OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-01-31-accounts

Charity registration number 203722 (England and Wales)

THE FORTESCUE GARDEN TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

THE FORTESCUE GARDEN TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs S Allen (Appointed 15 July 2024)
Mr D Bouch
Mr M Brunsdon
Mr N Lewis
Mr T Price (Appointed 15 April 2024)
Mrs M Robinson (Resigned 12 February 2024)
Mr I Smith (Appointed 22 March 2025)
Mr T Upson (Resigned 13 May 2024)
Mrs R Watson
Mr J Webster (Appointed 15 July 2024)
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
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 - 23

THE FORTESCUE GARDEN TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JANUARY 2025

The trustees present their annual report and financial statements for the year ended 31 January 2025.

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 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. Visitor numbers were down on the previous year in line with other visitor attractions in the South West.

This was offset by cost management and delay in backfilling vacant posts with reduced staffing hours where practicable combined with grants and donations.

This resulted in a net surplus for the year to 31 January 2025 of £226,722 compared with a surplus of £14,247 in 2024. A debtor for a large legacy is included in the surplus for the year to 31 January 2025; when the effects of this legacy are removed, the charity made a net deficit of £1,278 for the year.

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:

The total cost of £35,533 has been expensed as repairs and renewals.

THE FORTESCUE GARDEN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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.

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 2024 both graduated, one to a post in Windsor and the other back to her home town to work. 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. The café continues to offer an excellent menu which is changed seasonally and is receiving positive feedback from visitors. GHEL made a Gift Aid payment to support the works of the Trust of £11,639 (2024: £41,329). This payment related to last year's surplus and in the year GHEL made a loss before the gift aid payment of £19,253, please see the financial review below.

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 20,359 visitors in the year to 31 January 25, down from 22,372 in 2024. We have had a good year for membership. This has increased during the year from 2,314 to 2,510. Our members are very supportive and visit regularly throughout the year. The membership includes an additional 32 life memberships taken out this year.

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. The addition of our dragon has been very popular. Created by a local artist, our dragon is made from our Lime trees which suffered during the storm. 2025 is our 80th anniversary and we are planning lots of events around this. The educational programme in the coming year is progressing with a programme of specialist garden walks and talks planned, 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.

THE FORTESCUE GARDEN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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

THE FORTESCUE GARDEN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

Financial review

We ended the financial year in a better underlying financial position than was expected, given the economic challenges. A substantial part of our revenues, however, was from non-recurring grants which we cannot rely on going forward. More optimistically, 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 of £226,722 for the year, however, when the impact of a large legacy (included in year end debtors) is removed, the result is a deficit for the year of £1,278 (surplus of £14,247 in 2024). Cash balances and reserves at 31 January 2025 were £184,805 (2024: £184,151). In addition a managed fund of equities and bonds managed by Brewin Dolphin is valued at £154,697 (2024: £136,152).

The trading arm, GHEL made a loss of £30,892 (2024: loss of £29,445). The loss made in the current period was after making a Gift Aid payment of £11,639 (2024: £41,329). The loss before Gift Aid was therefore £19,253 (2024: profit of £11,884). Part of this loss is attributable to increased recharges from FGT. GHEL's results have improved significantly since the year end and it has returned to profit this year.

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 £9,920 being £4,190 from the investment portfolio and £5,730 bank interest from other sources (2024: £5,084 and £2,564 respectively). The portfolio is managed by investment managers Brewin Dolphin.

Reserves

Overall reserves have increased in the year from £494,530 to £721,252. £6,830 of these reserves are restricted (2024: £6,830). The Trust had total unrestricted reserves at 31 January 2025 of £714,422 (2024: £487,700). 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.

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 January 2022 these assets have not been depreciated.

Improvements to the land and buildings from 1 February 2022 have been depreciated at 10% per annum on cost.

The decision to not depreciate the Land and Buildings additions prior to 1 February 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.

