REVELEY LODGE TrUST A Company limited by guarantee {Company number 04772191 Chartty regi5tratton 1099935) Financial statements for the year ended 31 March 2023 "ACGWt95" 2211112023 PANIES HOUSE A24 REVELEY LODGE TRUST A Company limited by guarantee {Company number 04772191 Charity registration 10999351 Contents Page Trustees, report Independent E¥aminerfs report io Statement of finanaal artimties li Balan￿ Sheet 12 Notes foming part of the financial statements 13-20 REVELEY LODGE TRusr A Company limited by guarantee (Company number l)4772191 Charity registration 1099935) REFERENCE AND ADMINISTRATIVE INFORMATION Company detai15 Company number Charity registration number Registered office: 04772191 1099935 88 Elstree Road. Bushey Heath, Bushey Her￿ WD23 4GL IndepeNlent Examiner Annie Barfatt Flola Accountancy Ltd 26 Sheppards aose St Albans AL3 SAL Stockbrokers Investec 2 Gresharn Street. London EC2V 7QN Solicitors Penman Sedgwick 5 George Street. Watford. Herts WD1805Q Bankers Barclays Bank plc Le1￿$ter LE87 28B Dire¢tors/Trustees Granwlle Taylor Rita Castle David Prichard Kathafine Whitaker Parnela Glover James Hughes Gayle Brornberg Chairnian (resigned Feb 231 REVELEY LODGE TRUST A Company limited byguarantee (Company number 04772191 Charity registration 1099935) Report ofthe Tn The trustees present their re￿rt and the financial statements fDr the 12 month period ended 31. March 2023. OBJECtIVES ANDAcnvmES Following her death on 4th February 2003. Mrs Ella Chewett left Reveley Lodge together with its contents, properties. consisting of cottages and a field (the Paddock), and also investments to the Bushey Museum Trust. The trustees of the Bushey Museum Trust decided that it would te most appropriate to establish a separate and independent trust. the Bushey Museum PropertyTrust Limited, to hold all the assets as the expertise ￿QUIred to run a museum was not necessarily the same as that required in the restorètion and operation of an historic property and garden. The property was registered in the name of the BLsshey Museum Property Trust Limited in April 21J)4 with the Trustrs objective being to safe8uard and maintain the house and gardens so that it may be used as an art and educational resource in Busheyforthe tr￿nefit3nd enjoymentof the local community and beyond in line with the wishes of Mrs Chewett and to encourage and enhance the activities of the Bushey Museum. The Trust was renamed the Reveley L￿ge Trust in December 2017 and the Memorandum of Association updated. In preparingthis reportdue reeard has been given to the guidance published bythe Charity Commission in regard to public benefit. ACHIEVEMEprf5 AND PERFORMANCE In effect, 2022123 was a ￿ar of much PreParat￿)n but with completion and resolution to follow in 23124. As in 2V22. we had a goryj year in terms of serving the community in charitsble activities, but financially, although we made a slight profiL income was down substsntially by 16% from last year. We were affected by tenants leaving from two of our unmojernised cottages leaving them empty for the whole year, which not only reduced our rental income. but incurred the runnin8 costs of rates and services. The Trust had to carefully consider whether to renovate the cottages or sell one, as we had insufficient capital reserve to fund the rertt)vation of both the empty properties. They were in such a condition that their existing kitchen and bathroom extensions had to be demolished and re-built. We decided to tske out one or more intere5t-free PLACE loans from Hert5mere Council. supplemented by a mortgage from the CAF Bank which specialises in loans to charities. Planning permission to replace them was granted in late 2022, and work started to renovate one ofthe cottages with a £25,(XX) P￿CE loan and fundingfrom our reserves. Thisworkwascompleted in July 2023. Financingdekys has delayed work on the other propertyto 23124. The year saw the com￿et10n of repairs to the inside of the house funded by an insurance claim. Ground movement over manyyears had led to large cracks to the interior. particularly in the site-managers flat making it unattrdctive to our staff. The year also saw the completion of the removal of a sub-station transformer, electrical equipment and asbestos lining from a room in the stables, a project that started in 2018. Thi5 has allowed us to free up a room in the Hayloftand rent it to the tenant who occupies the rest of the Hayloft area, increasing our future ir￿OMe. Our two main employees have continued to deNElop well in