Company Registered number: 06811619 (England and Wales) Charity number: 1134333
THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2021
THE CHOLMONDELEY GARDENS TRUST (A company limited by guarantee)
| COMPANY INFORMATION | |
|---|---|
| Trustees | The Marquess of Cholmondeley KCVO |
| G C Hurstfield | |
| Professor T Williamson | |
| Dr P S Zuckerman | |
| Registered number | 06811619 |
| Registered office | Estate Office |
| Houghton Hall | |
| Kings Lynn | |
| Norfolk | |
| PE31 6UE | |
| Accountants | Smith & Williamson LLP |
| Accountants | |
| Old Library Chambers | |
| 21 Chipper Lane | |
| Salisbury | |
| Wiltshire | |
| SP1 1BG | |
| Independent examiner | Angus Burnett ACA CTA |
| Martin and Company | |
| 25 St Thomas Street | |
| Winchester | |
| Hampshire | |
| SO23 9HJ |
THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
| CONTENTS | ||
|---|---|---|
| Page | ||
| Trustees' report | 1 - 3 | |
| Independent examiner's report | 4 | |
| Statement of financial activities | 5 | |
| Balance sheet | 6 - 7 | |
| Statement of cash flows | 8 | |
| Analysis of net funds | 9 | |
| Notes to the statutory accounts | 10 - 16 |
THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The trustees (who are also directors of the charity for the purposes of company law) present their report and the statutory accounts for the year ended 31 March 2021.
The statutory accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's governing document, the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association dated 5 February 2009 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
The objects are:-
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the preservation of the walled garden at Houghton Hall, Norfolk;
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the preservation of the gardens at Cholmondeley Castle;
-
the advancement of education for the public benefit of the historical and horticultural importance of the
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gardens; and
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such other charitable purposes beneficial to the community consistent with the objects above as the trustees shall in their absolute discretion determine.
Public benefit
The trustees confirm that they have considered the guidance from the Charity Commission regarding public benefit, when reviewing the charity's aims and objectives and in planning future activities. They are satisfied that the activities undertaken during the year fully meet these requirements.
Achievements, performance and financial review
The maintenance of the gardens at the Houghton Estate has continued during the year. The gardens were opened to the public during the year and income was generated from ticket sales and sales of vegetables, plants and flowers.
During the year, the management, maintenance, preservation and continuous development of the historic gardens at the Cholmondeley Estate was transferred into the Cholmondeley Gardens Trust.
Results for the year
Income was generated from donations, grant income and Gift aid totalling £492,050 (2020: £417,596), ticket sales totalling £153,349 (2020: £136,738), sales of vegetables, plants and flowers totalling £1,003 (2020: £7,155) and bank interest of £237 (2020: £154). In total, income for the year was £646,639.
Expenditure totalled £387,288 and comprised £21,521 spent on fundraising and £365,767 on charitable activities.
There was a surplus for the year of £309,580 compared to a surplus in 2020 of £106,617.
Reserves
At present, the charity has net reserves of £471,256 (2020: £161,676). The reserves are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity which have not been designated for other purposes.
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
Governance
The charity was incorporated on 5 February 2009 as a company limited by guarantee, registration number 06811619. Following incorporation it was registered with the Charity Commission on 16 February 2010 under number 1134333. The principal and registered office of the charity is The Estate Office, Houghton Hall, King's Lynn, Norfolk, PE31 6UE.
Trustees
The power of appointing new trustees is vested in the trustees. The trustees who served during the year were:
The Marquess of Cholmondeley KCVO G C Hurstfield Professor T Williamson Dr P S Zuckerman
Structure
The day to day administration of the charity is carried out by the Houghton Estate Office, under the guidance of the trustees.
Risk factors
The trustees have reviewed the risks to the charity's assets and are satisfied that adequate controls are in place.
Trustees responsibilities
The trustees (who are also directors for the purposes of company law) are responsible for preparing the trustees' report and the statutory accounts in accordance with applicable law and regulations.
Company law requires the trustees to prepare the statutory accounts for each financial year. Under company law the trustees must not approve the statutory accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of the resources, including the income and expenditure, for that period.
In preparing these statutory accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently
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observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent; and
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prepare the statutory accounts on the going concern basis unless it is inappropriate to presume that the
-
charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the statutory accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
Small companies note
In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
The Marquess of Cholmondeley KCVO
................................................ The Marquess of Cholmondeley KCVO Trustee Date: 19 December 2021
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHOLMONDELEY GARDENS TRUST
I report to the charity trustees on my examination of the statutory accounts of the company for the year ended 31 March 2021 which are set out on pages 5 to 16.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the statutory accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the statutory accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s statutory accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the statutory accounts do not accord with those records; or
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the statutory accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the statutory accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the statutory accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the statutory accounts to be reached.
