REGISTERED COMPANY NUMBER.. 05321203 (England and Wales} REGISTERED CHARITY NUMBER: 1107844 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR PAINSWICK ROCOCO GARDEN TRUST (Pain'ek ococo Qardelf BK Plus Limited 6 Manor Park Business Centre Mackerizie Way Chellenham Gloucestershire CL51 9TX
PAINSWICK ROCOCO GARDEN TRUST CONTENTS OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Paye Relerence and Adminislratlve Details Chairman's Reporl Report of the Trustees IndependÈnt Examiner's Reporl 10 Slalemenl of Financial Activllies Statement of Financial Position 12 to 13 Slatemenl of Cash Flows 14 Noles tp the Slalèment of Cash Flows 15 Noles lo the Financial Statements 16 10 26
PAINSWICK ROCOCO GARDEN TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THEYEAR ENDED 31 L)ECEMBER 2023 TRUSTEES Mr M J Carlwrighl Iresigned 27.3.241 Mr D A W Hardie Dr M Doble Ms F L Grislock Ms V Aspinall MsMTMako Ms C R Sinclalr (resigned 16.2.241 Ms G Stolen Mr C Scoll Mr R Balkwill (appointed 27.3.24> Mrs K A Macdull (appointed 27.3.2AJ COMPANY SECREfARY Mr D P HamillDn REGISTERED OFFICE Painswick Rococo Garden Trusl Gloucester Road Painswick Gloucestershire GL6 6TH REGISTERED COMPANY NUMBER 05321203 IEng12nd and Wales) REGISTERED CHARITY NUMBER 1107844 INDEPENDENT EXAMINER BK Plus Limited 6 Manor Park Business Centre Mackenzie Way Chellenham Gloucestershire GL519TX Page I
PAINSWICK ROCOCO GARDEN TRUST CHAIRMAN'S REPORT FOR THEYEAR ENDED 31 DECEMBER 2023 In many ways 2023 was one ol the Trust's most succèsslul yèars with a record number ol visitors. Just over 63,000 in lolal which is a delighllul aflirmalion ol the Garden's continuing appeal. We also sellled into our new temporary visitor facilities which are serving us and our visitors very well. We have tailored our operating mDdel to accommodate thèse changes which, again, is proving very successful. Aller three years of significant change il is particularly pleasing lo be entering a period Df relalive stability and Calm. This provides thp perfect platform for developing and implementing our lulure plans. We Clearly have furthèr work to do bul l am confident that in 2D23 we have further strengthened our charity's loundalions. Delighllully we have introduced a number of new inilialives including our very Successful winlpr opening. 'The Enchanted Garden by Night This olferecl a very slylish display ol wintÈr lights ik) the Garden during December and January. In addition a number of new event5 were added lo the summer programme. These included an opera night, a wine lasting, and an evening ol improvised Ihealre. All of thèsè Èvents have broadened our appeal whi151 aflording vi5ilors a different appreciation of the Garden. We conllnued lo Invest in the general maintenance ol the Garden. Specifically we have recruited an additional parl-lime seasonal gardener, hosted a record number of corporate volunteering groups. and eonlinued the locus by our èxpèrt team of gardeners on delivering our Conservation Management Plan. Dur trading arm had a successful year with both our Café and aur Shop adapting very well lo their new temporary setup. Our partnership with Exedra Nursery also continues to go from slrenglh lo strength providing a valuable addition lo the onsite retail ollering as well as popular horlicullural events. l anlicipale 2024 being a year ol consolidation and conlinualion ol slrenglhenlng our foundations as we plan lor the ¢h3rily's long-lerm lultjre. I continuÈ lo be grateful to our devoted staff, our volunteers and my fellow Trustees. l am particularly grateful to our Garden Dlreclor and Head Gardener whose hard work, wisdom and calming approach have seen the Trust and the Garder¢ Ihrouyh yel another successful year. Finally, I musl thank Ihase whose CDnlinued financial support allows us lo preserve this horticultural gem, Painswick Rococo Garden, for Ihe present and fulure enjoyment of the general public. David Hardle Page 2
PAINSWICK ROCOCO GARDEN TRUST REPORT OFTHETRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2023 The Trustees (who are also directors ol the charity lor the purpose5 01 the Companies Acll preserbt their annual report together with the financial slalemenls ol Painswick Rococo Garden Trust Ilhe Company) lor the period l January 2023 Ip 31 December 2023. The Trustees, Report salisfies the requirement for a Director's Report under company law. Background Painswick Rococo Garden is a wonderful example of English 18th century bravado by the upper middle cla55 of the day. Designed and laid out in the 1740s, the Garden is the Country's sole surviving ¢omplelè rococo gardèn. 11 was the creation ol the Hyell family and designed as a fashlon slalemenl amongst the well-lo-do and embodied the design style of the day. Dotted with follies of different archileclural slyles, il is Grade Il" listed, containing nine Grade Il. listed buildings. Sadly, the rococo fashion was short Ilved, and Ihe garden entered a period of negletl until in 1984, when ihe then owners Lord and Lady Dickinson embarked on a wholesale resloralion. The Garden was first opened ID the public in 1988 and was eventually gilled lo Painswick Rococo Garden Trust by thè latè Lord and Lady Dickinson for its legacy lo continue in perpeluily. Today, it is a key visSlor allraclion in Glou¢eslershir& and is owned and managed by a tharilable Irtsst. The Company is Ihe sole shareholder of Painswick Garden Eslale Limited IPGELI which operales as the trading arm ol the Company, PGEL operates the commercial activities al the Garden including the calé, shDP, weddings and events. All profil made by Painswick Garden Eslale Limited is donated as gill aid to support the charitable aim5 Of Painswick Rococo Garden Trust. In 2022. the long-lerm lease on the Coach House, where the Garden's shop, cafe and offices had been housed lor 34 years, wa5 lerminaled al short nolice. The Trust moved lo land owned by the charity adjacent ID the historic Garden and témporary facililies lor visitors and slafl were quickly organised in order to ensure Ihal the Garden could remain open lo the public. A relrospeclive planning application was submilled in late 2022. Planning approval was received on 17 July 2024. Page 3