their roles by increasing their skills. Lesley Powell, our Head Gardener, has taken firm control of the garden which is k)oking increasingly well- tended. New fruit cagesand rose arches have been installed and better planting5 in new indu5trial-style REVELEY LOOGE TRUST A Company limited by guarantee (Company nurnber 04772191 Charity registration 1099935) planters near the Garden Café. Lesley has achieved her spraying qualification, attended an advanced course on lawns h35 improved her networkinB With other head gardeners. She has publicized the garden via her Insta8ram account which now has over I8￿ folk)wers, and has given talks to several garden societies. Gary Walton, our site manager. has tsken on more respons4￿.11t1eS in mana8ing the estate. and has improved his maintenance skills, including attending some training courses. This has benefited the estste as he has restored and decorated manyareas of the front of the main house. The cafes have continued in operation throughout the year providing rentsl income. and hire charges for functions. The Garden Café started operation in the Stsble Gallery in April 2022 and has opened S days a week providing a modest but useful inco￿. Mabef5 Vintsge Tearooms only O￿n5 o Saturday. and provides a miich lower turnover income to the Trust than pre-covid. However, tsken together. incorne frLvn the catering operations exceeds pre-covid level5. In order to prOV￿e sufFicient funds to maintsin and irnprove the fabric and grounds of Reveley Lodge, the Trusvs strategy is trjcontain current account Costs, improve income in both the shortand longterm by investing in our cottages. and improve usage by the communtty. In line wrth thi5. in 2022123 the Trust has= Re-decorated and replaced the carpets on one of the cottages on 3 change of tenant, and achieved a higher rental income of £1,4(M) per month 8ross. up from £1,225. ncreased the rents on cottages as their tenancy agreements mature, in line with market rates. Replaced the canopy in front of the Stsble Gallery to provide a mre attrdctive environment for clients of the Garden Café. Rented out rooms in the house for the filming of a BBC docudrama. Continued with our programme of monthty art exhibitKin5 in the Stable Gallery, which combined wrth private viewing events and increased charges have improved sales and interest. These are in addition to the Artist Challenge. an annual event held as part of the Bushey Festival, during which artists are challenged to paint a ￿rIe in the garden against the clock. Held a number of popular events - an Easter Egg Hunt for children- a lunch to mark the Platinum anniversaryof the late Queen Elizabeth11- a Halloween e¥entfor chitdren with suitsbly spooky attractions and craft5: and a Christrnas Market. FINANCIAL REVIEW Unrestricted income was reduced during the year with the total income amounting to £130,988 12021122 - £156.7621 due to the absence of Covid grants from the UK Government compared to 2021122. and because two of our cottage5 were un-tenanted for the most part of the year. This was partially offset by increased income from visitors from popular events. filming fees and functions. There were modest repairs to the main house during the year, but costs were incurred in both the refurbishment of one of the cottages on a change of tenant. and the first payments for the renovation of one of the vacant cottages. Expenditure was significantly lower at £128,0161202V22 - £164,247) because repairs and maintenaTr￿ to the house and garden were reduced. and because the previous vear had significant legal costs assockited with a tenanvs dispute. Detsils of the expenditure is shown in note 3 tothe accounts. REVELEY LODGE TRUST A Cornpany limited byguarantee (Company number 04772191 Charity registration 1099935) Further details are provided in the Statement of Financial Ath"vities and the 8aFance Sheet on pages 11 and 12 and the notes to the financral 5tstements on pa8es 13 to 20. PrO￿lp31 fiindlry sour As mentioned above the principal funding sources are income from the Trusfs investments. including rents re￿Ived from cottages that formed part of the bequest that was re￿ived from Mrs Chewetvs estate, augmented by rentsl income from the Hayloft. Income from visitors improved further from events and we benefitted from one-off fjlm location fees. Investment Fdicv The Investment policy continues to be investment in the tottages to maximise rentsl income, and in the house and garden to generate event and hire income. Ilisks affectin8 the charfty The