REVELEY LODGE TRusr A Company limited by guarantee (Company number 04772191 Charity registrdtyon 1099935) Financial statements for the year ended 31 March 2024 •AOEKER63• 2f4iord024 COMPANIES HCiISE A15 *50 REVELEY LODGE TRusr A Company limited by guarantee (Cornpany number 04772191 Charity registration 1099935) Contents Palle Trustse< repc Independert Examinees report io statement of financial artibryties li Balance sheet 12 Notes forming wt of the financial ststements 13-20 REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 tharity reEiStration 1099935) REFEAENCE AND ADMINisfRATIVE INFORMATION Company detalls Cornpany number CharFty registration nvmber Registered office: 04772191 1099935 88 Elstree Road, 8ushey Heath, Bushey Herts. WD23 4GL Independent Examlner Flola Accountm Limited 26 Sheppards Close St Alban5 AL3 SAL Sto¢kbr¢Jkers Investec 2 Gresharn Street, London EC2V 7QN Solicitors Penman Sedymck 5 George Street, Watford. Herts WD18 OSQ Bankers Barclays Bank plc Leicester LE87 2BB Dlrettors/Trustees GranvilleTaylor Rits Castle Katharine Whitsker Pamela Glover James Hughes Gayle Bromberg 8renda Batten airnlan Resigned 31 December 2023 Apwinted 15 November 2023 REVELEY LODGE TRusr A Company limited by guarantee (Company number 04772191 Charity registrntion 1099935) Report of the Tntstees The trustees present their report and the financial ststeff*nts for the 12 month period ended 31" March 2024. OBJEcnvES AND AcnvmES Following her death on 4th February 2W3, Mrs Ella Chewett left Reveley Lodge tO8ether 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 be most appropriate to estsblish a separate and independent twsL the Bushey Museum Property Trust Limited. to hold all the assets as the exFertise required to run a museum was not necessarily the same as that required in the restoration and operation of an historic property and garden. The property was registered in the name of the Bushey Museum Property Trust Limited in April 2004 with the Trusvs objective being to safeguard and maintain the house and garden5 SO that it may be Used asan art and educational resource in Busheyfor the benefft and enioymentof the local community and beyoiml in line with the wi5he5 of Mrs Chewett and to encourage and enhance the activities of the Bushey Museum. The Trust wa5 renamed the Reveley Lodge Trust in De￿rnber 2017 and the Memorandum of Association updated. In preparing this report due regard has been wven tothe gu#Jance published by the Charitycommissic in regard to public benefit. ACHIEVEMEKfsAND PERFORMANCE In the yearwe made substsntial progress in the im￿eMentatI<￿b of our Strate￿ to invest in modernising the cottages in order to provide a stsble source of income to fun the charity. We completed the rnodernisation of one of the two empty cottages which wa5 at a good rent from July 2023. and obtained a mortgage from CAF bank to cover the m￿erni5&t￿1n of the remaining empty cottage. This work was started in April 2024 and will complete by the autumn. There is sufficient mortgage available to cover both the modernisation of the empty cottage and the only other Cottage than has not been upgraded in re￿nt years butwhich is currently 1xcup￿. In addition, we modernised one ofthe rth)m5 in the Hayloft for use by the tenant of the main part of the Hayloft at an increased rent. We have repaired of the valleys in the roof of the main h￿Jse which were leakin& One of the bedrwms that suffered from a leak has been redecorated for use as a consulting room for a Psychodynamic counsellor which brings a small but use￿1 rental, and also is a small step towards extending the use of the house and garden to improve the welkbeing of the community and beyond. With the help of a grant from a local Councillor. we have replaced the main boiler to the house which will be more efficient and have sufficient Kx)wer to provide heat under-heated rooms which as a consequenceare under-utilised. The other iL)iler in the house has suffered from intermittentoperation and is likely to have to be repla￿d. Our main visitor attraction 15 the garden which is free to enter. Our Head Garderber, Lesley Powell, has continued to improve it with tetter maintenance and new pEantings that re￿1 on perennial rather than annual plants in order to reduce the level of maintenance and cost. A tree survey has been carried out on the 48 trees in