PAINSWICK ROCOCO GARDEN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Objeclive5 a#d aims Public Benefit The Trusleeg confirm that they have complied with Ihe requirements of section 4 01 the Charities Act 2011 19 have due regard Ip the public benefit guiLlance publishéd by Ihe Charity Commission lor England and Wales. Following the lilting of COVID reslriclions Ihe Trust has been gradually 3blÉ ID rèinstate pre-COVID activities and organise new events, lo ensure the ongoing lullilmenl of ils charitable objects. b. PoliciÉs and Objectivès The Trust's principal objectives remain to promote for the benefit ol the publi£ the preservation, maintenance and improvemenl ol the P8inswick Rococo Garden and any structurès or buildings contained therein as a place ol historic and ecological interest and beauty, and lo advance the education ol the public into the history of the Painswick Rococo Garden and natural history and into horticulture and other related fields. Shorl-lerm, the Trust's slated aim5 arp Ihreefold.. To preserve the heritage ol the Garden., To protect our natural habilals, wildlife and planl5', To provlde a place lo escape, explore and connect with nature. To deliver these, the Trust's objeclives over the Coming years are.. To develop a rèsilient business model, posl-pandemic., To plan and deliver lulure conservation projeclg and charitable aclivilies.. To continue lo develDP replacement visilor facilities following the 2022 move from our previous base. To further develop our volunteers and their volunteering Èxperience., To further develop the visitor experience. To increase tsulreach activity in the community. c. Activities for Achieving Objectiv85 To achipve the gbjoclives of the Charity the Garden is open lo the public thrDughoul the year, with opening hours varying in line with Seasonal demand. The Trustees have referred lo the guidance Contained in the Charity Commission's general guidancp ON public benelil when reviewing their aims and objectives and In planning aclivilies. Page 4
PAINSWICK ROCOCO GARDEN TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE Charitable aclivilies 2023 looked likely lo be a difficult year as the Charity continued lo adapl lo the changes wrought by COVID and lo get back on its feel, both operationally and financially, following the move lo new lacililie5 in September 2022. However. the dedication and hard work of our dedicatèd team of 51all and vclunleers paid oll. with the ye3r bringing record visitor numbers and a number of positive developments including eveniny openillg al Christmas lime. This was alongside significant revenue and capilal cost ol completing and operating the new temporary welcome facilities which has been challenging and has clearly had a slgnilicanl impact on the organisalion's financial performancp. Visitors and Numbers Despite thè operational challenges Df the year, visitor numbers were strong. The year finished with 63,914 visitors. selling a new record lor att8ndance. The Trustees remain positive about the future popularity and financial slrènglh of the Garden. b. Voluntèers and Staff 2023 was another demanding year lor the team. managing high visitor demand whilst operating in a sometimes difficult working environment. We were pleased la wÈlcome new volunteers lo the Welcome Dgsk team and in the Garden and more group5 of volunteers from local companies lo help deliver specific projp¢ls in the Garden. Enormous thanks are due lo the Iriendly and commilled team of staff and volunteers who contribute so much lo the mainlenafice and development ol the Garden. Activities The Garden opened seven days per week at peak limes and live day5 per week during the core visiting season. Off-peak open days varied depending on demand. December 2023 saw the launch of new. extended Dpening hoLtrs aller dark as parl of our very successful, 'Enchanled Gardèn by Might, Christmas trail, bringing in extra visitors and contributing lo our record-breaking visitor numbers. d. Painswick Garden Eslale Limited IPGELI The Cale and Shop ¢onlinued lo provide a new streamlined ollering in the new temporary vlsltor facilities. The Shop team has continued lo develop our range ol Rococo Garden branded products, with those using Kilthen Garden produce proving a big hil with visitors and locals. Bpih operations have proved highly ver5alile and have adapted well lo their surroundings. We were also able lo host Ihree weddings, a GgldÈn Wedding and a wake as well as a wedding photoshool for a weddings magazine. The Exedra NLFrsery Limited IENL) ¢onlinued lo operate their very successful new plant nursery adjacent lo the Garden in 2D23 which has proved io be a very valuable and popular addition lo the allraclions on sile. PGEL's dividend payment lo the Trust at the end of 2023 was £41,50012022 £40,964). È. Fundraising Aller 2022's crowdfltnding success, a considerable amounl ol preparatory work w8s undertaken to identify and respond to the need5 01 the local communily. A public consullalion was launched in 2023 and pllol outreach projects weré delivered with Slroud Dislricl Council, and Gloutestèr City Council lor their HAF (Holiday Activities and Food) programme. other ctsmmunily Dulreach engagement aclivilie5 were deliveréd with local schools and charities, number of donations were received for tree plantinu and enquiries from Individual donors were respondèd to. E22.830 wa5 rai5ecS in 2023. with £60,000 from the Crowd Funding appeal lor Ihe new visitor centre being brought into accounl whèn the facilities became operational in February 23, making total 2023 fundraising £82,830. f. Appointments, Reslghallons and Departures There were no changes lo ihe membership ol the Board ol Trustees in 2023. Page 5
