REVELEY LOI)GE TRusr A Company limited by guarantee (Company number 04772191 Charity reglstration 1099935) Financial statements for the year ended 31 March 2025 •AEFiK)XGB" ZY11r2025 COMPANIES HW5E
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REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935) Contents Page Trustees, report Independent Examinerfs report io ststement of financial arti4tybes li Balance sheet 12 Note5 forrning part of the financial ststements 13-20
REVELEY LODGE TRUST A Cornpany limited by guarantee (Company number 04772191 Charity registration 1099935) REFERENCE AND ADMINISTRATIVE INFORMATI(X4 Company details Company number Charity registration number Registered office.. 04772191 1099935 88 Elstree Road. Bushey Heath, Bushey Herts. WD23 4GL Annie Barratt Flola Accountancy Ltd 26 Sheppards aose St Alban5 AL3 SAL Examiner Stockbrokers Investec 2 Gresham StreeL London EC2V 7QN Solicitors Penman Sedgwick 5 Gege Street, Watford. Herts WD1805Q Bankers Bardays Bank plc Leister LE87 2BB DiTectovsrrrustees GranvilleTèylor Rits Cthe Katharine Whitaker Pamela Glover James Hughes Brenda Batten Wirginia Edwards Chairman Resigned 27 April 2025 Appointed 30 August 2024
REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935 } The tru5tee5 present their rep)rt and the financial ststements for the 12 month period ended 31" March 2025. OBJEcnvES AND AcnvmES Following her death on 4th February 23. Mrs Ella Chewett left Reveley Lodge together with its contents, properties, consisting of cottaEes and a fiehl (the Paddk1. and also investments to the Bushey Museum Trust. The trustees of the Bushey Museum Trust decided that it would be most appropriate to establish a separate and independent trust. the Bushey Museum Property TTUSt Limrted. to hold all the assets as the expertise required to run a museum was not nece55arily the same as that quired in the restoratton and OFeration of an historic property and 8arden. The property was registered in the name of the Bushey Museum Property Trust Limited in April 21X with the Trusys objective being to safeguard and maintain the house and gardens so that it may be used as an art and educational resource in Bushey forthe benefitand enjoyment of the local community and beyond in Irne with the wishes of Mr5 Chewett and to encourage and enhance the èctivities of the 8ushey Museum. The Trust was renamed the Reveley L(xlge Trust in December 2017 and the Memorandum ofAssociation updated. In preparingthis report due regard has been given to the guljance published bythe Charitycommission in regard to public benefit. ACHIEVEMEPSANo PERFORMAN In the year we entered the final stage of our strategy to invest in moderntsing the cottage5 to provide a stable source of income by renovating our last empty property and tIng it out at a full market rent from October 2024. AII LNJt No 80 have been modernised and when the existing tenant leaves, we expect to only have to do modest upgrading within our existing resour5, or undrawn monies from our mortgage. The Hayloft Continued to be occupied by a Iccal private school, but changes to their taxation and allowances will result in them leaving in August 2025. Another element of our strategy is to fijrther deNelop the main house for renting out for functions, workshops. classes etc. The Drawing Rwm. in particular. is under-utilised so a plan has been developed to upgrade it. The new Ix)iler installed last year has allowed u5 to improve the heating by the addition of two radiatofs. and in 25126, the room will have the flwr sanded and sealed, curtains replaced and the rwm de-cluttered. At the time of writing a numberof functions have been held in it as a result. The upgrade last year in one of the upstsirs rooms for use as a consulting room ha5 quickly paid off the investment and is now brinwng it around £l,S(K) per annum. Further repairs to the rwf of the main house have been carried out and funds put aside for the replacement of the other boiler in 25126. The discovery of some cracks in the stsble block has resulted in an insurance claim for subsidence. Several trees have been cut down or redUd in size. Listed Building Consent has been sought to Stabilise the cracks and some redecoration carried out. The lead water pipe feeding the block ha5 been repled with a modern plast one. The garden continues to improve a5 a visitor attractK)n under the eXrt ministrations of our Head Gardener. Lesley Powell. In 24125 Lesley was helFed by a trainee. Ann-marie Harwin on a 12-month placement under the Work and Retrain as a Gardener scheme for two days è week. We expect to
