Charity registration number 1107844 (England and Wales) Company reglstration numbar 05321203 PAINSWICK ROCOCO GARDEN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PAINSWICK ROCOCO GARDEN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms F L Gristock MsMTMako Mr C Scott Ms G Sloten Mr R Balkwill Mr J Pearce Mrs D Grey Ms V Aspinall Dr M Doble Mr D A W Hardie Mr M J Cartwright Ms S R Sinclair Ms KA Macduff (Appointed 27 March 2024> {Appoinled 26 February 2025) {Appointed 26 March 2025) (Resigned 4 September 2024) (Resigned 23 April 2025) (Resigned 27 November 2024) (Resigned 27 March 20241 (Resigned 16 February 2024) (Appointed 27 March 2024 and resigned 25 April 2025> Secr•tary Mr D P Hamilton (Resigned 6 July 2025) Charlty number (England and Wales) 1107844 Company number 05321203 Registered offlce Painswick Rococo Garden Trusl Gloucesler Road Painswick Gloucestershire England GL6 6TH Independent examlner BK Plus Limited 6 Manor Park Business Cenlre Mackenzie Way Chellenham Gloucestershire GL519TX
PAINSWICK ROCOCO GARDEN TRUST CONTENTS Page Chairman's statemenl Trustees report Independent examinerfs report Statement of financial activities 10 Statement of financial position 11 Slatement of cash flows 12 Notes to the financial statements 13-25
PAINSWICK ROCOCO GARDEN TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 With adverse weather for the first five months of the year. visitor numbers of 54.600 were a little down on target and the snowdrops arrived slightly later so our season was shorter than anticipated. During the year we continued consolidating after the move into our new temporary visitor facilities and we worked further on improving the organisation's future resilience. Over the last year the Trust was successful in being awarded a grant by the National Lottery Heritage Fund of just under £130,000 (to be paid in instalments over the financial years 2024, 2025 & 20261. This will enable us to develop the resilience of the charity by funding some much-needed planning and strategy work and set up and run a community outreach programme. Throughoul the year we have continued to invest in the development and maintenance of the Garden wilh some of the highlights being.. Completing Ihe restoration and decoration of the Exedra Completing the resloration and decoration of the Pigeon House windows Completing the cladding and construction of Ihe new visitor facilities Improving accessibility through the vineyard for wheelchairs, mobility scooters and pushchairslbuggies Constructing a new polylunnel lo increase and improve growing facilities for annual vegetables and ornamental plants. We had a number of very successful events throughout the year including wlne tasting, three performances of A Comedy of Errors by The Handlebards, Red Sky at Dawn (a Laurie Lee show) narrated by Anton Lesser with the Orchestra of The Swan, plus an opera night. Our winter was brightened by our evening opening 'The Enchanted Garden by Night" which had a successful second year. Our trading arm had another busy and profitable year, with both Ihe Café and Shop contlnuing to develop and work well in their new accommodation. Our partnership with Exedra Nursery continues to flourish, providirYJ a valuable addition lo the onsite retail offering alongside popular horticultural events. The feedback from our bi-annual Visit England Quality Assurance Scheme assessment gave the Garden an overall satisfaction score of 800/9. This is a great result from an official accreditation body which continues to be a source of pride. I would like to thank all of our devoted staff and volunteers for their ongoing commitment and efforts in the Garden. I am particularly grateful lo our Garden DireGlor and Head Gardener whose hard work, wisdom and calm approach has led us through another successful year. l also thank all those who continue to support the Garden Ihrough their donations, memberships and visits. Finally, I would like to thank Vicky Aspinall for all her hard work over many years as a Trustee and friend of the Garden. Vicky retired from the Board bul continues lo volunteer. Particular thanks are also due to Catherine Sinclair who left the Board in February having made a major conlribLttion to our operational resilience during her tenure. My thanks also to our Chairman David Hardie who retired in November having made a very significant contribution in leading the Board of Trustees through some extremety challenging limes including our relocalion and COVID. Mrs D Grey Chalr Date.. 27August 2025
PAINSWICK ROCOCO GARDEN TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial stalements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Company's governing document, the Companie5 AGI 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Background Painswick Rococo garden is a wonderful example of English 18th century bravado by the upper middle class of the day Designed and laid out the 1740.5 the Garden is the country's sole surviving complete rococo garden. It Was the creation of the Hyetl family and designed as a fashion statement amongst the welkto-do and embodied the design style of the day. Dotted with follies of different architectural styles, it is Grade Il. listed, containing nine Grade 11" listed buildings. Sadly, the rococo fashion was short lived. and the garden entered a period of neglect until 1984 en the then owners, Lord and Lady Dickinson, embarked on a wholesale restoration. The Garden was first opened to the public In 1988 