The
Lakeland Horticultural Society
ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 31 August 2022
Registered Charity No. 259847
THE LAKELAND HORTICULTURAL SOCIETY Annual Report and Financial Statements for the year ended 31 August 2022
| CONTENTS | Page |
|---|---|
| Trustees’ Annual Report: | |
| Officers and Trustees of the Society | 3 |
| Report from the Chairman of Trustees | 4 |
| Financial Report | 5 |
| Structure, Governance and Management | 5 |
| Activities | 6 |
| Achievements and Performance | 7 |
| Independent Examiner’s Report | 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 - 18 |
Address: Holehird Gardens Patterdale Road Windermere LA23 1NP
Registered Charity No. 259847
President
Shelagh Todd
Vice-Presidents
Christopher Brickell CBE VMH Lord Cavendish of Furness DL Lady Cressida Inglewood, Countess of Lonsdale John D Main NDH DHE FIHort Shelagh Newman Margaret Thomas Peter Hoggarth
Council of Trustees
Officers: Chairman: Maggie Mees Vice-Chairman: vacant Garden Coordinator: Alan Oatway Hon Secretary: Charles Bulman Hon Treasurer: Tony Willey
Members:
John Ashley Sue Buckingham Alan Dickinson Lorna Hillmann Tina McIntosh Sybil Maden Pat Murphy Alison Sanford
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Report from the Chairman of Trustees
My predecessor as Chair, Alan Oatway, started his last report by saying what an eventful year it had been, encompassing the continuing impact of the pandemic and the renegotiation of the Society’s lease on Holehird Gardens. I am happy to report that this year has been much less eventful and has instead been one of steady consolidation and refocus on our core activities and objectives.
This year has seen a return to something like ‘business as usual’ for the Society. Amongst the many activities we had missed, Wednesday coffee mornings were reinstated; we were able to offer a series of public lectures through the winter months as well as mini lectures for members in the summer; garden visits for members and practical courses and workshops at Holehird were arranged; the first New Members’ meeting for 3 years was held. We were delighted to be able to open Visitor Reception on most days throughout the summer as more wardens signed up for duty, some returning after the enforced break and, encouragingly, some new to the LHS. We welcomed quite a few new gardeners during the pandemic, and new recruits are continuing to join on a regular basis. The influx of new, often younger, volunteers with their energy, hard work and fresh ideas promises well for the future of the Society. I am delighted that some of our more recently joined members are standing for election to Council this time.
As we prepare to welcome new trustees to Council, I must take this opportunity to thank all Council members for the invaluable, and often, unsung, work they have done this year. A couple of changes occurred during the year. Anita Shelton was coopted on to Council as Assistant Secretary for a short time, during which her organisational skills were much appreciated. After many years setting up and looking after IT within the Society, for which we relied hugely on her professional expertise, Diane Fisher stood down from Council when she relinquished her role as IT Coordinator. Other changes are still to come. 2 trustees have completed their maximum 2 terms of 3 years service on Council and must stand down this time. Both Pat Murphy, with her expertise and unstinting work in the garden, and Sybil Maden, in charge of publications and editor of the Lakeland Gardener, are huge contributors to the LHS and will be much missed on Council. Charles Bulman is standing down as Honorary Secretary but has been nominated to continue as a trustee. Sue Buckingham, currently Chair of PR Committee, has been nominated to stand as Hon Secretary.
As I write this report, work on one of the major infrastructure projects we put into action after the future of the LHS was secured with the signing of the new lease, is about to begin. The rerouting and resurfacing of paths in the Upper Garden will enable more of our visitors, particularly those with limited mobility, to access more of the garden and to appreciate the wonderful views from higher up the Fellside. This project is important as a demonstration of our confidence in the future of the LHS and our belief in the public’s appreciation for what we are creating at Holehird Gardens. That the LHS has emerged from the uncertainties of the last few years with such a positive outlook is due to the continued support of all its volunteers and members, for which I thank you.
