**Charity registration number 203722**
## **THE FORTESCUE GARDEN TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024**
## **THE FORTESCUE GARDEN TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr D Bouch (Appointed 24 April 2023) Mr M Brunsdon Mr N Lewis (Appointed 8 January 2024) Mr T Price (Appointed 14 April 2024) Mrs R Watson **Charity number** 203722 **Principal address** The Garden House Buckland Monachorum Yelverton Devon PL20 7LQ **Independent examiner** Mr A Hemmings BA(Hons) FCA CTA Simpkins Edwards LLP The Summit Woodwater Park Pynes Hill Exeter Devon EX2 5WS **Investment advisors** Brewin Dolphin Vantage Point Woodwater Park Pynes Hill Exeter Devon EX2 5FD
## **THE FORTESCUE GARDEN TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 6|
|Independent examiner's report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the financial statements|10 - 24|
## **THE FORTESCUE GARDEN TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
The trustees present their annual report and financial statements for the year ended 31 January 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 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 Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Purpose and objectives**
The purpose of the Fortescue Garden Trust (The Trust) is to run the garden at The Garden House, Buckland Monachorum for the enjoyment of the public, and for experimentation, education and research in horticulture. Trustees therefore see their principal responsibility as to raise sufficient income and to ensure that the garden is managed and developed to meet this purpose.
The main direct sources of the Trust’s income are visitor entrance fees, a membership scheme and grants and donations. In addition, fundraising activities for the Trust are carried out by its subsidiary Garden House Enterprises Limited (GHEL) whose main activities are running a café, plant and shop sales and garden events. Any surplus from GHEL is gifted to The Trust.
Our ambition continues to be to build visitor numbers and spend, to increase our membership base, and generate enough surplus to maintain and develop the garden.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
The challenges of the previous year continued with cost-of-living pressures adversely affecting both our costs and our revenue. Opening times were reduced in the winter months which contributed to a reduction in visitor numbers as compared to the previous year. Our management team were able to control discretionary spend where possible.
This resulted in net income for the year to 31 January 2024 in a net surplus of £14,247, compared with a deficit of £11,648 in 2023.
We have prioritised the garden which continues to be maintained and presented to a high standard despite inclement weather, including the wettest March on record.
Significant developments during the year have included:
- New seating area in the arboretum.
- Bike racks kindly funded by West Devon Borough Council.
- Successful events including our annual snowdrop festival and a summer scarecrow trail kindly provided by local primary schools.
- Improved café offer which has received very positive feedback.
- The purchase of additional outdoor furniture to extend the café activity on our beautiful terrace (drawing on our restricted reserve from a previous donation).
- Categorization and a refresh of our second hand book shop.
- We welcomed the Bishops Palace in Wells as one of our partner gardens.
- 1 -
## **THE FORTESCUE GARDEN TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **The Garden**
Our prime concern remains the maintenance of the garden to the highest standard and to look to its future. The Trustees have been pleased with the standards achieved and overall presentation of the Garden, especially given the small gardening team and group of volunteers and this is a credit to their skills and dedication. The garden is well known for its meadow style plantings: this requires careful control and rogueing of seeded plants which has been successful and essential to maintain a balanced display. The tackling of pernicious weeds in areas is undertaken using a variety of methods.
Our Head Gardener, Nick Haworth, has also continued to develop and improve the garden over the year, working with his gardening team and our horticultural trustees in planning on-going work programs and future developments. New plantings continue to take place as resources allow and have established well. We continue to run a nursery facility enabling the propagation of a wide range of choice plants for the Garden. Improvements to the hard landscaping continue to facilitate safe access and a grant funded bike rack has been installed. The construction of another stone seating area in the arboretum and a new oak bench has created an area for visitors to relax and opened new views into the Garden. Tree risk assessments have been undertaken and necessary pre-emptive arboriculture work completed on a further two of the remaining Lime Trees.
