Fundraising review and develop a strategy to increase support from companies, utilising the experience of the new Head of Development in post from May 2024

Secure funding to acquire The Nesfield Family Archive for the Archive of Garden Design

Objectives for 2025-6

4.5 Learning

The Garden Museum’s learning programme advances the charity’s objectives by providing inclusive, high-quality educational experiences that explore gardening, its history, and related creative and scientific disciplines. Through workshops, exhibitions, and hands-on activities, the Learning Team engages families, schools, teenagers, community groups, and adults, promoting wellbeing, creativity, and practical skills in gardening, cooking, and art.

Special programmes are offered to visitors with specific needs, designed to be accessible to neurodiverse participants, SEND families, and local communities.

School plant science lessons and bespoke cookery sessions support education and social prescribing and the use of museum spaces like the Community Garden link directly to wellbeing. In this way, the Learning Team helps maintain the museum as a vibrant, educational, and inclusive public space, fulfilling the charity’s mission to advance education and promote creativity, health, and wellbeing for all.

Objectives for 2024-25

To develop a new family trail and backpack including sensory backpack for those with neurodiverse needs

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(A Charity Group)

The Garden Museum

Report of the Trustees for the year ended 31 March 2025

To run a family programme linked to our exhibitions, including Ian Berry: Secret Garden summer exhibition

To develop links with a food scrap scheme and resources scrap scheme to increase sustainability, reduce cost of resources and support our families.

To use the Healing Garden as a resource for Learning activities.

To make use of the Community Wall for Learning related displays.

To develop a series of Cook with the Seasons courses for adults, at an accessible price (in comparison to other London cookery sessions), that stand alone as a series and aren’t attached to an exhibition.

To develop and run two new sessions initially for KS3- cotton and tea. These will be the first of a suite of lessons on Plantation crops and cross curricular.

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(A Charity Group)

The Garden Museum

Report of the Trustees for the year ended 31 March 2025

Create science videos collaborating with the Marketing team for Instagram to promote the plant science enrichment learning offer.

Objectives for 2025/6

4.6 Archive

Objectives for 2024-25

Continue to catalogue key collections as part of the Cataloguing Project that is currently under way.

Redisplay our Archive Design display case in the permanent gallery.

This objective was achieved and is reported under Curatorial above.

Increase in-person outreach through events and activities.

Begin digitisation of the slides in the Andrew Lawson Archive.

Resolve the issue of a future home for the Halliday Archive.

Launch our online catalogue, and make a selection of our archive collection available through it.

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(A Charity Group)

The Garden Museum

Report of the Trustees

for the year ended 31 March 2025

experience, including explanatory text about cataloguing and a “coming soon” preview for ongoing projects. Publicity efforts included an overview in the Garden Museum newsletter and participation in a promotional social media film, increasing awareness and accessibility of the online catalogue among researchers and the wider public. The Archive catalogue film had 700 likes and 17,700 views on Instagram, and 740 likes and 9,100 views on TikTok.

To seek funding for further work to catalogue and make accessible collections in the archive.

To complete and submit an Archives Accreditation application.

Continue to make connections and broaden our audience through the Places, Plants and People Network.

Continue to cultivate an online archive presence through the Garden Museum’s social media accounts, and regular newsletter features.

To fundraise for the extension of the full time Archivist role, and create a practical plan to make the role permanent.

Objectives for 2025-6

4.7 The Church Building and Gardens

Objectives for 2024-25

To secure planning permission and listed building consent for Lambeth Green

To begin discussions with Lambeth Council on our future maintenance and wider relationship for the new site

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(A Charity Group)

The Garden Museum

Report of the Trustees

for the year ended 31 March 2025

To develop relationships with our neighbours in Old Paradise Gardens, so that at least two neighbours have beds of their own to plant and pick from

To install bespoke furniture in the Healing Garden

Objectives for 2025-26

4.7.1 The Museum Gardens

The gardens have continued to evolve and develop this year, through more elaborate seasonal pot displays in the courtyard (species spring bulbs, lilies in summer), further plantings going into the Community Garden, and productive use being made of the on-site greenhouses in generating biennial flowers and shrub cuttings. In autumn 2024 we began experimenting with converting plane tree leaves gathered on site – which can number up to 100 dumpy bags-worth each year – into homemade leaf mould. The ambition here is that we might end the longstanding and somewhat volatile dependency on Lambeth collecting and emptying our leaf bags. We did this by creating large scale leaf ‘pens’ in the currently unused site of St. Mary’s Gardens, and the results so far have been encouraging.

We ran another successful Horticultural Traineeship this year, funded for the eleventh year by the National Gardens Scheme, with trainee Mattie O’Callaghan engaging brilliantly with our gardens, our visitors and the museum’s curatorial and events programme. Mattie’s traineeship placements included Sissinghurst, Tresco Abbey, Hunting Brook Gardens in Ireland, The Hepworth Wakefield and Benton End. Meanwhile, our gardening volunteers team gained three new regular members, averaging an attendance of 7-8 volunteers on Tuesdays and 3-4 on Fridays.

Objectives for 2025-26

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(A Charity Group)

The Garden Museum

Report of the Trustees for the year ended 31 March 2025

4.8 Public Programmes

The Garden Museum’s public programme, encompassing talks, lectures, workshops, festivals, and garden visits, directly supports the Museum’s charitable objectives by advancing education in gardening and its history, while promoting the museum as a welcoming green space for public benefit. Through these activities, the Museum brings its mission to life, telling the stories of people, plants, and gardens, inspiring creativity and wellbeing, and fostering debate and learning. The programme reflects the Museum’s values by combining creativity and excellence in innovative, multisensory experiences, championing diversity and respect for all participants, and promoting sustainable gardening practices, reinforcing the Garden Museum’s unique role at the intersection of gardens, art, education, and public engagement.

The Garden Visits Committee is a team of dedicated volunteers who organise exclusive visits to outstanding gardens while raising funds for the Garden Museum. In 2024 - 5, highlights included Buckinghamshire’s Eythrope Park and Turn End, Oxfordshire’s Broughton Grange, and London’s city water features at Beech Gardens and local pocket parks. These visits provided unique cultural and social experiences for the museum's community and supported the museum’s ongoing work with vital income.

Objectives for 2024 - 25:

To deliver the 2024 Literary Festival at Sezincote House, Gloucestershire.

To deliver Harvest Festival, an event that celebrates where the themes of gardening and food meet, as well as the diversity of UK-grown food.

To mount a sixth iteration of our British Flowers Week exhibition.

To deliver the second iteration of Winter Flowers Week, celebrating seasonal, sustainable floral design in the festive season.

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(A Charity Group)

The Garden Museum

Report of the Trustees for the year ended 31 March 2025

To continue the expansion of programme of talks end lectures, using it to invite higher profile speakers and build partnerships with organisations.