REVELEY LODGE TRUST A Company limited by guarantee {Company nurnber 04772191 Charity registration 1099935) trainee under the WRAGS xheme every year. Lesley is also helped by up to 20 volunteers during the week. The aim of the garden planting is to have relatively low maintenance plants with interest throughout the year. A new scented bed has been planted and the display of ind[ plants in the cor)seTvatory has continued to pJow followtng warious donations to an impressive 86 plants. Lesley has built up the followers on her Instagram account to 3.31X) whKh has helped bring in a greater number of skilled and wofessional gardener viytors. She has further publicised the garden by giving talks to local garden 8fOUPS and run a nUrnr of edwtKJn sessions for Ir1 primary schools and Duke of Edinburgh Award entrants. Gary Walton, our site manager. has continued to take on more responsibilities in managing the estate, and has improved his rna1ntenan skills. including attending some training course& We have invested in a much greater ran8e of construction and maintenance trM)l& A particular project this year has been the repair and painting of the large wooden greenhouse that involved the cuttin*in of rotten sertions of beams and window frames. He has alsotsken on the resnsIbIlity of manawng some staff and hirers of the house and gardens. The Garden Café provided approximate the same level of income as the pvIOlI5 year despite reducing opening days to 4 per week. The tearooms inc35ed their contribution by Il% but had a very good year for the number of functions it hosted at Reveley. We have continued to work with a developer to sell part of the Paddock for housin& which would secure the long-term future of the Trust. Almost all elements of an Option Agreement have now been resolved. and we hope to sign it in 25126. In order to provide sufftcient funds to maintsin and improve the fabric and 8rounds of Reveley Lodge, the Trusvs strategy IS to contain running costs. improve income in both the short and lorsg term by investing in our cottsges, and improve usage by the community. In line with this, in 2024125 the Trust has= Increased the rents on cottages as their tenancy agreements mature, in line with market rates. The modernized cottages are let at an average of £14401month. Increased funrtion income from both tearooms and workshops. A local artis¢ Kate Leach, has built up an Instaeram following approaching 21XI.CXY) and has held nine workshops in 24125 each one of which was sold out. or almost so. As well as income. her workshops have attracted people from across the country. Continued with our programme of monthly art exhibitions in the Stable Gallery. These are in addition to the Artist Challenge, an annual event held as part of the Bushey Festival. during which arknsts are challenged to paint a ne in the garden against the clock. Tripled the number of educational visits organiied via Bushey Museum to 31 visits attended by 746 children. We also held lunchtime gardening groups from a local private school. Despite holding fewer large events than the previous year. we had slightly more paid visitors than last year. Because of the timin8 of Easter. we had no egg hunts in the year, nor did we hold a garden party or NGS eveftt which boosted nUrnbe L3St year. Our Halloween event was again very well attended. The Christmas events were unfortunately affected by Storm Darragh wtrlich resulted in us hawng to reschedule the Christmas market. lowering attendance. We estimate we had 10.(XXJ wsitors With free admission and 1.581 visitors with paid entry to events.
REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935) FINANOAL REVIEW unstrIcted income increased marginally in the year with the total income amo¥Jntin8 to £179.015 12023124- £167,160). The inciease in nt from a modernised cottage and functions more than offset a decline in income from events, donations. and no filming fees that flattered the previous yearfs income. Costs were a litt higher during the year at £170.702 {2023124 £165.8711 with an increase in running costs from wage and energy inflation and eventcosts. Insuran costs continue to be much higher than they were. but it is unlikely they will ever return to their previous level. We did however benefft from lower financing costs which were higher last year due to costs incurred in setting up the mortgd8e and reduced property management and expenses. The year saw significant Snd on the renovation of one of the cottages using the mortgage of £I(XJ,CLK). The work was completed within budget in September 2024 and the property let from November 2024 onwards at full market nt. However. the costs of the mortgage mean that in the short term, the net income from the property is mcmjest although the assets of the charity are preserved. Cash balan5 increased by 27% 10 £65.141. marking a planned and welcome imwovement to our reserves which had been directed to renovation of one of the cottages in 2023124. Details of the expenditure is shown in note 3 to the accounts. Overall. our income and expenditure were balanced. and we made a m(MJest profit of £8,313. Further detsils are provided in the Ststement of Financtal Activities and the Balan Sheet on pages 11 and 12 and the notes to the financial ststementson pages 13 to 21. Prfndpal fundlngsources As mentioned above the principal funding Sour are income from the Trustrs investments, including rents reIVed from cotta8es that formed part of the twuest that wa5 reiVed from Mr5 Chewetvs estate, augmented by rental income from the Hayloft. Income from VitorS improved further from events and we benefitted from one-off film I(tiOn fees. Investm policy The Investment policy continues to be investment in the cottages to maximise rental income, and in the house and garden to generate event and hire income. Rlsks affectln8the thartty The trustees have continued to Work towards a positton where year by year the income generated covers the Costs of maintsining the house and garden. Our income stream lareety depends on rental income from our investment cottages. Our reserves reduced very substantkilly in 2023124 because of the need to modernise these cottages, which increased our risks from unforeseen events such as major roof problems. The availability of a mortgage has de-risked the situation somewhat as funds are available to complete the renovation of all the cottages wÈthout further use of the reserves. The extra rent from the modemised cotta8e has allowed the reser¥es to recover a little this year and further recovery is expected in the future. The trustees monitor the condition of the buildings and structures to identify risks to the ServeS.
REVELEY LODGE TRUS[ A Company limited by guarantee (Company number 04772191 Charity registration 1099935) The day-to4ay management ofthe Trust is largely ftt0 the Trustees. This su$ in a heavy workload that in the longer term is unsustsinable as the Trustees LOrne older. and the pool of potential replacements able to have the time to carry out this work shrinks due to s(Kietsl changes. The solutian is to employ a manager. This could be afforded rf capital coukl raised by selling the Paddock allowing the mortgage to be paid off and much of the remainder invested. The trustees maintsin a Benefal wlicy to provNle a fund sufficient for the long temi preservation of Reveley LLyJge and gardens. Nevertheless, the trustees have determined that in recent years there has been an overriding need to carry out necessary works to renovate the house, rdenS and adjoining buildings with the costs covered, where necessary, from the Trusvs reserves where there is insufficient income for the purp)se. The Trustees have discussed whether, in order to increase 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 the tottage5 and raise a mort8age to fill the capital funding gap. We also decided to breach our reserves policy to provide short term fundin8 for the renowatK)n of this single cottage, in order to reduce costs (empty cottages attract double Council tax and higher insurance) and improve income. However. Should arcumstances arise that the cash reserves are insufficient to fund some major problem with the house. the Tnjstees could still. in eXtMis. sell one of the cotta8es. We also have the ability to draw down additK)nal funds from the mort8a8e until March 26. From a minimum of£50,C(KJcash reserves in March 2024. reseNes have gradually improved to £65,0 in March 2025. The Trust plans to increase reserves for the next 2 years in order that it can pay off loan of £25,(MX) due in October 2027 and still have sufficient reserves to cope with major unforeseen expenses inherent in the stewardship of a Grade11 listed property e.8. problems with the roof. Plans for future periods The Trust has come to the end of a 10-year pian to stabilise and improve tts income by renovating the cottages it owns and explorting its asts. In the 4 years to 2015, average income was £74.(KJO anntjm and onty of cottages was mc*Jernised. compared to an income of over £168,OCK) in 2024125 when seven of the er8ht cottages had been modernised. Modeinisation costs of the eighth cottage are expected to be mcyjest. and we have undrawn funds from the mortgage that could be utilised rf taken by March 2026. The Trust therefore will tum its energies to the next stage of its development. The Trust will seek 8Tants to repair of a badly teaning wall to the rear of old boiler room, to build a Farge workshop for a Mens. Sheds type Ass(latIOn to sUpFrt older male members of the community, and to build or install a disabled toilet. The Trust will continue to hold and expand on the events that have prolpd successful and expand them to include historical. cultural and art exhibrtions, workshop4 lectures, talks. concerts and film showin85. This will generate inc(Hne, but perhaps more importantly. increase the number and expand the demographics of visitors to Reveley. We pL3n to make 8reater use of the lodge by impraving the drawing room and irh5talling better lighting in the Billiard R¢)om, subject to obtaining sufflent fvnding. The Trustees believe these actions will enable the Trust to maintsin and improve visitor f3cilities and expand the artistic and culturdl heritage associated with the Chewett familyforthe benefit of all visitors. including IcKal school parties.
