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← The Batsford Foundation

2025-01-31-accounts

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

REGISTERED COMPANY NUMBER: 04366549 REGISTERED CHARITY NUMBER: 1090796

The Batsford Foundation

Report of the Trustees and

Audited Financial Statements

for the Year Ended 31st January 2025

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Contents of the Financial Statements for the Year Ended 31st January 2025

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Consolidated Statement of Financial Activities 9
Charity and Consolidated Balance Sheets 10
Consolidated Cash Flow Statement 11
Notes to the Consolidated Cash Flow Statement 12
Notes to the Financial Statements 13 to 29

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Report of the Trustees for the Year Ended 31st January 2025

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 2025. 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives 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 charity's strategy for pursuing its objectives fall into the following main activities:

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 any information or plant material for breeding programmes in the future.

In particular, the plant collections will be managed to:

It is the aim of the trustees of the arboretum to encourage more people to visit this unique heritage throughout the seasons.

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The Batsford Foundation

Report of the Trustees for the Year Ended 31st January 2025

ACHIEVEMENT AND PERFORMANCE

Work over the years, including planting, has successfully extended the visitor season from the autumn to include the spring and summer. Promotion activity supported increased visitor numbers in 2024. As the planting of the last decade and more in Seven Leys, with its new lake/reservoir, becomes established, so more areas there are being improved and opened. The website has been developed so that it can be used to search for specific tree and shrub species in the arboretum. Attention is paid to tree inspection and necessary management for safety. Attention continued on the Foundation’s infrastructure, including maintenance of the paths in the arboretum. The installation of solar panel canopies in the Upper Car Park was completed, ensuring an on-site supply of power, displacing around a third of the electricity brought onto the property. We are pleased that the works to the coping for the walls of the Lower Walled Garden have been completed, helping secure them for the future. Planning permission was obtained for an arboretum workshop, also with solar panels. The expanded trading area in the Garden Centre shop given by building works has provided more space for garden centre trading which, with a reorganisation of the sales area, has aided performance. The poor weather did though adversely affect trading in the plant area. 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 support given to gardening clubs and others.

FINANCIAL REVIEW

Investment policy

The trustees' 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.

Reserves policy

The trustees' policy is to maintain a level of reserves at approximately 10% 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 2025 were £573,948 (2024: £435,958) against 10% of unrestricted incoming resources from other trading activities and investment income of £130,356 (Page 9) (2024: £129,028). The high value of stocks within net current assets belie the actual funds held in cash and in bank.

Performance

Total unrestricted incoming resources were £2,184,226 (Page 9) (2024: £2,096,597) and total unrestricted resources expended were £1,943,681 (Page 9) (2024: £1,856,809). The principal funding sources were garden centre sales and arboretum admissions. Net income (unrestricted funds) shows a surplus of £243,051 (Page 9) compared to £199,230 in the prior year. Total unrestricted funds have increased to £5,706,408 from £5,458,857 in the prior year (Page 9).

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. It is pleasing to have developed contact with Cambridge University Botanic Garden for a project on climate change and arboreta. The Foundation will continue 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. However, increased Employers’ National Insurance payments and the consequential effects from the increased Minimum Living Wage that were announced in the October 2024 Budget are cost pressures for the coming year.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is a company limited by guarantee and is governed by its memorandum and articles of association.