Angus Burnett
Angus Burnett ACA CTA
Martin and Company 25 St Thomas Street Winchester Hampshire SO23 9HJ
Date: 22 December 2021
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted funds 2021 Note £ Donations 4 492,050 Charitable activities 5 154,352 Investments 237 Total income 646,639 Raising funds 6 (21,521) Charitable activities 7 (365,767) Net income 259,351 Profit/(loss) on investment assets 50,229 Net movements in funds 309,580 Reconciliation of funds Total funds brought forward 161,676 Fund balance at 31 March 2021 471,256 |
Unrestricted funds 2020 £ 417,596 143,893 154 561,643 (38,943) (376,278) 146,422 (39,805) 106,617 55,059 161,676 |
|---|---|
The notes on pages 10 to 16 form part of these statutory accounts.
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee) REGISTERED NUMBER:06811619
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 9 Investments 10 Current assets Debtors: amounts falling due within one year 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets Charity funds Unrestricted funds |
49,796 249,602 299,398 (97,745) |
2021 £ 27,880 241,723 269,603 201,653 471,256 - 471,256 471,256 471,256 |
37,547 144,488 182,035 (54,763) |
2020 £ 34,833 - 34,833 127,272 162,105 (429) 161,676 161,676 161,676 |
|---|---|---|---|---|
The trustees consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of statutory accounts which give a true and fair view of the state of affairs of the charity as at 31 March 2021 and of its net incoming resources for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the statutory accounts, so far as applicable to the charity.
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee) REGISTERED NUMBER:06811619
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021
The statutory accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The statutory accounts were approved and authorised for issue by the board and were signed on its behalf by:
The Marquess of Cholmondeley KCVO
................................................ The Marquess of Cholmondeley KCVO Trustee and director
Date: 19 December 2021
The notes on pages 10 to 16 form part of these statutory accounts.
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Note Net cash inflow/(outflow) from operating activities 17 Cash flows from investing activities Purchase of tangible assets Purchase of investments Disposal proceeds from sale of investments Investment income Net cash outflow from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at the end of year Cash and cash equivalents at the end of year comprise: Cash at bank and in hand The notes on pages 10 to 16 form part of these statutory accounts. |
2021 £ 296,371 - (325,800) 134,306 237 (191,257) 105,114 144,488 249,602 249,602 249,602 |
2020 £ (33,051) (20,162) (417,596) 377,791 154 (59,813) (92,864) 237,352 144,488 144,488 144,488 |
|---|---|---|
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
ANALYSIS OF NET FUNDS FOR THE YEAR ENDED 31 MARCH 2021
| At 1 April | At 31 March | ||
|---|---|---|---|
| 2020 | Cash flows | 2021 | |
| £ | £ | £ | |
| Cash at bank and in hand | 144,488 | 105,114 | 249,602 |
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
NOTES TO THE STATUTORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
1. GENERAL INFORMATION
The Cholmondeley Gardens Trust is a private company, limited by guarantee, incorporated in England and Wales with registration number 06811619. The registered office is the Estate Office, Houghton Hall, King's Lynn, Norfolk, PE31 6UE.
2. ACCOUNTING POLICIES
2.1 Basis of preparation of statutory accounts
The statutory accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the charity's Memorandum and Articles of Association, Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (effective 1 January 2019) and the Companies Act 2006.
The charity is dependent on the continued support of The Marquess of Cholmondeley KCVO to meet its day to day working capital requirements and therefore to continue to trade as a going concern. As The Marquess of Cholmondeley KCVO has confirmed that he will continue to support the charity, the trustees consider it appropriate to prepare statutory accounts on a going concern basis.
The charity meets the definition of a Public Benefit Entity under FRS 102.
2.2 Fund accounting
General reserves are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity which have not been designated for other purposes.
The charity has no restricted or endowment funds.
2.3 Income recognition
All income is credited to the Statement of Financial Activities in the period in which it is receivable.
2.4 Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to its expenditure. All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to that category.
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
NOTES TO THE STATUTORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES (continued)
2.5 Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
- 20% reducing balance
2.6 Investments
Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in the statement of financial activities for the year.
2.7 Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors and loans to and from related parties.
2.8 Heritage assets
The management, maintenance, preservation and continuous development of the heritage asset, the historic walled gardens at the Houghton Estate, was transferred to the Cholmondeley Gardens Trust on 1 April 2010.
The historic walled gardens at Houghton Estate were originally built in the 1720s by Sir Robert Walpole and have been open to the public since 1996. They consist of a five acre site, divided into a number of different areas including a rose garden, herbaceous borders, an Italian garden and a vegetable and fruit garden.
The management, maintenance, preservation and continuous development of the historic gardens at the Cholmondeley Estate was transferred into the Cholmondeley Gardens Trust on 4 February 2019.
The value of the heritage assets are not readily ascertainable and therefore the assets are not included within fixed assets.