REVELEY LODGE TRUST A Company limited by guarantee (Company nurnber 04772191 Charity registration 1099935 > To secure the long-term sustsifTrability of the charity. we will seek to raise funds from the sale of part of the Paddocl and we are in discussion with a developer. Gobrnln8 documerrts The Reveley Lodge Trust l-the Trusfl is a charitable company limtted by guarantee. It was originally incorFY)rated as the Bushey Museum Property Trust Ltd on 2 May 2(K)3 and registered as a charity on 9 October 2(Ll3. The Trust is established under a memorandum of asstxtation which sets out the objects and FM)wers for the charitable company and is governed under its articles of associatton. In the event of the Trust Ing wound up membersare required to ts)ntritxrte an amount notexceeding £1. The trustees of the Trust are director5 for the purposes of Company Law and abo charity trustees fof the purposes of Charity Law and under the companls articles of association. The Trust draws on members of the IcKal community to provide SUPFQrt and knowledge and seeks to recruit trustees principally from amongst this popuL3tion. The Trust appoints those with the neSsary skills and expertise to develop and manage the Trusys activities. All tru5tee5 are familiarwith the practical work of the Trust and spend some time beingactivety invdved either in the activities carried out at Reveley Lod8e or helping to maintain its gardens. New trustees are made aware of their responsibilit$ as dirertors and trustees. We have been able to recruit a new Trustee. Ginny Edwards, wtK) has had a career in healthcare that has included being a nonxecutive director of Warford General Hospital as well as hokling a number of senior management positions. She is a resident with good connection5 to the l¢xal community. Katharine Whitaker retired as a Trustee at the end of December 2024. She was a great asset to the Trust and did 3 great deal in promoting a nUMr of events and becoming an expert in the history of Reveley Lge arKI its occupants. Whilst not a Trustee. management of the finances is carried out by our treasurer. Richard Lampert, who attends Trustee meetings. He took over this rM)sition from Nigel Pulver in 2024125. IIL%k managernent The trustees continue to review of the major risks to which the Trust is exposed. This includes a review of the risks affectinE the protection and maintenance of the house and grounds and also the nature and diversification of the investmentson which the Trust rely to maintain the proFtrty and SUPPKJrt and develop the charitable activit% The trustees continue to review the procedures that are in p*e to assess and ensu compliance with health and safety of staff, volunteers and visitors to the house and garden.
REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935) The trustees manage the Trust and are responsible for its strategic direction and policies. Individual trustees provide curatorial. artistic. property mana8ementortechnical expertise in orderto review and oversee specific areas of the Trusfs operations. The Trusvs investments are managed by professional advisors on the basis of general investment policy, which is determined and reviewed by the trustees. The Trust is supported by a number of volunteers who regularly assist in maintaining the house and garden, in running events and in supporting educational activities at Reveley LodEe. AlthouEh the trustees do not account for this assistsnce in financial terms it 15 impK)rtant to understsnd that the current activities of the Trust would be signifKantly curtailed and the future for the Trust would be severely limited if this assistance were not aValble. The help provhled by all these volunteers is invaluable and greatly appreciated. RESPONS181ullES OF THE TRUSTEES Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheèt date and of its incoming sourceS and application of resources. including income and exp*nditure. for the financial year. In preparing those financial statements the trustees shoukl follow best practice and.. Select suitable accounting polrcies and then apFAy them consistently; Make judgements and estimates that are reasonable and prudent,. and Prepare the financial statements on the goingtonrn basi5 unless it is inappropriate to assume that the company will continue on that basi& The trustees are resp)nsible for maintaining proper accounting records which disc105e with reasonable accuracy at any time the financial FX)Sition of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 26. The trustees are also respK)nsible for safeguarding the assets of the charitsble company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee5, who are directors fDr the purposes of company law as well as for the puwes of charity law and who served during the year and up to the date of this rewrt, are set out above. APPROVAL This report has been prepared in accordance with the 5teEnt of Recommended Practice applicable to Charities preparing their accounts in accordan with the Financral Reporting Standard for Smaller Entities published on 16 July 2014. the Financial Reporting Standard for Smaller Entities leffective January 20151 and the special provisions of Part 15 of the Companies Act 2CMJ6 relating to small companies. Approved by the tru5tee5 on i &Lfand signed on their behalf by: Granvmle Taylor Directornrustee_
REVELEY LODGE TRusr A Company limited by guarantee (Company number 04772191 tharity registration 1099935) Report of the independent exam4 to the tnJtees I report to the trustees on my examination of the accounts of the Reveley Lodge Trust {the Trust) for the year ended 31 March 2025. ResponsibTri ies and basis of report As the charity trustees of the TrusL you are responsible for the preparation of the accounts in accordance with the requirements of the Cha¥itie5 Act 2011 Ilhe AcV}. I report in respert of my eMinatIon ofthe Trusvs accounts carried out under section 14S ofthe 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{51{bl of the Act Independent examlnerfs ststemen¢ I have completed my examination. I confirni that material matters have come to my arteThtn in connection with the examin*ion 8i¥ing me cause to believe that in any material respect: accountine records were Trot kept in rw of the Trust as required by section 130 of the Act,. or 2. the accounts do rt accord with those records." or 3. the accounts do not cornply with the applicable requirements ¢oncerninE the form and content of accounts set out in the (haritie5 (kcounts and Reports) Regulations 2008 other than any requirement that the accounts a 'true and fair iryew which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection 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. Annie Barratt Flola Accountsncy timited 26 Sheppards aose. St Albans. AL3 SAL Date.. 10 6ns io-