A very large black bamboo that had flowered and died was removed from the edge of the cottage garden and this area has been landscaped and sown down with an annual flower meadow. A couple of mature dead Acer palmatum were removed from the Acer glade and the areas landscaped and sown down with a fine meadow grass.
The garden has continued to host two Professional Gardeners Guild (PGG) trainee gardeners to whom we offer a diverse and rounded training programme and broad experience including the chance to work with and learn a wide range of unusual plants. The contribution of these trainees is critical to the garden and we are grateful to the Finnis Scott Foundation and the Bryan Foster Charitable Trust for their contributions towards the cost of the trainee gardeners.
The students whose year ended in September 2023 both graduated, one to a post as a senior gardener at Windsor Castle, the other to Windsor Great Park to complete her final year. Two excellent trainees have arrived and are playing an active role in the Garden, both play a role in supporting our social media and editorial.
A successful snowdrop festival again attracted much interest and highlighted the outstanding collection which has been further expanded in recent years. We continue to participate in the RHS Partner Garden scheme and welcome professional and amateur gardening groups; we trust the Garden continues to be an inspiration for all our visitors.
## **Supporting activities**
The Trust is supported by its trading arm, GHEL, through the café, plant sales and other retail. Plant sales have performed well this year, adding significantly both to visitor experience and revenues. The café suffered badly from the years of irregular opening and restrictions under Covid-19, and has yet to fully find its feet. A key focus for this year will be to establish a more robust offer that meets visitor needs, and can be consistently and profitably delivered to a high quality. GHEL made a Gift Aid payment to support the works of the Trust of £41,329 (2023: £38,162).
- 2 -
## **THE FORTESCUE GARDEN TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **Our visitor community**
The year reported continued, like all visitor destinations, to be affected not just by the cost of living increases but also inclement weather. We welcomed 22,372 visitors in the year to 31 January 24, down from 26,232 in 2023 but slightly higher than 2022. Membership fell slightly in the year from 2,360 to 2,314. Visitor numbers also reflect a reduction in open days during the winter in order to contain unprofitable costs.
The main draw to the Garden House, for visitors, members and volunteers alike, is the high standard and horticultural interest of the garden and its magical setting. This year we have built our seasons-based calendar to focus on autumn colour, snowdrops, and wicker based animal trails for families. We plan to extend the educational programme in the coming year with a programme of specialist garden walks and talks, and events for members and our wider community.
The Trust could not operate without the enthusiasm of volunteers and members, whose love and support of the garden we greatly appreciate and rely upon:
## **Volunteers**
The trustees are very grateful to the contribution of volunteers in the garden, on the gate, in the bookshop and café, and in the back office. Each year, volunteers contribute the equivalent of several fulltime seasonal staff.
## **Members**
Whilst we experienced a decline in membership and visitor numbers (membership was at 2,314 down from 2,774 in the previous year) there is evidence to suggest that this decline has now stabilized. The decline of memberships and visitor numbers is in line with many visitor attractions in the region and is attributed to cost of living pressures combined with some challenging weather conditions. With the addition of new benefits such as new partner gardens, themed events and targeted promotion we are confident that we will be able to grow our membership to previous levels and beyond.
## **Plans for the coming years**
Trustees see good opportunities to grow awareness of the distinctive character and interest of the garden, both to specialist horticultural audiences and to the ever-growing community of amateur gardeners. Our audience includes both local residents and the large number of annual visitors to the South West. We will continue to build our reputation and visitor base through continuing coverage in local, regional, national and gardening media, and an engaging presence on social media and traditional media, working with linked organisations such as the Royal Horticultural Society and its partner gardens, local tourist organisations and the Garden Media Guild.
The coming year will see a number of developments to support the visitor experience and develop the garden
- Pursuing the Planned Maintenance Programme we have instigated, to progressively bring all our building into good shape. We will seek grant aid and donations for these works, where possible.