PAINSWICK ROCOCO GARDEN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITIES - ¢onlinL¢ed ACHIEVEMENT AND PERFORMANCE- conlinupd g. Landscape and Restoration The Garden tèam continuèd to maintain thè Garden lo a high standard whi151 providing a con5idprable mount of practical antl logi51iral support lor the move ol premises. Head Gardener Roger Slandley continued lo provide invaluablè support lo the ongoing development of our new sile. A new 5ea50nal gardener was recruited lo provide additional support lor the team. A further l&,000 dallodil bulbs and 3,000 alliums were planted around the Swan Pond lo further enhancp tho spring display. New saplings were planted in the Red House Shrubbery as parl ol the continued Garden rÈsloralion. Further tree works look place during the year due to ash die-back, followed by replanting with dillerenl species which will be more resislanl lo the lulure impact Df climate Change. The Eayle House and Exedra underwent major renovalion as part ol Ihe ongoing maintenance ol the historic, listed Garden building5. h. Events and Filming Outdoor events remained popular with three dillerenl productions being hosted in the Coach Field and one on the bowling Green over the summer. Our programme ol lainily trails continued wilh a return ol ihe summer Enchanted Garden willow sculpture trail, a new scarecrow trail for Halloween wèèk lealuring scarecrows mado and donated by local businesses and the very POPLtlar Enchanted Garden by Might in December. Our arlisl-in-residence, Natasha Houseago, who sculpled a number ol beautiful items using limber felled due lo being allecled by èsh dieback, conlinued to work on 511e and there were several open-air, craft evènts during thg year. In September, we hosted a successful wine lasting event in partnership with a local wine merchant. Ai the end ol the year, the Rococo Garden Carol Concert in Sl Mary's Church was again well-altended by the local community. FINANCIAL REVIEW Financial position Income from Unreslricled Funds amounted to £578,269 (£480,516 in 2022) whilst expenditure was £556,79D (£424,916 in 20221. Income from Reslricled Fund donations amounted to £60,000 and this was pul towards the cost of the new visitor centre within Freehold Propèrly, This led lo nel income of £81,479 (£55,600 in 2U221. The Truslees remain grateful as ever lo the many organisaliDns and individuals who have generously supported us this year. Inveslmenl policy and objective5 The Trustees have the power lo.. dèposit or invèst funds; employ a professional fund manager., arrange for the investments or other properly ol the charity lo be held in the name ol a nominee- in the same manner and subject to the same conditions as the trustees of a trust permitted io do by the Trustee Act 2000. Page 6
PAINSWICK ROCOCO GARDEN TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Reserves policy All surplus income of the Trust lènd ils subsidiary Painswick Garden Eslale Ltd - PGELI should ultimalely be invested in furthering the TrLJsI's charitable obje¢lives. However, the Trust endeavours to retain sulflcienl reserves of cash lo ensure that il minimizes the risk ol insolvency as a result ol significant one-off commitment5. bad weather, or prolonyed closure ol thè Garden because of events Dulsido the CDnlrol of the Trust. Specifically. the cash balances ol the Trust should al all limes b& sufficient lo fund a minimum 013 months and ideally 6 months ol normal operations wilhoul income. In this context 'normal Dperalions. means paying for any costs that might reasonably be expetled to arise during a period ol prDlonged closure. including permanent slaft and sèrvicing loans but not casual labour Dr significant inveslmenls. In the lonuer term il is the Trust's policy lo gradually accumulate a cash reserve of £500,000 which will bE sel aside in a non-operalional bank account. It is intènded that money should be allo¢aled out of reported surpluses on a quarterly bas15 lo build this reserve al the rale of £50.000 or more pèr year. This reserve will be held lo provide lor significant foreseeable financial commilmenls. such as the requirement lo Fund a major capital project. It is anlicipaled that the Charity will build a new permanent visitor and education lacillly in Ihe longer tèrm. A Secure reserve balancE will assist the Trust when applying lor grant and/or match lunding lor capital projecls. Reslri¢lpd Funds should be excluded from these sums and may be retained untll a suitable opporlunily arises la lullil the specific purpose lor which they have been dDnated. Going concern The Trustees are fully aware ol thèir duty lo assess the charity's going ¢oncern slalus and have attended lo this with particular care in consideration ol the current economic Dullook and of the ROCDCQ Garden's particular circumstances. The Trustee5 have prepared and regularly review the tharily's forecasts and projections and have taken into account possible changes in Dperating performance by considering all reasonable scenarios and the current funding pos11ion. The relocation of the charilws opèrations from the Coach House lo the Welcome Village has now beÈn completed. Ongoing improvements are taking place as funding allows, which will Involve capital exp&ndilure. The Trustees have takèn these changes and associated costs into account when preparing and reviewing the lorecasls. The Trustees have concluded Ihal the charity has adéqual8 resaurces lo meet ils liabilities and the 1Snancial 51alemenls have been preparod accordingly on a going concern basis. FUTURE PLANS The Garden continues to be an important assèt lo the local communily. Visitor numbers during the year again exceeded our expeclalions and budget and our financial position reflects this. A5 we sellle into our nèw temporary premises, we continue lu review our buslness plans, financial and operational slralegiès with a focus on increasing our resilience, meeting our commitment lo grow oui- financial reserves and reslrucluring the oryanisalion's governance. As parl Of this we are revisiting our fundraising strategy, identifying how the charity should adapt lo changing donor priorities whilst continuing lo efleclively deliver its objects. STRUCTURE, GOVERNANCE AND MANAGEMENT Charity conslllulion The company is règistered as a charilable CDmpany limited by guarantee and is governed by its Memorandum and Arlicles ol Association dated 12 Decgmber 20D4. Ils registered charity number is 1107844. Page 7
