REGISTERED COMPANY NUMBER: 04366549 REGISTERED CHARITY NUMBER: 1090796 The Batsford Foundatlon Report of the Trustees and Audited Financial Statements for the Year Ended 31st January 2024 Woodward Hale Llmited 38 Dollar Street Cirencester Gloucestershire GL7 2AN
Registered number: 04366549 The Batsford Foundation Contents of the Flnanclal Statements for the Year Ended 31st January 2024 Page Report of the Trustees Report of the Independent Auditors Consolidated Statement of Financial Actlvities io Charity and Consolidated Balance Sheet li Consolidated Cash Flow Statement 12 Notes to the Consolidated Cash Flow Statement 13 Notes to the Financial Statements 14 to 29
Registered number: 04366549 The Batsford Foundation Report of the Trustees for the Year Ended 31st January 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements for the year ended 31st January 2024. The accounts consolidate the financial statements of the charity and its subsidiary undertaking, Batsford Garden Centre Limited. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in atcordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 {effective l January 20191. OBJECTIVES AND ACTIVITIES Objectlves and aims for the public benefit Under the memorandum of association, the objects of the charity are the general purposes of such charitable bodies or for such other purposes as shall be exclusively charitable as the trustees may from time to time decide particularly- the advancement of the education of the public in the knowledge and practice of all forms of cultivation and the study of historic buildings and their contents and surroundings including gardens, arboretums and historic landscapes and the promotion of research therein the promotion of the conservation, protection and improvements of the physical and natural environment The charity's strategy for pursuing its objectives fall into the following main activities= adherence to good practice in the management of the arboretum providing educational opportunities to schoolchildren efficiently administering the charity controlling the charity in an effective manner management of investments to optimise returns Significant activities for the public benefit Conservation at Batsford falls broadly into two categories; botanical conservation of exotic plant varieties and conservation of native flora and fauna. The former is the main priority but with such a varied habitat there is plenty of scope to develop the latter as well. Various botanic gardens have supplied wild collected seeds and plants to the arboretum. These are all recorded enabling them to be traced if the source garden requires anv information or plant material for breeding programmes in the future. In particular, the plant collections will be managed to: maintain or improve their integrity or educational value maintain and enhance the aesthetic appeal of the arboretum source plant material having due regard to the arboretum's history, its links with the orient and the collections created by the 2nd Lord Dulverton Irecognising the need to conserve biodiversity, the arboretum will as far as possible obtain plants from known sourcesl be accurately labelled, recorded onto a database and the information made readily available if required It 15 the aim of the trustees of the arboretum to encourage more people to vlsit this unique heritage throughout the seasons. Page I
Registered number: 04366549 The Batsford Foundation Report of the Trustees for the Year Ended 31st January 2024 ACHIEVEMENT AND PERFORMANCE In a sector where performance is much influenced by the weather, the extension to the main building proved its worth in supporting activity and visitor numbers in a year dominated by wet conditions {which did extend the season for autumn colourl. We have continued to benefit from the development of Seven Leys as an addition area of the arboretum with panoramic views from the top, increasingly established planting and the new lakelreservoir. Drawing on springs, that reservoir provides a new wildlife habitat and gives a water reserve to protect our plants, giving resilience in the face of advancing cllmate change. The successful development of an array of solar canopies in the upper car park now supplies a significant fraction of the electricity used on the property, ensuring and protecting the Foundation's operations in a way consistent with the Foundation's remit. The management and improvement of the collectlon wlth the natural challenges in doing this has continued. A disease resistant elm was planted to mark the coronation of His Majesty King Charles111. Contact was resumed after the pandemic with the local gardening clubs. A plant search facility has been developed for the website and can be developed further a5 a guide to the arboretum. The work of the foundation has been promoted to the wider public. The Foundation is looking forward to further enhancing the arboretum with what it offers to visitors and the support given to education and visiting groups as well as its donations and suppprt given to gardening clubs. FINANCIAL REVIEW Investment policy The tru5tees' policy is to undertake investments that provide income for current activities while enhancing underlying capital value. They periodically review performance to ensure the best outcome. Re5erve5 