- Maintain the improved cost effective café offer to support visits and maximise income from visitors to the garden.
- A garden development programme, looking to the next phase of the garden’s development, with a series of projects to ensure the garden’s continuing interest. Having kept the garden in good condition and well maintained over the last few years, we are well placed to look at future works and review the garden development programme. The damage to one area of the garden through loss of trees during the winter of 2021/22 offers an opportunity to reconsider this area.
- Building on encouraging membership numbers, we are developing an annual calendar of member events to reinforce the value of membership.
- Rebuilding group bookings which were a significant loss during and after Covid-19. These offer an important opportunity to both build income in quiet periods of the week/year, and to connect with national and international horticultural audiences.
- 3 -
## **THE FORTESCUE GARDEN TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **Financial review**
We ended the financial year in a better underlying financial position than was expected, given the economic challenges. Our annual Snowdrop Festival which straddles our year end, brought excellent visitor numbers and income. It demonstrates the potential when horticultural interest is combined with good marketing.
There was a surplus for the year of £14,247 (deficit of £11,648 in 2023 and surplus of £51,749 for 2022). Cash balances and reserves at 31 January 2024 were £184,151 (2023: £155,289). In addition a managed fund of equities and bonds managed by Brewin Dolphin is valued at £136,152 (2023: £134,392).
The trading arm, GHEL made a loss of £29,445 (2023: profit of £3,179). The deficit from the current period was after making a Gift Aid payment of £41,329 (2023: £38,162). The profit before Gift Aid was therefore £11,884 (2023: £41,341). There is potential for an increased contribution from the café with stronger management and better trading conditions.
## **Investment Policy and Performance**
The Trust's investment policy is to provide a balanced return of income and capital with a low to medium degree of risk. During the year under review, the investments yielded an income of £7,648 being £5,085 from the investment portfolio and £2,564 bank interest (2023: £3,425 and £88 respectively). The portfolio is managed by investment managers Brewin Dolphin.
## **Reserves**
Overall reserves have increased in the year from to £480,283 to £494,530. £6,830 of these reserves are restricted (2023: £7,510). The Trust had total unrestricted reserves at 31 January 2024 of £487,700 (2023: £472,773). The Trustees consider this level of reserves adequate (i) to cushion existing activities from unexpected fluctuations in incoming resources, (ii) to enable maintenance and improvement of the Garden House and grounds, (iii) to enable the Trustees to make one-off emergency repairs as and when appropriate and, (iv) sufficient reserves are available to ensure that the Trust is in a position to meet its contractual obligations to staff and suppliers should any unforeseen event threaten the resources of the Trust.
It is the Trustees’ aspiration to build back reserves to higher levels to expand opportunities for development of facilities at The Garden House and to preserve the garden for future generations.
## **Depreciation of Land and Garden House**
The charity’s land and buildings were gifted to the charity on its formation in 1961. It is understood that no value was attributed to them in its financial statements at the time. Subsequent land and buildings additions have been capitalised. Up to 31/01/2022 these assets have not been depreciated.
Improvements to the land and buildings from 01/02/2022 have been depreciated at 10% per annum on cost.
The decision to not depreciate the Land and Buildings additions prior to 01/02/2022 represents a departure from accounting standards, however, the trustees feel that to depreciate these costs would be detrimental to the requirement to show a true and fair view.
- 4 -
## **THE FORTESCUE GARDEN TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **Going concern**
The Trustees’ have considered the going concern status of The Fortescue Garden Trust (The Trust) and its subsidiary Garden House Enterprises Limited (GHEL) as at the date of this note. This review has taken account of the results in recent years and the added challenges brought about by the Covid-19 pandemic and the uncertainties we face in its aftermath.
Like many similar independent gardens, the Garden House is having to adjust to difficult economic and environmental conditions. A review is being undertaken on the most effective management model going forward, the recent resignation of our Operations Manager facilitates this pause and review whilst an Interim Operations Manager is appointed from within the existing staff.