PAINSWICK ROCOCO GARDEN TRUST REPORTOFTHETRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND mANAGEmEr Rècruitment and appointment ol new trustees The Charity may by Drdinary resolution appoint a person who is willing to act lo as a TrLtslÈe- and determine the rotation in which any additional Trustees are lo retire. No person other than a Trustee retiring by rolzlion may bÈ appointed 3 Trustee al any uenèral meeting unless.. l. he or she Is recommended lor re-election by the Trustees- or not less than lourleen nor more than thirly-five clear days before the date of the meetlng. the Charlly is given a nolice Ihal.. is signed by a member Enlilled to VDle al the meeting; stales the member's intention lo propose the appointment ol a person as a Trustee. contain5 the delai15 that, il the P&f SDll WEre Ip be appointed, the Charity would have lo file al Companies House,. and is signed by Ihe person who is lo be proposed to show his or her willingness lo be appointed. All members who are enlilled ID receive notice ol a general meeting musl be given nDI less than seven ntsr mDre than Iwenly-eighl days, notice DI any resolulion lo be pul lo the meeling-lo appoint a Trustee othèr than a Trustèe who is to rÈtire by rolalion. Thg Truste8s may appoint a person who Is willing lo act ID be a Trustee. A Trustee appointed by a resolution ol the Trustees must retire al the next annual general meeling and musl not be taken inlo account in delermining the Trustees who are to rellre by rDlaliDn. The appointment of a Trustee., whether by the Charity in general meeting or by the other Trustèes, musl not cause the number of Trustees lo exceed any number fixpd as the maximum number of Trustees. Al each annual general meeting one-third of the Trustees or, il their number is not three or a multiple ol three. the number nearest lo one third musl rètire from office. If ihere is only one Trustee. he or she musl retire. The Trustees lo retire by rolalion shall be those who have been longe51 in office since their last appoinlmenl. If any Trustee5 became or were appoinlecl Trustees on the same day those lo retire shall (unless they otherwise agree among themselves) be determined by lol. Organlsational structure and decision makiny ThÈ Board DI Trustees meèts monthly lo administer the charity. The day-lo-day manayemenl of the Garden is the responsibility ol the Garden Dirèctor who is employed by the Trust lo oversee the runhing of bDlh the charity and ils trading company. Certain aspects of the managemenl of the charity are scrulin15ed by sub-committees which mel rEgularly, work lo agreed terms of reference and report lo the BDard. Remuneration of key management personnel The pay and remuneralion of the charity'5 key management personnel are overseen by the Human Resources Subcommillee which benchmarks salaries with comparable organisalions and works alongside the Finance Subcommillee lo implement ils rècommendations. Page 8
PAINSWICK ROCOCO GARDEN TRUST REPORT OFTHETRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Trust maintains a risk register which is reviewed regularly. The principal concerns in 2023 were the inevitable risks 3sso¢ialed with the move ol visitor facilities, such as liming, cost and impact on visllor numbers and delay in gelling planning approvals. Howèver, the Trusi has invested considerable time and eflorl into forward planning lo miligalÈ thè risks and minimise the financial impact. The Trust has a narrow income stream derived from visits to the Garden. Since the coronaviru5 pandemic, the Trust has been exploring how lo make ils business model and operation more resilient and is planning lo lurlher develop this work in 2D24. An outdoor visitor allraclion such 85 the Garden is particularly susceptible lo environmental ¢hanges. Climate change is having a noticeable impact on the Garden, with warmer, weller winter5 irnpacling snowdrop Season and Extreme weather lin particular strong winds and heavy rainl becoming moré commonplacè. The lelling ol ash trees due lo chalara dieback has alse had a significant physical and visual impact on cerlain areas ¢1 the Garden. Policy Réviews The BDard r&vi?wed and renewed ils key policies and protocols in 2023. New rècruits to the Board receiv an induction and a further training programme is planned for 2024. STATEMENT OFTRUSTEES. RESPONSIBILMES The IrLEStees (who are also the directors ol Painswick Rococo Garden Trust for the purposes of company lawl are responsible lor preparing Ihe Annual Rèport and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporling Standard 102 Thè Financi31 Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the Iruslees lu prepare financial slalemenls lor each financial year which give a true and lair view of the stale ol affairs of the charitable company and ol the incoming resources and pplic3liDn of resources, including thè income and expenditure, ol the charitable company for that period. I preparing those financial slalemenls, the trustees are required lo select suitable accounting policies and then apply them consislenlly., observè the methods and principles in the Charity SORP., make judgements and eslimales that are reasonable and prudent.. prepare the financial slalemenls on the going concern basis unles5 11 is inappropriate lo presume Ihal Ihe charilable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position ol the Charitable Company and lo enable them to ènsure that the financial slalernen15 comply with the Companies Act 2006. They are also responsiblè lor safeguarding the assets ol the charitable company and hencè for taking reasonable sleps lor the prevention and detection ol fraud and other irregularilles. Thi5 report has been prepared in accordance with the special provisions ol Parl 15 of the Companies Acl 2006 relating lo small companies. Approved by order of the board of Iruslees on 4 September 2024 and signed Dn ils bèhalf by.. Mr D A W Hardie - Trustee Page 9