Maggie Mees
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Treasurer’s Report
A year in which a return to more normal conditions has seen a welcome increase in visitor numbers. Donations from, and sales to, visitors increased by a third to £78,000, only slightly less than 2018/19, the last full year before Covid. The newly negotiated lease includes payment to the LHS of £23,000 per year for the maintenance of the mansion gardens, which will be reviewed periodically and increased by RPI. During the lease negotiations it was discovered that inflation provisions in the old lease had not been applied and a retrospective one-off payment of £25,000 was received. Storm and flood damage during the winter has resulted in around £20,000 of additional costs, but otherwise costs have been well controlled at similar levels to 2020/21. Stock exchanges have been adversely affected by world events this year and our investments fell in value by £4,000, reversing some of the large gains made in 2021. In summary, our reserves increased by £36,000 to £635,000, of which £519,000 is held in bank accounts.
We are fortunate to have sufficient reserves to fund the upcoming projects to upgrade the fellside paths and improve the main building. Care will be needed to ensure that cash is available for these projects while taking advantage of the current increases in interest rates for longer term bonds. The need to keep deposits with each bank below the £85,000 government guarantee also means that we spread our funds across 6 or 7 banks. We have moved to a charity deposit platform administered by Flagstone Investment Management which will considerably reduce the administrative burden of dealing with so many banks, while giving access to competitive interest rates.
Structure, Governance and Management
The Society is a registered charity governed by a constitution approved by the membership, and last modified by the AGM of December 2021. Its objects are to promote and develop the science, practice and art of horticulture, with special reference to the conditions prevailing in the Lake District, and within that area to promote and facilitate cooperation between all horticultural organisations and to serve the interests of all horticulturalists.
The management and administration of the Society is conducted by its Council, whose members are Trustees of the Charity. The Council comprises five Honorary Officers of the Society, and up to twelve elected Members. The Officers consist of the Chairman, the ViceChairman, the Garden Coordinator, the Secretary and the Treasurer. The current members of the Council are set out on page 3.
Day-to-day management is devolved to five sub-committees: Garden, Estates, Education, Publications, and Public Relations. These are governed by Standing Orders which are reviewed annually, and were last approved in October 2022.
Officers are elected at each Annual General Meeting (AGM) having, with their consent, been nominated and seconded in writing by members of the Society. They hold office until the end of the next AGM. They may be nominated for re-election but may not serve for more than six consecutive years in any one office. Elected Members having, with their consent, been nominated and seconded in writing by members, are elected at an AGM to serve a three-year term. They may be nominated for re-election, but may not serve for
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more than two consecutive terms. Members of Council do not receive any payment in connection with their position.
The Society operates an informal system of Trustee induction, tailored to fit the experience of the trustee. All new trustees are given a copy of all the relevant Charity Commission documents, as well as the names and contact details of their fellow trustees.
All the work of the Society is carried out by volunteers and is funded through members’ subscriptions, legacies, donations, the sale of plants and seeds from the garden, and the sale of publications written and designed by members.
Financial Review
On the basis of their review of future years’ activities, and a detailed budget for the following year, Council are satisfied with the financial position at 31 August 2022. The policy on Reserves, the reason why they are held and their intended use, is set out in Note 10 to the Accounts.
Activities
Garden
The Society manages the renowned Lakeland garden at Holehird which is open to the public every day of the year from dawn till dusk. This is a 10 acre garden on a hillside site near Windermere, 600 feet above sea level. The garden regularly receives up to 30,000 visitors each year, and although no formal charge is made for access, visitors are invited to make a donation. The gardens are developed and maintained to the highest standards, providing the public with practical examples of design, propagation, plant maintenance and horticultural practice in relation to specific Lake District location and climatic conditions. In various parts of the garden trees, shrubs, herbaceous perennials, bulbs and alpines are grown.
The Society also acts as the International Registration Authority for Astilbe on behalf of the International Society for Horticultural Science, and hosts the National plant collections of Astilbe , Daboecia (heathers), Hosta ‘Mouse’ Series, Meconopsis (the blue poppy), Polystichum (ferns) and Tanacetum coccineum (painted daisies).
