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2022-03-31-accounts
| The Mertoun Gardens Trust |
|
| Contents |
|
|
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 |
|
Barbara, Marchioness of Stafford |
| Secretary |
James Galbraith |
| English charity number |
1113423 |
| OSCR charity number |
5C039389 |
| 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 |
Waverton 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 |
2022 |
2022 |
2022 |
2021 |
|
|
£ |
f |
£ |
E |
| Income |
|
|
|
|
|
| Donations |
|
|
|
|
15,100 |
| Investment income |
2 |
|
60,007 |
60,007 |
60,169 |
| Income from charitable activities |
3 |
|
37,856 |
37,856 |
28,948 |
| Total income |
|
|
97,863 |
97,863 |
104,217 |
| Expenditure |
|
|
|
|
|
| Expenditure on charitable activities |
4 |
|
121,553 |
121,553 |
143,343 |
| Other: investment management costs |
6 |
8,004 |
8,004 |
16,008 |
15,052 |
| Total expenditure |
|
(8,004) |
(129,557) |
(137,561) |
(158,395) |
| Net expenditure |
7 |
(8,004) |
(31,694) |
(39,698) |
(54,178) |
| Other recognised gains |
|
|
|
|
|
| Gain on sale of fixed asset |
|
|
333 |
333 |
|
| Realised gains on investments |
|
154,622 |
|
154,622 |
137,343 |
| Unrealised gains on investments |
|
120,548 |
|
120,548 |
214,247 |
| Foreign exchange gain |
|
444 |
|
444 |
|
| Net movement in funds |
|
267,610 |
(31,361) |
236,249 |
297,412 |
| Gross transfer between funds |
|
|
|
|
|
| Total funds brought forward |
|
2,933,670 |
126,459 |
3,060,129 |
2,762,717 |
| Total funds carried forward |
|
3,201,280 |
95,098 |
3,296,378 |
3,060,129 |
|
|
|
2022 |
|
2021 |
|
Notes |
|
|
|
|
| Fixed assets |
|
|
|
|
|
| Tangible assets |
10 |
|
52,217 |
|
58,709 |
| Investments |
11 |
|
3,212,492 |
|
2,983,832 |
|
|
|
3,264,709 |
|
3,042,541 |
| Current assets |
|
|
|
|
|
| Stocks |
12 |
563 |
|
930 |
|
| Debtors |
13 |
3,477 |
|
7,991 |
|
| Cash at bank and in hand |
|
34,048 |
|
23,191 |
|
|
|
38,088 |
|
32,112 |
|
| Creditors: amounts falling due within |
|
|
|
|
|
| one year |
14 |
(6,419) |
|
(14,524) |
|
| Net current assets |
|
|
31,669 |
|
17,588 |
| Total assets less current liabilities |
|
|
3,296,378 |
|
3,060,129 |
| Capital and reserves |
|
|
|
|
|
| Unrestricted fund |
16 |
|
95,098 |
|
126,459 |
| Endowment fund |
17 |
|
3,201,280 |
|
2,933,670 |
| Total funds |
|
|
3,296,378 |
|
3,060,129 |
| 2 |
Investment income |
2022 |
2021 |
|
Bank interest receivable |
4 |
5 |
|
Income from investments |
60,003 |
60,164 |
|
|
60,007 |
60,169 |
|
|
|
| Income from charitable activities |
2022 |
2021 |
| Admission charges |
1,669 |
|
| Garden sales |
7,070 |
1,400 |
| Contracting sales |
13,233 |
11,768 |
| Letting sales |
15,884 |
15,780 |
|
37,856 |
28,948 |
| 4 |
Cost of charitable activities |
2022 |
2021 |
|
Labour costs |
63,550 |
61,706 |
|
Heating and lighting |
3,488 |
2,455 |
|
Seed, fertilisers, plants etc |
1,305 |
985 |
|
Equipment maintenance and running expenses |
4,186 |
4,506 |
|
Rates on gardeners' houses |
1,648 |
1,648 |
|
Buildings maintenance |
15,490 |
40,339 |
|
Administration |
6,463 |
4,638 |
|
Insurance |
2,751 |
2,216 |
|
Contractor services |
1,857 |
3,501 |
|
Depreciation |
12,515 |
13,224 |
|
Governance costs |
8,300 |
8,125 |
|
|
121,553 |
143,343 |
| 5 |
Governance costs |
2022 |
|
2021 |
|
|
E |
|
£ |
|
Accountancy fees |
4,300 |
|
4,125 |
|
Legal fees |
4,000 |
|
4,000 |
|
|
8,300 |
|
8,125 |
| 6 |
Investment management costs |
2022 |
|
2021 |
|
|
£ |
, |
£ |
|
Investment manager fees |
16,008 |
|
15,052 |
| 7 |
Net outgoing resources for the year |
2022 |
|
2021 |
|
|
£ |
|
£ |
|
Net outgoing resources are stated after charging: |
|
|
|
|
Depreciation of tangible assets |
12,515 |
|
13,224 |
|
2022 |
2021 |
| Maintenance |
3 |
3 |
| Tangible fixed assets |
|
|
|
|
|
Improvements |
Plant and |
Motor |
Total |
|
to property |
machinery |
vehicles |
|
| Cost |
|
|
|
|
| At 1 April 2021 |
102,112 |
83,783 |
15,841 |
201,736 |
| Additions |
|
6,427 |
|
6,427 |
| Disposals |
|
(2,850) |
|
(2,850) |
| At 31 March 2022 |