2.9 Apportionment of support costs
Governance costs and costs relating to light and heat, office wages, office expenses, bank charges and depreciation are incurred as support costs in relating to the charitable activities carried out by the trust.
3. EMPLOYEES
The Company has no employees other than the trustees, who did not receive any remuneration (2020 - none).
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
NOTES TO THE STATUTORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
4. DONATIONS
| Donations received Grant income Gift aid recoverable |
2021 £ 450,800 10,000 31,250 492,050 |
2020 £ 417,596 - - |
|---|---|---|
| 417,596 |
5. INCOME FROM CHARITABLE ACTIVITIES
| Ticket sales Plants, vegetables and flower sales RAISING FUNDS Consultancy, promotion and advertising costs Sundry establishment expenses Investment management fees |
2021 £ 153,349 1,003 154,352 2021 £ 17,647 2,583 1,291 21,521 |
2020 £ 136,738 7,155 |
|---|---|---|
| 143,893 | ||
| 2020 £ 32,902 4,937 1,104 |
||
| 38,943 |
6. RAISING FUNDS
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(A company limited by guarantee)
THE CHOLMONDELEY GARDENS TRUST
NOTES TO THE STATUTORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
7. CHARITABLE ACTIVITIES
| Support costs Purchases Event expenses Light and heat Rates and water Office expenses Bank charges Pest control Depreciation Governance costs (see note 8) Hire purchase interest Total support costs Recharged management/administrative costs Repairs and maintenance of gardens Donations Total |
2021 £ 23,403 - 3,708 2,011 2,105 48 240 6,953 8,075 457 47,000 264,147 53,620 1,000 365,767 |
2020 £ 52,312 1,000 4,052 3,183 3,512 336 - 8,105 6,119 457 |
|---|---|---|
| 79,076 240,841 55,111 1,250 |
||
| 376,278 |
8. GOVERNANCE COSTS
| Governance costs Accountancy and general advice Independent examination fee Legal and professional fees Total governance costs |
2021 £ 6,150 850 1,075 8,075 |
2020 £ 4,700 850 569 |
|---|---|---|
| 6,119 |
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
NOTES TO THE STATUTORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
9. TANGIBLE FIXED ASSETS
| Cost At 1 April 2020 At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 10. LISTED INVESTMENTS Cost at 1 April 2020 Additions Disposals Cost at 31 March 2021 Unrealised appreciation Market value at 31 March 2021 |
Plant and machinery £ 61,030 61,030 26,197 6,953 33,150 27,880 34,833 Listed investments £ - 325,800 (106,027) 219,773 21,950 241,723 |
|---|---|
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
NOTES TO THE STATUTORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
11. DEBTORS
| Trade debtors VAT recoverable Gift aid recoverable CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Amounts owed to group undertakings Obligations under finance lease and hire purchase contracts Accruals and deferred income |
2021 £ 685 17,861 31,250 49,796 2021 £ 4,000 82,715 429 10,601 97,745 |
2020 £ - 37,547 - |
|---|---|---|
| 37,547 | ||
| 2020 £ 14,490 26,400 5,150 8,723 |
||
| 54,763 |
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Obligations under finance lease and hire purchase contracts | 2021 £ - - |
2020 £ 429 |
|---|---|---|
| 429 |
14. COMPANY STATUS
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
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THE CHOLMONDELEY GARDENS TRUST
(A company limited by guarantee)
NOTES TO THE STATUTORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
15. RELATED PARTY TRANSACTIONS
At the year end £58,056 (2020: £39,058 owed from) is owed to Houghton Estate, the trading vehicle of The Marquess of Cholmondeley KCVO. Houghton Estate recharged £26,915 (2020: £130,287) to the charity for work carried out during the year.
At the year end £5,027 (2020: £58,479) is owed to Cholmondeley Estate. The Marquess of Cholmondeley KCVO is a beneficiary of this trust.
At the year end £15,607 (2020: £10,000) is owed to Cholmondeley Farms Limited. The Marquess of Cholmondeley KCVO is a director of this company.
At the year end, £4,025 (2020: £6,979) is owed to Houghton Energy Limited. The Marquess of Cholmondeley KCVO is a director of this company.
During the year, The Marquess of Cholmondeley KCVO made a donation of £450,800 (2020: £417,596) to the charity.
16. TRUSTEES' REMUNERATION
No trustee received any remuneration or was reimbursed any expenses during the current or prior year.
17. NET CASH FLOWS FROM OPERATING ACTIVITIES
| Net movement in funds (as per the statement of financial activities) Investment income (Gains)/losses on investments Increase in debtors Increase/(decrease) in creditors Decrease in creditors due in more than 1 year Depreciation |
2021 £ 309,580 (237) (50,229) (12,249) 42,982 (429) 6,953 296,371 |
2020 £ 106,617 (154) 39,805 (30,724) (151,550) (5,150) 8,105 (33,051) |
|---|---|---|
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