Registered number: 04584694 Charity number: 1095435 The Alnwick Garden Trust (A company limited by guarantee) Annual report 31 March 2024 The Alnwick Garden Trust (A company limited by guarantee1 Contents Page Reference and administrative details Chairman's statement Trustees, report 3-13 Trustees, responsibilities statement 14 Independent auditorfs report 15-18 Consolidated ststement of financial activities 19 Consolidated balance sheet 20 Company balance sheet 21 Consolidated statement of Cash flows 22 Notes to the financial statements 23-52 The Alnwick Garden Trust (A company limited by guarantee) Reference and administrative details Year ended 31 March 2024 Trustees The Duchess of Northumberland Jonathan Blackie CBE, Chair John Lovett Sir James Leigh-Pemberton Sir James Mackey Catherine Kalson Christopher Robson (appointed 20 June 2024) Company r•glsterod number 04584694 Charlty reglsterod number 1095435 Reglstered office The Alnwick Garden Gardeners Cottage Greenwell Road Alnwick Northumberland NE66 1HB Chlef executlve offlcer Mark 8rassell Independent audltor UNW LLP Citygate St James, Boulevard Newcastle upon Tyne NE14JE Bankers Barclays Bank Morpeth Northumberland NE613YY Sollcltors Muckle LLP Time Central 32 Gallowgate Newcastle upon Tyne NE14BF The Alnwick Garden Trust (A company limited by guarantse) Chairman's statement Year ended 31 March 2024 The chairman presents his statement for the year. It has been an incredibly exciting year for The Alnwick Garden Trust, marked by transfonnative milestones and remarkable achievements. The undoubted highlight was the grand opening of Lilidorei, a magical space that captured the imagination of visitors far and wide. The Unpre￿dented level of interest it generated was reflected in the many happy families who experienced the power of both imaginary and physical play within its environment. The impact of Lilidorei was further amplified by the coverage we received on Channel 4, which brought our story to a national audience and greatly enhanced our visibility. As we look ahead, this year and the next will be pivotal as we focus on adjustment learning what works best and refining what doesn't. There are sti15 some aspects of Lilidorei, particularly the back-of-house areas, that require final touches. Nonetheless, the tremendous impact on the local visitor economy is already evident, and Lilidorei has sigrlificantly increased the Trust's social and economic impacts. Our organisation has also grown this year, with a team of 240 members, 95 volunteers and a turnover reaching £9 million. We experienced our strongest Christmas period, February, and March on record. In addition, the opening of the Climate Action Hub, Apiary, and our new Changing Places facility were key highlights, reflecting our commitment to innovation and inclusivity. This year, we proudly received the Gold Award for Inclusivity and Accessibility at the North East Tourism Awards, alongside other accolades and recognitions. We also made significant strides in broadening our charitable reach, amending the Trust's charitable objects to better encompass the wide range of community support we offer. None of this would have been possible without the dedication of my fellow Trustees, the unwavering support of The Duchess of Northumberland, and the tireless efforts of all our staff and volunteers. I would also like to extend our thanks to the Duke of Northumberland and Northumberland Estates for their continued supporL We are excited about the future, especially as we reflect on the tremendous growth we've experienced over the past year. The next 12 to 18 months will be a period of learning and adaptation as we embrace our new position as a larger organisation, With the successful completion of the Lilidorei capital project, our focus will now shift towards rebuilding the Trust's reserves. While we anticipate some challenging trading conditions, our Trustees and team are well-equipped to navigate these hurdles and will guide us through with confidence, ensuring continued success and progress. l encourage all readers to explore our 2023-24 Social Impact Report, available on our website. We take great pride in this report, as it highlights the wide-ranging social impacts of The Trust. Jonathan Blacklo CBE Chalr of The Alnwlck Garden Trust Septembor 2024 The Alnwick Garden Trust (A company limited by guarantee) Trustees. report Year ended 31 March 2024 The trustees present their annual report together with the audited financial statements of the company for the 1 April 2023 to 31 March 2024. The annual report serves the purposes of both a trustees, report and a directors, report under company law. The trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). ObJectlv•s and activltle8 • Pollcles and objectlves The mission of The Alnwick Garden is to inspire and connect people in an inclusive space of beauty and learning that ultimately enriches people's lives. Our values Community Charity Access for all Bold imaginats'on Innovation Our goal8 Embed our roots in the surrounding community and grow together Provide a social and educational space for those in need Promote inclusivity with access for all abilities Enrich people's lives with memorable experience Create engaging learning opportunities for all ages In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running charity (PB2)'. • Strategles for achlevlng objectlves In order to achieve the Trust's charitable objectives, The Alnwick Garden's strategic plan identifi'es the following four medium term goals.. Goal 1- To be a key driver of social and economic support for Alnwick and the wider area., Goal 2 - Commercially sustained success through growth in visitor numbers, memberships and an excellent food and beverage offer that includes a wide variety of events., Goal 3 To be a leader in the fight against Climate Change, educating others and tackling the challenge of reducing carbon in the atmosphere while protecting biodiversity., Goal 4- Happy and high functioning team to ensure the continued success of the Trust. The Alnwick Garden Trust (A company limlted by guarantee) Trustees. report (continued) Year ended 31 March 2024 ObJ•ctlves and a¢tlvlti88 {contlnued) Actlvltles undortaken to achl•ve objectives The Alnwick Garden Trust consistently adapts its community programmes to address the evolving needs of the people it seNes. Our Community and Education team remain deeply engaged with local groups and stakeholders, ensuring that our efforts are both relevant and impactful. Over time, this proactive approach has highlighted the need to expand our original charitable objectives, which had become too narrow to encompass the full range of support we now provide. This year, the trustees decided it was necessary to revise the Trust's charitable objects to more accurately reflect the breadth of our community work. This update is particularly timely with the opening of Lilidorei, which brings additional opportunities for positive social impact The following are the Trust's revised Charitable Objects.. (A) The acquisition and preservation and improvement for the benefit of the public of places of historical or archaeological interest or of natural or cultivated beauty in the county of Northumberland and the provision of ready access to them by the public. (B) The advancement of the education of the public through such means as the trustees thlnk fit in accordance with the law of charity. (C) The provision of facilities or services in the interests of social welfare for individuals who have need of such facilities or sep4ices by reason of their youth, age, infirmity or disability, financial hardship or social circumstsnces with the object of improving their conditions of life. (D) The advancement of health by promoting public participation in healthy outdoor recreation and leisure activities; and (E) Ancillary to the above, the furtherance of such other charitsble purposes for the benefit of the public as the trustees from time to time detemine in the County of Northumberland and surrounding areas. With the above in mind The Trust assessed its activities and enSU￿S they encompass one of the following themes: Wellbeing Education Empowerment The Alnwick Garden Trust (A company limited by guarantee) Trustees, report {continued) Year ended 31 March 2024 strat•gic report Achievements and perforniance • Main achlevements of the company Revlew of the flve charltablo objectlves against actlvitles dellvered In 2023124 Wellbelng Objectiv&s.' Reduce the impacts of isolation and loneliness for people over the age of 55. Provide inclusive learning experiences for young people with additional needs thereby improving confidence, communication and social skills. Reduce food waste whilst providing a positive social space for local visitors and the community. Activities and pmgrammes.. Elderberries, Young Gardeners and Community Fridge programmes. Educatlon Objectives.. Develop climate and ecological themed actions and embed these into our engagement programmes. Prevent harmful drug use by allowing young people to make informed choices and consider safer options. Reduce the prevalence of childhood obesity through learning about healthy eating and the importance of physical activity. Promote the importance of imaginary play for children and help them to improve their cognitive, social and emots'onal wellbeing. Activities and programmes.. Climate Action, Drugs Education, Roots and Shoots and Lilidorei Education programmes. Empowerment Objectives.. Provide a platfom for people to develop that practical business skills required to start up their own businesses. Provide inclusive leaming experiences for people with additional support needs and their families using