REVELEY LOI)GE TRusr
A Company limited by guarantee
(Company number 04772191 Charity reglstration 1099935)
Financial statements
for the year ended 31 March 2025
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COMPANIES HW5E
#182

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 Ge￿ge Street, Watford. Herts
WD1805Q
Bankers
Bardays Bank plc
Lei￿ster 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 2￿3. Mrs Ella Chewett left Reveley Lodge together with its
contents, properties, consisting of cottaEes and a fiehl (the Padd￿k1. 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.
ACHIEVEMEP￿SANo 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 resour￿5, 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 redU￿d 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
repl￿ed with a modern plast￿ one.
The garden continues to improve a5 a visitor attractK)n under the eX￿rt 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 nUrn￿r of edwtKJn sessions for Ir￿1 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 res￿nsIbIlity of manawng some staff and hirers
of the house and gardens.
The Garden Café provided approximate￿ the same level of income as the p￿vIOlI5 year despite
reducing opening days to 4 per week. The tearooms inc￿35ed 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
un￿strIcted 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 S￿nd 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 balan￿5 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 re￿IVed from cotta8es that formed part of the twuest that wa5 re￿iVed from Mr5 Chewetvs
estate, augmented by rental income from the Hayloft. Income from Vi￿torS 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 L￿Orne 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 eXt￿Mis. 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 as￿ts. 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 sUpF￿rt 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 suff￿lent 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.
Gob*rnln8 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 ne￿Ssary
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 non*xecutive 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 nUM￿r of events and becoming an expert in the history of
Reveley L￿ge 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 aVal￿ble. 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 goington￿rn 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 2￿6. 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 5￿te￿Ent 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 e￿MinatIon 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 arteTht￿n 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 r￿t 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 acti￿tte5. 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 pre￿￿ents
Cash and bank balan￿5
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 canT￿t 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 2￿56.643
At 31 March 2025
2.711.722
32,051
112.869
2￿56.643
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 un￿striCted 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
2￿50.000
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
2￿85,(x)0
2￿50.000
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, pr￿lidIng 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