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The Batsford Foundation

Report of the Trustees for the Year Ended 31st January 2025

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 whollyowned subsidiary called Batsford Garden Centre Limited. The company is limited by shares and is used for nonprimary 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 0QD

Trustees

Sir James Chichester Bt N D Dunn N M Williams-Ellis The Hon R I H Wills

Company Secretary

J P Moody

Auditors

Hazlewoods LLP Staverton Court Staverton Cheltenham Gloucestershire GL51 0UX

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The Batsford Foundation

Report of the Trustees for the Year Ended 31st January 2025

REFERENCE AND ADMINISTRATIVE DETAILS - continued Accountants

Woodward Hale 38 Dollar Street Cirencester Gloucestershire GL7 2AN

Bankers

HSBC High Street Moreton-in-Marsh Gloucestershire GL56 0AR

Solicitors

Lodders Solicitors LLP 10 Elm Court Arden Street Stratford upon Avon Warwickshire CV37 6PA

Director of Operations

S Priest

PUBLIC BENEFIT

The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Batsford Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United 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

The trustees are responsible for keeping proper accounting records 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 assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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The Batsford Foundation

Report of the Trustees for the Year Ended 31st January 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

In so far as the trustees are aware:

28/10/2025

Approved by order of the board of trustees on ……………………………… and signed on its behalf by:

Forms, HE, Chachsaby

Sir James Chichester Bt - Trustee

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Report of the Independent Auditors to the Members of The Batsford Foundation

Opinion

We have audited the financial statements of The Batsford Foundation (the 'charity') for the year ended 31st January 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's 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 original financial statements were 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 included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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Report of the Independent Auditors to the Members of The Batsford Foundation

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purpose 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 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 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 charity or to cease operations, or have no realistic alternative but to do so.

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 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.

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Report of the Independent Auditors to the Members of The Batsford Foundation

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:

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). 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.

Felicity Sang FCA (Senior Statutory Auditor)

For and on behalf of:

Hazlewoods LLP

Chartered Accountants and Statutory Auditors

Staverton Court Staverton Cheltenham GL51 0UX

Date: 28/10/2025

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Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Consolidated Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31st January 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Arboretum
3
Other trading activities
4
Investment income
5
Total
EXPENDITURE ON
Raising funds
Fundraising
6
Other trading activities
7
Investment management costs
8
Charitable activities
Arboretum
9
Donations
Total
Net gains/(losses) on investments
17
NET INCOME/(EXPENDITURE)
Transfers between funds
22
RECONCILIATION OF FUNDS
Fund balances brought forward
Fund balances carried forward
22		 Unrestricted
funds
£
9,750
870,917
1,135,513
168,046
2,184,226
2,580
1,087,749
108,626
1,198,955
742,726
2,000
1,943,681
2,506
243,051
4,500
5,458,857
5,706,408		 Restricted
funds
£
2,844
-
-
-
2,844
-
-
3,499
3,499
2,123
-
5,622
-
(2,778)
(4,500)
67,899
60,621		 2025
Total
funds
£
12,594
870,917
1,135,513
168,046
2,187,070
2,580
1,087,749
112,125
1,202,454
744,849
2,000
1,949,303
2,506
240,273
-
5,526,756
5,767,029		 2024
Total
funds
£
9,580
804,316
1,149,921
140,360
2,104,177
1,005
1,089,329
100,535
1,190,869
667,202
5,130
1,863,201
(40,558)
200,418
-
5,326,338
5,526,756

All activities relate to continuing activities. There were no other recognised gains or losses other than those stated above.

The notes form part of these financial statements

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Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Balance Sheets 31st January 2025

The Group The Group The Charity The Charity
2025 2024 2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible assets 16 4,771,002 4,699,430 4,661,762 4,591,461
Investments 17 422,079 391,368 527,079 496,368
5,193,081 5,090,798 5,188,841 5,087,829
CURRENT ASSETS
Stocks 18 270,835 293,616 - -
Debtors 19 95,078 76,721 322,614 285,625
Cash at bank and in hand 503,479 423,888 483,028 361,328
869,392 794,225 805,642 646,953
CREDITORS
Amounts falling due within one year 20 (295,444) (358,267) (224,232) (199,156)
573,948 435,958 581,410 447,797
TOTAL ASSETS LESS CURRENT LIABILITIES 5,767,029 5,526,756 5,770,251 5,535,626
NET ASSETS 5,767,029 5,526,756 5,770,251 5,535,626
FUNDS
Unrestricted funds:
General funds 22 5,706,408 5,458,857 5,709,630 5,467,727
Restricted funds: 22 60,621 67,899 60,621 67,899
TOTAL FUNDS 5,767,029 5,526,756 5,770,251 5,535,626

The company had a net surplus for the year of £5,648 (2024: £24,012).

