Company Reglstration No. 05747404 (England and Wales) Scottish Charity No SC039389 English Charity No 1113423 The Mertoun Garden5 Trust Unaudited financial statements For the year ended 31 March 202S
The Mertoun Gardens Trust Contents Page Report of the Trustees Company inforniation Independent examiner's report Statement of financial activities Balance sheet 9-10 Notes to the financial statements 11-18
The Mertoun Garden5 Trust Reportof the Trustees For the year ended 31 March 2025 TheTrustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements ofthe charityfor the year ended 31 March 202S. The financial statements have been prepared in accordance with the current statutory requirements. the Articles of Association and the Statement of Recommended Practice- applicable to charities preparing their accounts in accordance 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 HenryAlexander Egerton Lady Alice Marian Fremantle Michael John Chantler Harriet Rosalind Dundas Campbell Structure, governance and management The Mertoun Gardens Trust is a private cornp2ny limited by guarantee (company number 05747404) and a registered charity [charity number 1113423). The charity is also registered with the Office of the Scott15h Charity Regulator [charity number SC039389). It is governed by its mernorandum and articles of3S50ciation dated 16 March 2006. In the event ofthe charity beingwound up, the liability ofthe mernbers ofthe company is limited to £1 each. The minimum number of Trustees Is 3 and the maxirnum 10. Trustees must be a member ofthe company. Trustees can be appointed by the Board at any time and the appointment must be ratified at the following annual gener21 meeting. The Gardens are administered by a Gardens Committee which reports to theTrustees and to whom the day to day running and administration ofthe Gardens has been delegated by the Trustees. The Trustees have been appointed on the basls of their skills, knowledge and experience of the current and fijture activities of the prganisation, by agreement with existing Trustees. The Tru5tee5 recognise that new Trustees should be aware of the charity's charitable purpose5. modus operandi and plans. Trustee5 are kept Infornied of developrnents in the law and accounting practices by their professional advisers.
The Mertoun Gardens Trust Report of the Trustees (continued) For the year ended 31 March £025 Most decisions are taken by consensus agreement. Should it be necessary, an issue may be determined by a simple majority of the votes cast at a meeting, but a written resolution signed by all the Trustees is as walid as a resolution passed at a meetin& Except for the chairman of the meetin& who has a second or casting vote, every Trustee has one vote on each issue. The Trustees keep under review the main risks to which the charity Is exposed. The Trustees meet regularly and review the policies and procedures established to help mitigate these risks as necessary. Day to day risks are mitigated by the policies and procedures establlshed by the Trustees as implemented by the Gardens Committee and are reviewed on a regular basis. Strategy and activities The strategy of the charity is: To promote forthe public benefit the plantin& maintenance. Improvement and preservation ofmertoun Gardens at St Boswe115, Melrose, Roxburghshire; To advance the education of the public, in particular in relatlon to the history, deslgn and horticultural significance of the Gardens,. and Such other charitable purpose as the Trustees shall think fiL In addition to the ongoing plantin& preservation and maintenance of the Garden5 for the public benefit, the Trustees are committed to opening the Gardens to the widest Possible audience. The Trustees have sought accordingly to ensure that admission charges to the Gardens are kept as low as reasonably possible and have explored means of widening the audience, including liaising with local schools to encourage organised school visits. There are no restrictions on the charity's power to invest and the Trustees have adopted an investment strategy that seeks to balance the income needs of the charlty with future c8Pltal growth. The Trustees have delegated the management of the investment portfolio to Waverton Investment Management who manage the portfolio on a discretionary basis and who report to and meet with the Trustees on a regular basis to review the performance of the portfolio and investment strategy.