Objectives for 2025 - 26:

4.9 Benton End

Objectives for 2024 – 25:

To begin the renewal of the walled garden at Benton to be opened to the public in the spring of 2026

To initiate visits by Flatford Mill Field Studies Centre, so once again artists will be at work in the walled garden.

To begin residencies by artists, and for members of the Museum team to stay in order to begin learning activities.

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(A Charity Group)

Report of the Trustees for the year ended 31 March 2025

The Garden Museum

To launch a fund-raising Appeal for the completion of the walled garden

To identify a local champion to become Chair of the project

During 2025/26 the redecoration of the Coach House was completed and it was let out and the income generated was put towards general purposes at Benton End.

Objectives for 2025/6:

4.10 Press, Marketing and Digital

The Garden Museum’s integrated marketing encompasses social media, email newsletters, website content management, partnerships, distribution of digital and printed marketing materials, advertising, and PR campaigns. With the goal of strengthening the Garden Museum brand and raising its profile as a centre for everyone interested in art and gardens, a major marketing focus is promoting programming: exhibitions, public programmes and learning programmes.

Digital reach and audience development is a secondary focus, with the marketing team creating and commissioning online content in line with the museum’s mission to tell the stories of people, plants and gardens. This international digital audience is younger, more diverse and larger in reach than the museum’s in-person audiences, which demonstrates the value and potential of online marketing to engage with new audiences. The Garden Museum’s thriving online audience includes over 140,000 followers on Instagram and 32,000 newsletter subscribers.

Key outcomes 2024-5

Gardening Bohemia exhibition campaign

Royal Visit press coverage

Online audience development and diversification

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The Garden Museum (A Charity Group)

Report of the Trustees

for the year ended 31 March 2025

art and culture from the Middle East and North Africa, the museum posted a curated selection meditating on the presence of plants and gardens in Middle Eastern culture. The post had 300,000 views, 17,000 likes and gained the museum nearly 1000 new followers. A new video series ‘Gardeners you should know’ highlighted stories of littleknown gardeners from history, including John Ystumllyn and Ellen Willmott. And a new social media and newsletter series ‘In Your Garden’ in which the museum shares inspiring garden stories from across the country (not big designer-led landscapes but small-scale personal gardens tended to by a diverse range of people, a peek over the fence into every day gardens to explore their places in our lives today) has had over 1 million views and gained the museum over 2,000 new Instagram followers.

Objectives for 2025/6:

5) Group Financial Review

The group shows a surplus before depreciation provisions of £485,777 (2023/24: £201,925) which reduces to a surplus/(deficit) of £214,147 (2023/24: -£62,874) after depreciation provisions of £271,630 (2023/24: £264,799). During 2024/25, a formal valuation of Benton End took place which resulted in a loss recognised of £385,795, leading to an overall net movement in funds of -£171,648 (2023/24 -£62,874).

Overall, income increased by £1,047,690 (31%) to £4,405,589 (2023/24: £3,357,899).

Income from donations and legacies increased to £1,319,828 (2023/24: £1,053,148) due to the acquisitions detailed below and a sponsored swim for Lambeth Green which generated £181,092. Income from Charitable activities increased to £814,620 (2023/24: £551,109) and trading income grew by 30% to £2,117,613 (2023/24: £1,628,217).

Grants:

In 2024/25 the Museum has continued to receive strategic grants for its core activities. Grants income increased by £166,255 to £885,354 in the year (2023/24: £719,099). Notable successes include:

Ever Green: The Garden Museum Endowment Fund

During 2022/23 the Museum began an Endowment appeal which would be invested to generate interest / investment income for the Museum for long term stable funding of our core charitable activity. The capital sum is ring fenced for this purpose. The appeal generated £91,564 of income in 2024/25 and the balance on the fund was £291,227 at 31 March 2025.

During 2024/25, the trustees named the endowment Ever Green. Further development of the objectives of the campaign took place and they were agreed as:

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The Garden Museum

(A Charity Group)

Report of the Trustees

for the year ended 31 March 2025

A campaign launch for Ever Green will take place in 2025/26 . Legal advice will be obtained to enable the endowment to become a special trust of the Charity linked to the main Charity for registration and accounting purposes. The Museum will appoint an investment manager for the funds in 2025/26.

Liquidity:

The Museum ended the year with a positive cash balance of £656,154 (2023/24: £409,631). Creditors within one year amounted to £915,625 (2023/24: £813,427).

Trading activities:

Trading activities have continued to go from strength to strength. Venue hire rose by 24% to £518,512 (2023/24: £418,573) and Retail income grew by 59% to £263,848 (2023/24 £165,845). Café sales increased by 20% to £1,251,515 (2023/24: £1,043,799).

Admissions income was to £478,944 (2023/24: £289,813), boosted by the success of the Gardening Bohemia: Bloomsbury Women Outdoors Exhibition over the summer months.

Conclusion:

The year under review has seen significant growth in income from donations, admissions and trading activities. In the year ahead, the group’s financial performance will continue to benefit from becoming an Arts Council National Portfolio Organisation and the forthcoming Cecil Beaton Exhibition.

6) Statement of Public Benefit

The public benefit of the Garden Museum is primarily based upon conservation and education, and Trustees agree the year’s budget, programme and projects with these aims in mind.

The most basic conservation benefit is the preservation and opening up of the ancient church of St Mary’s for all visitors – including paying visitors and those coming to use the café, or view the garden. In addition to its role as a Museum, the church building is a place of historic meaning and significant local interest, and in recent years the Learning programme has worked to reconnect the site to the local community of its ancient parish through a varied education programme based around green space, gardening, food, craft and more. The site also has a value to the wider environment: its juxtaposition with Lambeth Palace makes for an iconic London view, and the beautifully planted garden will provide an intimate oasis from hectic city life, which is of great importance to local residents, museum visitors and passers-by.

Our collection of objects and art relating to the history of gardens in Britain is unique, and a major public benefit of the Museum is the care, conservation and display of this national collection. Over 5,000 items embody the story of the relationship between British people and gardens. This is a new angle from which to tell old stories: of who we are, how we express ourselves, and how we interact with others and our own landscape.

Finally, our public programme has a value beyond the Museum in the appreciation and public awareness of gardens which are being rescued, restored or re-designed. There is an increasing recognition of the benefit of gardens and green space to individual well-being, especially in cities.

Our 2017 redevelopment project enabled the Museum to fulfil its potential and increase its benefit to its various publics in national and local terms by enabling it better to (1) support itself financially (through improved café and venue hire facilities, and exhibitions and displays which attract more visitors); (2) conserve the Museum’s historic building through works undertaken as part of the project, and the opening up of heritage narratives within the new church interior and exterior, such as the church tower and memorials and monuments; and (3) directly undertake educational work more effectively through the much-expanded display of the collection, protection of the archive, and greatly increased educational spaces for teaching or private study. In the year under review the Museum was also leading two capital projects; Lambeth Green, our ongoing public realm project in partnership with Lambeth Council, and Benton End, which will revive the former home and art school of Sir Cedric Morris in Hadleigh, Suffolk, as a space for artistic and horticultural training. Both these projects take the Museum’s charitable objectives beyond our walls, providing access to green space and education for more and more people.

