Company Registration No, 05747404 (England and Wales) Scnttish Charlty N¢) scn39389 English Charity No 1113423 The Mertoun Gardens Trust Unaudited financial statements For the year ended 31 March 2023 Saffery
The Mertoun Gardens T$t Contents Page Report of the Trustees Compary Informatitsn lrtdependenlexaminer's report Statementof financial activities Balance sheet 9-10 Notes to the finaiicial 5tatemetLts 11-18
The Mertoun GardeJ)s Trust Report ofthe Trustees For the year ended 31 March 2023 The Trustees. who are also directors for the purposes of company law, have pleasure in presenting theirreport and the financial statements of the charlty for the year ended 31 March 2023. The financial 5taiements have been prepared accordance wSth the currenr statutory requlrements. the Articles of Association and the Statement of Recommended Pra¢tlce- appliLable to charities preparing their accounts in accordathcp with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published on I lanuary 2019. The Trustees The Trustees who served the charity during the year were as follows.. Lord Henry Alexander Egerlon Lady Alice Marian Fremantle Michael john Chantler Structurej governance and management The Mertoun Gardens Trust Is a private company Ilmited by guarantee [companynurnber 05747404) and registered charity (charity number 1113423). The charity is also registered with the Office ofthe Scotttsh Charity Regulator (charity number SC039389). It is governed by its memorandurn and articles of association dated 16 March 2006. In the event of the charity being wound up, the liability ofthe members of the company is limited to £1 eaeh. The miniinutn nutnber of Tru5tee5 15 3 and the maximum 10. Trustees rnu5tbe a member of the company. Trustees can be appointed by the Board at any time and the appointment must be ratified at the following annual generdl meetin& The Gardens are administered by a Gardens Committee whlch reports tr> the Trustees and to whorn the dayto day running and admini5tratiDn of the Garden5 ha5 been delegated by the Trustee& The Trustees have been appoSnted on the basls of thelr skills, knowledge and experience of the current and future actlvttie5 of the organ15adotb by agreementwlth ex65tlng Trustees. The Trustees recognise rhat new Trustees should be aMHre of the charity's charitable pvrposes. modv5 operandi and plans. Trustees are kept informed of developments in the law and accounting pracdces by thelr professlonal advisers.
The Mertoun GardeD5 Trust Report of the Trustees (contlnued) For the year ended 31 March 2023 Most decision5 are taken by consensus agreemenL Should it be necessary, an issue may be determined by a stmple malorlty of the votes cast at a meetln& bura wrltten resolution signed by all the Thstees is as valid as a resolution passed at a meeting. Except for the chairman of the rneeti who has a second or casting vote. every Trustee has one vote OD each issue. The Trustees keep under revlew the maln rlsks to whlch rhe charlty Is exposed. The Trustees meet regularly and review the policies and procedures established to help mitigats these risks as necessary. Day to day riskg are mitigated by the policies and procedures established by the Trustees as impleinented by the Gardens Committee and reviewed on a regular basis. Strdtegyand activitle5 ofth@c ari The strategy of the charity Is.. To promote far the public benefjt the plantin& mainten3nce. improvement and preservation of MertOUTJ Gardens at St Boswells. Melrose, Roxburghshire,. To advance the education of the public, in particular in relation to the history. desSgn and hortlcultural significance of the Gardens,. and Such other charitable purpose as the Trustee5 shall think fiL In addition to the ongoing plantin& pre5erwdtion and maintrnance of the Gardens for the public benefit the Trustee5 are committed to opening the Gardens to the widest Possible audience. The Trustees have sought accoi'dingly to ensure rhat admission charges to the Ganlens are kept as low as reasonably possible and have explored Tneans of widening the audience, including liai5Lng with local schools to encourage organised school visits. There are no rertrlctions on the charity's power to investand the Trustees have adopted an Investment strategy that seeks to balance the itlcorne need5 of the charity with future capital growth. The Trustees have delegated the management ofthe investment portfolio to Waverton Investment Managementwho manage the portfolio on a discretionary basis and who report to and meet with the Tnjstees on a regular basis to review the performance of the portfolio and investment strategy.