The Mertoun Gardens Trust Report of the Trustees (continued) For the year ended 31 Ivlarch 2025 Achievements and perforrnance The Trustees confirm they have referred to the Charity Commission'5 general guidance on public benefit when reviewing the Trust's aims and objectives and setting its plans ft)r future years. The Charity's significant activitie5 are outlined in this report. In furtherance of their charitable objects, the Trustees maintain the Garden5 and open them to the public generally and with special parties and guided tours being organised by arrangement. The Charity also undertakes activities related to the Gardens which have an educational emphasis. In particular, the Charity has hosted a number of schools for visits to the Gardens under the supervision ofthe Royal Highlands Educational Trust, and has also run a work experience programme, through which colleges have sent students to the Gardens to gain experience in gardening and other practical work. Furthermore, the Trustees have obtained an extension of their lease until 3 1 January 2052 (from 3 1 March 2037). and have set up a website. the costs ofwhich have been capitslised. Flnanclal revlew During the year the Trustees received incoming resources totalling £111,424 (2024.. £117,541). Direct expenditure on the Gardens amounted to £140,654 (2024: E136,309J and general administration costs of £2S,901 (2024.. £23,73 7J. This resulted in a net deficit for the year of £55,13 1 (2024: £42,505) before the gain on disposal of fixed assets of £0 {2024.. £2,500), the gain on disposal of investments of £53,798 (2024: £88,482), the unrealised galns on investments and assets of £114,614 (2024., £159,779) and the loss on foreign exchange of £35 (2024.. £286 gain). The Trustees are aware of the need to increase the income generating asset base in order to balance their books. The Trustees have reviewed the reserves avallable to them and are satisfied that they are adequate to meet their short term needs, The investrnent portfolio i5 shown as a designated capital endowment. The intention of the Trustees is that the Endowment should be able to generate sufficient income to meet the cnsts of the charity's operations. Plans for future years As stated, the Trustees wish to build up their endowment to ensure that sufficient income can be generated from the investment portfolio in order to meet the costs associated with operating the Gardens and opening the Gardetls to the public, The Trustees wish to ensure the widest possible public access to the Gardens commensurate with their preservation and planting seasons.
The Mertoun Gardens Trust Report ofthe Trustees (continued) For the year ended JI Marcn 20£ Responsiblllties of the Trustees The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial ststements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United KTngdom Accounting Standards and applicable lawj. The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit ofthe charity for thatyear. In preparing these financlal statements, the Trustees are required to: selert 5Ultable accounting policie5 and then apply them consistently,. observe the methods and principle5 in the Charities SORP: make judgernents and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financi215tatements,' prepare the financial statements in the going concern basis unless It Is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting record5 which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant accounting information ofwhich the charity'5 accountants are unaware; and the Trustees have tsken all steps that they ought to have taken to make themselves aware of any relevant accounting information and to establish that the accountants are aware of that information. Small company provisions Thls report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. Signed on behalf ofthe board ael lohn Chantler Trustee
The Mertoun Gardens Trust Company information Registered charity name The Mertoun Gardens Trust Trustees Lord Henry Egerton LadyAlice Marian Frem2ntie Michael john Chantler Harriet Rosalind Dundas Campbell Gardens Committee Her Grace the Duchess of Sutherland Harriet Bowes-Lyon Marchioness of stsfford Secretary S Parsons Engllsh charity number OSCR charity number Company number Reg15tered office 1113423 SC039389 05747404 66 Lincoln's Inn Fields London WC2A 3LH Accountants lamie H Younger CA Saffery LLP Level 4, 9 Haymarket Square Edinburgh EH3 8RY Investment Managers Waverton Investment Management Lirnited 16 Babmaes Street London SWIY 6AH Sollcitors Farrer & Co LLP 66 Lincoln'.5 Inn Fields London WC2A 3LH Bankers Bank of Scotland plc 8/9 The Square Kelso TD5 7HQ
