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||**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|





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|**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|





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|||**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|





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||||**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|





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|**2**|**Investment income**|**2021**|**2020**|
|---|---|---|---|
||Bank interest receivable|5|7|
||Income from investments|60,164|66,262|
|||60,169|66,269|





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|**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|





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|**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|



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||**2021**|**2020**|
|---|---|---|
|Maintenance|3|3|





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|**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|





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|||**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 **1**April 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|





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|**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|



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|**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|



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||**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|



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|||**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)|





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||**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|