and was eventually gifted lo P8inswick Rococo Garden Trust by the late Lord and Lady Dickinson for its legacy to continue in perpetuity. Today, il is a key visitor allraction in Gloucestershire and is owned and managed by the Rococo Garden Irusl. A glimpse into a brief bul significant moment in garden history, the Garden was captured in a painting, lost, reGreated and is now a quirky, fun and magical visitor experience today. The Company is the sole shareholder of Painswick Garden Estate Limited (PGEL} which operales as the trading arm of the Company, PGEL operates the commercial activities al the Garden including the café, shop, weddings and events, A11 profit made by PGEL is donated as gift aid to support the charitable aims of Painswick Rococo Garden Trust. Followlng the grant of temporary planning approval in July 2024, VR completed work on Phase l of temporary facilities in our Welcome Village. Objectlves and actlvltles The Trust's principal objectives remain to promote for the benefit of the public the preservation. maintenance and Improvement of the Painswick Rococo Garden and any slTuclures or buildings contained therein as a place of historic and ecological interest and beauty, and to advance the education of the public into the history of the Painswick Rococo Garden and natural hislory and into horticullure and other related fields. Short-term, the Trust's stated aims are Ihreefold.. To preserve the heritage ofthe Garden., To protect our natural habitats, wildlife and plants- To provide a place to escape, explore and connect with nature. To deliver these, the Trusl's objectives over the coming years are.. - To further develop a resilient business model; To plan and deliver future conservation projects and charitable aGlivilies', To Continue to develop long-lerm visitor facilities., To further develop our volunteers and their volunteering experience; To further develop the visitor experience., To increase outreach activity in the community., To develop strategic plans for the charity for the next ten years. To achieve the objectives of the Charity Ihe Garden is open to the public throughout the year, wilh opening hours varying in line with seasonal demand. The Trustees have referred to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing their aims and objectives and in planning activities.
PAINSWICK ROCOCO GARDEN TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Publlc benefit The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by Ihe Charity Commission for England and Wales. Following the lifting of COVID restriclions the Trust has been gradually able to reinstate pre-COVID activities and organise new events to ensure the ongoing fulfilment of ils charitable objects. Achlevements and performance Charitable activitie5 2023 was a record breaking year and we entered 2024 with lols of confiden. However, the cold and wel weather disrupted our plans in the first half of the year. While il was still a good year, it did not repeat the record returns of 2023. a. Visitors and Numbers Visitor numbers were somewhat below budget, finishing with 54,600 visitors having been welcomed. Nevertheless, the Trustees remain positive about the popularily and financial strength of the Garden. b. Volunteers and Stall Enormous thanks are due lo the friendly and committed team of staff and volunleers who contribute so much to the maintenance and development of the Garden. 2024 was a more settled year for the team, getling into a better rhythm in our temporary facilities and adapting lo poor wealher conditions in a working environment more exposed to the elements. Thanks to a grant from the National Lottery Heritage Fund, we were able lo fulfill a long-term ambition of developing our resilience and establishing a communily outreach programme. This involved recruiting an Operations Manager and a Community Outreach Gardener, funded by the Lottery project. c. Actlvltles The Garden generally opened seven days per week ai peak limes and five days per week during Ihe core visiting season, Off-peak open days varied depending on demand. December 2024 saw the repeat of extended opening hours after dark as part of our very successful, 'En¢hanled Garden by Night. Christmas trail. d. Palnswi¢k Garden Estate Llmlted IPGEL) The Café and Shop continued to provide profitable operation in the onthsite visitor facilities. The shop partnered with the Exedra Nursery team and 'Made in Painswick, to sell Exedra Nursery's plants and our range of Rococo Garden- branded products in a pop-up shop in the centre of Painswick for three months over the summer. This enabled us to raise the Garden's profile with residents of and visitors to Painswick. The Kitchen Garden produce continued to prove a big hit with visitors and locals. We were also able to host two weddings. Exedra Nursery Limited continued to operate their very successful new planl nursery adjacent lo the Garden in 2024 which has proved lo be a very valuable and popular addilion to the attractions on sile. PGEL'S donation payment to Ihe Trust at the end of 2024 was £44,131 (2024 £41,500). Fundralslng After undertaking a number of pilot community projects 8nd following wider consultation wilh local stakeholders, we successfully applied for a National Lollery Heritage Fund grant to bring neurodiverse young people into the Garden to learn green skills, The £128,965 grant is also funding a project to develop the Garden's long-term resilience. These various strands of work will run until mid 2026.