THE FORTESCUE GARDEN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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 realistic budget has been prepared for the year to 31 January 2026. 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 S Allen

(Appointed 15 July 2024)

Mr D Bouch Mr M Brunsdon Mr N Lewis Mr T Price Ms M Robinson Mr I Smith Dr T Upson Mrs R Watson Mr J Webster

(Appointed 15 April 2024) (Resigned 12 February 2024) (Appointed 22 March 2025) (Resigned 13 May 2024)

(Appointed 15 July 2024)

THE FORTESCUE GARDEN TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2025

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.

This year, we welcomed four new trustees to the board; Jonathan Webster, Sue Allen, Ian Smith and Tim Price who bring a range of expertise and energy.

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

10 September 2025

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 2025.

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.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 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 the financial statements in accordance with the relevant version of the 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) 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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:

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 EX2 5WS

Dated: 22 September 2025

THE FORTESCUE GARDEN TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
245,449
31,000
Charitable activities
4
199,792
-
Other trading activities
5
10,823
-
Investments
6
9,920
-
Other income
7
-
-
Total income
465,984
31,000
Expenditure on:
Raising funds
8
7,952
-
Charitable activities
9
243,363
31,000
Total expenditure
251,315
31,000
Net gains/(losses) on
investments
14
12,053
-
Net income and movement in
funds
226,722
-
Reconciliation of funds:
Fund balances at 1 February
2024
487,700
6,830
Fund balances at 31 January
2025
714,422
6,830		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
276,449
45,910
12,517
199,792
196,195
-
10,823
10,438
-
9,920
7,648
-
-
100
-
496,984
260,291
12,517
7,952
4,922
-
274,363
240,386
13,197
282,315
245,308
13,197
12,053
(56)
-
226,722
14,927
(680)
494,530
472,773
7,510
721,252
487,700
6,830		 Total
2024
£
58,427
196,195
10,438
7,648
100
272,808
4,922
253,583
258,505
(56)
14,247
480,283
494,530

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE FORTESCUE GARDEN TRUST

BALANCE SHEET

AS AT 31 JANUARY 2025

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
The funds of the charity
Restricted income funds
21
Unrestricted funds
23		 2025
£
236,241
184,805
421,046
(63,969)		 £
4,816
204,660
154,699
364,175
357,077
721,252
6,830
714,422
721,252		 2024
£
4,658
184,151
188,809
(49,529)		 £
6,880
212,216
136,154
355,250
139,280
494,530
6,830
487,700
494,530

The financial statements were approved by the trustees on 10 September 2025

Mr M Brunsdon Trustee

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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.

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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 January 2022 these assets have not been depreciated.

Improvements to the land and builds from 1 February 2022 have been depreciated at 10% per annum on cost.

The decision to not depreciate land and builds additions prior to 1 February 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.

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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.

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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.

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
17,449
8,500
Legacies receivable
228,000
-
Grants
-
22,500
245,449
31,000		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
25,949
45,910
-
228,000
-
-
22,500
-
12,517
276,449
45,910
12,517		 Total
2024
£
45,910
-
12,517
58,427

Donations and gifts includes a gift aid payment of £11,639 (2024: £41,329) from the charity's subsidiary company, Garden House Enterprises Limited.

Legacies receivable
Estate of Nancy Fortescue
Grants receivable for core activities
Finnis Scott Foundation
Bryan Foster Charitable Trust
Council decarbonisation grant
SSE business support grant		 228,000
228,000
-
-
-
-
-		 -
-
10,000
2,000
10,000
500
22,500		 228,000
228,000
10,000
2,000
10,000
500
22,500		 -
-
-
-
-
-
-		 -
-
10,000
2,000
517
-
12,517		 -
-
10,000
2,000
517
-
12,517

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Membership income 72,412 78,755
Gift aid claimed 27,824 22,872
Gate admissions 99,556 94,568
199,792 196,195

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Letting and licensing arrangements 10,805 10,420
Other income 18 18
Other trading activities 10,823 10,438

6 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 4,190 5,084
Interest receivable 5,730 2,564
9,920 7,648
Other income
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Net gain on disposal of tangible fixed assets - 100