The Mertoun Gardens Trust Independent examiner's report to the trustees of The Mertoun Gardens Trust I reportto the Trustees on the examination of the accounts ofthe company for the year ended 31 March 2025 which are set out on pages 8 to 18. Respective responsRbilltles of Trustees and examiner As the Trustees ofthe Company (who are also the directors of the company for the purposes of cornpany law) you are responsible for the preparation ofthe accounts in accordance with the requirements ofthe Charities and Trustee Investment (Scotland) Act 2005 ("the 2005 Act"). the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 ("the 2006 Act"). You 2re satisfied that the accounts ofthe Company are not required by charity or company lawto be audited and have chosen instead to have an independent examination. Havingsatisfied myself thatthe accounts of the Company are not requlred to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Company's accounts carried out under sectlon 44 (1) [c) of the 2005 Act and section 145 of the Charities Act 2011 {"the 2011 Act"). In carrying out rny examination I have followed the requirements of Regulation I l of the Charities Accounts (ScotlaT]d) Regulations 2006 (as amended) and the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Basis of Independent examlner's report My examination was carried out in accordance with the general Directlons given by the Charity Commlssion. An examination includes a review ofthe accounting records kept by the charityand a comparison ofthe accounts presented with those records. It a150 includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such mattcrs. The procedures undertaken do not provide 311 the evidence that would be required in an audit and consequently no opinion Is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the staternent below. Independent examiner's statement Since the Company is required by company law to prepare its accounts on an accrual basis and is registered a5 ch3rity in Scotland your examiner must be a body listed in Regulation I1(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that l am qualified to undertake the examination because l am a registered member ofThe Institute of Chartered Accountants ofscotland which is one ofthe listed bodies. I have completed my examination. I confirm that no matters have come to myattention in connection with the examination giving me cause to believe that in any rn3teri21 respect: accounting records were not kept as requlred by section 386 of the 2006 Act and Regulatlon 4 ofthe 2006 Accounts Regulations,. or the accounts do not accord with those records with the accountingrequirements of Regulation 8 of the Charitles Accounts [ScotlandJ Regulation5 2006: or the accounts do not complywith the accounting requirements of section 396 of the 2006 Act otherthan any requirement that the accounts give a "true and fair view which is nota matter considered as part of an independent examination: or the accounts have notbeen prepared in accordance with the method5 and principles of the Statement of Recommended Practice for accounting and reporting by charities.
The Mertoun Gardens Trust Independent examiner's report to the trustees ofThe Mertoun Gardens Trust I have no concerns and have come across no other matters in connecrion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. É ?03& Level 4, 9 Haymarket Square Jamie H Younger CA Saffery LLP Chartered Accountants Edinburgh EH3 8RY
The Mertoun Gardens Trust Ststement of financfial activities Incorporatlng the income and expenditure account For theyear ended 31 March 2025 Endowment Unrestricted Fund Fund 2025 2025 Total Funds 2025 Total Notes Income 2024 Donations Investment income Income from charitsble actjvlties 77,213 34,211 77,213 34,211 78,541 39,000 Total Income 111,424 111,424 Expenditure 117,541 Expenditure on charitable activitles Other.. investinent management costs 150,389 16,166 150,389 16,166 145,109 14,937 Total expendlture Net expenditure [166,555) (166,555) (160,046) {55,131J (55,131) (42,505J Other recognised gains Gain on sale of fixed asset Realised gains on investments Unrealised (lossesj / gains on investments Foreign exchange (Loss) / gain 53,798 2,500 88,482 53,798 114,614 (35) 114,614 (35) 159,779 286 Net movementfn funds 168.377 (55.131) 113,246 Gross transfer between fvnds 208,542 [65,000) 65,000 Total funds brought forward 3,370,293 64,753 3,435,046 Total ndS carrled forward 3,226,504 3,473.670 74,622 3,548.292 3,435,046 There are no other recognised gains or losses other than those shown in these accounts. All of the above amounts relate to continuing activities. The note5 on pages 11 to 18 forni part of these financial statements.