PAINSWICK ROCOCO GARDEN TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 e. Appointments, Resignations and Departures Four members of the Board of Trustees lefi and IMO joined during the year, We said goodbye to our Chairman, David Hardie at the end of the year, after an eventful and successful four years in the role. f. Landscape and Restoratlon The Garden team continued to maintain the Garden to a high standard whilst continuing to provide a considerable amount of practical and logistical support for the completion of the Welcome Village. This included the discharge of the agreed planning conditions for the site, including the approval of an ecological design strategy, car park implementation plan, parking management plan and EV charging scheme. A new polylunnel was added behind the scenes and further native heritage daffodil bulbs were planted, thanks to a genefOUS donation Irom a supportive individual. Further tree works look place during the year due lo ash die-back, with the felled ash used to make charcoal on site using traditional methods. The paths in the Kitchen Garden and at the bottom of the Exedra Garden were upgraded to provide more accessible routes and improve drainage. Work began on developing plans for restoring a lost seat near the plunge pool in memory of the Trust's late founders, Lord and Lady Dickinson. g. Events Outdoor events designed to maintain our profile and attract the local communily and visitors remained popular with various productions and activities being hosted in the Garden and the Coach Field .These included an En Plein Air painting comp8tition, a number ol theatre performances. an opera night and an evenlng Bat Walk, These proved a hard sell wilh the cold, wel weather early in the year (notably the weltesl February on record resutting in an unseasonally short snowdrop season and then continuing through the summer). Our programme of family trails continued with various children's holiday trails, including the final year of the Enchanted Garden Trail. and a successful Hallowe'en scarecrow trail with scarecrows made by local community groups Financial rovi•w Income from unrestricted funds amounted to £589,280 (£578,269 in 2023) whilst unrestricted expenditure was £588,488 (£556,790 in 20231. This led lo an unrestricted net income of £792 (nel income of £21,479 in 2023). The Trustees remain graleful as ever to the many organisations and individuals who have generously supported us this year. Golng concern The Trustees are fully aware of their duly to assess the charily's going concern slalus and have allended to this with particular care in consideration of the current economic outlook and of the Rococo Garden's particular circumstances. The Trustees have prepared and regularly review Ihe charity's forecasts and projections and have taken into account possible changes in operating performance by considering all reasonable scenarios and the current funding position. The relocation of the charity's operations from the Coach House to the Welcome Village has now been completed. Ongoing improvements continue as funding allows, which will involve capital expendilLtre. The Tfustees have taken these changes and associated costs into account when preparing and reviewing the forecasts. The Trustees have concluded that the charity has adequate resources to meel its liabilitie5 and the financial statemenls have been prepared accordingly on a going concern basis.
PAINSWICK ROCOCO GARDEN TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves policy All surplus income of the Trust {and its subsidiary Painswick Garden Estate Ltd PGEL) should ultimately be invested in furthering the Trust's charitable objectives. However, the Trust endeavours to retain sufficient reserves ol cash to ensure that it minimizes the risk of insolvency as a result of significant one-off comrnilments. bad weather, or prolonged closure of the Garden because of events outside the control ofthe Trust. Specifically, the cash balances of the Trust should at all time5 be sufficient to fund a minimum of 3 months and ideally 6 months of normal operations without income. In this context 'normal operalions, means paying for any osts that might reasonably be expected to arise during a period of prolonged closure, including permanent staff and servicing loans but not casual labour or significant investments. In the longer term it is the Trust's policy to gradLJally accumulale a cash reserve of £500,000 which will be set aside in a non-operational bank account. It is intended that money should be allocated out of reported surpluses on quarterly basis lo build this reserve at the rate of £50,000 or more per year. This reserve will be held to provide for significant foreseeable financial commilmenls, such as the requirement lo fund a major capital project. It is anticipated that the Charity will build a new permanent visitor and education facility in the longer term. A secure reserve balance will assist the Trust when applying for grant andlor match funding for capital projects. Re51ricled Funds should be excluded from these sums and may be retained until a suitable opportunity arises to fulfil the specific purpose for which they have been donated. Inv•stm•nt policy The Trustees have the power to.. deposit or invest funds; employ a professional fund manager.. arrange for the investments or other property of Ihe charity to be held in the name of a nominee; in the same manner and subject lo the same conditions as the trustees of a trust permitted to do by the TrusteeAct 2000. Plans for future perlods The Garden continues lo be an important asset to the local community. The inclement weather in 2024 meant visitor numbers failed lo meet our expectations and budget and our financial position reflects this Thanks to the Heritage Lottery Fund grant we received, we continue to review our business plans, financial and operational strategie5 With a focus on increasing our resilience to enable the Garden to floLtrish. We are developing a comprehensive business strategy for the next ten years and beyond, including idenlifying ways to grow the business and our financial reserves, map our future infraslructure requirements and reslruclure the organisation's governance. As part of this we are revisiling our fundraising strategy, idenlifying how Ihe charity should adapt to changing donor priorities whilst continuing to effectively deliver its objects. Structure? governance and management The company is regislered as a charitable company limited by guarantee and is governed by ils Memorandum and Articles ofAssocialion dated 12 December 2004. Its registered charity number is 1107844.