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(A Charity Group)

The Garden Museum

Report of the Trustees for the year ended 31 March 2025

7) Risk Register

The Trustees reviewed the new Risk Register (launched in June 2023) at the June 2024 board meeting. The Director continued to inform the Board of any changes that arose throughout the year and updates the register with any new or revised risks.

The Director is responsible for reviewing this Register and informing the Executive Committee and Board of any necessary changes when required. Special monitoring procedures are put in place during critical periods and judgements are taken by the Board and as appropriate by Committees with delegated powers or the Executive about the risks of undertaking, or not undertaking, a certain course of action, and the ways in which such risks can be mitigated.

Financial viability continues to be the principal risk facing the Museum, as we continue to operate as an independent charity and grow our financial resilience. Other key risks which are regularly reviewed by Trustees are development of the two key projects; Lambeth Green and the control of Benton End; and importance of the relationship with Lambeth Palace.

8) Trustees' Responsibilities in relation to the Financial Statements

The Trustees (who are also Directors of The Garden Museum for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Practice) as modified by the Financial Reporting Standard 102.

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and charity law and regulations. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention of fraud and other irregularities.

9) Statement as to disclosure of information to auditors

In so far as the Trustees are aware, there is no relevant audit information of which the charitable company's auditor is unaware, and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

10) Senior Management Team

At the end of the year under review the Senior Management Team was composed of:

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(A Charity Group)

The Garden Museum

Report of the Trustees

for the year ended 31 March 2025

11) Auditor

The statutory auditor, Anthony Armstrong FCA of Armstrong & Co, has indicated his willingness to be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.

The charitable company's accounts have been audited under the Companies Act 2006 for the period ended 31st March 2024. The charitable company is required to be audited under charities legislation.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The trustees acknowledge and confirm their responsibilities for preparing the financial statements and providing appropriate information to the auditors as detailed above.

This report was approved by the Board of Trustees and signed on their behalf on 17 December 2025 by:

Rupert Tyler Chair, Trustee

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AT The Garden Museum

(A Charity Group)

Independent Auditor's Report to the Members and Trustees of The Garden Museum

We have audited the financial statements (the 'financial statements') of The Garden Museum (the 'parent company') and its subsidiary (the 'group') for the year ended 31 March 2025 which comprise the group and parent company statement of financial activities, the group and parent company balance sheets and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in Note 2 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information in the annual report, but does not include the financial statements and our report of the auditors thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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AT The Garden Museum

(A Charity Group)

Independent Auditor's Report to the Members and Trustees of The Garden Museum

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Taxation law and regulations applicable to charities also apply to the charity group but it is not involved in any complex matters that increase the risk of non-compliance.

Each area of audit review includes in the audit documentation reference to potential non-compliance and awareness of potential non-compliance is embedded in our audit procedures.

Our pre-audit questionnaire specifically makes enquires about fraud and this is supported by audit documentation. We also review Board minutes to identify any matters of concern or risk. None were identified.

Page 22

(A Charity Group)

AT The Garden Museum

Independent Auditor's Report to the Members and Trustees of The Garden Museum

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Armstrong FCA (Senior Statutory Auditor) for and on behalf of Armstrong & Co Chartered Accountants & Statutory Auditors 17 December 2025

4a Printing House Yard Hackney Road London E2 7PR

Page 23

(A Charity Group)

The Garden Museum

Consolidated Statement of Financial Activities incorporating an income and expenditure account

for the year ended 31 March 2025

Notes
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Trading activities
6
Other incoming resources
7
Endowment income
8
Total income
Expenditure on:
Raising funds
- Museum activities
9
- Venue, gift shop & café
9
Charitable activities
- Operating expenses
9
- Depreciation provisions
9,13
Total expenditure
Net income/(expenditure)
Net movement in funds
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed
assets
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
2025
2024
Total Funds
Total Funds
£
£
1,319,828
1,053,148
814,620
551,109
10,588
5,073
2,117,613
1,628,217
51,376
38,757
91,564
81,595
4,405,589
3,357,899
984,171
786,797
1,406,296
1,112,650
-
-
1,529,345
1,256,527
271,630
264,799
4,191,442
3,420,773
214,147
(62,874)
214,147
(62,874)
(385,795)
-
(171,648)
(62,874)
5,313,674
5,376,548
5,142,026
5,313,674
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
373,965
814,620
10,588
2,117,613
51,376
-
£
945,863
-
-
-
-
-
£
-
-
-
-
-
91,564
3,368,162 945,863 91,564
984,171
1,406,296
-
830,866
23,578
-
-
-
698,479
236,169
-
-
-
-
11,883
3,244,911 934,648 11,883
123,251 11,215 79,681
123,251
(385,795)
11,215
-
79,681
-
(262,544)
300,769
11,215
4,698,490
79,681
314,415
38,225 4,709,705 394,096

All incoming resources and resources expended are derived from continuing activities.

There are no gains and losses other than those noted above and therefore no separate statement of total recognised gains and losses has been prepared.

The statement of financial activities incorporates an income and expenditure account.

The accompanying accounting policies and notes form an integral part of these financial statements.

Page 24

The Garden Museum

(A Charity Company Limited by Guarantee, company number 1413661)

Charity Statement of Financial Activities incorporating an income and expenditure account for the year ended 31 March 2025

Unrestricted
Funds
Notes
£
Income from:
Donations and legacies
888,505
Charitable activities
814,620
Investments
10,520
Other income
51,376
Endowments
-
Total income
1,765,021
Expenditure on:
Raising funds
984,171
Charitable activities
-
- Operating expenses
830,866
- Depreciation provisions
20,268
Total expenditure
1,835,305
Net income/(expenditure)
(70,284)
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed
assets
(385,795)
Net movement in funds
(456,079)
Reconciliation of funds:
Total funds brought forward
(221,066)
Total funds carried forward
(677,145)
2025
2024
Total Funds
Total Funds
£
£
1,834,368
1,416,417
814,620
551,109
10,520
4,748
51,376
38,757
91,564
81,595
2,802,448
2,092,626
984,171
786,797
-
-
1,529,345
1,256,527
268,320
264,799
2,781,836
2,308,123
20,612
(215,497)
(385,795)
-
(365,183)
(215,497)
4,791,839
5,007,336
4,426,656
4,791,839
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
945,863
-
-
-
-
£
-
-
-
-
91,564
1,765,021 945,863 91,564
984,171
-
830,866
20,268
-
-
698,479
236,169
-
-
-
11,883
1,835,305 934,648 11,883
(70,284)
(385,795)
11,215
-
79,681
-
(456,079)
(221,066)
11,215
4,698,490
79,681
314,415
(677,145) 4,709,705 394,096

All incoming resources and resources expended are derived from continuing activities.

