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← Stewarts Burnby Hall Gardens And Museum Trust CIO

2024-12-31-accounts

Registered Charity Number: 1155844 Stewart's Burnby Hall Gardens and Museum Trust CIO Trustees. Annual Report and Financial Statements for the year ended 31 December 2024

CIO

Contents

Charity information ................................................................................................................ 1
Trustees
report ..................................................................................................................... 2
Independent Examiner
s report ................................................................................................ 6
Statement of financial activities ............................................................................................... 7
Balance sheet ........................................................................................................................ 8
Statement of cash flows.......................................................................................................... 9
Notes to the financial statements ............................................................................................. 10

CIO

(Reg. no. 1155844)

Charity information

Trustees

Mr C W Clubley Chair Mr R E Haynes Mrs N Jennings Mr G Scaife Mrs F M Snelson Mr P Williams Mr D C Lockwood Mr S McCann Ms S Clarke Ms S E Carden

Secretary

Mr R Wood

Charity number 1155844

Address for general enquiries/principal office 27 Mile End Park Pocklington York YO42 2TH

Independent Examiner

Jessica Lawrence FCA CTA Azets Audit Services Limited 12 King Street Leeds LS1 2HL

Bankers

Barclays Bank plc Parliament Street York YO1 1XD

Solicitors

Harrowells Market Place Pocklington York YO42 2AQ

Investment Advisors

Brewin Dolphin Apollo House Eboracum Way York YO31 7RE

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Trustees report for year ended 31 December 2024

Introduction

The Trustees are pleased to present their annual report together with the financial statements for the year ended 31 December 2024, which comply with the Charities Act 2011, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).

Constitution

now a linked charity.

The Trustees have taken advantage of the Charity Commission concession to link charities which have a common Trustee board allowing preparation of one set of financial statements for both charities.

Reference and Administrative Information

The Charity Information on page 1 forms part of this report.

Charitable Objectives

The object of the Trust is the provision and maintenance of Burnby Hall Gardens and Museum as a public park, ornamental gardens and museum for the benefit of the inhabitants of Pocklington and the neighbourhood for the purpose of improving the conditions of life for the said inhabitants.

The Trustees consider that these objectives and the activities explained below, provide benefit both to those planning our activities for the year we kept our T

Trustees

The following Trustees have held office since 1 January 2024:

Mr C W Clubley Chair Mr R E Haynes Mrs N Jennings Mr G Scaife Mrs F M Snelson Mr P Williams Mr D C Lockwood Mr S McCann Ms S Clarke Ms S E Carden

Governance

The Trust is administered by ten trustees, with two being co-opted by Pocklington Town Council. Co-opted members are appointed by resolution of the Trustees.

Between Trust meetings, day-to-day decisions are made by a Management Committee consisting of the Chair, Vice-Chair and one other Trustee, who meet with the Estate Manager, Assistant Estate Manager and Accountant. Decisions of the Management Committee, which meets quarterly, are endorsed at full meetings of the Trust.

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Trustees report for year ended 31 December 2024

Review of Activities

Owing to good weather conditions, the 2024 season started well. Prices were increased by an average of 10%, which resulted in takings being considerably higher than in 2023. Visitor numbers increased by around 7% on the previous year.

Redevelopment work continued around Gardens, with a number of shrubberies being removed and these areas re-planted. Planning was carried out for the restoration of the Lower Lake, due to begin in January 2025. This plan included de-silting, the re-planting the waterlily beds and the introduction of new marginal planting.

A full Events and Bands programme was planned and delivered. This included twelve Sunday brass band There was an improvement in Gift Aid takings up from around £17k to £21.5k - realised from Pass Holders and Day Ticket visits.

The Gift Shop performed well, with sales up by around 18% on the year. This would seem to have been due to a conscious effort to streamline sales, with emphasis on core best-selling items.

In early 2024, the decision was taken to celebrate the Diamond Jubilee of the Stewarts Trust by holding a winter evening lighting event from mid-November until midattended and very popular and leaves us with the option of possibly repeating this in future years.