the grounds. which found all but one or hvo in fair or good condttion. Some trees have been felled to cut backon crowded area5. The front garden has been tidied up and repFanted with REVELEY LODGE TRUST A Company lirnited bv Euarantee (Company number 04772191 Charity registration 1099935) rh(xJodendrons to grive low maintenance but attwtive ground cover. Lesley has become a member of llxal Head Gardenerfs association and Revejey hosted a meeting of the group which included representatives from Woburn Abbey, Ashridge House, Shu￿worth and other large and prestigious gardens. She has given tslks to a numter of local gardening groups and her Instsgram page now has 2,5(K) followers. In order to give greater SUPFQrt to the garden. we employed a temporary gardener, Claire Douglas, during the summer of 2023, and recruited a trainee under the WRAG scheme (Work and Retrain As 3 Gardener). Ann-marie Harwin was funded by a grant from the Finnis-scott foundation for a 12-month placement starting in January 2024. Gary Walton, our site manager. has tsken on more responsibilities in managing the esLite, and has improved his maintenance skrlls. includingattending some trainingcourses. We have invested in a much greater range of construction and maintenance twls. This has benefited the estate as he has restored and decorated many areas of the front of the main house. The cafrs have continued in operatton throughout the year provhling rental income, and hire charges for funrtions. The Garden Café started operation in the Stable Gallery in April 2022 and has OFened 5 days a week providing a modest but useful income. However. visitor numbers to the garden are low in winter months so the Garden Café closes between mid-November and late February. Mabel's Vintage Tearooms only opens on a Saturday. and provides a much lowerturnover income to the Trust than pre- Covid. However, tsken together. income from the catering operatw)ns exceeds pre-covid levels and the use of the house and gardens for private hjnctions has grown very well. We have continued to work with a developer to sell part of the Paddock for housin& which V￿uld Secure the long-term future of the Trust. Prog￿$5 during the year was restricted because of the discovery of re-growth of previously treated knotweed in one of the boundary hedges, but there are indications that this can be reS0￿ed. In order to provide sufficient funds to maintsin and improve the fabric and grounds of Reveley Lodge. the Trustrs strategy is to contain current account costs, improve income in both the shortand long term by investing in our cottages, and improve usage by the communrty. In line with thi5, in 2023124 the Trust has.. Increased the rents on cottages astheir tenanci agreements mature. in line with market rates. The modernized cottages are let at an average of £13751month. Rented out rooms in the house for the filming of a BBC thKudrama about Arthur Conan Doyle narrated by Lucyworsley. The credits induded an acknowledgment of Reveley Lodge. conts.nued with our programme of monthly art exhibitions in the Stable Gallery, which combined with private viewingevents and increased chaf8es have improved ￿leS and interest. These are in addition to the Artist Challenge. an annual event held as part of the Bushev Festival. during which artists are challenged to paint a scene in the garden against the clock. Re-started the use of the house and garden for edtjcation visits, which stopped completely during CoNid. However. they were not yet back to pre£ovid levels as schools have naturallv prioritised their classroom teaching. Held a record number of events, includin8 an Easter Egg hunt. an NGS open day, a joint garden party with Bushey Museum, an Art Challenge, two days of Halloween events, a concert. a theatrical perfornian￿, and the opening of the garden for Christmas lights. In addition, we've held a number of art workshops and house tours. We had an estimated 10.(X(I visitors with free admission and 1.531 visitors with PaKI entry to events. REVELEY LODGE TRUST A Cornpany limited by guarantee (Company number 04772191 Charity registration 1099935) FINANCIAL REVIEW Unrestricted income increased durin8 the year with the totsl income amountingto £167. 