Education
Gardening courses and lectures are held throughout the year, given by members of the Society and outside experts. Our volunteers act as garden guides for the many tour groups that visit Holehird, and others also give a considerable number of horticultural lectures to other groups. A well-stocked library and reading room, equipped with PCs and several microscopes, including a new high-powered model, is also available to all members, and a series of horticultural leaflets is available to the public on particular species that are grown in the garden, including the National Collections. We also have our own weather station which helps us understand the effect of varying climate on the performance of the plants in the garden. The weather records are available online to individuals and other organisations.
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Media
The web site, www.holehirdgardens.org.uk, shares the Society’s knowledge and activities online, while “ The Lakeland Gardener” , the Journal of the Lakeland Horticultural Society, serves the same purpose in print. The Society also publishes a regular Newsletter for its members. The Society has a growing presence on Social Media.
Access for all
Within the inevitable constraints imposed by a Lakeland garden, the Society aims to ensure that anyone with an interest in horticulture and gardening can benefit from its work, whatever their means and limitations. Wardens are on duty daily from early April to the end of October in the Visitor Information area to welcome members of the public and answer questions regarding the gardens, either directly or by introducing visitors to other members of the Society.
The Trustees confirm that they have complied with the duty in s17 of the Charities Act 2011 to have regards to the Charity Commission’s guidance on public benefit.
Achievements and Performance
The stormy weather over the winter months resulted in the loss of several trees in the garden. However, compared to other local forests and gardens, we got off quite lightly. Once into Spring the weather quickly improved and the garden sprang back to life; the narcissus meadow was unusually spectacular as were the early flowering shrubs. In fact, it has been a ‘blooming’ good year in the garden despite some dry spells and our gardeners have done a fantastic job in maintaining a colourful display of Lakeland planting.
Several new ventures have been undertaken. In March a team of volunteers, under expert guidance, created a living willow structure which now provides a windbreak for the Hostas in the Davidia bed. Later in the year, we became guardians of another National Collection, a collection of mini Hosta (Hosta ‘Mouse’) which can be seen in a specially built theatre on the wall by the Nicholson gates. This is our 6th National Collection, and is already attracting a lot of comments from our visitors.
Other activities include the planting of two trees to form part of the ‘Queen’s Green Canopy’, a nationwide tribute planned for the 70th Anniversary of the Queen’s accession to the throne.
We are very lucky to have a growing group of volunteer gardeners and their efforts are greatly appreciated by our visitors. 16 new gardeners joined us over the last year. Extra hands and gardeners with any level of experience are always most welcome.
Early in the financial year, with a recently signed lease and uncertainties due to the pandemic receding, thoughts turned again to major projects. The first of these was the upgrading of the visitors’ toilets and the second the replacement of windows in the members’ room. Discussion in Council led to these two to being combined into one project, to also include a small extension to the building. Ideas are still being developed with the architects and we hope to be able to put a planning application to the National Park planners very shortly.
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Every year watering around the garden and in the greenhouses requires careful monitoring, especially following the winter shut down. The borehole has worked well and all areas benefit from this supply, with a lesser system of mains water being introduced for some prime needs during the switch off. At one point in the year we suffered a major flood from a blocked underground pipe in the walled garden. Once located, it was necessary to excavate a large area of lawn and pathway before a satisfactory repair was completed. Thank to the efforts of a small dedicated team the estate remains in satisfactory order.
We have had a busy year improving the external display area to give visitors more information about the soil and weather at Holehird; recommended plants for shade; our National Collections and details about our chosen ‘Plant of the Month’. New garden trails were produced and the Tree Trail proved to be very popular, as were the plants given to young people who complete one of the trails.
Lectures continued throughout the year, both at the Marchesi Centre and at Holehird, with a varied and informative programme. Many members asked us to put our lectures on Zoom and we had our first hybrid trial in September. Although there were a few technical problems we are confident that these can be sorted for next year’s programme.