REVELEY LODGE TRUST A Company limited byguarantee (Company number 04772191 Charity registration 1099935) Statement ol Flnanclal Actl¥ltles forthe par wded 31 March 2025 2025 2025 2025 Total 2024 Note Income Donations and grants 2.900 13,243 Received from visito Other income 31,998 31,998 31,536 Investment income Totsl Income 144,117 179.0 144,117 179,0 122,381 167.160 Expenditure Charitable aai¥ibes 141.683 141.683 139.738 Ralslry Funds Property management and expenses 18,049 18,049 22,660 Event5 10.970 10.970 3.473 Totsl Expenditure 170.702 170.702 165.871 Net Intome Reali5ed Gain on in¥estrnents 8.313 8.313 1.289 Unrealised Ilossllgain on Investments (72.2581 {72,2581 141,6461 Net movement in funds Totsl fvnds broughtforward at l April 2024 {69,9451 169.9451 140,3571 53911NJ2 39382 5.431284 5.47L641 Totsl funds carrled fon¥ard at 31 March 2025 534058 39.282 5.367,339 5.431.284 All of the above results were derived from continuing actitte5. The Charity has no recognised gains or losses Other than those dealt with in the Statement of Financial Actiltytie The notes on pages 13 to 21 form part of these accounts. li
REVELEY LODGE TRUST A Company limited by guardntee {Company number 04772191 Chartty registration 1099935) Balance Sheet at 31 March 2025 2025 2025 Note Unrestrirted Restritted Fund 2025 Totsl 2024 FIXED ASSErs Freehold Land and Building5 House Contents & Equipment Investments 2.487.974 39.684 2.885.(KKI 5,411658 15,354 2503,328 39,684 2.885.000 5,428.012 2518,044 42.023 2,850.000 5.410.667 io 15354 CURRENf ASSErs Debtors and preents Cash and bank balan5 li 6.3 41.213 47276 6,063 65,141 71204 23,928 23.928 51.359 5L359 CREDITORS: Amounts falling due withinoneyear Creditors and acuuals 12 10.188 10.188 S.142 Net Current Assets 37.088 U928 6L016 46,217 CREDtroRs: Amounts falling due over one year 13 1.689 L689 5.330.089 39.282 5.367.339 5.431.284 Unrestrirted funds Restrirted funds TOTAL FUNDS 5,328.057 5,328.057 39,282 SJ67.339 5.392,002 39,282 39.282 39.282 5.328,057 For the year ended 31" Mard) 2025. the charitsble company was entitled to exemption from audit under section 477 of the Companies Ad 2006. No member5 have required the tharitable company to obtain an audit of its xcount5 for the year in question in accordance with section 476. The directors acknowledge their responsibility for; il Ensuring the tharitable company keeps accounting records whith cornply with section 385 of the Act: and ill Preparing accounts which gi a true and fair view of the state of affairs ol the charitable company as at the end of its financial year and its profit and loss for the financial year in accordance with section 394 and 395 of the Act, and which comply with the requirements of the Companies kt relating to accounts. so far as applicable to the tharitsble tompany. The financial statements were approved by the Boafd onlo November 2025 and sigfted on its behalf by Granville Taylor Director/Tn 12-
REVELEY LODGE TRUST A Company limited by guarantee {Company number 04772191 Charity registration 10999351 Notes to the Financial Statements ACCOUNTING POUCIES A summary of principal accounting policies, all of which have been applied consistently throughout the year and the preceding year, is set out below: al Basis of accounti The accounts of this charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with: the Charities SORP IFRS102) °Accounting and Reporting by Charities: Statement of Recommended Prdrti¢e applicable to charities preparirg 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 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" and the Cornpanies Act 2006. The accounts have been prepared under the histori¢al cost convention with the exception of investments which are included at market value. a5 modified by the revaluation of certain assets. The significant 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 Stated. 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 General Acce ed Accountin Prartice In preparing the accounts, the trustees 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 material restatements were considered to be required and. in Consequence, there is no impact on the opening balances. 13
REVELEY LODGE TRUST A Company lirnited by guarantee (Company number 04772191 Charity registration 1099935) Accounting poliaes continued aration of the accounts on a oin concern basis The financial statements have been prepared on the basis that the Charity will be able to continue its operations for the foreseeable future. The Charity has investments which provide a sourte of income which, although subject to some variability. for example, due to periods when lettings may be interTUPted, does provide the Charity a continuity enabling it to continue to meet its core objectives. The ability to ¢ontintse to maintain a satisfartory level of reserves 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 Charivs finances are monitored by the trustees on a regular basis. Accordingly, the trustees consider that it 15 appropriate, in spite of the current econornic