There are no gains and losses other than those noted above and therefore no separate statement of total recognised gains and losses has been prepared.

The statement of financial activities incorporates an income and expenditure account.

The accompanying accounting policies and notes form an integral part of these financial statements.

Page 25

(A Charity Company Limited by Guarantee, company number 1413661)

The Garden Museum

Consolidated and Charity Balance Sheets

as at 31 March 2025

2025
2024
The Group
~~— ~~
2025
2024
The Group
~~— ~~
2025
2024
The Group
~~— ~~
2025
2024
The Group
~~— ~~
2025
2024
The Charity
~~—~~
Notes £ £ £
£
Fixed assets
Intangible fixed assets 15 24,467 - 24,467
-
Tangible fixed assets 16,17 5,544,355 6,141,441 5,525,830
6,136,672
Investments 18,19 - - 2
2
5,568,822 6,141,441 5,550,299
6,136,674
Current assets
Stocks 20 63,198 41,480 787
-
Debtors 21 373,831 195,774 355,744
174,883
Cash at bank and In hand 26 656,154 409,631 558,060
342,360
1,093,183 646,885 914,591
517,243
Creditors: falling due within one year 22 (915,625) (813,427) (1,433,880)
(1,200,853)
Net current assets/(liabilities) 177,558 (166,542) (519,289)
(683,610)
Total assets less current liabilities 5,746,380 5,974,899 5,031,010
5,453,064
Creditors: falling due after one year 24 (604,354) (661,225) (604,354)
(661,225)
Net assets 5,142,026 5,313,674 4,426,656
4,791,839
The funds of the charity
General funds
Designated funds
30, 31 (1,369,954)
(1,470,200)
1,408,179
1,770,969
~~ee ~~
(2,085,323)
(1,992,035)
1,408,178
1,770,969
~~ee~~
Total unrestricted funds 38,225 300,769 (677,145)
(221,066)
Restricted funds 32, 33 4,709,705 4,698,490 4,709,705
4,698,490
Endowment funds: Fixed assets
Endowment funds: Appeals
Total endowment funds
102,869
291,227
394,096
~~es ~~
114,752
199,663
314,415
~~ee ~~
102,869
114,752
291,227
199,663
394,096
314,415
~~ee~~
Total charity funds 26, 27, 28, 29 5,142,026 5,313,674 4,426,656
4,791,839

The financial statements were approved by the Board of Trustees on 17 December 2025 and signed on its behalf by:

Rupert Tyler Chair, Trustee

The notes on pages 28 to 40 form part of these accounts.

Page 26

(A Charity Company Limited by Guarantee, company number 1413661)

The Garden Museum

Consolidated Cash Flows

for the year ended 31 March 2025

Notes
Cash flows from operating activities:
Net cash provided by/(used in) operating activities
1
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Cash flows from financing activities:
Net repayments of borrowing
Net inflows from borrowing
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
2
Cash and cash equivalents at the end of the reporting period
2
Notes to the Cash Flow Statement
1)
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
(Increase)/decrease in stock and work in progress
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
2)
Analysis of cash and cash equivalents
Funds in hand
Total cash and cash equivalents
Reconciliation of net income/(expenditure) to net cash flow from
operating activities
Net income/(expenditure) for the reporting period (as per the statement of
financial activities)
2025
£
351,816
10,588
(60,339)
(74,218)
(31,075)
-
(31,075)
246,523
409,631
656,154
2025
£
214,147
271,630
(10,588)
(21,718)
(178,057)
76,402
351,816
2025
£
656,154
656,154
2024
£
176,714
5,073
(12,885)
(7,812)
(57,525)
-
(57,525)
111,377
298,254
409,631
2024
£
(62,874)
266,015
(5,073)
14,434
(105,315)
69,527
176,714
2024
£
409,631
409,631

Page 27

(A Charity Group)

The Garden Museum

Group Accounting Policies

for the year ended 31 March 2025

a. Accounting Convention

The financial statements have been prepared under the historical cost convention and in accordance with:

a) Applicable UK accounting standards, including the provisions of section 1A (Small Entities) of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

b) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019) - (Charities SORP FRS 102);

c) the Companies Act 2006.

d) the Charities Act 2011.

b. Group financial statements

These financial statements consolidate the results of the charity and its wholly-owned subsidiary, Tradescant Trading Company Limited, on a line by line basis.

c. Public benefit entity

The charity meets the defination of a public benefit entity under FRS 102.

d. Going concern

The charity's income is derived from both non self-generated sources, such as donations, grants, service level agreements and other governmental or NGO sources and self-generated sources, such as entrance fees, hire income, cafe income, Friends and Patrons subscriptions, etc. The trustees consider that there are no material uncertainties about the likelihood that this support will continue, and accordingly, the accounts have been prepared on a going concern basis.

e. Income recognition

Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for once the tax reclaim has been applied for.

Income from grants is recognised when the charity has a contractual or other right to its receipt, it is probable that the income will be received and that the amount can be measured reliably. Grant income with conditions attached to its receipt is recognised when those conditions have been fulfilled.

Legacies are accounted for in the period in which the charity becomes entitled to receipt.

Friends and life subscriptions are recognised on receipt.

Income from art sales is recognised when the charity has a contractual or other right to its receipt, it is probable that the income will be received and that the amount can be measured reliably.

Income in advance from venue and other hire is treated as deferred income until the event has occurred.

Interest from investments is included when received by the charity.

f. Expenditure recognition

Resources expended are included in the Statement of Financial Activities on an accruals basis.

Cost of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities include the opening of the Museum and gardens to the public, staging of exhibitions, events and seminars and a programme of educational activities. Costs of these activities includes those costs directly attributable to them together with a proportion of support costs.

Governance costs include costs incurred in the governance of the charity and its assets, and are primarily associated with compliance with constitutional, regulatory and statutory requirements.

Support costs include all central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, in proportion to the total of all direct costs attributed to each activity.

Page 28

The Garden Museum

(A Charity Group)

Group Accounting Policies for the year ended 31 March 2025

g. Deferred income

Income received which is contractually or otherwise not expendable until a future period is deferred to the period in which it meets the criteria for income recognition.

h. Hire purchase and leasing commitments

The building occupied by the Museum, the deconsecrated church of St. Mary at Lambeth, is rented from the South London Church Fund and the Southwark Diocesan Board of Finance for a period of 99 years to 28th August 2079 at a rent of £1 a year. Rents payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease(s).

i. Pensions

The charity operates defined contribution schemes which are administered by outside independent pensions providers. Contributions payable for the year are charged to the Statement of Financial Activities.

j. Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Phase 2 - 4% on cost
Land & buildings - 2% on cost
Gallery - 3% to 33% on cost
Furniture & fixtures - 10% to 20% on cost
Office equipment - 33% on cost
Collections - Nil

k. Heritage Assets

It is the policy of the museum not to capitalise heritage assets.

l. Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

m. Investments

Investments are stated at market value at balance sheet date. The statement of financial activities includes net gains and losses arising on revaluations and disposals throughout the period. Investments in subsidiaries are held at cost.

n. Fund structure and accounting

Restricted funds are to be used for specified purposes as laid down by the funder. Direct and support expenditure which meets these criteria are identified to the fund together with a fair allocation of other costs.