A significant legacy is also anticipated within the next few years from the generous legacy left by the late Nancy Fortescue which will strengthen our reserves.
A realistic budget has been prepared for the year to 31 January 2025. This suggests that The Trust will be able to operate throughout these periods, while recognising that the long term success of the Trust is dependent on being able to continue to increase the number of visitors to The Garden House.
The performance of GHEL depends on the visitor numbers to the Garden and so it is in turn dependent on the activity of the Trust. GHEL has a “bounce back loan” the principal of which was £50k and the repayment term ten years. The long-term nature of this finance gives the directors of GHEL confidence that it is a going concern and that the plans to maintain the future of the Trust will enable the Company to trade for the foreseeable future.
The Trustees are of the opinion that the Trust is a going concern and the accounts have been prepared on that basis.
## **Risk Management**
The Trustees are satisfied that the major risks to which the Trust is exposed have been identified and the Trustees continue to consider risk management in all decision making. Procedures to mitigate risks are periodically reviewed to ensure that they still meet the needs of the organisation.
## **Structure, governance and management**
The Trust is established under a Deed of Trust dated 21 November 1961 as amended by a Scheme dated 27 March 1996, a further Scheme dated 25 November 1997 and a Special Resolution of the trustees dated 5th December 2010. The Trust is a registered charity (charity number 203722).
The principal office is located at: The Garden House Buckland Monachorum Yelverton Devon PL20 7LQ.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs L Birch (Resigned 8 January 2024) Mr D Bouch (Appointed 24 April 2023) Mr M Brunsdon Mr T J Fox (Resigned 16 October 2023) Mr N Lewis (Appointed 8 January 2024) Mr T Price (Appointed 14 April 2024) Ms M Robinson (Resigned 4 March 2024) Dr T Upson (Resigned 13 May 2024) Mr S Walker (Resigned 8 November 2023) Mrs R Watson
- 5 -
## **THE FORTESCUE GARDEN TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
The maximum number of trustees is twelve and the minimum number is four. No more than one employee at any one time may be appointed a trustee. Currently no trustee is an employee of the charity. New trustees are appointed on the nomination of the existing trustees. Appointments are made after considering the specific skills and knowledge of the appointee and the requirements of the Board.
New trustees are briefed on their legal obligations under charity law and the Trust Deed. They are informed about the decision-making process and familiarised with the business plan and financial performance of the Trust. As soon as practical, new trustees are introduced to the key employees and encouraged to visit The Garden House freely and as frequently as their circumstances allow.
The board were pleased to welcome Nick Lewis as a financial trustee in 2023. Nick brings a wealth of experience from his background as former finance director for the South West of England Regional Development Agency and former trustee of the Maritime Museum in Falmouth.
The trustees have complied with their duty and with due regard to the guidance on public benefit given by the Charity Commission when exercising any powers or duties to which the guidance was relevant.
The trustees' report was approved by the Board of Trustees.
Mr M Brunsdon **Trustee**
6 July 2024
- 6 -
## **THE FORTESCUE GARDEN TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE FORTESCUE GARDEN TRUST**
I report to the trustees on my examination of the financial statements of The Fortescue Garden Trust (the charity) for the year ended 31 January 2024.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements to be reached.
