This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.
2021-03-31-accounts
|
Page |
| Report of the Trustees |
1−4 |
| Company information |
5 |
| Independent examiner's report |
6−7 |
| Statement of financial activities |
8 |
| Balance sheet |
9 −10 |
| Notes to the financial statements |
11 −19 |
| Registered charity name |
The Mertoun Gardens Trust |
| Trustees |
Lord Henry Egerton |
|
Lady Alice Marian Fremantle |
|
Michael John Chantler |
| Gardens Committee |
Her Grace the Duchess of Sutherland |
|
Evelyn, Duchess of Sutherland |
|
Harriet Bowes−Lyon |
| Secretary |
James Galbraith |
| English charity number |
1113423 |
| OSCR charity number |
SC039389 |
| Company number |
05747404 |
| Registered office |
66 Lincoln's Inn Fields |
|
London |
|
WC2A 3LH |
| Accountants |
Jamie H Younger CA |
|
Saffery Champness LLP |
|
Edinburgh Quay |
|
133 Fountainbridge |
|
Edinburgh |
|
EH3 9BA |
| Investment Managers |
Wave rton Investment Management Limited |
|
16 Babmaes Street |
|
London |
|
SW1Y 6AH |
| Solicitors |
Farrer & Co LLP |
|
66 Lincoln's Inn Fields |
|
London |
|
WC2A 3LH |
| Bankers |
Bank of Scotland plc |
|
8/9 The Square |
|
Kelso |
|
TD5 7HQ |
|
|
Endowment |
Unrestricted |
Total |
Total |
|
|
Fund |
Fund |
Funds |
Funds |
|
Notes |
2021 |
2021 |
2021 |
2020 |
|
|
f |
f |
f |
f |
| Income |
|
|
|
|
|
| Donations |
|
|
15,100 |
15,100 |
|
| Investment income |
2 |
|
60,169 |
60,169 |
66,269 |
| Income from charitable activities |
3 |
|
28,948 |
28,948 |
32,989 |
| Total income |
|
|
104,217 |
104,217 |
99,258 |
| Expenditure |
|
|
|
|
|
| Expenditure on charitable activities |
4 |
|
143,343 |
143,343 |
118,273 |
| Other: investment management costs |
6 |
7,526 |
7,526 |
15,052 |
15,748 |
| Total expenditure |
|
(7,526) |
(150,869) |
(158,395) |
(134,021) |
| Net expenditure |
7 |
(7,526) |
(46,652) |
(54,178) |
(34,763) |
| Other recognised gains! losses) |
|
|
|
|
|
| Gain on sale of fixed asset |
|
|
|
|
|
| Realised gains on investments |
|
137,343 |
|
137,343 |
107,335 |
| Unrealised gains/(losses) on |
|
|
|
|
|
| investments |
|
214,247 |
|
214,247 |
(94,091) |
| Net movement in funds |
|
344,064 |
(46,652) |
297,412 |
(21,519) |
| Gross transfer between funds |
|
|
|
|
|
| Total funds brought forward |
|
2,589,606 |
173,111 |
2,762,717 |
2,784,236 |
| Total funds carried forward |
|
2,933,670 |
126,459 |
3,060,129 |
2,762,717 |
|
|
|
2021 |
|
2020 |
|
Notes |
|
|
|
|
| Fixed assets |
|
|
|
|
|
| Tangible assets |
10 |
|
58,709 |
|
71,933 |
| Investments |
11 |
|
2,983,832 |
|
2,670,498 |
|
|
|
3,042,541 |
|
2,742,431 |
| Current assets |
|
|
|
|
|
| Stocks |
12 |
930 |
|
1,645 |
|
| Debtors |
13 |
7,991 |
|
5,496 |
|
| Cash at bank and in hand |
|
23,191 |
|
21,574 |
|
|
|
32,112 |
|
28,715 |
|
| Creditors: amounts falling due within |
|