PAINSWICK ROCOCO GARDEN TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also the directors for the purpose of company law, and who served during the year and up lo the date of signature of the financial statements were.. Ms V Aspinall (Resigned 4 September 2024) Dr M Doble (Resigned 23April 2025) Ms F L Gristock Mr D A W Hardie Mr M J Cartwright MsMTMako Mr C Scoti Ms C R Sinclair Ms G Stolen Mr R Balkwill Mr J Pearce Ms K A Macduff Mrs D Grey (Resigned 27 November 2024) (Resigned 27 March 2024) (Resigned 16 February 2024) (Appointed 27 March 2024) {Appointed 26 February 2025) (Appointed 27 March 2024 and resigned 25 April 2025) (Appointed 26 March 2025) Recruitment and appolntm•nt of trust•es The Charity may by ordinary resolution appoint a person who is willing lo act to as a Trustee., and delermine the rotation in which any additional Trustees are to rets're. No person other than a Trustee retiring by rotation may be appointed a Trustee at any general meeting unless.. 1. he or she Is recommended for re-election by the Trustees,. or 2. nol18ss than fourteen nor more than thirty-five clear days before the date oflhe meeting, Ihe Charity is given a notice that,. is signed by a member entitled to vole at the meeting.. stales the member's intention to propose the appointment of a person as a Trustee. contains the details that, if the person were to be appointed. the Charity would have to file at Companies House., and is signed by the person who is to be proposed to show his or her willingness to be appointed. All members who are entitled to receive notice of a general meeting must be given not less than seven nor more than twenly-eight days, notice of any resolution to be put to the meeting-lo appoint a Trustee other than a Trustee who is to retire by rotation. The Trustees may appoint a person who is willing to acl to be a Trustee. A Trustee appoinled by a resolution of the Trustees must retire at the next annual general meeting and musl not be taken into account in determining the Trustees who are to retire by rotalion. The appointment of a Trustee.. whether by the Charity in general meeting or by the other Trustees, must not cause the number of Trustees lo exceed any number fixed as the maximum number of Trustees. At each annual general meeting one-lhird of the Trustees or, if their number is nol three or a multiple of Ihree, the number nearest to one third must retire from office. If there is only one Trustee, he or she must retire. The Trustees lo retire by rotation shall be those who have been longest in office since their last appointment. If any Trustees became or were appointed Trustees on the same day those to retire shall (unless they olherwise agree among themselves) be determined by lot. Organlsatlonal structure The Board of Trustees generally meets monthly to administer the charity. The day-to-day management of the Garden is the responsibility of the Garden Director who is employed by the Trusl to oversee the running of both the charity and its trading company.
PAINSWICK ROCOCO GARDEN TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Remuneration of Key management personnel The pay and remuneration of the charity's key management personnel are overseen by the Human Resources Subcommillee which benchmarks salaries with comparable organisations and works alongside the Finance Subcommittee to implemenl its recommendations. Rlsk management The Trustees regularly review risk. The principal cOnM$ in 2024 were the continued risks associated with the move of visitor facilities, including the delay in securing planning approval, cost of infrastructure and impact on visitor numbers. However, the Trust has invested considerable time and effort into forward planning to mitigate the risks and minimise the financial impact. An outdoor visitor attraction such as the Garden is particularly susceptible to environmenlal changes. Climate change is having a noticeable impact on the Garden, with warmer, wetter winters impacting snowdrop season and extreme weather lin particular strong winds and heavy rainl becoming more Commonplace. The Trust has been exploring how lo make ils business model and operation more resilient, adapting to Ihe impact of climate change and having adequale infrastructure for presenl and future needs, to enable the Garden to thrive. This forms part of the ongoing business plan development. The felling of ash trees due lo chalara dieback has also had a significant physical and visual impact on certain areas of the Garden though we have undertaken extensive re-planting in affected areas. Policy Revlews The Board reviewed and renewed its key policies and protocols in 2024. This report has been prepared in accordance wilh the special provisions of Part 15 of the Companies Act 2006 relating to small companies. statement of trustees. responslbllltles The Trustees, who are also the directors of Painswick Rococo Garden Trust for the purpose of company law, ar8 responsible for preparing the Trustees Report and the Iinancial stalements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial sl8lements. the Truslees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in Ihe Charities SORP: make judgements and estimates thal are reasonable and prudenl., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. The Trustees are responsible for keeping adequate accounting records thal disclose with reasonable accuracy at any lime the financial pos11ion of the Company and enable them to ensure thal Ihe financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PAINSWICK ROCOCO GARDEN TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees report was approved by the Board of Trustees. Mrs D Grey Trustee 27 August 2025