## **Mr A Hemmings BA(Hons) FCA CTA for and on behalf of Simpkins Edwards LLP**
The Summit Woodwater Park Pynes Hill Exeter Devon EX2 5WS
Dated: 5 September 2024
- 7 -
## **THE FORTESCUE GARDEN TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
45,910
12,517
Charitable activities
**4**
196,195
-
Other trading activities
**5**
10,438
-
Investments
**6**
7,648
-
Other income
**7**
100
-
**Total income**
260,291
12,517
**Expenditure on:**
Raising funds
**8**
4,922
-
Charitable activities
**9**
240,386
13,197
**Total expenditure**
245,308
13,197
Net gains/(losses) on
investments
**14**
(56)
-
**Net income/(expenditure)**
14,927
(680)
Transfers between
funds
-
-
**Net movement in**
**funds**
**10**
14,927
(680)
**Reconciliation of funds:**
Fund balances at 1 February
2023
472,773
7,510
**Fund balances at 31 January**
**2024**
487,700
6,830|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
58,427
52,466
42,191
196,195
173,897
-
10,438
9,871
-
7,648
3,513
-
100
-
-
272,808
239,747
42,191
4,922
13,119
-
253,583
252,695
17,256
258,505
265,814
17,256
(56)
(10,516)
-
14,247
(36,583)
24,935
-
30,505
(30,505)
14,247
(6,078)
(5,570)
480,283
478,851
13,080
494,530
472,773
7,510|**Total**
**2023**
**£**
94,657
173,897
9,871
3,513
-
281,938
13,119
269,951
283,070
(10,516)
(11,648)
-
(11,648)
491,931
480,283|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 8 -
## **THE FORTESCUE GARDEN TRUST**
## **BALANCE SHEET**
## _**AS AT 31 JANUARY 2024**_
|**Notes**
**Fixed assets**
Intangible assets
**16**
Tangible assets
**17**
Investments
**18**
**Current assets**
Debtors
**19**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**20**
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension liability**
**The funds of the charity**
Restricted income funds
**21**
Unrestricted funds|**2024**
**£**
4,658
184,151
188,809
(49,529)|**£**
6,880
212,216
136,154
355,250
139,280
494,530
494,530
6,830
487,700
494,530|**2023**
**£**
7,937
155,289
163,226
(44,334)|**£**
8,944
218,053
134,394|
|---|---|---|---|---|
|||||361,391
118,892|
|||||480,283|
|||||480,283|
|||||7,510
472,773|
|||||480,283|
The financial statements were approved by the trustees on 6 July 2024
Mr M Brunsdon **Trustee**
- 9 -
**THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **1 Accounting policies**
## **Charity information**
The Fortescue Garden Trust is a public benefit entity and a charity registered with the Charity Commission for England and Wales under number 203722. The address of the principal office is The Garden house, Buckland Monachorum, Yelverton, Devon PL20 7LQ.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
The following specific policies apply to categories of income:
i) Income that is attributable to future visits that members will make to The Garden House is deferred and released to the Statement of Financial Activities over the period to which the membership relates. The portion of life membership subscriptions deemed to be of the nature of a gift is recognised in full in the year in which it is received, with the remainder deferred and released to income in equal instalments over the average period over which the life membership is expected to be used.
ii) Gift Aid is recognised when a day admission or membership has been included in a Gift Aid claim submitted to HMRC.
iii) Legacies are accounted for based on settlement of the estate or receipt of payment, whichever is earlier.
iv) Grants, including government grants, received in advance of the associated work being carried out are deferred only when the donor has imposed preconditions on the expenditure of resources.
- 10 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **1.6 Intangible fixed assets other than goodwill**
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website 20% per annum on cost
## **1.7 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land No depreciation Garden House - up to 31/01/22 No depreciation Garden House - improvements from 01/02/22 10% per annum on cost Cafe improvements 5% per annum on cost Garden features, equipment and fixtures 10%, 15% and 20% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
The charity's land and buildings were gifted to the charity on its formation in 1961 and it is understood that no value was attributed to them in its financial statements at that time. Subsequent land and buildings additions have been capitalised. Up to 31/01/2022 these assets have not been depreciated.
Improvements to the land and builds from 01/02/2022 have been depreciated at 10% per annum on cost.
The decision to not depreciate land and builds additions prior to 01/02/2022 represents a departure from accounting standards, however, the trustees felt that to depreciate these additions would be detrimental to the requirement to show a true and fair view.