horticulture to improve confidence, communication and social skills. Improve confidence, wellbeing and a sense of purpose through therapeutic horticulture, helping those who need it to move closer towards employment. Activities and programmes.. Seeds for Success, Grow into Work and Horticulture for Health programmes. The Alnwick Garden Trust (A company Ilmitod by guarante•) Trustees, report (continued) Year ended 31 March 2024 Strateglc report Icontlnued) Achlevements and perfomance (contlnued) Supporting the Creatlve Sector In addition to the above the Trust also promotes arts and culture with a specific focus on the local creative sector. This is predominantly done through The Garden and Lilidorei's event programme. The following events were delivered through the 2023-24 financial year.. Christmas Light Trail- A unique, immersive light trail set to inspire the imagination of the Christmas spirit. Using local, talented artists and technicians to create an exciting adventure around a wintery garden. The Wind in The Willows - In partnership with the Alnwick Playhouse and Queens Hall Hexham the Garden hosted an outdoor production of Wind in the Willows, showcasing local talent and enabling people to enjoy performance and arts set in a beautiful and unique setting. Ellington Colliery Band, North Tyneside Steel Drum Band, Buskers - Showcasing tslent and enabling people to enjoy music in idyllic surroundings. What A Wonderful Wortd Festival- Set up by a team of local people, this climate action themed festival was held at The Garden for its inspiring natural beauty. Performers visited from all over the county, playing variety of local songs and melodies, with local schools taking an active role in creating and perfonning music. Duck Race - This fun and exciting yearfy event attracts exceptional visitor numbers and is run by the local Alnwick Round Table. Gay Day- We played host to the annual Mr Gay World for the first time this year, alongside the MX Drag Britain and Mr Gay Europe Finals competitions. Economlc Impact of The Gardon Over the past 23 years, The Alnwick Garden has made a signfficant financial and social impact on the local community. With over 7.4 million visitors to date, this figure is even more impressive when accounting for non- ticketed guests who frequent the retail shop and The Treehouse. The Garden proudly champions local businesses by fostering strong relationships with suppliers and producers across the North East. This not only bolsters the regional economy but also reduces carbon emissions through reduced transportation distances. Our collaboration with the local creative sector continues to thrive, with an increasing number of local artists and producers featured in our retail shop. To further support local talent, The Garden introduced a diverse range of local food vendors throughout the year. This initiative not only enhanced our support for local businesses but also enriched the food and beverage offerings for our visitors. The opening of Lilidorei has provided a significant boost to the local economy, particularly during the shoulder season and winter months. Father Christmas relocated from his usual Grotto in The Garden to Lilidorei, accompanied by a herd of eight reindeer that visitors could feed. This enhanced festive experience resulted in The Trust's busiest holiday season on record, attracting over 62,635 visitors across both sites and delivering a much-needed surge to the local visitor economy during a traditionally quieter time. The Alnwick Garden Trust (A company limited by guaranteo) Trustees. report (continued) Year ended 31 March 2024 Strateglc report (continued) Achievements and perfornianco (contlnued) We continue to collaborate with stakeholders in the town to maximise economic activity, especially during the winter and shoulder seasons. Since its inception, The Garden has contributed an estimated £362 million to the local economy, with £176 million spent directly with local suppliers. This economic activity has supported 2,145 direct jobs and 1,246 indirect jobs. The opening of Lilidorei is expected to generate even more benefits, with an additional 230 jobs anticipated. The Alnwick Garden is a visionary project that has firmly placed Alnwick, Northumberland, and the North East on the international tourism map. The addition of Lilidorei this year has further strengthened this position and provided a vital boost to the regional visitor economy. Fundralslng actlvltle8 Fundraising efforts this year were targeted towards the provision of our community programmes. Applications were made to a range of charitable trusts, public bodies and individuals, and the key donors were as follows.. Community Foundation Tyne and Wear Newcastle Building Society The Stuart Halbert Foundation North of Tyne Combined Authority Jane Robertson Alnwick The Roy and Pixie Baker Charitable Trust CEO Sleepout Bernicia Franklin Food and Drinks Polar Krush Innocent Smoothies. • Finan¢lal key parfonnance Indlcators Full details of the charitsble company's financial position can be found in the accompanying financial statements attached to this report. The consolidated statement of financial activities shows total incoming resources of £10,085,659 {2023'. £8,364,732), total resources expended of £11,242,396 (2023.. £7,292,675) and net outgoing resources for the year of £1,156,737 (2023.. incoming resources of £1,072,057). When assessing the consolidated balance sheet, it is important to note that in the year to 31 March 2024 the creditors amount includes a long term interest free loan which the charity has received from Northumberland Estates. FRS 102 requires that such loans are recognised at net present value as calculated by reference to an applicable discount rate. The charity has calculated the net present value of the £8m loan to be £2,094,378 at 31 March 2024 (£1,883,113 at 31 March 2023), based on a discount rate of 60/0, the agreed repayment structure and the settlement date in 2047. The Alnwick Garden Trust (A company limlted by guarante6> Trustees. report (continued) Year ended 31 March 2024 Stratoglc report (continued) Achlevem•nts and porforniance (Contlnued) • Non-flnanclal kéy perfomiance Indlcators The following are some of the non financial key perfomance indicators: 334,560 Garden visitors (induding Light Trail visitors) (2022123.. 313,496) 159,317 Lilidorei visitors (2022123: 0) 41,804 Winter Light Trail visitors (2023.. 42,887) 30,061 Adventure Golf visitors (2022123.. 30,609) Our social impacts also showed strong grovrth this year with some of the key indicators being: 442 individuals reached through Elderberries programme. 3,708 attendances at the Elderberries Drop-ln centre. 6,222 attendances at Elderberries events and activities. 8,056 hours delivery of Elderberries programmes. 600 hours of work experience delivered though the Grow Into Work programme. 200 attendees at our Careers Fair with 18 local businesses attending. 48 individuals supported through our Employability programmes. 1499 hours of delivery through our Employability programmes. 201 pupils attended our Bee Workshops with 187 pupils involved in outreach sessions. 8 families supported through our Young Gardeners programme. 159 pupils participated in the Roots and Shoots programme from 8 different schools. 705 pupils participated in our Drugs Education programme. 639kg of food saved from waste through our Community Fridge with 181 attendances. 1,350 attendees at the Community Winter Light Trail evening. 3 122 school children benefitted from Lilidorei Free Fridays initiative. 79,631 visitors to The Poison Garden receiving an education piece about drugs misuse. More information on the Trust's social impact is contsined in the 2023124 Social Impact Report available on The Alnwick Garden website. Flnancial revlew • Golng concern The Trust's free cash reser4es declined from £1,384,966 at the start of the year to £350,860 by year•end, primarily due to one-off capital expenditures associated with completing Lilidorei's construction. Despite this, the Trust achieved a 570/0 increase in totsl revenue, with operational financial performance aligning with expectstions. The festive season, along with February and March, were particularly successful periods. While there will be some retention-related expenditures in the 2024125 financial year, the major financial pressures of the project are now over. The Trust's team can shift their focus to efficiently operating the sites, leveraging the efficiencies gained from an extended period of being open. The stsrt of the 2024125 financial year has been challenging, largely due to poor weather conditions. a factor affecting many outdoor venues. The team closely monitors financial perfomiance and booking trends to stay agile in responding to challenges and adjusting costs where necessary. In the months ahead, the primary goal is to manage the fixed cost base that supports the larger organisation for long-term sustainability, while continuing to create jobs and deliver social impact. The Trust's revenue is expected to consistently exceed £9 million annually, and the cost structure will adapt accordingly to begin rebuilding cash reserves. A key part of this strategy is to safeguard the significant cash flow both sites generate during the spring, summer, and holiday seasons. The Alnwick Garden Trust (A company limitsd by guaranteal Trustees. report (continued) Year ended 31 March 2024 The continued success of the festive season offerings at both sites has enhanced the sustainability of the business model, with cost-saving opportunities primarily concentrated in the first quarter of the calendar year. The management team actively develops contingency plans using real-time data