28/10/2025

The financial statements were approved by the Board of Trustees and authorised for issue on …..........................and were signed on its behalf by:

James Chichester Bt - Trustee

The notes form part of these financial statements

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Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Consolidated Cash Flow Statement for the Year Ended 31st January 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible fixed assets
Interest received
Dividends received
Rents receivable
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting period		 2025
£
172,493
172,493
(240,541)
(28,208)
7,801
3,676
12,193
152,177
(92,902)
79,591
423,888
503,479		 2024
£
360,253
360,253
(212,539)
(21,493)
1,500
2,786
5,483
132,091
(92,172)
268,081
155,807
423,888

The notes form part of these financial statements

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The Batsford Foundation

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31st January 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
(Gain)/loss on investments
(Profit)/loss on disposal of fixed assets
Interest received
Rents receivable
Dividends received
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operations
2.
ANALYSIS OF CHANGES IN NET FUNDS
At 1/2/24
£
Net cash
Cash at bank and in hand
423,888		 2025
£
240,273
166,100
(2,506)
(4,932)
(3,676)
(152,177)
(12,193)
22,781
(18,357)
(62,820)
172,493
Cash flow
£
79,591		 2024
£
200,418
153,481
40,558
734
(2,786)
(132,091)
(5,483)
(19,344)
42,027
82,739
360,253
At 31/1/25
£
503,479

The notes form part of these financial statements

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The Batsford Foundation

Notes to the Financial Statements for the Year Ended 31st January 2025

1. ACCOUNTING POLICIES

General information

The Batsford Foundation is a registered charity, incorporated in England & Wales as a private company. It is limited by guarantee and accordingly has no share capital. It is registered with Companies House under company number 04366549, and with the Charity Commission under reference number 1090796. The principle place of business is Batsford Arboretum, Moreton-in-Marsh, Gloucestershire, GL56 9AT.

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) '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 1 January 2019)', 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 convention, 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 classified 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.

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The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

1. ACCOUNTING POLICIES - continued

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.

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 - 2% to 5% on cost Plant and machinery - 15% on reducing balance Office equipment - 25% on reducing balance Motor vehicles - 25% on reducing balance

Freehold buildings (excluding the visitor centre) 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 cost 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.

Financial instruments

The charitable company has financial instruments comprising cash, trade debtors and creditors and other receivables and payables, which are measured initially at transaction price and subsequnetly at amortised cost.

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 funds 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.

Leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

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The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

1. 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

In the opinion of the trustees there are substantial difficulties over attributing a value to the arboretum and plant collection. To value these assets would not only involve very considerable expenses but conventional valuations would, in certain cases, lack sufficient reliability. Even if reliable valuations could be obtained, the trustees consider that the cost would be wholly disproportionate to any likely benefit to the charity or to the users of the accounts and therefore no value is placed on these assets and heritage assets are not recognised on the balance sheet.

Going concern

Having had regard to reserves and future plants, the trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Appeals
Bench sponsorship
Adopt a Tree
Donations		 Unrestricted
funds
£
-
5,000
4,750
-
9,750		 Restricted
funds
£
2,844
-
-
-
2,844		 2025
£
2,844
5,000
4,750
-
12,594		 2024
£
4,940
2,000
-
2,640
9,580

Income from donations and legacies in the prior year that was restricted totalled £7,580 and related to Appeals £4,940 and Donations £2,640.

3. INCOME FROM CHARITABLE ACTIVITIES

2025 2024
£ £
Arboretum entrance fees 870,917 804,316

Income from charitable activities is all unrestricted in the current and prior year.