policy The trustees, policy is to maintain a level of reserves at approximately IO% of incoming resources from generated funds, sufficient to provide a stable base for the charity's continuing activities while at the same time ensuring excessive funds are not accumulated. Net current assets at 31st January 2024 were £435,958 12023.. £273,296} against IO% of unrestricted incoming resources from other trading activities and investment income of £129,028 (Page 10112023= £109,819). The high value of stocks within net current a55ets belie the actual funds held in cash and in bank. Performance Total unrestricted incoming resource5 were £2,096,597 (Page 101 {2023: £1,836.1381 and total unrestricted resources expended were £1,856,809 (Page 10112023.. £1,655.6491. The principal funding sources were garden centre sales and arboretum admissions. Net income lunrestricted funds) shows a surplus of E199,230 (Page 101 compared to £176,192 in the prior year. Total unrestricted funds have increased to £5.458,857 from E5,259,627 in the prior year (Page 101. FUTURE PLANS The Foundation is working to ensure that its facilities give the greatest benefit both through their efficient use and smooth operation and by developing the conservation activity and experience offered to visitors. The Foundation continues to attend to developing the collection and the condition of the fabric of the arboretum. The planting programme is designed to extend the season, enhancing the arboretum for the spring to complement its traditional strengths in the autumn and developing the collection for the future. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is a company limited by guarantee and is governed by its memorandum and articles of association. Page 2
Registered number: 04366549 The Batsford Foundation Report of the Trustees for the Year Ended 31st January 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT- continued Organisational structure The strategic direction and development of the charity is managed by the trustee board. It receives regular reports on all aspects of the work of the charity and meets at least three times a year. The day-to.day operation of the charity is devolved to the company secretary and the director of operations. The charity has a wholly-owned subsidiary called Batsford Garden Centre Limited. The company is limited by shares and is used for non-primary purpose trading activities, Induction and training of new trustees New trustees receive an induction to brief them on their legal obligations under charity and company law, the content of the memorandum and articles of association, the decision-making processes, the business plan and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of the role. Pay policy for senior employees The day-to-day operation of the charity is devolved to the company secretary and the director of operations. The remuneration of senior staff is reviewed annually and aims to pay a competitive package to ensure the retention of individuals that demonstrate ability. The trustees give their time freely. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04366549 Registered Charity number 1090796 Registered office Harts Barn Farmhouse Monmouth Road Longhope Gloucestershire GL17 OQD Trustees Sir James Chichester Bt NDDunn T D Russell- resigned on 10th February 2023 N M William5-Ellis The Hon R l H Wills Company Secretary J P Moody Auditors Woodward Hale Limited 38 Dollar Street Cirence5ter Gloucestershire GL7 2AN Page 3
Registered number.. 04366549 The Batsford Foundation Report of the Trustees for the Year Ended 31st January 2024 REFERENCE AND ADMINISTRATIVE DETAIL5- continued Bankers HSBC High Street Moreton-in-marsh Gloucestershire GL56 OAR Solicitors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Director of Operations S Priest PUBLIC BENEFIT The trustees confirm that they have complied with the duty in section 17151 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trtjstees {who are also the directors of The Batsford Foundation for the purposes of company lawl are responsible for preparing the Report of the Trustee5 and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the trustees are required to select suitable accounting policies and then apply them consistentlv; observÈ the methods 2nd principles in the Charity SORP. make judgements and estimates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting record5 which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In 50 far as the trustees are aware: there is no relevant audit information of which the charity's auditors are 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 auditors are aware of that information. Page 4
Registered number.. 04366549 The Batsford Foundation Report of the Trustees for the Year Ended 31st January 2024 Approved by order of the board of trustees on and signed on its behalf by- I)1. (ALL Sir James Chichester Bt - Trustee Page 5