Endowment funds are restricted funds which are capital in nature. Permanent endowments exist where there is no power to convert the capital into income. The funds can reduce where there are decreases in value, either by losses or depreciation, of assets represented by the funds.

Designated funds are general funds that the trustees have formally set aside for specific purposes. Apart from set asides for specific projects, the trustees have also set up a designated fund to represent the net book value of fixed assets financed out of general funds. The purpose of this is to represent the amount of general funds that are not available to the charity as they have been expended on assets that sit on the balance sheet.

General funds are funds received which have no restrictions placed on their use and are available for all purposes of the charity.

o. Foreign Currencies

Transactions in foreign currencies are recorded at the rates applying at the date of the transactions.

Page 29

(A Charity Group)

The Garden Museum

Notes to the Consolidated Accounts

for the year ended 31 March 2025

1 FRC Ethical Standard - Provisions available for small entities

In common with many other entities of our size and nature we use our auditors to assist with the preparation of the financial statements and to provide advice relating to statutory and regulatory compliance.

Group Charity
2 Net outgoing resources 2025 2024 2025 2024
Net outgoing resources are stated after charging: £ £ £ £
Auditor's fees - audit services 9,000 9,000 7,000 7,000
Auditor's fees - other services 4,800 4,800 3,800 3,800
Depreciation - owned assets 271,630 266,015 268,320 264,799

The incoming resources and surplus are attributable to the principal activities of the charity group.

Trustees' emoluments

Emoluments include salaries, fees, bonuses, expense allowances and estimated non-cash benefits receivable. All trustees serve in a voluntary capacity and do not receive payment for their services.

3
Donations and legacies
Donations
Friends & patrons subscriptions
Legacies
Grants & trust income
Corporate & sponsorship income
Unrestricted
£
139,798
106,593
824
122,250
4,500
Restricted
£
181,092
-
-
763,104
1,667
2025
Total
£
320,890
106,593
824
885,354
6,167
1,319,828
Unrestricted
£
213,804
84,507
-
122,250
35,738
456,299
2024
Restricted
Total
£
£
-
213,804
-
84,507
-
-
596,849
719,099
-
35,738
596,849
1,053,148
373,965 945,863
4
5
6
Charitable activities
Education
Public programmes
Admissions
Other
Investments
Bank & other interest
Trading activities
Tradescant Trading Company Ltd:
Gift shop sales
Venue hire fees
Café sales
Art sales
Unrestricted
£
12,975
198,830
478,944
123,871
Restricted
£
-
-
-
-
2025
Total
£
12,975
198,830
478,944
123,871
814,620
2025
Total
£
10,588
10,588
2025
Total
£
-
263,848
518,512
1,251,515
83,738
2,117,613
Unrestricted
£
9,875
166,807
289,813
84,614
551,109
Unrestricted
£
5,073
5,073
Unrestricted
£
-
165,845
418,573
1,043,799
-
1,628,217
Restricted
£
-
-
-
-
2024
Total
£
9,875
166,807
289,813
84,614
814,620 - - 551,109
Unrestricted
£
10,588
Restricted
£
-
Restricted
£
-
2024
Total
£
5,073
10,588 - - 5,073
Unrestricted
£
-
263,848
518,512
1,251,515
83,738
Restricted
£
-
-
-
-
-
Restricted
£
-
-
-
-
-
2024
Total
£
-
165,845
418,573
1,043,799
-
2,117,613 - - 1,628,217

Page 30

(A Charity Group)

The Garden Museum

Notes to the Consolidated Accounts

for the year ended 31 March 2025

7
Other incoming resources
Museum and galleries exhibition
tax relief
8
Endowment income
Endowment Appeal
Unrestricted
£
51,376
Restricted
£
-
2025
Total
£
51,376
51,376
Unrestricted
£
91,564
91,564
Unrestricted
£
38,757
38,757
£
-
-
Restricted
£
-
2024
Total
£
38,757
51,376 - - 38,757
2025
Total
£
91,564
2024
Total
£
81,595
91,564 81,595

In 2022-23 the Museum launched an Endowment appeal which would be invested to generate interest / investment income for the Museum which would go towards funding its core operating costs. The capital sum is ring-fenced for this purpose.

9
Expenditure on:
g
voluntary
income
£
Staff costs
-
Other direct costs
-
Support costs
-
-
10
Analysis of support costs
generating
voluntary
£
Premises
-
Operating
-
Finance and IT
-
-
11
Charitable activities
Human
resources
£
Museum, garden and public opening
-
Events, lectures and seminars
-
Education
-
-
12
Charitable activity support costs
Staff
£
Museum, garden and public opening
-
Events, lectures and seminars
-
Education
-
-
Staff costs
£
465,668
31,750
52,917
Raising funds
£
1,179,951
878,360
335,466
2,393,777
Raising funds
£
163,869
118,650
52,947
335,466
Other direct
costs
£
747,667
107,277
17,081
872,025
Operating
£
108,763
7,416
12,359
128,538
Charitable
activities
£
550,335
872,025
363,422
1,785,782
Charitable
activities
£
177,525
128,538
57,359
363,422
Support
£
307,511
20,967
34,944
363,422
Finance and
IT
£
48,535
3,309
5,515
57,359
2025 Total
£
1,730,286
1,750,385
698,888
2024 Total
£
1,514,430
1,258,042
636,386
4,179,559 3,408,858
2025 Total
£
341,394
247,188
110,306
2024 Total
£
245,294
287,463
103,629
698,888 636,386
2025 Total
£
1,520,846
159,994
104,942
2024 Total
£
947,869
468,710
92,832
550,335 1,785,782 1,509,411
Premises
£
150,213
10,242
17,070
2025 Total
£
307,511
20,967
34,944
2024 Total
£
285,687
19,129
38,259
177,525 363,422 343,075

Page 31

The Garden Museum

(A Charity Group)

Notes to the Consolidated Accounts

for the year ended 31 March 2025

13
14
Endowment expenses
Depreciation provisions
The Ernest Cook Trust
Education Fund
Gallery Project
Gallery projects donations
The Weston Foundation
Staff costs
Staff salaries
Staff social security
Staff pensions
Employees paid in excess of £60,000 during the current year and
previous year:
Average number of employees during the year was:
Unrestricted
Restricted
£
£
-
277
-
255
-
9,650
-
468
-
1,233
-
11,883
2025
2024
£
£
1,543,128
1,352,905
138,146
118,684
49,013
42,842
1,730,286
1,514,430
1
1
61
52
Group
2025
Total
£
277
255
9,650
468
1,233
2024
Total
£
278
255
9,676
470
1,236
11,883 11,915
1,058,337 909,553
1 1
32 26

The charity considers its key management personnel to be the trustees and the executive director. The total employment benefits (including employer pension contributions) of the key management personnel were £119,649 (2024: £114,945).