The Mertoun GardenSTht Report of tbe Trustees (¢ontinued) For the year ended 31 March 2023 Achievements and perforniance The Trnstees confirm they have referred to the Charity Commission's general guidance on public beneflt when reviewing the Trnst's aims and objectives and settlng its platxs for futLJre years. The Charity's significant activSties are outllned Sn this reporL In furtherance of thelr charltsble objetts, the Trustees maintain the Gardens and open them to the public generallyand with special parknes and guided tours being orgarLi5ed by arrangement. The Charity also undertakes attivities related to the Gardens which have an educaknonal emphasis. In particular. the Charity has hosted a number of schools forvisits to the Gardens under the supervision of the Royal Highlands Educational TrusL and has also run a work experience programme, through whlch colleges have sent students to the Gardens to gain experience in gardening and other practical work Furtherrnore, the Thwstee5 have obtaiEied an exieiision of dieir lease uiitil 31 lanuary 2Q52 [frorn 31 Marcli 2037). and have seL up website. the costs of which have been capitalised. Flnanclal revlew During the year the Trustees received incoming resources totalling £100,549 [2022: £97,863). Dirert expenditure on the Gardens arnounted to £125,466 [2022.. £121.553) and general adrnini5tration costs of £15,415 (2022.. £16.008). This resulted in a net deficit for the year of £40,332 (2022: £39,698) before the gain on disposal of fixed assets of Enil (2022.. £333), the gain on disposal olinvesttnents of £161,946 (2022.. £154,622), the iinrealised losses on investments and assets of £191,579 (2022.. £120,548 gafirl) and the gain on foreign exchange of £99 {2022.. £444)- The Trustee5 are aware of the need to increase the income generating asset base in order to balance their books. The Trustees have reviewed the reserves available to them and are satisfied th2t they are adequate to meet their short terTYt needs. The investment portfolLO j5 shown as a designated capital endowrnent. The intention of the Trustees is that the endowment should be able to generate sufficient income to meet the costs of the charity's operations. 'Plans for future years As srated, the Trustees wish to build up their endowment to ensure thatsufficient income can be generated from the liivesbnent portfolio in ordej. to meet the costs a550ciated with operating the Gardens and opening the Gardens to the public. The Trustees wish to ensure the widest possible public access to the Gardens commensurats with their preservation and planting seasons.
The Mertoun Gardens Trust Report of the Trustees {continued) For the year ended 31 March 2023 Responsibilitles of the Trustees The Trustees are responslble for preparing the Thstees. Annual Report and the flnanclal statements in accordance with applicable law and regulations. Company law requtres the Thstees to prepare finandal statements for each tlnanclal year. Under that law the Trusrees have elected to prepare the financial statements in accordance with United Kingdgm Generally Accepted Accounting Practice (United Klrtgdom Accounting Standards and applicable law). The financlal statements are required by law to give a true and f3ir view of the sfate of affairs of the charity and tsf the surplus or deficit of the charhty for that year. In preparing these finanaal statsments, the Trustees are requlred to.. select sultable accounting policies and then apply them consistentiy,- observe the methods and prirlciples in the Charities SORP: make Sudgements and estimates that are reasonable and prudentr state whetherapplicable UK a¢counting stsndards have been followed. subject to any material departures disclosed and explained in the financial statements: prepare the financial statements in rhe going concern basis unless it IS Lnappropriate to presume that the charity wll torlttnue in buSLness. The Trustees are responsible for keeplng proper accountlng records whlch dlsclose with reasonable accuracy at any tlme the financial posltion of the charity and which enable them to ensure that the finandal statemeELts comply with Companies Act 2006. The Trustees are also responslble for safeguarding the assets of the charlty and herhce for taking reasonable steps for the prevention and detection of fraud and other Irregularities. In so far as the Trystees are aware.. there is no relevartt accounting Inforntion of which the charity's accountants at? unaware,. and the Trustees have taken all steps that they ought to have tsken to make themselves aware of any relent accounting information and to estsblish that the accountants are aware of that information. Srnall company provlsions Thls report has been prepared in accordance with the special provisions relatlng to small companies within Part 15 of the Companies Act 2006. Signed on behalfof the board ael John Chantler Trustee 22 December 2022