7 Other income

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

8 Expenditure on raising funds

Fundraising and publicity
Seeking donations, grants and legacies
Investment management
Total costs
Charitable activities
Activities
undertaken
directly
2025
£
Staff costs
135,723
Depreciation and
amortisation
9,620
Gardening costs
6,371
Repairs and renewals
35,533
Rates and water
1,580
Insurance
5,922
Light and heat
11,039
Telecommunication
1,706
Postage, stationery and
computer
8,950
Sundries
159
Cleaning
1,839
Bank charges
5,204
Bookkeeping services
-
Accountancy fees
-
223,646
223,646
Analysis by fund
Unrestricted funds
192,646
Restricted funds
31,000
223,646		 Support
costs
2025
£
38,345
-
-
-
-
-
-
-
-
-
-
-
9,822
2,550
50,717
50,717
50,717
-
50,717		 Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
6,659
3,829
1,293
1,093
7,952
4,922
Total
2025
Activities
undertaken
directly
Support
costs
Total
2024
2024
2024
£
£
£
£
174,068
126,825
61,349
188,174
9,620
10,701
-
10,701
6,371
8,600
-
8,600
35,533
6,459
-
6,459
1,580
1,632
-
1,632
5,922
6,007
-
6,007
11,039
5,701
-
5,701
1,706
1,608
-
1,608
8,950
7,778
-
7,778
159
327
-
327
1,839
1,661
-
1,661
5,204
4,007
-
4,007
9,822
-
8,928
8,928
2,550
-
2,000
2,000
274,363
181,306
72,277
253,583
274,363
181,306
72,277
253,583
243,363
168,109
72,277
240,386
31,000
13,197
-
13,197
274,363
181,306
72,277
253,583		 Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
6,659
3,829
1,293
1,093
7,952
4,922
Total
2025
Activities
undertaken
directly
Support
costs
Total
2024
2024
2024
£
£
£
£
174,068
126,825
61,349
188,174
9,620
10,701
-
10,701
6,371
8,600
-
8,600
35,533
6,459
-
6,459
1,580
1,632
-
1,632
5,922
6,007
-
6,007
11,039
5,701
-
5,701
1,706
1,608
-
1,608
8,950
7,778
-
7,778
159
327
-
327
1,839
1,661
-
1,661
5,204
4,007
-
4,007
9,822
-
8,928
8,928
2,550
-
2,000
2,000
274,363
181,306
72,277
253,583
274,363
181,306
72,277
253,583
243,363
168,109
72,277
240,386
31,000
13,197
-
13,197
274,363
181,306
72,277
253,583
4,922
Total
2024
£
188,174
10,701
8,600
6,459
1,632
6,007
5,701
1,608
7,778
327
1,661
4,007
8,928
2,000
253,583
253,583
240,386
13,197
253,583

9 Charitable activities

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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
Loss/(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 examiner's fees		 2025
£
1,720
7,556
-
2,064
2025
£
1,720
830
2,550		 2024
£
1,350
8,637
(100
2,064
2024
£
1,350
650
2,000

12 Trustees

Trustees are unpaid and receive no benefits or discounts apart from free joint membership worth £70 per annum. On successful completion of two three year terms, Trustees are normally given free life membership.

13 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries		 2025
Number
9
2025
£
174,068		 2024
Number
9
2024
£
188,174

There were no employees whose annual remuneration was more than £60,000.

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

14 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 12,260 (1,916)
Sale of investments (207) 1,860
12,053 (56)

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 2024 and 31 January 2025
Amortisation and impairment
At 1 February 2024
Amortisation charged for the year
At 31 January 2025
Carrying amount
At 31 January 2025
At 31 January 2024		 Website
£
10,320
3,440
2,064
5,504
4,816
6,880

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

17
Tangible fixed assets
Land and
Garden House
Cafe
improvements
Garden
features,
equipment &
fixtures
£
£
£
Cost
At 1 February 2024
185,376
15,292
479,858
At 31 January 2025
185,376
15,292
479,858
Depreciation and impairment
At 1 February 2024
3,005
3,058
462,247
Depreciation charged in the year
1,806
765
4,985
At 31 January 2025
4,811
3,823
467,232
Carrying amount
At 31 January 2025
180,565
11,469
12,626
At 31 January 2024
182,371
12,234
17,611
18
Fixed asset investments
Listed
investments
Other
investments
£
Cost or valuation
At 1 February 2024
136,152
2
Additions
25,182
-
Valuation changes
12,260
-
Disposals
(18,897)
-
At 31 January 2025
154,697
2
Carrying amount
At 31 January 2025
154,697
2
At 31 January 2024
136,152
2
2025
Other investments comprise:
Notes
£
Investments in subsidiaries
26
2		 Total
£
680,526
680,526
468,310
7,556
475,866
204,660
212,216
Total
£
136,154
25,182
12,260
(18,897)
154,699
154,699
136,154
2024
£
2