We continue to work closely with Pocklington Town Council following their lease of Burnby Hall from the East Riding of Yorkshire Council. A regular liaison with the hall team ensures that we ensure our operational integrity as they develop the building.

In summary, higher visitor numbers, good weather and the continually improving horticultural standards offered by the Gardens have all contributed to a successful year. The increase in prices led to increased income which was very helpful in reducing pressure on the necessary wage increases for staff.

Financial Review

Cash flows generated from operating activities amounted to £85,742 (2023 - £11,251). The net income before other gains and losses shown in the Statement of Financial Activities amounted to £46,324 (2023 net expenditure of £4,224).

The cash position at 31 December 2024 increased from £187,340 in 2023 to £308,191 in 2024. The £70,000 borrowed from the Permanent Endowment in 2020 is being repaid from general reserves over a 10-year period in equal interest free instalments.

The Trustees are satisfied that tight controls are being kept on costs in general.

Reserves Policy

The nature of the Trust's activities is such that there are large seasonal fluctuations in income. The low point of its cash reserves usually occurs at the end of March, prior to the summer season. The reserves policy of the Trustees is to aim to achieve a position where cash reserves amounting to six months estimated total expenditure are held at the end of March each year. Free reserves on 31 December 2023 were £285,879 (2023 - £136,962).

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Trustees report for year ended 31 December 2024

Fundraising

Section 162A of the Charities Act 2011 requires charities to make a statement regarding fundraising -performance grants and legacies.

In relation to the above, we confirm that all solicitations are managed internally, without the involvement of commercial participators, professional fundraisers or third parties. The day to day management of all income generated is delegated to the executive staff team who act under authority delegated by the Trustees.

We received no complaints in relation to our fundraising activity for the year under review.

Remuneration Policy

Our approach to remuneration is designed to ensure we can attract and retain talented and motivated people to run our operations efficiently and deliver our strategic goals. We aim to treat staff fairly and consistently across the organisation. Salaries are competitive and benchmarked with both the private and not for profit sectors. We oversee salaries to ensure we are competitive and in line with current employment practices. There is a system of staff appraisals to monitor performance.

Investments

The governing document provides for the trustees to invest monies held as part of the Permanent Endowment fund together with any monies not immediately required for use by the Trust. Investments are managed by the Trustees based on the recommendations of Brewin Dolphin, Investment Advisors.

Major Risks

There are two Risk Assessment registers in use by the Trust. The first one is mainly concerned with dayto-day operational activities whilst the second register covers the main strategic areas of:

Each strategic area is broken down into specific risks and measured on a matrix covering:

We believe that by regularly reviewing the above at both management meetings and full Trust meetings we more than meet our risk assessment responsibilities.

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Trustees report for year ended 31 December 2024

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accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed. They 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.

The trustees are responsible for the maintenance and integrity of the charity and financial information Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the trustees on 22 July 2025 and signed on its behalf by:

C W Clubley Chair of Trustees

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Gardens and Museum Trust CIO

Trust CIO for the year ended 31 December 2024

This report is made solely to the Charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance Ac in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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n

section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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 accounts to be reached.

Jessica Lawrence FCA CTA

Azets Audit Services Limited

Chartered Accountants

12 King Street Leeds LS1 2HL

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Statement of Financial Activities for the year ended 31 December 2024