trustees have continued to work toward5 a position where ￿ar by year the income generated covers the costs of maintaining the house and garden. Our income stream. when all the cottages a let, is now more than Sufficient to cover our running COS￿ However, our capit31 reserves are now sufficient only to cover some repair costs such as a roof problem. They are insufficient to pay for the renovation of the hvo empty. unmodernised cottages. A mortgage and a local authority loan will fill this gap but the repayments will reduce our funding Surplus over the next few year5. As a consequence. a major repair cost such as the replacement of the entire roof would te more drfficult to finance at short notice. The trustees make every effort to ￿entify this and other risks with periodic reviews of the condition of the buildings and structures. The day-to-day management of the Trust is LArgely left to the Trustees.This results in a heavy workload that in the longer term is unsustsinable as the Trustees become older, and the pool of potential replacements able to have the time to carry out this work shrinks due to societsl changes. The solution Is to employ a manager. This could be afftirde THE TRusfEES Company law requires the trustees to prepare financial ststements foreach financial year which give a true and fair view of the 5Lite of the affairs of the charitsble company as at the balance sheet date and of its incoming resources and application of resources. including income and expenditure, for the financial year. In preparing those financial ststements the trustees should follow best practi￿ and-. Select suitable accountin8 policies and then apply them consistently; Make judgements and estimate5 that are ￿aSOnable and prudent- and Prepare the financial ststements on the goin8con￿rn basis unless it is inappropriate to assume that the company will continue on that basis. The trustees are reswjnsible for m3intainingproper accounting records which disclose with reasonable accuracy at any time the financial rM)sition of the charitsble company and to enabte them to ensure that the financial statements comply with the Cornpanies Act 2(M)6_ The trustees are alsa responsible for safeguarding the assets of the charttable cornpany and herKe for taking reasonable steps for the prevention and detection of fraud and other irreguLarities. The trustees, who are directors for the purposes of company law as well as for the purw5es of charity law and who served during the year and up to the date of this report are set out above. APPROVAL This report has ￿en wepared in accordance with the Statement of Recommended Practice appl￿ble to Charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935) Entities published on 16 July 2014, the Financial Re￿rtIng Stsndard for Smaller Entities leffective January 20151 and the special pro¥ision5 of Part IS of the Companies Art 2006 relating to small compantes. Approved by the trLtstees on 14-Ik Ib￿ Lry and signed on their behalf by: Granvllle Tay Directortrrustee. REVELEY IODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935) Report of the independent examiner to the trustees l. report to the trustee5 on my examination of the account5 of the Reveley Lodge Trust (the Trustl for the year ended 31 March 2023. Responsibilltles and basis of report As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the ACVI. I report in respect of my examination of the Trust's accounts carried out under sertion 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515}Ibl of the Act. Independent examinerf5 Statement I have completed my examination. I confirm that rK) rnaterial matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirement5 concerning the form and tontent of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter onsidered as part of an independent examination. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Golng concern The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the Charities artivities and the wider economy. The Trustees. view on the impact of cov1￿19 is disclosed in the accounting policies. Annie 8arratt FCA, AC4 Msc Bsc Flola Accountancy Limited 26 Sheppards Close St Albans, AL3 SAL 14 November 2023 io- REVELEY LODGE TRusr A Company limited by guarantee (Company number 04772191 Chaiity registration 1099935) ststement of Financial Activit*s kn the ￿¥r ended 31 Marth 2023 2023 2023 Unrestrirted P*tricted 2023 Total 2022 Note Income Donations and legacies Grants 3.339 3,339 19,328 Received from visitors Other income 25.589 25.589 21.579 