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The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

4. INCOME FROM OTHER TRADING ACTIVITIES

2025
£
Arboretum shop sales
199,070
Garden centre plant sales
365,363
Garden centre shop sales
561,487
Events
9,593
Compensation
-
1,135,513
Income from trading activities is all unrestricted in the current and prior year.
5.
INVESTMENT INCOME
2025
£
Rents receivable
152,177
Dividends and similar distributions
12,193
Interest receivable
3,676
168,046
Income from investment income is all unrestricted in the current and prior year.
6.
FUNDRAISING
2025
£
Bench purchases
2,580		 2024
£
200,559
389,324
550,533
9,505
-
1,149,921
2024
£
132,091
5,483
2,786
140,360
2024
£
1,005

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Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

7. EXPENDITURE ON OTHER TRADING ACTIVITIES

EXPENDITURE ON OTHER TRADING ACTIVITIES
Opening stock
Purchases
Closing stock
Salaries and wages
Point of sale costs
Travel and accommodation
Telephone
Sundries
Repairs and consumables
Depreciation of tangible fixed assets
Support costs (see note 10)		 2025
£
293,616
581,455
(270,835)
319,414
7,208
551
1,791
412
2,378
15,471
136,288
1,087,749		 2024
£
274,272
644,843
(293,616)
301,818
11,077
988
1,801
354
831
16,989
129,972
1,089,329

8. INVESTMENT MANAGEMENT COSTS

INVESTMENT MANAGEMENT COSTS
Repairs and consumables
Depreciation
Support costs (see note 10)		 2025
£
13,476
6,539
92,110
112,125		 2024
£
-
5,781
94,754
100,535

In the year, £108,626 (2024: £96,015) of the expenditure was unrestricted and £3,499 (2024: £4,520) was restricted.

9. CHARITABLE ACTIVITIES COSTS

Activity
Salaries and wages
Staff costs
Trees and plants
Maintenance
Repairs and consumables
Maintenance
Purchases
Cost of sales
Hire of equipment
Machinery
Telephone
Overheads
Stationery and postage
Overheads
Point of sale costs
Cost of sales
Advertising
Overheads
Sundries
Overheads
Depreciation of tangible fixed assets
Overheads
(Profit)/loss on sale of tangible fixed assets
Overheads
Support costs (see note 10)
Support costs		 2025
£
278,683
4,426
42,734
3,519
5,644
1,446
1,550
19,946
37,385
2,617
30,239
-
316,660
744,849		 2024
£
248,246
8,295
43,951
-
4,220
1,131
1,182
19,886
32,561
586
25,952
(1,061)
282,253
667,202

In the year, £742,726 (2024: £665,330) of the expenditure was unrestricted and £2,123 (2024: £1,872) was restricted.

Page 17

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

10. SUPPORT COSTS

Other
trading
activities
£
Salaries and wages
27,197
Pensions
6,741
Rates and water
2,985
Insurance
2,629
Light and heat
14,077
Telephone and internet
3,325
Postage and stationery
1,403
Sundries
555
Health insurance
5,482
Training and college fees
744
Motor and travel
9,686
Repairs and maintenance
274
Staff uniforms
742
Cleaning
10,697
Advertising and public
relations
-
Legal and professional fees
-
Bookkeeping
14,289
Bank charges
39
Subscriptions
770
Refreshments
1,530
Security
-
Computer expenses
11,903
Company secretary's fees
4,480
Auditors' remuneration
9,609
Auditors' remuneration for
non-audit work
5,219
Accountancy
5,500
Trustees' travel costs
-
Penalty interest and charges
(3,600)
Depreciation of tangible
fixed assets
12
(Profit)/loss on sale of tangible
fixed assets
-
136,288
Prior period comparative
129,972		 Investment
management
costs
£
8,228
516
2,678
9,200
12,066
-
-
2
233
-
-
5,893
-
-
-
3,950
3,176
52
-
-
2,723
992
3,840
917
345
700
-
-
36,599
-
92,110
94,754		 Arboretum
£
55,061
9,812
2,865
14,458
14,077
9,502
3,256
5,377
5,949
2,198
7,845
11,778
378
32,092
10,517
-
14,289
350
2,401
1,530
2,724
6,943
4,480
12,184
4,578
9,300
408
-
77,240
(4,932)
316,660
282,253		 2025
Total
activities
£
90,486
17,069
8,528
26,287
40,220
12,827
4,659
5,934
11,664
2,942
17,531
17,945
1,120
42,789
10,517
3,950
31,754
441
3,171
3,060
5,447
19,838
12,800
22,710
10,142
15,500
408
(3,600)
113,851
(4,932)
545,058		 2024
Total
activities
£
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
8,022
8,875
24,449
294
4,541
2,064
5,417
10,835
12,000
13,247
14,737
-
102
-
104,759
1,795
506,979
506,979