Unrestricted Restricted Permanent Total Total
Notes funds funds endowment 2024 2023
£ £ **£ ** £ £
Income from:
Grants and donations
Donations 27,320 - - 27,320 28,579
East Riding of Yorkshire Council
Grant 5,000 - - 5,000 22,000
Charitable activities
Operation of Garden and Museum 510,008 - - 510,008 369,788
Other trading activities
Other income
4		 142,030 - - 142,030 130,156
Investments
Investment income and interest 4 37,359 - - 37,359 33,952
Total income 721,717 - 721,717 584,475
Expenditure on:
Raising funds 5 39,694 - 6,895 46,589 30,286
Charitable activities 5 603,949 24,855 - 628,804 558,413
Total expenditure 5 643,643 24,855 6,895 675,393 588,699
Net income/(expenditure) before
other recognised gains and losses 78,074 (24,855) (6,895) 46,324 (4,224)
Realised and unrealised
(losses)/gains on investments		 10 - - 23,676 23,676 25,513
Net income/(expenditure) 78,074 (24,855) 16,781 70,000 21,289
Transfers between funds (11,000) - 11,000 - -
Net movement in funds 67,074 (24,855) 27,781 70,000 21,289
Funds brought forward 777,414 485,151 954,361 2,216,926 2,195,637
Funds carried forward 16 844,488 460,296 982,142 2,286,926 2,216,926

All income and expenditure is derived from continuing activities. The Statement of Financial Activities includes all gains and losses recognised in the year.

A fully detailed Statement of Financial Activities for the year ended 31 December 2023 is shown at note 19.

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Balance sheet as at 31 December 2024

2024 2023 2023
Notes £ £ £ £
Fixed assets
Tangible assets 8 969,064 1,021,632
Investment property 9 200,000 200,000
Other investments 10 822,816 805,497
1,991,880 2,027,129
Current assets
Debtors 11 14,107 15,443
Stock
goods for resale		 19,850 15,378
Cash at bank and in hand 308,191 187,340
342,148 218,161
Creditors: Amounts falling due
within one year 12 (47,102) (28,364)
Net current assets 295,046 189,797
Total assets less current liabilities 2,286,926 2,216,926
Funds of the Charity:
Unrestricted 13 844,488 777,414
Restricted 14 460,296 485,151
Permanent endowment 15 982,142 954,361
Total funds 16 2,286,926 2,216,926

The financial statements on pages 10 to 23 were approved by the trustees on 22 July 2025 and were signed on its behalf by:

C W Clubley Chair of Trustees

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Statement of cash flows for the year ended 31 December 2024

2024 2023
£ £
Cash flows from operating activities:
Net cash generated by operating activities (see below) 85,742 11,251
Cash flows from investing activities:
Interest received 8,658 8,186
Dividends received 21,261 18,326
Investment property rental 7,440 7,440
Purchase of investments (333,041) (293,679)
Proceeds from sale of investments 329,877 64,093
Accrued income from Gilts (5,479) -
Disposal of subsidiary 15,000 -
Purchase of tangible fixed assets (8,607) (40,202)
Net cash used in investing activities 35,109 (235,836)
Change in cash and cash equivalents in the year 120,851 (224,585)
Cash and cash equivalents at the beginningof theyear 187,340 411,925
Cash and cash equivalents at the end of the year 308,191 187,340

Reconciliation of net income to net cash flow from operating activities

2024 2023
£ £
Net income / (expenditure) for the year 70,000 21,289
Depreciation charge 61,175 60,352
Dividends received (21,261) (18,326)
Interest received (8,658) (8,186)
Investment property rental (7,440) (7,440)
(Increase) in stock (4,472) (7,145)
(Gains) / losses on investments (23,676) (25,513)
Decrease / (increase) in debtors 1,336 5,460
(Decrease) / increase in creditors 18,738 (9,240)
Net cash flow from operating activities 85,742 11,251

The trust had no net debt in either the current or preceeding year.

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Notes to the Financial Statements for the year ended 31 December 2024

1. Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Company information

Gardens and Museum Trust CIO is registered as a charity. The address for general enquiries is 27 Mile End Park, Pocklington, York, YO42 2TH.

Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)

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FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the investment portfolio and investment property at fair value. The principal accounting policies adopted are set out below.

Going concern

The trustees have prepared budgets and cash flows having regard to experience to date, cash and investment balances held and ongoing expenditure commitments and, as a consequence, at the time of approving the financial statements, the trustees are confident that the charity has adequate resources to continue in operational existence for the foreseeable future and not less than one year from the date of approval of these accounts.