to protect the Trust's reserves. and the Trustees remain confident in using the going concern basis for preparing the financial statements. Furthermore, a 10-year cash flow forecast is regularly updated to project the financial flows for both Lilidorei and The Garden, factoring in the costs of Bonds and their eventual redemption. Therefore after making appropriate enquiries, the trustees have a reasonable expectation that the company and the group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going con￿rn basis can be found in the accounting policies. Reserves pollcy The Trust has reserves totalling £14,511,903. Of this, £517,826 is held in restricted funds and £13,776,891 is held in capital funds. Unrestricted free resenies are therefore £217,186. In 2020121, the Twstees recognised the importance of being more resilient against major risks in the future. As result, they decided to increase the free cash reserves target to six months of operating costs, setting the goal at £1.416 million. A key objective for The Trust is to steadily grow its cash reserves to meet this target. At the end of the financial year, The Trust's operating cash stood at £655,174 (2023.. £1,341,266). After adjusting for Net Working Capital, the estimated free cash was £350,860 (2023.. £1,384,966). The financial yearond typically aligns with the time when The Trust's cash reseNes are at their lowest, just before the main income- generating season begins. This year, The Trust strategically utilised some of its reserves to complete the Lilidorei project, opting to do so instead of taking on additional borrowings. With the project now finished, The Trust is focused on rebuilding cash reseNes to the targeted level by the end of the 2025126 financial year. The Alnwick Garden Trust (A company Ilmitsd by guarantee) Trustses. report (continued) Year ended 31 March 2024 Financial performance summary Iolklg Iwm R￿Mu• 4.999,997 871.596 17M,595 i•Q263 140.950 Z.W,468 520,95> 12M,589 18J7,413 571.257 IW,675 2JJWS 182.165 L441,331 276.T18 1.554414 560,01 15¢5.9ZS 697.193 RtEalIJ￿è 356.335 139,038 76>.D4J 1971465 BY,401 34.9•9 5*7JJl J,n9. J,OJ¢173 486.9 117.361 4itl.J93 1,441￿7 626.381 321.4gO 4JJ,803 *TI71J 125.472 Y9,$05 &W9.116 IZ.J4¢ R•I&ICosfolSthonrféIr￿tCO$rj 2,19S593 J,193,472 1S613 JJ4•21 JAKyoo 570 Owr•tr4C•J 374Y76 575,7 (138 21.279 303,OJ2 303,471 233/57 IS7,332 J¥.iJfr JJ4,928 33T.*56 392,111 3J9,193 37J,S31 4￿.15¢ 140JS 94.267 314482 IT,720 Mor*itthganLrcofftmunkOt oy•NntondA6mthlttror 3¥593 1.432 95.olj 4S459• 94.721 90.357 441SS2 153.￿& 516.lJ• J740 3M.6T4 219,9•1 244) 112.lJ9 23J,4 A,12J.M¢ &J•Y,7 I,¥w.Izz $17,41J 1,571,Mi 14636 172,SM ¢•F4t*lhW4tm•rt.th•ryd%¢ profft&id LOSI C4pltii i•v4strniht-CllF4tilh• ZS10 177,151 211,720 162,1 1639.1111 17B.6$3 Z14,660 2SOM30 191,1501 1gL7e6 341,174 IWJ.1341 i•J 5,9 J¢6,Ui ' i¢èCrHMs•￿￿[r•1￿*I￿￿0V1fOthlftw1OmQnth￿0tlhI IOIVl9FIn•￿ilIY*•rI￿1ItlN int¢taSlsMlqs•nd iswpitsdco •£•pli￿ Inyoslm￿ICh*rl•dt0t￿ Li1￿￿d￿*￿tITh¥•lIm￿I kntoth1chiblffl4s￿lhlthOY1 15well4slw¥errn4lnl•n•rtc•workusualkw4llo(4i¢dtoftqp•lNind Mwn￿n•￿r+￿th•rnln1VM￿tKC￿￿1￿ *ThoC4pExc￿F1•d1ol￿èP1nd LI4￿re1Cr I¢I*IlOom￿In￿ud*S ihèltht ind r•p41 *OthtrlMometh 202Q121r•thttdtolurtDuihcli5m The table above demonstrates the Trust's significant growth with the opening of Lilidorei at the end of May 2024. Despite a challenging operating environment with the cost of living crisis, energy increases and abnomial inflation levels the Trust grew income streams by 570/0 and operating revenue by 1380/0. A great number of new Lilidorei visitors also visited The Garden which meant The Garden experienced one of its rnost successful years on record. 10 The Alnwick Garden Trust (A company limited by guarantee) Trustees, report (continued) Year ended 31 March 2024 There are primarily three areas for ongoing investment to expand and enhance the Charity's public benefit which are.. Firstly, delivering The Garden's social impacts through its Community and Education activities. A significant amount is also received from external donations to supplement this, however, in recent years there has been less reliance on external donations due to the healthy cash flows The Garden has been able to generate. Secondly, capital investment required as part of the infrastructure maintenance plan. Thirdly, investment in the development of new projects such as the envisaged Education Centre and the Lilidorei play village, the latter of which opened successfully at the end of May 2023. F¢xJlnote.'Tha numbars above 8rn pr8s8ntsd in non statutory fonn to demonslr•te th8 underlying profitabllity of The Garden Operat￿nS prior lo th8 Trust taking on signifi¢ant debt as S81 out 8Is8where in the report. ClassifiGalions belween inGome and expenditure of different operations in this format and the statutory headings 8nd ch8rll8ble functions described 81sowher8 in finan￿81 $talem8nls differ due lo some choritabl8 activities being income gen8r8ting in order to support the wd8r operations of the garden. The total income and expenditure set out abov8 can b8 rgGonul6d to the prOv￿uSIY audited finan￿81 stafoments of th8 group. • Prlnclpal fundlng The Trust generates the majority of its income through its admissions and other activities. Grants and donations were received from the Friends, private individuals, trusts and corporate donors. Fundraising in general is increasingly difficult on account of both economic conditions and sources of funding having fewer resources as well as a higher number of applications. The charity is registered with the Fundraising Regulator and the fundraising activities undertaken by the charity are carried out in accordance with reference to the Code of Fundraising Practice. All complaints received by the charity are recorded and investigated in line with the charity's complaints procedures. During the year the charity received no complaints related to its fundraising activities (2023.. none). No complaints were received from the Fundraising Regulator. As a charity we do not use the services of unsolicited fundraising methods, external call centres or external sales canvassing companies to support our fundraising activities. Structurei governance and management Constitutlon The Alnwick Garden Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 29 October 2002. The Trust is constituted under its Memorandum of Association and is a registered charity (number 1095435). Updated Articles of Association of the charitable company were adopted by a special resolution on 7 June 2010. The Articles of Association have been approved by the Charity Commission. The principal objects of the Trust as stated in the Appendix to the Articles of Association are the acquisition, preservation and improvement for the benefit of the public of places of historical or archaeological interest or of natural or cultivated beauty in the County of Northumberland and the provision of ready aC￿sS to them by the public,. and the advancement of the education of the public through such means as the trustees think fit in accordance with the Law of Charity. 11 The Alnwick Garden Trust (A company limited by guarantee) Trustses, report (continued) Year ended 31 March 2024 Structure, governance and management (continued) • Method8 of appolntment or elactlon of trustees The management of the Trust is the responsibility of the trustees. New trustees are selected by existing trustees and are appointed by Members of the Trust at the Trust's annual general meeting. New trustees receive a full induction on appointment to the Board. The trustees hold no shares in the Trust but each trustee, as a member, is a guarantor of the Trust to an amount not exceeding £1 in the event of the Trust being wound up. • Organl8atlonal structurn and d•clslon-maklng policlos The Trust is responsible for the development and activities of The Garden. The Trust is the sole member of Alnwick Garden Enterprises Limited and has the power to appoint or remove directors of that company. The activities of the subsidiary company are commercial in nature. These activities include non charitable retailing, catering and events activities. In total the non charitable activities a￿ self financing and are carried out to support The Garden and to assist in keeping admission prices to visitors to a minimum. The day to day running of the Trust and its subsidiary company is delegated to appropriate members of staff and to the directors of the subsidiary company. Trustees exercise financial control over the activities of the subsidiary company by means of an agreed annual budget, substantial variations thereto having to be agreed in advance. Trustees meet quarterly to review the activities of the Trust and its subsidiary. Betrween these meetings, trustees are informed on a monthly basis of actual performance of both entities. The Trust's Chief Executive Officer was Mark Brassell for the entire reporting period. There is a scheme of delegation whereby the trustees have granted powers for the Chief Executive Officer to act on their behalf with the exception of specified matters. Trustees have also instigated an annual govemance assessment in line with the new Charity Governance Code to ensure The Garden is managed ethically and in compliance with industry best practice. Policies and practices are adjusted based on the outcomes of this assessment. • Relatlonshlp wlth Northumberland E$tatsS The charitable company and Northumbedand Estates have a close working relationship. The charitsble company has received significant financial support dating back to when The Garden was first created and currently comprises of an interest free loan to the value of £8m. In addition to this the Trust occupies land under a number of long term leases with Northumberland Estates. In the 2019120 financial year the legal relationship with Northumberland Estates was altered significantly. Firstly, the repayment date of the interest free loan was extended for a further 12 years to 31 March 2047. In addition to this the leases We￿ also extended to the year 2047 to align with the loan repayment date. This secures the future of The Alnwick Garden in its current form until 2047 and ensures charitable outputs for a further 12 years. Each year ￿rtain categories of expenditure involving both Alnwick Garden Enterprises and Alnwick Castle that have been incurred by The Garden are recharged back to Alnwick Castle to ensure The Garden only bears its share of the cost. All car parking charges for Alnwick Castle are banked by Alnwick Garden Enterprises in the first instance. Similarly, Alnwick Castle raises invoices for group visits to The Alnwick Garden and banks receipts from them. Reimbursement is made on a regular basis by the relevant entity. These arrangements provide managerial and financial benefits to the charitable group. 