INDEPENDENT EXAMINER'S REPORTTO THETRUSTEES OF PAINSWICK ROCOCO GARDEN TRUST Indèpendent examinerfs report lo Ihè trustees of Painswick Rococo Garden Tru511'lhe Company I rpporl lo the charity Iruslees on my examinalion ol the accounts of the Company for the year ended 31 Decèmber 2023. Responsibililies and basis ol report As the charity's Iruslees of the Company land also ils direclDrs for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Acl'l. Having Satisfied myself that Ihe accounts ol the Company are not required lo be audited under Parl 16 01 Ihe 2006 Act and are eligible IDr independent examination, I report in respect Df my examination ol ypur charSly's accounts as carried out under Section 145 of the Charities Act 20111'lhe 2011 Act,). In ¢arryir)g out my examination I have followed the Directions given by the Charity CDmmi5s10n under Section 145151 Ibl of the 2011 Act. Independent examinels statement Since your charity's gr05s income exceeded £250,UOD your examiner musl be a member ol a lislÈd body. I can confirm that l am qualified to undertake the examination because l am a mEmb&r ol the Inslilule of Chartered Accounlanls in England and Wales, which is one ol the listed bodiès. I have CDmpleled my examin31ion. I confirm that no mallers have come lo my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respect ol the Company as rÈqLtir2d by Section 386 01 the 2006 Act., or the accounts do not accord with those records.. or the accounts do not comply with the accounting requirements of Section 396 01 the 2006 Act other than any requirement thal the accounts give a true and lJir view which is not a maller considered as parl ol an independent examination., or the accounts have not been prepared in ac¢prdance with the methods and principle5 01 the Slalemenl ol Recommended Practice for accounting and reporting by charities (applicable lo charllles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 10211. I have no concerns and have come acrDSS no other matters in connection with the examination lo which allenlion should be drawn in this rpport in order lo enable a proper understandin9 01 the a¢¢Dunls lo be reached. Roger Downes FCA BK Plus Limited 6 Manor Park Business Centre Mackenzie Way Chellenham Glouce51ershire GL519rx 4 September 2024 Page 10
PAINSWICK ROCOCO GARDEN TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 Total fund5 31.12.22 Total Funds Unreslriclgd Reslricled fund fund Notes IhlCQME AND ENDOWMENTS FROM DDnalions and legacies 112,104 60,000 172.104 117.594 Charilable activities Operation ol garden Friends 420.448 27.790 420,448 27,790 331,411 29,509 Investment income Other income 2,595 15.332 2,595 15,332 I,D02 1,000 Total 578,269 60,000 638,269 480,51 EXPENDITURE ON Raising funds 232 232 1,844 Charitable aclivilie5 Operation ol garden Friend5 556,558 556,558 421.770 1,302 Tolal 556,790 556,790 424,916 NET INCOME 21,479 60,000 81,479 55,600 RECONCILIATION OF FUNDS Total funds brought fDrward 398.078 398,078 342,478 TOTAL FUNDS CARRIED FORWARD 419,557 60,000 479,557 398,078 The notes form parl ol these financial slalemenls Page 11
PAINSWICK ROCOCO GARDEN TRUST (REGISTERED NUMBER.. 053212031 STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023 31.12.23 Tolal lunds 31.12.22 Total funds Unreslricled Reslricled fund fund Notes FIXED ASSErs Tangible assets Inveslmenls 16 17 321,693 30,000 60,000 381,693 30,000 104.390 30,000 351,693 60.000 411,693 134,390 CURRENT ASSErs A5sols under con51ruclion Deblors Cash al bank and In hand 18 19 183.534 95,511 147,580 91,937 113.561 91,937 113,561 205.498 205,498 426,625 CREI)ITORS AmDunls falling due within one year 20 1105,9671 IID5.9671 1111,2701 NET CURRENT ASSErs 99,531 99,531 315,355 TOTAL ASS5 LESS CURRE LIABILITIES 451,224 60,000 511,224 449,745 CREDITORS AmDunls falling due aller more than one year 21 131,6671 131,667) 151,6671 NET ASss 419,557 60,000 479,557 398,078 FUNDS Unre51ricled funds Reslricled funds 23 419,557 60,000 398,078 TOTAL FUNDS 479.557 398,078 The tharilable company is enlilled lo exemption from audit under Section 177 of the Companie5 Act 2006 lor the year ended 31 December 2023. The members have not reqL¢lred the company lo oblain an audit ol ils financial slalemenls lor the year ended 31 Dècember 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their re5PDnsibililie5 for lal ensurlng that the charilèble company keeps accounting records that camply with Sections 386 and 387 01 Ihe CDmpanies Act 2006 and preparing financial slalemenls which give a true and lair view ol Ihe slate ol affairs of the eharilable company as al the end Df ea£h financial year and of ils surplus or delicil lor each financial year in accDrdance with the rèquiremenls of Sections 394 and 395 and which otherwise comply with the reqltiremenls ol the Companies Act 2006 relating lo financial statemen15, $0 lar as applicable lo the charitable cgmpany. Ibi The notes form parl ol these linènci31 slalements Page 12 conlinued..,
PAINSWICK ROCOCO GARDEN TRUST IREGISTERED NUMBER.. 053212031 STATEMENT OF FINANCIAL POSITION - ¢onilnuèd 31 OECEMBER 2023 These financial statements have been prepared in atcordance with the provision5 applicable lo charitable companies subject lo the small companies r&gime. The financial slalemenls were approved by the Board of Trustees and aulhDrised lor issue on September 2024 and were signed on ils behalf by.. Mr D A W Hardie - Trustee The notes form parl ol thesè financial statements Page 13
PAINSWICK ROCOCQ GARDEN TRUST STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 31 DECEMBER 2023 31.12.23 31.12.22 Notes Cash flows fre>m operaling activltie$ Cash generated from Jjperalions Interest paid 291,432 14,4681 133,2801 13,1281 Nel cash provided by/(used in) operating activities 286.964 (36,4081 Cash flows Irom Investing activities Purchase of tangible fixed assets Interest received 1303,5781 2,595 19441 1,002 Nel cash (used in)/provided by Investing activities 1300.9831 58 Cash Ilows Irom financiny acllvltles Loan repayments in year 120,OQOI 120.0001 Not cash used in financing activities 120,0001 120.0001 Chanue in cash and cash equivalents in the reporting perlod Cash and cash equivalents at the beginnlng Df the reporting period 134,0191 156,3501 147,580 203,930 Cash and ¢ash equivalents at the end of the reporting period 113.561 147,580 The noles lorm parl ol these financial slalements Page 14
PAINSWICK ROCOCO GARDEN TRUST NOTESTO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATIOM OF NEf INCOMETO CASH FLOW FROM OPERATING ACTIVITIES 31.12.23 31.12.22 Mel income for the reporting period las per the Statèmenl ol Financial Acliviliesl Adjuslmenls for. Depreciation charges Loss on disposal of fixed assets Intere51 recelved Inlere51 paid Decreasellincreasel in assets under construction Decrease in deblDrs IDecrease}Iincrease in creditors 81,479 55,600 26,196 79 12,5951 4,468 183,534 3.574 15,3031 6,906 11,0021 3,128 1183.5341 11,858 73,764 Net cash provided by/lused In) operatiOh5 291,132 133.2801 ANALYSIS OF CHANGES IN NET FUNDS Al 1.1.23 Cash flow Al 31.12.23 Net cash Cash at bank and in hand 147.580 134.0191 113,561 147.580 134.0191 113,561 Debt Debts falling due within 1 year Debts falling due after l year 120,000) 151,667) 120,0001 131,6671 20,000 171,667) 20,OOD 151.667) Tolal 75,913 114.0191 61,894 The notes form parl of these financial slalemenls Page 15