- 11 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.8 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Basic financial assets and liabilities are initially measured at transaction price including transaction costs and are subsequently carried at 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 financial assets**_
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially 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 net income/(expenditure), 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.
## _**Derecognition of financial assets**_
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **1.10 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 12 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 13 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**funds**
**2024**
**2024**
**2024**
**2023**
**2023**
**£**
**£**
**£**
**£**
**£**
Donations and gifts
45,910
-
45,910
43,466
11,700
Legacies received
-
-
-
5,000
-
Grants
-
12,517
12,517
4,000
27,628
Gift aid claimed
-
-
-
-
2,863
45,910
12,517
58,427
52,466
42,191
Donations and gifts includes a gift aid payment of £41,329 (2023: £38,162) from the charity's subsidiary company, Garden House Enterprises Limited.
**Grants receivable for core activities**
Government grant
-
-
-
4,000
15,628
Finnis Scott Foundation
-
10,000
10,000
-
10,000
Bryan Foster Charitable Trust
-
2,000
2,000
-
2,000
Council grant
-
517
517
-
-
-
12,517
12,517
4,000
27,628|**Total**
**2023**
**£**
55,166
5,000
31,628
2,863|
|---|---|
||94,657|
||19,628
10,000
2,000
-|
||31,628|
- 14 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **4 Income from charitable activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Membership income|78,755|38,655|
|Gift aid claimed|22,872|24,700|
|Gate admissions|94,568|110,542|
||196,195|173,897|
## **5 Income from other trading activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Property rental income|10,420|9,771|
|Trading activity income: other|18|100|
|Other trading activities|10,438|9,871|
|**Income from investments**|||
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Income from listed investments|4,195|3,425|
|Interest receivable|3,453|88|
||7,648|3,513|
|**Other income**|||
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Net gain on disposal of tangible fixed assets|100|-|
## **6 Income from investments**
**7 Other income**
- 15 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **8 Expenditure on raising funds**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|**Fundraising and publicity**|||
|Seeking donations, grants and legacies|3,829|11,765|
|Investment management|1,093|1,354|
|Total costs|4,922|13,119|
## **9 Charitable activities**
|**Activities**
**undertaken**
**directly**
**2024**
**£**
Staff costs
126,825
Depreciation and
amortisation
10,701
Gardening costs
8,600
Repairs and renewals
6,459
Rates and water
1,632
Insurance
6,007
Light and heat
5,701
Telecommunication
1,608
Postage, stationery and
computer
7,778
Sundries
327
Cleaning
1,661
Bank charges
4,007
Consultancy fees
-
Legal and professional
fees
-
Bookkeeping services
-
Accountancy fees
-
181,306
181,306
**Analysis by fund**
Unrestricted funds
168,109
Restricted funds
13,197
181,306|**Support**
**costs**
**2024**
**£**
61,349
-
-
-
-
-
-
-
-
-
-
-
-
-
8,928
2,000
72,277
72,277
72,277
-
72,277|**Total**
**2024**
**Activities**
**undertaken**
**directly**
**2023**
**£**
**£**
188,174
121,482
10,701
10,079
8,600
6,550
6,459
22,587
1,632
2,335
6,007
7,633
5,701
8,701
1,608
1,953
7,778
4,266
327
220
1,661
2,455
4,007
4,043
-
-
-
-
8,928
-
2,000
-
253,583
192,304
253,583
192,304
240,386
175,048
13,197
17,256
253,583
192,304|**Support**
**costs**
**2023**
**£**
52,928
-
-
-
-
-
-
-
-
-
-
-
4,150
4,621
14,148
1,800
77,647
77,647
77,647
-
77,647|**Total**
**2023**
**£**
174,410
10,079
6,550
22,587
2,335
7,633
8,701
1,953
4,266
220
2,455
4,043
4,150
4,621
14,148
1,800|
|---|---|---|---|---|
|||||269,951|
|||||269,951|
|||||252,695
17,256|
|||||269,951|
- 16 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
|**10**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets
Profit on disposal of tangible fixed assets
Amortisation of intangible assets
**11**
**Independent examiner's remuneration**
The analysis of the independent examiner's remuneration is as follows:
Independent examination of the annual accounts
Other support services
**Total independent examination fees**|**2024**
**£**
1,350
8,637
(100)
2,064
**2024**
**£**
1,350
650
2,000|**2023**
**£**
1,250
8,703
-
1,376|
|---|---|---|
|||**2023**
**£**
1,250
550|
|||1,800|
## **12 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **13 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries|**2024**
**Number**
9
**2024**
**£**
188,174|**2023**
**Number**
9|
|---|---|---|
|||**2023**
**£**
174,410|
There were no employees whose annual remuneration was more than £60,000.