12 The Alnwick Garden Trust (A company limlted by guarantee) Trustees, report (continued) Year ended 31 March 2024 Structure, govornance and managem•nt Icontlnued) • Flnanclal rlsk management The major risks to which the charitable company is exposed have been identified, and systems have been established to mitigate those risks. A full review of all risks was carried out in 2023 and early 2024. The Finance and Audit Committee assess risks regularly with the Senior Management Team to keep track of major risks and mitigation measures put in pla￿. Plans for future perlods Although the 2024 season began with challenges due to unusual weather conditions, The Trust has seen a healthy turnaround Sin￿ mid-July. Visitor numbers and secondary spending have significantly increased as the weather improved, showing promising recovery. In response to the early difficulties, effective cost-saving measures have been implemented, and we are excited to have identified new revenue streams that will further enhance our success for the remainder of the year. In terms of the completion of The Garden, the charitable company remains committed to completing the development. Phases l and 11 are completed and it is proposed the final stage, Phase 111, will include a new Education Centre and gardeners, facility allowing The Garden to significantly grow its education programmes. The Trust has recently experienced a period of significant growth and expansion. As a result, it is essential to allow time for the larger organisation to adapt and stabilise. The trustees are committed to ensuring that everything is functioning smoothly before moving forward. Only once they are confident that the organisation is well-settled will they consider advancing to the next phase of The Garden's development. Dlsclosure of Infomiatlon to audltor Each of the persons who are trustees at the time when this trustees, report is approved has confirmed that.. so far as that trustee is aware, there is no relevant audit infomation of which the charitable group's auditor is unaware, and that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit infomation and to establish that the charitable group's auditor is aware of that information. Audltor The auditor, UNW LLP, has indicated his willingness to continue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the trustees. Approved by order of the members of the board of trustees on 25 September 2024 and signed on their behalf by.. Jonathan Blackie CBE 13 The Alnwick Garden Trust (A company limited by guaranteel Trustees, responsibilities statement Year ended 31 March 2024 The trustees (who a￿ also the directors of the company for the purposes of company law) are responsible for preparing the trustees, report including the strategic report 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. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the trustees are required to.. select suitsble accounting policies and then apply them consistently., obseNe the methods and principles of the Charities SORP (FRS 102). make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disdosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The trustees are responsible for keeping adequate accounting records that a￿ sufficient to show and explain the Group and the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 14 Independent auditor's report to the Members of The Alnwick Garden Trust Opinlon We have audited the financial statements of The Alnwick Garden Trust (the 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and the related notes, 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 ststements.. give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 March 2024 and of the group'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. Basls for oplnlon 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 'Auditorfs responsibilities for the audit of the financial statements, section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained is suffi'cient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concem 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 group's or the parent charitable company's ability to continue as a going concern for a period of at least ￿e1ve 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. 15 Independent auditor's report to the Members of The Alnwick Garden Trust (continued) Other infomatlon The other information comprises the information included in the annual report other than the financial statements and our auditols report thereon. The trustees are responsible for the other information contsined within the annual report. Our opinion on the financial statements does not cover the other information and, ex￿pt 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 misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other infomation, we are required to report that facL We have nothing to report in this regard. Oplnlon on other matter8 proscrlbed by tho Companlos Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report including the strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements. the trustees, report and the strategic report have been prepared in accordan￿ with applicable legal requirements. Mattors on whlch we ar• roqulred to rnport by •xcoptlon In the light of our knowledge and understsnding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report including the strategic reporL We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and returns,. 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. Responslbllitles of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitsble company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misststement, 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, disclosing, as applicable, matters related to going concem and using the going concem 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. 16 Independent auditor's report to the Members of The Alnwick Garden Trust (continued) Auditorfs responsiblllties for the audlt of the financial statemènts 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 assuran￿ is a high level of assuran￿, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below". We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience and through discussions with the trustees and other management (as required by auditing standards) and from inspection of the charity's legal correspondence and we discussed with the trustees and other management the policies and procedures regarding compliance with the laws and regulations. We communicated identified laws and regulations within our audit team and remained alert to any indications of non compliance throughout the audit. Firstly, the charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charity legislation), distributable profits legislation and taxation legislation and we have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the charity is subject to many other laws and regulations where the consequences of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines and litigation. We identified the following areas as those most likely to have such an effect,. health and safety, employment law, data protection, environmental law and certain aspects of charity legislation, cognising the nature of the charity's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we have not become aware of any actual or suspected non-compliance material to the financial statements. Because of the inherent limitstions of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instsnces of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the fi'nancial statements is located on the Financial Reporting Council's website at.. wMv.frc.or .uklauditorsres auditor's report. onsibilities. This description forms part of our 17 Independent auditor's report to the Members of The Alnwick Garden Trust (continued) 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 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Anno Hallowell BS¢ FCA DChA (S6nlor Statutory Audltor) for and on bohalf of UNW LLP. Ststutory Audltor Chartered Accountants Newcastle upon Tyne 25 September 2024 18 The Alnwick Garden Trust (A Company limited by guarantee) Consolidated Statemant of financial activities (incorporating income and expenditure account) Year ended 31 March 2024 Endowment funds 2024 Restrlcted Unr•strict6d funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Incom• and endowments from: Donations and legacies Charitable activities Other trading activities Other income 1,039,778 75.005 4,823,305 3,986,607 115,111 1,114,783 4,823,305 4,032,460 115,111 2,557,108 2.604,949 3,096,953 105,722 45,853 Total Income and endowments 1,085,631 9,000,028 10,085,659 8,364,732 Exp•ndltur• on: Raising funds Charitable activities 110,641 2,87S,135 3,988,845 4,186,411 4,099,486 7,142,910 3,013,887 4,278,788 81,364 Total expendltur• 2,985,776 81,364 8,175,256 11.242,396 7,292,675 Net (expandlture)Ilncom (2,985,776) 1,004,267 824,772 {1.156,737) 1,072,057 Transfers bebween funds 20 3,281,501 (1,034,766) (2,246,735 Net movement In funds 295,725 (30,4991 {1,421,9631 11,156,737) 1,072,057 Reconclllatlon of funds: Total funds brought forward Net movement in funds 13,481,166 295,725 548,325 1,639,149 15,668,640 130,499) 11,421,963) 11,156,737) 14,596,583 1,072,057 Total funds carrled forward 13,776,891 517,826 217,186 14,511,903 15,668,640 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 23 to 52 form part of these financial ststements. 