Governance includes company secretary's fees of £12,800 (2024: £12,000), auditors' remuneration of £22,710 (2024: £13,247), auditors' remuneration for non-audit work of £10,142 (2024: £14,737), accountancy of £15,500 (2024: £nil), trustees' travel costs of £408 (2024: £102), a total of £61,560 (2024: £40,086).

Page 18

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025 2024
£ £
Depreciation - owned assets 166,100 153,481
Hire of plant and machinery 5,644 4,220
(Profit)/loss on disposal of fixed assets (4,932) 734

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. The figures stated are before consolidation adjustments.

Turnover
Cost of sales
Gross profit
Charged to the parent undertaking:
Rent receivable
Charged by the parent undertaking:
Support costs
Rent
Loan interest
Other expenditure
Depreciation
Profit/(loss) on ordinary activities
Taxation on profit on ordinary activities
Profit/(loss) for the financial year
The assets and liabilities of the company were:
Fixed assets
Current assets
Current and long term liabilities
Total net assets
Share capital - £1 ordinary shares
Retained profits		 2025
£
1,135,513
(933,061)
202,452
4,389
(136,288)
(28,388)
(18,117)
(2,929)
(15,471)
5,648
-
5,648
109,240
318,076
(325,538)
101,778
105,000
(3,222)
101,778		 2024
£
1,149,921
(942,368)
207,553
-
(129,972)
(28,700)
(7,880)
-
(16,989)
24,012
-
24,012
107,969
362,556
(374,395)
96,130
105,000
(8,870)
96,130

Page 19

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

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 £408 (2024: £102) during the year.

14. STAFF COSTS

STAFF COSTS
Wages and salaries
Other pension costs		 2025
£
688,583
17,069
705,652		 2024
£
632,097
15,294
647,391

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 £84,509 (2024: £77,999).

The average monthly number of employees during the year was as follows:

Garden centre and arboretum shop
Arboretum
Office		 2025
16
11
2
29		 2024
15
10
2
27

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 £80,000 to £89,999.

Page 20

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Arboretum
Other trading activities
Investment income
EXPENDITURE ON
Raising funds
Fundraising
Other trading activities
Investment management costs
Charitable activities
Arboretum
Donations
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward		 Unrestricted
fund
£
2,000
804,316
1,149,921
140,360
2,096,597
1,005
1,089,329
96,015
1,186,349
665,330
5,130
1,856,809
(40,558)
199,230
5,259,627
5,458,857		 Restricted
funds
£
7,580
-
-
-
7,580
-
-
4,520
4,520
1,872
-
6,392
-
1,188
66,711
67,899		 Total
funds
£
9,580
804,316
1,149,921
140,360
2,104,177
1,005
1,089,329
100,535
1,190,869
667,202
5,130
1,863,201
(40,558)
200,418
5,326,338
5,526,756