|
|
|
|
| one year |
14 |
(14,524) |
|
(8,429) |
|
| Net current assets |
|
|
17,588 |
|
20,286 |
| Total assets less current liabilities |
|
|
3,060,129 |
|
2,762,717 |
| Capital and reserves |
|
|
|
|
|
| Unrestricted fund |
16 |
|
126,459 |
|
173,111 |
| Endowment fund |
17 |
|
2,933,670 |
|
2,589,606 |
| Total funds |
|
|
3,060,129 |
|
2,762,717 |
| 2 |
Investment income |
2021 |
2020 |
|
Bank interest receivable |
5 |
7 |
|
Income from investments |
60,164 |
66,262 |
|
|
60,169 |
66,269 |
| 3 |
Income from charitable activities |
2021 |
2020 |
|
|
f |
f |
|
Admission charges |
|
2,653 |
|
Garden sales |
1,400 |
4,835 |
|
Contracting sales |
11,768 |
9,749 |
|
Letting sales |
15,780 |
15,752 |
|
|
28,948 |
32,989 |
| 4 |
Cost of charitable activities |
2021 |
2020 |
|
|
f |
£ |
|
Labour costs |
61,706 |
59,404 |
|
Heating and lighting |
2,455 |
2,570 |
|
Seed, fertilisers, plants etc |
985 |
1,842 |
|
Equipment maintenance and running expenses |
4,506 |
5,976 |
|
Rates on gardeners' houses |
1,648 |
1,571 |
|
Buildings maintenance |
40,339 |
15,776 |
|
Administration |
4,638 |
4,961 |
|
Insurance |
2,216 |
2,362 |
|
Contractor services |
3,501 |
1,797 |
|
Depreciation |
13,224 |
13,989 |
|
Governance costs |
8,125 |
8,025 |
|
|
143,343 |
118,273 |
|
A full breakdown of governance costs is included in note 5. |
|
|
| 5 |
Governance costs |
2021 |
2020 |
|
|
£ |
f |
|
Accountancy fees |
4,125 |
4,025 |
|
Legal fees |
4,000 |
4,000 |
|
|
8,125 |
8,025 |
| 6 |
Investment management costs |
2021 |
2020 |
|
Investment manager fees |
15,052 |
15,748 |
| 7 |
Net outgoing resources for the year |
2021 |
2020 |
|
Net outgoing resources are stated after charging: |
|
|
|
Depreciation of tangible assets |
13,224 |
13,989 |
|
2021 |
2020 |
| Maintenance |
3 |
3 |
| Tangible fixed assets |
|
|
|
|
|
Improvements |
Plant and |
Motor |
Total |
|
to property |
machinery |
vehicles |
|
| Cost |
|
|
|
|
| At 1 April 2020 & at 31 March 2021 |
102,112 |
83,783 |
15,841 |
201,736 |
| Depreciation |
|
|
|
|
| At 1 April 2020 |
51,111 |
63,516 |
15,176 |
129,803 |
| Charge for the year |
9,766 |
2,794 |
664 |
13,224 |
| At 31 March 2021 |
60,877 |
66,310 |
15,840 |
143,027 |
| Net book value |
|
|
|
|
| At 31 March 2021 |
41,235 |
17,473 |
1 |
58,709 |
| At 31 March 2020 |
51,001 |
20,267 |
665 |
71,933 |
|
|
2021 |
2020 |
|
Quoted Investments |
|
|
|
Market value as at 1 April 2020 |
2,412,524 |
2,501,155 |
|
Additions at cost |
677,895 |
409,172 |
|
Realised gains |
214,247 |
13,244 |
|
Disposals |
(407,249) |
(511,048) |
|
Market value as at 31 March 2021 |
2,897,417 |
2,412,523 |
|
Unquoted Investments |
|
|
|
Value as at 1April 2020 & 31 March 2021 |
1 |
1 |
|
Value of quoted and unquoted investments at 31 March 2021 |
2,897,418 |
2,412,524 |
|
Funds in bank held for investment |