PAINSWICK ROCOCO GARDEN TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEtI 31 DECEMBER 2023 CHARITY INFORMATION Thè Charity is a company limited by guarantee (company number.. 5321203 England & Wales} and a charity registered with the Charity Commission in England and Wale5 (charity number.. 11078441. The règisterèd ollice is Painswirk RococD Garden Trust, Gloucester Road, Painswick, Glouceslershire, GL6 6TH. ACCOUNTING POLICIES Basis ol prepariny the flnanclal statements The financial slalemenls of thè charitable company. which is a public benefit enlily under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Slalemenl ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard appli¢abl& in the UK and Republic of Ireland IFRS 1021 lelfeclive l January 20191,, Financial Reporting Standard 102 Th¢ Financial Reporting Slandard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial slatemenls have been prepared under ihe historlcal cost convention, with the exception of inveslmenls which are includèd at r113rkel value. Going concern Aller reviewing the Charity's forecasts and projecliDns, the Trustees have a reasonable expe¢lalion that the Charity has adequate resources to continue in operational existence for thè foreseeable luluré. The Charity Iherelcre conlinltes lo adopt the going concern basis in preparing ils financial 51alemenls. Preparation ot ¢onsolidaled tinancial stalemÈnls Thè financial slalemenls conlain information about Painswick Rococo GardÈn Trust as an individual company and do not contain consolidated financial informalion as the parent pl a group. The charity is exempl under Section 39912AI ol Ihe Companies Act 2006 from the requirements lo prepare consolidated financial slalemenls. Income All income is recognised in thè SlatÈmènl ol Financial Activities once the charily has enlillemenl I the funds, It is probable that the income will be received and thè amount £an be measured reliably. Donallon5 ahd legacles Doi)aliDns are recognised when the Charity has been nolilied in wrilins ol both the amount and the selllemènt dat8. In the event Ihal a donation is subject to conditions that require a lev&1 of performance by the Charity before the Charity Is ehtitlèd to the funds, the income is deferred and nol recogiiised tjntil either these conditions are fully mel, or the lullilmenl Df those conditions is wholly within the control of th& Charity and il is probable thal these conditions will be fulfilled in the reporting pèriod. IncDme Irom legacies Is recogn15ed where evidence of enlillemenl exists, thè value is rneasurable with sufficient reliability, and on the earlier ol the date ol recelpl ol linalised eslale accounts or the dale uf payment. Grants Grants including government grants are recognised when Ihe Charity is entitled tD receipt. Whpre enlillemenl occurs beforè the income 15 received, the income is accrued. Page 16 Conlinuèd...
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - conlinued Expenditure Liabilities are recognised as expenditure as 500n as there is a legal or conslruclive Dbligalion commilling the charity ID that expenditure. Il is probèblÈ that a transfer ol economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. ExpÈndilure is accounted for on an accruals basis and ha5 been classified under heading5 that aggregate all tosl related lo the category. Where cosls cannot be directly allribuled lo particular headings Ihey have been allocated to èclivilies on 3 basis consislenl with the use of resources, wilh central stall costs allocated Dn the basis ol time Spent, and depreciation charges allocated on the portion of the asset's use. Costs of raising funds arè those incurred in allracling voluntary income and those incurred in trading aclivilie5 that raise lunds. Charitable expenditure camprises those costs incurred by the Charity in Ihe delivery Df its aclivilie5 and services for its beneficSaries, 11 includes both costs that can be allocated directly and Ih05e costs ol an indirect nature necessary lo support them. Govèrnènce costs include the costs allribulable lo the Charity'5 compliancè with conslilutional and slalulory requirements. This includes Indepèndent Examination, strategic managpmenl and Trustees, meetings and relmbursed expenses. Tangible lixed assets Individual fixed asse15 costing É500 or more are Initially recorded at cost. Depreciation is provided on tangible fixed assets so as to write off the cost less any e51imaled residual value over their expected useful economic lives as follows.. 8uildlnys Visitor centre - groundworkslservicesldevelopment Visitor centre tèmpDrary slruclure5 Furniture and equipment Computer equipment 4 years slraighl line 40 years slraighl line- 5 years slraighl line 4 years or10 year5 Straight line 3 years slraighl Ilne Taxalion The Charity is considered lo pass the lesls sèt out in Paragraph I Schedule 6 01 the Finance Act 2010 and therefore il meets the definition ol a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from laxalion In respect of income or capital gains received wiihin categories covered by Chaptèr 3 Parl 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclu5iv&ly lo charitable purposes. Fund accounliny Unreslricled funds can be used in accordance with the charitable objectives al the discretion Df the Iruslees. Re51ricled fund5 can only be used lor parlitular reslrictèd purposes within the objects of the charity. Reslriclions arisÈ when specified by the donor gr when funds are raised for particular reslricled purp05e5. Further explanation of the nature and purpose of each fund 15 Included in the notes lo the financial slalemenls. Pension costs and other pusl-rotiremenl benelits The charitable compally operates a delined conlribulion pension scheme. Contribution5 payable lo the charitable company's pension scheme are charged lo the Slalemenl of Financial Activities in the period lo which they relate. Page17 continued,..