The Mertoun Gardens Trust Company Informatlon Reglstered charlty name The Mertoun Gardens Trust Trustees Lord Henry Egerton Lady Alice Marian Fremantle Michael John Ch3ntler Gardens Committee Her Grace the Ducbess of Sutherland Evelyn. Duchess of Sutherland Harriet Bowes-Lyon Marchloness of Staffr>nl Secretary lames Galbraith English charlty number OSCR charity number Company number Reglstered office 1113423 SC039389 05747404 66 Lincoln's Inn Fields London WC2A3LH Acc(Juntants jamie H Younger CA Saffery LLP Edinburgh Quay 133 Fountainbridge Edinburgh EH3 9BA IDvestment M#nagers Waverwn Investment Management Limited 16 Babmaes Street London SWIY 6AH Solidtors Farrer & Co LLP 66 Lincoln's Inrl Fields London WC2A 3LH Bankers Bank of Scotland plc .819 The Square Kelso TDS 7HQ
The Mertoun Gardens Trust Independent examiner's report to the trustees of The Mertoun Gardens Trust I report to the Trnstees on the exarnination of the accounts of the company for the year ended 31 March 2023 which are Set out on pages 8 to 18. Respectlve responslbllltles of Trustees and examlner As the Trn5tees of the Company (who are also the dirertors of the colnpany for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charitles and Trustee Investment (Scotland} Act 2Q051"the 2005 Act"), the Charities Accounts [Seotland] ReEulations 2006 {as amended} and the Companies Art 2006 ('the 2006 Art.). You are satisfied that the accounts of the Company are not required by charity or ¢Drnpany law to be audited and have chosen instead to have an independentexaminatio Having satisfied myselfthat the acccounts of the Company are not required to be audited under Part 16 of the 2006 Act and al'e eligible for independent examinaLiorL, I report in respect of my examiniation ofthe Company's 3CCDunts carried out under sectyon 44 [11 (c) of the 2005 Act and section 145 of the Charities Act 2011 ["the 2011 Art'}. In Carrying out my examlT)ation I have followed the requirerneT)ts of Regulation 11 of the Charities Accounts (Scotland} Regulations 2006 [as amended) And the Directlons given by the Charity Comrni55ion under settion 145(5){b) of the 2011 ACL Basls of Independent examlner's report My examination was carried out in accordance with the general Directions given by thE Charity CoTnmissioTL An exarnirlation includes a review ofthe accounting record5 keptby the charityand a comparison of the accounts presented with those recoftls. It also includes conslderdtion of any unusual iterns or disclosures in the accounts. and seeking explanations from you as Trustees CODcerning any such matter& The procedures undertaken do nor provide all the evidence that would be required in an audir and consequently no OPinLOTh L5 gtven as lu wheiher the acLuuiJls preseiJl<i"true and fair view" and ihe repurt is litnited tu thuse matters Set out in the statement below. Illdependent ex4mlner's sialvni¥JJt Slnce the Compatly Is requlred by company law to prepare Its accounts on arl accrual basis and is registered a5 3 charity in Scotland your examiner must be a body listed in Regulation 11[Z) of the Charities Aceounts {Scotland) Regulations 2006 (as amÈnded)- I can confirm that l am qualifked to undertake the examination because l arn a registered meTnber of The Institute of Chartered Accountants of Scotland which is Dne of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examhnation giving me cause to believe that In any material respect.. accounting records were not kept as requSred by section 386 of the 2006 Act and Regulatlon 4 of the 2006 Accounts Regulations.. or the accounts do not accord with those records with the accounting requirements oFRegulatiDn 8 of the Charities Aeeounts {Scotlandl Regulations 2006; or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a'true and fairview which is nota matter considered as part of an Independentexamination., or the accounts have not been prepared in accordance with the method5 and principles of the Statementof Reeommended Pratice for accounting and reporting by charities.
The Mertoun Gardens Trust Independent examiner's report to the trustees of The Mertoun Gardens Trust I have no concerns and have come across no other matters in connection with the examinatlon to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 22 December 2023 Jamie H Younger CA Saffery LLP Chartered Accountants Edinburgh Quay 133 Fountainbridge Editjburgh EH3 9BA
The Mertoun Gardens Trust Statement of fiJ)anclal actlvltles Incorporntlng the Sncome and expendltkire account Fortheyearended 31 March 2023 Elidowinent Unresti'lcted Fund Fund Total Funds Total Funds Note5 2023 2023 2023 2022 Income Donations Investment Income Income from charitable artivitles 67229 33,320 67.229 33.320 60.007 Total income 100,549 100.549 97,863 Expenditure Expenditure on charitable activities Other-. Investsnent managenient costs 125.466 15,415 12S.466 15,415 121,553 16,008 Total expendlture (140.881) [140,881) {137,561) Net expenditure [40,332} (140,881) [39,698) Other recogni5ed gains Gain on sale of fixed asset Realised gains on investments Unrealised [losses] / galns on nvestments Fo]En exchange tain 333 154.622 161.946 161.946 (191.579) 99 1191.S79) 99 120,548 444 Net movement In funds (29,534) (40,332) {69.874} 236,249 Gross transfer between funds Total funds brought forward 3,201,280 95,098 3,296,378 3,060,129 Total fund5 carried forward 3.171.746 54.766 3.226.504 3.296,378 There are no.other recognised gains or losses other than those shown in these accounts. All ofthe above amounts relate to continuing activities. The notes OT] pages 11 to 18 form part of these tlnancial statements.