- 17 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **14 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|(1,916)|(7,093)|
|Sale of investments|1,860|(3,423)|
||(56)|(10,516)|
## **15 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **16 Intangible fixed assets**
|**Intangible fixed assets**||
|---|---|
|**Cost**
At 1 February 2023 and 31 January 2024
**Amortisation and impairment**
At 1 February 2023
Amortisation charged for the year
At 31 January 2024
**Carrying amount**
At 31 January 2024
At 31 January 2023|**Website**
**£**
10,320|
||1,376
2,064|
||3,440|
||6,880|
||8,944|
- 18 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
|**17**
**Tangible fixed assets**
**Land and**
**Garden House**
**Cafe**
**improvements**
**Garden**
**features,**
**equipment &**
**fixtures**
**£**
**£**
**£**
**Cost**
At 1 February 2023
185,376
15,292
479,168
Additions
-
-
2,800
Disposals
-
-
(2,110)
At 31 January 2024
185,376
15,292
479,858
**Depreciation and impairment**
At 1 February 2023
1,204
2,295
458,284
Depreciation charged in the year
1,801
763
6,073
Eliminated in respect of disposals
-
-
(2,110)
At 31 January 2024
3,005
3,058
462,247
**Carrying amount**
At 31 January 2024
182,371
12,234
17,611
At 31 January 2023
184,172
12,997
20,884|**Total**
**£**
679,836
2,800
(2,110)
680,526
461,783
8,637
(2,110)
468,310
212,216
218,053|
|---|---|
- 19 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **18 Fixed asset investments**
|**Listed**
**investments**
**Other**
**investments**
**£**
**Cost or valuation**
At 1 February 2023
134,392
2
Additions
26,541
-
Valuation changes
(1,916)
-
At 31 January 2024
159,017
2
**Impairment**
At 1 February 2023
-
-
Disposals
22,865
-
At 31 January 2024
22,865
-
**Carrying amount**
At 31 January 2024
136,152
2
At 31 January 2023
134,392
2
**2024**
Other investments comprise:
**Notes**
**£**
Investments in subsidiaries
**26**
2
**19**
**Debtors**
**2024**
**Amounts falling due within one year:**
**£**
Amounts owed by subsidiary undertakings
-
Other debtors
1,070
Prepayments and accrued income
3,588
4,658|**Total**
**£**
134,394
26,541
(1,916)
159,019
-
22,865
22,865
136,154
134,394
**2023**
**£**
2
**2023**
**£**
2,311
1,642
3,984
7,937|
|---|---|
- 20 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **20 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
|Other taxation and social security
Trade creditors
Amounts owed to subsidiary undertakings
Other creditors
Accruals and deferred income|**2024**
**£**
3,082
7,000
12,316
797
26,334
49,529|**2023**
**£**
-
4,875
-
767
38,692|
|||44,334|
Accruals and deferred income includes deferred membership income of £21,558 (2023: £33,792).