Two LHS members continue to increase the social media profile of Holehird Gardens and we are now ‘followed’ by some very prestigious people in the world of horticulture. Our improved technology also extends to the library which now has two accessible computers loaded with lots of horticultural programmes as well as the digital microscope for detailed plant research.
A visit to RHS Bridgewater was well attended and plans for a tour in Spring to gardens in East Anglia are being put together. Looking to our past we are grateful for all the work being done on our archive.
This year we trialled a new series of in-house courses for members and gardeners in the wider community. The willingness and commitment of many of our volunteer gardeners enabled other people to gain from their knowledge and skills and hopefully has improved all our horticultural practice. Two full-day courses were also well attended as was the ‘Tree Day’. We are pleased that Newton Rigg Training is currently running a winter and spring ‘Design with Plants’ course based at Holehird.
Public Relations Committee activities and meetings returned to a more normal format as the pandemic abated. Visitor Reception reopened In April 2022 with precautions in place to help maintain the safety of visitors and wardens. As the pandemic lessened these precautions became less obvious, although safety remained a priority. Wardens welcomed approximately 20,000 visitors to the garden, including 37 groups. Visitors were encouraged to vote for Holehird as the RHS Partner Garden of the Year. Holehird also featured in the RHS ‘The Garden’ magazine’.
For a variety of reasons, the number of wardens available was initially reduced, meaning that there were occasions where Reception did not open. However, we have recruited new wardens in recent months who have contributed to the team effort to welcome visitors. The Outdoor Information Point continues to provide a useful service when Reception is not open, as well as providing information for visitors who choose to experience the garden privately.
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Registered Charity No. 259847
did nDt uq8n.3e 8 publie Ortn Doy this ye&. bul hope tfj run in 2023. Tr first NE Membws. iiitteliivJ lui yedls pL4L& iii Seyii)tw 2D22. Al ltre end oftrc rKYrborsl¥p yoar. tlvc ¥Krc 1 rTrfflbcr5. swtty on last Year'5 1.359. The cal1n9 tearn: again TedLKed in nlxnbers the dern: ntinUeS ID %velcorro all rnember5 bj CDffeE on WedrE5day rnDrnng5. Try try to m sure th the Felreshrneni neajs ofa# the wlunteers. vpwher ¥K¥kwig m the gen or eLqwhere. we mel. Tvéo edth.tsns ijf The Lk8mI G8rrknrtre FxJb&shed as usual. The fftcluled extra Items when tne Society was not doThJ its Usual woyrwnrrE ol events, but we were still able to p&Jlish three issues 88 numal A seCC of wblrations L% 8vailable sa lu vi¥ilois. H$l)er ljwn iisual SI 15 lo the fact that able to sell publicati$ vdhen the Visitors Receplicn was meanl th did not ne&J to print new Gards. i¢aftcts arJ cr pulSuknn5 thi5 ar. The Tnjstees. Antwal rèport was èdfrtd Cotwd Jt ¢YE 11 O¢thr 2022. and s•3ned On rts behalf by kl899 Meés- Chaim T(yry V4lky_ T .Iplli#prpdC.*arty 4). 25W7 Registered Charity No. 259847