conditions, together with the COVID-19 viral pandemic. to continue to adopt the goin8 concern basis in the preparation of these accounts. nificant ud ements ar estimates The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assurnptions that have a significant risk of ¢ausing a material adjustment to the carrying amounts of the assets and liabiltties within the next rinancial period are addressed below. e) Income All income Is included in the accounts when the Trust Is entitled to the inwrne and the amount can be quantified with reasonable accuracy. In particular:. Voluntary income is received by way of donations and gtfts and is included in full in the Statement of Financial Activities when receivable. The value of serrfices provided byvolunteers has not been included in these accounts on the ba515 that these canTt be readily quantified. Investment income is included when receivable. enditure Expenditure 15 recognised on an accruals basis as the liability is incurred. The following specific policies are applied to particular categories of expenditure".- The charitable activities represent costs incurred in the preser¥ation and maintenance of Reveley Lodge and the garden. Govemance costs include those costs associated with rneeting the constitutional and statutory requirements of the Trust and costs linked to strategic management. 14-
REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Chartty registration 10999351 Accounting policies (ontinued g) Fixed assets Reveley Lodge together with 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 less accumulated depreciation. The costs of minor additlQn5 or those bek>w £l.000 are not capitalised. re¢iation Depreciation is provided at rate5 calculated to write off the cost of each asset, taking into account estimated residual values, over its expected useful life. For the categories of assets the rate arKI rnethod used is as follows:_ Buildings Fumtture & Fittin8S Vehicle5 24% of the cost (straight line method) IO% of the opening balance (reducing balance method) 20% of the opening balance {reducing balance method) i) Fixed asset investments Estate investment properties were originally in¢luded at the probate valuation (February 2003) which is subjert to review by the trustees at least every 5 years. Any gain5 or losses arising from 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. j} Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid deposits or similar accounts. k) Creditors and rovisions Creditors and provision5 are recognised where the Charity ha5 a present obligation resulting from a past event that will probably result in the transfer of funds to third pami and the amount due to settle the obligation can be measured or estirnated reliably. Creditors and provision5 are normally recognised at their settlement arnount after allowing for any discounts due. 15
REVELEY LODGE TRUST A Company limited by guarantee {Company number 04772191 Charity registratton 10999351 Acc¢Juntlng 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 representingthe restatement of investrnents at market values. Designated funds are unrestricted fund5 earrnarked by the trustees for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terrns of an appeal. INCOME Investment income comprises Tent of £119.225 {2024 - £112,029) and other income of £24,892 (2024 - £10.352). ANALYSIS OF EXPENDITURE 2025 House 2025 Garden 2025 Total 2024 Totsl Charitable actlvities Stsff Costs Freelance labour Costs General and water rates Insurance Ener Repairs & Maintenance Depreciation Advertising Governan¢e Finance costs 29.473 27,642 5.685 2.481 2,240 2,209 11,094 57,115 55,246 5.685 7.286 4.666 11201 10,372 11.043 7,916 25.036 26,414 17.054 17,490 117 1281 1,456 5.982 16,061 4.805 8,961 8,834 13,942 17.054 1.281 5,982 Totsl 332 51351 141,683 139.738 Included in govemance costs is £950 +vat payable to the independent examiner {2024: £1,050 +vatl. 16-
REVELEY LODGE TRUST A Company limited byguarantee (Company number t)4772191 Charity registration 1099935) Analysls of govern and support costs 2025 General 2025 Support Goveman 2025 Total 2024 Totsl General offi¢e Independent examiner Legal and professional 136 196 1,260 1,145 1.145 Total 1,145 1281 1.456 Net incomelexpenditure Net expenditure during the period Is stated after ¢harging-. 2025 2024 Independent Examiner's fees Depreciation L145 17JJ54 1,260 17,490 The Trust employed an average of three Members of stsff during the period {2023124- 31. Trustee remuneration and related party transaLtions No trustees received ary remuneration during this period or the previous year. No trustee or other person related to the Trust had any personal interest in anv contract or transaction entered into by the Trust during the period. Trustees were reirnbursed expenses of £52712023124 - £1,037). Taxation As a charity the Trust is exempt from tax on income and gains falling within section 505 Taxes Aet 1988 or section 256Taxation of Chargeable Gain5 Act 1992 to the extent that these are applied to its charitable objects. 17-