Investrnent income Totsl Inton 102.060 102.C60 115.855 130.988 156.762 Expenditure Charitsble activities 103.965 103,965 121,970 Raising Funds Property marwement and expenses 23.893 23.893 41.566 ' Events 158 158 711 Totsl Expenditure .0 128,016 161247 Net Income Realised Gain on investments 2,972 2.972 17.4851 Unrealised Iloss)/gain on Investments (31.660) {31,6601 375,000 Net movement in funds Total funds brought forward at l April 2022 (28,688) {28.6881 367.515 5.461.047 39.282 s￿00,329 5.132.814 Totsl funds carrfed to￿ard at 31 March 2023 5.43l3YJ 39.282 5.47L641 s￿329 All of the above results were derived from continuing activities. The Charity has no fecognised gains or1055es other than those dealt with in the Statement of Financial ActiNitie5. The notes on pages 13 to 20 form part of these accOuT￿. REVELEY LODGE TRusr A Company limited by guarantee (Company number 04772191 Charity registration 1099935 } Balance Sheet at 31 March 2023 2023 2023 Note UnrestriLted Restricted Fund Fund 2022 Total FIXED ASSErs Freehold Land and 8uildires House Contents & Equipment Investments 2.516.525 44.796 2.815,0(M) 5.376,321 16,236 2.532,761 44.796 2,815,000 5,392,557 2,547,477 48,099 2,815.OOD 5.410.576 io 14236 CURRENT ASSETS Cash and bank balanos 97.181 97,181 120.227 120.2Z7 100,551 100.551 CREDITORS: Amounts falling due within one year credito￿ and accruals 16,143 ,143 16.143 .143 10,798 10.798 Net Current Assets 81.038 23,046 104,084 89.753 CREDITORS: Amounts falling due over one yoar Loan NEf ASSErs 5.432,359 39.282 5 47L641 5.5rAI.329 Unrestricted funds Restricted funds TOTAL FUNDS 5.432.359 5.432.359 39.282 5.474641 5.461,047 39,282 5,500,329 39.282 39282 5.431359 For the year ended 31" Marth 2023. the charitable company was entitled to exemption from audit under section 477 of the Compantes Act 2006. No members have required the charitable company to obtain an audit of its accounts for the year in question in accordance wth section 476. The direrto acknowledge their responsibility for: i) Ensuring the tharitable company keeps accounting record5 which comply with section 385 of the Act.. and ii) PreparÉng ¥counts which give a true and fair view of the state of affairs of the charitable company as at the end of its financial year and its profit and loss for the financial year in accordance wlth sertion 394 and 395 of the Art, and whsch comply with the requirements of the Companies Art relatin8 to accounts. so far as applt¢able to the tharstable companv. The financtal statements were approved bythe Board on 14 November 2023 and signed on its behalf Granville Taylor Directorftn 12- REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935) Notes to the Financial Statements ACCOUNTING POUCIES A summary of principal accountirvd policies, all of which have been applied consistently throughout the year and the preceding year. is set out below: a) Basis of accounti The accounts of this charitable cornpany, which 15 a public benefit entity under FRS102. have been prepared in accordance with: the Charities SORP (FRS102) -Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective l January 20151" the Financial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland", and the Companies Act 2006. The accounts have been prepared under the historical cost convention with the exception of investments which are included at market value. as modified by the revaluation of certain assets. The significant accounting policies applied in the preparation of the financial staternents are set out below and have been consistently aPpl￿d to all periods presented unless otherwise stated. The financial statements a￿ presented in sterling which is the functional ¢urren¢y of the company and rounded to the nearest pound. bl Reconciliation with revious Generall Acce ted Attountin Practice In preparing the accounts, the trustee5 have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No rnaterial restatements were considered to be required and. in consequence, there is no impact on the opening balances. 