The Mertoun Gardens Trnst Balance sheet As at 31 March 2023 2023 2022 Notes Flxed assets Intangible assets Tanglble assets Investments 2.174 36,578 3.141,580 li 12 S2.217 3,212,492 3.180.332 3,264,709 Current assets Stocks Debtor5 Cash at bank and in hand 13 14 1,180 5.861 45,3S9 563 3,477 34,048 S2,400 38,088 Credltors: amounts falling due within one year Is {6,228) {6,419) Net currentassets 46.172 31.669 Total assets less current liabilities 3,226,504 3,296,378 Capital and reserves Unrestrlrted fund Endowment fund 17 18 54.758 3.171.746 95.098 3.201.280 Total funds 3,226,504 3,296.378
The Mertoun Gardens Trust Balance sheet (contlnued) Asat31 Marth 2023 The directors are satisfied that the company is entitled to exemption from the provisions ofthe Companies Act 2006 (the Act) lating to the audit of the financial staternents for the year by virtue of section 477, and that no rnember or members have requested an audit pursuant to section 476 of the ACL The dlrectors acknowledge their responsibillties for: [1} ensuring thatthe company keeps adequate accounting records which comply with Settion 386 ofthe Art. and (li) preparlng financlal statements which give a true and falr vlew of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requlrements ofsections 394 and 395. and which otherwise complywiththe requirements of the Act relating to financial statements. so far as applicable to the company. The financial statements have been prepared in accordance with Accounting and Reporting by Charlties.. Staternent of Recomrnended Prartice applicable to charities preparing their accounts in accordance with the Financial Reportitlg Standard applicable In the UK and Republic of Ireland IFRS 102) (effertive I January 2015)- Charities SORP (FRS 102). the Financial Reporting Standard applicable in the UK and R¢public of Ireland (FRS 1021 and the Companies Act 2006. The notEs on pagps 11 to 18 form part of these financial statemen¢& 30 November 2023 Appmed by the Board for issue on......................... el john Chantler Trustee Company Reglstratlon No. OS747404 io
The Mertoun Gardens Trnst Notes the flnandal Statements For the year ended 31 March 2023 Accounting pollcles 1.1 Basis for prepar3tioD The financial statemenrs have been prepared in accordance with Accounting and Reporting by Charitie5'. Statement of Recomlnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I larluary 2015J - Charities SORP {FRS 102}, the Financial Reporting Standard applicable in the UK and Republic of Ii'eland (FRS 102) and the Companies Act 200& The Mertoun Gardens Trust meets the definition of a public benefit entity under FRS 102. Assets and liabillties are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notels). The financial statements arc prepared in sterlin& which is th¢ fijnrtional ¢urrency of the company. Monetary amounts in these financial statements are rounded to the nearert £. 1.2 Cash flow statement The Trustees have taken advantage ofthe exemption in Financial Reporting Standard No l {revised) from including a cash Ilow statement in the financial statements on the grounds that the charity is srnall. 1.3 Donations, legacies and similar incoming resources Donation5. legacies and similar incoming resources are included in the year in which they atp receivable, which is when the charity becomes entit]ed to the resource. 1.4 Patents Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual In5talments over thelr estlmared useful Ilves. 1.5 Tanglble fixed assets and depreclatlon Tangible fixed assers are stated at cosr less depreciatlon. Depre¢iation Is provlded at rates calculated to wrSte off the cott less estimated resldual value of each asset over its expected useful life. as follows.. Property improvements Plant and machlnery Motorvehicles 10%- 20% straight line 10%. 150/0 Stralght Ilne and IS% reduclng balance 25% straight line