19 The Alnwick Garden Trust (A company limited by guarantee) Consolidated balance sheet At 31 March 2024 2024 2023 Note Flxed assets Tangible assets 14 28,121,866 27,587,414 28.121,856 27,587,414 Currènt assets Stocks Debtors Cash at bank and in hand 270.072 668,521 1,219,359 185,447 994,733 3,450,100 17 2,157,952 4,630,280 Creditors: amounts falling due within one year 18 (1,335,940) (2,337,806) Net current assets 822.012 2,292,474 Total a8$ets1688 current Ilabllltle8 Creditors.. amounts falling due after more than one year 28.943,868 29,879,888 19 (14,431,965) (14,211,248) Total net a888ts 14,511,903 15,668,640 Charlty funds Capitsl fund Restricted funds Unrestricted funds 20 20 20 13,776,891 517,826 217,186 13,481,166 548,325 1,639,149 Total funds 14,511,903 15,668,640 The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the trustees on 25 September 2024 and signed on their behalf by- The Duchess of Northumberland The notes on pages 23 to 52 fomi part of these financial statements. 20 The Alnwick Garden Trust (A company limited by guarantee) Balance sheet At 31 March 2024 2024 2023 Note Flxed assets Tangible assets Investments 14 15 27.775,248 27,179,260 27,775,250 Current asset8 27,179,262 Debtors Cash at bank and in hand 17 268,165 621,262 313,041 2,192,693 889,427 2,505,734 Creditors.. amounts falling due within one year 18 11,897.765) (2,047,884) Net current (Ilabllltles) l assets (1,008,338 457,850 Total a880ts le88 current Ilabllltl•8 Creditors.. amounts falling due after more than one year 26,766,912 27,637,112 19 113,803,662) (13,645,483) Total net a880ts 12,963,260 13,991,629 Charlty funds Capital fund Restricted funds Unrestricted funds 14,058,596 517,826 11,613,162 13,638,777 548,325 (195,473) Total funds 12,963,260 13,991,629 The company's net movement in funds for the year was a loss of £1,028,369 (2023.. surplus of £1,017,203). The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the trustees on 25 September 2024 and signed on their behalf by.. The Duchess of Northumberland Company registered number.. 04584694 The notes on pages 23 to 52 form part of these financial statements. 21 The Alnwick Garden Trust (A company limited by guarante•) Consolidated statement of cash flows Year ended 31 March 2024 2024 2023 Cash flows from operatlng actlvltSe8 Net cash used in operating activities 1,009,343 3,313,089 Cash flows from Investlng actlvltle8 Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Interest on retail charity bond capitalised 5,632 12,691,354) (10,484,904) (620,000) Net cash u60d In Investlng actlvltles (2,685,722) {11,104,904) Cash flows from flnanclng actlvltles Interest receivable Retsil charity bond interest payable 65,638 1620,000) 83,983 Net cash (u86d Inllprovlded by flnanclng actlvltles (554,362> 83,983 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year {2,230,741) 17,707,832 3,450,100 11.157,932 Cash and cash •qulvalents at the end of th8 year 1,219,359 3,450,100 The notes on pages 23 to 52 form part of these financial statements 22 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 Accounting policies 1.1 Basls of preparation of financlal statem•nts 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Alnwick Garden Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheThvise stated in the relevant accounting policy. The financial statements are presented in pounds sterling which is the functional currency of the company and are rounded to the nearest £1. 1.2 Company 8tatU8 The company is a company limited by guarantee, incorporated and domiciled in England. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. 1.3 Basls of con8olldatlon The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements. 1.4 Golng concern As noted within the trustees report, the Trust's free cash reserves declined from £1,384,966 at the start of the year to £350,860 by year-end, primarily due to one-off capital expenditures associated with completing Lilidorei's construction. Despite this, the Trust achieved a 57/0 increase in total revenue, with operational financial performance aligning with expectations. The festive season, along with February and March, were particularly successful periods. While there will be some retention- related expenditures in the 2024125 financial year, the major financial pressures of the project are now over. The Trust's team can shift their focus to efficiently operating the sites, leveraging the efficiencies gained from an extended period of being open. A 10-year cash flow forecast has been prepared and is regularly updated to project the financial flows for both Lilidorei and The Garden, factoring in the costs of Bonds and their eventual redemption. After making appropriate enquiries and considering the forecasts prepared, the trustees have a reasonable expectation that the company and the group has adequate resources to continue in operational existence for the foreseeable future and meet its liabilities as they fall due. Consequently, the trustees continue to believe the going concern basis of accounting is appropriate in preparing these financial statements. 23 The Alnwick Garden Trust (A Company Ilmited by guarantee) Notes to the financial statements Y8ar ended 31 March 2024 Accountlng pollclas (contlnued) 1.5 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial ststements. The capitsl fund isolates the capital cost of The Garden from the revenue expenditure required to open The Garden for public benefit. The costs of depreciating The Garden over the lease term, and the finance costs relating to borrowings to create the asset are channelled through this fund. The costs associated with the development of the Lilidorei project are also being channeled through this fund, as well as all finan￿ costs and liabilities. The fund remains unrestricted. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. Where funds a￿ raised for specific capital expenditure, the funds are restricted until expended on the capital project, and are then transferred to the capital fund as the restriction has been released. The aim and use of each restricted fund is set out in the notes to the financial ststements. 24 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 Accountlng pollcl88 (continued) 1.6 Income All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from visitors comprises admissions to The Garden, net of VAT, and is recognised as it is received. Income from Friends is deferred over the period in which the Friends are entitled to obtain access to The Garden. Trading income comprises amounts received for catering, car park and retail services and is recognised as the goods or services are supplied. Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of ents'tlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Donated seNices or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP {FRS 102) the volunteer time of the Friends is not recognised. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is recelvable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 25 The Alnwick Garden Trust (A company Ilmited by guarantee) Notes to the financial ststements Year ended 31 March 2024 Accountlng pollcles (contlnu8d) 1.7 Expendlture Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Charitable activities comprise visitor services, provision of programmes, and garden maintenance. Support costs are those costs incurred directly in support of expenditure on the objects of the charity, including those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements. They are apportioned against the activities of the charity in line with the estimated usage of those costs. Costs of raising funds are costs incurred in attracting voluntsry income, and those incurred in trading activities that raise funds, Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned bel￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitsble purposes and includes costs of all fundraising activities events and non4haritable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. 1.8 Employee boneflt8 Short-tomi beneflts Short-term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the seNice is re￿ived. Deflned contrlbutlon ponslon plan The company operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plan are held separately from the company in independently administered funds. 1.9 Leases All of the company's leasing arrangements are operating leases. Rental payments under operating leases are charged to the profit and loss account on a straight-line basis over the lease term, even if payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. 26 The Alnwick Garden Trust (A company Ilmited by guarantee) Notes to the financial statements Year ended 31 March 2024 Accountlng policies (contlnued) 1.10 Tanglble fixod assots and depreciation Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases.. Garden infrastructure Motor vehicles be￿een 5 and 25 years be￿een 3 and 4 years Fixtures, fittings and equipment be￿een 3 and 10 years 1.11 Flxed asset Investments Investments in subsidiaries are valued at cost less provision for impairment. 