The Mertoun Gardens Trust Balance sheet As at 31 March 2025 2025 2024 Notes Flxed assets Int3ngible asset5 Tangible assets Investments 1.957 38,112 3,383,169 io li 12 1,740 29,D75 3,476.075 3,S06,890 3,423,238 Current assets Stocks Debtors Cash at bank and in hand 1,366 6,889 11,243 13 14 1,802 7,938 40.261 50,001 19,498 Creditors: amounts falling due within one year Is (8,599) [7,690) 41,402 11,808 Net current assets 3,548,292 3,435,046 Total assets less current liabilities Capltal and reserves Unrestricted fund Endowment fund 17 18 74,622 3,473,670 64,753 3,370,293 3,548,292 3,435,046 Total funds
The Mertoun Gardens Trust Balance sheet (continuedj As at 31 March 2025 The directors are satisfied thatthe company is entitled to exemption from the pi'ovisions of the Companies Act 2006 (the Act) relating to the audit of the financi31 statements for the year by virtue of sectinn 477, and that no meniber or members have I'equested an audit pursuant to section 476 of the Act. The directors acknowledge their responsibilities for: (ij ensuring that the company keeps adequate accounting records which comply with Section 386 of the ACL and [ilJ preparing financial strdtements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss ft)r the financial year in accordance with the requirements ofsection.$ 394 and 395, and which otherwise comply with the requirements of the Act relating to financial 5taternents, so far as applicable to the company. The h'nancial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended PractlCL' Applicable to Lharities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland [FRS 102) (effective l January 2015) - Charities SORP {FRS 102). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The notes on pages 11 to 18 form part of these financial statements. Approved by the Board for Issue on .. el John Chant]er Trustee Company Registratlon No. 05747404 io
The Mertoun Gardens Trust Notes to the financial statements For the year ended 31 March 2025 Accounting policies 1.1 Basls for preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement ofRecommended Practice applicable to charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland [FRS 102) [effective l January 2015J Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Mertoun Garden5 Trust meets the definition of 2 public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwise 5t3ted in the relevant accounting policy note(s). The financi31 statements are prepared in sterling, which is the functional currenry of the company. Monetary arnounts in these financial statements are rounded to the nearest £. 1.2 Cash flow statement The Trustee5 have taken advantage ofthe exemptlon in Financlal Reporting Stsndard No l [revised) from Including a cash flow statement in the financial statements on the grounds that the chariry is small. 1.3 Donations, legacles and similar Incoming resources Donations. legacies and similar incorning resource5 are included In the year In which they are receivable, which is when the charitybecome5 entitled to the resource. 1.4 Patents Patents are valued at cost less accumulated amortisation. Amortlsation is calculated to write off the cost in equal annual instalments Dver their estimated uselul lives. 1.5 Tanglble fixed assets and depreciatlon Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to wrlte off the cost less esrimated residual value of each asset over its expected usefvl life, as follows: Property Improvements Plant and machinery Motor vehicles 10% . 200h straight line 10%. 15 % straightline and 15% reduclng balance 25% straight line li
The Mertoun Gardens Trnst Notes to the financial statements (continued) Forthe year ended 31 March 2025 Accounting poliaes (contlnued) 1.6 Financlal instruments The company has elected to apply the provisions oFSertion 11 'Basic Financi81 Instruments. and Sertion 12 'Other Financial Instruments Issues, of FRS 102 to all of its financi31 instruments. Financial instruments are recogni5ed in the company's Balance Sheet when the company becomes partyto the contractual provision5 of the instrument. Financial asset5 and liabllities are offsct, with tlle net amounts presented in the financial staLements, when there is a legally enforceable rightto Set off the recognised amounts and there 15 an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic flnancial assets Basic financial assets, which include trade aiid other debtors, are initl211y measured at transaction price including transaction costs