Indepvnd•nt Examlmfo R•port to thfr Trts81•ts of the Lakeland Horti¢dhswal Society I rèport k) thè charity IrusieÉs () my exanipimb.on uf Ilie ul dityily fix ihe yEar ende(131 ALVUSI 2022 W"¢h are sei ¢xrt e$ 11 ' 18. Re5POngibiltieg and basis of report As the ch&ity'5 trustee5 are Wrtsib for the prepatvJn of the accounts accordan ltr rt¥uirrnts of the Chall$ Act. 2011 Cthe Act"i. I report n resp8d Jt ry eyaTrnat c tha chariY$ carrEd out tsnder Secti 145 of the Act Bnd in carryino out rny ex¥at) I have loJoEd all the appkable Owectr ri by Iliv Cliciriyb Curri1)[] urwjer 5ecaion 145I5Mbi of . knd•p•nd•nt •&vninrfs •tslwn•rt I hake ct•npleted my eXarrxnatn l oJrlThi that matgrial m3tters have Ic attentw)n In tnneth"on wth the ex8mrTrution gNtng cJJse to believe that in rnatcrk11 respe¢t.' accounthTrJ recorts not kept in re6Frttofthe charty as re(wired by sect 130 of the Act. or the accoJnts do not c(hmpT wh these e1. the acunIS th) not ¥Mth the w1)1e reqimrements the form aThJ ol a¢niS sa out In Ihe chai11 (Aul5 lit Rwx)ILs) Rww&bcn5 2(Y)8 other than any that the wwnis give a J'r vEw' which is nrta MatterOr¢d as part ofan iTrpenJorJt oxamwalion I ha cor*5 a1 haw rnj (ts makn in ts)nnECbon smth the exa in91n lo whi¢h attention Sho be in tr¥s report iry tyder lo enatrAe a propel un(YBl8nding of aGcrAJn13 to be reacd. D S J ChBrtedACL%lIMtsnk wale.rs andAlknstsn n7e Old C¢)Urt Hxtse Clwk Streei oreLdiobe LA4 SHR ,8.fo. 10 RlISIerClrd.lty . 2J9N7 io Registered Charity No. 259847
STATEMENT OF FINANCIAL ACTIVITIES
| Incoming Resources | Note | Unrestricted | Restricted | 2022 | 2021 |
|---|---|---|---|---|---|
| Funds | Funds | Total | Total | ||
| (Note | 2) | ||||
| £ | £ | £ | £ | ||
| Voluntary income | 3 | 90,469 | 47,839 | 138,308 | 88,293 |
| Other charitable income | 4 | 21,986 | 21,986 | 18,937 | |
| Investment income | 5 | 3,526 | 3,526 | 5,230 | |
| Total incoming resources | 163,820 | 112,460 | |||
| Resources Expended | |||||
| Garden and Estate maintenance | 6 | 37,582 | 47,839 | 85,421 | 50,812 |
| Other charitable expenditure | 7 | 12,312 | 12,312 | 7,836 | |
| Administration costs | 8 | 21,259 | 21,259 | 25,417 | |
| Depreciation | 11 | 2,220 | 2,220 | 20,564 | |
| Governance costs | 9 | 2,238 | 2,238 | 2,056 | |
| Total resources expended | 123,450 | 106,685 | |||
| Net incoming resources | 40,370 | 5,775 | |||
| Gain/(Loss) on Investments | 12 | (3,940) | 17,420 | ||
| Accumulated Funds B/Fwd | 598,837 | 575,642 | |||
| Accumulated Funds C/Fwd | 10 | 635,267 | 598,837 | ||
| at 31 August 2022 |
There are no other gains & losses other than those disclosed above. All transactions are derived from continuing activities.
The Notes on pages 13 to 18 form part of these financial statements.
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Registered Charity No. 259847
BALANCE SHEET As at 31 August 2022
| ALANCE SHEET s at 31 August 2022 |
|||||
|---|---|---|---|---|---|
| Note | 2022 | 2021 | |||
| £ | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Tangible assets | 11 | 15,908 | 10,037 | ||
| Investments | 12 | 100,913 | 104,853 | ||
| 116,821 | 114,890 | ||||
| CURRENT ASSETS | |||||
| Stock | 4,222 | 5,850 | |||
| Debtors | 1,172 | 300 | |||
| Cash at bank | 13 | 517,857 | 485,642 | ||
| 523,251 | 491,792 | ||||
| CREDITORS –amounts falling due | |||||
| within one year | 14 | (4,805) | (7,845) | ||
| NET CURRENT ASSETS | 518,446 | 483,947 | |||
| NET ASSETS | 635,267 | 598,837 | |||
| CAPITAL FUNDS | |||||
| Restricted funds | 2 | 11,621 | 11,818 | ||
| Unrestricted funds | 2 | 623,646 | 587,019 | ||
| TOTAL ACCUMULATED FUNDS | 10 | 635,267 | 598,837 |
These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (Charities SORP (FRS 102)). They were approved by Council on 11 October 2022 and are signed on their behalf by
Maggie Mees – Chairman
Tony Willey - Treasurer
The Notes on pages 13 to 18 form part of these financial statements.