16012022123 - 130.9881 due to an increase in donations. greater income from events and the renting out of a cottage on comptetion of its modernisation. Costs were incurred in repairs to the main house during the year and the rep1a￿meftt of the main boiler, as well as the COm￿et10n of the renovation of one of the empty tottages. Running tosts of the charity went UP S18nificant￿ because of the employment of additional gardening staff. wa8e inflation driven by external factors, and a doubling of insurance costs. Our previous insurer extted the market and Biven our previous claims for subsidence. it was impossible to Eet a similar level quotation. We also incurred survey and legal costs in setting up a mortEa8e for the renovation of the remaining cottage. Empty cottages attract premium levels of Council tax, further Inc￿351n8 costs. Expenditure therefore increased to £165.871 12022123 - £128.0161. Details of the expendtture 15 showrb in note 3 to the accounts. Overall, our income and expenditure were balanced and we made a small profft of £1.2891202V23 - £2.9721. Further details are provided in the Ststement of Financial Activtties and the BalaTr￿ Sheet on pages 11 and 12 and the notes to the financial statements on pages 13 to 20. Prlnclpal fundln8 sources As mentioned above the principal funding sources are income from the Trusys investments, including reTrts received from cottages that formed part of the bequest that was received from Mrs Chewetvs estate, au8mented by rental income from the Hayk)ft. In(x)me from visitors improved further from events and we benefftted from one-off film kxètion fees. Investment pollcy The Investment poly continues to be investment in the cottsges to maximise rental income. and in the house and garden to generate event and hire income. Rlsks affectlng the charlty The trustees have continued to work towards a position where year by year the income generated covers the costs of maintaining the house and garden. Our income stream largely depends on rental income from our investment cortages. Our reseThes have reduced very substantially because of the need to modemise these cottages. whith increases our risks from unforeseen events such as major roof problems. The 3vailaEMlity of a mortgage has de-risked the situation somewhat as funds ar? available to complete the renovation of all the cottages without the use of re*rves, and the extra income and lower costs in renting out our empty cottage is EiPA B￿ater than the mortgage costs. The trustees monitor the condltton of the twikling5 and structures to ￿JentrfY risks to the reserves. The day-to-day management of the Trust is largely ieftto the Trustees. This results in a heavy workload that in the longer term is un5UStainable as the Trustees become older, and the pod of potential replacements able to have the time to carry out this work shrinks due to societal changes. The solution is to employ a marbager. This could be afforded rfcapital coukl be raised by sellin8the Paddock. REVELEY LODGE TRUS[ A Company limited byguarantee (Company nurnber 04772191 Charity registration 1099935) Reser￿ policy The trustees maintain a general ￿lICY to pmvide a fund suftient for the k)ng tem preservation of Reveley Lcxlge and gardens. Nevertheless. the trustees have detemined that in recent years there has been an overriding need to carry out necessary works to renovate the house, gardens and adjoining buildings with the costs covered, where necessary, from the Trusys reseNes where there is insufficient income for the purpose. The Trustees have distussed whether. in order to inryeèse the availability of capital to improve the house and the cottages we should sell one of the cottages, but we have determined that we should keep all of the cottages and raise a mortgage to fill the capital funding gap. We also decided to breach our reserves FW)licy to provrde short term funding for the renovation of this single cottage, in order to reduo costs (empty Cottages attract double Council tsx and hiEher insurancel and improve income. However. should circumstsnos arise that the cash reserves are insufficient to fund some major problem with the house. the Trustees coukl still, in extremis, sell one ofthe tottages. We also have the ability to draw down ￿dItIOnal fundsfrom the mortgage for the next 2 years. Plans forfuiure perfods The Trust is coming to the end of a Ickyeèr plan to stabilise and improve its income by renovating the cottages it owns and exploiting its assets. In the 4 