Registered number: 04366549 Report of the Independent Auditors to the Members of The Batsford Foundation Opinion We have audited the financial statements of The Batsford Foundation Ithe 'parent charitable company'l and its subsidiary Ithe 'group'l for the year ended 31st January 2024 which comprise the Consolidated Statement of Financial Activities, the group and parent charitable company Balance Sheets. the Consolidated Cash Flow Statement 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and faif view of the state of the group's and of the parent charitable company's affairs as at 31st January 2024 and of the group's and parent charitable company's incoming resources and application of resources. including its income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable 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 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 fof our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern ba515 of accounting in the preparation of the financial statements 15 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 Slgnificant doubt on The Batsford Foundation'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the group financial statements and our Report of the Independent Auditors thereon. Our opinion on the group 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 group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materiallv misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement In the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of th15 other information, we are required to report that fact. We have nothing to report in this regard. Page 6
Registered number: 04366549 Report of the Independent Auditors to the Trustees of The 8atsford Foundation Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branche5 not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and return5; or certain disclosures of trustees, remuneration Specified by law are not made; or we have not received all the information and explanations we require for our audit- or The trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companie5. exemption5 in preparing the tru5tees' report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the parent charitable company for the purposes of company lawl 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 trustee5 determine is 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's and the parent charitable company's ability to continue as a going concern, disc105ing, a5 applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations. or have no realistic alternative but to do so. Page 7
Registered number.. 04366549 Report of the Independent Auditors to the Trustees of The Batsford Foundation Auditor's 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 audit 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 {UKI 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identify and access the risk of material misstatements to the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks. including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and addressing risks of material misstatements with respect to irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following.. we obtained an understanding of the laws and regulations that affect the charity, focussing on those that have a direct effect on the financial statements or that have a fundaments effect on its operations,. we enquired of the directors and reviewed directors meeting minutes for evidence on non-compliance with relevant laws and regulations.. we reviewed controls the directors have in place to ensure compliarice,. we gained an understanding of the controls that the directors have in place to prevent and detect fraud; we enquired of the directors about any incidences of fraud that had taken place during the accounting period.. the risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risk5,' we reviewed financial statements disclosures and tested to supporting documentation to access compliance with the relevant law5 and regulation5- we enquired of the directors about actual and potential litigation and claims,. we performed analytical procedures to identify any unusual or unexpected relationships that might indicate risk5 of material misstatements due to fraud: and finally- in addressing the risk of fraud due to management override of internal controls, we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bia5. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected all material mi5Statements in the financial statements, even though we have properly planned and performed our audit in accordance with accounting standards. For example, as with any audit, there remains a risk of non-detection of irregularities that arise from collusion. forgery, intention31 omissions. misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. 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 Report of the Independent Auditors. Page 8
Registered number: 04366549 Report of the Independent Auditors to the Trustees of The Batsford Foundation Use of our report This report is made solely to the parent 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 auditorfs 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 parent charitable company and the parent charitable company's members as a body and the parent charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Vincent Cowling (Senior Statutory Auditor) for and on behalf of Woodward Hale Limited, Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 38 Dollar Street Cirencester Gloucèstershire GL7 2AN 28th January 2025 Page 9