1.12 Stock8 Stocks are stated at the lower of cost or estimated selling price less costs to complete and sell. Cost is determined using the first-in first-out (FIFO) method and includes the purchase price, taxes and duties plus transport and handling costs directly attributable to bringing the stock to its present location and condition. Provision is made as necessary for damaged, obsolete or slow-moving items. 1.13 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 27 The Alnwick Garden Trust (A company limited by guaranteo) Notes to the financial statsments Year ended 31 March 2024 Accountlng policles (contlnued) 1.14 Flnanclal Instruments The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade, intercompany and other accounts receivable and payable, cash and bank balances, and loans from third parties. All such instruments are initially recognised at transaction price. unless the arrangement constitutes a financing transaction, in which case the transaction is measured at the present value of the future receipts discounted at a market rate of interest. All financial instruments are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period, financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account. Crftlcal accountlng 08tlmates and areas of Judgm•nt Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: Estimates included within these financial statements include depreciation charges and the imputed interest rate in respect of the concessionary loan. None of the estimates made are considered to carry significant estimation uncertainty, nor to bear significant risk of causing a material adjustments to carrying amounts of assets and liabilities within the next financial year. In preparing these financial statements the trustees do not consider there were any significant areas of judgment that were required in applying the charity's accounting policies as set out above. 28 The Alnwick Garden Trust IA company Ilmlted by guarantee) Notes to the financial statements Year ended 31 March 2024 Income from donations and legacies Restrlcted Unrestricted funds funds 2024 2024 Totsl fund8 2024 Donations Grants 39,778 1,000,000 75,005 114,783 1,000,000 1,039,778 75,005 1,114,783 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Donations Grants 50,202 2.500,000 4,857 2,049 55,059 2,502,049 2,550,202 6,906 2.557,108 29 The Alnwick Garden Trust (A company Ilmlted by guaranto0) Notes to the financial statements Year ended 31 March 2024 Income from charitable actlvltle8 Unre8trlcted funds 2024 Total funds 2024 Total funds 2023 Gift Aid and admissions donations Insurance Admissions 684,814 2,573 4,135,918 684,814 2,573 4,135,918 397,123 45,215 2,162,611 Total 2024 4,823,305 4,823,305 2,604,949 In the current year £nil (2023.. £500) of the Insuran￿ income relates to a business interruption insurance claim and £2,573 (2023.. £44,715) relates to other insurance income received. Income from other tradlng actlvltle8 Income from fundralslng events R•8trl¢ted Unrestrlcted funds funds 2024 2024 Total funds 2024 Fundraising and sponsorship 45,853 16,283 62,136 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Fundraising and sponsorship 20,390 7,474 27,864 30 The Alnwick Garden Trust (A company limited by guaranto01 Notes to the financial ststements Year ended 31 March 2024 Income from other trading activities {contlnuod) Income from non charltable tradlng activities Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Subsidiary trading to third parties 3,970,324 3,970,324 3,069,089 Other Incomlng resourc88 Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Other operating income Release of bond premium Interest income 31,473 18,000 65,638 31,473 18,000 65,638 739 21,000 83,983 115,111 115,111 105,722 Expendlture on ralsing fund8 Unrestrlctod Capltal Unrestrlcted fund funds 2024 2024 Total funds 2024 Subsidiary trading costs 110,641 3,988,845 4,099,486 Unrestricted Capital Unrestricted fund funds 2023 2023 Total funds 2023 Subsidiary trading costs 124,646 2,889,241 3,013,887 31 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 Analysls of expendlture on char5table actlvltles Summary by fund type Unrestrlctod Capltal Restrlcted Unr•strlcted fund funds funds 2024 2024 2024 Total 2024 Visitor services Charitable programmes Garden maintenance 211.265 3,011.221 179,024 996,166 3.222,486 260,388 3,660,036 81,364 2.663,870 2,875,135 81,364 4,186,411 7,142,910 Unrestricted Capital fund 2023 Restricted Unrestricted funds funds 2023 2023 Total 2023 Visitor sep4ices Charitable programmes Garden maintenance 112,259 1,721,218 184,905 860,649 1.833,477 265,967 2,179,344 81,062 1,318,695 1,430,954 81,062 2,766,772 4,278,788 32 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 Analysis of expendlture by activities Dlrect costs 2024 Support costs 2024 Total funds 2024 Visitor services Charitable programmes Garden maintenance 1,963,287 260,388 3.020,213 1,259,199 3.222,486 260,388 3,660,036 639,823 5,243.888 1,899,022 7,142,910 Direct costs 2023 Support costs 2023 Total funds 2023 Visitor seNices Charitable programmes Garden maintenance 1,140,476 265,967 2,067,085 693,001 1,833,477 265,967 2,179,344 112,259 3,473,528 805,260 4,278,788 10. Direct costs 2024 2023 Visitor senrfices costs Charitable programme costs Garden maintenance costs Staff costs Depreciation 589,092 48,288 578,104 2,011,987 2,016.417 446,642 51,828 437,997 1,240,718 1.296,343 5,243,888 3,473,528 33 The Alnwick Garden Trust (A company limlted by guarantee) Notes to the financial statements Year ended 31 March 2024 11. Support costs 2024 2023 Office costs Staff costs Interest RCB interest and fees 570,958 476,976 211,265 639,823 391.315 301,686 112,259 1.899,022 805,260 12. Audltorf8 r8muneratlon The auditorfs remuneration amounts to an auditor fee of £22,500 P023'. £14,250), and an accounting services fee of £1,750 (2023: £1,750). 34 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 13. Staff costs Group 2024 Group 2023 Company 2024 Company 2023 Staff costs wero as follows: Wages and salaries Social security costs Contribution to defined contribution pension schemes 4,136,714 293,032 2,833,102 215,147 192,163 16,480 307,155 26,539 117,050 93,649 5,946 6,669 4,546,796 3,141,898 214,589 340,363 The average number of persons employed by the group during the year was as follows.. Group 2024 No. Group 2023 No. Facilities management Food and beverage Gardeners Visitor services Finance and administration Commercial Retail Community and education 77 11 70 59 13 56 202 154 35 The Alnwick Garden Trust (A company Ilmited by guaranteo) Notes to the financial ststements Year ended 31 March 2024 13. Stsff costs (contlnuod) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: Group 2024 No. Group 2023 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £100,001- £110,000 Key management personnel are deemed to be those having authority and responsibility delegated to them by the twstees for planning, d1￿ctIng and controlling the activities of the charity. During 2023124 they have been determined to be the members of the senior management team, comprising the following.. Chief Executive Officer Strategic Advisor Strategic Head of Catering, Retsil & Hospitality Strategic Head of Community & Education Strategic Head of Finance Strategic Head of Marketing & Communication Strategic Head of Operations, Sales & Facilities Management Strategic Head of People & Culture Head Gardener (resigned 31 January 2024) Executive Assistant & Office Manager The totsl employee benefits of the key management personnel of the charity were £622,575 (2023.. £558,953). During the year one trustee received £132 in reimbursement of expenses (2023.. one trustee received £528). 36 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 14. Tangible flxed assets Group Assets Fixtures, under flttlngs and con8tructlon equipment Motor Garden vehicle8 infrastructuro Total Cost or valuatlon At 1 April 2023 Additions Disposals Transfers between classes 16,281,383 1,627,078 380,273 (416,195 231,402 109,452 30,898,560 48,916,473 2,311,081 2,691,354 {33,771) (474,461) 16,049,981 (24,495) {16,281,383) At 31 March 2024 1,822,558 84,957 49,225,851 51,133,366 D•preclatlon At 1 April 2023 Charge for the year On disposals 1,236,585 179,030 1398,001) 87,384 6,019 (24,4951 20,005,090 21,329,059 1,942,009 2,127,058 (22,111 (444,607) At 31 March 2024 1,017,614 68,908 21,924,988 23,011,510 Net book value At 31 March 2024 804,944 16,049 27,300,863 28,121,8S6 At 31 March 2023 16,281,383 390,493 22,068 10,893,470 27,587,414 37 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Y8ar ended 31 March 2024 14. Tanglble fixed assets (contlnu•d) Company Assets Flxtures. under flttlngs and Garden construction equlpment Infra8tructur6 Total Cost or valuatlon At 1 April 2023 Additions Disposals Transfers between classes 16.281,383 326,820 312,984 (69,794) 231,402 30,753NOS 47,361,608 2,311,081 2,624,065 {27,098> {96,892) 16,049,981 (16,281,383) At 31 March 2024 801,412 49,087,369 49,888,781 Depr•¢latlon At 1 April 2023 Charge for the year On disposals 285,885 79,095 169,7941 19,896,463 20,182,348 1,937,322 2,016,417 (15.438) 185,2321 At 31 March 2024 295,186 21,818,347 22,113,533 Net book value At 31 March 2024 506,226 27,269,022 27,775,248 At 31 March 2023 16,281,383 40,935 10,856,942 27,179,260 The charitable company occupies land from Northumberland Estates under a lease expiring on 9 October 2098 and containing an entitlement to terminate by either side on 4 March 2047. No capital payments have been made by the charitable company for this lease and no value has been attributed to the lease within these financial statements. 