years to 2015. aveiage income was £74,C(KJ per annum and only one of the cottages was modernised. compared to an income of around £167.0￿ in 2023124 when six of the eight cottages had been modernised with the seventh due to ￿ complete in 2024. The Trust therefore will turn its energies to the next stsge of its development. The Trust will seek grants to repair of a badly ￿￿4￿8 wall to the rear of old boiler rwm. to Lmjild a large workshop for a Mens. Sheds type Ass(Kiation to SUPFLVt older male members of the community, aTrJ to build or instsll a disabled toileL The Trust will Continue to hold and expand on the events that have proved s￿￿$$ful and expand them to include historical, cultural and artexhibitions, workshops, lectures, tslks. concerts and film showings. This will generate income, but perha￿ more important￿, increase the number and expand the demographics of visitors to Reveley. In due course we hope to make greater use of the todge by improving the drawing room and installin8 better I￿hting in the Billiard RTh)m. Both will requi￿ fvnding from external Soufces. The Trust is exploring the use of the house and garden for small weddings to bring in additional income. The Trustees believe these artions will enable the Trust to maintain and improve visitor facilities and expand the artistic and cultural heritage associated with the Chewettfamily forthe benefitof all visitors, including local school parties. To secure the long-term sustainability of the charity. we will seek to raise funds from the sale of part of the Paddock and we are in discussi(m with a developer. srRucfuRE GOVERNANCE AND MANAGEMENT Govemln8 docurnents The Reveley Lodge Trust l.the Trusfl is a charitable company limited by 8uarantee. It was originally irtcorporated as the Bushey Museum ProFerty Trust Ltd on 20 May 2{￿)3 and re8iStered as a charity on 9 October 2(MJ3. REVELEY LODGE TRusr A Company limited by guarantee {Company nurnber 04772191 Charity regtstfation 1099935) The Trust ts established undera memorandum of association which sets out the objects and ￿werS for the charitable company and is governed under its arti&s of association. In the event of the Trust beingwound up members are required tocontribute an amount not exceeding £1. RecrultmenL appolntrnert and traInI￿ of trustees The trustees of the Trust are directors for the purposes of Company Law and also charity trustees for the purposes of Charity Law and under the companrfs art￿leS of association. The Trust draws on members of the loc31 community to provide support and knowledge and Seeks to recruit trustees principally from amongst this population. The Trust appoints those with the necessary skills and expertise to develop and manage the Trusys artivitie5. All trustees are familiarwith the practical workof the Trustand Spend some time being actively involved ewther in the activities Carr￿ out at Reveley Lodge or helping to maintain its gardens. New trustees are made aware of their rEs[￿sibilItieS as directo￿ and trustees. We have been able to recruit a new Trustee, Brenda Batten, who has had a career in education. She has been a local Councillor and brings to the trf>ard her experience of local Government. Rls* management The trustees have carried outa rewewof the major risks to whtch the Trust is exp)sed. This has included a review of the risks affecting the protection and maintenance of the house and grounds and also the nature and diversification of the investments on wh￿h the Trust relies to maintsin the property and support and develop the charitable activities. The trustees continue to review the prcKedures that are in place to assess and ensure Complian￿ with health and safpty of stsff, volunteers and visitors to the house and garden. Or8anJsatlonal structure The trustees manage the Trust and are responsible for its strategic direction and po]￿les. Individual trustees provide curatrjrial. artistic. property management or techn￿al expertise in orderto review and oversee specific areas of the Trusys operatM)ns. The Trusys investmentsare managed by professional advi50rson the basisof general investment policy, whieh is determined and re¥*wed by the trustees. The Tnjst ss supported by a number of volunteers who regular￿ assist in maintsinin8 the house and garden. in running events and in supporting educational ￿t￿ltIeS at Reveley Lodge. AIthouBh the