Registered number.. 04366549 The Batsford Foundation Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31stJanuary 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,000 7,580 9,580 3,743 Charitable activittes Arboretum Other trading activities Investment income 804,316 1,149,921 140,360 804.316 1,149,921 140,360 737,948 995.181 103,009 Total 2,096.597 7,580 2,104,177 1,839.881 EXPENDITURE ON Raising funds Fundraising Other trading activities Investment management costs 1,005 1,089,329 96,015 1,005 1,089,329 100.535 996,907 83,302 4,520 1,186,349 4,520 1,190,869 1,080,209 Charitable activities Arboretum Donations 665.330 5.130 1,872 667,202 5.130 575,427 6.000 Total 1.856,809 6.392 1.863,201 1.661.636 Net gain51llossesl on investments 17 {40,5581 140,5581 14,2971 NET INCOME/{EXPENDITURE) 199,230 1,188 200,418 173,948 RECONCILIATION OF FUNDS Fund balances brought forward 5,259.627 66,711 5,326,338 5.152.390 Fund balances carried forward 21 5.458,857 67,899 5,526,756 5,326.338 All activities relate to continuing activities. There were no other reco8nised gains or losses other than those stated above. The notes form part of these financial statements Page 10
Registered number.. 04366549 The Batsford Foundation Balance Sheets 31stJanuary 2024 The Group The Charity 2024 2023 2024 2023 Notes FIXED ASSETS Tangible assets Investments 16 17 4,699,430 391,368 4,642,605 410,437 4,591,461 496,368 4,544,014 515,437 5,090,798 5,053,042 5,087,829 5,059,451 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 18 19 293,616 76,721 423,888 274,272 118,748 155,807 285,625 361.328 343.081 155,807 794,225 548,827 646,953 498,888 CREDITORS Amounts falling due within one year 20 1358,267) 1275.5311 1199.1561 (199,1191 435,958 273,296 447,797 299,769 TOTAL ASSETS LESS CURRENT LIA81LITIES 5,526,756 5,326,338 5,535,626 5,359,220 NET ASS5 5,526,756 5.326.338 5,535,626 5,359.220 FUNDS Unrestricted funds: Geneial fund Restricted funds.. Leaves for Learning project Play Area project The Art of Conservation lino print Bricks in the Wall project Head gardener seed collection travel costs Forest School project Floating islands project 21 5.458.857 5,259,627 5,467,727 5,292.509 39,838 43,358 1,000 864 16.008 5.000 481 39,838 43,358 1,000 864 16,008 5,000 481 734 19,751 5.000 332 2,244 734 19,751 5.000 332 2,244 TOTAL FUNDS 5.526,756 5,326,338 5,535,626 5,359.220 The financial statements were approved by the Board of Trustees and authorised for issue on .. .. were signed on its behalf by: James Chichester Bt - Trustee The notes form part of these financial statement5 Page 11
Registered number: 04366549 The Batsford Foundation Consolldated Cash Flow Statement for the Year Ended 31st January 2024 2024 2023 Notes Cash flows from operatin8 activities Cash generated from operations 492,344 119,301 Net cash provided by operating activities 492,344 119,301 Cash flows from investing actlvlties Purchase of tangible fixed assets Purchase of fixed asset investments Sale of tangible fixed assets Sale of fixed asset investments Interest received Dividends received 1212,5391 121,4931 i.soo 11,076,293> 1439,6101 41.750 612.096 127 11,510 2,786 5,483 {224,2631 {850.4201 Change in cash and cash equivalents in the reporting period 268,081 1731.1191 Cash and cash equivalents at the beginning of the reporting period 155,807 886,926 Cash and cash equivalents at the end of the reporting period 423.888 155,807 The notes form part of these financial statements Page 12
Registered number.. 04366549 The Batsford Foundation Notes to the Consolidated Cash Flow Statement for the Year Ended 31st January 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss/lgainl on investments IProfit)/loss on disposal of fixed assets Interest received Dividends received {Increasel/decrease in stocks Ilncreaselldecrease in debtors Increase/{decreasel in creditors 200,418 173,948 153,481 40,558 734 {2,7861 {5,4831 {19,3441 42,027 82.739 121,153 4,297 {9971 1127} {11,5101 {70.760} 149.5791 147,1241 Net cash provided by operations 492,344 119,301 ANALYSIS OF CHANGES IN NET FUNDS At 112123 Cash flow At 31/1124 Net cash Cash at bank and in hand 155,807 268.081 423,888 The notes form part of these financial statements Page 13
Registered number.. 04366549 The Batsford Foundation Notes to the Financial Statements for the Year Ended 31stJanuary 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 '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 IFRS 102) (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have also been prepared under the historical cost conventlon, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. These financial statements consolidate the results of the charity and its wholly-owned subsidiary Batsford Garden Centre Limited on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. Public benefit entity The charitable company meets the definition of a public benefit entity under FRS 102. Critical accounting judgements and key Sources of estimation uncertainty The trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities based on their experience and professional advice received. Inevitably, the actual outcome may differ from predictions. There is only one key estimate which includes a risk of material misstatement and it relates to the economic life, and hence depreciation rate. assumed for the visitor centre. Professional advice suggested that a figure of 50 years might be appropriate and the trustees have adopted this figure as they consider it a reasonable estimate. Estimates and underlying assumptions are reviewed on an ongoing basis to ensure that they remain relevant. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income from visitors and members is measured at fair value of the consideration is received or receivable. The point of recognition of the income is when admission is granted to the arboretum or shop goods are accepted by a customer and the purchase transaction completes. Income that is attributable to future visits that members will make to the arboretum is deferred and released to the Consolidated Statement of Financial Activities over the period to which the membership relates. Gift Aid income resulting from membership is matched to the period to which it relates, as is all other income. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrual basis and has been classlfied under headings that aggregate all cost related to the category, Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources, Allocation and apportionment of costs All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Page 14
Registered number.. 04366549 The Batsford Foundatlon Notes to the Flnancial Statements- continued for the Year Ended 31st January 2024 ACCOUNTING POLICIES- contlnued Tangible fixed assets Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on these assets at annual rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows: Improvements to property Plant and machinery Office equipment Motor vehicles 2% to 5% on cost 15% on reducing balance 25% on reducing balance 25% on reducing balance Freehold buildings (excluding the visitor centrel are not depreciated on the grounds of immateriality as any disposal proceeds are expected to be at least equal to the residual value in the accounts. The visitor centre is depreciated on a straight-line basis over its expected useful economic life of 50 years. Freehold land is not depreciated. A review for impairment of a fixed asset would be carried out if events or changes in circumstances indicate that the carry amount of the fixed asset may not be recoverable. Fixed asset investments Fixed asset investments are held to generate income or for their investment potential, or both. Listed investments are stated at market value. Investments in subsidiaries Investments in subsidiaries are at cost. Stocks Stocks are valued at the lower of c05t and estimated selling price less costs to complete and sell. after making due allowance for obsolete and slow moving items. Cost price is calculated by deducting sales margin from selling price. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted f unds are funds which have been raised by the charity for particular purposes and are to be used In accordance with Specific restrictions imposed by donors. The aim and use of each restricted fund is set out in the notes to the financial statements. Government grants and assistance Government grants are recognised when the charity has complied with any conditions attached to them and there is reasonable assurance that the amounts will be received. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financlal Activities on a 5traight-line basi5 over the period of the lease. Page 15
Registered number.. 04366549 The Batsfofd Foundation NotÈs to the Financial Statements- continued for the Year Ended 31st January 2024 ACCOUNTING POLICIES- continued Pension costs and other post-retirement benefits The charity operates a defined contribution pension scheme. Contributions payable to the pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Heritage assets The charity holds a heritage asset comprising an arboretum and plant collectlon of international importance. The value of the original 60 acre site is not reflected in the balance sheet. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. DONATIONS AND LEGACIES 2024 2023 Donations Appeals Bench sponsorship 2.640 4.940 2,000 3,743 9,580 3,743 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Arboretum entrance fees 804.316 737,948 INCOME FROM OTHER TRADING AcfiviTIES 2024 2023 Arboretum shop sales Garden centre plant sales Garden centre shop sales Events 200,559 389,324 550,533 9,505 172,869 344,016 471.287 7,009 1.149,921 995,181 INVESTMENT INCOME 2024 2023 Rents receivable Dividends and slmilar distributions Interest receivable 132,091 5,483 2,786 91,372 11,510 127 140,360 103,009 Page 16
Registered number: 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31st January 2024 FUNDRAISING 2024 2023 Bench purchases 1,005 EXPENDITURE ON OTHER TRADING AcfiviTIES 2024 2023 Opening stock Purchases Closing stock Salaries and wages Point of sale costs Hire of plant and machinery Travel and accommodation Telephone Stationery and postage Sundries Repairs and consumables Depreciation of tangible fixed assets Support costs (see note 101 274.272 644.843 1293,616} 301,818 11,077 203,512 618,572 1274,2721 290,461 11,496 6.399 744 1,569 195 ioi 888 9,584 127,658 988 1,801 354 831 16.989 129,972 1.089.329 996.907 INVESTMENT MANAGEMENT COSTS 2024 2023 Depreciation Repairs and consumables Support costs (see note 101 5,781 4,131 94,754 79.171 100,535 83,302 CHARITABLE ACTIVITIES COSTS 2024 2023 Salaries and wage5 Trees and plants Repairs and consumables Hire of equipment Telephone Stationery and postage Point of sale costs Advertising Sundries Depreciation of tangible fixed assets IProfitl/loss on Sale of tangible fixed assets Support costs {see note 10) 248,246 8,295 43,951 4,220 1,131 1.182 19,886 32,561 586 25,952 11,0611 282,253 220.716 5.678 34,635 3,356 784 1,104 29,393 23,915 254 17,141 19971 239,448 667,202 575,427 Page 17