38 The Alnwick Garden Trust (A company limlted by guarantee) Notes to the financial statements Year ended 31 March 2024 15. Flxed asset investments Prlnclpal 8ubsidiarles The charity holds 2 shares of £1 each in its wholly owned trading subsidiary which is incorporated in England. The following was a subsidiary undertaking of the company.. Name Company number Holdlng Included In consolidatlon Alnwick Garden Enterprises Limited The financial results of the subsidiary for the year were.. Name 04579518 1000/0 Yes Income Expendlturo Loss for tho year Net assets Alnwick Garden Enterprises Limited 4,033,666 (4,162,034) (128,368 1,548,645 16. Stock8 Group 2024 Group 2023 Raw materials and consumables Finished goods and goods for resale 43,907 226,165 36,379 149,068 270,072 185,447 17. Debtor8 Group 2024 Group 2023 Company 2024 Company 2023 Trade debtors Other debtors Prepayments and accrued income 89,427 221,689 357,405 6,756 497,590 490,387 76,366 2,764 2,838 307,439 191,799 668,521 994.733 268.165 313,041 39 The Alnwick Garden Trust (A company limited by guarantee) Not8S to the financial statements Year ended 31 March 2024 18. Creditors: amounts falllng duo wlthln one year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income 322,335 619,296 57,584 1,459,357 3,476 3.226 374,122 424,401 326,638 3,214 470 1,293,161 124,198 65,291 824,116 45,698 11,635 1,661,177 1,335,940 2,337,806 1,897,765 2,047,884 40 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 19. Credltors: amounts falling due after mor• than one year Group 2024 Group 2023 Company 2024 Company 2023 Other loans Retail Charity Bond Accruals and deferred income 2,094,378 1,883,113 1,466,065 1,317,348 12,250,587 12,223,135 12,250.587 12,223,135 87,000 105,000 87,000 105,000 14,431,965 14,211,248 13,803,652 13,645,483 Other loans The group is in receipt of an interest-free loan totalling £8m from Northumberland Estates of which £5.6m is held in the company, and £2.4m is held in the subsidiary entity, Alnwick Garden Enterprises Limited. Control of the group is exercised by a Board of trustees, of which the Duke of Northumberland, husband of the Duchess of Northumberland (a director of the company) is a member. FRS 102 requires that long term interest-free loans are discounted to present value and amortised using the effective interest method. The imputed interest rate is 60/0. The loan is repayable in full at the end of the term in 2047. This loan is unsecured and is subordinated to the other indebtedness of the group. Retall Charlty Bond In March 2020 Retail Charity Bonds plc (RCB) launched the AGT1 Retail Charity Bond, which was issued through and is listed on the London Stock Exchange Retail Bonds platform. RC8 raised £10m from the issue of this bond. The full amount of the funds raised by RC8 have been loaned to the Trust under the terms of a loan agreement betrween the Trust and RCB. The loan is repayable in full in March 2030. Interest is payable at a rate of 5% per annum. The Trust was advanced £9.8m net of the bond issue costs. The bond issue costs, together with other costs associated with the advance of this loan, including legal and accountancy fees totalling £224k have been offset against the loan and are being amortised over the life of the Bond. In 2021122, an addits'onal amount was advanced totalling £2.5m net of bond issue costs. The bond issue costs totalling £20k have been offset against the loan and are being amortised over the ￿mainIng life of the bond. 41 The Alnwick Garden Trust (A company limlted by guarantee) Notss to the financial statements Year ended 31 March 2024 20. ststsment of funds Statement of funds - current year Balance at 31 March 2024 Balance at I Aprll 2023 Transfers Inlout Income Expendlture Unre8trlcted funds Deslgnated funds Appeals Programme Fundraising Bee Project 22,435 39,167 2,669 12,S83 8,065 3,140 (10,071) (2,055) 13,133) 24,947 30,341 2,676 (14,836) General funds General funds 1,574,878 8,976,240 18,159,997) 12,231,899) 159,222 Total Unre8trlct8d funds 1,639,149 9.000,028 (8,175,256) 12,246,735) 217,186 Unrestrlctsd funds - capltal Capital fund 13,481,166 12,985,776) 3,281,501 13,776,891 42 The Alnwick Garden Trust (A company limited by guarantee Notes to the financial statements Year ended 31 March 2024 20. Stat6ment of funds (continued) Balance at I Aprll 2023 Balance at 31 March 2024 Transfers inlout Income Expendlture Ro8trl¢ted funds Roots & Shoots Urban Project Young Gardeners Drugs Education Enterprise Programme Elderberries Blooming Well Play Area Winter Lighting Project Elderberries Centre - Capital Elderberries Centre - Costs Capital donations Community Fridge Seeds for Success Grow into Work Wellbeing Hubs Horticulture for Health Employability Projects Lilidorei Travel Fund Other small grants 18,581 2,325 6,998 14,743 46,662 38,045 34,424 22,902 4,883 16,168 12,137 299,571 1,659 944 S,980 10,000 13,612 137,620) 15,270 (2,325) 9,843 (1,879) (3,8401 (6,038> 112,804 (1,983) 6,121 12,710 13,924 45,476 34,307 1,807 126,700) 20,235 1,866 (22,902) 2,089 6,966 16,168 14,035 320,529 1,079 1,233 3,288 10,000 2,469 5,331 5,000 10,347 4,160 1,020,967 300 1,437 3,808 {2,262) (9) (1,000,000> (880) 11,148) (6,500) 3,114 7,046 5.000 188 (645 {4,040> 2,325 12,303 (1,710) (434 548,325 1,085,631 (81,364) 11,034,766) S17,826 Total of funds 15,668,640 10,085,659 (11,242,396) 14,511,903 43 The Alnwick Garden Trust (A Company limlted by guarantee) Notes to the financial statements Year ended 31 March 2024 20. Ststement of funds (cont5nued) statem8nt of funds - prlor year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure D•slgnated funds Appeals Programme Fundraising Tractors Bee Project 26,139 43,755 408 19,525 7,349 1.090 (11,053) (5,678) (408) (23,585) 22,435 39.167 3,767 2,962 2,669 Genoral funds General funds (50,181) 5,781,934 (5,615,289) 1,458,414 1,574,878 Total Unrestrlctsd funds 39,646 5,794,140 {5,656,013) 1,461,376 1,639,149 Unr08trlcted funds - capltal Capital fund 13,995,180 (1,555,600) 1,041,586 13,481,166 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 20. Statement of funds (continued Balance at 1 April 2022 Balan￿ at 31 March 2023 Transfers inlout Income Expenditure R•strlcted fund8 Roots & Shoots Urban Project Young Gardeners Drugs Education Enterprise Programme Elderberries Blooming Well Play Area Winter Lighting Project Elderberries Centre - Capital Elderberries Centre - Costs Capital donations Community Fridge Seeds for Success Grow into Work Wellbeing Hubs Other small grants 46,882 2,325 8,654 15,277 57.752 35,874 33,716 22,902 3,929 16,168 9,179 295,743 3,000 (129) (175) 1,851 (30,152) 18,581 2.325 6,998 14,743 46,662 38.045 34,424 22,902 4,883 16,168 12,137 299,571 1,659 944 5,980 10,000 12,303 194 1.431 (1,850) (1,965) (11.090) (16,227) (419) 18,398 1,127 979 (25) 4.506 2,507,590 (1,548) (800) (2,502,962) (1,341) (5,789) (9,503) 6,862 15,658 10,000 1,996 10,660 (353) 561,757 2,570,592 (81,062) (2,502,962) 548,325 Total of funds 14,596,583 8,364,732 (7,292,675) 15,668,640 45 The Alnwick Garden Trust (A company limltsd by guarantoe) Notes to the financial statements Yaar ended 31 March 2024 Desi nated funds The trustees have designated the following funds for specific purposes.. Appeals Unrestricted donations received through appeals and from donations to sponsor benches and trees in The Garden are set aside by the trustees to be used for specific charitsble purposes and activities rather than to support the general running of The Garden. Programmo Fundralslng This fund represented general donations, mainly from donation boxes in The Garden. These funds are used to top up specific programmes when needed. Tra¢torn This fund rep￿sented donations received to purchase and maintain ride on tractors. Bee ProJ•ct Project to address the Climate Crisis, including the Bee Project that addresses biodiversity loss and how action can be tsken to protect biodiversity as well as climate change action. The donation received will be used to build a climate action interpretive cent￿. Unrestrlcted ca Ital fund This represents the capital cost of The Garden. as assets are purchased the amounts are transferred into this fund. Where long term loan finance is used to finance the development of The Garden, the corresponding liability is also transferred into the fund as the funds are spent. Rostrlcted fund Funds with specific restrictions on their utilisation are as follows.. Roots & Shoots (Young People & Enterprlse) This project is focused on educating school children and families on the benefits of healthy living, whilst having fun in the Roots and Shoots garden. The project is funded mainly by The Shears Foundation as well as other smaller donations in the year. Urban ProJe¢t (Young People & Enterprlse) This project delivers visits for schools from disadvantaged areas of Newcastle upon Tyne, supported by the William Leech Trust. Young Gardeners (Young People & Enterprlse) This project provides horticultural, inclusive activities for families with children who have additional needs. Drugs Educatlon (Young People & Enterprlse) The Drugs Education programme is funded via donations from visitors to The Poison Garden and seeks to reach young people across Northumberland, to educate them around the dangers of substance misuse and encourage their resilience to make positive lifestyle choices. Enterprlse Programm• The Grow into Work programme funded by The Mercers. Company seeks to support young people into sustainable employment. Through empowering young people, it supports them to harness their entrepreneurial talent, offers flexible work experien￿ placements and gives them the necessary skills to enable them to succeed in the workplace. 