Income

Income is the amount derived from ordinary activities, and stated after trade discounts and net of VAT. Income from all sources is recognised in full in the Statement of Financial Activities in the year in which it is receivable.

Income from government and other grants is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Income from the operation of the garden and museum includes season ticket sales, entrance fees, the sale of fish food and wedding income and is included in the period in which the charity supplies the goods or services.

Other income includes retail income, rent receivable for the café and other small sundry receipts and is recognised at point of sale or provision of service.

Expenditure

on investments. Expenditure is basis inclusive of any VAT that cannot be recovered and has been classified under headings that aggregate all costs related to the category.

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Notes to the Financial Statements for the year ended 31 December 2024

1. Accounting Policies (continued)

All direct costs have been allocated across the functional categories of resources expended in the SoFA. Where costs cannot be directly attributed to particular headings they have been apportioned on a basis consistent with the use of the resources.

Charitable activities include expenditure associated with the museum and gardens upkeep.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Fund accounting

Funds held by the Trust are either:

Unrestricted general funds these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds these are funds that can only be used for particular restricted purposes within the objects of the Trust. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.

Permanent endowment funds represents those assets which must be held permanently by the Trust. Income arising on the endowment fund can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the endowment fund. Investment management charges and legal advice relating to the fund are charged against the fund. Charity Commission approval must be sought for transfers from the permanent endowment fund.

Pensions

The charity operates a defined contribution scheme for employees. Contributions are charged as an expense to the SoFA in the period in which they fall due.

Staff costs

The costs of short term employee benefits are recognised as a liability and an expense where settlement of obligations does not fall within the same period.

received.

Investments

The investment portfolio is held to generate returns and gains for the charity and accordingly is designated Under this designation the portfolio is revalued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the SoFA.

Investments in subsidiaries are stated at cost and the Trustees review the carrying value annually for indications of impairment.

Investment property

Investment properties which are properties held to earn rentals and/or for capital appreciation, are measured using the fair value model and are stated at their fair value at the reporting date. The surplus or deficit on revaluation is recognised in the SoFA.

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Notes to the Financial Statements for the year ended 31 December 2024

1. Accounting Policies (continued)

Fixed assets and depreciation

Tangible fixed assets, costing more than £500, are initially recognised at cost and are subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Buildings 4% Straight line Equipment 15% and 25% Straight line Assets under construction Not depreciated

No depreciation is provided on freehold land.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value and is recognised in the SoFA.

Financial instruments

The charity

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity held for working capital.

Stock

Stock represents bought in goods held for resale and is stated at the lower of purchase cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the SoFA. Reversals of impairment losses are also recognised in the SoFA.

Debtors

Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the SoFA.

Creditors, loans and provisions

Creditors, loans and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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Notes to the Financial Statements for the year ended 31 December 2024

2. Critical accounting estimates and judgements

In the application of the charity trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and judgements which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Depreciation of tangible assets

Depreciation policies have been set according to management's experience of the useful lives of the assets in each category, something which is reviewed annually.

Valuation of investment properties

Investment properties are periodically revalued on an open market value basis. Management takes into account advice from third parties, including valuations performed externally for insurance purposes and by using all knowledge and information available. Any gains or losses arising on re-valuation are recognised through the statement of financial activities.

3. Taxation

a registered charity and as such is within the

meaning of Schedule 6 of the Finance Act 2010. Accordingly, the Charity is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising.

