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