15 Intangible fixed assets: Group & charity

#N/A
depn charge
for the year
#N/A
depn charge
for the year
£
£
£
£
Cost
Additions
-
-
-
-
As at 31 March 2025
-
-
-
-
Depreciation
As at 1 April 2024
-
-
-
-
Charge for the year
-
-
-
-
As at 31 March 2025
-
-
-
-
Net book value
As at 31 March 2025
-
-
-
-
As at 31 March 2024
-
-
-
-
Digital
transformation
£
24,467
Total
£
24,467
24,467 24,467
-
-
-
-
- -
24,467 24,467
- -

Page 32

(A Charity Group)

The Garden Museum

Notes to the Consolidated Accounts

for the year ended 31 March 2025

16 Tangible fixed assets: Group Courtyard Other Land & Furniture & Office
Building Gallery buildings fixtures equipment Total
£ £ £ £ £ £
Cost
As at 1 April 2024 6,007,608 489,761 1,623,305 343,347 63,593 8,527,614
Additions - - 28,861 17,066 14,412 60,339
Revaluations - - (385,795) - - (385,795)
As at 31 March 2025 6,007,608 489,761 1,266,371 360,413 78,005 8,202,158
Depreciation
As at 1 April 2024 1,675,463 326,424 10,512 314,457 59,317 2,386,173
Charge for the year 240,304 16,914 151 6,747 7,514 271,630
As at 31 March 2025 1,915,767 343,338 10,663 321,204 66,831 2,657,803
Net book value
As at 31 March 2025 4,091,841 146,423 1,255,708 39,209 11,174 5,544,355
As at 31 March 2024 4,332,145 163,337 1,612,793 28,890 4,276 6,141,441
17 Tangible fixed assets: Charity Courtyard Other Land & Funiture & Office
Building Gallery buildings fixtures equipment Total
£ £ £ £ £ £
Cost
As at 1 April 2024 6,007,608 489,761 1,623,305 335,956 58,519 8,515,149
Additions - - 28,861 - 14,412 43,273
Revaluations - - (385,795) - - (385,795)
As at 31 March 2025 6,007,608 489,761 1,266,371 335,956 72,931 8,172,627
Depreciation
As at 1 April 2024 1,675,463 326,424 10,512 311,788 54,290 2,378,477
Charge for the year 240,304 16,914 151 3,484 7,467 268,320
As at 31 March 2025 1,915,767 343,338 10,663 315,272 61,757 2,646,797
Net book value
As at 31 March 2025 4,091,841 146,423 1,255,708 20,684 11,174 5,525,830
As at 31 March 2024 4,332,145 163,337 1,612,793 24,168 4,229 6,136,672
Fundwise allocation of the NBV of charity assets at 31 March 2025
Designated 91,444 29,168 1,255,708 20,684 11,174 1,408,178
Endowment - 102,869 - - - 102,869
Restricted 4,000,397 14,386 - - - 4,014,783
Total 4,091,841 146,423 1,255,708 20,684 11,174 5,525,830

Included in Other land & buildings additions is a property, Benton End, which was sold to the Museum at undervalue in 2021.The fair value of the property was £1.6m and was purchased for £350k. Based on a professional valuation carried out the property has now been revalued at £1.25m.

Page 33

(A Charity Group)

The Garden Museum

Notes to the Consolidated Accounts

for the year ended 31 March 2025

18 Investments
Market Value at 31 March
Equities
2025
2024
£
£
-
-
-
-
Group
2025
2024
£
£
-
-
-
-
Group
2025
2024
£
£
-
-
-
-
Group
2025
2024
£
£
2
2
2
2
Charity
2025
2024
£
£
2
2
2
2
Charity
2 2
Type Units Unit value Total
Investment in Tradescant Trading Company Ltd Equities 2 1.000 2
Total market value at year end 2

19 Investments in subsidiary: Charity

At 31 March 2025, the aggregate share capital and reserves of Tradescant Trading Company Limited amounted to a surplus of £718,544 (2024: surplus of £521,842) and an operating surplus before tax for the period of £196,702 (2024: £152,623 surplus).

The Tradescant Trading Company Limited is wholly owned by the Charity and operates a gift shop for museum visitors and venue hire for the general public. The subsidiary has been valued at cost in the accounts of the charity.

The results of Tradescant Trading Company Limited are

20
21
Balance sheet at 31 March:
Profit and loss account
Stocks
2025
2024
£
£
Goods for resale
63,198
41,480
63,198
41,480
Debtors: amounts falling due within one year
2025
2024
£
£
Operating debtors
27,324
22,668
Prepayments
113,017
101,659
Accrued income
233,490
71,447
373,831
195,774
Share capital
Represented by:
Retained profits
Interest receivable
Turnover
Cost of sales
Gross profit
Administration expenses
Group
Group
Net profit/(loss) for year
Retained profit/(loss) brought forward
Retained profit/(loss) carried forward
Current assets
Current liabilities: due within one year
The results of Tradescant Trading Company Limited are
Tangible fixed assets
2025
£
18,526
911,817
2024
£
4,769
738,817
930,343
(211,799)
743,586
(221,744)
718,544 521,842
2
718,542
2
521,840
718,544 521,842
2,117,613
(623,764)
1,628,217
(430,962)
1,493,849
(1,297,215)
68
1,197,255
(1,044,957)
325
196,702
521,840
152,623
369,217
718,542 521,840

Page 34

The Garden Museum

(A Charity Group)

Notes to the Consolidated Accounts

for the year ended 31 March 2025

22
Creditors: amounts falling due within one year
Operating creditors
Sundry creditors
Amount due to subsidiary
VAT liability
PAYE
Payroll deductions
Pension fund
Accrued expenses
Deferred income
Private loan
CAF bank loan
Barclays Bounce Back loan
Dawnay Holdings loan
2025
2024
£
£
332,516
304,123
26,078
19,500
-
-
77,850
44,886
37,089
34,527
-
315
30,488
74,773
102,212
47,126
187,121
191,705
27,000
33,000
40,509
37,571
10,000
10,000
44,762
15,901
915,625
813,427
Group
2025
2024
£
£
281,591
238,019
-
-
730,041
609,162
77,850
44,886
37,089
34,527
-
315
30,488
74,773
55,011
18,296
99,539
84,403
27,000
33,000
40,509
37,571
10,000
10,000
44,762
15,901
1,433,880
1,200,853
Charity

During 2021/22 the Trustees became aware of a potential under-payment in employer's contributions in respect of the Director and a provision of £35,000 was made in the accounts as an accrued expense. A further £35,000 was accrued in 2022/23 taking the total pension provision to £70,000. The Trustees agreed to make additional payments of £2,000 per month into the Director's pension from May 2023 in respect of the contractual shortfall and any consequential loss.