PAINSWICK ROCOCO GARDEN TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PAINSWICK ROCOCO GARDEN TRUST I report to the Trustees on my examination of the financial 5tatemenls of Painswick Rococo Garden Trust (the Company) for the year ended 31 December 2024. Responslbllities and basls of report As the Trustees of the Company (and also its directors for the purposes of company lawl, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the Company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in fespecl of my examination of Ihe Company's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Direclions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. Independent examiner's statèment Since the Company's gross income exceeded £250,000, the independenl examiner must be a member of a k)ody listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified lo undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confirm thal no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting recoTds were not kept in respect of the Company as required by section 386 of the Companies Act 2006, the financial statements do not accord with Ihose records., or the financial statements do not comply with the accounting requirements of section 396 of the Companles Act 2006 oth&r than any requirement that the financial statements give a true and fair view, which is not a maller considered as part of an independenl examination., or the financial statements have nol been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns 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 underslanding of the financial statements to be reached. Roger Downes FCA BK Plus Limlted 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL519TX 27 Augusl 2025
PAINSWICK ROCOCO GARDEN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestri¢t Restrlcted Total Unrostrict Rostricted Total funds 2024 funds 2024 funds 2023 funds 2023 2024 2023 Notes Income and endowments from: Donatlons and legacies 106,195 Operation of garden 461,404 Investment income 2,730 Other income 18,951 106,195 525,862 2.730 18.951 112.104 448.238 2,595 15,332 60,000 172,104 448,238 2,595 15,332 64,458 Total Income 589,280 64,458 653,738 578,269 60,000 638,269 Expendltuye on: Raising funds Operation of garden 1,822 586,666 1,822 607,602 232 556.558 232 556,558 20,936 Total •xpandlture 588,488 20,936 609,424 556,790 556,790 Net Income 792 43,522 44,314 21,479 60,000 81,479 Transfers between funds (6,700) 6,700 Not movement In funds 10 (5,908) 50,222 44,314 21,479 80,000 81,479 Reconclliation of funds: Fund balances at 1 January 2024 419,557 60,000 479,557 398,078 398,078 Fund balance5 at 31 Docember 2024 413,649 110.222 523,871 419,557 60,000 479,557 The notes on pages 13 to 25 form part of these financial statements. 10-
PAINSWICK ROCOCO GARDEN TRUST STATEMENT OF FINANCIAL POSITION AS A T 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Investmenls 13 14 439,909 30,000 381,693 30,000 469,909 411,693 Current assets Debtors Cash at bank and in hand 16 86,051 103,283 91,937 113,561 189,334 205,498 Credltors: amounts falling due wlthln one year 17 (99,349) (105.967) Net current assets 89,985 99,531 Total assets less current Ilabllltles 559,894 511,224 Croditors: amounts falling due after more than one year 18 (36,023) (31,667) Net assets 523,871 479,557 The funds of the Company Restricted income funds Unreslricled funds 23 24 110,222 413.649 60,000 419,557 523,871 479,557 The notes on pages 1310 25 form part ofthese financial statements. The company is enlilled to the exemption from the audit requirement contained In section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the PTeparation of financial statements. The members have nol required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 27 August 2025 Mrs D Grey Trustee Company registration number 05321203 (England and Wales) 11
PAINSWICK ROCOCO GARDEN TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from oporating activit•eS Cash generated from operations 27 59,123 286,885 Investlng aetlvltles Purchase of tangib18 fixed assets Proceeds frorn disposal of tangible fixed assets Investment income received (84,359) (303,5781 79 2,595 2,730 Net cash used In investlng actlvltles {81,629) (300,904) Flnancing activities Repayment of bank loans Payment of finance leases obligations 120.000) 32,228 {20,000) Net Cash generated froml(used In) finanG•ng activitie5 12,228 (20,000) Net decrease In cash and Cash equlvalents (10,278) (34,019) Cash and cash equivalents at beginning of year 113,561 147,580 Cash and cash equlvalents at end of year 103,283 113,561 The notes on pages 13 to 25 form part of these financial statements. 12-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies Charlty information Painswick Rococo Garden Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Painswick Rococo Garden Trust, Gloucester Road, Painswick, Gloucestershire, GL6 6TH, England. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the Company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The Company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded lo the nearest £. The financial slalements have been prepared under the hislorical cost convention, with the exception ol investments which are included at markel valLte. The principal accounting policies adopled are set oul below. Preparatlon of consolidated financial statements The financial statements contain information about Painswick Rococo Garden Trust as an individual company and do nol contain con501idaled financial information as the par8nt of a group. The charity is exempt under Section 39912A) of the Companies Act 2006 from the requirements to prepare consolidated financla5 slatemenls. 