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Registered Charity No. 259847
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting Policies
i) Basis of preparation
The financial statements of the Charity are prepared under the historical cost convention with the exception of investments, which are included at market value. They have been prepared in accordance with the Charities Act 2011, the Financial Reporting Standard applicable in the UK (FRS 102), and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (Charities SORP (FRS 102)). The Charity is a public benefit entity under FRS 102, its presentation currency is Sterling (rounded to the nearest £1). The Trustees believe the Society is a going-concern, and have prepared the financial statements on that basis.
ii) Incoming resources
Incoming resources represent total income receivable during the year, and comprise membership subscriptions, donations, legacies, income from educational activities, investment income and sundry other income.
iii) Resources expended
All expenditure is accounted for on an accruals basis. Charitable expenditure represents the cost of maintaining the estate and garden, scientific, education and editorial activities. Support services represent membership costs, and costs relating to the general running of the Society. Governance costs include those incurred in meeting constitutional and statutory requirements, and the preparation of the financial statements.
iv) Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost. Depreciation is calculated to write off that cost over the expected useful life of each asset, as follows:
Leasehold land and buildings have been completely depreciated prior to the 31 May 2020, the end date of the relevant lease.
Fixtures and fittings are written down to a nominal value in the year of acquisition; Glasshouses are depreciated on a linear basis over ten years; and
Machinery, vehicles and equipment are depreciated on a linear basis over five years.
v) Investments
Investments are stated at market value, and revaluation gains and losses are included in the Statement of Financial Activities.
vi) Stock
Stock is valued at the lower of cost and net realisable value. It relates to books and publications held for sale to members and visitors. It does not include plants or any work in progress.
vii) Creditors
Short-term creditors are valued at their transaction price.
viii) Taxation
The Society is exempt from corporation tax.
ix) Reserves
The policy on Accumulated Funds held as Reserves is set out in Note 10 to the Financial Statements.
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
2. Restricted and Unrestricted Funds
The Society has entered into an agreement with the Holehird Trust for the upkeep of those parts of the gardens outside its lease. This income of £47,839 can only be spent on these activities. Donations were received in previous years to improve the heather beds. £197 was spent in the year leaving a balance of £271 to be spent next year. A donation from The North East Heather Society of £585 is to be used to improve the heather beds. During the year, £216 was spent on this project, leaving a balance of £369 to be spent on heathers next year. Also included in the Society’s total funds is an amount of £7,350 donated towards the improvement of the fellside paths, and a further £4,000 (the Mary Miles endowment) which can be spent only in extremis . All these items are therefore disclosed separately on the Balance Sheet as Restricted Funds.
There are no restrictions on any other income.