and are subsequently carried 2t amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other flnancial assets Other financial assets. including investments in equlty instruments which are not subsidiarles. associates or joint ventures, are Snitially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised In the Statement of Financial Activities, except that Investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Impairment of financial assets Financlal a55ets. other than those held at fair value through the Statement of Financial Activities, are assessed for indicators of impairment at each reporting end date. Financial assets are irnpaired where there 15 objective evidence that, as a result of one or more events that occurred after the initial recognition of the Financial 2sset, the estimated future cash flows have been affected. The impairment105s is recognised in the statement of flnancial activities. De.recognitlon of flnanclal assets Financial assets are de-recognised only when the contractual rights to the cash flows from the asset expire, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Classification of flnancial liabilities Financial li2bilities and equity instrumeTJts are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting 211 of its liabilities. Other finandal liabllities Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through the Statement of Financial Activities. Changes in the fair value of derivatives are recognised in the Statement of Financial Activities as appropriate. 12
The Mertoun Gardens Trust Notes to the financial statements {continued) For the year ended 31 March 2025 Accounting policies (continued) De-recognltlon of fiDanclal Ilabilities Financial liabilities are de-recognised when, and only when, the company'5 obligations are discharged, Cancelled, or they expire. 1.7 Investments Investments are shown at market value. 1.8 Stock Stock is valued at the lower of cost and net realisable value. 1.9 Expendlture Expenditure is included on an accruals basis. Costs of generating ndS comprise those costs directly attrlbutable to ralsing donations and grants. Charitsble expendlture comprises costs that are dirertly attributable to the hjrtherance of achieving the charities objectlves. Governance costs comprisc costs that directly relate to the governance of the charity. 1.10 Pension costs The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. 1.11 Forelgn currency translation Monetary assets and liabilitie5 denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account. 1.12 Unrestrlcted fund These are funds which can be used in accordance with the charitable oblectives at the discretion of the Trustees. 1.13 Endownient fund The Trustees have designated, as an administrative allocation of unrestricted general nds, the investment portfolio on the basis that it is intended to form a capital endowment whose income is to be used for the general purposes of the Trust. Investment Income 2025 2024 Bank interest receivable Income frotn investments 192 77,021 212 78.329 77,213 78,541 All investment income received is deemed unrestricted. 13
The Mertoun Gardens Trust Notes to the financial statements (continued) For the year ended 31 March 2025 Income from charitable activities 202S 2024 AdInission charges Garden sales Contracting sales Letttng sales 1,755 1,050 13,694 17,712 1,861 7,263 12,452 17,424 34,211 39.000 All income from charitable activities is deemed unrestricted. Cost of charitable activltles 2025 2024 Labour costs Heating and lighting Seed, fertilisersi plants etc Equipment maintenance and running expenses Rates on gardeners, houses Buildings maintenance Administration Insurance Contractor services Depreciatlon Amortisation Governance costs 95,823 4,324 2,020 7,560 1,782 5,032 4,464 3,930 1,083 14,419 217 9,735 81,311 5,117 1,676 3,910 1,782 15,065 5.517 3,087 4,437 14,190 217 8,800 150,389 145,109 A full breakdown of governance costs is included in note S. Governance costs 2025 2024 Accountancy fees Legal fees 4,935 4,800 4.800 4,000 9,735 8,800 Investment management costs 2025 2024 Investment manager fees 16,166 14.937 14
