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 cOn￿M$ 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-