4. Analysis of investment and other income

Other income 2024
£		 2023
£
Retail sales and commissions 99,769 89,631
Café rent 26,291 26,074
Café utilities 13,877 10,797
Car park rent 1,350 3,600
Other income 743 54
142,030 130,156
Investment income and interest 2024
£		 2023
£
UK listed securities 21,261 18,326
UK cash deposits 8,658 8,186
Investment property rental 7,440 7,440
37,359 33,952

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Notes to the Financial Statements for the year ended 31 December 2024

5. Analysis of total expenditure
Permanent Total
Year ended 31 Dcember 2024 Unrestricted Restricted endowment 2024
£ £ £ £
Investment management costs:
Investment management fees - - 6,895 6,895
- - 6,895 6,895
Fundraising costs:
Shop purchases 39,694 - - 39,694
36,694 - - 39,694
Charitable activities (including museum and gardens):
Staff costs 313,324 - - 313,324
Other staff expenses 6,702 - - 6,702
Rates 4,874 - - 4,874
Insurance 18,048 - - 18,048
Fuel and light 26,400 - - 26,400
Cleaning 9,255 - - 9,255
Repairs and renewals 12,333 - - 12,333
Events expenses 71,493 - - 71,493
Printing, stationery, postage and
advertising		 15,845 - - 15,845
Telephone 3,112 - - 3,112
Computer costs 8,547 - - 8,547
Motor expenses 1,731 - - 1,731
Accountancy 12,798 - -
 12,798
Legal and professional fees 6,038 - - 6,038
Bank and credit card charges 16,639 - - 16,639
Subscriptions 3,907 - - 3,907
Depreciation 36,320 24,855 - 61,175
Garden and museum upkeep 36,583 - - 36,583
603,949 24,855 - 628,804
Total expenditure 643,643 24,855 6,895 675,393

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Notes to the Financial Statements for the year ended 31 December 2024

5. Analysis of total expenditure
Permanent Total
Year ended 31 Dcember 2023 Unrestricted Restricted endowment 2023
£ £ £ £
Investment management costs:
Investment management fees - - 5,454 5,454
- - 5,454 5,454
Fundraising costs:
Shop purchases 24,832 - - 24,832
24,832 - - 24,832
Charitable activities (including museum and gardens):
Staff costs 284,071 - - 284,071
Other staff expenses 2,785 - - 2,785
Rates 3,422 - - 3,422
Insurance 13,350 - - 13,350
Fuel and light 18,821 - - 18,821
Cleaning 12,647 - - 12,647
Repairs and renewals 20,189 - - 20,189
Events expenses 14,543 - - 14,543
Printing, stationery, postage and
advertising		 17,364 - - 17,364
Telephone 3,796 - - 3,796
Computer costs 9,712 - - 9,712
Motor expenses 2,105 - - 2,105
Independent examination 2,000 - - 2,000
Accountancy 10,050 - - 10,050
Legal and professional fees 3,462 - - 3,462
Bank and credit card charges 13,500 - - 13,500
Subscriptions 4,345 - - 4,345
Miscellaneous 557 - - 557
Depreciation 33,705 26,647 - 60,352
2,516 - - 2,516
Garden and museum upkeep 58,826 - - 58,826
531,766 26,647 - 558,413
Total expenditure 556,598 26,647 5,454 588,699

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Notes to the Financial Statements for the year ended 31 December 2024

6. Employment costs

2024 2023
£ £
Staff costs comprise:
Wages and salaries 286,144 258,125
Social security costs 15,664 14,375
Pension costs 11,516 11,571
313,324 284,071

Average number of employees: 13 (2023: 14).

No employee (2023: no employee) received remuneration amounting to more than £60,000.

The trustees received no remuneration, benefits or out of pocket expenses (2023: £nil).

The key management personnel of the Trust comprise the Estate Manager, the Assistant Estate Manager, and the Shop Manager. The total employee benefits of the key management personnel of the Trust were £94,760 (2023: £89,127).