1.2 Golng concern Al the lime of approving the financial slatemenls, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use al Ihe discretion of the Trustees in furtherance of their charitable objectives. Reslricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial stalements. 1.4 Income Income is recognised when the Company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Donalion5 are recognised when the Charity has been notified in writing of both the amount and the selllemenl dale. In the event thal a donation is subject to conditions Ihat require a level of performance by the Charity before the Charity is entitled to Ihe funds, the income is deferred and not recognised unlil either Ihese conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period. Income from legacies is recognised where evidence of entitlement exits, the value is measurable with sufficient reliability, and on the earlier of the date of receipl of finalised estate accounts or the dale of payment. Grants including government grants are recognised when the Charity is entitled to receipt. Where entitlemenl occurs before the income is received, the income is accrued. 13-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policles (Contlnued) 1.5 Expendlture ExpendilLFre is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is accounled for on an accruals basis and has been classified under headings that aggregate all costs related lo that category. Where costs cannot be directly attributed to particular headings they have been allocated to aclivities on a basis consistent with the use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Costs of raising funds are those incurred in attracting voluntary income and those incLFrred in trading acllvities that raise funds. Charitable expenditure comprises those costs incurred by the Charity in the delivery of ils activities and services for its beneficiaries. It includes both costs that can be allocated directly and those costs of an indirect nature necessary to support them. Governance costs include the Costs altribulable lo the Charity's compliance with constitutiorial and statutory requirements, This includes Independent Examination, strategic management and Trustees, meetings and reimbursed expenses. 1.6 Tanglble flxed asset5 Tangible fixed assets costing £500 or more are initially measured at cost and subsequently measured 81 cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valualion of assets less thelr residual values over their useful lives on the following bases.. Buildings Visitor centre - groundworkslseNicesl development Visitor centre - temporary structures Furniture and equipment Computer equipment 4 years straight line 40 years slraight line 5 years straight line 4 years or 10 years 5traighl line 3 years straight line The gain or loss arising on the disposal of an asset is determined as Ihe difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of linancial aclivilies. 1.7 Herltage assets The Charitable Trust was created in 2004 by the donation of the historic listed garden and listed buildings by their then owners, Lord and Lady Dickinson. These gardens have been improved and maintained since then for the benefit of our visitors. A maintenance programme for the buildings is regularly reviewed by the garden's management team to ensure that the buildings are maintained to a high standard within the financial constraints of the charity. The value of the garden and its heritage buildings have not been capitalised in the financial slatements of the charity. The original donation included a pre-emption clause which specified thal if the charity were to cease operations, the garden musl be offered to the late Lord Richard Dickinson or his successors to buy for £1. His sons have since agreed that in this event. the garden may first be offered to another charity which is prepared to take over the Trust and operation of the garden. Given this agreement, the Trustees have taken the view that the garden and ils heritage buildings should not be capitalised as it may not have any resale value to the Charity. No valuation of the garden and the buildings was made when the Trust was set up, nor since. 14-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Continued) 1.8 Taxatlon The Charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, Ihe Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.9 Retirement beneflts The charitable company operates a defined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are charged lo the Statement of Financial Activities in Ihe period lo which they relate. 1.10 Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the rlsks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the dale of inception and the present value of the minimum lease payments. The related liability is included in the slalemenl of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to nel incomel{expendilurel for the year so as to produce a constant periodic rate of inlerest on the remaining balance of the liability. Critical a¢¢ountlng estlmates and judgomonts In the application of the Company's accounting policies, the Trustees are required to make judgements, eslimales and assumptions about the carrying amount of 8ssets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of Ihe revision and future periods where the revision affects both current and future periods. Depreciation of tangible fixed assets is based on the Charity's judgement of their useful lives and residual values. The depreciation rates used are disclosed in the accounting policy on tangible fixed assets and the carrying value of the assets are disclosed in note 13. Income from donatlons and legacies Unrestrlct Restrlcted