tnjstees do not account for this assistan￿ in financial terms it fs imFk)rtant to understsnd that the current activitte5 of the Trust would be Signif￿ntlY curtailed and the future for the Tfust would be severely limited rf this assistsnce were not available. The help provided by all these volunteers is invaluable and greatly appreciated. RESPONSIBIUTIES OF THE TrU5fEES Company law requires the trustees to prepare financial statements for each financlal year which gvve a true and frdir view ofthe state of the affairs ofthe charitsbfe company as at the baknce sheet date and REVELEY LODGE TRUST A Cornpany lirnited by Euarantee (Company number IY1772191 tharity registration 1099935) of its incoming re50UTce5 and application of resource8 includin8 income and expenditure, for the financial year. In preparing those financial statements the trustees should follow best prartice and.- Select suitable accounting pdicies and then apply them consistently: Make judgements and estimates that are reasonable and prudent- and Prepa￿ the finantial statements on the b￿rn8 con￿rn basis unless it is inappropriate to assurne thatthe c¢ynpany will continue on that basis. The trustees are reS￿nSIble for maintaining properaccountinE records whtch disclose with reasonable accuracy at any time the financial ￿Sition of the charitable company and ttj enable them to ensure that the financial statements comply with the Companies Act 2LX16. The trustee5 are also responsible for safeguarding the assets of the charitsble company and hence for tskin8 reasonable steps for the prevention and detection of fraud and other irregularitie5. The trustees, who are directors for the purposes of company law as well as for the purposes of charity law and who served during the year and up to the date of this ￿[￿. are set out above. APPROVAL Thi5 report has been prepared in accordance with the Ststement of Recommended practi￿ applicable to Charities preparin8 their atcounts in accordan￿ with the Financial RerM)rting Standard for Smaller Entities published on 16 July 2014, the Frnantial Reporting Standard for Smaller Entities (effective January 20151 and the special provisions of Part IS of the CoMpan￿S Art 2￿6 reLating to small companies. Approved by the trustees on 2 3- l(pnd signed on their khalf by: Grdnvllle Taylor Director/frustee. REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935) I report to the trustees on my examination of the accounts of the Reveley Lodge Trust (the Trust) for the yearended 31 March 2024. Responsibilities 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 ACV). I report in respert of my examination of the Trusvs accounts carried out under section 145 of the 2011 Act and in carryin8 Out my examination I have followed all the applicable Directions given by the Charity Commi55ion urKler section 145{51{bl of the Act. Independent examinee5 5tstemeTht I have completed my examination. I confirm that no materlal matters have come to my attentlon in connertion with the examination giving me cause to believe that in any material respect- accounting records were not kept in respert of the Trust a5 required by sertion 130 of the Act; or 2. the accounts do not accord with those records- or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) ReEulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connettion 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 Trustee5' view on the Impact of COVIJ>19 is disclosed in the accounting policies. Annie 8arratt Flola Accountancy Limited 26 Sheppards Close. St Albans, AL3 SAL October. 2024 io- REVELEY LODGE TRUSr A Cornpany limited by guarantee (Company number 04772191 tharity registration 1099935) Statement of Financial Acthiltles lor the ended 31 Ma￿h 2024 2024 2024 Unre5trbCted Ilestricted 2024 Totsl 2023 Intome Donations and Erants 13.243 13.243 3.339 Received frorn vi5itor5 Other income 31.536 31.536 25,589 Investment inc(xne Total Income 122,381 167.160 122,381 167,160 102,060 0.988 Expendlture Charitable artl¥lties 139,738 139,738 103.965 RaisingFunds Property management and expenses 22,660 22.660 23.893 Events 3,473 3.473 158 Total Exwdityie I65￿71 165,8n 128,016 Net Income Realised Gain on investments 1,289 2.972 Unrealised10ss on Investments {41.646) (41,646) 131,660) Net movement In funds (40,357) 140.3571 {28.6881 Totsl fund5 brought forward at l April 2023 