102,112 |
87,360 |
15,841 |
205,313 |
| Depreciation |
|
|
|
|
| At 1 April 2021 |
60,877 |
66,310 |
15,840 |
143,027 |
| On disposals |
|
(2,445) |
|
(2,445) |
| Charge for the year |
9,766 |
2,747 |
1 |
12,514 |
| At 31 March 2022 |
70,643 |
66,612 |
15,841 |
153,096 |
| Net book value |
|
|
|
|
| At 31 March 2022 |
31,469 |
20,748 |
|
52,217 |
| At 31 March 2021 |
41,235 |
17,473 |
1 |
58,709 |
| Additions |
|
|
|
|
| Husqvarna R316TSX |
|
5,575 |
|
|
| Stihl FS 460 C−EM |
|
789 |
|
|
| Rakes |
|
63 |
|
|
|
|
6,427 |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Quoted Investments |
|
|
|
Market value as at 1 April 2021 |
2,897,417 |
2,412,524 |
|
Additions at cost |
445,151 |
677,895 |
|
Unrealised gains |
120,548 |
214,247 |
|
Disposals |
(344,503) |
(407,249) |
|
Market value as at 31 March 2022 |
3,118,613 |
2,897,417 |
|
Unquoted Investments |
|
|
|
Value as at 1 April 2021 & 31 March 2022 |
1 |
1 |
|
Value of quoted and unquoted investments at 31 March 2022 |
3,118,614 |
2,897,418 |
|
Funds in bank held for investment |
93,878 |
86,414 |
|
Investment value at 31 March 2022 |
3,212,492 |
2,983,832 |
|
Quoted investment cost as at 31 March 2022 |
2,435,377 |
2,421,144 |
| 12 |
Stocks |
2022 |
2021 |
|
|
£ |
£ |
|
Stocks |
563 |
930 |
| 13 |
Debtors |
2022 |
2021 |
|
|
£ |
£ |
|
Other debtors |
3,477 |
7,991 |
| 14 |
Creditors: amounts falling due within one year |
2022 |
2021 |
|
|
f |
f |
|
Trade creditors |
1,669 |
8,949 |
|
Other creditors |
4,750 |
5,575 |
|
|
6,419 |
14,524 |
| 16 |
Unrestricted fund |
**Balance ** |
at |
Net income |
Transfer to |
Balance at |
|
|
**1 April 2021 ** |
|
less expenses |
**designated ** |
31 March 2022 |
|
|
|
|
|
capital |
|
|
|
|
|
|
endowment |
|
|
|
|
E |
E |
E |
E |
|
General unrestricted fund |
126,459 |
|
(31,361) |
|
95,098 |
|
|
126,459 |
|
(31,361) |
|
95,098 |
| 17 |
Endowment fund |
Balance at |
|
Designated |
Net |
Balance at |
|
|
1 April 2021 |
|
income |
movement |
31 March 2022 |
|
|
E |
|
E |
f |
f |
|
Investments |
2,933,670 |
|
|
267,610 |
3,201,280 |
|
|
2,933,670 |
|
|
267,610 |
3,201,280 |
|
Tangible fixed |
Investments |
Other net |
Total |
|
assets |
|
assets 31 March 2022 |
|
| Restricted funds |
|
3,201,280 |
|
3,201,280 |
| Unrestricted funds |
52,217 |
11,212 |
31,669 |
95,098 |
|
52,217 |
3,212,492 |
31,669 |
3,296,378 |
|
|
2022 |
|
2021 |
|
|
E |
E |
E |
| Incoming Resources |
|
|
|
|
| Donations |
|
|
|
15,100 |
| Income from investments |
|
60,003 |
|
60,164 |
| Income from Mertoun Gardens: |
|
|
|
|
| −Admission Charges |
1,669 |
|
|
|
| −Garden Sales |
7,070 |
|
1,400 |
|
| −Contracting charges |
13,233 |
|
11,768 |
|
| −Letting income |
15,884 |
|
15,780 |
|
| −Bank interest |
4 |
|
5 |
|
|
|
37,860 |
|
28,953 |
|
|
97,863 |
|
104,217 |
| Direct Charitable Expenditure |
|
|
|
|
| Expenditure on Mertoun Gardens: |
|
|
|
|
| Seeds, fertilisers and plants |
1,305 |
|
985 |
|
| Wages and salaries |
63,550 |
|
61,706 |
|
| Heating and lighting |
3,488 |
|
2,455 |
|
| Rates on gardener's cottage |
1,648 |
|
1,648 |
|
| Equipment maintenance and running expenses |
4,186 |
|
4,506 |
|
| Building maintenance |
15,490 |
|
40,339 |
|
| Administration and sundry expenses |
6,463 |
|
4,638 |
|
| Insurance |
2,751 |
|
2,216 |
|
| Contractor services |
1,857 |
|
3,501 |
|
| Depreciation |
12,515 |
|
13,224 |
|
|
|
(113,253) |
|
(135,218) |
|
|
(15,390) |
|
(31,001) |
| Other Expenditure |
|
|
|
|
| Accountancy fees |
4,300 |
|
4,125 |
|
| Legal fees |
4,000 |
|
4,000 |
|
| Investment management charges |
16,008 |
|
15,052 |
|
|
|
(24,308) |
|
(23,177) |
| Deficit for the year carried forward |
|
(39,698) |
|
(54,178) |
|
2022 |
2021 |
| Deficit for the year brought forward |
(39,698) |
(54,178) |
| Fund balances brought forward |
3,060,129 |
2,762,717 |
| Realised gain on investments |
154,622 |
137,343 |
| Unrealised gain on investment |
120,548 |
214,247 |
| Gain on sale of fixed assets |
333 |
|
| Exchange gains |
444 |
|
| Fund balances carried forward |
3,296,378 |
3,060,129 |