Registered number.. 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31stJanuary 2024 10. SUPPORT COSTS Other trading activities Investment management costs 2024 Total activities 2023 Total activities Arboretum Salaries and wages Pensions Rates and water Insurance Light and heat Telephone and internet Postage and stationery Sundries Health insurance Training and college fees Motor and travel Repairs and maintenance Staff uniforms Cleaning Advertising and public relations Legal and professional fees Bookkeeping Bank charges Subscriptions Refreshments Security Computer expense5 Company secretary's fees Audit fees Accountancy Trustees, travel costs Penalty interest and charges Depreciation of tangible fixed assets IProfitl/loss on sale of tangible fixed assets 36,818 6,927 3,690 1.983 11,630 3,346 1,390 782 5,725 1,526 8,196 693 1,069 10.912 5,878 418 3,163 6,942 9,967 39,337 7.949 3.690 10,908 11,631 6,291 3,242 3,663 6,212 1,526 9,278 22,681 713 32,111 82,033 15,294 10,543 19,833 33,228 9,637 4,632 4,445 12,181 3,052 17.474 38,685 1,782 43,023 71,465 14,751 7.819 16,049 32,547 6,363 2,574 2,001 7,895 5.090 20,443 30.520 2,852 34,489 244 15,311 8,022 261 11,002 256 2,528 1.032 2.709 3,792 4,200 7.454 9.000 102 8,022 8.875 24.449 294 4.541 2.064 5.417 10,835 12,000 13,247 14.737 102 13.961 3.792 18,867 341 3,222 1,787 5,423 6.184 12.000 12,590 18,155 1,200 3,600 261 11,002 8,353 2,445 38 16 1,997 1.032 2.708 542 3,600 561 677 6,501 4,200 5,232 5.060 33.891 70.868 104,759 90,297 1,795 1,795 129,972 94.754 282,253 506,979 446,277 Governance includes company secretary's fees of £12,000 12023: £12,000), audit fees of £13,247 {2023: E12,5901, accountancy fees of £14,73712023.. £18,155), trustee5' travel costs of £10212023: £1,200}, a total of £40,086 {2023: £43,945}. Page 18
Registered number.. 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31st January 2024 ii. INCOME/{EXPENDITUREI Net income/lexpenditurel is stated after charging/lcreditingl: 2024 2023 Depreciation - owned assets Hire of plant and machinery IProfitl/loss on disposal of fixed assets 153,481 4,220 11,0611 121,153 9,755 {9971 12. TRADING SUBSIDIARY The charity owns the entire share capital of Batsford Garden Centre Limited, a company registered in England and Wales. The company number is 13839161. The charity and the subsidiary share the same registered office address. The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are distributed under Gift Aid to the parent charity. A summary of the results of the subsidiary are shown below- 2024 2023 Turnover Cost of sales 1,149,921 1942,368} 995,181 1853,2661 Gross profit/lloss) Other expenditure Charged by the parent undertaking= Support costs Rent Loan interest 207,553 {16,9891 141,915 115,9831 (129.9721 128.7001 17.8801 1127,658} {24,9001 16,2561 Profit/llossl on ordinary activities Taxation on profit on ordinary activities 24,012 132,8821 Profit/llossl for the financial year 24,012 {32,8821 The assets and liabilities of the company were.. Fixed assets Current assets Current and long term liabilities 107,969 362,556 (374,395) 98,591 276,186 1302,6591 Total net a55ets 96,130 72,118 Share capital £1 ordinary shares Retained profits 105,000 18,8701 105.000 132,8821 96,130 72,118 The figures above are stated before consolidation adjustments. Page 19
Registered number.. 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31st January 2024 13. TRUSTEES, REMUNERATION AND BENEFITS There was no trustees, remuneration or significant other benefits during the year. One trustee was reimbursed for travel costs to the value of £10212023: £1,200) during the year. 14. STAFF COSTS 2024 2023 Wages and salaries Other pension costs 632,097 15,294 582,642 14,751 647,391 597,393 The key management personnel of the charity comprise the trustees and senior management. There was no trustees, remuneration or benefits during the year. Senior management received £70,659 (2023.. £72,096). The average monthly number of employees during the year was as fo51ows: 2024 15 io 2023 18 Garden centre and arboretum shop Arboretum Office 27 29 Only one employee had a salary in excess of £60.000, namely the director of operations. Total emoluments. which included gross salary, accommodation paid by Salary sacrifice and private medical insurance, fell within the band £70.000 to £79.999. Page 20
Registered number: 04366549 The Batsford Foundation Notes to the Financial Statements- conttnued for the Year Ended 31st January 2024 15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 3,743 3,743 Charitable activities Arboretum 737,948 737,948 Other trading activities Investment income 995.181 103.009 995,181 103.009 1,836,138 3.743 1.839.881 EXPENDITURE ON Raising funds Other trading activities Investment mar)agement costs 996,907 78,379 996,907 83.302 4,923 1,075.286 4,923 1.080,209 Charitable activities Arboretum 574,363 1,064 575,427 Other 6,000 6,000 Total 1,655,649 5,987 1.661,636 Net gains/llossesl on investments {4,2971 14,2971 NET INCOME/(EXPENDITURE) 176,192 12.2441 173.948 RECONCILIATION OF FUNDS Total funds brought forward 5,083,435 68,955 5,152,390 5,259.627 66.711 5,326,338 Page 21