PAINSWICK ROCOCO GARDEN TRUST NOTES TOTHE FINANCIAL STATEMENTS- conllnued FOR THE YEAR ENDED 31 DECEM8ER 2023 ACCOUNTING POLICIES - conlinued Herilage assets The Charitable Trust w3s crèated in 2DO4 by the donation ol the historic listed garden and li51ed buildings by their then owners, Lord and Lady Dickinson, These gardens have been improved and maintained since then for Ihe benÈfit of our visitors. A maintenance programme for the building5 IS regularly reviewed by the gardpn's management team lo ensure that the buildings are maintainèd lo a high standard within the financial constrain15 01 the charity. The value of the garden and ils herllage bulldings have not been capilalised in Ihe financial 5talementS DI the charity. The original doiialion included a pre-emption clause whlch speclli&d that if the charity were lo Ceas? operations, the Garden musl be Dllgred to the late Lord Richard Dickinson or his successors lo buy far £1. His sons have since agr&ed that in this evenl. the garden may first be offered lo another charity which is prepared lo take over the Trust and operation ol the garden, Givèn this agreement, the Tru51ees have taken the view that the garden and ils heritagè buildings should not be capilalised as il may not have any resale value lo the Charity. No valuation ol the garden and the buildings was made when the Trust was sel up, nor since. Deblors Trade and other debtors are recogni5ed al the seiilemenl amount. Prepayments arè valued at the amounl prepaid. Cash at bank and in hand Cash al bank and in hand includes cash and highly liquid investments with a shDrt maturity ol three months or less from the dale ol acquisition or opening ol ihe deposit or similar account. Liabilities are recognised when there is an obligation al the Balance sheet dale as a result ol a past event, il is probable that a Iransler ol economic benefit will bè required in 5elllemenl, and the amount of the selllemenl can be e51imaled reliably, Liabilities are recognised al the amounl that the Ch3rily anticipates it will pay lo sellle the debt. Flnancial instruments The Charity only has financial assets and liabilities of a kind that qualify as basic financial instrumènts. Basic financial instruments are initially recognised al Iransaclion valLEe and suljsequenlly measured al their selllemenl value. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Charily's accuunling policies the Trustees are required lo make judgements. estimates and assumplioiis 3boul thè carrying amounts ol assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other la¢lors which are considgred lo be relevant, Depreciation of tangible fixed assets Is based on the Charity's judgement ol their useful lives and residual values. The depréciation rates used are discIDsed in the tangible fixed assel policy above and the carrying value of the assels are disclosed in note 16. Page 18 conlinued.,-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢onlinued FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACIES 31.12.23 31.12.22 Donations Dividend from Iradlng subsidiary Grants 130,604 41.500 74,852 40,964 1,778 172,104 117,59 Grants received. included in the above, are as lollow5'. 31.12,23 31.12.22 Slroud DC Covid Grants 1,778 INVESTMENT INCOME 31.12.23 31.12.22 DÈposil ac£ount interest 2,595 1.002 INCOME FROM CHARITABLE ACTIVITIES 31.12.23 31.12.22 Activity Operation ol garden Operation ol garden Admissians Events Gardener's Talks and Trails Admissions 408,285 10,194 314,920 4.723 Operation ol garden Friends 1,969 27,790 11,768 29,509 448,238 360,920 OTHER INCOME 31.12.23 31.12.22 Rental income 15,332 1,000 Page 19 continued.
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMEMTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 RAISING FUNDS Raising donations and leyacies 31.12.23 31.12.22 Fundraising cost5 232 1.844 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 101 Support costs (see note 111 Totals Operation of g3rden 319,182 237.376 556,558 10. DIRECT COSTS OF CHARITABLE ACTIVITIES 31.12.23 31.12.22 Staff c0515 Othér dirèct costs Other slalf costs 133,943 176,149 9,090 112,099 125,292 3,423 319,182 240,814 SUPPORT COSTS Governance costs Other 2 Totals Operation ol garden 221,259 16,117 237,376 Support c051s, includèd in thè above, are as follows.. 31.12.23 OperaliDn ol gardèn 31,12.22 Total ctivitigs Wagès Other support costs Dèprèciation ol tangible fixed assets L055 on sale ol tangible fixed assets Interest payable and similar charges Accountancy and legal fees 154.094 36,422 26,196 79 4,468 16,117 143,315 16,775 6,9ri5 3,128 12,135 237,376 182,258 Page 20 continued...
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THEYEAR ENDED 31 DECEMBÉR 2023 12. NET INCOMEIIEXPENDITUREI Nel Income/lexpendilurel is staled aller charging/lcredilingl= 31.12.23 31.12.22 Depreciation ownèd assèts Delicil on di5PDsal Df fixed assets Independent Examiner's fees.. Independent Examination Independent Examiner's fees.. Preparation ol Financial Slalemenls IndependÈnl Examiner's fees.. General advlce Loan interest 26.196 79 1,000 280 375 4,461 6,90& 1,075 325 3,118 13. TrUSTEES' REMUNERATION AND BENEFITS There wer& no Iruslees, remuneration or Dlher benelils for the year ended 31 December 2023 nor lor the year ended 31 December 2022. Trusl¥es' èxpenses There were no Iruslees, expenses paid for the year ended 31 December 2023 nor lor the year ended 310ecember 2022, During the year one Iruslee was paid lor consultancy advice on an arms length basis lo Ihe valuè DI £12,17512022.. £7,900). STAFF COSTS 31.12.23 31.12.22 Wages and salaries Social security cosls other pension c051s 257,534 13,807 16,696 227,442 12,404 15,568 288,037 255,414 The average monthly number of employees during the year was as follows.. 31.12.23 17 31.12.22 16 Headcounl No employees received emoluments in excess of £60.000. The key management personnel of the Charlly Is considered lo be the Garden Director only. The total èmployee benefits of the key management personnel ol the Charity werp £63,381 12022.. É66,6071. Page 21 continued.,.