Total Unrestrlct Restrlcted Total funds 2024 funds 2024 funds 2023 funds 2023 2024 2023 Donations Dividend from Irading subsisiary 62,064 62,064 70.604 60.000 130,604 44,131 44,131 41,500 41,500 106.195 106,195 112,104 60,000 172,104 15-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable activities Unrestrlct Restricted Total Unrestrict Re5tri¢tod ed funds 2023 Total funds 2024 funds 2024 funds 2023 2024 2023 Oparation of gardon Admissions - Friends Grants Events Gardenels Talks and Trails Admissions 28,011 28,011 64,458 26.501 27,790 27,790 64,458 26,501 10,194 10,194 2,871 404,021 2,871 404,021 1.969 408,285 1,969 408,285 461,404 64,458 525,862 448,238 448,238 Income Irom Investment5 Unrestrlct Unrestrlct od funds 2023 funds 2024 Interest receivable 2,730 2,595 other Incomo Unrestrlct Unrestrict funds 2024 funds 2023 Rental income 18,951 15,332 Expenditure on raising funds Unrestrlct Unrestrlct funds 2024 funds 2023 Fundraislny and publlcity Other fundraising costs 1,822 232 16-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charltable activities Operatlon of garden 2024 Operation of garden 2023 Direct Costs Staff costs Depreciation Other staff costs Other direct costs 171,207 3,715 14,480 181,998 133,943 9,090 176,149 371.400 319,182 Share of support and governance Costs (see note 9) Support 236,202 237,376 607,602 556,558 Analysis by fund Unrestricted funds Restricted funds 586,666 20,936 556,558 607,602 556,558 Support Costs allocated to activities 2024 2023 Staff costs Depreciation Loss on sale of tangible fixed assels Other support costs Accountancy and legal Interesl payable and similar charges 167,439 22,428 154,094 26,196 79 36,422 16,117 4,468 31.544 8,930 5,861 236,202 237,376 Analysed between: Operation of garden 236,202 237,376 17-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 qo Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediling): Fees payable to the charity's independent examiner-. for the independent examination of the charity's financial statements for the preparation of the charity's financial slalements for general advice Depreciation of owned tangible fixed assets Loss on dlsposal of tangible fixed assets 1,000 280 295 26,143 1,000 280 375 28,196 79 11 Trustees None of the Trustees lor any persons connected with them) received any remuneration OT benefits from the Company during the year. There were no Trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. During the year one trustee was paid for consultancy advi on an arm's length basis to the value of £1,500 (2023. £12,175). 12 Employees The average monthly number of employees during the year was- 2024 Number 2023 Number 18 17 Employment costs 2024 2023 Wages and salaries Social security cosls Other pension cosls 298,339 18,222 22,085 257,534 13,807 16,696 338,646 288,037 The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60,000 to £70,000 18-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employees Icontlnuod) Remuneration of key management personnel The remuneration of key managemenl personnel was as follows.. 2024 2023 Aggregate compensation 71,060 63,381 The key management personnel of the Charily is considered to be the Garden Director only. 13 Tanglble flxed assets Bullding¥ Furnlture and equlpment Computer equlpment Total Cost At 1 January 2024 Additions 378,621 72,430 55,202 8,622 5,092 3,307 438,915 84,359 Al 31 December 2024 451,051 63.824 8,399 523,274 Depreclatlon and Impairment At 1 January 2024 Depreciation charged in the year 21,340 16,200 31.954 8,259 3,928 1,684 57,222 26,143 Al 31 December 2024 37.540 40,213 5,612 83,365 Carrylng amount At 31 December 2024 413,511 23,611 2,787 439,909 At 31 December 2023 357,281 23,248 1,164 381,693 14 Fixed asset investments other investments Cost or valuatlon At 1 January 2024 & 31 December 2024 30,000 Carrying amount At 31 December 2024 30,000 At 31 December 2023 30,000 There were no investment assels outside Ihe UK. The company's investments al the balan sheet dale in the share capital of companies include the following: 19-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Subsidlaries Details ofthe Company's subsidiaries at 31 December 2024 are as follows.. Name of undertaklng Reglstered office Nature of business Cla55 of shares held ja Held Direct Indlrec Palnswick Garden Estate Llmlted Painswick Operaation of cafe and Rococo Garden. wedding venue Gloucester Road. Painswick, Stroud, Gloucestershire. GL6 6TH. Ordinary 100.00 The aggregate capilal and reserves and the result for the year of subsidiaries was as follows: Name of undertaklng Profltl{Loss) Capltal and Reserves Painswick Garden Eslate Limited (237) 14,697 16 Debtors 2024 2023 Amounts falllng due within one yoar: Trade debtors Amounts owed by subsidiary undertakings Prepayments and accrued income 2,236 48,232 35,583 684 21.312 69,941 86,051 91,937 17 Credltors: amounts falllng due wlthln one year 2024 2023 Notes Bank loans Obligations under finance leases other taxation and social security Deferred income Trade creditors Other creditors Accruals 19 20 20,000 7,872 15,115 2,472 18,838 3,744 31,3D8 20,000 19,332 7,984 19,118 8,564 30,969 21 99,349 105,967 -20-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Creditors: amounts falling due after rnore than one year 2024 2023 Notes Bank loans Obligations under finance leases 19 20 11,667 24,356 31,667 36,023 31,667 19 Loans and overdrafts 2024 2023 Bank loans 31.667 51,667 Payable within one year Payable after one year 20,000 11,667 20,000 31,667 The loan is a Coronavirus Business Interruption Loan with Lloyds Bank. It had a capital repayment holiday of 12 months and the first 12 months interest and fees were paid by the UK Government. The loan has an interest rale of 2.55/9 and the loan repayments slarted in August 2021 with the loan due to end in July 2026. 20 Flnancè lèase obll9atlons Future minimum lease payments due under finance leases.. 2024 2023 Within one year Within two and five years 7,872 24,356 32.228 Interest rates are fixed at the contract date of Ihe finance lease agreement and all leases are on a fixed repayment basis. 21 Deferred Income 2024 2023 other deferred Income 2,472 7,984 Deferred income is included in the financial statements as follows.. 21