46 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 Elderberries The Elderberries programme is funded through fundraising activities, along with the remaining grant from The Stuart Halbert Foundation and a donation from Sir John and Lady Mae Hall. Bloomlng Well (Elderberrles) This project provides therapeutic horticultural and wellbeing activities for those in the early stages of dementia, and is funded by the Kavli Trust. Play Area Funds were re￿iVed from the Hobson Trust and Northumberland County Council's Aiming High project towards the construction of a children's play area, this being one of the future project aims of the trustees. Wlnter Llghtlng Project This fund represents donations received from weddings held at The Garden and is to be used to fund further installations of winter lighting. Elderborrles Drop In Centre (capltal and costs) In 2014 The Rank Foundation awarded a substantial grant to part fund the capitsl build of a new centre for the Elderberries programme. The Drop In Centre is a wonderful facility with a home from home feel to support those aged over 55 to reduce isolation. Capltal donatlons This was established in 2014 as a result of a significant donation received. A further substantial donation was received from The Barbour Foundation in 2015. The funds are to be used for the upkeep or purchase of assets for The Garden. Communlty Frldg8 Funded through Hubbub, this is an initiative to reduce food waste. Provides a social Spa￿ for people to learn about sustainable eating as well as exchanging food to reduce waste and its environmental impact. Seeds for Succass Business start-up course funded by North of Tyne Combined Authority providing workshops to help entrepreneurs start up their own small businesses. Grow Into Work Employability Programme funded through North of Tyne Combined Authority that incorporates a work placement alongside classroom-based sessions on employability skills. Wellbelng Hubs Funded by The Stuart Halbert Foundation, The Alnwick Garden supported a national initiative and opened to provide a warm space during the winter months, three evenings a week. Attendees benefited from hot food and refreshments and a place to stay warm and help alleviate rising energy costs. Horticulture for Hoalth Programme funded by North of Tyne Combined Authority to improve confiden￿, wellbeing and provide a sense of purpose through therapeutic horticulture, helping those who need it, to move a step closer towards employment. Employabllity Projects A Ready for Work programme funded by Bernicia, focusing on teamworking skills and interview preparation. Developed to assist people to be work ready - giving them the additional skills, preparation to progress into work, enhance self-confidence, gain new skills and relevant qualification. Lilidorei Travel Fund Established with a donats'on from a private donor to subsidise travel and support schools to access education programmes at Lilidorei. 47 The Alnwick Garden Trust (A company limlted by guarantee) Notes to the financial statements Year ended 31 March 2024 Other small grants Other small grants consist of.. Travelling Elderberries" This project is funded by the Combatting Isolation Fund at The Community Foundation for Tyne & Wear and Northumberland to extend Elderberries activities into the local communities who have not yet accessed our older peoples work. Mobility Scooters: In 2014 Motability Operations Limited donated some mobility Scooters to be used by visitors to The Garden. Souper Tuesdays". Free soup and refreshments were offered every Tuesday during the winter, with advice given on energy efficiency and healthy eating on a budget. Insulated cups were also given to attendees to reduce the amounts of time a kettle may need to be boiled, thus saving energy. Souper Tuesdays were funded by Community Action Northumberland. Transf•rs Transfers from both unrestricted and restricted funds in the year relate to the ongoing investment in Lilidorei. 21. Analy818 of net assets between lund8 Analy818 of net assets between fund8 - ¢urr•nt perlod Unrestrlcted capltal Restrlcted Unre8trlcted fund funds funds 2024 2024 2024 Total fund8 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 28,121,856 28,121,856 1,640,126 2,157,952 (1,335,940) (1,335.940) (87,000) (14,431,965) 517,826 (14,344,965) Total 13,776,891 517,826 217,186 14,511,903 48 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 21. Analysls of net assots between funds (¢ontinuod) Analy818 of net assets between funds - prlor perlod Unrestricted capital fund 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 27,587,414 27,587,414 4,081.955 4,630,280 (2,337,806) (2,337,806) (105,000) (14,211,248) 548,325 (14,106,248) Total 13,481,166 548,325 1,639,149 15,668,640 22. Reconclllatlon of net movement In funds to net cash flow from operatSng actlvltl•8 Group 2024 Group 2023 Net incomelexpenditure for the period (as per Ststement of Financial Activities) (1,156,737) 1,072,057 Adjustments for: Depreciation charges Interest receivable Retail charity bond interest payable Loss on the sale of fixed assets Increase in stocks Increase in debtors Increase in creditors Non cash changes to loan finance Effective interest on loan finance 2,127,058 (65,638) 620,000 24,222 (84,625) (747,447 53,703 27,542 211,265 1,420,989 (83,983) 10,550 (62,134) (144,644) 965,643 22,352 112,259 Net cash provided by operating activitles & received 1,009,343 3,313,089 49 The Alnwick Garden Trust (A company Ilmlted by guarantee) Notes to the financial statsments Year ended 31 March 2024 23. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 1,219,359 3,450,100 24. Analysls of Changes In net debt At 1 Aprll 2023 Cash flows Non4ash At 31 March changes 2024 Cash at bank and in hand Debt due after 1 year Retail Charity Bond 3,450,100 12,230,741) (1,883,113> (12,223,135) 1,219,359 1211,265> {2,094,378) (27,452) 112.250,587) (10,656,148) (2,230,741) (238,717) (13,125,606) Non-cash movements represent effective interest rate adjustments and release of amortised costs. 25. Capital commltments At 31 March 2024 the charitable company had capital commitments as follows: Group Group 2024 2023 Company 2024 Company 2023 Contracted for but not provlded In these flnanclal statements Acquisition of tangible fixed assets 1,877,485 1,877,485 26. Penslon commltments The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £117,050 (2023.. £93,649). Contributions totalling £10,846 (2023: £8,515) were payable to the fund at the balance sheet date and are included in creditors. 50 The Alnwick Garden Trust (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 27. Operating lease commitments At 31 March 2024 the group had commitments to make future minimum lease payments under non- cancellable operating leases as follows.- Group 2024 Group 2023 Amounts payable: Not later than 1 year 25,760 12,249 51 The Alnwick Garden Trust {A company Ilmited by guarantee) Notes to the financial ststements Year ended 31 March 2024 28. Related party transactions The charitable company is controlled by its trustees who hold a majority of the voting rights. Various entities of Northumberland Estates are related parties of the group. Control of these entities is exercised by a Board of Trustees, of which the Duke of Northumberland, husband of the Duchess of Northumberland (a director of the charitable company) is a member. The charitable company and Northumberland Estates have a close working relationship. With effect from 1 October 2009 certain categories of expenditure involving both The Garden and Alnwick Castle Ventures have been incurred by Alnwick Garden Enterprises Limited and recharges have been made to ensure The Garden only bears its share of the costs. All car parking charges for Alnwick Castle Ventures are banked by Alnwick Garden Enterprises Limited in the first instance. Similarly, Alnwick Castle Ventures raises invoices for Group visits to The Alnwick Garden and banks receipts from them. Reimbursement is made on a regular basis by the relevant entity. These arrangements provide managerial and financial benefits to the charitable company. The group received goods and seDiices during the year from entities within Northumberland Estates costing £66,783 (2023: £71,369). The group recharged goods and services during the year to Northumberland Eststes totalling £43,667 (2023: £44,523>. The group also operated a joint ticketing scheme with Alnwick Castle Ventures,. ticket income collected by ACV on behalf of the group of £174,145 (2023.. £140,553) and car park income of £108,410 (2023: £78,334) was collected on behalf of Alnwick Castle Ventures during the year. At the year end, the group owed £1,731 (2023.. £22,230) to Northumberland Estates. The group held long term loans from the 9th Duke of Northumberland's Will Trust, 10th Duke of Northumberland's referential settlement.. Duke's appointed fund, this being an entity within Northumberland Estates, of £2,094,378 (2023: £1,883,113), of which £nil falls due within one year. Further details are given in note 19. During the year, Jonathan Blackie, a trustee, received remuneration amounting to £6,000 for non-trustee consultancy services supplied to the charity in the year (2023.. £6,000). During the year, John Lovett, a trustee, was paid £2,000 (2023.. £24,286) in relation to consultancy work undertaken in the development of the Lilidorei Project and for the next phase of The Garden's development. During the year, Opencast So￿are provided pro bono work for the charitable company. Cate Kalson, a trustee, is the Chief People Officer at Opencast Softrware. The value of the work provided was £20,610 (2023.. £nil). 52