86,414 |
257,974 |
|
Investment value at 31 March 2021 |
2,983,832 |
2,670,498 |
|
Quoted investment cost as at 31 March 2021 |
2,421,144 |
2,322,070 |
| 12 |
Stocks |
2021 |
2020 |
|
Stocks |
930 |
1,645 |
| 13 |
Debtors |
2021 |
2020 |
|
Other debtors |
7,991 |
5,496 |
| Creditors: amounts falling due within one year |
2021 |
2020 |
| Trade creditors |
8,949 |
4,004 |
| Other creditors |
5,575 |
4,425 |
|
14,524 |
8,429 |
| Unrestricted fund |
Balance at |
Net income |
Transfer to |
Balance at |
|
**1 April 2020 ** |
less expenses |
**designated ** |
31 March 2021 |
|
|
|
capital |
|
|
|
|
endowment |
|
| General unrestricted fund |
173,111 |
(46,652) |
|
126,459 |
|
173,111 |
(46,652) |
|
126,459 |
| Endowment fund |
Balance at |
Designated |
Net |
Balance at |
|
1 April 2020 |
income |
movement |
31 March 2021 |
|
f |
f |
f |
f |
| Investments |
2,589,606 |
|
344,064 |
2,933,670 |
|
2,589,606 |
|
344,064 |
2,933,670 |
|
Tangible fixed |
Investments |
Other net |
Total |
|
assets |
|
assets 31 March 2021 |
|
| Restricted funds |
|
2,933,670 |
|
2,933,670 |
| Unrestricted funds |
58,709 |
50,162 |
17,588 |
126,459 |
|
58,709 |
2,983,832 |
17,588 |
3,060,129 |
|
|
2021 |
|
2020 |
|
|
|
E |
E |
| Incoming Resources |
|
|
|
|
| Donations |
|
15,100 |
|
|
| Income from investments |
|
60,164 |
|
66,262 |
| Income from Mertoun Gardens: |
|
|
|
|
| −Admission Charges |
|
|
2,653 |
|
| −Garden Sales |
1,400 |
|
4,835 |
|
| −Contracting charges |
11,768 |
|
9,749 |
|
| −Letting income |
15,780 |
|
15,752 |
|
| −Bank interest |
5 |
|
7 |
|
|
|
28,953 |
|
32,996 |
|
|
104,217 |
|
99,258 |
| Direct Charitable Expenditure |
|
|
|
|
| Expenditure on Mertoun Gardens: |
|
|
|
|
| Seeds, fertilisers and plants |
985 |
|
1,842 |
|
| Wages and salaries |
61,706 |
|
59,404 |
|
| Heating and lighting |
2,455 |
|
2,570 |
|
| Rates on gardener's cottage |
1,648 |
|
1,571 |
|
| Equipment maintenance and running expenses |
4,506 |
|
5,976 |
|
| Building maintenance |
40,339 |
|
15,776 |
|
| Administration and sundry expenses |
4,638 |
|
4,961 |
|
| Insurance |
2,216 |
|
2,362 |
|
| Contractor services |
3,501 |
|
1,797 |
|
| Depreciation |
13,224 |
|
13,989 |
|
|
|
(135,218) |
|
(110,248) |
|
|
(31,001) |
|
(10,990) |
| Other Expenditure |
|
|
|
|
| Accountancy fees |
4,125 |
|
4,025 |
|
| Legal fees |
4,000 |
|
4,000 |
|
| Investment management charges |
15,052 |
|
15,748 |
|
|
|
(23,177) |
|
(23,773) |
| (Deficit) for the year carried forward |
|
(54,178) |
|
(34,763) |
|
2021 |
2020 |
| Deficit for the year brought forward |
(54,178) |
(34,763) |
| Fund balances brought forward |
2,762,717 |
2,784,236 |
| Realised gain on investments |
137,343 |
107,335 |
| Unrealised gain/(loss) on investment |
214,247 |
(94,091) |
| Fund balances carried forward |
3,060,129 |
2,762,717 |