23
Deferred income reconciliation
Balance as at 1 April 2024
Amount released to income earned from charitable activities
Amount deferred in year
Balance as at 31 March 2025
24
Creditors: amounts falling due after one year
Private loan
CAF bank loan
Barclays Bounce Back loan
Deferred purchase payment
25
Maturity of loans
Amount falling due:
In one year or less
Between one and two years
Between two and five years
In five years or more
2025
2024
£
£
191,705
203,572
(191,705)
(203,572)
187,121
191,705
187,121
191,705
2025
2024
£
£
-
12,000
246,854
281,725
7,500
17,500
350,000
350,000
604,354
661,225
2025
2024
£
£
122,271
96,472
51,132
69,092
502,136
132,017
51,086
460,116
726,625
757,697
Group
Group
Group
2025
2024
£
£
84,403
88,373
(84,403)
(88,373)
99,539
84,403
99,539
84,403
2025
2024
£
£
-
12,000
246,854
281,725
7,500
17,500
350,000
350,000
604,354
661,225
2025
2024
£
£
122,271
96,472
51,132
69,092
502,136
132,017
51,086
460,116
726,625
757,697
Charity
Charity
Charity

The CAF loan is repayable by September 2031 and is charged at 2.95% above base rate. The loan is secured by a charge on the assets and activities of the charity.

Page 35

The Garden Museum

(A Charity Group)

Notes to the Consolidated Accounts

for the year ended 31 March 2025

26
27
28
The funds of the Group - current year
Restricted funds
Endowment funds: fixed assets
Endowment funds: appeals
Restricted funds
Total restricted funds
Unrestricted funds
Designated funds
General funds
Total unrestricted funds
The funds of the Group - prior year
Restricted funds
Endowment funds: fixed assets
Endowment funds: appeals
Restricted funds
Total restricted funds
Unrestricted funds
Designated funds
General funds
Total unrestricted funds
The funds of the charity - current year
Restricted funds
Endowment funds: fixed assets
Endowment funds: appeals
Restricted funds
Total restricted funds
Unrestricted funds
Designated funds
General funds
Total unrestricted funds
Opening
balance
£
114,752
199,663
4,698,490
Resources
arising
£
-
91,564
945,863
1,037,427
43,273
3,324,889
3,368,162
4,405,589
Resources
arising
£
-
81,595
596,849
678,444
10,317
2,669,138
2,679,455
3,357,899
Resources
arising
£
-
91,564
945,863
1,037,427
43,273
1,721,748
1,765,021
2,802,448
Resources
utilised
£
(11,883)
-
(934,648)
(946,531)
(20,269)
(3,224,642)
(3,244,911)
(4,191,442)
Resources
utilised
£
(11,915)
-
(626,160)
(638,075)
(16,066)
(2,765,632)
(2,781,698)
(3,419,773)
Resources
utilised
£
(11,883)
-
(934,648)
(946,531)
(20,269)
(1,815,036)
(1,835,305)
(2,781,836)
Other
movements
£
-
-
-
Closing
balance
£
102,869
291,227
4,709,705
5,012,905 - 5,103,801
1,770,969
(1,470,200)
(385,795)
-
1,408,179
(1,369,954)
300,769 (385,795) 38,225
5,313,674 (385,795) 5,142,026
Opening
balance
£
126,667
98,267
4,730,801
Other
movements
£
-
19,801
-
Closing
balance
£
114,752
199,663
4,701,490
4,955,735 19,801 5,015,905
1,776,718
(1,353,905)
-
(19,801)
1,770,969
(1,470,200)
422,813 (19,801) 300,769
5,378,548 - 5,316,674
Opening
balance
£
114,752
199,663
4,698,490
Other
movements
£
-
-
-
Closing
balance
£
102,869
291,227
4,709,705
5,012,905 - 5,103,801
1,770,969
(1,992,035)
(385,795)
-
1,408,179
(2,085,323)
(221,066) (385,795) (677,144)
4,791,839 (385,795) 4,426,657

Page 36

(A Charity Group)

The Garden Museum

Notes to the Consolidated Accounts

for the year ended 31 March 2025

29
30
31
32
The funds of the charity - prior year
Opening
balance
£
Restricted funds
Endowment funds: fixed assets
126,667
Endowment funds: appeals
98,267
Restricted funds
4,728,801
Total restricted funds
4,953,735
Unrestricted funds
Designated funds
1,776,718
General funds
(1,723,117)
Total unrestricted funds
53,601
5,007,336
Designated funds: Group & Charity - current year
Opening
balance
£
Fixed assets fund
1,770,969
1,770,969
Designated funds: Group & Charity - prior year
Opening
balance
£
Fixed assets fund
1,776,718
1,776,718
Opening
balance
£
126,667
98,267
4,728,801
Resources
arising
£
-
81,595
596,849
678,444
10,317
1,403,865
1,414,182
2,092,626
Resources
arising
£
43,273
43,273
Resources
arising
£
10,317
10,317
Resources
utilised
£
(11,915)
-
(627,160)
(639,075)
(16,066)
(1,652,982)
(1,669,048)
(2,308,123)
Resources
utilised
£
(20,269)
(20,269)
Resources
utilised
£
(16,066)
(16,066)
Other
movements
£
-
19,801
-
Closing
balance
£
114,752
199,663
4,698,490
4,953,735 19,801 5,012,905
1,776,718
(1,723,117)
-
(19,801)
1,770,969
(1,992,035)
53,601 (19,801) (221,066)
5,007,336 - 4,791,839
Transfers &
adjustments
£
(385,795)
Closing
balance
£
1,408,178
1,770,969 (385,795) 1,408,178
Opening
balance
£
1,776,718
Transfers &
adjustments
£
-
Closing
balance
£
1,770,969
1,776,718 - 1,770,969
Fixed assets fund
Funds expended on fixed asset purchases. The balance of the fund represents the net
book value of fixed assets not funded by restricted funds or loans. The movement on the
fund represents the affect of additions, disposals and depreciation charges.
Restricted funds: Group & Charity - current year
Collections
Archives
Benton End
Crescent Trust
Development
Education
Endowment and Legacies Development Manager
Exhibitions
Lambeth Green
Building, Infrastructure and Gardens
Digital transformation
Opening
balance
£
-
99,906
108,561
10,000
4,250,952
40,722
81,890
19,000
60,448
27,007
-
Incoming
resources
£
23,379
227,952
149,995
-
-
110,491
53,298
29,467
316,929
10,000
24,353
945,864
Resources
expended
£
-
252,720
102,036
-
236,169
84,860
74,136
48,467
118,301
17,959
-
934,648
Transfers &
adjustments
Closing
balance
£
£
-
23,379
-
75,138
-
156,520
-
10,000
-
4,014,783
-
66,353
-
61,052
-
-
-
259,076
-
19,048
-
24,353
-
4,709,706
4,698,490