- 21 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **21 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|||**Movement in funds**|**Movement in funds**|||**Movement in funds**|**Movement in funds**||
|---|---|---|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|**Incoming**|**Resources**|**Balance at**|
||**1 February**|**resources**|**expended**||**1 February**|**resources**|**expended**|**31 January**|
||**2022**||||**2023**|||**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Finnis Scott Foundation Grant for Student Gardener's|||||||||
|wages|5,830|10,000|(10,000)|-|5,830|10,000|(10,000)|5,830|
|Land (gifted)|1,000|-|-|-|1,000|-|-|1,000|
|Furniture fund|6,250|-|-|(5,570)|680|-|(680)|-|
|WDBC - Club grant|-|1,000|(1,004)|4|-|-|-|-|
|WDBC - Café equipment|-|2,100|-|(2,100)|-|-|-|-|
|Bryan Foster donation|-|2,000|(2,000)|-|-|2,000|(2,000)|-|
|Devon Elevation fund - website & marketing|-|12,528|(4,252)|(8,276)|-|-|-|-|
|Carpark improvement donation|-|14,563|-|(14,563)|-|-|-|-|
|Bike rack|-|-|-|-|-|517|(517)|-|
||13,080|42,191|(17,256)|(30,505)|7,510|12,517|(13,197)|6,830|
- 22 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **22 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 January 2024:**
Intangible fixed assets
6,880
-
Tangible assets
211,216
1,000
Investments
136,154
-
Current assets/(liabilities)
133,450
5,830
487,700
6,830
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
**At 31 January 2023:**
Intangible fixed assets
8,944
-
Tangible assets
217,053
1,000
Investments
134,394
-
Current assets/(liabilities)
112,382
6,510
472,773
7,510|**Total**
**2024**
**£**
6,880
212,216
136,154
139,280|
|---|---|
||494,530|
||**Total**
**2023**
**£**
8,944
218,053
134,394
118,892|
||480,283|
## **23 Designated funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|||**Movement in funds**|**Movement in funds**||**Movement in funds**|**Movement in funds**||
|---|---|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Resources**|**Balance at**|**Incoming**|**Resources**|**Balance at**|
||**1 February**|**resources**|**expended**|**1 February**|**resources**|**expended**|**31 January**|
||**2022**|||**2023**|||**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Tractor fund|1,875|-|(1,313)|562|-|(562)|-|
|Brewin||||||||
|Dolphin||||||||
|interest|-|3,425|(3,425)|-|2,423|(2,423)|-|
||1,875|3,425|(4,738)|562|2,423|(2,985)|-|
- 23 -
## **THE FORTESCUE GARDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2024**_
## **24 Events after the reporting date**
During the year ended 31 January 2023, the charity received notice of a legacy left to them of uncertain timing and amount. During the year ended 31 January 2024, more detail was received and the trustees have been provided with an estimated legacy amount of £250,000 and an expected timescale towards the end of 2024 for receipt of funds. At the time of signing the financial statements, no funds have been received and no further information is available.
## **25 Related party transactions**
## **Transactions with related parties**
During the year the charity entered into the following transactions with related parties:
## **Garden House Entreprises Limited (GHEL)** _(wholly owned subsidiary)_
The limited company is intended to generate income for the charity by the running of an onsite café, plant sales, shop sales and garden events.
During the year costs of £227,800 have been paid by the charity on behalf of the limited company and the limited company has made repayments of £242,427 to the charity.
The company made a gift aid payment of £41,329 (2023: £38,162) to the charity during the period.
At the balance sheet date the amount due to Garden House Enterprises Limited was £12,316 (2023: debtor due from GHEL of £2,311).
## **26 Subsidiaries**
These financial statements are separate charity financial statements for The Fortescue Garden Trust.
Details of the charity's subsidiaries at 31 January 2024 are as follows:
**Name of undertaking Registered Nature of business Class of office shares held Direct** Garden House Enterprises England & Wales Café, plant and shop sales and Ordinary £1 100.00 Limited garden events
**Class of % Held shares held Direct Indirect**
- 24 -