Page 21

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

16. TANGIBLE FIXED ASSETS

Group
Freehold
property and
improvements
£
COST
At 1st February 2024
5,075,920
Additions
82,704
Disposals
(6,072)
At 31st January 2025
5,152,552
DEPRECIATION
At 1st February 2024
849,015
Charge for year
105,277
Eliminated on disposal
(6,072)
At 31st January 2025
948,220
NET BOOK VALUE
At 31st January 2025
4,204,332
At 31st January 2024
4,226,905
COST
At 1st February 2024
Additions
Disposals
At 31st January 2025
DEPRECIATION
At 1st February 2024
Charge for year
Eliminated on disposal
At 31st January 2025
NET BOOK VALUE
At 31st January 2025
At 31st January 2024		 Leasehold
improvements
£
39,397
-
-
39,397
2,978
2,399
-
5,377
34,020
36,419
Office
equipment
£
77,263
9,832
(973)
86,122
51,463
8,251
(952)
58,762
27,360
25,800		 "Leaves for
Learning"
classroom
£
70,295
-
-
70,295
28,834
3,499
-
32,333
37,962
41,461
Motor
vehicles
£
71,128
15,500
(12,000)
74,628
47,378
5,548
(9,152)
43,774
30,854
23,750		 Plant and
machinery
£
524,147
132,505
-
656,652
179,052
41,126
-
220,178
436,474
345,095
Totals
£
5,858,150
240,541
(19,045)
6,079,646
1,158,720
166,100
(16,176)
1,308,644
4,771,002
4,699,430

Page 22

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

16. TANGIBLE FIXED ASSETS - continued

Charity
Freehold
property and
improvements
£
COST
At 1st February 2024
5,075,920
Additions
82,704
Disposals
(6,072)
At 31st January 2025
5,152,552
DEPRECIATION
At 1st February 2024
849,015
Charge for year
105,277
Eliminated on disposal
(6,072)
At 31st January 2025
948,220
NET BOOK VALUE
At 31st January 2025
4,204,332
At 31st January 2024
4,226,905
Office
equipment
£
COST
At 1st February 2024
77,171
Additions
9,832
Disposals
(973)
At 31st January 2025
86,030
DEPRECIATION
At 1st February 2024
51,449
Charge for year
8,239
Eliminated on disposal
(952)
At 31st January 2025
58,736
NET BOOK VALUE
At 31st January 2025
27,294
At 31st January 2024
25,722		 "Leaves for
Learning"
classroom
£
70,295
-
-
70,295
28,834
3,499
-
32,333
37,962
41,461
Motor
vehicles
£
40,713
-
(12,000)
28,713
36,940
231
(9,152)
28,019
694
3,773		 Plant and
machinery
£
459,510
131,252
-
590,762
165,910
33,372
-
199,282
391,480
293,600
Totals
£
5,723,609
223,788
(19,045)
5,928,352
1,132,148
150,618
(16,176)
1,266,590
4,661,762
4,591,461

Page 23

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

17. FIXED ASSET INVESTMENTS

Listed investments
Investment in subsidiary company
Listed investments
Market value
At 1st February 2024
Additions
Revaluations
Market value
Cash
At 31st January 2025		 2025
Group
£
422,079
-
422,079		 2024
Group
£
391,368
-
391,368		 2025
Charity
£
422,079
105,000
527,079		 2024
Charity
£
391,368
105,000
496,368
Group and
charity
£
391,365
28,203
2,506
422,074
5
422,079

The listed investment is comprised entirely of shares in the CF Ruffer Charity Assets 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:
Valuation
Cost
At 31st January 2025
Investment in subsidiary company		 Group and
charity
£
(39,714)
461,793
422,079

Investments held by the charity include an investment of £105,000 in the subsidiary company at cost.