Page 37

(A Charity Group)

The Garden Museum

Notes to the Consolidated Accounts

for the year ended 31 March 2025

33
Restricted funds: Group & Charity - prior year
Collections
Archives
Benton End
Crescent Trust
Development
Education
Endowment and Legacies Development Manager
Exhibitions
Lambeth Green
Building, Infrastructure and Gardens
Opening
balance
£
-
44,383
77,842
10,000
4,487,769
46,783
-
15,000
(6,250)
53,270
Incoming
resources
£
14,000
117,630
108,099
-
-
76,600
85,890
19,000
151,630
24,000
596,849
Resources
expended
£
14,000
62,107
77,380
-
236,817
82,661
4,000
15,000
84,932
50,263
627,160
Transfers &
adjustments
Closing
balance
£
£
-
-
-
99,906
-
108,561
-
10,000
-
4,250,952
-
40,722
-
81,890
-
19,000
-
60,448
-
27,007
-
4,698,490
4,728,801

Restricted funds (continued)

Projects financed by restricted funds are supported by unrestricted funding where necessary. This occurs where the funding is in arrears or the incidence of expenditure on the project occurs disproportionately at the beginning of the project compared to the income flows. Where restricted projects end the year with a deficit, this is met by after year-end restricted income or transfers from unrestricted funds.

Fund name Purpose of restricted funds
Collections Acqusitions as part of collections.
Archives Funding the cost of the Archive of Garden Design including two Archivist roles and running
and project costs.
Benton End To fund the garden development, administrative work and business strategy for Benton End,
Suffolk.
Crescent Trust To fund the creation of a new film for the Archive of Garden Design.
Development To fund the expansion of the Museum in 2015-17 enabling the provision of enhanced
facilities for Research, Conservation, Exhibitions and Events within the terms of the
application to the Heritage Lottery Fund.
Education Funds for Community, Science and Food Learning, including Clay for Dementia, and school
visits.
Endowment and Legacies
Development Manager
Recruitment of the new role of Development Manager: Endowment and Legacies, and
associated campaign activities to establish and grow an endowment.
Exhibitions Funding received for support of current and future Exhibitions.
Lambeth Green Project to transform 5.3 acres of public realm adjacent to the Garden Museum into a series
of new parks and interconnected public green spaces, and to build a landmark new public
garden.
Building, Infrastructure and
Gardens
To fund an annual Traineeship for a recent talented graduate in Horticulture and
development of the Healing Garden in Old Paradise Gardens.
Digital transformation Funding from Arts Council England to address the capacity, functionality and accessibility of
our website to support further growth.

Page 38

(A Charity Group)

The Garden Museum

Notes to the Consolidated Accounts

for the year ended 31 March 2025

34
Net assets attributable to funds: Group - current year
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Net assets represented by funds
35
Net assets attributable to funds: Charity - current year
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Net assets represented by funds
36
Net assets attributable to funds: Group - prior year
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Net assets represented by funds
37
Net assets attributable to funds: Charity - prior year
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Net assets represented by funds
Unrestricted
funds
£
1,775,737
-
(316)
(813,427)
(661,225)
300,769
Unrestricted
funds
£
1,408,179
2
(47,092)
(1,433,880)
(604,354)
(677,145)
Unrestricted
funds
£
1,775,737
-
(316)
(813,427)
(661,225)
300,769
Unrestricted
funds
£
1,770,969
2
(129,958)
(1,200,853)
(661,225)
(221,065)
Restricted
funds
£
4,250,952
-
447,538
-
-
4,698,490
Restricted
funds
£
4,039,249
-
670,456
-
-
4,709,705
Restricted
funds
£
4,250,952
-
447,538
-
-
4,698,490
Restricted
funds
£
4,250,952
-
447,538
-
-
4,698,490
Endowment
funds
£
114,752
-
199,663
-
-
Total
£
6,141,441
-
646,885
(813,427)
(661,225)
314,415 5,313,674
Endowment
funds
£
102,869
-
291,227
-
-
Total
£
5,550,297
2
914,591
(1,433,880)
(604,354)
394,096 4,426,656
Endowment
funds
£
114,752
-
199,663
-
-
Total
£
6,141,441
-
646,885
(813,427)
(661,225)
314,415 5,313,674
Endowment
funds
£
114,752
-
199,663
-
-
Total
£
6,136,673
2
517,243
(1,200,853)
(661,225)
314,415 4,791,840

38 Taxation

The holding company is a registered charity and does not trade or undertake non-charitable activities and therefore is exempt from tax under UK taxation law.

Tradescant Trading Company Limited is a trading company and is taxed on its profits at the prevailing small companies rate. Where funds allow, Tradescant Trading Company Limited donates its profits to The Garden Museum.

39 Post balance sheet events

There were no significant post balance sheet events.

Page 39

(A Charity Group)

The Garden Museum

Notes to the Consolidated Accounts

for the year ended 31 March 2025

40 Pension commitments

The charity contributes to employee's defined contribution stakeholder pension schemes. The assets of the schemes are held separately from those of the charity in an independently administered fund.

2025 2024 The unpaid contributions outstanding at the year end were: £ 30,488 £ 74,773

41 Transactions with trustees

At 31st March 2025, the charity owed Mark Fane, a trustee, £12,000 (2024: £30,000).

The Bryan and Sirkka Sanderson Foundation provided an interest free loan to the charity to meet its working capital requirements. The loan is repayable on demand. At 31st March 2024, the charity owed the foundation £15,000 (2024: £15,000).

In 2021/22 Dawnay Holdings PLC, a company controlled by Edward McMullan, a trustee, provided a loan of £85,500 at an interest rate of 1% per annum. The loan was provided to pay off the balance owed to Rooff Ltd who were charging interest at 5.25% on the balance outstanding. Subsequent to the year-end, Edward McMullan personally made a donation to the Museum to cover the interest charged by his company, effectively making the loan cost free. The loan is repayable in 21 equal monthly installments. At 31 March 2024, the charity owed the company £15,901 (2023: £15,901). In 2024/25, a further loan of £28,861 was made to Museum by Dawnay Holdings to cover refurbishment of the Coach House at Benton End. The loan is undated and interest free.

During the year the charity paid £Nil (2024: £3,000) to Hazel Gardiner, a trustee, for her services provided for Winter Flowers week and the literary Festival.

42 Contingent liabilities

The charitable group had no material contingent liabilities at 31 March 2025.

43 Related parties transactions

Apart from those detailed in note 40, there were no other related party transactions during the year.

44 Gifts in kind and volunteers

During the year, the charitable group benefited from unpaid work performed by volunteers.

45 Holding company status

The holding company is limited by guarantee and has no share capital. The guarantor's liability in the event the company is wound up is restricted to a maximum of £1 each.

Page 40