| 3. 4. 5. |
Voluntary income 2022 2021 £ £ Restricted donation (the Holehird Trust - Note 2) 47,839 17,850 Restricted donation (other – Note 2)) 0 0 Other donations 63,051 44,304 Membership subscriptions 20,542 19,582 Gift aid reclaimed 6,876 6,557 |
|---|---|
| 138,308 88,293 |
|
Other charitable income Plant sales 16,161 16,017 Vending machine sales 3,143 330 Less: Cost of vending machine supplies (2,000) (377) 1,143 (47) Sales of stationery, guides and books 2,032 1,187 Advertising sales in Society Journal 1,610 1,780 Income from educational courses 1,040 0 21,986 18,937 Investment income Interest on bank deposits 3,526 5,230 |
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
| 6. | Garden and Estate maintenance |
||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Garden maintenance | 32,854 | 22,216 | |
| Plants purchased | 7,123 | 7,348 | |
| Estate maintenance | 45,444 | 21,248 | |
| 85,421 | 50,812 | ||
| 7. | Other charitable expenditure | ||
| Costs of publishing Journal and Newsletters | 5,640 | 5,252 | |
| Cost of guides and books | 1,628 | 1,068 | |
| Courses, bursaries and lectures | 5,044 | 1,516 | |
| 12,312 | 7,836 | ||
| 8. | Administration costs | ||
| Membership administration | 5,903 | 7,106 | |
| Insurance | 6,575 | 6,538 | |
| Publicity and Open Day | 3,017 | 1,452 | |
| Website and IT costs | 1,712 | 1,618 | |
| Other | 4,052 | 8,703 | |
| 21,259 | 25,417 | ||
| 9. | Governance costs | ||
| Independent Examination costs | 1,700 | 1,700 | |
| AGM costs | 538 | 356 | |
| 2,238 | 2,056 |
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
10. Accumulated Funds
In accordance with guidance issued by the Charities Commission, the Trustees have considered whether it is appropriate for the Society to retain funds for future charitable activities. Given the extraordinary uncertainties created over the last 2 years, the Trustees exercised prudence by reducing expenditure, and not committing to any future capital works. Commitments have now been made for significant development expenditure (see note 15).
11. Tangible fixed assets
| Leasehold | Fixtures & | Machinery, | Glasshouses | Total | |
|---|---|---|---|---|---|
| Land & | Fittings | Vehicles & | |||
| Buildings | Equipment | ||||
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 31 August 2021 | 366,464 | 20,539 |
92,608 | 175,557 | 655,168 |
| Additions | 8,091 | - |
- | - | 8,091 |
| At 31 August 2022 | 374,555 | 20,539 |
92,608 | 175,557 | 663,259 |
| Depreciation | |||||
| At 31 August 2021 | 366,464 | 20,539 |
82,571 | 175,557 | 645,131 |
| Charge for the year | - | - |
2,220 | - | 2,220 |
| At 31 August 2022 | 366,464 | 20,539 |
84,791 | 175,557 | 647,351 |
| Net Book Value | |||||
| At 31 August 2022 | 8,091 | 0 |
7,817 | 0 | 15,908 |
| At 31 August 2021 | 0 | 0 |
10,037 | 0 | 10,037 |
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
12. Fixed asset investments
| . Fixed asset investments |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Balance at 31 August 2021 | 104,853 | 87,433 |
| New investment | 0 | 0 |
| Revaluation gain/(loss) | (3,940) | 17,420 |
| Balance at 31 August 2022 | 100,913 | 104,853 |
The Trustees’ investment policy allows an investment of up to 15% of the total available cash in the Charities Investment Fund (COIF) split equally between accumulation and income units. These investments are stated at market value, and the resulting loss of £3,940 (2019: gain of £17,420) is included in the Statement of Financial Activities.
13. Cash at bank
The Trustees’ investment policy is, as far as possible, to maximise the return on the Society’s investments. Within this, the Government guarantee of £85,000 acts as a ceiling for funds invested in any one financial institution. This policy, and the actual investments with each institution is reviewed every twelve months.
Cash at bank includes deposits with Building Societies regulated under the Prudential Regulation Authority (part of the Bank of England) and the Financial Conduct Authority. Certain deposits are available without notice, and the others have been placed with a maturity of between one and two years.
14. Creditors
| . Creditors |
|||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Examiner’s Fee | 1,700 | 1,700 | |
| Trade creditors | 3,105 | 6,145 | |
| 4,805 | 7,845 |
All amounts are payable within one year.
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
15. Commitments
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Leaf vacuum and trailer | 4,000 | 0 | |
| Fellside path improvement | 120,000 | 0 | |
| 124,000 | 0 |
16. Trustee Remuneration
No remuneration was paid to Trustees (2021: nil) and there were no expenses incurred in their roles as trustees (2021: nil)
17. Related Party Transactions
There were no transactions with related parties (2021: none).
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