The Mertoun Cardens Tntst Notes to the finaDcial ststemeDts (contlnued) FOT the year ended 31 March 2023 Accounting poliaes (continued) 1.6 Financial instruments The company has elected tts apply the provlslons of Sectlon Il'Basic Flnanclal Instruments. afld Section 12 'Other Financial Instruments Issues. ofFRS 102 to all of its financial instruments. Financial instruments are reeognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and Ilabilities are offset, wlth the Met aTnounts presented In the financial statetnents, when there is a legally enforceable right to set off the recognlsed amounts and there 15 an intention to settle on a net basis or to realise the asset and Settle the liability simultaneousty. Basic fin3ncial assets Basic financial assets, which include trade and other debtors. ar2 initially measured at transaction price Including tran5actiotL Costs and are 5ub5equent]y rarried at amcrt15ed cost U51ng the effectivp interest method unless the arrangement constitutes a financing transaction, where the transartion is measured at the pre5entvalue of the future receipts dfiscounted at a market rdte of interest. Other flnandal assets Other financial assets. including investments in equity instrumentswhich are not Subsidiaries. associate5 or joint ventures, are initlally measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fsir value and the changes in fair value are recogni5ed in the Statementof Financial Activities. except that investments in equity instruments that are not publically traded and whose falr values cannot be measured reliably are measured at cost less impairmenL Impalrment of financial assets Financial assets, other than those held at fairvalue through the Statement of Flnancial Activities. are assessed for Indicators ofimpairment at each reporting end date. Financial assets are impalred where there Is objective evidence that. as a result of one or Tnore events that occurred after the initial recognitian of the financial asse( the estimated future cash flows have been affected. The impairrnent loss is recognised in the statement of financial activides. De.re¢ognitlon olflnandal assets Financial assets are de-recognised only when the eontractual rlghts to the cash flows from rhe asset eyplre. or when the Group transfer5 the fit]ancial a55et and substantially all the rssks and rewards of ownership to another entity. Classlfl(atlon of finandal liabilities Flnanaal liabilltles and equlty instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any cotltractthal evidences a reSLdual interest in the assets of the company after deducknng all of its liabilities. other flnandal Ilabllltles Other finanelal IlabSlltles, including debt instruments that do nat meet the definition of a basic financial instrumenr are measured at fair value through the Statement of Financial Activities. Changes in the fair value of derivatives are recognised In the Statemetlt of Financial Activities as appropriate. 12
The Mertouh Gardens Trust Notes to the financial ststements {continued) For the year ended 31 March 2023 Accounting policies (contlnued) De-recognltlon of financlal Ilabllltles Financial liabilities are de-recognised when. and only when. the company's obligations are discharge(L cancelled, or they expSre. 1.7 Investments Investments are shown at market value. 1.8 Stock Stock is Wdlued at the lower of cost and net realisable value. 1.9 Expendlture Expenditure is included on an accruals basis. Costs of genernting funds comprise those costs dlrecty attrlbutable to raislng donations and grdrtts. Charitable expenditure comprises costs thatare direct]y attributable to the furtherdnce of achieving the charities objertive& Governance costs comprise tosts that directly relats to the govemance of the charfty. 1.10 Pension costs The company operates a defined contrlbutlon scheme forthe benefitof Its employees. ContrSbutlons payable are charged to the profitand loss account In the year thEy are payable. 1.11 Foreign currenry trdnslatio Monetary assets and Ilabililies denominated in forelgn Currencies are translated Inw sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreigrl currencies are recorded at the rate ruling at the date of the tr3nsaction. All difference5 are taken to prolit and105s accourLL 1.12 Unrestrlcted fund These are funds which can be used in accordance wth the charttable objectives at the diseretiorl of the Trustees. 1.13 Endowment fun The Trustees have designated. as an admlnlstratlve allocatlon Df unrestrleted general fvnds, the Investment portfolio on the basis that it is intended to form a capiral endowmentwhose income is to be used for the gene1 purposes of the TrusL Investment income 2023 2022 Bank interest receivable Income frotn investments 53 67.176 60,003 67,229 60,007 All investtnent irlcome recelved is deemed unrestricted. 13
