|**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|





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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|
||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|





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|||**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|





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||||**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|





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|**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|





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|**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|



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||**2022**|**2021**|
|---|---|---|
|Maintenance|3|3|





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|**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|||





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|||**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|





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|**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|



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|**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|





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||**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|



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|||**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)|





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||**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|