PAINSWICK ROCOCO GARDEN TRUST hlOTES TO THE FINANCIAL STATEMENTS- eonllhued FOR THE YEAR ENDED 31 DECEMBER 2023 15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES All Iran5acllons were unreslricled in the prior year. 16. TANGIBLE FIXED ASSErs Furniture and Equipment Freehold properly Computer equipmenl Totals COST Al l January 2023 Addilions Di5P05als 80,750 297,871 70,672 3.962 119,432} 6,917 1,745 (3,5701 158,339 303.578 123,D021 Al 31 December 2023 378.621 55,202 5,092 38,915 DEPRECIATION Ai l January 2023 Charge for year Eliminat&d on disposal 3,630 17,710 44,359 7,027 119,4321 5,960 1,459 {3,491} 53.949 26.196 122,9231 Al 31 December 2023 21,340 31,954 3,928 57,222 NEf BOOK VALUE Al 31 December 2023 357,281 23,21J8 1,164 381,693 Al 31 December 2022 77,120 26.313 957 104,390 17. FIXED Ass INVESTMENTS Shares in group undertakings MARKvALuE Al l January 2023 and 31 December 2023 30,000 NET BOOK VALUE Ai 31 December 2023 30,000 Al 31 December 2022 3Q,000 There were no investment a8sels outside the UK. The company's investments at the balance sheet dale in the share capital of companies include the following-. Page 22 conllnued...
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS - conlinued FOR THEYEAR ENDED 31 DECEMBER 2023 17. FIXED ASSET INVESTMEMTS - continued Painswick Garden Estate Llmlled Registered tsflice.. Painswick RDCDCO Garden. Gloucester Road. Painswick, Stroud, Gloucesler5hir¢, GL6 6TH. Nature ol business.. Operation of cale and wedding venue. Cla55 of share.. Ordlnary holding 100 31.12.23 31.12.22 Aggregate capital and resérvès Profiilllossl lor the year 14,934 1.174 13,760 1581 18. ASSETS UNDER CONSTRUCTION 31.12.23 31.12.22 Visitor Centre 183,534 In the prior year the Charity was Ill the course ol conslrucling a new Visitor Cenlre. This was completed in the current year,The c0519 ol buildiny thè Cenlre, including all altendanl fees, have now been capilalised on completion of the building programme. The charity raised £60,000 of donalions towards the costs of this building programme in the prior year, which have now been released fram deferred income a5 shown in note 20 below. 19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade debtors Amounts owed by group undertakings VAT Prèpaymenls and accrued income 684 21,332 620 6,586 13,016 75,289 69,941 91,937 95.511 Page 23 continued.
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS- conlinued FOR THEYEAR ENDED 31 DECEMBER 2023 20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Bank loans and overdrafts (see note 221 Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred income 20,000 19,118 8,229 11,103 8,56& 38,953 20,000 22.103 6,542 1,400 61,225 105,967 111,270 Deferred Income 31.12.23 31.12.22 alance blf al l January 2023 Amounts deferred in Ihe year Amoun15 relèased in the year 60,000 7,984 160,ODOI 60,000 Balance c/f at 31 December 2023 7,984 60.000 Dèfèrred income al 31 December 2023 relates lo entrance fees paid in advance and al 31 December 2022 to reslricled donations relating to the building Df the new visitor cenlre. 21. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31.12.23 31.12.22 Bank loan5 (see note 221 31,667 51,667 22. LOANS An analysis of the malurily of loans is given belDW'. 31.12.23 31.12.22 Amounts falling dLFe within one year on demand.. Bank loans 20.000 20,000 Amounts falling between Dnè and two years.. Bank loans 20,000 20,000 Amounts falling due betweèn two and five years.. Bank loan5 11,667 31,667 The loan is a Coronavlrus Business Interruption Loan with Lloyds Bank. 11 has a capital rppaymenl holiday ol 12 months and the first 12 months interest and lees were paid by the UK Government. The loan has an inleresl rale of 2.55 /D and the loan repayments slarlèd in August 2021 with the loan due lo end in July 2026. Page 24 continued...
PAINSWICK ROCOCO GARDEN TRUST NOTESTO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 31 DECEMBER 2023 23. MOVEMENT IN FUNDS NÈI movemer)I in funds At 31.12.23 Al 1.1.23 Unrestricted funds General fund 398,078 21,479 419,557 Reslrlcled funds Crowdfunder towards visitor cenlre 60.DOO 60,000 TOTAL FUNDS 398,078 81.479 479,557 Nel movement in funds, included in the above are as fttlltsws.. Incoming resources Resources expended Movement in funds Unreslricled fLtnds General fund 578,269 1556,7901 21,479 Reslricled lunds Crowdlunder lowarfls visilor centr 60,000 60,000 TOTAL FUNDS 638,269 1556,7901 81,479 Comparallves for movement in funds Nel movement in lund5 Al 31.12.22 Al 1.1.22 Unrestricted funds General fund 342,478 55.600 398,D78 TOTAL FUNDS 342,478 55,600 398,D78 Comparative nel movement in fund5. included in the above are as lollow5- Incoming resources ResoLtrces expended Movement in funds Unr?slricted funds General fund 480,516 1424,9161 55,600 TOTAL FUNDS 480,516 1424,916) 55,600 Page 25 continued...
PAINSWICK ROCOCO GARDEN TRUST NIOTES TO THE FINANCIAL STATEMENTS - tonlinued FOR THE YEAR ENDED 31 DECEMBER 2023 23. MOVEMENT IN FUNDS- continued D&Liil&otR0stricteELthds Crowdfunder appeal via donations towards the Cost of the new visitor cenlrè that opened in February 2023. 24. EMPLOYEE BENEFIT OBLIGATIONS The Charity operates a dÈfined contribution schème IDr ils employees. The assets are held separately from those Df the Charity in ind&pendenlly administered funds. The amount charged lo the SOFA was £16.69A 12022.. £15,568). An amounl ol É1,864 12022.. E8,2571 was oulslanding al the year end and is included IT) creditors. 25. RELATED PARTY DISCLOSURES The charitable company has taken advantage ol exemption, under the terms ol Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland,, not lu disclose rèl3ted party transaction5 with wholly owned subsidiaries within the group. During the year, Ms C R Sinc13ir. a Iruslee. provlded con5ultaney advice lo the value el £12,175 12022.. £7,900) on an arm's length basis. Al the year end £nil12022-. £90DI was owed lo M5 Sinclair. There were no other related party Iransaclion5 lor the year ended 31 December 202312022.. none). Page 26