13 REVELEY LODGE TRUST A Company limited by 8uarantee (Company number 04772191 Charity registrdtion 1099935) Accounting policies continued aration of the accounts on a oi concern basis The financial statements have been prepared ori the basis that the Charity will be able to continue its operations for the foreseeable future. The Charity has investrnents which provide a sourte of income which. although subjert to some variability, for example. due to periods when lettings may be interrupted, does provide the Charity a continuity enabling it to continue to meet its core objectives. The ability to continue to maintaift a sattsfactory level of reserve5 and undertake repairs to the house on a continuing basis in order to reduce the risk of large unplanned expenditure which could adversely affect the Charitys finances are monitored by the trustees on a regular basis. Accordingly, the trustees consider that it is appropriate, in spite of the current economic condition5, together with the COVID-19 viral pandemic, to Continue to adopt the going concem basis in the preparation of these accounts. nificant ud ements and estimates The Charity rnakès estimates and assumptions concerning thè future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the a55ets and liabiltties within the next finan¢ial period are addressed below. el Income All income is included in the attounts when the Trust bs entbtled to the income and the arnount can be quantified with reasonable atturacy. In particular:_ Voluntary income is received by way of donations and gÈfts and is included in full in the Statement of Financial Activities when receivable. The value of services provided by volunteer5 has not been included in these accounts on the basis that these cannot be readily quantified. Investment income is included when receivable. endrture Expenditure is rècognised on an accruals basis as the liability is inturred. The followin8 specific policies are applied to particular categories of expenditure:_ The charitable activtties represent costs incurred in the preservation and maintenance of Reveley Lodge and the garden. Govemance costs include those costs a550ciated with meeting the constitutional and statutory requirernents of the Trust and costs linked to Strategic management. 14- REVELEY LODGE TRUST A Company limited by guarnntee (Company number 04772191 Charity registration 1099935) Accountlng pollcies contlnued g) Fixed assets Reveley Lodge together wtth the garden and field are included in the accounts at their probate value and will remain at this value as being the "cosv to the Trust. Fixed assets. excluding investments. are stated at cost ￿s$ accumulated depreciation. The costs of minor additions or those below £1,000 are not capitalised. reciation Depreciation 15 provided at rdtes calculated to write off the cost of each asset, tsking into account estirnated residual values, over its expected useful life. For the categorles of assets the rate and method used is as follows:_ Buildings Furniture & Fittings Vehicles 24% of the cost (straight line method) IO% of the opening balance (reducing balance method) 20% of the opning balance (reduting balance method) i) Fixed asset investTh*nts Estate investment properties were originally included at the probate valuation (February 2(NJ3) which is subject to review by the trustees at least every 5 years. Any gains or losses arising frorn revaluation are reported in the Statement of Financial Activities. Other investments held as fixed assets are revalued at the balance sheet date and the gain or loss taken to the Statement of Financial Activities. sh at bank and in hand Cash at bank and in hand includes cash and short tern) highly liquid deposits or similar accounts. k) Creditors and rovisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estirnated reliably. Creditor5 and provisions are normally recogni5ed at their settlement amount after allowing for any discounts due. 15- REVELEY LODGE TRUST A Company limited by guarantee {Company number 04772191 Charity registration 10999351 Accounting policies continued l) Fund accountin Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the Trust. Unrestricted funds include revaluation reserve representing the restatement of investments at market values. Designated funds are unrestricted fvnds earn)arked by the trustees for particular purposes. Restricted funds are subjected to restrictions on their expenditure irnposed by the donor or through the terms of an appeal. INCOME Investment income comprises rent of £91.326 {2022- £106.224) and other income of £10,73412022- £9.631}. ANALYSIS OF EXPENDITURE 2023 House 2023 Garden 2023 Total 2022 Total Charitable activDtles Staff Costs General and water rates Insurance Energy Repair5 & Maintenance Depreciation Advertising Governance Support costs Charitable donations 22.385 1,929 4,61Xl 5.159 8.832 18,019 270 1.421 24,155 1,096 1,150 2,282 12,405 46,540 3.025 5.750 7,441 21,237 18.019 270 1,421 42.055 3,309 5,925 6,568 42.947 18.662 1.317 1,187 262 