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Deferred income (Continued) 2024 2023 Deferred income is inclLAded within: Current liabilities 2,472 7,984 Movements in the year.. Deferred income al 1 January 2024 Released from previou5 periods Resour¢es deferred in the year 7.984 (7,984) 2,472 60,000 (60,0001 7,984 Deferred income at 31 December 2024 2,472 7,984 Deferred income at 31 December 2024 relales to entrance fees paid in advance. 22 Rotiromont b#neflt schemes 2024 2023 D•flnod ¢ontrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 22,085 16,696 The Company operates a defined contribution pension scheme for all qualifying employees. Th8 assets of the scheme are held separately from those of the Company in an independently administered fund. The amount charged to the SOFA was £22,08512023'. £16,696). An amount of £2,39212023.' £1,864) was outstanding at the year end and is included in creditors. 23 Restrlcted funds The reslricled funds of the chafily comprise the unexpended balances of donalions and grants held on trust subject to specific conditions by donors as to how they may be used. At1 January 2024 ltteomlng Resources resource5 •xpended Transfers At31 December 2024 Crowdfunder towards visitor centre Herilage Lottery Fund 60,000 (2,8181 (18.318) 57,382 52,840 64,458 6,700 60,000 64,458 {20,9361 6,700 110,222 -22-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Restricted funds (Contlnued) Prevlous year: Atl January 2023 Incomlng Resources rèsources expended Transfers At31 D8cember 2023 Crowdfunder towards visitor centre 60,000 60,000 Details of Rostricted Fund5 Crowdfundof This was an appeal via donations towards Ihe cost of the new visitor centre that opened in February 2023. Depreciation is being charged against the balance annually. Herltage Lottery Fund The NHLF grant will enable Painswick Rococo Garden to be more resilient, have suitable visltor facilities,engage with a wide range of people from our local community and have a more skilled volunteer team. 11 will enable the employment of new specialist staff and consult professionals with specific expertise to support a two.year project that will secure the Garden's future through professionally planned visitor facilities and business support. This will allow us to develop an engaging outreach programme which is free for participants, welcoming local community groups, including neurodivergent young people. The project will increase participants, understanding of and connection to natura through a series of wellbeing visits, practical green skills sessions and heritage leaming days. The legacy of our project will be the improved resilience of the Trust, increased wellbeing of our outreach participants. increased skills of staff and volunteers and greater awareness of the Garden's unique heritage landscape, habitats and organic horticulture. 24 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subjecl lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At1 January 2024 Incomlng Resources resources oxpended Transfers At31 December 2024 General funds 419,557 589,280 (588,488) (6,700> 413,849 Previous year: At1 January 2023 InGoming Resources resources expended Transfers At31 December 2023 General funds 398,078 578,269 (556,790) 419,557 -23-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Analysls of net assets between funds Unrestricte Restricted Total funds 2024 funds 2024 2024 At 31 December 2024: Tangible assets Investmenls Current assetsl(liabilities) Long term liabilities 379,551 30,000 40,121 (36,023) 60,358 439,909 30,000 89,985 (36,0231 49,864 413,649 110,222 523,871 Unrostricte Restricted Total funds 2023 funds 2023 2023 At 31 Docombor 2023: Tangible assets Investments Current assetsllliabilities) Long lerm liabilities 321,693 30,000 99,531 (31,667) 60,000 381,693 30,000 99,531 <31 ,667} 419,557 60,000 479,557 26 Related party transactlons Transactions with related partios The charitable company has taken advanlage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, not to disclose related party transactions with wholly owned subsidiaries within the group. During the year, Ms C R Sinclair, trustee, provided consultancy advice lo the value of £1,500 {2023'. £12,175) on an arm's length basis. At the year end £nil (2023.. £nil) was owed to Ms Sinclair. There were no olher related party transactions for the year ended 31 December 2024 (2023.. none). -24-
PAINSWICK ROCOCO GARDEN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Cash generated from operations 2024 2023 Surplus for the year 44,314 81,479 Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (2.7301 26.143 (2,595) 26,196 Movements in working capital: Decrease in debtors (Decrease>lincrease in creditors (Decrease) in deferred income 5,886 (8,978} (5,512} 187,108 46,713 152,016) Cash generated from operations 59,123 286,885 28 Analysls ol changes In net funds At 1 January 2024 Cagh flows At31 D?cernbor 2024 Cash al bank and in hand 113,561 {10,278) 103,283 Loans falling due within one year Loans falling due after more than one year Obligations under finance leases {20,000) (31,667) (20,0001 {11,667) (32,2281 20,000 {32,228) 61,894 {22,506> 39,388 -25-