7. Net movements in funds

2024 2023
£ £
Is stated after charging:
2,175 2,000
5,475 2,750

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Notes to the Financial Statements for the year ended 31 December 2024

8. Tangible fixed assets

Land and
buildings Equipment Total
£ £ £
Cost or valuation
At 1 January 2024 1,585,450 209,362 1,794,812
Additions 7,413 1,194 8,607
At 31 December 2024 1,592,863 210,556 1,803,419
Depreciation
At 1 January 2024 592,006 181,174 773,180
Charge for the year 50,263 10,912 61,175
At 31 December 2024 642,269 192,086 834,355
Net book values
At 31 December 2024 950,594 18,470 969,064
At 31 December 2023 993,444 28,188 1,021,632

Included within land and buildings are gardens, which form part of the permanent endowment, with a cost of £166,239 (2022: £166,239) which have not been depreciated, in accordance with the accounting policy.

9. Investment property

2024 2023
£ £
Investment property (permanent endowment)
Market value at 1 January and 31 December 2024 200,000 200,000
Historic cost of investment property 42,353 42,353

Having taken professional advice from suitably a qualified independent valuer not connected to the charity, the investment property was revalued as at 31 December 2021 on an open market basis. The trustees believe there has been no material change in the value of the investment property in the year.

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Notes to the Financial Statements for the year ended 31 December 2024

10. Other investments

2024 2023
£ £
Listed investments (permanent endowment):
Market value of listed investments at 1 January 2024 585,287 535,398
Additions 333,041 88,469
Disposals (329,877) (64,093)
588,451 559,774
Realised and unrealised (losses)/gains on investments 23,676 25,513
612,127 585,287
Listed investments (general funds):
Fixed rate Gilts 210,689 205,210
822,816 790,497
Investment in subsidiary undertaking:
- 15,000
Total investments 822,816 805,497
Historic cost of listed investments 739,219 695,717

The charity had a wholly-owned subsidiary, , which was incorporated on 11 May 2017 and registered in England & Wales (company number 10766538) and undertook certain retail operations at the gardens. This company is now in liquidation.

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Notes to the Financial Statements for the year ended 31 December 2024

11.
Debtors
2024 2023
£ £
Trade debtors 6,250 1,000
Prepayments and accrued income 7,857 14,443
14,107 14,443
12.
Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 30,777 3,671
Amounts owed by subsidiary - 16,570
Accruals 8,321 9,123
Other creditors 8,004 -
47,102 28,364
13.
Unrestricted funds
2024 2023
£ £
Balance at 1 January 2024 777,414 699,537
Net income for the year 28,074 27,877
Balance at 31 December 2024 805,488 727,414
Loans from permanent endowment fund
Balance at 1 January 2024 50,000 61,000
Transfer to permanent endowment fund (11,000 (11,000)
Balance at 31 December 2024 39,000 50,000
Total unrestricted funds at 31 December 2024 844,488 777,414

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CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2024

14. Restricted funds

Movement in Funds

As at 31 December 2024 Balance
Balance at at 31
1 January December
2024 Income Expenditure Transfers 2024
£ £ £ £ £
Stewart Museum 180,149 - (13,834) - 166,315
Visitor Centre 90,957 - (2,765) - 88,192
National Lottery Heritage Fund -
Restoration and Golden Jubilee Project		 213,189 - (8,256) - 204,933
Other 856 - - - 856
485,151 - (24,855) - 460,296
Movement in Funds
As at 31 December 2023 Balance
Balance at at 31
1 January December
2023 Income Expenditure Transfers 2023
£ £ £ £ £
Stewart Museum 193,982 - (13,833) - 180,149
Visitor Centre 95,515 - (4,558) - 90,957
National Lottery Heritage Fund -
Restoration and Golden Jubilee Project		 221,445 - (8,256) - 213,189
Other 856 - - - 856
511,798 - (26,647) 485,151

Stewart Museum and Visitor Centre restricted funds relate to capital grants which were restricted in application to the building of the museum and visitor centre. The annual expenditure against these funds represents the depreciation charged against the grant funded elements of these capital projects.

The National Lottery Heritage Fund Restoration and Golden Jubilee Project relates to funding awarded to repair the lining of the lakes, replant the National Collection of Hardy Water Lillies, refurbishment of the rockery, an important original feature of the gardens, restoration of the Edwardian potting sheds and improvements to meeting room facilities.