Page 24

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

18. STOCKS

2025
Group
£
Stocks
270,835
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
Group
£
Trade debtors
20,519
Amounts due from subsidiary undertakings
-
Income tax recoverable
6,913
Other debtors
10,237
Prepayments and accrued income
57,409
95,078		 2024
Group
£
293,616
2024
Group
£
28,888
-
6,914
3,990
36,929
76,721		 2025
Charity
£
-
2025
Charity
£
19,271
254,326
6,913
9,198
32,906
322,614		 2024
Charity
£
-
2024
Charity
£
22,508
215,284
6,914
3,990
36,929
285,625

19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

The amounts due from subsidiary undertakings represents a loan advanced by the charity. The figure includes £224,809 (2024: £196,142) falling due after more than one year.

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Value Added Tax
Social security and other taxes
Other creditors
Accruals and deferred income		 2025
Group
£
117,648
22,733
6,388
11,638
137,037
295,444		 2024
Group
£
56,424
160,545
5,619
-
135,679
358,267		 2025
Charity
£
69,612
22,733
1,822
6,150
123,915
224,232		 2024
Charity
£
30,691
51,591
3,320
-
113,554
199,156

21. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Tangible assets
Fixed asset investments
Debtors and stock
Cash and bank and in hand
Creditors, accruals and deferred income		 Unrestricted
funds
£
4,713,758
422,079
365,913
498,479
(293,821)
5,706,408		 Restricted
funds
£
57,244
-
-
5,000
(1,623)
60,621		 2025
Total
£
4,771,002
422,079
365,913
503,479
(295,444)
5,767,029

Page 25

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

22. STATEMENT OF FUNDS

Statement of funds - current year
Unrestricted funds
General fund
Restricted funds
Leaves for Learning project
Art of Conservation lino print
Bricks in the Wall project
Head gardener seed collection travel costs
Forest School project
Floating islands project
TOTAL FUNDS		 At 1/2/24
£
5,458,857
39,838
734
19,751
5,000
332
2,244
67,899
5,526,756		 Net
movement
in funds
£
247,551
(3,499)
(734)
(2,658)
-
(50)
(337)
(7,278)
240,273		 At 31/1/25
£
5,706,408
36,339
-
17,093
5,000
282
1,907
60,621
5,767,029

Net movement in funds, included in the above, are as follows:

Incoming
resources
£
Unrestricted funds
General fund
2,184,226
Restricted funds
Leaves for Learning project
-
Art of Conservation lino print
-
Bricks in the Wall project
2,844
Forest School project
-
Floating islands project
-
2,844
TOTAL FUNDS
2,187,070		 Resources
expended
£
(1,943,681)
(3,499)
(734)
(1,002)
(50)
(337)
(5,622)
(1,949,303)		 Transfers
£
4,500
-
-
(4,500)
-
-
(4,500)
-		 Gains and
losses
£
2,506
-
-
-
-
-
-
2,506		 Movement
in funds
£
247,551
(3,499)
(734)
(2,658)
(50)
(337)
(7,278)
240,273

Transfers between funds of £4,500 relates to Adopt a Tree donations recognised in error as Bricks in the Wall project donations in prior periods.

Page 26

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

22. STATEMENT OF FUNDS - continued

Comparatives for statement of funds

Unrestricted funds
General fund
Restricted funds
Leaves for Learning project
Play Area project
Art of Conservation lino print
Bricks in the Wall project
Head gardener seed collection travel costs
Forest School project
Floating islands project
TOTAL FUNDS		 At 1/2/23
£
5,259,627
43,358
1,000
864
16,008
5,000
481
-
66,711
5,326,338		 Net
movement
in funds
£
199,230
(3,520)
(1,000)
(130)
3,743
-
(149)
2,244
1,188
200,418		 At 31/1/24
£
5,458,857
39,838
-
734
19,751
5,000
332
2,244
67,899
5,526,756

Net movement in funds, included in the above, are as follows:

Unrestricted funds
General fund
Restricted funds
Leaves for Learning project
Play Area project
Art of Conservation lino print
Bricks in the Wall project
Forest School project
Floating islands project
TOTAL FUNDS		 Incoming
resources
£
2,096,597
-
-
-
4,940
-
2,640
7,580
2,104,177		 Resources
expended
£
(1,856,809)
(3,520)
(1,000)
(130)
(1,197)
(149)
(396)
(6,392)
(1,863,201)		 Gains and
losses
£
(40,558)
-
-
-
-
-
-
-
(40,558)		 Movement
in funds
£
199,230
(3,520)
(1,000)
(130)
3,743
(149)
2,244
1,188
200,418

Page 27

Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

22. STATEMENT OF FUNDS - continued

Unrestricted funds

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds

Leaves for Learning project - the purpose of this fund is to provide a classroom and associated audio visual equipment to enhance educational opportunities for youngsters when they visit with their schools. The charity offers teachers educational trails to support learning. Further to completion of the project, the balance relates to the depreciated cost of the assets.

Play Area project - the purpose of this fund is to provide a children's safe play area with slides, activities and a soft landing surface. Further to completion of the project, the balance relates to the depreciated cost. There is no restricted balance for this fund in 2025 as the assets have been fully depreciated although remain entirely functional.

The Art of Conservation lino print project - the purpose of this fund was to enable staff and visitors to create a giant lino print to celebrate our conservation work with the International Conifer Conservation Programme. The giant print includes a monkey puzzle tree which is native to Chile where it has become endangered. The charity works with the ICCP to help prevent endangered trees such as these from becoming extinct by planting saplings and allowing trees to grow safely within the arboretum. The lino print has been removed from public view. Further to completion of the project, there is no restricted balance for this fund in 2025 as the asset has been fully depreciated.

Bricks in the Wall project - the purpose of this fund is to restore and conserve our Victorian Grade 2 listed kitchen garden wall. The project has provided a training opportunity in heritage wall repair. Further to completion of the project, the balance relates to the depreciated cost of the asset.

Head gardener seed collection and travel costs project - the purpose of this fund is to cover the head gardener's travel costs when collecting seed from China and Japan in particular but also from South America and Chile. Further to completion of the project, the fund remains unspent at present as we consider the best seed collection options.

Forest School project - the purpose of this fund was to purchase a log burner and flue, now utilised within our Mini Foresters enchanting forest school experience. Mini Foresters is inspired by forest school theories and implemented by the Mini Mudders organisation, the outdoor stay and play group. Further to completion of the project, the balance relates to the depreciated cost of the assets.

Floating islands project - the purpose of this fund was to purchase Biohaven Floating Islands that enable plants and microbes to live in high concentrations and provide a large surface area for the biochemical processes that maintain water purify within our reservoir, the aim of which is to provide a wildlife habitat and water reserve to protect our plants from climate change. Further to completion of the project, the balance relates to the depreciated cost of the assets.

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Docusign Envelope ID: 6BB0EB7F-ECD2-465A-A956-5ED2F07026CE

The Batsford Foundation

Notes to the Financial Statements - continued for the Year Ended 31st January 2025

23. RELATED PARTY DISCLOSURES

During the year, J P Moody, company secretary, provided secretarial and advisory services to the charity amounting to £12,800 (2024: £12,000).

During the year, S Priest (director of operations) occupied a property on the premises necessary for the proper performance of his duties and paid rent during the year of £5,000 (2024: £5,000) by salary sacrifice. The open market rental value might be about £13,000 per year.

During the year, a company called Frank P. Matthews Limited, of which N D Dunn (trustee) is a director, sold the charity goods for sale in the shop with a total purchase value of £11,663 (2024: £13,558).

24. ULTIMATE CONTROLLING PARTY

The charity is jointly controlled by the trustees.

25. LEGAL STATUS OF THE CHARITY

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.

26. 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 furtherance of the charity's objects.

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