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

19 Debtors

Debtors
Amounts falling due within one year:
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income		 2025
£
340
229,687
6,214
236,241		 2024
£
-
1,070
3,588
4,658

Other debtors include £228,000 due from the estate of the late Nancy Fortescue. This amount was received in March 2025.

20 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		 2025
£
2,199
17,467
-
203
44,100
63,969		 2024
£
3,082
7,000
12,316
797
26,334
49,529

Accruals and deferred income includes deferred membership income of £39,486 (2024: £21,558).

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.

At 1 February
2024
Incoming
resources
Resources
expended
At 31
£
£
£
Finnis Scott Foundation Grant for Student
Gardener's wages
5,830
10,000
(10,000)
Land (gifted)
1,000
-
-
Bryan Foster donation
-
2,000
(2,000)
Decarbonisation grant
-
10,000
(10,000)
Mrs Paul donation
-
8,500
(8,500)
SSE Business Support Fund
-
500
(500)
6,830
31,000
(31,000)		 January
2025
£
5,830
1,000
-
-
-
-
6,830

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

21 Restricted funds (Continued)
Previous year: At 1 February Incoming Resources At 31 January
2023 resources expended 2024
£ £ £ £
Finnis Scott Foundation Grant for Student
Gardener's wages 5,830 10,000 (10,000) 5,830
Land (gifted) 1,000 - - 1,000
Furniture fund 680 - (680) -
Bryan Foster donation - 2,000 (2,000) -
Bike rack - 517 (517) -
7,510 12,517 (13,197) 6,830

22 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 January 2025:
Intangible fixed assets
4,816
-
Tangible assets
203,660
1,000
Investments
154,699
-
Current assets/(liabilities)
351,247
5,830
714,422
6,830
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		 Total
2025
£
4,816
204,660
154,699
357,077
721,252
Total
2024
£
6,880
212,216
136,154
139,280
494,530

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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
2023 2024 2025
£ £ £ £ £ £ £
Tractor fund 562 - (562) - - - -
Brewin
Dolphin
interest - 2,423 (2,423) - 4,155 (4,155) -
562 2,423 (2,985) - 4,155 (4,155) -

24 Events after the reporting date

During the year ended 31 January 2024, the charity received notice that an legacy had been left to them of an estimated value of £250,000 with the expected timescale of receiving the legacy to be towards the end of 2024. On 17 March 2025, an interim payment of £228,000 was received from the estate. This amount has therefore been recognised as income in the 31 January 2025 financial statements. It is expected that a further smaller amount will be received but this is currently uncertain so has not been included on the balance sheet.

In March 2025, the charity was notified that the executors of an estate have made a grant of £30,000 to the charity.

In April 2025, the charity was notified that a legacy had been left to them with an estimated value of between £50,000 and £70,000 with an uncertain timescale for the funds being received. An interim payment of £15,000 was received on 13 May 2025.

THE FORTESCUE GARDEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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 £258,050 have been paid by the charity on behalf of the limited company and the limited company has made repayments of £246,073 to the charity.

The company made a gift aid payment of £11,639 (2024: £41,329) to the charity during the period.

At the balance sheet date, the amount due from Garden House Enterprises Limited was £340 (2024: creditor due to GHEL of £12,316)

26 Subsidiaries

These financial statements are separate charity financial statements for The Fortescue Garden Trust.

Details of the charity's subsidiaries at 31 January 2025 are as follows:

Name of undertaking Registered Nature of business Class of % Held office shares held Direct Indirect Garden House Enterprises England & Wales Café, plant and shop sales and Ordinary £1 100.00 Limited garden events