REVELEY LODGE TRUSr A Cornpany limited by guarantee (Company number 04772191 Charity registration 1099935) Land and buildlngs C05t5 relating to the buIlding of the greenhouse have been added to the cost of the house and grounds. As certain dorhltions had been recetved Specifically for this purpose {and treated as restricted) that element of the greenhouse c05t has been disclosed as restricted accordingly. There is no restriction as to the use of the greenhouse. Fixed assets: House and garden. adjolnlng land and equipment Land & Land & Furniture & bulldlngs buildings equipment Unrestrlcted Restricted 2025 Total Cost At l April 2024 Additions Disposals 2.711,722 32,051 112,869 256.643 At 31 March 2025 2.711.722 32,051 112.869 256.643 reciation At l April 2024 Provision for the period 209.032 13,834 16.697 70.847 2,338 296576 17x154 At 31 March 2025 222,866 17,579 73,185 313.630 Net book value At 31 March 2025 2.488A56 14.4n 39.684 2.543.012 At l April 2024 2.502.690 15.354 42.022 2.560.067 Land & Buildings unstriCted includes land of £1,260.0(X) at cost. Land is not depreciated. 18-
REVELEY LODGE TRUSr A Company limited by guarantee {Company number 04772191 Charity registration 1099935) io. Investments 2025 2024 Estate investrnent propertie5 Other investments 2J85.rJ)o 2,850,000 Total 2J85AKI 250.000 Estate investment ro rties Original value on acquisition (see below) Arnounts capitalised Revalued amount in 509,635 195.370 330.000 155365 1249.630 375.(X)O 35,0 35,0 509,635 195,370 330,000 155,365 1.249.630 375.000 35,000 2013 2019 2022 2024 2025 Balance at the end of the year 285,(x)0 250.000 As explained in the accounting policies Ili} the trustees have adopted a policy of revaluing investment properties at leastevery five years in order to maintsin a degree of comparability with the otherfixed 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 propertie5 were originally disclosed at £509.635, the value attributed to them when they were first acquired by the Trust. As properties are modernised. t"h'eir value is increased to match those that have previously been modernised. In 2024125 this applied to No 66 Elstree Road. ii. Debtors 2025 2024 Debtors Prepayrnents 5.31S 6,063 19-
REVELEY LODGE TRUST A Company limited by guarantee (Company number 04772191 Charity registration 1099935) 12. Creditors: amounts falling due wltNn one year 2025 2024 Other Creditors Accruals PAYE 3,786 2.170 2.032 2.200 10.129 1.023 1.919 Loan from trustee 2,200 5,142 The loan frorn a trustee is repayable on demand and interest-free. l& Credltors: amounts fallirrf knr more than one year 2025 2024 Bank loans PLACE loan 96.689 25.lJ)O 121.689 25,000 25.IX)O PLACE loan is interest free until repayment in October 2027 and then interest 15 charged at The bank loan is secured by a mortgage against one of the cottages, number 68, at 2.64% over base rate. The balance outstanding at the reporting date including instalments due after rnore than five years of £72.140. 14. Reserves Restricted reserves These reserves arise from donations specifically received for and have been applied towards the reconstruction of the greenhouse. Unrestricted fund5 The unrestricted funds represent the remainder of the reseNes none of which has been allocated to a designated purpose. 20-
REVELEY LODGE TRusr A Company limited by guarantee {Company number 04772191 Charity registration 1099935 } 15. Related partles The Trust is separate from but does work with the Bushey Museum Trust. with the latter, for example, prlidIng exhibits for the Twst to support and enhance its activities. In addition the two organisations share areas of expertlse and educational seNices but otherwise are managed separately and have separate but related objectives. Equally, the Trust acknowledges the interest and support that the Friends of Bushev Museum, a separate charitable organisation. provides. as many of its members act as volunteers at eventsthat are held at Reveley Lodge. i& Ultimate controlling party The trustees believe that no one individual or group of individua15 acting together ¢ontrol the Charity. 21