5A3I359 39.282 5A7L641 5.51JO.329 Totsl fvnds orrfed lo￿ard at 31 Marth 2024 539111 39.282 5A3£284 5.47L641 All of the above resuEts were derived Irom continuing actiNities. The Charity has no ￿OgnISed gain5 or losses other than those dealt with in the Ststement of Financial Activities. The note5 on pages 13 to 20 forrn part of these accounts. REVELEY LODGE TRUST A Company limited by guafantee (Company number 04772191 Charity reElStration 1099935) Balan￿ Sheet at 31 Marth 2024 2024 2024 Note Unrestrirted Restricted Fund Fund 2024 Total 2023 FIXED ASSETS Freehold Land arKI Buildin House Contents & Equipment Investment5 2,504,690 42,023 2,850,0(KI 5394.713 15.354 2,518,044 42.023 2,850,000 15.354 5.410.667 2.532,761 44,796 2,815,000 S,392557 io CURRENT ASSETS Cash and bank balances 27.431 27.431 23.928 23,928 51.359 5L359 120.227 120.227 CREDITOPS: Amounts falling due within one year Creditors and accruals 5.142 5,142 5,142 16,143 Net ￿rrent Assets 23.928 46.217 CREDITORS: AmountsfallinE due over one year Loan 25.(Th 25.L 5.392,IX)2 39,282 5.43L284 5.47L641 Unrestricted funds Restricted fund5 TOTAL FUNDS 5391002 5392.002 39,282 39.282 39282 S 43L284 5,432,359 39,282 5.47L641 5391202 For the year ended 31 March 2024. the tharitable company was entitled to exemption from audrt under section 477 of the Companies Act 2006. No members have required the tharitable company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibility for." t) Ensuring the charitable company keeps accounting records which comply with sertion 385 of the Act: and ill Preparing accounts which give a true and fair view of the state of affairs of the charitable cornpany 35 at the end of its finanaal year and its profrt and loss for the finan(ial year in accordance with section 394 and 395 of the Act. and which comply with the requirements of the Companies Act relating to accounts, 50 far as applicable to the charitable company. The financial sLitements wereapproNEd bythe Board onZSoctober 2024 and signed on its behalf by Granville Taylor Dirertor/Tiu5tee 12- REVELEY LODGE TRusr A Company limited byguardntee (Company number 04772191 Charity registration 1099935) Notes to the Flnan¢ial Staternents ACCOUNTING POLiaES A summary of principal accounting policies. all of which have been applied consistently throughout the year and the preceding year. is set out below: a) Basis of accountin The accounts of this charitsble compary, which is a publtc benefit entity under FRS102, have been prepared in accordance with: the Charities SORP (FRS102) "Accounting and Reporting by Charities: statement of Recommended Pra¢ti¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effectNe l January 2015)°, the Financial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland", and the Cornpanies Act 2(X)6. The accounts have been prepared under the historical cost convention with the exception of investments which are included at rnarket value. as rnodrfied by the revaluation of certain assets. The signrficant accounting policies applied in the preparation of the financial statements are set out below and have been consistently applied to all periods presented unless otherwise ststed. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. b) Reconciliation with revious G nerall Acce ted Accountin Practice In preparing the accounts, the trustees have ¢onsidered whether in applying the accounting policies required by FRS 102 arKI the Charities SORP FRS 102 the restatement of comparative iterns ￿a$ required. No material reststements were considered to be required arrfl, in consequence, there is no impact on the opening balance& 13- REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935) aration of the accounts on oi concern basis The financial statements have been prepared on the bas15 that the Charity will be able to continue its operations for the foreseeable future. The Charity has investments which provide a source of income which, although subject to some variability, for example, due to periods when lettirEs may be interrupted. does provide the Charity a continuity enablire it to continue to meet its core objectives. The ability to continue to maintain a satisfactory level of reserves artd undertake repairs to the house on a continuing basis in order to reduce the risk of large unplanned expenditure which Could adversely affect the Charitr