The Mertoun Gardens Trust Notes to the financial statements (continued) For the year ended 31 March 2025 Net outgoing resource5 for the year 2025 2024 Net outgoing resources are stated after charging.. Depreciation and amortisation ofassets 14,636 14,407 Taxation The company is a charity for the purposes ofsection 505 ICTA 1988 and is exernpt from taxation on the whole of its income. Staff numbers The average monthly headcount was as follows.. 2025 2024 Maintenance No employee received ernoluments of more than £60,000 during the year [2024.. Nil). No Trustee received remuneratlon during the year (2024; Nil). 10 Intanglble fixed assets Webslte C05t Atl April 2024 &at31 March 2025 2,174 Amortlsation At l April 2024 Charge for the year 217 217 At31 March 2025 434 Net bookvalue At 31 March 2025 1,740 At 31 March 2024 1,957 15
The Mertoun Gardens Trust Notes to the financlal statements (contlnued) For the year ended 31 March 2025 11 Tangible fixed assets Improvements to property Plant and machinery Motor vehicles Total Cost Atl April 2024 Additions 102.112 Inn,584 5,381 15,841 218,537 5,381 At31 March 2025 102,112 105,965 15,841 223,918 Depreclation Atl April 2024 Charge for the year 90.176 7,698 74,407 6,721 15,841 180,424 14,419 At31 March 2025 97,874 81,128 15,841 194,843 Net bookvalue At31 March 2025 4,238 24,838 29,075 At 31 March 2024 11,936 26,176 38,112 12 Fixed asset investments 2025 2024 Quoted Investments Marketv3lue as at l April 2024 Additions at cost Unrealised gains Disposals 3,329,524 208,691 114,614 [234,362) 2,971,271 453,758 159,779 (255,284) Market value as at 31 March 2025 3,418,467 3,329,524 Unquoted Investments Value as at l April 2024 & 31 March 2025 Value ofquoted and unquoted investments at 31 March 2025 3.418,468 3,329,525 Funds in bank held for investment 57,607 53,644 Investmentvalue at 31 March 2025 3,476,D75 3,383.169 Quoted investment cost as at 31 March 2025 2,638,725 2,435,377 16
The Mertoun Gardens Trust Notes to the financial statements {continued) For the year ended 31 March 2025 13 Stocks 2025 2024 Stocks 1,802 1,366 14 Debtors 2025 2024 Other debtors 7,938 6,889 15 Credltors: amounts falllng due wlthin one year 2025 2024 Trade credltors Other creditors 3,664 4,935 2.590 5,100 8.599 7,690 16 Company Limited by guarantee The charity is a company limited by guarantee. The liability of members is restricted to £1 each. 17 Unrestricted fvnd Balance at Net Income Transfer from Balance at l Aprll 2024 less expenses deslgnated 31 March 2025 capital endowment General unrestricted fund 64,753 {55,131] 65,000 74,622 64,753 (55,131) 65,000 74,622 18 Endowment fund Balance at Transfer to l April 2024 unrestrithd fund Net Balance at movement 31 March 2025 Investments 3,370,293 [65,000] 168,377 3,473.670 3,370,293 (65,000) 168,377 3,473,670 17
The Mertoun Gardens Trust Notes to the flnancial statements {continued) For the year ei)ded 31 March 2u£i 19 Analysis of net assets (between designated and unrestricted funds) Fixed Investments assets Other net Total assets31 March 2025 Designated Fund 3,473.670 3,473,670 Unrestricted funds 31,032 2,405 41,185 74.622 31,032 3,476,075 41,185 3,548.292 20 Related party relatlonships and transactlons Mertoun Gardens is leased from a Sutherland Farnily Settlement lor a peppercorn sum and the lease expires on 31 lanuary 2052. 18
The Mertoun Gardens Trust Statement of financial activities For the year ended 31 March 2025 202S 2024 Incoming Resources Income from investments Income from Mertoun Gardens: Admission Charges Garden Sales Contracting charges Letting income Bank interest 77,021 78,329 1,755 1,050 13,694 17,712 192 1,861 7,263 12,452 17,424 212 34,403 39.212 111,424 117,541 Dlrect Charitable Expenditure Expenditure on Mertoun Gardens: Seeds, fertilisers and plants Wages and salaries Heating and lighting Rates on gardener's Cottage Equipment maintenance and running expenses Building maintenance Administration and sundry expenses Insurance Contractor services Depreciation Amortisation 2,020 95,823 4,324 1,782 7,560 5,032 4,464 3,930 1,083 14,419 217 1,676 81,311 5,117 1,782 3,910 15.065 5,517 3,087 4,437 14,190 217 [140,654) [136,309) (29,230) (18,768) Other Expenditure Accountancy fees Legal fees Investment management charges 4,935 4,800 16,166 4,800 4,000 14,937 (25,901) [23,737) Deficit forthe year carried forward [55,131) (42.505) 19
The Mertoun Gardens Trust Statement of financlal activldes (contlnued) For the year ended 31 March 2025 2025 2024 Deficit for the year brought forward (55,13 1) [42,505] Fund balances brought foiwai'd 3,435,046 3,226.504 Re31ised gain on investments Unrealised {losses] / gains on investment Gain on sale of fixed assets Exchange gains 53,798 114,614 88,482 159,779 2,500 286 (35] Fund balances carried forward 3,548,292 3,435.046 Pages 19 and 20 do notform part of the ststutory financial statements. zo