20

CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2024

15.
Permanent endowment
2024 2023
£ £
Balance at 1 January 2024 1,004,361 984,302
Expenditure for the year (6,895) (5,454)
Realised and unrealised (losses)/gains on investments 23,676 25,513
Balance at 31 December 2024 1,021,142 1,004,361
Loan to unrestricted funds
Balance at 1 January 2024 (50,000) (61,000)
Repaid from unrestricted funds 11,000 11,000
Balance at 31 December 2024 (39,000) (50,000)
Total permanent endowment fund 982,142 954,361
Gains/(losses) on permanent endowment investments
Balance at 1 January 2024 408,387 382,874
(Losses)/gains on revaluations 23,676 25,513
Balance at 31 December 2024 432,063 408,387

Loans to unrestricted funds

During 2005 the Charity Commission gave permission for the Trust to transfer £80,000 from the permanent endowment fund to unrestricted funds for the purpose of improving its premises. To replace this loan the Trust is to set aside each year, until 2025, £4,000 of its income which must be reinvested as permanent endowment.

In 2019, the Charity Commission approved a transfer of £70,000 from the permanent endowment fund to unrestricted funds for the purpose of a café extension. This is repayable over a 10 year period.

21

CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2024

16. Analysis of net assets between funds

Permanent
Unrestricted Restricted endowment Total
£ £ £ £
Fund balances at 31 December 2024:
Tangible fixed assets 308,920 460,296 199,848 969,064
Investments 210,689 - 812,127 1,022,816
Current assets 332,981 - 9,167 342,148
Current liabilities (47,102) - - (47,102)
Loan between funds 39,000 - (39,000) -
Total net assets 844,488 460,296 982,142 2,286,926
Permanent
Unrestricted Restricted endowment Total
£ £ £ £
Fund balances at 31 December 2023:
Tangible fixed assets 370,242 485,151 166,239 1,021,632
Investments 220,210 - 785,287 1,005,497
Current assets 165,326 - 52,835 218,161
Current liabilities (28,364) - - (28,364)
Loan between funds 50,000 - (50,000) -
Total net assets 777,414 485,151 954,361 2,216,926

17. Related party transactions

At 31 December 2024, £nil was owed by the charity to the trading subsidiary (2023: £16,570). Following the liquidation of the subsidiary during the year, a balance of £15,000 owed to the subsidiary and the corresponding £15,000 investment in the subsidiary have been written off.

There have been no other related party transactions during the year (2023: £nil).

18. Pension fund

The charity operates a defined contribution pension scheme for employees. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

The pension cost represents contributions payable by the charity and amounted to £11,516 (2023: £11,571). There were no contributions outstanding at the year end (2023: £nil).

22

CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2024

19. Comparative Statement of Financial Activities for the year ended 31 December 2023

Unrestricted Restricted Permanent Total
funds funds endowment 2023
£ £ **£ ** £
Income from:
Grants and donations
Donations 28,579 - - 28,579
East Riding of Yorkshire Council Grant 22,000 - - 22,000
Charitable activities
Operation of Garden and Museum 369,788 - - 369,788
Other trading activities
Other
income 130,156 - - 130,156
Investments
Investment income and interest 33,952 - - 33,952
Other income - - - -
Total income 584,475 - 584,475
Expenditure on:
Raising funds 24,832 - 5,454 30,286
Charitable activities 531,766 26,647 - 558,413
Total expenditure 556,598 26,647 5,454 588,699
Net income/(expenditure) before other
recognised gains and losses 27,877 (26,647) (5,454) (4,224)
Realised and unrealised (losses)/gains
on investments - - 25,513 25,513
Net income/(expenditure) 27,877 (26,647) 20,059 21,289
Transfers between funds (11,000) - 11,000 -
Net movement in funds 16,877 (26,647) 31,059 21,289
Funds brought forward 760,537 511,798 923,302 2,195,637
Funds carried forward 777,414 485,151 954,361 2,216,926

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