262 Total 62￿77 41.088 103.965 121,970 Included in governance costs is £1050 +vat payable tothe independent examiner (2022: £800 +vatl. 16- REVELEY LODGE TRusr A Company limited by guarantee {Cornpany number 04772191 Charity registrntion 1099935) Analysis of governance and support costs 2023 General 2023 port Governance 2023 Total 2022 Totsl General office Independent examiner Legal arKI professional 161 161 1260 3S7 960 1.260 Totsl 161 L260 1,4ZI 1317 Net incorne/expenditure Net expenditure during the period is stated after charging: 2023 2022 Independent Examinerfs fees Depreciation 1.260 18x119 960 18,662 The Trust employed an average of three members of staff during the perTrod12022 - 3). Trustee remunerntion and related party transactions No trustees received any remuneration during this period or the previous year. No trustee or other person related to the Trust had any personal interest in any contract or transaction entered into by the Trust during the period. Trustees were reimbursed expenses of £3,10212022 - £5,670). Taxatlon As a charity the Trust is exempt from tax on income and gains falling within section 505 Taxes Act 1988 orsection 256Taxation of CharEeable Gains Act 1992 to the extent that these are applied to its charitable objects. 17- REVELEY LODGE TRUST A Company limited by guarantee (Cornpany number 04772191 Charity registration 1099935) Land and buildings Costs relating to the rebuilding of the greenhouse have been added to the cost of the house and grounds. As certain donations had been received specifically for this purpose land treated as restricted) that element of the greenhouse cost has been disclosed as restrTrcted accordinEly. There 15 no re5tridion as to the use of the greenhouse. Fixed assets: House and garden. adjoining land and equipment nd& I￿lIdIng$ Land & Furniture & buildings equipment 2023 Total At cost Opening balance Additions Disposals 2,711,723 32,051 112,869 2.856.643 Balance at end of the period 2,711,723 32,051 112.869 2￿56.643 reciation Opening balance Provision forthe period 181,364 13,834 14,933 64.770 3.303 261x167 18x119 Balance at end of the period 195.198 68,073 279.086 Net tM)ok value at 31" March 2023 Net bookvalue at 2,516,525 16.236 44.796 2577.557 St ril 2022 2,530,359 17.118 48,099 2￿95576 Land & Buildings unrestricted includes land of £1.260.000 at Cost. Land is not depreciated. 18- REVELEY LODGE TRusr A Company limited by guarantee (Company number 04772191 Charity regtstration 1099935) io. In¥estments 2023 2022 Estate investment properties Other investments 2.815.000 Totsl 2J15.lJXI 2A15.IX)O Estate investment rties Original value on acquisition (see below) Amounts capitalised Revalued amount in ro $09.635 195.370 330,000 155.365 1249.630 375.tXIO 509,635 195,370 330.000 155.365 1.249,630 375,000 2013 2019 2022 Balan￿ at the end of the year 2￿15jHM) 2￿15￿10 As explained in the accounting policies (li) the trustees have adopted a policy of revaluing investment properties at least every five years in order to rnaintain a degree of comparability with the other fixed asset investments (which are disclosed at market value). In arriving at their valuation the trustees considered the condition of the properties. current rental yields and the market conditions. The investment properties were originally disclosed at £509,635, the value attributed to thern when they were first acquired by the Trust. ii. Reserves Restricted rese￿eS These reserves arise from donation5 specifically received for and have been applied towards the reconstruction of the greenhouse. Unrestricted funds The unrestricted funds represent the remairHJer of the reserves none of which has been allocated to a designated purpose. 19- REVELEY LODGE TRUST A Company limited byguardntee (Company number 04772191 Charity registration 1099935) 12. Related partles The Trust is separate from but does work with the Bushey Museum Trust, with the latter, for example. providing exhibits for the Trnst to support and enhance its activities. In addition the two org?nisation5 share areas of expertlse and educational services but otherwise arè managed separately and have separate but related objective5. Equally. the Trust acknowledges the interest and support that the Friends of Bushey Museum. a separate charitable organisation, provides, as many of its members act as volunteer5 at events that are held at Reveley Lodge. 13. Ultlmate controlllng party The tru5tee5 believe that no one individual or gfOUP of iThlividuals a¢ting together control the Charity. -20-