Registered number.. 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31st January 2024 16. TANGIBLE FIXED ASSETS Group Freehold property and improvements "Leaves for Learning" classroom Leasehold improvements Plant and machinery COST At 1st February 2023 Additions Recharged to tenant Disposals 5,077,544 58,376 160,000} 18,957 20,440 70,295 362,673 175,983 114,509) At 31stJanuary 2024 5,075,920 39,397 70,295 524.147 DEPRECIATION At 1st February 2023 Charge for year Eliminated on disposal 747,300 101.715 1,177 1,801 25,314 3,520 158,288 33,091 112,3271 At 31stJanuary 2024 849,015 2,978 28,834 179,052 NET BOOK VALUE At 31st January 2024 4,226,905 36,419 41,461 345.095 At 31st January 2023 4.330,244 17.780 44,981 204,385 Office equipment Motor vehicles Totals COST At 1st February 2023 Additions Recharged to tenant Disposals 60,287 17,740 71,128 5,660,884 272,539 160,0001 115,2731 {7641 At 31st January 2024 77,263 71,128 5,858,150 DEPRECIATION At 1st February 2023 Charge for year Eliminated on disposal 46.739 5,436 {7121 39.461 7,917 1,018,279 153.480 113,0391 At 31stJanuary 2024 51,463 47,378 1,158,720 NET BOOK VALUE At 31stJanuary 2024 25.800 23,750 4,699.430 At 31st January 2023 13,548 31,667 4,642,605 Page 22
Registered number: 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31stJanuary 2024 16. TANGIBLE FIXED ASSETS- continued Charitv Freehold property and improvements "Leaves for Learning" classroom Plant and machinery COST At 1st February 2023 Additions Recharged to tenant Disposals 5,077,544 58,376 {60,0001 70,295 303,870 170,149 114,5091 At 31st January 2024 5,075,920 70,295 459,510 DEPRECIATION At 1st February 2023 Charge for year Eliminated on disposal 747.300 101.715 25,314 3,520 153,660 24.577 112.3271 At 31st January 2024 849,015 28,834 165,910 NET BOOK VALUE At 31stJanuary 2024 4,226,905 41,461 293,600 At 31stJanuary 2023 4.330.244 44.981 150,210 Office equipment Motor vehicles Totals COST At 1st February 2023 Additions Recharged to tenant Disposals 60,287 17,648 40,713 5,552,709 246,173 {60,0001 {15,2731 (7641 At 31st January 2024 77,171 40,713 5,723.609 DEPRECIATION At 1st February 2023 Charge for year Eliminated on disposal 46,739 5,422 17121 35,682 1,258 1,008.695 136,492 113.0391 At 31st January 2024 51,449 36,940 1,132,148 NET BOOK VALUE At 31stJanuary 2024 25,722 3,773 4,591,461 At 31stJanuary 2023 13,548 5,031 4,544.014 Page 23
Registered number.. 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31st January 2024 17. FIXED ASSET INVESTMENTS 2024 Group 2023 Group 2024 Charity 2023 Charity Listed investments Investment in subsidiary company 391,368 410,437 391,368 105,000 410,437 105,000 391,368 410,437 496,368 515,437 Listed investments Group and charity Market value At 1st February 2023 Additions Revaluations 410.433 21,490 140,5581 Market value Cash 391.365 At 31stJanuary 2024 391,368 The listed investment is comprised entirely of shares in the CF Ruffer Charity Asset5 Accumulation Trust Fund. The objective of this fund is low volatility and positive returns in all market conditions from an actively managed portfolio of equities or equity related securities (including convertibles) and corporate and government bonds and currencies. The constituent investments are located both within and outside the UK. Cost or valuation is represented by: Group and charity Valuation Cost {42.2171 433,585 At 31st January 2024 391.368 Investment in subsidiary company Investments held by the charity include an investment of £105,000 in the subsidiary company at cost. Page 24
Registered number.. 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31st January 2024 18. STOCKS 2024 2023 Stocks 293,616 274,272 No stocks were held by the charity. 19. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 Group 2023 Group 2024 Charity 2023 Charity Trade debtors Amounts due from subsidiary undertakings Income tax recoverable Social security and other taxes Other debtors Prepayment5 and accrued income 28,888 73,396 22,508 215,284 6.914 71,482 226,247 7.135 2,536 13.297 22,384 6,914 7,135 2,536 13,297 22,384 3,990 36,929 3,990 36,929 76,721 118.748 285,625 343,081 The amounts due from subsidiary undertakings represents a loan from the charity at commencement of trading together with financial support since. The figure includes £196,142 falling due after more than one year. 20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 Group 2023 Group 2024 Charity 2023 Charity Trade creditors Value Added Tax Social security and other taxes Other creditors Accruals and deferred income 56,424 160,545 5.619 57.244 79,756 4,856 2.453 131,222 30,691 51.591 3.320 43,824 43,449 2,453 109,393 135,679 113,554 358,267 275.531 199,156 199,119 Page 25