The Mertoun GardensTrust Note5 to the financlal ststements (continued) For the year ended 31 March 2023 Income from charitable activities 2023 2022 AdmL5SiOll char8es Garden sales Contracting sales Itting sales 2.226 2,400 11,982 16.712 1.669 7,070 13.233 15.8114 33.320 37,856 All income from charitable attivitles Is deemed unrestricted. C05t of charitable activitie5 2023 2022 Labour costs Heating and lighting Seed, fertilisers, plants etc Equipment maintenance and running expenses Rates on 8ardeners' houses Buildings maintenance Administration Insurance Contrartor services DePCIatIOn Governance costs 64,525 4,163 1,017 3.394 1,697 3,507 9.732 3.287 8.390 15,637 10.117 63,550 3,488 1,305 4.186 1,648 15,490 6,463 2,751 1,8S7 12,515 B.300 125,466 121,553 A tull breakdown of governance costs Is Included In note 5. Governance costs 2023 2022 AccountarLCy fees L¢gal fees 4,550 5.567 4.300 4.000 10.117 8,300 14
The Mertoun Gardens Trnst Note5 to the tlnancial statemeDts (continued) Fortheyearended 11 March 20Z3 Investment management costs 2023 2022 Investment manager fees 15,415 16,008 Net outgolng resources for the year 2023 2022 Net outgoing resources are stated after charging- Depreclation of tangible assets 15.637 12,S15 Taxatlon The company Is a charity for the purposes of Section sos IcfA 1988 and 15 exempt from taxation on the whole of its income, Intanglble flxed assets Website Cost At l April 2022 Addition5 2,174 At 31 March 2023 2,174 Net book value At 31 March 2023 2,174 At 31 March 2022 10 Staff numbers The average monthly headcountwas as follows.. 2023 2022 Maintenance No employee received emoluments of more than E60.000 duringthe year (2022: Nil). No Trustee received remunerdtion during the year {2O22.. Nil). 15
The Mertoun Gardens Trust Notes to the financial Statements (contlnued) For the yearended 31 March 2023 11 Tangible fixed a5set5 ImproveTnents to property Plant #Dd machlnery Motor vehlcles Total Cost At l April 2022 & at 31 March 2023 102,112 87,360 15,841 205,313 Depreclatlon At l April 2022 Charge for the year 70.643 9.766 66,612 5.871 15.841 153.096 15,637 At 31 March 2023 80,410 72.483 IS,841 168.733 Net book value At 31 March 2023 21,70Z 14,876 At 31 March 2022 31,469 20,748 52,217 12 Flxed asset Investments 2023 2022 Quoted Investments Market value as at l April 2022 Additions at cosi Unrealised (losses) / gains DispolS 3,118,613 355,102 (191,579] {310.866] 2,897,417 445,151 120,548 [344.503) Markeivalue as at 31 March 2023 2,971,270 3,118,613 Unquoted Investments Value a5 at l April 2022 & 31 March 2023 Value of quoted and unquoted investments at 31 March 2023 2,971,271 3,118,614 Funds in bank held for investment 170,309 92,351 Investment value at 31 March 2023 3.141.580 3.210.965 Qu0d iestinent cost as at 31 March 2023 2,435,377 2,421,144 13 Stock5 2023 2022 Stocks 1,180 563 16
The Mertoun Gardens Trust Notes to the finanaal statements (continued) For the year ended 31 Marth 2023 14 Debtor5 2023 2022 Trade debtors Other debtors 1.041 4,820 3.477 5.861 3.477 IS CredStor5'. amount5 fallkng due wtthln one year 2023 2022 Trade credltors Other creditors 1,303 4.925 1,669 4,750 6.228 6.419 16 Company Limited by guarantee The charity is a company limited by guardntee. The liability of members is iestricted tti El each. 17 Unrestricted fund Balance at Net Income l April 2022 lès5 expènses Transfer to Balance at designated31 March 2023 rapltal endowment General unrestricted Fund 95.098 [40,332) 54,766 95,098 [40,332) 54,766 18 Endowment fund Balattce at l Aprll 2022 De51gnated Income Net Balance at movement 31 March 2023 Investments 3.201.280 (29,534) 3,171.746 3.201.280 (29.S34) 3.171.746 17
The Mertoun Gardens Trust Notes to the financial statements (contlnued) For the year ended 31 March 2023 19 Analysls of net assets tbetween deslgnated and unresrrlcted fvnds) Tanglble t]xed Investments assets Other nei Total assets31 March 2023 Designated Fund 3,171.746 3,171,746 unregtricd funds 36.578 18,180 54,758 36,578 3,171,746 18,180 3,226,504 20 Related party relationships and transactions Mertoun Gardens is leased from a Sutherland Family Settlement fora peppercorn sum and the lease expires on 3113nuary 2052. 18