Registered number.. 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31stJanuary 2024 21. MOVEMENT IN FUNDS Net movement in funds At 1/2/23 At 31/1124 Unrestrirted funds General fund 5,259,627 199,230 5,458,857 Restricted funds Leaves for Learning project Play Area project The Art of Conservation lino print Bricks in the Wall project Head gardener seed collection travel costs Forest School project Floating islands project 43,358 1,000 864 16,008 5.000 481 (3,5201 {I,0001 {1301 3,743 39,838 734 19.751 5,000 332 2.244 11491 2.244 66,711 1,188 67,899 TOTAL FUNDS 5.326.338 200.418 5,526,756 Net movement in funds, included in the above, are a5 follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 2,096,597 11,856,809) 140,558) 199,230 Restrirted funds Leaves for Learning project Play Area project The Art of Conservation lino print Bricks in the Wall project Forest School project Floating islands project 13,5201 11,0001 11301 11,1971 11491 13961 13.5201 {I,0001 {1301 3,743 11491 2.244 4,940 2.640 7,580 (6,392 1.188 TOTAL FUNDS 2,104,177 11.863,2011 140.5581 200,418 Page 26
Registered number: 04366549 The Batsford Foundation Notes to the Financial 5tatements- continued forthe Year Ended 31st January 2024 21. MOVEMENT IN FUNDS- continued Comparatives for movements in funds Net movement in funds At 1/2/22 At 3111/23 Unrestrirted funds General fund 5,083,435 176,192 5,259,627 Restrirted funds Leaves for Learning project Play Area project The Art of Conservation lino print Bricks in the Wall project Head gardener seed collection travel costs Forest School project 46,781 2.500 1.016 13,028 5,000 630 13,4231 11,5001 11521 2,980 43,358 1,000 864 16,008 5,000 481 (1491 68,955 {2.2441 66,711 TOTAL FUNDS 5,152,390 173.948 5.326,338 Net movement in funds, included in the above, are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 1,836,138 (1,655.649) 14,2971 176.192 Restrirted funds Leaves for Learning project Play Area projett The Art of Conservation lino print Bricks in the Wall project Forest School project {3.4231 {1,5001 (1521 1763) 1149} (3,4231 (1,5001 {152) 2,980 11491 3,743 3.743 15,9871 (2.2441 TOTAL FUNDS 1,839,881 {1,661.636} 14,2971 173,948 Page 27
Registered number.. 04366549 The Batsford Foundation Notes to the Financial Statements- continued for the Year Ended 31st January 2024 22. RELATED PARTY DISCLOSURES During the year, J P Moody, company secretary, provided secretarial and advisory services to the charity amounting to £12,00012023: £12,000). During the year, S Priest (director of operation51 occupied a property on the premises necessarily for the proper performance of his duties and paid rent during the year of £5,000 {2023.' £5,000) by salary sacrifice. The open market rental value might be about £13,000 per year. 23. ULTIMATE CONTROLLING PARTY The charity is jointly controlled by the trustees. 24. LEGAL STATUS OF THE CHARir The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. 25. LEAVES FOR LEARNING PROJEcr The charity launched an appeal in 2013 to raise funds to construct a classroom on the premises. A classroom was required to enhance the educational opportunities the charity offers youngsters to learn about the conservation work the charity does at Batsford as well as National Curriculum subjects such as how trees and plants grow, ecosystems and the importance of wildlife and the environment. The target of £40.000 has been achieved, the construction is now complete and we are pleased to announce that the classroom is available for hire. The names of donors have been attached to a large tree mural which has become a permanent feature in the new facility. The classroom will also allow the charity to increase the range of events for adults, including horticultural evenings and countryside courses. We would like to thank each and every donor for their generous support. 26. BRICKS IN THE WALL PROJEcr The charity launched an appeal in 2018 to raise funds to restore and conserve our Victorian grade 11 listed kitchen garden wall. The project will provide opportunities for members of the public to attend demonstrations and workshops directly related to the restoration with topics including stonemasonry, brick laying, dry stone walling and lime mortar preparation. The project will also create training and apprenticeship opportunities in heritage wall repairs to ensure that these skills are passed on to the next generation and bring to life the garden tools of the past by displaying them in a "Potting Shed" museum. The fundraising target is £80,000. Page 28
Registered number: 04366549 The Batsford Foundation Notes to the Financial Statements. continued for the Year Ended 31stJanuary 2024 27. FOREST SCHOOL PROJEcr We provide opportunities for pre-schoolers up to the age of 4 to engage with nature and explore our newly established Forest School site led by our Forest School leader. Activities include a mud kitchen, hunts for bugs, exploring, play and stories. The sessions last for an hour and a half and we provide a snack and a drink as part of the admission fee. Adults and children in arms are free. We are appealing for donations to fund running costs. 28. HERITAGE ASSETS The Foundation holds heritage assets in the form of an arboretum and plant collection of international importance that has developed over more than a century and covers an area of approximately 60 acres. This collection includes acers, bamboo, magnolias, pines, Japanese cherries, oaks and sorbus and is held in fuitherance of the charity's objects. In the opinion of the trustees there are substantial difficulties over attributing a value to the arboretum and plant collection and they are excluded from the balance sheet for this reason. Page 29